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                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                            ------------------------

                                   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 MARCH 31, 1998

                                       OR

[ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
     SECURITIES EXCHANGE ACT OF 1934

                         COMMISSION FILE NUMBER 1-11450

                            ------------------------

                             SANTA FE ENERGY TRUST
             (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

            TEXAS                       76-6081498
 (STATE OR OTHER JURISDICTION
     OF INCORPORATION OR             (I.R.S. EMPLOYER
        ORGANIZATION)              IDENTIFICATION NO.)

                   CHASE BANK OF TEXAS, NATIONAL ASSOCIATION
                             GLOBAL TRUST SERVICES
                             600 TRAVIS, SUITE 1150
                              HOUSTON, TEXAS 77002
               (ADDRESS OF PRINCIPAL OFFICES, INCLUDING ZIP CODE)

       REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE (713) 216-5087

                                      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 April 30, 1998 -- 6,300,000

================================================================================
<PAGE>
                        PART I -- FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS.

                             SANTA FE ENERGY TRUST
         STATEMENT OF CASH PROCEEDS AND DISTRIBUTABLE CASH (UNAUDITED)
                      (IN THOUSANDS, EXCEPT PER UNIT DATA)

                                             THREE MONTHS ENDED
                                                 MARCH 31,
                                          ------------------------
                                             1998         1997
                                          -----------  -----------
Royalty income
     ODC royalty........................  $     1,153  $     1,313
     Willard royalty....................          540          669
     Net profits royalty................        1,472        1,970
     Support payment (recoupment).......      --              (912)
                                          -----------  -----------
Total royalties.........................        3,165        3,040
Administrative fee to Santa Fe Energy
  Resources, Inc........................          (57)         (55)
Cash withheld for trust expenses........          (50)        (150)
                                          -----------  -----------
Distributable cash......................  $     3,058  $     2,835
                                          ===========  ===========
Distributable cash per trust unit.......  $   0.48539  $   0.45000
                                          ===========  ===========
Trust units outstanding.................        6,300        6,300
                                          ===========  ===========

               STATEMENT OF ASSETS, LIABILITIES AND TRUST CORPUS
                                 (IN THOUSANDS)

                                           MARCH 31,     DECEMBER 31,
                                              1998           1997
                                           ----------    ------------
                                           (UNAUDITED)
                               ASSETS
Current assets
  Cash..................................    $     98       $    177
                                           ----------    ------------
  Investment in royalty interests, at
  cost..................................      87,276         87,276
  Less: accumulated amortization........     (49,435)       (47,402)
                                           ----------    ------------
                                              37,841         39,874
                                           ----------    ------------
                                            $ 37,939       $ 40,051
                                           ==========    ============
                            TRUST CORPUS
Trust Corpus, 6,300,000 trust units
  issued and outstanding................    $ 37,939       $ 40,051
                                           ==========    ============

                             See accompanying notes

                                       2
<PAGE>
                             SANTA FE ENERGY TRUST
                STATEMENT OF CHANGES IN TRUST CORPUS (UNAUDITED)
                                 (IN THOUSANDS)

Balance at December 31, 1996.........  $   48,420
  Cash proceeds......................      12,654
  Cash distributions.................     (12,354)
  Trust expenses.....................        (269)
  Amortization of royalty
     interests.......................      (8,400)
                                       ----------
Balance at December 31, 1997.........      40,051
  Cash proceeds......................       3,108
  Cash distributions.................      (3,058)
  Trust expenses.....................        (129)
  Amortization of royalty
     interests.......................      (2,033)
                                       ----------
Balance at March 31, 1998............  $   37,939
                                       ==========

                             See accompanying notes

                                       3
<PAGE>
                             SANTA FE ENERGY TRUST
                   NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

NOTE 1.  THE TRUST

     Santa Fe Energy Trust (the "Trust") was formed on October 22, 1992, with
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 Santa Fe Energy Resources, Inc. ("Santa
Fe"). 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. Santa Fe received the remaining
$70.1 million and 575,000 Depository Units. In the first quarter of 1994 Santa
Fe 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:

           o   the Trustee shall not engage in any business or commercial
               activity or acquire any asset other than the Royalty Interests
               initially conveyed to the Trust;

           o   the Trustee may not sell all or any portion of the Wasson
               Royalties or substantially all of the Net Profits Royalties
               without the prior consent of Santa Fe;

           o   Santa Fe may sell the Royalty Properties, subject to and burdened
               by the Royalty Interests, without consent of the holders of the
               Trust Units; following any such transfer, the Royalty Properties
               will continue to be burdened by the Royalty Interests and after
               any such transfer the royalty payment attributable to the
               transferred property will be calculated separately and paid by
               the transferee;

           o   the Trustee may establish a cash reserve for the payment of any
               liability which is contingent, uncertain in amount or that is not
               currently due and payable;

           o   the Trustee is authorized to borrow funds required to pay
               liabilities of the Trust, provided that such borrowings are
               repaid in full prior to further distributions to the holders of
               the Trust Units;

           o   the Trustee will make quarterly cash distributions to the holders
               of the Trust Units.

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 Santa Fe) and is net of any
cash

                                       4
<PAGE>
                             SANTA FE ENERGY TRUST
            NOTES TO FINANCIAL STATEMENTS (UNAUDITED) -- (CONTINUED)

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 Santa Fe and out-of-pocket expenses, are
recognized when paid. Under generally accepted accounting principles, 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 Statement 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.

     Certain amounts in the financial statements for the three months ended
March 31, 1997 have been reclassified to conform with 1998 presentation.

     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 Santa Fe'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.

     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 $0.40 per Trust Unit per quarter. Such Support
Payments are limited to Santa Fe'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, is limited to $20,000,000 on a revolving basis. Through

                                       5
<PAGE>
                             SANTA FE ENERGY TRUST
            NOTES TO FINANCIAL STATEMENTS (UNAUDITED) -- (CONTINUED)

the end of 1995, the Trust had received Support Payments totalling $2,074,000.
During 1996 and 1997 Santa Fe recouped all of such payments.

NOTE 4.  DISTRIBUTION TO TRUST UNIT HOLDERS

     The Trust has received royalty payments and made distributions as follows:

                                        ROYALTY             DISTRIBUTIONS
                                        PAYMENT       --------------------------
                                        RECEIVED      AMOUNT      PER TRUST UNIT
                                        --------      -------     --------------
                                          (IN THOUSANDS, EXCEPT PER UNIT DATA)
1997
     First quarter...................   $  2,985(a)   $ 2,835        $0.45000
     Second quarter..................      3,881(b)     3,831         0.60812
     Third quarter...................      2,870        2,820         0.44757
     Fourth quarter..................      2,918        2,868         0.45527
                                        --------      -------     --------------
                                          12,654       12,354         1.96096
                                        ========      =======     ==============
1998
     First quarter...................   $  3,108      $ 3,058        $0.48539

------------

     (a) Reduced by recoupment of Support Payment of $912,000, or $0.14473 per
         Trust Unit.

     (b) Reduced by recoupment of Support Payment of $153,000, or $0.02429 per
         Trust Unit.

                                       6

<PAGE>
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
Chase Bank of Texas, 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 Santa
Fe Energy Resources, Inc. ("Santa Fe"). 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 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 $0.40 per Trust Unit per quarter. Such Support
Payments are limited to Santa Fe'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 $20,000,000 on a revolving basis. Through the end of
1995, Support Payments received by the Trust totaled $2,074,000. In 1996 and
1997 Santa Fe recouped all such Support Payments and future recoupments will be
made only to the extent of future Support Payments. Depending on factors such as
sales prices and volumes and the level of operating costs and capital
expenditures, Support Payments may be required in subsequent quarters to allow
the Trust to make distributions of $0.40 per Trust Unit per quarter.

     Trust expenses include accounting, engineering, legal and other
professional fees, Trustee fees, an administrative fee paid to Santa Fe and
other out-of-pocket expenses. From time to time Santa Fe 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. Currently
there are no such borrowings

                                       7
<PAGE>
outstanding or contemplated other than the above-described advances which Santa
Fe has made or may continue to make.

     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 Santa Fe. Cash proceeds
from the Royalty Properties may fluctuate from quarter to quarter due to the
timing of receipts and payments of revenues and expenses as well as changes in
prices and production volumes. In addition, amounts for future exploration and
development costs may be reserved from time to time.

     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, the Middle East 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 average crude oil sales price (excluding the effect of Support
Payments and recoupments) for the first quarter of 1998 was 17% lower than for
the same period in 1997 (see Results of Operations). Crude oil prices with
respect to the Trust's results in the second quarter of 1998 fell sharply to
$13.79 per barrel on the Royalty Properties. Crude oil prices received by Santa
Fe on the Royalty Properties in April 1998 averaged $12.64 per barrel.

     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 average price for natural gas in the first quarter
of 1998 was $2.46 per Mcf, approximately 27% higher than the $1.93 per Mcf
received in the first quarter of 1997.

                                       8
<PAGE>
RESULTS OF OPERATIONS

     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 Santa Fe. 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
second quarter of 1998 reflects revenues received and costs and expenses paid by
Santa Fe in the first quarter of 1998. In the second quarter of 1998 the Trust
received a payment of $2,861,000 and on May 29, 1998 the Trust will make a cash
distribution of $2,761,000, or $0.43820 per Trust Unit, to unitholders of record
on May 15, 1998.

                                         THREE MONTHS ENDED
                                             MARCH 31,           SECOND
                                       ----------------------   QUARTER
                                          1998        1997        1998
                                       ----------  ----------   --------
VOLUMES AND PRICES
  Oil volumes (Bbls):
     Wasson ODC royalty..............      66,800      64,600     65,900
     Wasson Willard royalty..........      31,100      32,400     29,900
     Net profits royalties...........      67,695      81,122     65,754
  Gas volumes (Mcf):
     Net profits royalties...........     813,767     634,284    727,654
  Oil average Rices ($/Bbl):
     Wasson ODC royalty..............  $    18.19  $    22.49   $  13.77
     Wasson Willard royalty..........       18.28       22.49      13.82
     Net profits royalty.............       17.23       20.26      14.37
  Gas average prices ($/Mcf):
     Net profits royalties...........        2.46        1.93       2.64
CASH PROCEEDS AND DISTRIBUTABLE CASH
  (IN THOUSANDS, EXCEPT PER UNIT
  DATA)
  Wasson ODC royalty:
     Sales...........................  $    1,215  $    1,453   $    908
     Operating expenses..............         (62)       (140)       (95)
                                       ----------  ----------   --------
                                            1,153       1,313        813
                                       ----------  ----------   --------
  Wasson Willard royalty:
     Sales...........................         568         729        413
     Operating expenses..............         (28)        (60)       (33)
                                       ----------  ----------   --------
                                              540         669        380
                                       ----------  ----------   --------
  Net profits royalty:
     Sales...........................       3,169       2,893      2,867
     Operating expenses..............        (731)       (802)      (833)
     Capital expenditures............        (966)       (121)      (307)
                                       ----------  ----------   --------
                                            1,472       1,970      1,727
                                       ----------  ----------   --------
  Support payment (recoupment).......      --            (912)     --
                                       ----------  ----------   --------
  Total royalties....................       3,165       3,040      2,920
  Administrative fee to Santa Fe.....         (57)        (55)       (59)
                                       ----------  ----------   --------
  Payment received...................       3,108       2,985      2,861
  Cash withheld for trust expenses...         (50)       (150)      (100)
                                       ----------  ----------   --------
  Distributable cash.................  $    3,058  $    2,835   $  2,761
                                       ==========  ==========   ========
  Distributable cash per unit........  $  0.48539  $  0.45000   $0.43820
                                       ==========  ==========   ========

                                       9
<PAGE>

     The Trust's crude oil sales price averaged $18.22 per barrel for the Wasson
Royalties and $17.23 per barrel for the Net Profits Royalties in the first
quarter of 1998 compared with $22.49 per barrel and $20.26 per barrel,
respectively, in the first quarter of 1997. Oil prices fell sharply in the
second quarter of 1998 averaging $13.79 per barrel for the Wasson Royalties and
$14.37 per barrel for the Net Profits Royalties. Crude oil prices received by
Santa Fe on the Royalty Properties in April 1998 averaged $12.64 per barrel.

     Natural gas prices improved in the first quarter of 1998 averaging $2.46
per Mcf compared to $1.93 per Mcf in the first quarter of 1997. Natural gas
sales prices averaged $2.64 per Mcf in the second quarter of 1998. Natural gas
volumes increased in the first quarter of 1998 compared with the first quarter
of 1997 primarily due to the addition of new production from ongoing development
activities on the Net Profit Properties.

     Cash proceeds in the first three months of 1997 were reduced by Support
Payment recoupments of $912,000; all Support Payments have been recouped. Future
recoupments will be made only to the extent of future Support Payments.
(see -- General; Liquidity and Capital Resources).

     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 first and second quarters of 1998 totalled $966,000
and $307,000, respectively. Capital expenditures in the first and second
quarters of 1998 include reserves of $449,000, which are expected to be expended
in the third and fourth quarters of 1998. In addition to the reserved amounts,
the Trust expects to expend an additional $250,000 by year end. Operating
expenses for the Net Profits Royalties averaged $3.60 per barrel of oil
equivalent ("BOE") in the first quarter of 1998 compared with $4.29 per BOE in
the first quarter of 1997. Operating expenses for the second quarter of 1998
averaged $4.45 per BOE. Operating expenses may fluctuate from quarter to quarter
due to the timing of payments.

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, 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.

                                       10
<PAGE>
                                    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.

(a)  Exhibits

                                                    SEC FILE
                                                       OR
                                                   REGISTRATION EXHIBIT
                                                     NUMBER      NUMBER
                                                   ----------   --------
      3(a)*    Form of Trust Agreement of Santa Fe        33-51760         3.1
                 Energy Trust.......................
      4(a)*    Form of Custodial Deposit                  33-51760         4.2
                 Agreement..........................
      4(b)*    Form of Secure Principal Energy            33-51760         4.1
                 Receipt (included as Exhibit A to
                 Exhibit 4(a))......................
     10(a)*    Form of Net Profits Conveyance             33-51760        10.1
                 (Multi-State)......................
     10(b)*    Form of Wasson Conveyance............      33-51760        10.2
     10(c)*    Form of Louisiana Mortgage...........      33-51760        10.3
     27        Financial Data Schedules
               (*)  Indicates exhibit filed
                 incorporated herein by reference

(b)  Reports on Form 8-K

     None

                                       11
<PAGE>
                                   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
May, 1998.

                                        SANTA FE ENERGY TRUST
                                                       (REGISTRANT)

                                        By  CHASE BANK OF TEXAS NATIONAL
                                             ASSOCIATION, TRUSTEE

                                        By  /s/ PETE FOSTER
                                                PETE FOSTER
                                                SENIOR VICE PRESIDENT &
                                                 TRUST OFFICER

Date:  May 14, 1998

     The Registrant, Santa Fe Energy Trust, has no principal executive officer,
principal 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.

                                       12