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 September 30, 1999

Or

[  ]     Transition Report Pursuant To Section 13 Or 15(d) of the Securities
         Exchange Act of 1934

For the transition period from                   to
                             Commission file number 0-17198


                ML OKLAHOMA VENTURE PARTNERS, LIMITED PARTNERSHIP
-------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)


Oklahoma                                                           73-1329487
--------------------------------------------------------------------------------
(State or other jurisdiction of           (I.R.S. Employer Identification No.)
incorporation or organization)

10830 E 45th Street
Suite 307
Tulsa, Oklahoma                                                           74146
-------------------------------------------------------------------------------
(Address of principal executive offices)                              (Zip Code)

Registrant's telephone number, including area code: (918) 663-2500

Not applicable
--------------------------------------------------------------------------------
Former name, former address and former fiscal year, 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


<PAGE>


                ML OKLAHOMA VENTURE PARTNERS, LIMITED PARTNERSHIP

                                      INDEX



PART I.       FINANCIAL INFORMATION

Item 1.       Financial Statements.

Balance Sheets as of September 30, 1999 (Unaudited) and December 31, 1998

Schedule of Portfolio Investments as of September 30, 1999 (Unaudited)

Statements of Operations for the Three and Nine Months Ended September 30, 1999
and 1998 (Unaudited)

Statements of Cash Flows for the Nine Months Ended September 30, 1999 and 1998
(Unaudited)

Statement of Changes in Partners' Capital for the Nine Months Ended September
30, 1999 (Unaudited)

Notes to Financial Statements (Unaudited)

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

Item 3.       Quantitative and Qualitative Disclosures about Market Risk.

PART II.      OTHER INFORMATION

Item 1.       Legal Proceedings.

Item 2.       Changes in Securities and Use of Proceeds.

Item 3.       Defaults upon Senior Securities.

Item 4.       Submission of Matters to a Vote of Security Holders.

Item 5.       Other Information.

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



<PAGE>


                         PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements.
ML OKLAHOMA VENTURE PARTNERS, LIMITED PARTNERSHIP
BALANCE SHEETS
<TABLE>


                                                                                          September 30,          December 31,
                                                                                        1999 (Unaudited)       1998
ASSETS

Portfolio investments at fair value (cost $ 1,935,622 as of
<S>          <C> <C>      <C>                       <C> <C>                               <C>                 <C>
   September 30, 1999 and $2,625,384 as of December 31, 1998)                             $      3,576,536    $       6,367,148
Short-term investments, at amortized cost                                                          999,405                    -
Cash and cash equivalents                                                                          776,965              731,956
Accrued interest receivable                                                                              -               28,778
                                                                                          ----------------    -----------------

TOTAL ASSETS                                                                              $      5,352,906    $       7,127,882
                                                                                          ================    =================

LIABILITIES AND PARTNERS' CAPITAL

Liabilities:
Cash distribution payable                                                                 $        828,444    $               -
Accounts payable and accrued expenses                                                               47,343               61,845
Due to Management Company                                                                           99,300              137,649
Due to Independent General Partners                                                                 10,500               15,000
                                                                                          ----------------    -----------------
   Total liabilities                                                                               985,587              214,494
                                                                                          ----------------    -----------------

Partners' Capital:
Managing General Partner                                                                            27,264               31,716
Individual General Partners                                                                          1,057                1,229
Limited Partners (10,248 Units)                                                                  2,698,084            3,138,679
Unallocated net unrealized appreciation of investments                                           1,640,914            3,741,764
                                                                                          ----------------    -----------------
   Total partners' capital                                                                       4,367,319            6,913,388
                                                                                          ----------------    -----------------

TOTAL LIABILITIES AND PARTNERS' CAPITAL                                                   $      5,352,906    $       7,127,882
                                                                                          ================    =================
</TABLE>


See notes to financial statements.



<PAGE>


ML OKLAHOMA VENTURE PARTNERS, LIMITED PARTNERSHIP
SCHEDULE OF PORTFOLIO INVESTMENTS (Unaudited)
As of September 30, 1999
<TABLE>
                                                                     Initial Investment
Investment                                                                  Date                  Cost               Fair Value
<S>     <C>    <C>    <C>    <C>    <C>    <C>
Data Critical Corp.*(B)(C)
Wireless data transmission
762,500 shares of Preferred Stock                                      April 1993           $      700,000       $    1,437,500
775,000 shares of Common Stock                                                                     310,000              775,000
-------------------------------------------------------------------------------------------------------------------------------
Silverado Foods, Inc.(A)(B)
Gourmet snacks and food products
705,681 shares of Common Stock                                         June 1992                   529,900                    0
Warrant to purchase 35,000 shares of Common Stock
   at $.625 per share, expiring 12/19/02                                                                 0                    0
---------------------------------------------------------------------------------------------------------------------------------
UroCor, Inc. (A)(B)(D)
Urological disease management
279,174 shares of Common Stock                                         May 1991                    395,202            1,130,036
-------------------------------------------------------------------------------------------------------------------------------
ZymeTx, Inc.(A)(B)(E)
Viral diagnostics and therapeutics
130,000 shares of Common Stock                                         July 1994                       520              234,000
-------------------------------------------------------------------------------------------------------------------------------
Totals from Active Portfolio Investments                                                    $    1,935,622       $    3,576,536
                                                                                            ==============       ==============

Supplemental Information - Liquidated Portfolio Investments: (F)
                                                                                                  Realized
                                                                               Cost              Gain (Loss)         Return
Totals from Liquidated Portfolio Investments                              $    8,037,432       $   1,430,120     $    9,467,552
                                                                          ==============       =============     ==============

                                                                                               Combined          Combined
                                                                                              Unrealized and     Fair Value
                                                                               Cost           Realized Gain        and Return

Totals from Active and Liquidated Portfolio
     Investments                                                           $  9,973,054        $   3,071,034     $    13,044,088
                                                                           ============        =============     ===============
</TABLE>

(A)      Public company

(B) Qualifies as an "Oklahoma business venture" under Oklahoma law.

(C)      Subsequent  to the  end of the  quarter,  on  November  9,  1999,  Data
         Critical Corp.  completed its initial public offering at $10 per share.
         The  company's  shares now trade on the NASDAQ  National  Market System
         under the symbol DCCA. See Note 9 of Notes to Financial Statements.


(D)      During the quarter ended  September 30, 1999, the  Partnership  sold
         50,000 common shares of UroCor,  Inc. for $211,238,
         realizing a gain of $133,738.

(E)      In September  1999,  the  Partnership  sold 149,579  common  shares
         of ZymeTx,  Inc. for  $268,267,  realizing a gain of $267,669.

(F)      Amounts provided for "Supplemental  Information:  Liquidated  Portfolio
         Investments" are cumulative from inception through September 30, 1999.

*May be deemed  an  affiliated  person  of the  Partnership  as  defined  in the
Investment Company Act of 1940.

See notes to financial statements.


<PAGE>


ML OKLAHOMA VENTURE PARTNERS, LIMITED PARTNERSHIP
STATEMENTS OF OPERATIONS (Unaudited)
<TABLE>


                                                                       Three Months Ended               Nine Months Ended
                                                                          September 30,                   September 30,

                                                                       1999           1998            1999            1998
                                                                 -------------   --------------  --------------   -------------
INVESTMENT INCOME AND EXPENSES

   Income:
<S>                                                              <C>             <C>            <C>               <C>
   Interest from short-term investments                          $      18,092   $       5,201  $        35,052   $       9,316
   Interest and other income (loss) from portfolio
     investments                                                             -           8,072          (28,778)         27,573
   Other interest income                                                     -               -                -           7,295
                                                                 -------------   -------------  ---------------   -------------
   Total investment income                                              18,092          13,273            6,274          44,184
                                                                 -------------   -------------  ---------------   -------------

   Expenses:
   Management fee                                                       40,000          50,000          120,000         150,000
   Professional fees                                                    14,526          33,120           46,550          60,601
   Independent General Partners' fees                                   10,500          18,000           34,000          47,000
   Mailing and printing                                                  3,423           5,051           11,140          13,180
   Custodial fees                                                          417             702            1,424             820
   Miscellaneous                                                             -               -            3,541           2,133
                                                                 -------------   -------------  ---------------   -------------
   Total expenses                                                       68,866         106,873          216,655         273,734
                                                                 -------------   -------------  ---------------   -------------

NET INVESTMENT LOSS                                                    (50,774)        (93,600)        (210,381)       (229,550)

Net realized gain (loss) from portfolio investments                    401,407         811,464          593,606         (33,104)
                                                                 -------------   -------------  ---------------   -------------

NET REALIZED GAIN (LOSS) FROM
   OPERATIONS                                                          350,633         717,864          383,225        (262,654)

Change in unrealized appreciation of investments                      (604,741)     (1,685,772)      (2,100,850)       (723,493)
                                                                 -------------   -------------  ---------------   -------------

NET DECREASE IN NET ASSETS
   RESULTING FROM OPERATIONS                                     $    (254,108)  $    (967,908) $    (1,717,625)  $    (986,147)
                                                                 =============   =============  ===============   =============

</TABLE>

See notes to financial statements.


<PAGE>


ML OKLAHOMA VENTURE PARTNERS, LIMITED PARTNERSHIP
STATEMENTS OF CASH FLOWS (Unaudited)
For the Nine Months Ended September 30,
<TABLE>


                                                                                                  1999                1998
                                                                                              -------------       -------------

CASH FLOWS USED FOR OPERATING ACTIVITIES

<S>                                                                                           <C>                 <C>
Net investment loss                                                                           $    (210,381)      $    (229,550)
Adjustments to reconcile net investment loss to cash
   used for operating activities:

(Decrease) increase in payables, net                                                                (57,351)             12,559
Increase in accrued interest on short-term investments                                               (5,201)             (2,758)
Decrease (increase) in accrued interest receivable                                                   28,778             (20,226)
                                                                                              -------------       -------------
Cash used for operating activities                                                                 (244,155)           (239,975)
                                                                                              -------------       -------------

CASH FLOWS PROVIDED FROM INVESTING ACTIVITIES

Proceeds from the sale of portfolio investments                                                   1,283,368           1,513,639
Proceeds from the repayment of note and bridge loan                                                       -              71,260
Net purchase of short-term investments                                                             (994,204)         (1,191,932)
                                                                                              -------------       -------------
Cash provided from investing activities                                                             289,164             392,967
                                                                                              -------------       -------------

Increase in cash and cash equivalents                                                                45,009             152,992
Cash and cash equivalents at beginning of period                                                    731,956              85,653
                                                                                              -------------       -------------

CASH AND CASH EQUIVALENTS AT END OF PERIOD                                                    $     776,965       $     238,645
                                                                                              =============       =============
</TABLE>


See notes to financial statements.


<PAGE>


ML OKLAHOMA VENTURE PARTNERS, LIMITED PARTNERSHIP
STATEMENT OF CHANGES IN PARTNERS' CAPITAL (Unaudited)
For the Nine Months Ended September 30, 1999
<TABLE>



                                                                                             Unallocated
                                         Managing        Individual                        Net Unrealized
                                          General          General         Limited          Appreciation
                                          Partner         Partners        Partners         of Investments           Total

<S>                                    <C>              <C>            <C>                <C>                  <C>
Balance at beginning of period         $    31,716      $    1,229     $    3,138,679     $     3,741,764      $     6,913,388

Accrued cash distribution - paid
   October 14, 1999                         (8,284)           (320)          (819,840)                  -             (828,444)

Net investment loss                         (2,104)            (81)          (208,196)                  -             (210,381)

Net realized gain from investments           5,936             229            587,441            -                    593,606

Change in unrealized
   appreciation of investments                   -               -                  -          (2,100,850)          (2,100,850)
                                       -----------      ----------     --------------     ---------------      ---------------

Balance at end of period               $    27,264      $    1,057     $    2,698,084(A)  $     1,640,914      $     4,367,319
                                       ===========      ==========     ==============     ===============      ===============
</TABLE>

(A)  The net asset value per unit of limited partnership interest,  including an
     assumed allocation of net unrealized appreciation of investments, was $422.
     Cumulative cash  distributions paid and accrued to limited partners totaled
     $640 per Unit as of September 30, 1999.


See notes to financial statements.





<PAGE>


ML OKLAHOMA VENTURE PARTNERS, LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS (Unaudited)

1.       Organization and Purpose

ML Oklahoma Venture Partners, Limited Partnership (the "Partnership") was formed
on July 15, 1988 under the Revised Uniform Limited  Partnership Act of the State
of Oklahoma.  The  Partnership's  operations  commenced on August 14, 1989. MLOK
Co., Limited  Partnership,  the managing general partner of the Partnership (the
"Managing General Partner"),  is an Oklahoma limited  partnership formed on July
15, 1988,  the general  partner of which is Merrill Lynch  Venture  Capital Inc.
(the "Management Company"), an indirect subsidiary of Merrill Lynch & Co., Inc.

The  Partnership's  objective is to achieve  long-term  capital  appreciation by
making venture  capital  investments in new or developing  companies,  primarily
Oklahoma  companies,  and other special investment  situations.  The Partnership
does not engage in any other business or activity.  The Managing General Partner
is working toward the ultimate termination of the Partnership,  with an emphasis
on  liquidating  the  remaining  assets  as soon as  practical  with the goal of
maximizing returns. The Partnership's  originally scheduled termination date was
December 31, 1998. In November 1998, the  Individual  General  Partners voted to
extend  the term of the  Partnership  for an  additional  two-year  period.  The
Partnership  is now scheduled to terminate no later than December 31, 2000.  The
Individual General Partners have the right to extend the term of the Partnership
for an additional  two-year  period if they  determine that such extension is in
the best interest of the Partnership.

2.       Significant Accounting Policies

Valuation of Investments - Short-term  investments are carried at amortized cost
which approximates  market.  Portfolio  investments are carried at fair value as
determined  quarterly by the Managing  General  Partner under the supervision of
the Individual  General  Partners.  The Managing General Partner  determines the
fair value of its portfolio investments by applying consistent  guidelines.  The
fair value of public  securities is adjusted to the closing  public market price
for the last trading day of the accounting  period less an appropriate  discount
for sales  restrictions,  the size of the Partnership's  holdings and the public
market trading volume.  Private securities are carried at cost until significant
developments  affecting  a  portfolio  investment  provide a basis for change in
valuation.  The fair  value of  private  securities  is  adjusted  1) to reflect
meaningful  third-party  transactions  in the  private  market or 2) to  reflect
significant  progress or slippage in the  development of the company's  business
such that cost is no  longer  reflective  of fair  value.  As a venture  capital
investment fund, the Partnership's  portfolio  investments involve a high degree
of  business  and  financial  risk that can result in  substantial  losses.  The
Managing  General Partner  considers such risks in determining the fair value of
the Partnership's portfolio investments.

Use of Estimates - The  preparation of financial  statements in conformity  with
generally accepted  accounting  principles requires management to make estimates
and assumptions  that affect the reported  amounts of assets and liabilities and
disclosure of contingent  assets and liabilities as of the date of the financial
statements  and the  reported  amounts  of  revenues  and  expenses  during  the
reporting period. Actual results could differ from those estimates.


<PAGE>


ML OKLAHOMA VENTURE PARTNERS, LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS (Unaudited), continued

Investment  Transactions - Investment  transactions  are recorded on the accrual
method.  Portfolio  investments  are  recorded on the trade  date,  the date the
Partnership  obtains an  enforceable  right to demand the  securities or payment
thereof.  Realized  gains  and  losses on  investments  sold are  computed  on a
specific identification basis.

Income Taxes - No provision  for income taxes has been made since all income and
losses are  allocable  to the Partners for  inclusion  in their  respective  tax
returns.  The Partnership's net assets for financial  reporting  purposes differ
from  its  net  assets  for  tax  purposes.   Net  unrealized   appreciation  of
approximately  $1.6  million as of September  30,  1999,  which was recorded for
financial  statement  purposes,  has  not  been  recognized  for  tax  purposes.
Additionally,  from  inception to September 30, 1999,  other timing  differences
totaling $1.5 million,  including the original sales  commissions paid and other
costs of selling  the Units have been  recorded on the  Partnership's  financial
statements but have not yet been deducted for tax purposes.

Statements of Cash Flows - The Partnership  considers its interest-bearing  cash
account to be cash equivalents.

Reclassifications - Certain reclassifications have been made to the prior year's
financial statements to conform with the current year's presentation.

3.       Allocation of Partnership Profits and Losses

Pursuant to the Partnership Agreement,  profits from venture capital investments
are allocated to all Partners in proportion to their capital contributions until
all  Partners  have  been  allocated  a  10%  Priority  Return  from  liquidated
investments.  Profits in excess of this amount are allocated 30% to the Managing
General  Partner  and  70%  to all  Partners  in  proportion  to  their  capital
contributions  until the Managing  General Partner has been allocated 20% of the
total profits from venture capital investments. Thereafter, profits from venture
capital investments are allocated 20% to the Managing General Partner and 80% to
all Partners in proportion to their  capital  contributions.  Profits from other
sources  are   allocated  to  all  Partners  in   proportion  to  their  capital
contributions.

Losses  are   allocated  to  all  Partners  in   proportion   to  their  capital
contributions. However, if profits had been previously allocated in the 70-30 or
80-20  ratios as discussed  above,  then losses will be allocated in the reverse
order in which profits were allocated.

4.       Related Party Transactions

The  Management  Company is responsible  for the  management and  administrative
services necessary for the operation of the Partnership.  The Management Company
receives  a  management  fee at an  annual  rate of 2.5%  of the  gross  capital
contributions   to  the   Partnership,   reduced  by  selling   commissions  and
organizational   and  offering   expenses  paid  by  the  Partnership,   capital
distributed  and realized  losses,  with a minimum  annual fee of  $200,000.  In
connection with the extension of term of the Partnership, the Management Company
agreed to reduce the minimum  management fee from $200,000 to $160,000 per annum
effective as of January 1, 1999. Such fee is determined and paid quarterly.



<PAGE>


ML OKLAHOMA VENTURE PARTNERS, LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS (Unaudited), continued

5.       Independent General Partners' Fees

     As compensation for services rendered to the Partnership, each of the three
Independent   General  Partners  had  received  $16,000  annually  in  quarterly
installments  through December 31, 1998.In  connection with the extension of the
term of the  Partnership,  the Individual  General Partners agreed to reduce the
annual fee paid to each  Independent  General  Partner  from  $16,000 to $12,000
effective as of January 1, 1999. In addition,  the Individual  General  Partners
receive  $1,000 for each meeting of the General  Partners  attended,  $1,000 for
each committee meeting attended ($500 if a committee meeting is held on the same
day as a  meeting  of the  General  Partners)  and  $500  for  meetings  held by
telephone conference.

6.       Limitation on Operating Expenses

The Management Company has undertaken to the Partnership that it will reduce its
management  fee or otherwise  reimburse  the  Partnership  in order to limit the
annual operating  expenses of the Partnership,  exclusive of the management fee,
to an amount not to exceed $203,720.

7.       Interim Financial Statements

In the opinion of MLOK Co., Limited  Partnership,  the Managing General Partner,
the unaudited  financial  statements as of September 30, 1999, and for the three
and nine months  then ended,  reflect  all  adjustments  necessary  for the fair
presentation of the results of the interim period.

8.       Classification of Portfolio Investments

As of September 30, 1999, the Partnership's portfolio investments,  all of which
are located in the state of Oklahoma, were categorized as follows:
<TABLE>

Type of Investments                                        Cost                     Fair Value                Net Assets*
-------------------                                  ----------------             ---------------             -----------
<S>                                                  <C>                          <C>                            <C>
Common Stock                                         $      1,235,622             $     2,139,036                48.98%
Preferred Stock                                               700,000                   1,437,500                32.91%
                                                     ----------------             ---------------           -----------
                                                     $      1,935,622             $     3,576,536                81.89%
                                                     ================             ===============           ===========

Industry
Healthcare/Biotechnology                             $        395,722             $     1,364,036                31.23%
Data Communications                                         1,010,000                   2,212,500                50.66%
Food Manufacturing & Distribution                             529,900                           0                 0.00%
                                                     ----------------             ---------------            ----------
                                                     $      1,935,622             $     3,576,536                81.89%
                                                     ================             ===============           ===========
</TABLE>

*Represents fair value as a percentage of net assets.

9.       Subsequent Events

In August 1999, the General  Partners  approved a cash  distribution to partners
totaling  $828,444.  The  distribution  was paid on October  14,  1999.  Limited
partners of record on September  30, 1999  received  $819,840,  or $80 per Unit.
Additionally,  the Individual  General  Partners  received $320 and the Managing
General Partner received $8,284.
<PAGE>
ML OKLAHOMA VENTURE PARTNERS, LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS (Unaudited), continued

9.       Subsequent Events - continued

On November 10, 1999,  Data  Critical  Corp.  (NASDAQ NMS:  DCCA)  completed its
initial public offering  ("IPO") at $10 per share. As a result of the conversion
of its preferred  stock  holdings into common stock and a reverse stock split in
connection  with Data  Critical's  IPO, the  Partnership  currently owns 553,125
shares of Data Critical common stock.  Additionally,  the Partnership is subject
to a 180 day underwriters's lock-up agreement, during which time the Partnership
is prohibited from liquidating its Data Critical shares.












<PAGE>


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

Liquidity and Capital Resources

As discussed below, the Partnership sold certain  securities for net proceeds
totaling $479,505 and $1,283,368 for the three and nine months ended September
30, 1999, respectively.

As of September  30, 1999,  the  Partnership's  cash and  short-term  investment
balances totaled  $1,776,370,  consisting of $999,405 in short-term  investments
with maturities of less than one year and $776,965 in an  interest-bearing  cash
account.  Interest  earned from such  investments  for the three and nine months
ended  September 30, 1999 totaled  $18,902 and $35,052,  respectively.  Interest
earned from such  investments  in future periods is subject to  fluctuations  in
short-term  interest  rates and changes in amounts  available for  investment in
such securities.

The  Partnership  has fully invested its original net proceeds and will not make
investments  in  new  portfolio  companies.   Generally,  the  Partnership  will
distribute proceeds received from the sale of its portfolio  investments,  after
an adequate reserve for future operating expenses and follow-on investments,  as
soon as practicable after receipt of such proceeds. Funds needed to cover future
operating expenses and follow-on  investments in existing companies are expected
to be obtained from existing cash reserves, interest and other investment income
and proceeds from the sale of portfolio investments.

In August 1999, the General  Partners  approved a cash  distribution to partners
totaling  $828,444.  The  distribution  was paid on October  14,  1999.  Limited
partners of record on September  30, 1999  received  $819,840,  or $80 per Unit.
Additionally,  the Individual  General  Partners  received $320 and the Managing
General Partner received $8,284.

On November 10, 1999,  Data  Critical  Corp.  (NASDAQ NMS:  DCCA)  completed its
initial public offering  ("IPO") at $10 per share. As a result of the conversion
of its preferred  stock  holdings into common stock and a reverse stock split in
connection  with Data  Critical's  IPO, the  Partnership  currently owns 553,125
shares of Data Critical common stock.  Additionally,  the Partnership is subject
to a 180 day underwriters's lock-up agreement, during which time the Partnership
is prohibited from liquidating its Data Critical shares.

The  Managing   General  Partner  is  working  toward  the  termination  of  the
Partnership,  with an emphasis on  liquidating  the remaining  assets as soon as
practical  with the goal of maximizing  returns.  The  Partnership's  originally
scheduled  termination  date was  December  31,  1998.  In  November  1998,  the
Individual  General  Partners voted to extend the term of the Partnership for an
additional  two-year  period.  The  Partnership is now scheduled to terminate no
later than December 31, 2000. The Individual  General Partners have the right to
extend the term of the  Partnership  for an additional  two-year  period if they
determine  that  such  extension  is in the best  interest  of the  Partnership.
However,  the  Partnership  will  terminate  as soon as  practicable  after  the
completion  of  the   liquidation  of  its  remaining   investments   and  final
distribution to partners.

Results of Operations

For the three and nine months ended  September 30, 1999, the  Partnership  had a
net realized gain from  operations of $350,633 and $383,225,  respectively.  For
the three and nine months ended  September 30, 1998, the  Partnership  had a net
realized  gain  from  operations  of  $717,864  and a  net  realized  loss  from
operations of $262,654,  respectively. Net realized gain or loss from operations
is comprised of (1) net realized gain or loss from portfolio investments and (2)
net  investment  income or loss  (interest  and dividend  income less  operating
expenses).

Realized  Gains and Losses from  Portfolio  Investments - For the three and nine
months ended  September 30, 1999, the  Partnership  had a net realized gain from
portfolio investments of $401,407 and $593,606,  respectively.  During the three
months ended September 30, 1999, the  Partnership  sold 50,000 shares of UroCor,
Inc. common stock for $211,238, realizing a gain of $133,738, and 149,579 shares
of ZymeTx, Inc. common stock for $268,267, realizing a gain of $267,669.

For the first six months of the calendar  year ending  December  31,  1999,  the
Partnership  sold an  additional  150,000  common  shares of  UroCor,  Inc.  for
$799,965,  realizing a gain of $417,041.  Also during the six month period,  the
Partnership  realized  a gain of $3,898  resulting  from a payment  received  in
connection with the February 1995 sale of the  Partnership's  investment in Bace
Manufacturing, Inc. These gains were offset by a $228,740 realized loss from the
write-off of the remaining cost of a bridge loan due from Silverado Foods, Inc.

For the three months ended  September 30, 1998, the  Partnership had an $811,464
realized  gain  resulting  from the sale of its  investment in  Independent  Gas
Company  Holdings,  Inc. In  September  1998,  the  investment  was sold back to
Independent  Gas for  $1,278,800 in connection  with a  recapitalization  of the
company.

For the nine months ended September 30, 1998, the Partnership had a net realized
loss from portfolio investments totaling $33,104. During the first six months of
the calendar year ending December 31, 1998, the  Partnership  sold its remaining
118,000  common  shares of  Envirogen,  Inc.  for  $160,708  realizing a loss of
$252,292.  Also during the six month period the  Partnership  sold its remaining
investment in Excel Energy  Technologies,  Inc. for $66,723  realizing a loss of
$649,684.  These losses were offset by, a realized  gain of $2,500 from the sale
of the Partnership's  previously  written-off  interest in QuanTEM  Laboratories
L.L.C. and a realized gain of $54,908 resulting from a payment received in March
1998 in connection with the February 1995 sale of the  Partnership's  investment
in Bace Manufacturing, Inc.

Investment  Income and Expenses - For the three months ended  September 30, 1999
and 1998,  the  Partnership  had a net  investment  loss of $50,774 and $93,600,
respectively.  The $42,826  favorable change in net investment loss for the 1999
period compared to the 1998 period resulted from a $38,007 decrease in operating
expenses and a $4,819 increase in investment  income.  The decrease in operating
expenses  reflected the reduced annual  management fee from $200,000 to $160,000
effective  January 1, 1999, as discussed  below, as well as the reduction of the
annual fee paid to each Independent General Partner from $16,000 to $12,000 also
effective  January 1, 1999. See Notes 4 and 5 of Notes to Financial  Statements.
Additionally,  professional  fees, mailing and printing costs and custodial fees
also declined for the three months ended September 30, 1999 compared to the same
period in 1998. The decline in  professional  fees reflects legal costs incurred
during  the 1998  period  related  to the  Partnership's  investment  in Americo
Publishing,  Inc.  The  increase in  investment  income  consisted  of a $12,891
increase in interest from short-term  investments,  primarily due to an increase
in funds available for such  investments  during the 1999 period compared to the
same period in 1998, partially offset by an $8,072 decline in interest and other
income from portfolio investments, reflecting the elimination of interest income
due on the Silverado Foods bridge loan, which was written off in 1999.

For the nine months ended September 30, 1999 and 1998, the Partnership had a net
investment loss of $210,381 and $229,550,  respectively.  The $19,169  favorable
change in net  investment  loss for the 1999 period  compared to the 1998 period
resulted from a $57,079  decrease in operating  expenses  partially  offset by a
$37,910  decrease in  investment  income.  The  decrease in  operating  expenses
primarily resulted from the reduction in the management fee and fees paid to the
Independent  General Partners,  as discussed above.  Additionally,  professional
fees declined  during the nine month period,  reflecting the Americo  Publishing
legal costs incurred during 1998, as discussed above, and a general reduction in
legal and accounting  costs as the Partnership  proceeds with the liquidation of
its remaining  portfolio  securities.  The decrease in investment income for the
nine  months  ended  September  30,  1999  compared  to the same  period in 1998
included  a  $56,351  unfavorable  change in  interest  and  other  income  from
portfolio  investments,  primarily  resulting  from the  elimination of interest
income from the  Silverado  Foods  bridge loan and  reversal,  during  1999,  of
$28,778 of accrued interest on such bridge loan.  Additionally,  the Partnership
had $7,295 of other  interest  income during the 1998 period  resulting  from an
escrow payment  received from Bace  Manufacturing,  Inc. during the 1998 period.
This reduction to interest  income was offset by a $25,736  increase in interest
from short-term  investments for the 1999 period.  The increase in interest from
short-term  investments primarily was due to the increase in funds available for
such investments for the 1999 period compared to the same period in 1998.

The  Management  Company is responsible  for the  management and  administrative
services necessary for the operation of the Partnership.  The Management Company
receives a  management  fee of 2.5% of the gross  capital  contributions  to the
Partnership,  reduced by selling  commissions  and  organizational  and offering
expenses paid by the Partnership,  capital distributed and realized losses, with
a minimum  annual fee of  $160,000,  which was reduced from  $200,000  effective
January  1,  1999.  See  Note 4 of Notes to  Financial  Statements.  Such fee is
determined and paid  quarterly in arrears.  The management fee for the three and
nine months ended September 30, 1999 was $40,000 and $120,000, respectively. The
management  fee for the three  and nine  months  ended  September  30,  1998 was
$50,000 and $150,000,  respectively.  To the extent  possible the management fee
and other expenses incurred by the Partnership are paid with funds provided from
operations, which includes proceeds from the sale of portfolio investments.

Unrealized   Gains  and  Losses  and  Changes  in  Unrealized   Appreciation  of
Investments  - For the nine months ended  September  30, 1999,  the  Partnership
reduced the fair value of its remaining  portfolio  investments  by  $1,345,996,
resulting from the net downward  revaluation  of its investment in UroCor,  Inc.
and ZymeTx, Inc. Unrealized  appreciation was further reduced for the period due
to the transfer of $754,854 from unrealized gain to realized gain resulting from
the sale of 200,000 common shares of UroCor and 149,579 common shares of ZymeTx,
as discussed  above. As a result,  the Partnership had a $2,100,850  unfavorable
change to net unrealized appreciation of investments for nine month period ended
September 30, 1999.

For the nine months ended September 30, 1998, the  Partnership  reduced the fair
value of its remaining portfolio  investments by $1,573,509,  resulting from the
net  downward  revaluation  of  certain  portfolio  investments.   Additionally,
$850,016 was  transferred  from  unrealized loss to realized loss resulting from
portfolio  investments sold during the period,  as discussed above. As a result,
the Partnership had a $723,493 unfavorable change to net unrealized appreciation
of investments for nine month period ended September 30, 1998.

Net Assets - Changes to net assets  resulting  from  operations are comprised of
(1) net realized gain or loss and (2) changes to net unrealized  appreciation or
depreciation of portfolio investments.

As of  September  30,  1999,  the  Partnership's  net  assets  were  $4,367,319,
reflecting a decrease of $2,546,069 from net assets of $6,913,388 as of December
31, 1998.  This decrease was comprised of the $1,717,625  decrease in net assets
from  operations  for the nine month  period  ended  September  30, 1999 and the
$828,444 cash distribution accrued as of September 30, 1999 and paid to Partners
in October 1999. The decrease in net assets from operations was comprised of the
$2,100,850 decrease in unrealized  appreciation of investments  partially offset
by the  $383,225  net realized  gain from  operations  for the nine month period
ended September 30, 1999.

As of  September  30,  1998,  the  Partnership's  net  assets  were  $5,733,652,
reflecting a decrease of $1,866,369 from net assets of $7,600,021 as of December
31, 1997.  This  decrease was  comprised of the $986,147  decrease in net assets
from  operations  for the nine month  period  ended  September  30, 1998 and the
$880,222 cash distribution accrued as of September 30, 1998 and paid to Partners
in October 1998. The decrease in net assets from operations was comprised of the
$723,493 decrease in unrealized appreciation of investments and the $262,654 net
realized  loss from  operations  for the nine month period ended  September  30,
1998.

Gains or losses from investments are allocated to the partners' capital accounts
when realized in accordance with the Partnership  Agreement (see Note 3 of Notes
to Financial  Statements).  However,  for purposes of calculating  the net asset
value per unit of limited partnership interest,  net unrealized  appreciation or
depreciation  of  investments  has been included as if the net  appreciation  or
depreciation  had  been  realized  and  allocated  to the  limited  partners  in
accordance with the Partnership Agreement. Pursuant to such calculation, the net
asset value per $1,000 Unit as of  September  30, 1999 and December 31, 1998 was
$422 and $668, respectively.

Year 2000 Issue - The Year 2000 ("Y2K")  concern  arose  because  many  existing
computer  programs  use only the last two digits to refer to a year.  Therefore,
these computer  programs do not properly  recognize a year that begins with "20"
instead of "19".  If not  corrected,  many computer  applications  could fail or
create  erroneous  results.  The impact of the Y2K concern on the  Partnership's
operations is currently being assessed.

The Management Company is responsible to provide or arrange for the provision of
administrative services necessary to support the Partnership's  operations.  The
Management  Company has  arranged  for Palmeri Fund  Administrators,  Inc.  (the
"Administrator")  to provide certain  administrative and accounting services for
the  Partnership,  including  maintenance  of  the  books  and  records  of  the
Partnership,  maintenance of the limited partner database, issuance of financial
reports and tax  information  to limited  partners and  processing  distribution
payments  to  limited  partners.  Fees  charged  by the  Administrator  are paid
directly by the Management Company.

The  Administrator  has  assessed its  computer  hardware and software  systems,
specifically  as they relate to the  operations of the  Partnership.  As part of
this investigation of potential Y2K concerns, the Administrator  contracted with
an outside  computer  service  provider  to examine  all of the  Administrator's
computer hardware and software applications. This review and evaluation has been
completed.  Additionally,  the  Administrator  has  completed  the  purchase and
installation  of the  necessary  software  upgrades and patches and new computer
hardware   required  for  its  computer   systems  to  be  Y2K  compliant.   The
Administrator expects to complete the testing of its systems in November 1999.

Additionally, the Administrator has contacted the outside service providers used
to assist the Administrator or the Management Company with the administration of
the Partnership's  operations to ascertain whether these entities are addressing
the Y2K issue within their own  operation.  We have not been informed of any Y2K
problems  from  these  outside  providers.  There can be no  guarantee  that the
Administrator's systems or that systems of other companies providing services to
the Partnership will be corrected in a timely manner.

Since the Partnership  does not own any equipment and all of its  administrative
needs  are  provided  by the  Management  Company,  any  costs  relating  to the
investigation   and   correction  of  potential   Y2K  concerns   affecting  the
Partnership's  operations will be incurred by the Administrator,  the Management
Company or the outside service providers.  Therefore, the Management Company and
the Managing  General  Partner do not expect the  Partnership to incur any costs
relating to the investigation or correction of Y2K concerns.

Finally the Y2K issue is a global concern that may affect all business entities,
including  the  Partnership's  portfolio  companies.   The  General  Partner  is
continuing  to  assess  the  impact  of Y2K  concerns  affecting  its  portfolio
companies.  However, the extent to which any potential Y2K problems could affect
the  valuations  of these  companies  is  presently  unknown.  At the time  that
specific Y2K problems are identified,  if any, the Managing General Partner will
take  such  issues  into  consideration  in  adjusting  the  fair  value  of the
Partnership's portfolio investments.

Item 3.  Quantitative and Qualitative Disclosures about Market Risk.

The  Partnership  is subject to market risk arising from changes in the value of
its portfolio  investments,  short-term  investments and  interest-bearing  cash
equivalents,  which may result from  fluctuations  in interest  rates and equity
prices.  The  Partnership has calculated its market risk related to its holdings
of these  investments  based on changes  in  interest  rates and  equity  prices
utilizing  a  sensitivity  analysis.  The  sensitivity  analysis  estimates  the
hypothetical  change in fair values, cash flows and earnings based on an assumed
10% change  (increase  or  decrease)  in interest  rates and equity  prices.  To
perform the  sensitivity  analysis,  the assumed 10% change is applied to market
rates  and  prices  on  investments  held by the  Partnership  at the end of the
accounting period.

The  Partnership's   portfolio  investments  had  an  aggregate  fair  value  of
$3,576,536  as of  September  30,  1999.  An assumed 10% decline  from this fair
value,  including an assumed 10% decline of the per share  market  prices of the
Partnership's  publicly  traded  securities,  would result in a reduction to the
fair value of such investments and a corresponding unrealized loss of $357,654.

As of September 30, 1999, the Partnership held discounted  commercial paper with
a  remaining  maturity  of less than 30 days.  This  short-term  investment  was
carried at an aggregate  amortized cost of $999,405 as of September 30, 1999. An
assumed 10% increase in the market interest rates of such short-term investments
held by the Partnership as of September 30, 1999, would result in a reduction to
the fair value of such investments and a corresponding  unrealized loss which is
considered to be immaterial.

Market risk relating to the Partnership's interest-bearing cash equivalents held
as of September 30, 1999 is also considered to be immaterial.


<PAGE>


                           PART II - OTHER INFORMATION


Item 1.       Legal Proceedings.

The Partnership is not a party to any material pending legal proceedings.

Item 2.       Changes in Securities and Use of Proceeds.

Not applicable.

Item 3.       Defaults Upon Senior Securities.

Not applicable.

Item 4.       Submission of Matters to a Vote of Security Holders.

No matter was submitted to a vote of security  holders during the period covered
by this report.

Item 5.       Other Information.

On November 10, 1999,  Data  Critical  Corp.  (NASDAQ NMS:  DCCA)  completed its
initial public offering  ("IPO") at $10 per share. As a result of the conversion
of its preferred  stock  holdings into common stock and a reverse stock split in
connection  with Data  Critical's  IPO, the  Partnership  currently owns 553,125
shares of Data Critical common stock.  Additionally,  the Partnership is subject
to a 180 day underwriters's lock-up agreement, during which time the Partnership
is prohibited from liquidating its Data Critical shares.




<PAGE>


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

              (a)              Exhibits

                  (3)    (a)   Amended and Restated  Certificate of Limited
                               Partnership of the Partnership dated as of
                               November 29, 1988.*

                         (b)   Amended  and   Restated   Agreement   of  Limited
                               Partnership  of  the  Partnership   dated  as  of
                               November 29, 1988.*

                         (c)   Amended  and   Restated   Agreement   of  Limited
                               Partnership of the Partnership dated as of August
                               14, 1989.**

                  (10)         Management  Agreement  dated as of November 29,
                               1988 between the Partnership and the Management
                               Company.*

                  (27)         Financial Data Schedule.

                  (28)         (a) Prospectus of the Partnership  dated December
                               1, 1988 filed with the  Securities  and  Exchange
                               Commission  pursuant  to Rule 497 (b)  under  the
                               Securities  Act of  1933,  as  supplemented  by a
                               supplement dated April 25, 1989 filed pursuant to
                               Rule 497 (d) under the Securities Act of 1933.***

              (b)              No reports on Form 8-K have been filed during the
                               quarter for which this report is filed.
------------------------------

*        Incorporated  by reference to the  Partnership's  Annual Report on Form
         10-K for the  fiscal  year  ended  December  31,  1988  filed  with the
         Securities and Exchange Commission on April 3, 1989.

**       Incorporated by reference to the Partnership's Quarterly Report on Form
         10-Q for the quarter ended September 30, 1989 filed with the Securities
         and Exchange Commission on November 14, 1989.

***      Incorporated by reference to the Partnership's Quarterly Report on Form
         10-Q for the quarter ended June 30, 1989 filed with the  Securities and
         Exchange Commission on May 15, 1989.



<PAGE>


                                   SIGNATURES



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



              ML OKLAHOMA VENTURE PARTNERS, LIMITED PARTNERSHIP


By:           MLOK Co., Limited Partnership
              its Managing General Partner


By:           Merrill Lynch Venture Capital Inc.
              its General Partner


By:           /s/     Kevin K. Albert
              Kevin K. Albert
              President
              (Principal Executive Officer)


By:           /s/     David G. Cohen
              David G. Cohen
              Vice President


By:           /s/     James V. Bruno
              James V. Bruno
              Vice President and Treasurer
              (Principal Financial and Accounting Officer)



Date:         November 15, 1999