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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 ~~June~~September 30, 2000

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

For the Transition Period Ended ________________________

Commission File Number 2-91966-01

STERLING DRILLING FUND 1984-1

(Exact name of registrant as specified in charter)

New York

(State or other jurisdiction of incorporation)

13-3234373

(IRS employer identification number)

One Landmark Square, Stamford, Connecticut 06901

(Address and Zip Code of principal executive offices)

(203) 358-5700

(Registrant's telephone number, including area code)

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 / /

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PART I

Item 1. Financial Statements

The following Financial Statements are filed herewith:

Balance Sheets - ~~June~~September 30, 2000 and December 31, 1999.

Statements of Operations for the ~~Six~~Nine and Three Months Ended ~~June~~September 30, 2000 and 1999.

Statements of Changes in Partners' Equity for the ~~Six~~Nine and Three Months Ended ~~June~~September 30, 2000 and 1999.

Statements of Cash Flows for the ~~Six~~Nine Months Ended ~~June~~September 30, 2000 and 1999.

Note to Financial Statements

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

1. Liquidity -

The oil and gas industry is intensely competitive in all its phases. There is also competition between this industry and other industries in supplying energy and fuel requirements of industrial and residential consumers. It is not possible for the Registrant to calculate its position in the industry, as Registrant competes with many other companies having substantially greater financial and other resources. In accordance with the terms of the Prospectus as filed by the Registrant, the General Partners of the Registrant will make cash distributions of as much of the Partnership cash credited to the capital accounts of the Partners as the General Partners have determined is not necessary or desirable for the payment of contingent debts, liabilities or expenses for the conduct of the Partnership's business. As of ~~June~~September 30, 2000, the General Partners have distributed $1,754,840.00 or 19.00% of original Limited Partner capital contributions to the Limited Partners.

The net proved oil and gas reserves of the Partnership are considered to be a primary indicator of financial strength and future liquidity. The present value of unescalated future net revenues (S.E.C. case) associated with such reserves, discounted at 10% as of December 31, 1999, was approximately $897,~~388~~400, as compared to $649,800 as of December 31, 1998. Overall reservoir engineering is a subjective process of estimating underground accumulations of gas and oil that can not be measured in an exact manner. The accuracy of any reserve estimate is a function of the quality of available data and of the engineering and geological interpretation and judgment. Accordingly, reserve estimates are generally different from the quantities of gas and oil that are ultimately recovered and such differences may have a material impact on the Partnership's financial results and future liquidity.

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2. Capital Resources -

The Registrant was formed for the sole intention of drilling oil and gas wells. The Registrant entered into a drilling contract with an independent contractor in October 1984 for $7,750,000. Pursuant to the terms of this contract, thirty-two wells have been drilled, resulting in thirty-two producing wells.

3. Results of Operations -

~~Total~~The ~~operating~~Partnership's ~~revenues~~gas ~~increased~~and ~~from~~oil $production 73increased,~~703~~ infrom ~~1999 to $151~~52,~~124~~194 inMCF ~~2000. The~~and ~~Partnership's~~1,635 ~~production of~~BBLS ~~gas~~in ~~increased~~1999 ~~from~~to 3055,~~968~~498 MCF inand ~~1999 to 36~~1,~~413~~811 ~~MCF~~BBLS in 2000. ~~Also~~The ~~the~~ Partnership's ~~was paid an~~ average price per MCF ofand ~~$ 1.98~~per inbarrel ~~1999 compared~~increased tofrom ~~the~~$2.31 ~~higher average price~~ per MCF ofand $314.30 inper ~~2000. The Partnerhsip's gas production was stable and experianced no major shut-~~barrel in's ~~during the first half of 2000. During~~ 1999, ~~a substantial portion of the Partnership's production was shut-in for the month of June due~~ to ~~required maintenance of the gas transporter's pipeline~~$3.~~The~~30 ~~Partnership's oil~~per ~~revenue~~MCF ~~was postively impacted~~and ~~by the current average price of~~ $2223.1669 per barrel ~~it has been receiving in 2000~~. The combination of ~~higher~~ ~~oil~~both price and ~~gas~~production ~~prices,~~increases ~~stable~~resulted ~~oil~~in ~~production~~an ~~and~~overall ~~increased~~operating ~~gas~~revenue ~~production~~to ~~contributed~~change tofrom ~~the~~$144,125 ~~overall~~in ~~postive~~1999 ~~invcrease~~to $226,183 in ~~operating revenues~~2000. Production expenses increased ~~from~~ $5385,~~198~~591 in 1999 to $89135,~~571 in 2000~~419. ~~Some~~Production ~~of the production~~ expenses ~~are~~ ~~variable~~include ~~and~~labor, ~~based~~repairs, location ~~upon~~costs ~~production volumes~~ and ~~dollars~~variable cost. Variable ~~Other~~ costs are ~~include~~typically ~~location,~~those ~~electrical,~~lease ~~and~~operating ~~mechanical~~expenses ~~repairs~~that asfluctuate ~~well~~based ason ~~general~~production ~~upkeep costs~~volumes.. ~~During 2000~~Production ~~some~~expenses, ~~additional~~during ~~minor~~1999, ~~repair costs~~ were ~~incurred~~limited into ~~order~~normal maintenance toand ~~maintain~~upkeep ~~current production~~of ~~levels.~~the ~~All~~wells ~~other~~and ~~costs~~well ~~were~~sites. ~~consistent~~During ~~with~~ 2000 the ~~level~~wells ofand ~~produciton~~well ~~and~~sites ~~the~~required ~~general~~additional ~~upkeep~~maintanence ofwork ~~the~~as well ~~and~~as ~~well-site~~having higher variable cost due to increased volumes.

General and administrative expenses to a related party are charged in accordance with guidelines set forth in the Registrant's Management Agreement and are attributable to the affairs and operations of the Partnership and shall not exceed an annual amount equal to 5% of the Limited Partners capital contributions. Amounts related to both 1999 and 2000 are substantially less than the amounts allocable to the Registrant under the Partnership Agreement. Management continues to manage third party costs and use in-house resources to provide efficient and timely services to the Partnership.

The Partnership records additional depreciation, depletion and amortization to the extent that net capitalized costs exceed the undiscounted future net cash flows attributable to the Partnership properties. The Partnership was not required to revise the properties basis in 1999 or during the first ~~half~~nine months of 2000. The current depreciation was reasonable based upon the current remaining basis in the Partnership properties.

PART II

Items 1 to 5 have been omitted in that each item is either inapplicable or the answer is negative.

Item 6: Exhibits and reports on Form 8-k

The Partnership was not required to file any reports on Form 8-K during the period covered by this report.

Exhibit 27 - Financial data schedule is attached to the current filling of this report.

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S I G N A T U R E S

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

STERLING DRILLING FUND 1984-1 (Registrant) By: /S/ Charles E. Drimal Jr. Charles E. Drimal, Jr. General Partner ~~August~~November 79, 2000 (Date)

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STERLING DRILLING FUND 1984-1

(a New York Limited Partnership)

Balance Sheets

		June 30, 2000		December 31, 1999
		September 30, 2000		December 31, 1999
		(unaudited)		(audited)
Assets
Current Assets:
Cash and cash equivalents	$	1016,~~162~~884	$	41,313
Due from affiliates		0		20,914
Due from others		1512,~~012~~107		0
		--------------		--------------
Total current assets		2528,~~174~~991		62,227
		--------------		--------------
Oil and Gas properties -
successful efforts method:
Leasehold costs		323,260		323,260
Well and related facilities		7,~~707~~708,~~796~~143		7,658,884
less accumulated depreciation, depletion
and amortization		(7,~~092~~104,~~065~~961)		(7,066,272)
		--------------		--------------
		938,991		915,872
		926,442		915,872
		--------------		--------------
Total assets	$	~~964~~955,~~165~~433	$	978,099
		========		========
Liabilities and Partner's Equity
Current Liabilities:
Due to affiliates	$	197,~~132~~034	$	0
Due to others		0		0
		--------------		--------------
Total current liabilities		197,~~132~~034		0
		--------------		--------------
Partner's Equity
Limited partners		~~947~~946,~~267~~544		978,629
General partners		(21,~~234)~~855		(530)
		--------------		--------------
Total partners' equity		~~945~~948,~~033~~399		978,099
		--------------		--------------
Total liabilities and partner's equity	$	~~964~~955,~~165~~433	$	978,099
		========		========

See accompanying note to financial statements.

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STERLING DRILLING FUND 1984-1

(a New York Limited Partnership)

Statement of Operations

(unaudited)

~~Six~~Nine Months Ending ~~June~~September 30, 2000

		Limited Partners	General Partners		Total
Revenue:
Operating revenue	$	~~119~~178,~~388~~685	3147,~~736~~498	$	~~151~~226,~~124~~183
Other revenue		0	0		0
Interest income		1,597	102		1,699
Interest income		1,465	94		1,559
		----------	----------		----------
Total Revenue		~~120~~180,~~853~~282	3147,~~830~~600		~~152~~227,~~683~~882
		----------	----------		----------
Costs and Expenses:
Production expense		70106,~~761~~191	1828,~~810~~228		89134,~~571~~419
General and administrative to a related party		2335,~~700~~550	69,~~300~~450		3045,000
General and administrative		1011,~~419~~168	2,~~770~~969		1314,~~189~~137
Depreciation, depletion and amortization		2436,~~245~~368	12,~~548~~321		2538,~~793~~689
		----------	----------		----------
Total Costs and Expenses		~~129~~189,~~125~~277	2942,~~428~~968		~~158~~232,~~553~~245
		----------	----------		----------
Net Income (Loss)	$	(8,~~272~~995)	24,~~402~~632	$	(54,~~870~~363)
		======	======		======
Net Income (Loss) per equity unit	$	(0.9097)
		======

See accompanying note to financial statements.

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STERLING DRILLING FUND 1984-1

(a New York Limited Partnership)

Statement of Operations

(unaudited)

~~Six~~Nine Months Ending ~~June~~September 30, 1999

		Limited Partners	General Partners		Total
Revenue:
Operating revenue	$	58113,~~225~~859	1530,~~478~~266	$	73144,~~703~~125
Other revenue		2,300	611		2,911
Interest income		~~857~~1,046	5567		~~912~~1,113
		--------	--------		--------
Total Revenue		61117,~~382~~205	1630,~~144~~944		77148,~~526~~149
		--------	--------		--------
Costs and Expenses:
Production expense		4267,~~026~~617	1117,~~172~~974		5385,~~198~~591
General and administrative to a related party		2335,~~700~~550	69,~~300~~450		3045,000
General and administrative		711,~~822~~060	2,~~079~~940		914,~~901~~000
Depreciation, depletion and amortization		2335,~~983~~975	12,~~531~~296		2538,~~514~~271
		--------	--------		--------
Total Costs and Expenses		97150,~~531~~202	2132,~~082~~660		~~118~~182,~~613~~862
		--------	--------		--------
Net Income	$	(3632,~~149~~997)	(41,~~938~~716)	$	(4134,~~087~~713)
		========	========		========
Net Income per equity unit	$	(3.9157)
		=========
		========

See accompanying note to financial statements.

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STERLING DRILLING FUND 1984-1

(a New York Limited Partnership)

Statement of Operations

(unaudited)

Three Months Ending ~~June~~September 30, 2000

		Limited Partners	General Partners		Total	~~Total~~
Revenue:
Operating revenue	$	6059,~~087~~297	15,~~973~~762	$	$75,059	~~76,060~~
Interest income		~~681~~132	448		140	~~725~~
		--------	--------			-------
		----------	----------		----------
Total Revenue		6059,~~768~~429	1615,~~017~~770		75,199	~~76,785~~
		--------	--------			-------
		----------	----------		----------
Costs and Expenses:
Production expense		3135,~~758~~430	89,~~442~~418		44,848	~~40,200~~
General and administrative to a related party		11,850	3,150		15,000	~~15,000~~
General and administrative		~~6,531~~749	~~1,737~~199		948	~~8,268~~
Depreciation, depletion and amortization		12,~~122~~123	~~774~~773		12,896	~~12,896~~
		--------	--------			--------
		----------	----------		----------
Total Costs and Expenses		6260,~~261~~152	1413,~~103~~540		73,692	~~76,364~~
		--------	--------			----------
		----------	----------		----------
Net Income (Loss)	$	(~~1,493~~723)	12,~~914~~230	$	1,507	~~421~~
		=====	=====			======
		======	======		======
Net Income (Loss) per equity unit	$	(0.1607)
		========
		======

See accompanying note to financial statements.

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STERLING DRILLING FUND 1984-1

(a New York Limited Partnership)

Statement of Operations

(unaudited)

Three Months Ending ~~June~~September 30, 1999

		Limited Partners	General Partners		Total
Revenue:
Operating revenue	$	2655,~~875~~634	714,~~145~~788	$	3470,~~020~~422
Other revenue		~~2,300~~0	~~611~~0		~~2,911~~0
Interest income		~~262~~189	1712		~~279~~201
		-----------	-----------		-----------
Total Revenue		2955,~~437~~823	714,~~773~~800		3770,~~210~~623
		-----------	-----------		-----------
Costs and Expenses:
Production expense		1525,~~492~~591	46,~~119~~802		1932,~~611~~393
General and administrative to a related party		11,850	3,150		15,000
General and administrative		53,~~844~~238	~~1,553~~861		74,~~397~~099
Depreciation, depletion and amortization		11,~~991~~992	~~766~~765		12,757
		-------------	-------------		------------
Total Costs and Expenses		4552,~~177~~671	911,~~588~~578		5464,~~765~~249
		-------------	--------------		------------
Net Income(loss)	$	~~(15~~3,~~740)~~152	(13,~~815)~~222	$	~~(17~~6,~~555)~~374
		========	========		=======
		=======	=======		=======
Net Income(loss) per equity unit	$	(10.~~70)~~34
		========
		=======

See accompanying note to financial statements.

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STERLING DRILLING FUND 1984-1

(a New York Limited Partnership)

Statement of Changes in Partners' Equity

(unaudited)

~~Six~~Nine Months Ended ~~June~~September 30, 2000

		Limited Partners	General Partners		Total
Balance at beginning of period	$	978,629	(530)	$	978,099
Partner's Contribution		0	13,~~717~~576		13,~~717~~576
Cash Distributions		(23,090)	(5,823)		(28,913)
Net Income (Loss)		(8,~~272~~995)	24,~~402~~632		(54,~~870~~363)
		-----------	-------------		------------
Balance at end of period	$	~~947~~946,~~267~~544	(21,~~234)~~855	$	~~945~~948,~~033~~399
		=======	=======		=======

~~Six~~Nine Months Ended ~~June~~September 30, 1999

		Limited Partners	General Partners		Total
Balance at beginning of period	$	1,033,627	1,845	$	1,035,472
Partner's Contribution		0	~~846~~1,501		~~846~~1,501
Cash Distributions		(23,090)	(5,817)		(28,907)
Net Income		(3632,~~149~~997)	(41,~~938~~716)		(4134,~~087~~713)
		-------------	--------------		------------
Balance at end of period	$	~~974~~977,~~388~~540	(84,~~064~~187)	$	~~966~~973,~~324~~353
		========	========		=======

See accompanying note to financial statements.

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STERLING DRILLING FUND 1984-1

(a New York Limited Partnership)

Statement of Changes in Partners' Equity

(unaudited)

Three Months Ended ~~June~~September 30, 2000

		Limited Partners	General Partners			Total
Balance at beginning of period	$	~~971~~947,~~850~~267	~~584~~(2,234)	$		~~972~~945,~~434~~033
Partner's Contribution		0	1,~~091~~859			1,~~091~~859
Cash Distributions		(23,090)	(5,823)			(28,913)
Net Income (Loss)		(723)	2,230			1,507
Net Income (Loss)		(1,493)	1,914			421
		--------	--------			----------
Balance at end of period	$	~~947~~946,~~267~~544	(21,~~234)~~855		$	~~945~~948,~~033~~399
		=======	=======	$		=========

Three Months Ended ~~June~~September 30, 1999

		Limited Partners	General Partners		Total
Balance at beginning of period	$	1974,~~013,218~~388	(~~432~~8,064)	$	1966,~~012,786~~324
Partner's Contribution		0	0655		0655
Cash Distributions		(23,090)	(5,817)		(28,907)
Net Income		3,152	3,222		6,374
Net Income		(15,740)	(1,815)		(17,555)
		------------	------------		--------------
Balance at end of period	$	~~974~~977,~~388~~540	(84,~~064~~187)	$	~~966~~973,~~324~~353
		========	========		=========

See accompanying note to financial statements.

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STERLING DRILLING FUND 1984-1

(a New York Limited Partnership)

Statement of Cash Flows

(unaudited)

		Six months ended June 30, 2000			Six months ended June 30, 1999
		Nine months Ended September 30, 2000			Nine months Ended September 30, 1999
Net cash provided by (used in) operating activities	$	4450,~~957~~167		$	~~(10~~19,~~427)~~717
		------------			-----------
Cash flows from financing activities:
Partner's contributions		13,~~717~~576			~~846~~1,501
Distribution to partners		(28,913)			(28,907)
		------------			------------
Net cash (used in) financing activities		(2725,~~196~~337)			(2827,~~061~~406)
		------------			------------
Cash flows from investing activities:
Investments in wells and well related facilities		(4849,~~912~~259)			0
		------------			------------
Net cash (used by) investing activities		(4849,~~912~~259)			0
		-----------			-----------
Net increase(decrease) in cash and cash equivalents		(3124,~~151~~429)			(387,~~488~~689)
Cash and cash equivalents at beginning of period		41,313			43,948
		------------			-----------
Cash and cash equivalents at end of period	$	1016,~~162~~884	$		536,~~460~~259
		=======			======

See accompanying note to financial statements.

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STERLING DRILLING FUND 1984-1

(a New York limited partnership)

Note to Financial Statements

~~June~~September 30, 2000

1. The accompanying statements for the period ending ~~June~~September 30, 2000 are unaudited but reflect all adjustments necessary to present fairly the results of operations.

Filing Compare · STERLING DRILLING FUND 1984-1LP