<page> 1

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~~March 3031, ~~2000~~2001

/ / 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 - ~~September~~March 3031, ~~2000~~2001 and December 31, ~~1999~~2000.

Statements of Operations for the ~~Nine and~~ Three Months Ended ~~September~~March 3031, ~~2000~~2001 and ~~1999~~2000.

Statements of Changes in Partners' Equity for the ~~Nine and~~ Three Months Ended ~~September~~March 3031, ~~2000~~2001 and ~~1999~~2000.

Statements of Cash Flows for the ~~Nine~~Three Months Ended ~~September~~March 3031, ~~2000~~2001 and ~~1999~~2000.

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 ~~September~~March 3031, ~~2000~~2001, 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~~2000, was approximately $~~897~~4,~~400~~709,200, as compared to $~~649~~897,~~800~~400 as of December 31, ~~1998~~1999. ~~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~~estimated ~~of any~~ reserve ~~estimate~~quantities ~~is a function of the quality of available data~~ and offuture ~~the~~income ~~engineering~~quantities ~~and~~are ~~geological~~related ~~interpretation~~to ~~and~~hydrocarbon ~~judgment~~prices. ~~Accordingly~~ Therefore, ~~reserve~~volumes ~~estimates are generally different from the quantities~~ of ~~gas~~reserves ~~and~~actually ~~oil that are ultimately~~ recovered and ~~such~~amounts ~~differences~~of ~~may~~income ~~have~~actually areceived ~~material~~may ~~impact~~differ onsignificantly from the ~~Partnership's~~estimated ~~financial~~quantities ~~results~~presented ~~and~~in ~~future~~this ~~liquidity~~report.

In accordance with FASB Statement No. 69, December 31, 2000 market prices were determined using the daily oil price or daily gas sales price ("spot price") adjusted for oilfield or gas gathering hub and wellhead price differentials (e.g. grade, transportation, gravity, sulfur, and BS&W) as appropriate. Also, in accordance with SEC and FASB specifications, changes in market prices subsequent to December 31, 2000 were not considered. The spot price for gas at

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December 31, 2000 was $9.23 per MMBTU. The range of spot prices during the year 2000 was a

low of $2.14 and a high of $10.50 and the average was $4.28. The range during the first quarter of 2001 has been from $4.67 to $10.69 with an average of $6.42. The recent futures market prices have been around the $4.50 mark. While it may reasonably be anticipated that the prices received by Sterling Drilling Fund 1984-1 for the sale of its production may be higher or lower than the prices used in this evaluation, as described above, and the operating costs relating to such production may also increase or decrease from existing levels, such possible changes in prices and costs were, in accordance with rules adopted by the SEC, omitted from consideration in making this evaluation for the SEC case. Actual volumes produced, prices received and costs incurred by the partnership may vary significantly from the SEC case

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.

During 2000, PrimeEnergy Management negotiated a Farmout Agreement with Columbia Natural Resources, Inc. (CNR) covering leasehold interests in approximately 5,000 acres in Clay County, West Virginia. Pursuant to this agreement, CNR had the right but not the obligation to select acreage and drill a deep well on the selected acreage, subject to an overriding royalty interest due to the leasehold owners. This agreement terminated in April 2001. Although acreage held by Sterling Drilling Fund 1984-1 was not included in the CNR Farmout Agreement, PrimeEnergy Management may discuss the possibility of farming out deep rights help by the Partnership under the same terms with other parties, however, there is no guarantee that an agreement will be entered into.

3. Results of Operations -

The Partnership's gas and oil production increased, from 5217,~~194~~332 MCF ~~and 1,635 BBLS~~ in ~~1999~~2000 to ~~55,498~~21639 MCF and ~~1,811 BBLS~~ in ~~2000~~2001 The Partnership's average price per MCF and per barrel increased from $23.31 per MCF ~~and $14.30 per barrel~~ in ~~1999~~2000 to $35.3096 per MCF ~~and~~in ~~$23~~2001.~~69 per barrel.~~ The combination of both price and production increases resulted in an overall operating revenue to change from $~~144~~75,~~125~~064 in ~~1999~~2000 to $~~226~~138,~~183~~667 in ~~2000~~2001. Production expenses increased $8549,~~591~~371 in ~~1999~~2000 to $~~135~~66,~~419~~625 in 2001. Production expenses include labor, repairs, location costs and variable cost. Variable costs are typically those lease operating expenses that fluctuate based on production volumes. Production expenses, during ~~1999~~2000, were limited to normal maintenance and upkeep of the wells and well sites. During ~~2000~~2001 the wells and well sites required additional maintanence work as well as having higher variable cost due to increased volumes. The operator in 2001 has expended funds on workovers. These workovers are performed on wells to effect a positive change to production. Typically these procedures help halt decline in production or they may even increase production.

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~~<page> 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 nine months of 2000. The current depreciation was reasonable based upon the current remaining basis in the Partnership properties.4

operations of the Partnership and shall not exceed an annual amount equal to 5% of the Limited

Partners capital contributions. Amounts related to both 2000 and 2001 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 2000 or during the first three months of 2001. 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.~~<page>5

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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 ~~November~~May 92, ~~2000~~2001 (Date)

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STERLING DRILLING FUND 1984-1

(a New York Limited Partnership)

Balance Sheets

		September 30, 2000		December 31, 1999
		March 31, 2001		December 31, 2000
		(unaudited)		(audited)
Assets
Current Assets:
Cash and cash equivalents	$	1644,~~884~~232	$	4130,~~313~~740
Due from affiliates		035,388		2031,~~914~~827
Due from others		12,107		0
		--------------		--------------
Total current assets		2879,~~991~~620		62,~~227~~567
		--------------		--------------
Oil and Gas properties -
successful efforts method:
Successful efforts method:
Leasehold costs		323,260		323,260
Well and related facilities		7,~~708~~744,~~143~~038		7,~~658~~712,~~884~~699
less accumulated depreciation, depletion
Less accumulated depreciation, depletion
and amortization		(7,~~104~~126,~~961~~350)		(7,~~066~~114,~~272~~511)
		--------------		--------------
		926,442		915,872
		940,948		921,448
		--------------		--------------
Total assets	$	~~955~~1,~~433~~020,568	$	~~978~~984,~~099~~015
		========		========
Liabilities and Partner's Equity
Current Liabilities:
Due to affiliates	$	~~7,034~~0	$	0
		--------------		--------------
Total current liabilities		~~7,034~~0		0
		--------------		--------------
Partner's Equity
Limited partners		~~946~~999,~~544~~093		~~978~~972,~~629~~730
General partners		121,~~855~~475		~~(530)~~11,285
		--------------		--------------
Total partners' equity		~~948~~1,~~399~~020,568		~~978~~984,~~099~~015
		--------------		--------------
Total liabilities and partner's equity	$	~~955~~1,~~433~~020,568	$	~~978~~984,~~099~~015
		========		========

See accompanying note to financial statements.

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STERLING DRILLING FUND 1984-1

(a New York Limited Partnership)

Statement of Operations

(unaudited)

Nine Months Ending September 30, 2000

		Limited Partners	General Partners		Total
Revenue:
Operating revenue	$	178,685	47,498	$	226,183
Interest income		1,597	102		1,699
		----------	----------		----------
Total Revenue		180,282	47,600		227,882
		----------	----------		----------
Costs and Expenses:
Production expense		106,191	28,228		134,419
General and administrative to a related party		35,550	9,450		45,000
General and administrative		11,168	2,969		14,137
Depreciation, depletion and amortization		36,368	2,321		38,689
		----------	----------		----------
Total Costs and Expenses		189,277	42,968		232,245
		----------	----------		----------
Net Income (Loss)	$	(8,995)	4,632	$	(4,363)
		======	======		======
Net Income (Loss) per equity unit	$	(0.97)
		======

See accompanying note to financial statements.

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STERLING DRILLING FUND 1984-1

(a New York Limited Partnership)

Statement of Operations

(unaudited)

~~Nine~~Three Months Ending ~~September~~March 3031, ~~1999~~2001

		Limited Partners	General Partners		Total
Revenue:
Operating revenue	$	~~113~~109,~~859~~547	3029,~~266~~120	$	~~144~~138,~~125~~667
Other revenue		2,300	611		2,911
Interest income		360	96		456
Interest income		1,046	67		1,113
		----------	----------		----------
		--------	--------		--------
Total Revenue		109,907	29,216		139,123
Total Revenue		117,205	30,944		148,149
		----------	----------		----------
		--------	--------		--------
Costs and Expenses:
Production expense		6752,~~617~~634	1713,~~974~~991		8566,~~591~~625
General and administrative to a related party		3516,~~550~~590	94,~~450~~410		4521,000
General and administrative		113,~~060~~192	~~2,940~~848		144,~~000~~040
Depreciation, depletion and amortization		3511,~~975~~128	~~2,296~~710		3811,~~271~~838
		--------	--------		--------
		----------	----------		----------
Total Costs and Expenses		~~150~~83,~~202~~544	3219,~~660~~959		~~182~~103,~~862~~503
		--------	--------		--------
		----------	----------		----------
Net Income	$	(32,997)	(1,716)	$	(34,713)
Net Income (Loss)	$	26,363	9,257	$	35,620
		========	======		========
		======	======		======
Net Income per equity unit	$	(3.57)
Net Income (Loss) per equity unit	$	2.85
		========
		======

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 ~~September~~March 3031, 2000

		Limited Partners	General Partners		Total
Revenue:
Operating revenue	$	59,~~297~~301	15,~~762~~763	$	75,~~059~~064
Interest income		132	8		140
Other revenue		0	0		0
		----------	----------		----------
Interest income		784	50		834
Total Revenue		59,429	15,770		75,199
		-----------	-----------		-----------
		----------	----------		----------
Total Revenue		60,085	15,813		75,898
		-----------	-----------		-----------
Costs and Expenses:
Production expense		3539,~~430~~003	910,~~418~~368		4449,~~848~~371
General and administrative to a related party		11,850	3,150		15,000
General and administrative		~~749~~3,888	~~199~~1,033		~~948~~4,921
Depreciation, depletion and amortization		12,123	~~773~~774		12,~~896~~897
		----------	----------		----------
		-------------	------------		------------
Total Costs and Expenses		6066,~~152~~684	1315,~~540~~325		7382,~~692~~189
		----------	----------		----------
		-------------	------------		------------
Net Income (Loss)	$	(723)	2,230	$	1,507
Net Income(loss)	$	(6,779)	488	$	(6,291)
		======	======		======
		=======	=======		=======
Net Income (Loss) per equity unit	$	(0.07)
Net Income(loss) per equity unit	$	(0.73)
		======
		=======

See accompanying note to financial statements.

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STERLING DRILLING FUND 1984-1

(a New York Limited Partnership)

Statement of ~~Operations~~Changes in Partners' Equity

(unaudited)

Three Months Ending September 30, 1999

		Limited Partners		General Partners		Total

Balance at December 31, 1999	$	978,629	$	(530)	$	978,099
Partners' contributions		0		4,303		4,303
Distributions to partners		(23,090)		(5,823)		(28,913)
Net Income(Loss)		17,191		13,335		30,526
		--------------		--------------		-------------
Balance at December 31, 2000		972,730		11,285		984,015
Partners' contributions		0		933		933
Net Income(Loss)		26,363		9,257		35,620
		--------------		--------------		--------------
Balance at March 31, 2001	$	999,093	$	21,475	$	1,020,568
		=======		=======		=======

		Limited Partners	General Partners		Total
Revenue:
Operating revenue	$	55,634	14,788	$	70,422
Other revenue		0	0		0
Interest income		189	12		201
		-----------	-----------		-----------
Total Revenue		55,823	14,800		70,623
		-----------	-----------		-----------
Costs and Expenses:
Production expense		25,591	6,802		32,393
General and administrative to a related party		11,850	3,150		15,000
General and administrative		3,238	861		4,099
Depreciation, depletion and amortization		11,992	765		12,757
		-------------	-------------		------------
Total Costs and Expenses		52,671	11,578		64,249
		-------------	--------------		------------
Net Income(loss)	$	3,152	3,222	$	6,374
		=======	=======		=======
Net Income(loss) per equity unit	$	0.34
		=======

See accompanying note to financial statements.

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STERLING DRILLING FUND 1984-1

(a New York Limited Partnership)

Statement of ~~Changes~~Cash ~~in Partners' Equity~~Flows

(unaudited)

Nine Months Ended September 30, 2000

		Three months Ended March 31, 2001		Three months Ended March 31, 2000

Net cash provided by (used in) operating activities	$	43,897	$	23,111
		-------------		------------

Cash flows from financing activities:
Partner's contributions		933		626
Distribution to partners		0		0
		-------------		-------------
Net cash (used in) financing activities		933		626
		-------------		-------------
Cash flows from investing activities:
Investments in wells and well related facilities		(31,338)		(5,222)
		-------------		-------------
Net cash (used by) investing activities		(31,338)		(5,222)
		-------------		-------------
Net increase(decrease) in cash and cash equivalents		13,492		18,515

Cash and cash equivalents at beginning of period		30,740		41,313
		-------------		-------------
Cash and cash equivalents at end of period	$	44,232	$	59,828
		========		========

		Limited Partners	General Partners		Total
Balance at beginning of period	$	978,629	(530)	$	978,099
Partner's Contribution		0	3,576		3,576
Cash Distributions		(23,090)	(5,823)		(28,913)
Net Income (Loss)		(8,995)	4,632		(4,363)
		-----------	-------------		------------
Balance at end of period	$	946,544	1,855	$	948,399
		=======	=======		=======

Nine Months Ended 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	1,501		1,501
Cash Distributions		(23,090)	(5,817)		(28,907)
Net Income		(32,997)	(1,716)		(34,713)
		-------------	--------------		------------
Balance at end of period	$	977,540	(4,187)	$	973,353
		========	========		=======

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 September 30, 2000

		Limited Partners	General Partners			Total
Balance at beginning of period	$	947,267	(2,234)	$		945,033
Partner's Contribution		0	1,859			1,859
Net Income (Loss)		(723)	2,230			1,507
		--------	--------			----------
Balance at end of period	$	946,544	1,855		$	948,399
		=======	=======			=========

Three Months Ended September 30, 1999

		Limited Partners	General Partners		Total
Balance at beginning of period	$	974,388	(8,064)	$	966,324
Partner's Contribution		0	655		655
Net Income		3,152	3,222		6,374
		------------	------------		--------------
Balance at end of period	$	977,540	(4,187)	$	973,353
		========	========		=========

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)

		Nine months Ended September 30, 2000			Nine months Ended September 30, 1999
Net cash provided by (used in) operating activities	$	50,167		$	19,717
		------------			-----------
Cash flows from financing activities:
Partner's contributions		3,576			1,501
Distribution to partners		(28,913)			(28,907)
		------------			------------
Net cash (used in) financing activities		(25,337)			(27,406)
		------------			------------
Cash flows from investing activities:
Investments in wells and well related facilities		(49,259)			0
		------------			------------
Net cash (used by) investing activities		(49,259)			0
		-----------			-----------
Net increase(decrease) in cash and cash equivalents		(24,429)			(7,689)
Cash and cash equivalents at beginning of period		41,313			43,948
		------------			-----------
Cash and cash equivalents at end of period	$	16,884	$		36,259
		=======			======

See accompanying note to financial statements.

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STERLING DRILLING FUND 1984-1

(a New York limited partnership)

Note to Financial Statements

~~September~~March 3031, ~~2000~~2001

1. The accompanying statements for the period ending ~~September~~March 3031, ~~2000~~2001 are unaudited but reflect all adjustments necessary to present fairly the results of operations.

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