SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

               Current Report Pursuant to Section 13 or 15(d) of
                           The Securities Act of 1934


Date of Report (Date of earliest event reported):  January 29, 1999


      GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-7
      GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-8
    ------------------------------------------------------------------------
           (Exact name of Registrant as specified in its Articles)


                                    P-7: 0-20265            P-7:  73-1367186
   Oklahoma                         P-8: 0-20264            P-8:  73-1378683
- ----------------                    ----------------    ---------------------
(State or other                     (Commission           (I.R.S. Employer
jurisdiction of                       File No.)            Identification)
incorporation or
organization)



                Two West Second Street, Tulsa, Oklahoma 74103
       ---------------------------------------------------------------
             (Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: (918) 583-1791






ITEM 5:     OTHER EVENTS

      Year End  Values.  The General  Partner is  required  to provide  year-end
values of the Geodyne  Institutional/Pension  Energy Income Limited  Partnership
P-7 and Geodyne  Institutional/Pension  Energy Income  Limited  Partnership  P-8
(collectively, the "Partnerships") underlying properties to its limited partners
pursuant to the Partnerships' partnership agreements.  Attached is a form of the
letter to be sent to the limited  partners on or about  January 29, 1999,  and a
chart showing,  on a per-unit basis, the 1998 Year-End Estimated  Valuations for
the Partnerships.

ITEM 7:     EXHIBITS

20.1        Form  of  letter  to  be  sent  to  the  limited   partners  of  the
            Partnerships on or about January 29, 1999.

99.1        Chart  showing  on a  per-unit  basis  the 1998  Year-End  Estimated
            Valuations for the Partnerships.







                                   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 hereunto duly authorized.


                              GEODYNE INSTITUTIONAL/PENSION ENERGY
                                    INCOME LIMITED PARTNERSHIP P-7
                              GEODYNE INSTITUTIONAL/PENSION ENERGY
                                    INCOME LIMITED PARTNERSHIP P-8

                              By:   GEODYNE RESOURCES, INC.
                                    General Partner


DATE: January 29, 1999        //s// Dennis R. Neill
                              --------------------------------------------
                                 Dennis R. Neill
                                 President