<ARTICLE> 5
<CIK> 0000854066
<NAME> GEODYNE INSTITUTIONAL PENSION ENERGY INC LTD PARTNERSHIP P-3
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               MAR-31-1997
<CASH>                                         467,329
<SECURITIES>                                         0
<RECEIVABLES>                                  404,305
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                               871,634
<PP&E>                                      12,579,178
<DEPRECIATION>                               9,922,916
<TOTAL-ASSETS>                               3,527,896
<CURRENT-LIABILITIES>                                0
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                             0
<OTHER-SE>                                   3,527,896
<TOTAL-LIABILITY-AND-EQUITY>                 3,527,896
<SALES>                                        537,870
<TOTAL-REVENUES>                               541,116
<CGS>                                                0
<TOTAL-COSTS>                                1,562,684
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                            (1,021,568)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                        (1,021,568)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                               (1,021,568)
<EPS-PRIMARY>                                   (6.08)
<EPS-DILUTED>                                        0