FORM 10-Q

                          SECURITIES AND EXCHANGE COMMISSION

                               Washington, D.C.  20549
                                                           


     {X}  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
          EXCHANGE ACT OF 1934

     For the Quarterly Period Ended September 30, 1995

                                          OR

     { }  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
          EXCHANGE ACT OF 1934


     Commission file number 0-10269


                                C&K 1981 FUND-B, LTD.
                (Exact name of registrant as specified in its charter)


                    Texas                                       76-0307699  
        (State or other jurisdiction of                     (I.R.S.  Employer
        incorporation or organization)                      Identification No.)

      7555 E. Hampden Avenue, Suite 600,
                 Denver, CO                                       80231
   (Address of principal executive offices)                     (Zip Code)


     Registrant's telephone number, including area code:      303-695-3600


          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.

                                       X           
                                     Yes       No

              The C&K 1981 Fund-B, Ltd. is a Texas limited partnership. 
<PAGE>



                                  INDEX TO FORM 10-Q
                                C&K 1981 Fund-B, Ltd.


     PART I.  FINANCIAL INFORMATION

     Item 1.  Financial Statements

              Balance Sheets
              September 30, 1995 and December 31, 1994

              Statements of Operations
              Three months and nine months ended September 30, 1995 and 1994

              Statements of Partners' Capital (Deficit)
              Nine months ended September 30, 1995 and 1994

              Statements of Cash Flows
              Nine months ended September 30, 1995 and 1994

              Notes to the Financial Statements

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

     PART II. OTHER INFORMATION

     Item 1.  Legal Proceedings

     Item 2.  Changes in Securities

     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

     SIGNATURE 

<TABLE>
<CAPTION>

                                C&K 1981 FUND-B, LTD.
                            (A Texas Limited Partnership)
                                    BALANCE SHEETS
                                     (Unaudited)

                                        ASSETS

                                                 September 30,   December 31,
                                                     1995           1994 
     <S>                                      <C>              <C>
     Current Assets:

     Cash and cash equivalents                $     69,032     $     67,353 

       Total Current Assets                         69,032           67,353 

     Oil and gas properties and equipment,
       at cost, using the full cost method
        of accounting                           22,690,079       22,689,413 

     Less:  Accumulated depletion              (22,255,015)     (22,206,837)

                                                   435,064          482,576 

     Total Assets                             $    504,096     $    549,929 


<CAPTION>
                     LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)


     Current payable to General Partner       $     25,391     $    45,393 

     Long-term payable to General Partner        2,023,557       1,823,326 

       Total Liabilities                         2,048,948       1,868,719 

     Contingency (Note 7)
     Partners' deficit                          (1,544,852)     (1,318,790)

     Total Liabilities and Partners' Capital  $    504,096    $    549,929 
</TABLE>
[FN]

      The accompanying notes are an integral part of these financial statements.
<PAGE>
<TABLE>
<CAPTION>

                                C&K 1981 FUND-B, LTD.
                            (A Texas Limited Partnership)
                               STATEMENTS OF OPERATIONS
                                     (Unaudited)


                                    Three months ended      Nine months ended
                                       September 30,           September 30, 
     <S>                           <C>       <C>         <C>         <C>
                                    1995        1994        1995        1994
     Revenues:

       Oil and gas sales           $ 88,999  $114,238    $ 316,318   $ 378,357
       Interest income                  564       935        1,678       3,710

                                     89,563   115,173      317,996     382,067

     Expenses:

       Lease operating expense       24,690    14,767       93,041      63,123
       Production tax expense         9,119    12,772       36,372      33,616
       Marketing deductions           4,697     9,280       12,547      24,064
       Depletion expense             13,549    16,596       48,178      48,613
       General and administrative
         expense                     71,252    83,987      230,870     232,783
       Interest expense --
         Affiliated                  48,597    39,425      141,394     103,030 

                                    171,904   176,827      562,402     505,229

     Net income (loss)             $(82,341) $(61,654)   $(244,406)  $(123,162)

     Net income (loss) per
      consenting limited
       partnership unit
       (2,751 outstanding)         $  (5.19) $  15.02    $  (18.40)  $   (6.32)

     Net income (loss) per
      nonconsenting limited
       partnership unit
       (982 outstanding)           $ (53.83) $ (54.89)   $ (161.97)  $ (112.75)
</TABLE>
[FN]

    The accompanying notes are an integral part of these financial statements. 
<PAGE>
<TABLE>
<CAPTION>


                                C&K 1981 FUND-B, LTD.
                            (A Texas Limited Partnership)
                      STATEMENTS OF PARTNERS' CAPITAL (DEFICIT)
                                     (Unaudited)


                                 Nine months ended September 30, 1994
                                              Non-
                               Consenting   Consenting   Combining
                     General    Limited      Limited     Adjustment
                     Partner    Partners     Partners    (Note 3)     Total

     <S>            <C>        <C>         <C>            <C>       <C>
     Balance at
      Jan. 1, 1994  $ 199,868  $375,387    $(1,639,611)   $ (775)   $(1,065,131)

     Contributions    164,089     --            --            --        164,089
     Distributions   (160,375)    --            --            --       (160,375)
     Net income
      (loss)            4,319   (17,389)      (110,723)      631       (123,162)

     Balance at
      9/30/94       $ 207,901  $357,998    $(1,750,334)   $ (144)   $(1,184,579)


<CAPTION>
                          Nine months ended September 30, 1995
                                              Non-
                              Consenting   Consenting  Combining
                     General    Limited     Limited    Adjustment
                     Partner   Partners     Partners    (Note 3)     Total

     Balance at
      Jan. 1, 1995  $ 203,959   $260,611  $(1,783,222)   $(138)   $(1,318,790)

     Contributions    152,056      --          --          --         152,056
     Distributions   (133,712)     --          --          --        (133,712)
     Net income
      (loss)          (35,666)   (50,609)    (159,050)     919       (244,406)

     Balance at
      9/30/95       $ 186,637   $210,002  $(1,942,272)   $ 781    $(1,544,852)
</TABLE>
[FN]

      The accompanying notes are an integral part of these financial statements.
<PAGE>
<TABLE>
<CAPTION>
                                C&K 1981 FUND-B, LTD.
                            (A Texas Limited Partnership)
                               STATEMENTS OF CASH FLOWS
                                     (Unaudited)


                                                            Nine months ended
                                                               September 30, 

                                                            1995         1994
     <S>                                                <C>          <C>
     Cash flows from operating activities:
      Net income (loss)                                 $(244,406)   $ (123,162)
      Adjustments to reconcile net income (loss)
       to net cash provided by operating activities:
         Depletion                                         48,178        48,613

          Net cash provided by (used in)
           operating activities                          (196,228)      (74,549)

     Cash flows from investing activities:
      (Additions) retirements to oil and gas
       properties and equipment                              (666)     (161,621)

     Cash flows from financing activities:
      Increase in payable to General Partner              180,229       148,085
      Distributions to General Partner                   (133,712)     (160,375)
      Contributions by General Partner                    152,056       164,089

         Net cash provided by (used in)
          financing activities                            198,573       151,799

     Net increase (decrease) in cash and
      cash equivalents                                      1,679       (84,371)

     Cash and cash equivalents at beginning of period      67,353       205,214

     Cash and cash equivalents at end of period         $  69,032     $ 120,843
</TABLE>
[FN]

    The accompanying notes are an integral part of these financial statements. 
<PAGE>


                                C&K 1981 FUND-B, LTD.
                            (A Texas Limited Partnership)
                            NOTES TO FINANCIAL STATEMENTS
                                     (Unaudited)


     NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

       Management Representation

        These financial statements should be read in the context of the
     financial statements and notes thereto filed with the Securities and
     Exchange Commission in the Partnership's 1994 annual report on Form 10-K. 
     In the opinion of management, the accompanying unaudited financial
     statements reflect all adjustments, consisting only of normal recurring
     items, necessary to present fairly the financial position of the C&K 1981
     Fund-B, Ltd. at September 30, 1995, the results of operations for the three
     and nine months ended September 30, 1995 and 1994, and the partners'
     capital (deficit) and cash flows for the nine months ended September 30,
     1995 and 1994.  The results of operations for the three months and nine
     months ended September 30, 1995 should not necessarily be taken as
     indicative of the results of operations that may be expected for the entire
     year 1995.

       Organization

        The C&K 1981 Fund-B, Ltd. (the "Partnership"), a Texas Limited
     Partnership, was organized on December 16, 1980, to acquire, explore,
     develop and operate onshore oil and gas properties in the United States and
     commenced operations on June 1, 1981.  Total initial Limited Partner
     contributions were $9,332,500 including $100,000 contributed by C&K
     Petroleum, Inc. ("C&K"), the initial General Partner.  On September 15,
     1982, C&K requested the Limited Partners to pay an additional assessment of
     25% of their initial contributions.  Additional contributions received from
     Limited Partners were $2,333,125 with C&K paying the additional assessments
     for 209 Limited Partners who declined to pay their share of the additional
     assessments ("Nonconsenting Limited Partners").  Nonconsenting Limited
     Partners are subject to a penalty in an amount equal to 300% of the
     additional assessment paid by the General Partner.

        C&K, after several corporate reorganizations beginning in September of
     1984 and ending in December of 1991, was acquired by Ultramar Oil and Gas
     Limited ("UOGL"), an indirect wholly-owned subsidiary of LASMO plc. 
     Effective November 18, 1992, UOGL was sold to Williams-Cody Limited
     Liability Company ("WCLLC"), a Wyoming limited liability company owned by
     Williams Gas Management Company ("WGMan") and Cody Resources, Inc. ("CRI").
     On January 1, 1993, UOGL changed its name to Williams-Cody, Inc.
     ("Williams-Cody").

        Effective May 1, 1993, Cody Company, a wholly owned subsidiary of The
     Gates Corporation, purchased the units of WCLLC owned by Williams Gas
     Management Company.  As a result of this acquisition, the unit holders of
     WCLLC are Cody Company and its wholly owned subsidiary, Cody Resources,
     Inc.  Subsequently, effective May 15, 1993, the name of Williams-Cody, Inc.
     has been changed to CODY ENERGY, INC. ("CODY"), and the name of Williams-
     Cody Limited Liability Company has been changed to Gates-Cody Energy
     Company, a Limited Liability Company ("GCEC").  CODY is the surviving 
     corporation and, pursuant to the authority provided in the Partnership
     Agreement manages and controls the Partnership's affairs and is responsible
     for the activities of the Partnership.

        CODY is currently considering either transferring its limited partner
     and general partner interests in the Partnership, or withdrawing as general
     partner of the Partnership or taking other actions to reduce its
     responsibilities in the Partnership which could lead to the ultimate
     dissolution of the Partnership.  GCEC intends to, if necessary, advance
     funds required by the Partnership in excess of those generated by
     operations through CODY.

       Basis of Accounting

        The accounts of the Partnership are maintained on the accrual basis in
     accordance with accounting practices permitted for federal income tax
     reporting purposes.  In order to present the accompanying financial
     statements on the basis of generally accepted accounting principles for
     financial reporting purposes, adjustments have been made to account for oil
     and gas properties under the full cost method of accounting.

       Cash and Cash Equivalents

        Cash is invested in a money market savings account.

       Oil and Gas Properties

        The Partnership uses the full cost method of accounting for oil and gas
     properties in accordance with rules prescribed by the Securities and
     Exchange Commission ("SEC").  Under this method, all costs incurred in
     connection with the exploration for and development of oil and gas reserves
     are capitalized.  Such capitalized costs include lease acquisition,
     geological and geophysical work, delay rentals, drilling, completing and
     equipping oil and gas wells and other related costs together with costs
     applicable to CODY's technical personnel directly engaged in evaluating and
     maintaining oil and gas prospects and drilling oil and gas wells. 
     Maintenance and repairs are charged against income when incurred.  Renewals
     and betterments which extend the useful life of properties are capitalized.

        The capitalized costs of all oil and gas properties are depleted on a
     composite units-of-revenue method computed on a future gross revenue
     basis.  An additional depletion provision is made if the total capital-
     ized costs of oil and gas properties exceed the "capitalization ceiling"
     which is calculated as the present value of future net revenues from
     estimated production of the Partnership's proved oil and gas reserves as
     furnished by independent petroleum engineers.

        Future gross revenues have been estimated using rules prescribed by the
     SEC.  Under these rules, year-end prices are utilized in determining future
     gross revenues.

        The capitalization ceiling is computed for the first three quarters of
     the year by (i) adjusting the previous year-end present value of future net
     revenues for the accretion of discount, production, and revisions to
     reserve estimates, if any, and (ii) revising the resultant valuation of
     future net revenues to incorporate prices and volumes at the financial
     statement date. 

       Net Income (Loss) per Limited Partnership Unit

        Net income (loss) per Limited Partnership unit is computed by obtaining
     the Limited Partners net income (loss) (see Statements of Partners' Capital
     (Deficit)) and dividing by the total Limited Partnership units outstanding.

       Contributions and Distributions

        Contributions by the General Partner, as presented in the Statements of
     Partners' Capital (Deficit), represent amounts paid by the General Partner
     for its allocated share of the Partnership's costs and expenses. 
     Distributions to the General Partner represent amounts collected by the
     General Partner for its allocated share of the Partnership's revenues. 
     Distributions to Limited Partners represent periodic payments of available
     cash, as determined in accordance with the terms of the Partnership
     Agreement.

       Distributions Payable

        There were no distributions payable to the Limited Partners as of
     September 30, 1995 or 1994.

       Payable to the General Partner

        The long-term payable to the General Partner is the Nonconsenting
     Limited Partners' obligation to the General Partner for their share of
     costs, arising from partnership operations, which are funded entirely by
     the General Partner.  The current portion of the liability is the amount
     estimated to be collectible from the Nonconsenting Limited Partners' net
     operating revenues over the current operating cycle (one year) and certain
     other amounts due from the Consenting Limited Partners.

     NOTE 2 - GAS CONTRACT

        Effective January 1, 1993, under a gas purchase agreement ("agreement"),
     WGMan began purchasing all of the Partnership's natural gas production. 
     The agreement is for five years and calls for a market responsive price
     which is tied to a published index.  WGMan is paid an administrative fee of
     $.04 per MMBtu of gas purchased as compensation for administration and
     marketing of gas.  WGMan also is responsible for administration of third
     party gas contracts as outlined in the agreement; however, the Partnership
     remains responsible for all costs related to production, gathering,
     processing or severance of the gas prior to delivery point.  These costs
     have been recorded as marketing deductions in the financial statements.

     NOTE 3 - ALLOCATION OF PARTNERSHIP REVENUES, COSTS AND EXPENSES

        The Partnership Agreement provides that revenues, costs and expenses
     shall be allocated to the partners as follows:
<TABLE>
<CAPTION>
                                                               Limited   General
                                                               Partners  Partner
     REVENUES
     <S>                                                          <C>       <C>
     Sale of Production  . . . . . . . . . . . . . . . . . . . .  50%       50%
     Sale of Equipment . . . . . . . . . . . . . . . . . . . . .  50        50
     Interest Income . . . . . . . . . . . . . . . . . . . . . .  99         1 

     COSTS AND EXPENSES

     Organization and Offering Expenses Other than
      Sales Commissions  . . . . . . . . . . . . . . . . . . . .   0       100
     Leasehold Acquisition Costs . . . . . . . . . . . . . . . .   0       100
     Subsequent Leasehold Acquisition Costs  . . . . . . . . . .  50        50
     Intangible Drilling Costs . . . . . . . . . . . . . . . . .  99         1
     Tangible Drilling and Completion Costs Relating
      to Commercially Productive Wells . . . . . . . . . . . . .   0       100
     Post-Completion Costs . . . . . . . . . . . . . . . . . . .  50        50
     Operating Costs . . . . . . . . . . . . . . . . . . . . . .  50        50
     Special Costs . . . . . . . . . . . . . . . . . . . . . . .  99         1
     General and Administrative Expenses . . . . . . . . . . . .  50        50
</TABLE>

        The depletion provision is calculated based on discrete calculations
     utilizing the Partnership's and the partners' share of the related capital
     costs and estimated future net revenues.  For financial statement purposes,
     each partner's depletion provision has been increased by the amount that
     its share of unamortized costs exceeded its capitalization ceiling.  The
     difference between depletion applicable to the partners and the total
     applicable to the Partnership is shown as a combining adjustment in the
     Statements of Partners' Capital (Deficit) for the nine months ended
     September 30, 1995 and 1994.  During the nine months ended September 30,
     1995 and 1994, the net capitalized costs of the Partnership's oil and gas
     properties did not exceed the capitalization ceiling.

     NOTE 4 - PURCHASE OF LIMITED PARTNERS' INTERESTS

        The Limited Partners may require the General Partner to purchase up to
     ten percent of their interests annually.  The purchase price is based on
     the Limited Partners' proportionate share of the sum of (i) two-thirds of
     the present worth of estimated future net revenues using a discount rate
     equal to the prime rate in effect on the applicable valuation date plus one
     percent, (ii) the present value of the estimated salvage value of all
     production facilities and tangible assets, and (iii) the net book value of
     all other assets and liabilities.

        At January 1, 1995, the General Partner calculated a purchase price of
     $69.31 per Consenting Limited Partner unit.  The purchase price
     calculations for the Nonconsenting Limited Partners have not resulted in
     positive amounts and, therefore, the General Partner has not offered to
     purchase such units during 1995.  The ceiling limitation for units tendered
     for repurchase is $921,063.  Within the prescribed tender period, twenty-
     two consenting Limited Partners tendered eighty-five units for a total
     repurchase value of $5,891.35.

     NOTE 5 - SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES

        The General Partner is reimbursed for administrative and overhead costs
     incurred in conducting the business of the Partnership.  Such
     reimbursements have been the maximum allowed under the terms of the
     Partnership Agreement during the nine months ended September 30, 1995 and
     1994.

        After such time as total contributions from the Limited Partners have
     been expended, the General Partner may advance funds to the Limited 
     Partners for their share of costs and expenses for continuing operations. 
     Interest was charged to the Limited Partners on such advances at a rate
     which approximated 9.6% and 7.4% during the nine months ended September 30,
     1995 and 1994, respectively.  The General Partner is reimbursed for funds
     advanced to the Limited Partners from revenues otherwise allocable to the
     Limited Partners.

     NOTE 6 - INCOME TAXES

        Income taxes are not levied at the Partnership level, but rather on the
     individual partners; therefore, no provision for liability for federal and
     state income taxes has been reflected in the accompanying financial
     statements.  The qualification of the Partnership as a partnership for tax
     purposes and the amount of the Partnership's income or loss is subject to
     examination by federal and state tax authorities.  If such examinations
     result in changes with respect to the Partnership's qualifications or in
     changes in the Partnership's income or loss, the tax liability of the
     partners could be changed accordingly.

        Income tax deductions are allocated according to the manner in which the
     related costs were allocated.  The Tax Reform Act of 1976 provides that
     income tax deductions for depletion must be computed by each partner rather
     than by the Partnership.  Accordingly, the income tax returns of the
     Partnership will not include deductions for depletion since such amounts
     are not Partnership deductions.

        Under the passive loss rules of the Tax Reform Act of 1986 certain
     limitations on the deductibility of losses attributable to an investment in
     the Partnership apply to the Limited Partners which are individuals,
     estates, trusts, closely held corporations and any personal service
     corporations.  In general, losses from activities in which an investor does
     not materially participate (characterized as passive activities), such as a
     Limited Partner's interest in the Partnership, are only deductible to the
     extent of income from such passive activities.

     NOTE 7 - CONTINGENCY

        The Partnership has a net capital deficiency.  As a result of the
     deficit capital position of the Nonconsenting Limited Partners, all net
     cash flows attributable to the Nonconsenting Limited Partners' share of the
     Partnership's operations are presently applied against their indebtedness
     for past advances by the General Partner and are not available to fund
     Partnership needs.  Funds required by the Partnership in excess of those
     generated by the operations attributable to different partner interests
     will be advanced by the General partner.  CODY is currently considering
     either transferring its limited partner and general partner interests in
     the Partnership, or withdrawing as general partner of the Partnership or
     taking other actions to reduce its responsibilities in the Partnership,
     which could lead to the ultimate dissolution of the Partnership.  These
     conditions raise substantial doubt about the Partnership's ability to
     continue as a going concern.  As long as CODY remains the General Partner
     of the Partnership, GCEC intends to continue advancing funds required by
     the Partnership in excess of those generated by operations through CODY. 
     The 1995 financial statements do not include any adjustments that might
     result from the outcome of this uncertainty. 

     NOTE 8 - RECLASSIFICATIONS

        Certain amounts from prior years have been reclassified to be consistent
     with the financial statement presentation for 1995.  Such reclassification
     had no effect on net income (loss).


                                C&K 1981 FUND-B, LTD.


     Item 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
              RESULTS OF OPERATIONS

     LIQUIDITY AND CAPITAL RESOURCES

        Net cash used in operating activities for the nine months ended
     September 30, 1995 was $196,228, as compared to net cash used in operations
     of $74,549 for the corresponding period in 1994.  This increase was the
     result of a decrease in revenues and an increase in operating expenses and
     interest expense.

        During the nine months ended September 30, 1995, the Partnership
     distributed to the General Partner cash proceeds of $133,712.  (See Notes 1
     and 5 of the Condensed Notes to the Financial Statements).  For the nine
     months ended September 30, 1995, the General Partner's contributions
     (allocated share of costs and expenses incurred) were $152,056.

        For the nine months ended September 30, 1995 and 1994, the Partnership
     incurred capital expenditures of $666 and $161,621, respectively.  The
     Partnership has made no immediate plans for additional exploratory or
     developmental capital programs except those necessary to maintain well
     productivity for 1995.

        The Consenting Limited Partners' financing requirements for operating
     expenses and capital projects are currently provided by revenues from their
     share of the Partnership's operations.  The Partnership does not consider
     long-term financing arrangements on behalf of the Consenting Limited
     Partners, from the General Partner or other sources, as necessary at this
     time.

        As a result of the deficit capital position of the Nonconsenting Limited
     Partners, all net cash flows attributable to the Nonconsenting Limited
     Partners' share of the Partnership's operations are presently applied
     entirely against their indebtedness for past advances by the General
     Partner and are not available to fund Partnership needs.  As long as CODY
     remains the general partner of the Partnership, GCEC intends to continue
     advancing funds, through CODY, required by the Partnership in excess of
     those generated by operations.

        The Partnership's financial condition and operating results have been
     affected by the unsettled energy markets and will continue to be materially
     affected by any significant fluctuations in sales prices.  The
     Partnership's ability to internally generate funds for capital expenditures
     and the Nonconsenting Partners' ability to reimburse funds advanced by the
     General Partner will be similarly affected.  The Partnership cannot predict
     the prices it will receive in the remainder of 1995 or in future years for
     its crude oil and natural gas. 

     RESULTS OF OPERATIONS

       Three Months Ended September 30, 1995 vs. Three Months Ended September
     30, 1994

        The Partnership reported a net loss of $82,341 for the three months
     ended September 30, 1995 as compared to a net loss of $61,654 reported for
     the same period in 1994.  The increase was primarily attributable to
     declines in oil production and oil and gas prices in 1995.

        Crude oil and natural gas sales for the three months ended September 30,
     1995 were $88,999, a decrease of $25,239, or 22% compared to the same
     period in 1994.  Crude oil production decreased to 45 barrels per day,
     while natural gas production increased to 194 thousand cubic feet ("mcf")
     per day, as compared to 62 barrels and 167 mcf, respectively, in 1994. 
     During the third quarter of 1995, average sales prices for crude oil
     decreased to $15.52 per barrel, while natural gas decreased to $1.38 per
     mcf, as compared to $16.57 per barrel and $1.52 per mcf, respectively, for
     the same period in 1994.  While the addition of the Mestena E-18 well
     increased gas production in 1995, equivalent mcf's from the sale of
     processed gas plant by-products also contributed to the increased gas
     sales.  During the first half of 1994, gas was sold at the wellhead rather
     than processed due to economic reasons.

        Lease operating expense for the three months ended September 30, 1995
     increased by $9,923 or 67% compared to the corresponding period in 1994.
     Included in lease operating expenses for 1995 are non-recurring workover
     costs necessary to maintain production on one well of approximately $3,500.
     Production tax expense for the third quarter of 1995 decreased by $3,653 or
     29% compared to the same period in 1994.  Production taxes decreased in
     relation to the decrease in oil and gas sales.  Marketing deductions were
     4,697 for the three months ended September 30, 1995 as compared to $9,280
     for the three months ended September 30, 1994.  Depletion expense decreased
     by $3,047 or 18% compared to the corresponding period in 1994.  General and
     administrative expenses for the third quarter of 1995 decreased by $12,735
     or 15% compared to the same period in 1994.  Interest expense increased by
     $9,172 or 23% compared to the corresponding period in 1994.  The increase
     in interest expense is due to increases in interest rates and in the
     payable balance to the General Partner in 1995.

      Nine Months Ended September 30, 1995 vs. Nine Months Ended September 30,
     1994

        The Partnership reported a net loss of $244,406 for the nine months
     ended September 30, 1995, as compared to a net loss of $123,162 for the
     same period in 1994.  The increase was primarily attributable to declines
     in oil production and gas prices and an increase in operating expenses and
     interest.

        Crude oil and natural gas sales for the nine months ended September 30,
     1995 were $316,318, a decrease of $62,039, or 16% compared to the same
     period in 1994.  Crude oil production decreased to 53 barrels per day,
     while natural gas production increased to 183 mcf per day, as compared to
     68 barrels and 176 mcf, respectively, in 1994.  During the first nine
     months of 1995, average sales prices for crude oil increased to $16.85 per
     barrel, while natural gas decreased to $1.44 per mcf, as compared to $15.45
     per barrel and $1.99 per mcf, respectively, for the same period in 1994. 
     Natural gas production increased slightly due to production from the 
     Mestena E-18 well, which went on production in May, 1994, and additional
     equivalent mcf's from the sale of gas by-products.  During the first half
     of 1994, gas was sold at the wellhead rather than processed for economic
     reasons.

        Lease operating expense for the nine months ended September 30, 1995
     increased by $29,918 or 47% compared to the corresponding period in 1994.
     Included in lease operating expenses for 1995 are non-recurring workover
     costs necessary to maintain production on two wells of approximately
     $5,500.  The increase in lease operating expenses is also a result of
     additional operating requirements as the properties mature, irrespective of
     production rates.  Production tax expense for the first nine months of 1995
     increased by $2,756 or 8% compared to the same period in 1994.  Production
     taxes, which usually follow production trends, were increased slightly due
     to a larger percent of the gas produced from Louisiana wells, which are
     taxed based on production volumes, not value.  Marketing deductions were
     $12,547 for the nine months ended September 30, 1995 as compared to $24,064
     for the same period in 1994.  Depletion expense decreased by $435 or 1%
     compared to the corresponding period in 1994.  General and administrative
     expenses for the nine months ended September 30, 1995 decreased by $1,913
     or 1% compared to the same period in 1994.  Interest expense increased by
     $38,364 or 37% compared to the same period in 1994.  The increase in
     interest expense is due primarily to the higher interest rate and an
     increase in the payable balance in 1995. 


                             PART II - OTHER INFORMATION

                                C&K 1981 FUND-B, LTD.


     Item 1. Legal Proceedings

             None.

     Item 2. Changes in Securities

             None.

     Item 3. Defaults Upon Senior Securities

             None.

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

             Not applicable.

     Item 5. Other Information

             None.

     Item 6. Exhibits and Reports on Form 8-K

             (a) Exhibits:

             None.

             (b) Reports on Form 8-K:

             On June 21, 1995, the Partnership filed a Form 8-K (Commission No.
             0-10269 and Internal Revenue Service Identification No. 76-
             0307699), which was received by the Securities and Exchange
             Commission on June 21, 1995 and incorporated herein by reference,
             in which it reported a change in the Registrant's certifying
             independent accountants. 
<PAGE>

                                      SIGNATURE


         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.



                                           C&K 1981 Fund-B, LTD.
                                           (Registrant)


                                       By:  Dan R. Taylor
                                            Vice President and Controller
                                            CODY ENERGY, INC.
                                            Successor General Partner



     DATE: November 13, 1995
[{"type": "10-Q", "sequence": "1", "secsgml_size_bytes": 37217}]
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FORM 10-Q

                          SECURITIES AND EXCHANGE COMMISSION

                               Washington, D.C.  20549
                                                           

     {X}  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
          EXCHANGE ACT OF 1934

     For the Quarterly Period Ended September 30, 1995

                                          OR

     { }  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
          EXCHANGE ACT OF 1934

     Commission file number 0-10269

                                C&K 1981 FUND-B, LTD.
                (Exact name of registrant as specified in its charter)

                    Texas                                       76-0307699  
        (State or other jurisdiction of                     (I.R.S.  Employer
        incorporation or organization)                      Identification No.)

      7555 E. Hampden Avenue, Suite 600,
                 Denver, CO                                       80231
   (Address of principal executive offices)                     (Zip Code)

     Registrant's telephone number, including area code:      303-695-3600

          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.

                                       X           
                                     Yes       No

              The C&K 1981 Fund-B, Ltd. is a Texas limited partnership.
INDEX TO FORM 10-Q
                                C&K 1981 Fund-B, Ltd.

     PART I.  FINANCIAL INFORMATION

     Item 1.  Financial Statements

              Balance Sheets
              September 30, 1995 and December 31, 1994

              Statements of Operations
              Three months and nine months ended September 30, 1995 and 1994

              Statements of Partners' Capital (Deficit)
              Nine months ended September 30, 1995 and 1994

              Statements of Cash Flows
              Nine months ended September 30, 1995 and 1994

              Notes to the Financial Statements

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

     PART II. OTHER INFORMATION

     Item 1.  Legal Proceedings

     Item 2.  Changes in Securities

     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

     SIGNATURE
C&K 1981 FUND-B, LTD.
                            (A Texas Limited Partnership)
                                    BALANCE SHEETS
                                     (Unaudited)

                                        ASSETS

                                                 September 30,   December 31,
                                                     1995           1994
Current Assets:

     Cash and cash equivalents                $     69,032     $     67,353 

       Total Current Assets                         69,032           67,353 

     Oil and gas properties and equipment,
       at cost, using the full cost method
        of accounting                           22,690,079       22,689,413 

     Less:  Accumulated depletion              (22,255,015)     (22,206,837)

                                                   435,064          482,576 

     Total Assets                             $    504,096     $    549,929
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)

     Current payable to General Partner       $     25,391     $    45,393 

     Long-term payable to General Partner        2,023,557       1,823,326 

       Total Liabilities                         2,048,948       1,868,719 

     Contingency (Note 7)
     Partners' deficit                          (1,544,852)     (1,318,790)

     Total Liabilities and Partners' Capital  $    504,096    $    549,929
[FN]

      The accompanying notes are an integral part of these financial statements.
C&K 1981 FUND-B, LTD.
                            (A Texas Limited Partnership)
                               STATEMENTS OF OPERATIONS
                                     (Unaudited)

                                    Three months ended      Nine months ended
                                       September 30,           September 30,
1995        1994        1995        1994
     Revenues:

       Oil and gas sales           $ 88,999  $114,238    $ 316,318   $ 378,357
       Interest income                  564       935        1,678       3,710

                                     89,563   115,173      317,996     382,067

     Expenses:

       Lease operating expense       24,690    14,767       93,041      63,123
       Production tax expense         9,119    12,772       36,372      33,616
       Marketing deductions           4,697     9,280       12,547      24,064
       Depletion expense             13,549    16,596       48,178      48,613
       General and administrative
         expense                     71,252    83,987      230,870     232,783
       Interest expense --
         Affiliated                  48,597    39,425      141,394     103,030 

                                    171,904   176,827      562,402     505,229

     Net income (loss)             $(82,341) $(61,654)   $(244,406)  $(123,162)

     Net income (loss) per
      consenting limited
       partnership unit
       (2,751 outstanding)         $  (5.19) $  15.02    $  (18.40)  $   (6.32)

     Net income (loss) per
      nonconsenting limited
       partnership unit
       (982 outstanding)           $ (53.83) $ (54.89)   $ (161.97)  $ (112.75)
[FN]

    The accompanying notes are an integral part of these financial statements.
C&K 1981 FUND-B, LTD.
                            (A Texas Limited Partnership)
                      STATEMENTS OF PARTNERS' CAPITAL (DEFICIT)
                                     (Unaudited)

                                 Nine months ended September 30, 1994
                                              Non-
                               Consenting   Consenting   Combining
                     General    Limited      Limited     Adjustment
                     Partner    Partners     Partners    (Note 3)     Total
Balance at
      Jan. 1, 1994  $ 199,868  $375,387    $(1,639,611)   $ (775)   $(1,065,131)

     Contributions    164,089     --            --            --        164,089
     Distributions   (160,375)    --            --            --       (160,375)
     Net income
      (loss)            4,319   (17,389)      (110,723)      631       (123,162)

     Balance at
      9/30/94       $ 207,901  $357,998    $(1,750,334)   $ (144)   $(1,184,579)
Nine months ended September 30, 1995
                                              Non-
                              Consenting   Consenting  Combining
                     General    Limited     Limited    Adjustment
                     Partner   Partners     Partners    (Note 3)     Total

     Balance at
      Jan. 1, 1995  $ 203,959   $260,611  $(1,783,222)   $(138)   $(1,318,790)

     Contributions    152,056      --          --          --         152,056
     Distributions   (133,712)     --          --          --        (133,712)
     Net income
      (loss)          (35,666)   (50,609)    (159,050)     919       (244,406)

     Balance at
      9/30/95       $ 186,637   $210,002  $(1,942,272)   $ 781    $(1,544,852)
[FN]

      The accompanying notes are an integral part of these financial statements.
C&K 1981 FUND-B, LTD.
                            (A Texas Limited Partnership)
                               STATEMENTS OF CASH FLOWS
                                     (Unaudited)

                                                            Nine months ended
                                                               September 30, 

                                                            1995         1994
Cash flows from operating activities:
      Net income (loss)                                 $(244,406)   $ (123,162)
      Adjustments to reconcile net income (loss)
       to net cash provided by operating activities:
         Depletion                                         48,178        48,613

          Net cash provided by (used in)
           operating activities                          (196,228)      (74,549)

     Cash flows from investing activities:
      (Additions) retirements to oil and gas
       properties and equipment                              (666)     (161,621)

     Cash flows from financing activities:
      Increase in payable to General Partner              180,229       148,085
      Distributions to General Partner                   (133,712)     (160,375)
      Contributions by General Partner                    152,056       164,089

         Net cash provided by (used in)
          financing activities                            198,573       151,799

     Net increase (decrease) in cash and
      cash equivalents                                      1,679       (84,371)

     Cash and cash equivalents at beginning of period      67,353       205,214

     Cash and cash equivalents at end of period         $  69,032     $ 120,843
[FN]

    The accompanying notes are an integral part of these financial statements.
C&K 1981 FUND-B, LTD.
                            (A Texas Limited Partnership)
                            NOTES TO FINANCIAL STATEMENTS
                                     (Unaudited)

     NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

       Management Representation

        These financial statements should be read in the context of the
     financial statements and notes thereto filed with the Securities and
     Exchange Commission in the Partnership's 1994 annual report on Form 10-K. 
     In the opinion of management, the accompanying unaudited financial
     statements reflect all adjustments, consisting only of normal recurring
     items, necessary to present fairly the financial position of the C&K 1981
     Fund-B, Ltd. at September 30, 1995, the results of operations for the three
     and nine months ended September 30, 1995 and 1994, and the partners'
     capital (deficit) and cash flows for the nine months ended September 30,
     1995 and 1994.  The results of operations for the three months and nine
     months ended September 30, 1995 should not necessarily be taken as
     indicative of the results of operations that may be expected for the entire
     year 1995.

       Organization

        The C&K 1981 Fund-B, Ltd. (the "Partnership"), a Texas Limited
     Partnership, was organized on December 16, 1980, to acquire, explore,
     develop and operate onshore oil and gas properties in the United States and
     commenced operations on June 1, 1981.  Total initial Limited Partner
     contributions were $9,332,500 including $100,000 contributed by C&K
     Petroleum, Inc. ("C&K"), the initial General Partner.  On September 15,
     1982, C&K requested the Limited Partners to pay an additional assessment of
     25% of their initial contributions.  Additional contributions received from
     Limited Partners were $2,333,125 with C&K paying the additional assessments
     for 209 Limited Partners who declined to pay their share of the additional
     assessments ("Nonconsenting Limited Partners").  Nonconsenting Limited
     Partners are subject to a penalty in an amount equal to 300% of the
     additional assessment paid by the General Partner.

        C&K, after several corporate reorganizations beginning in September of
     1984 and ending in December of 1991, was acquired by Ultramar Oil and Gas
     Limited ("UOGL"), an indirect wholly-owned subsidiary of LASMO plc. 
     Effective November 18, 1992, UOGL was sold to Williams-Cody Limited
     Liability Company ("WCLLC"), a Wyoming limited liability company owned by
     Williams Gas Management Company ("WGMan") and Cody Resources, Inc. ("CRI").
     On January 1, 1993, UOGL changed its name to Williams-Cody, Inc.
     ("Williams-Cody").

        Effective May 1, 1993, Cody Company, a wholly owned subsidiary of The
     Gates Corporation, purchased the units of WCLLC owned by Williams Gas
     Management Company.  As a result of this acquisition, the unit holders of
     WCLLC are Cody Company and its wholly owned subsidiary, Cody Resources,
     Inc.  Subsequently, effective May 15, 1993, the name of Williams-Cody, Inc.
     has been changed to CODY ENERGY, INC. ("CODY"), and the name of Williams-
     Cody Limited Liability Company has been changed to Gates-Cody Energy
     Company, a Limited Liability Company ("GCEC").  CODY is the surviving 
     corporation and, pursuant to the authority provided in the Partnership
     Agreement manages and controls the Partnership's affairs and is responsible
     for the activities of the Partnership.

        CODY is currently considering either transferring its limited partner
     and general partner interests in the Partnership, or withdrawing as general
     partner of the Partnership or taking other actions to reduce its
     responsibilities in the Partnership which could lead to the ultimate
     dissolution of the Partnership.  GCEC intends to, if necessary, advance
     funds required by the Partnership in excess of those generated by
     operations through CODY.

       Basis of Accounting

        The accounts of the Partnership are maintained on the accrual basis in
     accordance with accounting practices permitted for federal income tax
     reporting purposes.  In order to present the accompanying financial
     statements on the basis of generally accepted accounting principles for
     financial reporting purposes, adjustments have been made to account for oil
     and gas properties under the full cost method of accounting.

       Cash and Cash Equivalents

        Cash is invested in a money market savings account.

       Oil and Gas Properties

        The Partnership uses the full cost method of accounting for oil and gas
     properties in accordance with rules prescribed by the Securities and
     Exchange Commission ("SEC").  Under this method, all costs incurred in
     connection with the exploration for and development of oil and gas reserves
     are capitalized.  Such capitalized costs include lease acquisition,
     geological and geophysical work, delay rentals, drilling, completing and
     equipping oil and gas wells and other related costs together with costs
     applicable to CODY's technical personnel directly engaged in evaluating and
     maintaining oil and gas prospects and drilling oil and gas wells. 
     Maintenance and repairs are charged against income when incurred.  Renewals
     and betterments which extend the useful life of properties are capitalized.

        The capitalized costs of all oil and gas properties are depleted on a
     composite units-of-revenue method computed on a future gross revenue
     basis.  An additional depletion provision is made if the total capital-
     ized costs of oil and gas properties exceed the "capitalization ceiling"
     which is calculated as the present value of future net revenues from
     estimated production of the Partnership's proved oil and gas reserves as
     furnished by independent petroleum engineers.

        Future gross revenues have been estimated using rules prescribed by the
     SEC.  Under these rules, year-end prices are utilized in determining future
     gross revenues.

        The capitalization ceiling is computed for the first three quarters of
     the year by (i) adjusting the previous year-end present value of future net
     revenues for the accretion of discount, production, and revisions to
     reserve estimates, if any, and (ii) revising the resultant valuation of
     future net revenues to incorporate prices and volumes at the financial
     statement date. 

       Net Income (Loss) per Limited Partnership Unit

        Net income (loss) per Limited Partnership unit is computed by obtaining
     the Limited Partners net income (loss) (see Statements of Partners' Capital
     (Deficit)) and dividing by the total Limited Partnership units outstanding.

       Contributions and Distributions

        Contributions by the General Partner, as presented in the Statements of
     Partners' Capital (Deficit), represent amounts paid by the General Partner
     for its allocated share of the Partnership's costs and expenses. 
     Distributions to the General Partner represent amounts collected by the
     General Partner for its allocated share of the Partnership's revenues. 
     Distributions to Limited Partners represent periodic payments of available
     cash, as determined in accordance with the terms of the Partnership
     Agreement.

       Distributions Payable

        There were no distributions payable to the Limited Partners as of
     September 30, 1995 or 1994.

       Payable to the General Partner

        The long-term payable to the General Partner is the Nonconsenting
     Limited Partners' obligation to the General Partner for their share of
     costs, arising from partnership operations, which are funded entirely by
     the General Partner.  The current portion of the liability is the amount
     estimated to be collectible from the Nonconsenting Limited Partners' net
     operating revenues over the current operating cycle (one year) and certain
     other amounts due from the Consenting Limited Partners.

     NOTE 2 - GAS CONTRACT

        Effective January 1, 1993, under a gas purchase agreement ("agreement"),
     WGMan began purchasing all of the Partnership's natural gas production. 
     The agreement is for five years and calls for a market responsive price
     which is tied to a published index.  WGMan is paid an administrative fee of
     $.04 per MMBtu of gas purchased as compensation for administration and
     marketing of gas.  WGMan also is responsible for administration of third
     party gas contracts as outlined in the agreement; however, the Partnership
     remains responsible for all costs related to production, gathering,
     processing or severance of the gas prior to delivery point.  These costs
     have been recorded as marketing deductions in the financial statements.

     NOTE 3 - ALLOCATION OF PARTNERSHIP REVENUES, COSTS AND EXPENSES

        The Partnership Agreement provides that revenues, costs and expenses
     shall be allocated to the partners as follows:
Limited   General
                                                               Partners  Partner
     REVENUES
Sale of Production  . . . . . . . . . . . . . . . . . . . .  50%       50%
     Sale of Equipment . . . . . . . . . . . . . . . . . . . . .  50        50
     Interest Income . . . . . . . . . . . . . . . . . . . . . .  99         1 

     COSTS AND EXPENSES

     Organization and Offering Expenses Other than
      Sales Commissions  . . . . . . . . . . . . . . . . . . . .   0       100
     Leasehold Acquisition Costs . . . . . . . . . . . . . . . .   0       100
     Subsequent Leasehold Acquisition Costs  . . . . . . . . . .  50        50
     Intangible Drilling Costs . . . . . . . . . . . . . . . . .  99         1
     Tangible Drilling and Completion Costs Relating
      to Commercially Productive Wells . . . . . . . . . . . . .   0       100
     Post-Completion Costs . . . . . . . . . . . . . . . . . . .  50        50
     Operating Costs . . . . . . . . . . . . . . . . . . . . . .  50        50
     Special Costs . . . . . . . . . . . . . . . . . . . . . . .  99         1
     General and Administrative Expenses . . . . . . . . . . . .  50        50
The depletion provision is calculated based on discrete calculations
     utilizing the Partnership's and the partners' share of the related capital
     costs and estimated future net revenues.  For financial statement purposes,
     each partner's depletion provision has been increased by the amount that
     its share of unamortized costs exceeded its capitalization ceiling.  The
     difference between depletion applicable to the partners and the total
     applicable to the Partnership is shown as a combining adjustment in the
     Statements of Partners' Capital (Deficit) for the nine months ended
     September 30, 1995 and 1994.  During the nine months ended September 30,
     1995 and 1994, the net capitalized costs of the Partnership's oil and gas
     properties did not exceed the capitalization ceiling.

     NOTE 4 - PURCHASE OF LIMITED PARTNERS' INTERESTS

        The Limited Partners may require the General Partner to purchase up to
     ten percent of their interests annually.  The purchase price is based on
     the Limited Partners' proportionate share of the sum of (i) two-thirds of
     the present worth of estimated future net revenues using a discount rate
     equal to the prime rate in effect on the applicable valuation date plus one
     percent, (ii) the present value of the estimated salvage value of all
     production facilities and tangible assets, and (iii) the net book value of
     all other assets and liabilities.

        At January 1, 1995, the General Partner calculated a purchase price of
     $69.31 per Consenting Limited Partner unit.  The purchase price
     calculations for the Nonconsenting Limited Partners have not resulted in
     positive amounts and, therefore, the General Partner has not offered to
     purchase such units during 1995.  The ceiling limitation for units tendered
     for repurchase is $921,063.  Within the prescribed tender period, twenty-
     two consenting Limited Partners tendered eighty-five units for a total
     repurchase value of $5,891.35.

     NOTE 5 - SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES

        The General Partner is reimbursed for administrative and overhead costs
     incurred in conducting the business of the Partnership.  Such
     reimbursements have been the maximum allowed under the terms of the
     Partnership Agreement during the nine months ended September 30, 1995 and
     1994.

        After such time as total contributions from the Limited Partners have
     been expended, the General Partner may advance funds to the Limited 
     Partners for their share of costs and expenses for continuing operations. 
     Interest was charged to the Limited Partners on such advances at a rate
     which approximated 9.6% and 7.4% during the nine months ended September 30,
     1995 and 1994, respectively.  The General Partner is reimbursed for funds
     advanced to the Limited Partners from revenues otherwise allocable to the
     Limited Partners.

     NOTE 6 - INCOME TAXES

        Income taxes are not levied at the Partnership level, but rather on the
     individual partners; therefore, no provision for liability for federal and
     state income taxes has been reflected in the accompanying financial
     statements.  The qualification of the Partnership as a partnership for tax
     purposes and the amount of the Partnership's income or loss is subject to
     examination by federal and state tax authorities.  If such examinations
     result in changes with respect to the Partnership's qualifications or in
     changes in the Partnership's income or loss, the tax liability of the
     partners could be changed accordingly.

        Income tax deductions are allocated according to the manner in which the
     related costs were allocated.  The Tax Reform Act of 1976 provides that
     income tax deductions for depletion must be computed by each partner rather
     than by the Partnership.  Accordingly, the income tax returns of the
     Partnership will not include deductions for depletion since such amounts
     are not Partnership deductions.

        Under the passive loss rules of the Tax Reform Act of 1986 certain
     limitations on the deductibility of losses attributable to an investment in
     the Partnership apply to the Limited Partners which are individuals,
     estates, trusts, closely held corporations and any personal service
     corporations.  In general, losses from activities in which an investor does
     not materially participate (characterized as passive activities), such as a
     Limited Partner's interest in the Partnership, are only deductible to the
     extent of income from such passive activities.

     NOTE 7 - CONTINGENCY

        The Partnership has a net capital deficiency.  As a result of the
     deficit capital position of the Nonconsenting Limited Partners, all net
     cash flows attributable to the Nonconsenting Limited Partners' share of the
     Partnership's operations are presently applied against their indebtedness
     for past advances by the General Partner and are not available to fund
     Partnership needs.  Funds required by the Partnership in excess of those
     generated by the operations attributable to different partner interests
     will be advanced by the General partner.  CODY is currently considering
     either transferring its limited partner and general partner interests in
     the Partnership, or withdrawing as general partner of the Partnership or
     taking other actions to reduce its responsibilities in the Partnership,
     which could lead to the ultimate dissolution of the Partnership.  These
     conditions raise substantial doubt about the Partnership's ability to
     continue as a going concern.  As long as CODY remains the General Partner
     of the Partnership, GCEC intends to continue advancing funds required by
     the Partnership in excess of those generated by operations through CODY. 
     The 1995 financial statements do not include any adjustments that might
     result from the outcome of this uncertainty. 

     NOTE 8 - RECLASSIFICATIONS

        Certain amounts from prior years have been reclassified to be consistent
     with the financial statement presentation for 1995.  Such reclassification
     had no effect on net income (loss).

                                C&K 1981 FUND-B, LTD.

     Item 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
              RESULTS OF OPERATIONS

     LIQUIDITY AND CAPITAL RESOURCES

        Net cash used in operating activities for the nine months ended
     September 30, 1995 was $196,228, as compared to net cash used in operations
     of $74,549 for the corresponding period in 1994.  This increase was the
     result of a decrease in revenues and an increase in operating expenses and
     interest expense.

        During the nine months ended September 30, 1995, the Partnership
     distributed to the General Partner cash proceeds of $133,712.  (See Notes 1
     and 5 of the Condensed Notes to the Financial Statements).  For the nine
     months ended September 30, 1995, the General Partner's contributions
     (allocated share of costs and expenses incurred) were $152,056.

        For the nine months ended September 30, 1995 and 1994, the Partnership
     incurred capital expenditures of $666 and $161,621, respectively.  The
     Partnership has made no immediate plans for additional exploratory or
     developmental capital programs except those necessary to maintain well
     productivity for 1995.

        The Consenting Limited Partners' financing requirements for operating
     expenses and capital projects are currently provided by revenues from their
     share of the Partnership's operations.  The Partnership does not consider
     long-term financing arrangements on behalf of the Consenting Limited
     Partners, from the General Partner or other sources, as necessary at this
     time.

        As a result of the deficit capital position of the Nonconsenting Limited
     Partners, all net cash flows attributable to the Nonconsenting Limited
     Partners' share of the Partnership's operations are presently applied
     entirely against their indebtedness for past advances by the General
     Partner and are not available to fund Partnership needs.  As long as CODY
     remains the general partner of the Partnership, GCEC intends to continue
     advancing funds, through CODY, required by the Partnership in excess of
     those generated by operations.

        The Partnership's financial condition and operating results have been
     affected by the unsettled energy markets and will continue to be materially
     affected by any significant fluctuations in sales prices.  The
     Partnership's ability to internally generate funds for capital expenditures
     and the Nonconsenting Partners' ability to reimburse funds advanced by the
     General Partner will be similarly affected.  The Partnership cannot predict
     the prices it will receive in the remainder of 1995 or in future years for
     its crude oil and natural gas. 

     RESULTS OF OPERATIONS

       Three Months Ended September 30, 1995 vs. Three Months Ended September
     30, 1994

        The Partnership reported a net loss of $82,341 for the three months
     ended September 30, 1995 as compared to a net loss of $61,654 reported for
     the same period in 1994.  The increase was primarily attributable to
     declines in oil production and oil and gas prices in 1995.

        Crude oil and natural gas sales for the three months ended September 30,
     1995 were $88,999, a decrease of $25,239, or 22% compared to the same
     period in 1994.  Crude oil production decreased to 45 barrels per day,
     while natural gas production increased to 194 thousand cubic feet ("mcf")
     per day, as compared to 62 barrels and 167 mcf, respectively, in 1994. 
     During the third quarter of 1995, average sales prices for crude oil
     decreased to $15.52 per barrel, while natural gas decreased to $1.38 per
     mcf, as compared to $16.57 per barrel and $1.52 per mcf, respectively, for
     the same period in 1994.  While the addition of the Mestena E-18 well
     increased gas production in 1995, equivalent mcf's from the sale of
     processed gas plant by-products also contributed to the increased gas
     sales.  During the first half of 1994, gas was sold at the wellhead rather
     than processed due to economic reasons.

        Lease operating expense for the three months ended September 30, 1995
     increased by $9,923 or 67% compared to the corresponding period in 1994.
     Included in lease operating expenses for 1995 are non-recurring workover
     costs necessary to maintain production on one well of approximately $3,500.
     Production tax expense for the third quarter of 1995 decreased by $3,653 or
     29% compared to the same period in 1994.  Production taxes decreased in
     relation to the decrease in oil and gas sales.  Marketing deductions were
     4,697 for the three months ended September 30, 1995 as compared to $9,280
     for the three months ended September 30, 1994.  Depletion expense decreased
     by $3,047 or 18% compared to the corresponding period in 1994.  General and
     administrative expenses for the third quarter of 1995 decreased by $12,735
     or 15% compared to the same period in 1994.  Interest expense increased by
     $9,172 or 23% compared to the corresponding period in 1994.  The increase
     in interest expense is due to increases in interest rates and in the
     payable balance to the General Partner in 1995.

      Nine Months Ended September 30, 1995 vs. Nine Months Ended September 30,
     1994

        The Partnership reported a net loss of $244,406 for the nine months
     ended September 30, 1995, as compared to a net loss of $123,162 for the
     same period in 1994.  The increase was primarily attributable to declines
     in oil production and gas prices and an increase in operating expenses and
     interest.

        Crude oil and natural gas sales for the nine months ended September 30,
     1995 were $316,318, a decrease of $62,039, or 16% compared to the same
     period in 1994.  Crude oil production decreased to 53 barrels per day,
     while natural gas production increased to 183 mcf per day, as compared to
     68 barrels and 176 mcf, respectively, in 1994.  During the first nine
     months of 1995, average sales prices for crude oil increased to $16.85 per
     barrel, while natural gas decreased to $1.44 per mcf, as compared to $15.45
     per barrel and $1.99 per mcf, respectively, for the same period in 1994. 
     Natural gas production increased slightly due to production from the 
     Mestena E-18 well, which went on production in May, 1994, and additional
     equivalent mcf's from the sale of gas by-products.  During the first half
     of 1994, gas was sold at the wellhead rather than processed for economic
     reasons.

        Lease operating expense for the nine months ended September 30, 1995
     increased by $29,918 or 47% compared to the corresponding period in 1994.
     Included in lease operating expenses for 1995 are non-recurring workover
     costs necessary to maintain production on two wells of approximately
     $5,500.  The increase in lease operating expenses is also a result of
     additional operating requirements as the properties mature, irrespective of
     production rates.  Production tax expense for the first nine months of 1995
     increased by $2,756 or 8% compared to the same period in 1994.  Production
     taxes, which usually follow production trends, were increased slightly due
     to a larger percent of the gas produced from Louisiana wells, which are
     taxed based on production volumes, not value.  Marketing deductions were
     $12,547 for the nine months ended September 30, 1995 as compared to $24,064
     for the same period in 1994.  Depletion expense decreased by $435 or 1%
     compared to the corresponding period in 1994.  General and administrative
     expenses for the nine months ended September 30, 1995 decreased by $1,913
     or 1% compared to the same period in 1994.  Interest expense increased by
     $38,364 or 37% compared to the same period in 1994.  The increase in
     interest expense is due primarily to the higher interest rate and an
     increase in the payable balance in 1995. 

                             PART II - OTHER INFORMATION

                                C&K 1981 FUND-B, LTD.

     Item 1. Legal Proceedings

             None.

     Item 2. Changes in Securities

             None.

     Item 3. Defaults Upon Senior Securities

             None.

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

             Not applicable.

     Item 5. Other Information

             None.

     Item 6. Exhibits and Reports on Form 8-K

             (a) Exhibits:

             None.

             (b) Reports on Form 8-K:

             On June 21, 1995, the Partnership filed a Form 8-K (Commission No.
             0-10269 and Internal Revenue Service Identification No. 76-
             0307699), which was received by the Securities and Exchange
             Commission on June 21, 1995 and incorporated herein by reference,
             in which it reported a change in the Registrant's certifying
             independent accountants.
SIGNATURE

         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.

                                           C&K 1981 Fund-B, LTD.
                                           (Registrant)

                                       By:  Dan R. Taylor
                                            Vice President and Controller
                                            CODY ENERGY, INC.
                                            Successor General Partner

     DATE: November 13, 1995