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                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 15


Certification and Notice of Termination of Registration under Section 12(g)  of
the Securities Exchange Act of 1934 or Suspension of Duty to File Reports Under
Sections 13 and 15(d) of the Securities Exchange Act of 1934.

         Commission File Number           33-29471-02
                               ------------------------------------

                 PrimeEnergy Asset and Income Fund L.P. AA-3
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             (Exact name of registrant as specified in its charter)

                   One Landmark Square, Stamford, CT 06901
                                (203) 358-5700
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  (Address, including zip code, and telephone number, including area code, of
                  registrant's principal executive offices)

                    Units of Limited Partnership Interests
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            (Title of each class of securities covered by this Form)

                                     none
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  (Titles of all other classes of securities for which a duty to file reports
                    under section 13(a) or 15(d) remains)

         Please place an X in the box(es) to designate the appropriate rule
provision(s) relied upon to terminate or suspend the duty to file reports:

     Rule 12g-4(a)(1)(i)       [ ]              Rule 12h-3(b)(1)(i)      [ ]
     Rule 12g-4(a)(1)(ii)      [X]              Rule 12h-3(b)(1)(ii)     [ ]
     Rule 12g-4(a)(2)(i)       [ ]              Rule 12h-3(b)(2)(i)      [ ]
     Rule 12g-4(a)(2)(ii)      [ ]              Rule 12h-3(b)(2)(ii)     [ ]
                                                Rule 15d-6               [ ]

         Approximate number of holders of record as of the certification or
notice date:            391
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        Pursuant to the requirements of the Securities Exchange Act of 1934,
PrimeEnergy Asset and Income Fund L.P. AA-3 has caused this
certification/notice to be signed on its behalf by the undersigned duly
authorized person.



Date:    January 3, 1996             By:   /s/ BEVERLY A. CUMMINGS 
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                                           Beverly A. Cummings
                                           Vice President,
                                           PrimeEnergy Management Corporation
                                           Managing General Partner