Do I answer yes for material participation if the Sch k-1 is for an Oil & Gas working interest that I own?

It depends. You might review the material participation tests for a trade or business here: IRS Pub 925 - Material Participation. Also see the rules for an investor below:

Participation as an investor. 

You don’t treat the work you do in your capacity as an investor in an activity as participation unless you’re directly involved in the day-to-day management or operations of the activity. 

Work you do as an investor includes:

1.  Studying and reviewing financial statements or reports on operations of the activity,
2. Preparing or compiling summaries or analyses of the finances or operations of the activity for your own use, and
3. Monitoring the finances or operations of the activity in a nonmanagerial capacity.