Document_Entity_Information_Do
Document Entity Information Document | 9 Months Ended |
Sep. 30, 2014 | |
Entity Information | ' |
Entity Registrant Name | 'ROCKIES REGION 2007 LP |
Entity Central Index Key | '0001407805 |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Smaller Reporting Company |
Document Type | '10-Q |
Document Period End Date | 30-Sep-14 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q3 |
Amendment Flag | 'false |
Entity Common Stock, Shares Outstanding | 0 |
Additional General Partnership Units Outstanding | 0 |
Condensed_Balance_Sheets_Unaud
Condensed Balance Sheets (Unaudited) Statement (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Current assets: | ' | ' |
Cash and cash equivalents | $628,520 | $570,376 |
Accounts receivable | 272,558 | 378,940 |
Crude oil inventory | 35,132 | 55,308 |
Total current assets | 936,210 | 1,004,624 |
Crude oil and natural gas properties, successful efforts method, at cost | 55,934,623 | 55,748,749 |
Less: Accumulated depreciation, depletion and amortization | -33,501,184 | -31,819,541 |
Crude oil and natural gas properties, net | 22,433,439 | 23,929,208 |
Other assets | 0 | 89,630 |
Total Assets | 23,369,649 | 25,023,462 |
Current liabilities: | ' | ' |
Accounts payable and accrued expenses | 27,786 | 33,041 |
Due to Managing General Partner-other, net | 73,097 | 119,994 |
Total current liabilities | 100,883 | 153,035 |
Asset retirement obligations | 990,615 | 935,813 |
Total liabilities | 1,091,498 | 1,088,848 |
Commitments and contingent liabilities | ' | ' |
Partners' equity: | ' | ' |
Managing General Partner | 3,048,968 | 3,661,859 |
Limited Partners - 4,470 units issued and outstanding | 19,229,183 | 20,272,755 |
Total Partners' equity | 22,278,151 | 23,934,614 |
Total Liabilities and Partners' Equity | $23,369,649 | $25,023,462 |
Balance_Sheet_Parentheticals_P
Balance Sheet Parentheticals (Parentheticals) | Sep. 30, 2014 | Dec. 31, 2013 |
Balance Sheet Parentheticals [Abstract] | ' | ' |
Limited Partners' Capital Account, Units Issued | 4,470 | 4,470 |
Limited Partners' Capital Account, Units Outstanding | 4,470 | 4,470 |
Condensed_Statements_of_Operat
Condensed Statements of Operations (Unaudited) Statement (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Revenues: | ' | ' | ' | ' |
Crude oil, natural gas and NGLs sales | $857,727 | $1,500,286 | $2,906,026 | $4,536,215 |
Commodity price risk management gain (loss), net | 0 | 0 | 0 | -417,689 |
Total revenues | 857,727 | 1,500,286 | 2,906,026 | 4,118,526 |
Operating costs and expenses: | ' | ' | ' | ' |
Crude oil, natural gas and NGLs production costs | 233,899 | 331,242 | 734,235 | 980,150 |
Direct costs - general and administrative | 28,021 | 42,575 | 90,641 | 129,317 |
Depreciation, depletion and amortization | 516,457 | 761,369 | 1,681,643 | 2,438,069 |
Accretion of asset retirement obligations | 18,625 | 17,229 | 54,802 | 50,699 |
Total operating costs and expenses | 797,002 | 1,152,415 | 2,561,321 | 3,598,235 |
Operating income (loss): | ' | ' | ' | ' |
Income from continuing operations | 60,725 | 347,871 | 344,705 | 520,291 |
Loss from discontinued operations | 0 | 0 | 0 | -33,370 |
Net income | 60,725 | 347,871 | 344,705 | 486,921 |
Net income (loss) per Investor Partner Unit: | ' | ' | ' | ' |
Continuing operations | $9 | $49 | $49 | $73 |
Discontinued operations | $0 | $0 | $0 | ($4) |
Net income per Investor Partner unit | $9 | $49 | $49 | $69 |
Investor Partner units outstanding | 4,470 | 4,470 | 4,470 | 4,470 |
Entity [Domain] | ' | ' | ' | ' |
Operating income (loss): | ' | ' | ' | ' |
Income from continuing operations | 60,725 | 347,871 | 344,705 | 520,291 |
Loss from discontinued operations | 0 | 0 | 0 | -33,370 |
Managing General Partner | ' | ' | ' | ' |
Operating income (loss): | ' | ' | ' | ' |
Income from continuing operations | 22,468 | 128,712 | 127,541 | 192,508 |
Loss from discontinued operations | 0 | 0 | 0 | -12,347 |
Investor Partners | ' | ' | ' | ' |
Operating income (loss): | ' | ' | ' | ' |
Income from continuing operations | 38,257 | 219,159 | 217,164 | 327,783 |
Loss from discontinued operations | $0 | $0 | $0 | ($21,023) |
Condensed_Statements_of_Cash_F
Condensed Statements of Cash Flows (Unaudited) Statement (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Cash flows from operating activities: | ' | ' |
Net income | $344,705 | $486,921 |
Adjustments to net income to reconcile to net cash from operating activities: | ' | ' |
Depreciation, depletion and amortization | 1,681,643 | 2,593,279 |
Accretion of asset retirement obligations | 54,802 | 57,576 |
Net change in fair value of unsettled derivatives | 0 | 1,693,233 |
Loss on sale of crude oil and natural gas properties | 0 | 495,574 |
Changes in assets and liabilities: | ' | ' |
Accounts receivable | 106,382 | 397,957 |
Crude oil inventory | 20,176 | -11,028 |
Other assets | 89,630 | -32,666 |
Accounts payable and accrued expenses | -5,255 | -48,525 |
Due from Managing General Partner-other, net | -46,897 | 746,568 |
Net cash from operating activities | 2,245,186 | 6,378,889 |
Cash Flows from Investing Activities: | ' | ' |
Capital expenditures for crude oil and natural gas properties | -185,874 | 0 |
Proceeds from sale of crude oil and natural gas properties | 0 | 13,488,520 |
Net cash from investing activities | -185,874 | 13,488,520 |
Cash flows from financing activities: | ' | ' |
Distributions to Partners | -2,001,168 | -19,867,409 |
Net cash from financing activities | -2,001,168 | -19,867,409 |
Net change in cash and cash equivalents | 58,144 | 0 |
Cash and cash equivalents, beginning of period | 570,376 | 570,376 |
Cash and cash equivalents, end of period | $628,520 | $570,376 |
General_and_Basis_of_Presentat
General and Basis of Presentation | 9 Months Ended |
Sep. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' |
General and Basis of Presentation | |
Rockies Region 2007 Limited Partnership (this “Partnership” or the “Registrant”) was organized in 2007 as a limited partnership, in accordance with the laws of the State of West Virginia, for the purpose of engaging in the exploration and development of crude oil and natural gas properties. Business operations commenced upon closing of an offering for the private placement of Partnership units. Upon funding, this Partnership entered into a Drilling and Operating Agreement (“D&O Agreement”) with the Managing General Partner which authorizes PDC to conduct and manage this Partnership's business. In accordance with the terms of the Limited Partnership Agreement (the “Agreement”), the Managing General Partner is authorized to manage all activities of this Partnership and initiates and completes substantially all Partnership transactions. | |
As of September 30, 2014, there were 1,778 limited partners in this Partnership (the “Investor Partners”). PDC is the designated Managing General Partner of this Partnership and owns a 37% Managing General Partner ownership in this Partnership. According to the terms of the Agreement, revenues, costs and cash distributions of this Partnership are allocated 63% to the Investor Partners, which are shared pro rata based upon the number of units in this Partnership, and 37% to the Managing General Partner. The Managing General Partner may repurchase Investor Partner units under certain circumstances provided by the Agreement, upon request of an individual Investor Partner. Through September 30, 2014, the Managing General Partner had repurchased 71 units of Partnership interest from the Investor Partners at an average price of $4,033 per unit. As of September 30, 2014, the Managing General Partner owned 38% of this Partnership, including the repurchased interest. | |
In the Managing General Partner's opinion, the accompanying condensed financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary for a fair presentation of this Partnership's results for interim periods in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and with the instructions to Form 10-Q and Article 8 of Regulation S-X of the SEC. Accordingly, pursuant to such rules and regulations, certain notes and other financial information included in the audited financial statements have been condensed or omitted. The information presented in this Quarterly Report on Form 10-Q should be read in conjunction with this Partnership's audited financial statements and notes thereto included in this Partnership's 2013 Form 10-K. This Partnership's accounting policies are described in the Notes to Financial Statements in this Partnership's 2013 Form 10-K and updated, as necessary, in this Quarterly Report on Form 10-Q. The results of operations and cash flows for the three and nine months ended September 30, 2014 are not necessarily indicative of the results to be expected for the full year or any future period. |
Recent_Accounting_Standards
Recent Accounting Standards | 9 Months Ended |
Sep. 30, 2014 | |
New Accounting Pronouncement or Change in Accounting Principle, Current Period Disclosures [Abstract] | ' |
Description of New Accounting Pronouncements Adopted [Text Block] | ' |
Summary of Significant Accounting Policies | |
Recently Issued Accounting Standards | |
In April 2014, the Financial Accounting Standards Board issued changes related to the criteria for determining which disposals can be presented as discontinued operations and modified related disclosure requirements. Under the new pronouncement, a discontinued operation is defined as a disposal of a component of an organization that represents a strategic shift and that has a major effect on the organization's operations and financial results. These changes are to be applied prospectively for new disposals or components of this Partnership's business classified as held for sale during interim and annual periods beginning after December 15, 2014, with early adoption permitted. The Managing General Partner of this Partnership is currently evaluating the impact these changes will have on this Partnership's condensed financial statements. | |
In May 2014, the FASB and the International Accounting Standards Board ("IASB") issued their converged standard on revenue recognition that provides a single, comprehensive model that entities will apply to determine the measurement of revenue and timing of when it is recognized. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The standard outlines a five-step approach to apply the underlying principle: (a) identify the contract with the customer (b) identify the separate performance obligations in the contract (c) determine the transaction price (d) allocate the transaction price to separate performance obligations and (e) recognize revenue when (or as) each performance obligation is satisfied. The revenue standard is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, and can be adopted under the full retrospective method or simplified transition method. Early adoption is not permitted. The Managing General Partner of this Partnership plans to adopt the revenue standard beginning January 1, 2017 and is currently evaluating the impact these changes will have on this Partnership's condensed consolidated financial statements. | |
In August 2014, the FASB issued a new standard related to the disclosure of uncertainties about an entity's ability to continue as a going concern. The new standard will explicitly require management to assess an entity's ability to continue as a going concern every reporting period and to provide related footnote disclosures in certain circumstances. The new standard will be effective for all entities in the first annual period ending after December 15, 2016, with early adoption permitted. The Managing General Partner of this Partnership is currently evaluating the impact these changes will have on this Partnership's condensed consolidated financial statements. |
Transactions_with_Managing_Gen
Transactions with Managing General Partner | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||||||
Related Party Transactions Disclosure [Text Block] | ' | |||||||||||||||
Transactions with Managing General Partner | ||||||||||||||||
The Managing General Partner transacts business on behalf of this Partnership under the authority of the D&O Agreement. Revenues and other cash inflows received by the Managing General Partner on behalf of this Partnership are distributed to the partners, net of corresponding operating costs and other cash outflows incurred on behalf of this Partnership. | ||||||||||||||||
The following table presents transactions with the Managing General Partner reflected in the condensed balance sheets line item “Due to Managing General Partner-other, net,” which remain undistributed or unsettled with this Partnership's investors as of the dates indicated: | ||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||
Crude oil, natural gas and NGLs sales revenues | $ | 280,428 | $ | 306,014 | ||||||||||||
collected from this Partnership's third-party customers | ||||||||||||||||
Other (1) | (353,525 | ) | (426,008 | ) | ||||||||||||
Total Due to Managing General Partner-other, net | $ | (73,097 | ) | $ | (119,994 | ) | ||||||||||
-1 | All other unsettled transactions between this Partnership and the Managing General Partner. The majority of these are capital expenditures, operating costs and general and administrative costs, which have not been deducted from distributions. | |||||||||||||||
The following table presents Partnership transactions with the Managing General Partner for the three and nine months ended September 30, 2014 and 2013. “Well operations and maintenance” and “Gathering, compression and processing fees” are included in the “Crude oil, natural gas and NGLs production costs” line item on the condensed statements of operations for continuing operations or in Note 8, Divestitures and Discontinued Operations, for discontinued operations. | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Well operations and maintenance | $ | 197,759 | $ | 273,771 | $ | 598,609 | $ | 1,282,415 | ||||||||
Gathering, compression and processing fees | — | (3,807 | ) | — | 119,017 | |||||||||||
Direct costs - general and administrative | 28,021 | 42,575 | 90,641 | 455,368 | ||||||||||||
Cash distributions (1) | 173,778 | 5,694,280 | 757,783 | 7,445,561 | ||||||||||||
-1 | Cash distributions include $4,489 and $17,350 during the three and nine months ended September 30, 2014, respectively, and $74,804 and $94,620 during the three and nine months ended September 30, 2013, respectively, related to equity cash distributions for Investor Partner units repurchased by PDC. |
Fair_Value_Measurements_and_Di
Fair Value Measurements and Disclosures | 9 Months Ended |
Sep. 30, 2014 | |
Fair Value Disclosures [Abstract] | ' |
Fair Value Disclosures [Text Block] | ' |
Fair Value of Financial Instruments | |
This Partnership's fair value measurements were estimated pursuant to a fair value hierarchy that requires this Partnership to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date, giving the highest priority to quoted prices in active markets (Level 1) and the lowest priority to unobservable data (Level 3). In some cases, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. In these cases, the lowest level input that is significant to a fair value measurement in its entirety determines the applicable level in the fair value hierarchy. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgment, considering factors specific to the asset or liability, and may affect the valuation of the assets and liabilities and their placement within the fair value hierarchy levels. The carrying value of the financial instruments included in current assets and current liabilities approximate fair value due to the short-term maturities of these instruments. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||
Derivative Instruments Disclosure [Text Block] | ' | ||||
Derivative Financial Instruments | |||||
This Partnership had no crude oil, natural gas or NGLs derivative activity subsequent to June 30, 2013 as all open positions were liquidated prior to that date. The following table presents the impact of this Partnership's derivative instruments on its accompanying condensed statements of operations for the nine months ended September 30, 2013: | |||||
Statement of operations line item: | Nine Months Ended September 30, 2013 | ||||
Commodity price risk management loss, net | |||||
Net settlements | $ | 1,275,544 | |||
Net change in fair value of unsettled derivatives | (1,693,233 | ) | |||
Total commodity price risk management loss, net | $ | (417,689 | ) |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
Commitments and Contingencies | |
Legal Proceedings | |
Neither this Partnership nor PDC, in its capacity as the Managing General Partner of this Partnership, are party to any pending legal proceeding that PDC believes would have a materially adverse effect on this Partnership's business, financial condition, results of operations or liquidity. | |
Environmental | |
Due to the nature of the oil and gas industry, this Partnership is exposed to environmental risks. The Managing General Partner has various policies and procedures in place to prevent environmental contamination and mitigate the risks from environmental contamination. The Managing General Partner conducts periodic reviews to identify changes in this Partnership's environmental risk profile. Liabilities are accrued when environmental remediation efforts are probable and the costs can be reasonably estimated. These liabilities are reduced as remediation efforts are completed or are adjusted as a consequence of subsequent periodic reviews. | |
During the nine months ended September 30, 2014 and 2013, as a result of the Managing General Partner's periodic review, no new environmental remediation projects were identified and this Partnership's expense for environmental remediation efforts was not significant. This Partnership had no liabilities for environmental remediation efforts as of September 30, 2014 or December 31, 2013. | |
The Managing General Partner is not currently aware of any environmental claims existing as of September 30, 2014 which have not been provided for or would otherwise be expected to have a material impact on this Partnership's condensed financial statements. However, there can be no assurance that current regulatory requirements will not change or that unknown past non-compliance with environmental laws will not be discovered on this Partnership's properties. |
Asset_Retirement_Obligations_A
Asset Retirement Obligations Asset Retirement Obligations (Notes) | 9 Months Ended | |||
Sep. 30, 2014 | ||||
ASSET RETIREMENT OBLIGATIONS [Abstract] | ' | |||
Asset Retirement Obligation Disclosure [Text Block] | ' | |||
Asset Retirement Obligations | ||||
The following table presents the changes in the carrying amount of the asset retirement obligations associated with this Partnership's working interest in crude oil and natural gas properties: | ||||
Amount | ||||
Balance at December 31, 2013 | $ | 935,813 | ||
Accretion expense | 54,802 | |||
Balance at September 30, 2014 | $ | 990,615 | ||
Assets_Held_for_Sales_Divestit
Assets Held for Sales, Divestitures and Discontinued Operations | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ' | ||||
Divestitures and Discontinued Operations | |||||
Piceance Basin. In June 2013, this Partnership divested its Piceance Basin assets for total consideration of approximately $13.5 million. The divestiture of this Partnership's Piceance Basin assets resulted in a decrease of crude oil and natural gas properties of $23.8 million and a decrease of accumulated depreciation, depletion and amortization of $10.3 million. The sale resulted in a loss on divestiture of assets of approximately $0.5 million. | |||||
In July 2013, this Partnership distributed proceeds received for the Piceance Basin asset divestiture to the Managing General Partner and Investor Partners as follows: | |||||
Amount | |||||
Distributed to: | (millions) | ||||
Managing General Partner | $ | 5 | |||
Investor Partners | 8.5 | ||||
Total | $ | 13.5 | |||
Following the sale, this Partnership does not have a significant continuing involvement in the operations of, or cash flows from, the Piceance Basin oil and gas properties. Accordingly, the results of operations related to these assets have been separately reported as discontinued operations in the condensed statement of operations for the nine months ended September 30, 2013. | |||||
The following table presents statement of operations data related to this Partnership's discontinued operations for the Piceance Basin divestiture: | |||||
Statement of Operations - Discontinued Operations | Nine months ended September 30, 2013 | ||||
Revenues: | |||||
Crude oil, natural gas and NGLs sales | $ | 1,691,225 | |||
Operating costs and expenses: | |||||
Crude oil, natural gas and NGLs production costs | 740,883 | ||||
Depreciation, depletion and amortization | 155,210 | ||||
Direct costs - general and administrative expense | 326,051 | ||||
Accretion of asset retirement obligations | 6,877 | ||||
Loss on sale of crude oil and natural gas properties | 495,574 | ||||
Total operating costs and expenses | 1,724,595 | ||||
Loss from discontinued operations | $ | (33,370 | ) |
Significant_Accounting_Policie
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Accounting, Policy [Policy Text Block] | ' |
In the Managing General Partner's opinion, the accompanying condensed financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary for a fair presentation of this Partnership's results for interim periods in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and with the instructions to Form 10-Q and Article 8 of Regulation S-X of the SEC. Accordingly, pursuant to such rules and regulations, certain notes and other financial information included in the audited financial statements have been condensed or omitted. The information presented in this Quarterly Report on Form 10-Q should be read in conjunction with this Partnership's audited financial statements and notes thereto included in this Partnership's 2013 Form 10-K. This Partnership's accounting policies are described in the Notes to Financial Statements in this Partnership's 2013 Form 10-K and updated, as necessary, in this Quarterly Report on Form 10-Q. The results of operations and cash flows for the three and nine months ended September 30, 2014 are not necessarily indicative of the results to be expected for the full year or any future period. |
Transactions_with_Managing_Gen1
Transactions with Managing General Partner Transactions with Managing General Partner (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||||||
Due from (to) Managing General Partner-other, net [Table Text Block] | ' | |||||||||||||||
The following table presents transactions with the Managing General Partner reflected in the condensed balance sheets line item “Due to Managing General Partner-other, net,” which remain undistributed or unsettled with this Partnership's investors as of the dates indicated: | ||||||||||||||||
September 30, 2014 | December 31, 2013 | |||||||||||||||
Crude oil, natural gas and NGLs sales revenues | $ | 280,428 | $ | 306,014 | ||||||||||||
collected from this Partnership's third-party customers | ||||||||||||||||
Other (1) | (353,525 | ) | (426,008 | ) | ||||||||||||
Total Due to Managing General Partner-other, net | $ | (73,097 | ) | $ | (119,994 | ) | ||||||||||
-1 | All other unsettled transactions between this Partnership and the Managing General Partner. The majority of these are capital expenditures, operating costs and general and administrative costs, which have not been deducted from distributions. | |||||||||||||||
Schedule of Related Party Transactions [Table Text Block] | ' | |||||||||||||||
The following table presents Partnership transactions with the Managing General Partner for the three and nine months ended September 30, 2014 and 2013. “Well operations and maintenance” and “Gathering, compression and processing fees” are included in the “Crude oil, natural gas and NGLs production costs” line item on the condensed statements of operations for continuing operations or in Note 8, Divestitures and Discontinued Operations, for discontinued operations. | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Well operations and maintenance | $ | 197,759 | $ | 273,771 | $ | 598,609 | $ | 1,282,415 | ||||||||
Gathering, compression and processing fees | — | (3,807 | ) | — | 119,017 | |||||||||||
Direct costs - general and administrative | 28,021 | 42,575 | 90,641 | 455,368 | ||||||||||||
Cash distributions (1) | 173,778 | 5,694,280 | 757,783 | 7,445,561 | ||||||||||||
-1 | Cash distributions include $4,489 and $17,350 during the three and nine months ended September 30, 2014, respectively, and $74,804 and $94,620 during the three and nine months ended September 30, 2013, respectively, related to equity cash distributions for Investor Partner units repurchased by PDC. |
Derivative_Financial_Instrumen1
Derivative Financial Instruments Derivative Financial Instruments (Tables) | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | ' | ||||
The following table presents the impact of this Partnership's derivative instruments on its accompanying condensed statements of operations for the nine months ended September 30, 2013: | |||||
Statement of operations line item: | Nine Months Ended September 30, 2013 | ||||
Commodity price risk management loss, net | |||||
Net settlements | $ | 1,275,544 | |||
Net change in fair value of unsettled derivatives | (1,693,233 | ) | |||
Total commodity price risk management loss, net | $ | (417,689 | ) |
Asset_Retirement_Obligations_A1
Asset Retirement Obligations Asset Retirement Obligations (Tables) | 9 Months Ended | |||
Sep. 30, 2014 | ||||
ASSET RETIREMENT OBLIGATIONS [Abstract] | ' | |||
Schedule of Change in Asset Retirement Obligation [Table Text Block] | ' | |||
The following table presents the changes in the carrying amount of the asset retirement obligations associated with this Partnership's working interest in crude oil and natural gas properties: | ||||
Amount | ||||
Balance at December 31, 2013 | $ | 935,813 | ||
Accretion expense | 54,802 | |||
Balance at September 30, 2014 | $ | 990,615 | ||
Assets_Held_for_Sales_Divestit1
Assets Held for Sales, Divestitures and Discontinued Operations Assets Held for Sale, Divestitures and Discontinued Operations (Tables) | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||
Distributions Made to Managing General Partner and Investor Partners [Table Text Block] | ' | ||||
In July 2013, this Partnership distributed proceeds received for the Piceance Basin asset divestiture to the Managing General Partner and Investor Partners as follows: | |||||
Amount | |||||
Distributed to: | (millions) | ||||
Managing General Partner | $ | 5 | |||
Investor Partners | 8.5 | ||||
Total | $ | 13.5 | |||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ' | ||||
The following table presents statement of operations data related to this Partnership's discontinued operations for the Piceance Basin divestiture: | |||||
Statement of Operations - Discontinued Operations | Nine months ended September 30, 2013 | ||||
Revenues: | |||||
Crude oil, natural gas and NGLs sales | $ | 1,691,225 | |||
Operating costs and expenses: | |||||
Crude oil, natural gas and NGLs production costs | 740,883 | ||||
Depreciation, depletion and amortization | 155,210 | ||||
Direct costs - general and administrative expense | 326,051 | ||||
Accretion of asset retirement obligations | 6,877 | ||||
Loss on sale of crude oil and natural gas properties | 495,574 | ||||
Total operating costs and expenses | 1,724,595 | ||||
Loss from discontinued operations | $ | (33,370 | ) |
General_and_Basis_of_Presentat1
General and Basis of Presentation General and Basis of Presentation (Details) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Number_of_Limited_Partners | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Number of Investor Partners | 1,778 |
Managing General Partner, Ownership Interest Before Unit Repurchases | 37.00% |
Investor Partner Ownership Interest | 63.00% |
Limited Partner Units Repurchased by Managing General Partner | 71 |
Average Price Paid for Units Repurchased by Managing General Partner | $4,033 |
Managing General Partner Ownership Interest | 38.00% |
Transactions_with_Managing_Gen2
Transactions with Managing General Partner Undistributed or Unsettled Transactions With Investor Partners (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | ||
Related Party Transaction | ' | ' | ||
Due from (to) Managing General Partner-other, net | ($73,097) | ($119,994) | ||
Crude oil, natural gas and NGLs sales revenues collected from the Partnership's third-party customers | ' | ' | ||
Related Party Transaction | ' | ' | ||
Due from (to) Managing General Partner-other, net | 280,428 | 306,014 | ||
Other | ' | ' | ||
Related Party Transaction | ' | ' | ||
Due from (to) Managing General Partner-other, net | ($353,525) | [1] | ($426,008) | [1] |
[1] | All other unsettled transactions between this Partnership and the Managing General Partner. The majority of these are capital expenditures, operating costs and general and administrative costs, which have not been deducted from distributions. |
Transactions_with_Managing_Gen3
Transactions with Managing General Partner Related Party Transactions (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |||||
Related Party Transaction | ' | ' | ' | ' | ||||
Direct costs - general and administrative | $28,021 | $42,575 | $90,641 | $129,317 | ||||
Transactions with Managing General Partner | ' | ' | ' | ' | ||||
Related Party Transaction | ' | ' | ' | ' | ||||
Well operations and maintenance | 197,759 | 273,771 | 598,609 | 1,282,415 | ||||
Gathering, compression and processing fees | 0 | -3,807 | 0 | 119,017 | ||||
Direct costs - general and administrative | 28,021 | 42,575 | 90,641 | 455,368 | ||||
Cash distributions | 173,778 | [1] | 5,694,280 | [1] | 757,783 | [1] | 7,445,561 | [1] |
Distribution Made to Limited Partner, Cash Distributions Paid | $4,489 | $74,804 | $17,350 | $94,620 | ||||
[1] | Cash distributions include $4,489 and $17,350 during the three and nine months ended September 30, 2014, respectively, and $74,804 and $94,620 during the three and nine months ended SeptemberB 30, 2013, respectively, related to equity cash distributions for Investor Partner units repurchased by PDC. |
Derivative_Financial_Instrumen2
Derivative Financial Instruments Derivative Financial Instruments (Details) (Commodity Price Risk Management, net [Member], USD $) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2013 | Sep. 30, 2013 | |
Commodity Price Risk Management, net [Member] | ' | ' |
Derivative Financial Instruments | ' | ' |
Net settlements | $0 | $1,275,544 |
Net change in fair value of unsettled derivatives | 0 | -1,693,233 |
Total commodity price risk management gain (loss), net | $0 | ($417,689) |
Commitments_and_Contingencies_
Commitments and Contingencies Commitments and Contingencies (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Accrued environmental remediation liabilities | $0 | $0 |
Asset_Retirement_Obligations_A2
Asset Retirement Obligations Asset Retirement Obligations (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Changes in asset retirement obligations | ' | ' |
Balance at December 31, 2013 | $935,813 | ' |
Accretion Expense | 54,802 | 57,576 |
Balance at September 30, 2014 | $990,615 | ' |
Assets_Held_for_Sales_Divestit2
Assets Held for Sales, Divestitures and Discontinued Operations Assets Held for Sale, Divestitures and Discontinued Operations (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Statement of Operations - Discontinued Operations | ' | ' | ' | ' |
Loss from discontinued operations | $0 | $0 | $0 | ($33,370) |
Segment, Discontinued Operations [Member] | ' | ' | ' | ' |
Statement of Operations - Discontinued Operations | ' | ' | ' | ' |
Crude oil, natural gas and NGL sales | ' | ' | ' | 1,691,225 |
Crude oil, natural gas and NGL production costs | ' | ' | ' | 740,883 |
Depreciation, depletion and amortization | ' | ' | ' | 155,210 |
Direct costs - general and administrative expense | ' | ' | ' | 326,051 |
Accretion of asset retirement obligations | ' | ' | ' | 6,877 |
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | ' | ' | ' | 495,574 |
Total operating costs and expenses | ' | ' | ' | 1,724,595 |
Loss from discontinued operations | ' | ' | ' | ($33,370) |
Assets_Held_for_Sales_Divestit3
Assets Held for Sales, Divestitures and Discontinued Operations Additional Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Piceance Basin Assets Divested | ' | ' | ' | ' |
Total proceeds from Piceance Basin asset divestiture | ' | $0 | $13,488,520 | ' |
Proceeds received from sale of Piceance Basin assets | 13,500,000 | ' | ' | ' |
Crude oil and natural gas properties | ' | 55,934,623 | ' | 55,748,749 |
Accumulated depreciation, depletion and amortization | ' | 33,501,184 | ' | 31,819,541 |
Loss on disposal of Piceance Basin oil and gas properties | ' | 0 | -495,574 | ' |
Piceance Basin Asset Group | ' | ' | ' | ' |
Piceance Basin Assets Divested | ' | ' | ' | ' |
Total proceeds from Piceance Basin asset divestiture | 13,500,000 | ' | ' | ' |
Crude oil and natural gas properties | 23,800,000 | ' | 23,800,000 | ' |
Accumulated depreciation, depletion and amortization | 10,300,000 | ' | 10,300,000 | ' |
Loss on disposal of Piceance Basin oil and gas properties | 500,000 | ' | ' | ' |
Managing General Partner | ' | ' | ' | ' |
Piceance Basin Assets Divested | ' | ' | ' | ' |
Proceeds received from sale of Piceance Basin assets | 5,000,000 | ' | ' | ' |
Investor Partners | ' | ' | ' | ' |
Piceance Basin Assets Divested | ' | ' | ' | ' |
Proceeds received from sale of Piceance Basin assets | $8,500,000 | ' | ' | ' |