Document Entity Information Doc
Document Entity Information Document | 6 Months Ended |
Jun. 30, 2016shares | |
Entity Information | |
Entity Registrant Name | ROCKIES REGION 2007 LP |
Entity Central Index Key | 1,407,805 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Smaller Reporting Company |
Document Type | 10-Q |
Document Period End Date | Mar. 31, 2016 |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | Q1 |
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 ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 532,032 | $ 495,945 |
Accounts receivable | 108,531 | 122,055 |
Crude oil inventory | 18,047 | 41,058 |
Total current assets | 658,610 | 659,058 |
Crude oil and natural gas properties, successful efforts method, at cost | 3,859,148 | 3,819,467 |
Less: Accumulated depreciation, depletion and amortization | (2,102,599) | (1,889,887) |
Crude oil and natural gas properties, net | 1,756,549 | 1,929,580 |
Total Assets | 2,415,159 | 2,588,638 |
Current liabilities: | ||
Accounts payable and accrued expenses | 78,453 | 11,117 |
Due to Managing General Partner-other, net | 272,991 | 236,289 |
Current portion of asset retirement obligations | 240,000 | 230,000 |
Total current liabilities | 591,444 | 477,406 |
Asset retirement obligations | 2,168,262 | 2,083,683 |
Total liabilities | 2,759,706 | 2,561,089 |
Commitments and contingent liabilities | ||
Partners' equity: | ||
Managing General Partner | (5,321,430) | (5,183,755) |
Limited Partners - 4,470 units issued and outstanding | 4,976,883 | 5,211,304 |
Total Partners' equity | (344,547) | 27,549 |
Total Liabilities and Partners' Equity | $ 2,415,159 | $ 2,588,638 |
Balance Sheet Parentheticals (P
Balance Sheet Parentheticals (Parentheticals) - shares | Jun. 30, 2016 | Dec. 31, 2015 |
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 Operati
Condensed Statements of Operations (Unaudited) Statement - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Revenues: | ||||
Crude oil, natural gas and NGLs sales | $ 316,229 | $ 418,711 | $ 680,160 | $ 845,067 |
Operating costs and expenses: | ||||
Crude oil, natural gas and NGLs production costs | 299,458 | 251,953 | 567,151 | 520,618 |
Direct costs - general and administrative | 21,500 | 33,698 | 57,416 | 55,411 |
Depreciation, depletion and amortization | 98,018 | 193,736 | 212,712 | 400,662 |
Accretion of asset retirement obligations | 47,771 | 35,177 | 94,579 | 69,644 |
Total operating costs and expenses | 466,747 | 514,564 | 931,858 | 1,046,335 |
Net loss | (150,518) | (95,853) | (251,698) | (201,268) |
Net loss allocated to partners | $ (150,518) | $ (95,853) | $ (251,698) | $ (201,268) |
Net loss per Investor Partner Unit: | ||||
Net loss per Investor Partner unit | $ (21) | $ (14) | $ (35) | $ (28) |
Investor Partner units outstanding | 4,470 | 4,470 | 4,470 | 4,470 |
Managing General Partner | ||||
Operating costs and expenses: | ||||
Net loss allocated to partners | $ (55,692) | $ (35,466) | $ (93,128) | $ (74,469) |
Investor Partners | ||||
Operating costs and expenses: | ||||
Net loss allocated to partners | $ (94,826) | $ (60,387) | $ (158,570) | $ (126,799) |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) Statement - USD ($) | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash flows from operating activities: | ||
Net loss | $ (251,698) | $ (201,268) |
Adjustments to net loss to reconcile to net cash from operating activities: | ||
Depreciation, depletion and amortization | 212,712 | 400,662 |
Accretion of asset retirement obligations | 94,579 | 69,644 |
Changes in assets and liabilities: | ||
Accounts receivable | 13,524 | 639 |
Crude oil inventory | 23,011 | (5,566) |
Accounts payable and accrued expenses | 67,336 | (5,173) |
Due from Managing General Partner-other, net | 36,702 | (9,413) |
Net cash from operating activities | 196,166 | 249,525 |
Cash Flows from Investing Activities: | ||
Capital expenditures for crude oil and natural gas properties | (39,681) | (58,193) |
Net cash from investing activities | (39,681) | (58,193) |
Cash flows from financing activities: | ||
Distributions to Partners | (120,398) | (323,832) |
Net cash from financing activities | (120,398) | (323,832) |
Net change in cash and cash equivalents | 36,087 | (132,500) |
Cash and cash equivalents, beginning of period | 495,945 | 628,520 |
Cash and cash equivalents, end of period | $ 532,032 | $ 496,020 |
General and Basis of Presentati
General and Basis of Presentation | 6 Months Ended |
Jun. 30, 2016 | |
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 June 30, 2016 , there were 1,760 limited partners ("Investor Partners") in this Partnership. 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 June 30, 2016 , the Managing General Partner had repurchased 141 units of Partnership interest from the Investor Partners at an average price of $2,447 per unit. As of June 30, 2016 , the Managing General Partner owned 39.0% 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 statement 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 December 31, 2015 condensed balance sheet data was derived from financial statements audited by PricewaterhouseCoopers LLP, independent registered public accounting firm, as indicated in their report filed with the SEC on March 25, 2016, but does not include disclosures required by U.S. GAAP. 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 2015 Form 10-K. This Partnership's accounting policies are described in the Notes to Financial Statements in this Partnership's 2015 Form 10-K and updated, as necessary, in this Quarterly Report on Form 10-Q. The results of operations and cash flows for the six months ended June 30, 2016 are not necessarily indicative of the results to be expected for the full year or any future period. |
Recent Accounting Standards
Recent Accounting Standards | 6 Months Ended |
Jun. 30, 2016 | |
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 May 2014, the Financial Accounting Standards Board ("FASB") and the International Accounting Standards Board 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: (1) identify the contract with the customer, (2) identify the separate performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to separate performance obligations and (5) recognize revenue when (or as) each performance obligation is satisfied. In March 2016, the FASB issued an update to the standard intended to improve the operability and understandability of the implementation guidance on principal versus agent considerations when recognizing revenue. The revenue standard is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The revenue standard can be adopted under the full retrospective method or simplified transition method. Entities are permitted to adopt the revenue standard early, beginning with annual reporting periods after December 15, 2016. The Managing General Partner of this Partnership is currently evaluating the impact these changes may have on this Partnership's 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. This Partnership expects to adopt this standard in the fourth quarter of 2016. Adoption of this standard is not expected to have a significant impact on this Partnership's financial statements. |
Transactions with Managing Gene
Transactions with Managing General Partner | 6 Months Ended |
Jun. 30, 2016 | |
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: June 30, 2016 December 31, 2015 Crude oil, natural gas and NGLs sales revenues $ 130,107 $ 123,519 Other (1) (403,098 ) (359,808 ) Due to Managing General Partner-other, net $ (272,991 ) $ (236,289 ) (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 that have not been deducted from distributions. The following table presents Partnership transactions with the Managing General Partner for the three and six months ended June 30, 2016 and 2015 . “Well operations and maintenance” is included in the “Crude oil, natural gas and NGLs production costs” line item on the condensed statements of operations. Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Well operations and maintenance $ 279,107 $ 253,327 $ 541,860 $ 509,058 Direct costs - general and administrative 21,500 33,698 57,416 55,411 Cash distributions (1) 46,932 39,496 46,932 123,716 (1) Cash distributions include $2,385 for each of the three and six months ended June 30, 2016 , respectively, and $1,377 and $3,898 during the three and six months ended June 30, 2015 , respectively, related to cash distributions for Investor Partner units repurchased by PDC. During the second quarter of 2016, an overriding royalty owner notified the Managing General Partner that the owner believed certain charges and costs had been improperly deducted before applying the owner’s overriding royalty percentage in certain of this Partnership’s wells in which this owner has an interest. During settlement discussions, the Managing General Partner and the owner agreed on a settlement amount. In June 2016, this Partnership recorded a charge to crude oil, natural gas and NGLs sales and an accrual of approximately $63,000 for this settlement, which was included in accounts payable and accrued expenses on the condensed balance sheet. The settlement is expected to be paid to the overriding royalty owner and deducted from this Partnership's cash distributions in the third quarter of 2016. |
Fair Value Measurements and Dis
Fair Value Measurements and Disclosures | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | Fair Value Measurements 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. The Managing General Partner utilizes fair value, on a non-recurring basis, to perform impairment testing on this Partnership's crude oil and natural gas properties by comparing net capitalized costs, or carrying value, to estimated undiscounted future net cash flows. If net capitalized costs exceed undiscounted future net cash flows, the measurement of impairment is based on estimated fair value and is measured by the amount by which the net capitalized costs exceed their fair value. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2016 | |
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. As of June 30, 2016 and December 31, 2015 , this Partnership had accrued environmental remediation liabilities of $3,900 and $1,600 , respectively, which is included in accounts payable and accrued expenses on the condensed balance sheet. The Managing General Partner is not currently aware of any environmental claims existing as of June 30, 2016 which have not been provided for or would otherwise 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 or other potential sources of liability will not be discovered on this Partnership's properties. In August 2015, the Managing General Partner received a Clean Air Act Section 114 Information Request (the "Information Request") from the United States Environmental Protection Agency ("EPA"). The Information Request seeks, among other things, information related to the design, operation, and maintenance of certain production facilities in the Denver-Julesburg Basin of Colorado. The Information Request focuses on historical operation and design information for 46 production facilities, of which one relates to this Partnership, and asks that the Managing General Partner conduct certain sampling and analyses at the identified 46 facilities. The Managing General Partner responded to the Information Request in January 2016. The Managing General Partner continues to meet with the EPA and provide additional information, but cannot predict the outcome of this matter at this time. In addition, in December 2015, the Managing General Partner received a Compliance Advisory pursuant to C.R.S. § 25-7-115(2) from the Colorado Department of Public Health and Environment's Air Quality Control Commission's Air Pollution Control Division alleging that the Managing General Partner had failed to design, operate, and maintain certain condensate collection, storage, processing and handling operations to minimize leakage of volatile organic compounds to the maximum extent possible at 65 facilities consistent with applicable standards under Colorado law. Certain of this Partnership's wells were included in this list of 65 facilities. The Managing General Partner is in the process of responding to the advisory, and working with the agency on specific response processes, but cannot predict the outcome of this matter at this time. |
Asset Retirement Obligations As
Asset Retirement Obligations Asset Retirement Obligations (Notes) | 6 Months Ended |
Jun. 30, 2016 | |
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, 2015 $ 2,313,683 Accretion expense 94,579 Balance at June 30, 2016 2,408,262 Less current portion (240,000 ) Long-term portion $ 2,168,262 The current portion of the asset retirement obligations relates to wells that are producing minimal or no hydrocarbons and are expected to be plugged and abandoned within the next 12 months. This Partnership's estimated asset retirement obligation liability is based on historical experience in plugging and abandoning wells, estimated economic lives, estimated plugging and abandonment cost and federal and state regulatory requirements. The liability is discounted using the credit-adjusted risk-free rate estimated at the time the liability is incurred or revised. In periods subsequent to initial measurement of the liability, this Partnership must recognize period-to-period changes in the liability resulting from the passage of time, revisions to either the amount of the original estimate of undiscounted cash flows or changes in inflation factors and changes to this Partnership's credit-adjusted risk-free rate as market conditions warrant. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
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 statement 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 December 31, 2015 condensed balance sheet data was derived from financial statements audited by PricewaterhouseCoopers LLP, independent registered public accounting firm, as indicated in their report filed with the SEC on March 25, 2016, but does not include disclosures required by U.S. GAAP. 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 2015 Form 10-K. This Partnership's accounting policies are described in the Notes to Financial Statements in this Partnership's 2015 Form 10-K and updated, as necessary, in this Quarterly Report on Form 10-Q. The results of operations and cash flows for the six months ended June 30, 2016 are not necessarily indicative of the results to be expected for the full year or any future period. |
Recent Accounting Standards Sig
Recent Accounting Standards Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Significant Accounting Policies [Abstract] | |
Recently Issued Accounting Standards [Text Block] | Recently Issued Accounting Standards In May 2014, the Financial Accounting Standards Board ("FASB") and the International Accounting Standards Board 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: (1) identify the contract with the customer, (2) identify the separate performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to separate performance obligations and (5) recognize revenue when (or as) each performance obligation is satisfied. In March 2016, the FASB issued an update to the standard intended to improve the operability and understandability of the implementation guidance on principal versus agent considerations when recognizing revenue. The revenue standard is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The revenue standard can be adopted under the full retrospective method or simplified transition method. Entities are permitted to adopt the revenue standard early, beginning with annual reporting periods after December 15, 2016. The Managing General Partner of this Partnership is currently evaluating the impact these changes may have on this Partnership's 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. This Partnership expects to adopt this standard in the fourth quarter of 2016. Adoption of this standard is not expected to have a significant impact on this Partnership's financial statements. |
Transactions with Managing Ge14
Transactions with Managing General Partner Transactions with Managing General Partner (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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: June 30, 2016 December 31, 2015 Crude oil, natural gas and NGLs sales revenues $ 130,107 $ 123,519 Other (1) (403,098 ) (359,808 ) Due to Managing General Partner-other, net $ (272,991 ) $ (236,289 ) (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 that 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 six months ended June 30, 2016 and 2015 . “Well operations and maintenance” is included in the “Crude oil, natural gas and NGLs production costs” line item on the condensed statements of operations. Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Well operations and maintenance $ 279,107 $ 253,327 $ 541,860 $ 509,058 Direct costs - general and administrative 21,500 33,698 57,416 55,411 Cash distributions (1) 46,932 39,496 46,932 123,716 (1) Cash distributions include $2,385 for each of the three and six months ended June 30, 2016 , respectively, and $1,377 and $3,898 during the three and six months ended June 30, 2015 , respectively, related to cash distributions for Investor Partner units repurchased by PDC. During the second quarter of 2016, an overriding royalty owner notified the Managing General Partner that the owner believed certain charges and costs had been improperly deducted before applying the owner’s overriding royalty percentage in certain of this Partnership’s wells in which this owner has an interest. During settlement discussions, the Managing General Partner and the owner agreed on a settlement amount. In June 2016, this Partnership recorded a charge to crude oil, natural gas and NGLs sales and an accrual of approximately $63,000 for this settlement, which was included in accounts payable and accrued expenses on the condensed balance sheet. The settlement is expected to be paid to the overriding royalty owner and deducted from this Partnership's cash distributions in the third quarter of 2016. |
Asset Retirement Obligations 15
Asset Retirement Obligations Asset Retirement Obligations (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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, 2015 $ 2,313,683 Accretion expense 94,579 Balance at June 30, 2016 2,408,262 Less current portion (240,000 ) Long-term portion $ 2,168,262 |
General and Basis of Presenta16
General and Basis of Presentation General and Basis of Presentation (Details) | 6 Months Ended |
Jun. 30, 2016Number_of_Limited_Partners$ / sharesshares | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of Investor Partners | Number_of_Limited_Partners | 1,760 |
Managing General Partner, Ownership Interest Before Unit Repurchases | 37.00% |
Investor Partner Ownership Interest | 63.00% |
Limited Partner Units Repurchased by Managing General Partner | shares | 141 |
Average Price Paid for Units Repurchased by Managing General Partner | $ / shares | $ 2,447 |
Managing General Partner Ownership Interest | 39.00% |
Transactions with Managing Ge17
Transactions with Managing General Partner Undistributed or Unsettled Transactions With Investor Partners (Details) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 | |
Related Party Transaction | |||
Due from (to) Managing General Partner-other, net | $ (272,991) | $ (236,289) | |
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 | 130,107 | 123,519 | |
Other | |||
Related Party Transaction | |||
Due from (to) Managing General Partner-other, net | [1] | $ (403,098) | $ (359,808) |
[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 that have not been deducted from distributions. |
Transactions with Managing Ge18
Transactions with Managing General Partner Related Party Transactions (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | ||
Related Party Transaction | |||||
Direct costs - general and administrative | $ 21,500 | $ 33,698 | $ 57,416 | $ 55,411 | |
Transactions with Managing General Partner | |||||
Related Party Transaction | |||||
Well operations and maintenance | 279,107 | 253,327 | 541,860 | 509,058 | |
Direct costs - general and administrative | 21,500 | 33,698 | 57,416 | 55,411 | |
Cash distributions | [1] | $ 46,932 | 39,496 | 46,932 | 123,716 |
Cash distributions for Investor Partner units repurchased by PDC | $ 1,377 | $ 2,385 | $ 3,898 | ||
[1] | elated to cash distributions for Investor Partner units repurchased by PDC.During the second quarter of 2016, an overriding royalty owner notified the Managing General Partner that the owner believed certain charges and costs had been improperly deducted before applying the owner’s overriding royalty percentage in certain of this Partnership’s wells in which this owner has an interest. During settlement discussions, the Managing General Partner and the owner agreed on a settlement amount. In June 2016, this Partnership recorded a charge to crude oil, natural gas and NGLs sales and an accrual of approximately $63,000 for this settlement, which was included in accounts payable and accrued expenses on the condensed balance sheet. The settlement is expected to be paid to the overriding royalty owner and deducted from this Partnership's cash distributions in the third quarter of 2016. |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies (Details) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Commitments and Contingencies Disclosure [Abstract] | ||
Accrued environmental remediation liabilities | $ 3,900 | $ 1,600 |
Asset Retirement Obligations 20
Asset Retirement Obligations Asset Retirement Obligations (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Changes in asset retirement obligations | |||||
Balance at December 31, 2015 | $ 2,313,683 | ||||
Accretion Expense | $ 47,771 | $ 35,177 | 94,579 | $ 69,644 | |
Balance at June 30, 2016 | 2,408,262 | 2,408,262 | |||
Less current portion | (240,000) | (240,000) | $ (230,000) | ||
Long-term portion | $ 2,168,262 | $ 2,168,262 | $ 2,083,683 |