Document Entity Information Doc
Document Entity Information Document | 3 Months Ended |
Mar. 31, 2017shares | |
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, 2017 |
Document Fiscal Year Focus | 2,017 |
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 ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 559,203 | $ 576,132 |
Accounts receivable | 162,501 | 142,892 |
Crude oil inventory | 13,280 | 14,453 |
Total current assets | 734,984 | 733,477 |
Crude oil and natural gas properties, successful efforts method, at cost | 4,355,731 | 4,355,731 |
Less: Accumulated depreciation, depletion and amortization | (2,391,390) | (2,300,187) |
Crude oil and natural gas properties, net | 1,964,341 | 2,055,544 |
Total Assets | 2,699,325 | 2,789,021 |
Current liabilities: | ||
Accounts payable and accrued expenses | 16,569 | 13,515 |
Due to Managing General Partner-other, net | 141,974 | 398,584 |
Current portion of asset retirement obligations | 1,207,500 | 1,207,500 |
Total current liabilities | 1,366,043 | 1,619,599 |
Asset retirement obligations | 1,758,106 | 1,701,009 |
Total liabilities | 3,124,149 | 3,320,608 |
Commitments and contingent liabilities | ||
Partners' equity (deficit): | ||
Managing General Partner | (5,347,561) | |
Limited Partners - 4,470 units issued and outstanding | 4,922,737 | |
Total Partners' equity (deficit) | (424,824) | (531,587) |
Total Liabilities and Partners' Equity (Deficit) | $ 2,699,325 | $ 2,789,021 |
Balance Sheet Parentheticals (P
Balance Sheet Parentheticals (Parentheticals) - shares | Mar. 31, 2017 | Dec. 31, 2016 |
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 | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Revenues: | ||
Crude oil, natural gas and NGLs sales | $ 484,280 | $ 363,931 |
Operating costs and expenses: | ||
Crude oil, natural gas and NGLs production costs | 155,260 | 244,461 |
Production taxes | 18,327 | 4,940 |
Transportation, gathering and processing expenses | 0 | 18,292 |
Direct costs - general and administrative | 45,976 | 35,916 |
Depreciation, depletion and amortization | 91,203 | 114,694 |
Accretion of asset retirement obligations | 57,097 | 46,808 |
Total operating costs and expenses | 367,863 | 465,111 |
Net income (loss) | 116,417 | (101,180) |
Net income (loss) allocated to Investor Partners | 73,343 | (63,743) |
Net Income (Loss) Allocated to General Partners | $ 43,074 | $ 37,437 |
Net income (loss) per Investor Partner units: | ||
Net loss per Investor Partner unit | $ 16.41 | $ (14.26) |
Investor Partner units outstanding | 4,470 | 4,470 |
Condensed Statement of Partner'
Condensed Statement of Partner's Equity (Unaudited) Statement - USD ($) | Total | Investor Partners | Managing General Partner |
Limited Partners' Capital Account | $ 4,859,048 | ||
Partners' Capital | $ (531,587) | ||
General Partners' Capital Account | $ (5,390,635) | ||
Distributions on behalf of Investor Partners for withholding taxes | (9,654) | (9,654) | 0 |
Net income | 116,417 | 73,343 | 43,074 |
Limited Partners' Capital Account | 4,922,737 | ||
Partners' Capital | (424,824) | $ 4,922,737 | $ (5,347,561) |
General Partners' Capital Account | $ (5,347,561) |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) Statement - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 116,417 | $ (101,180) |
Adjustments to net income (loss) to reconcile to net cash from operating activities: | ||
Depreciation, depletion and amortization | 91,203 | 114,694 |
Accretion of asset retirement obligations | 57,097 | 46,808 |
Changes in assets and liabilities: | ||
Accounts receivable | (19,609) | (3,981) |
Crude oil inventory | 1,173 | (25,443) |
Accounts payable and accrued expenses | 3,054 | (2,464) |
Due from Managing General Partner-other, net | (256,610) | (32,854) |
Net cash from operating activities | (7,275) | (4,420) |
Cash Flows from Investing Activities: | ||
Capital expenditures for crude oil and natural gas properties | 0 | (23,240) |
Net cash from investing activities | 0 | (23,240) |
Cash flows from financing activities: | ||
Distributions on behalf of Investor Partners for withholding taxes | (9,654) | 0 |
Net cash from financing activities | (9,654) | 0 |
Net change in cash and cash equivalents | (16,929) | (27,660) |
Cash and cash equivalents, beginning of period | 576,132 | 495,945 |
Cash and cash equivalents, end of period | $ 559,203 | $ 468,285 |
General and Basis of Presentati
General and Basis of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 , there were 1,755 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. The formula for the repurchase price is set at a minimum of four times the most recent 12 months of cash distributions. Due to the suspension of cash distributions as of March 31, 2017, there is no value upon which to base the calculation, and therefore, no repurchase offers are currently being considered. Through March 31, 2017 , the Managing General Partner had repurchased 153 units of Partnership interest from the Investor Partners at an average price of $2,258 per unit. As of March 31, 2017 , the Managing General Partner owned 39% of this Partnership, including the repurchased units. 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, 2016, condensed balance sheet data was derived from this Partnership's audited financial statements, 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 2016 Form 10-K. This Partnership's accounting policies are described in the Notes to Financial Statements in this Partnership's 2016 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 months ended March 31, 2017, are not necessarily indicative of the results to be expected for the full year or any future period. |
Going Concern Going Concern (No
Going Concern Going Concern (Notes) | 3 Months Ended |
Mar. 31, 2017 | |
Substantial Doubt about Going Concern [Text Block] | Going Concern This Partnership has historically funded its operations with cash flows from operations. This Partnership’s most significant cash outlays have related to its operating expenses, capital expenditures and cash distributions to partners. In spite of the recent quarterly generation of net income, this Partnership generated negative cash flows from operations during the three months ended March 31, 2017, due to satisfying asset retirement obligations for wells plugged and abandoned in late 2016. The negative impact to its cumulative lack of liquidity resulting from sustained depressed commodity prices and declining production raises substantial doubt about this Partnership’s ability to continue as a going concern. Additionally, as the expected cash outlays for plugging and abandoning wells over the next several years is expected to amount to meaningful expenditures, this applies further pressure on the overall liquidity of this Partnership. The Managing General Partner believes that cash flows from operations will be insufficient to meet this Partnership’s obligations largely because of ongoing expected declines in production volumes and the expenditures required to plug and abandon uneconomic wells. This deficit in available cash flows generated by this Partnership's operations will be funded by the Managing General Partner to the extent necessary. The Managing General Partner will recover amounts funded from future cash flows of this Partnership, to the extent available. One of this Partnership's most significant obligations is to the Managing General Partner, which is currently due, for reimbursement of costs paid on behalf of this Partnership by the Managing General Partner. Such amounts are generally paid to third parties for general and administrative expenses, equipment, operating costs, and reimbursements of plugging and abandonment costs, as well as monthly operating fees payable to the Managing General Partner. This Partnership's quarterly cash distributions to the Investor Partners and Managing General Partner were suspended beginning in the first quarter of 2017. This suspension in cash distributions, other than Investor Partners' tax withholding requirements, is expected to remain in place until such time, if at all, that cash flows can reasonably be expected to support the necessary costs of expected plugging and abandoning of the wells that are becoming unproductive and/or the required capital investments for regulatory requirements, and this Partnership becomes current on its obligations. The working capital deficit of approximately $631,000 as of March 31, 2017, has also been taken into account in the conclusion that there is substantial doubt as to this Partnership’s ability to continue as a going concern. The ability of this Partnership to continue as a going concern is dependent upon its ability to attain a satisfactory level of cash flows from operations. Greater cash flow would most likely occur from improved commodity pricing and, to a lesser extent, a sustained increase in production. However, historically, as a result of the normal production decline in a well's production life cycle, this Partnership has not experienced a sustained increase in production without large amounts of capital expenditures. The Managing General Partner is considering various options to mitigate risks that raise substantial doubt about this Partnership’s ability to continue as a going concern, including, but not limited to, deferral of obligations, continued suspension of distributions to partners, and partial or complete sale of assets. However, there can be no assurance that this Partnership will be able to mitigate such conditions. Failure to do so could result in a partial asset sale or some form of bankruptcy, liquidation, or dissolution of this Partnership. The accompanying financial statements have been prepared on a going concern basis of accounting, which contemplates continuity of operations, realization of assets and satisfaction of liabilities and commitments in the normal course of business. The financial statements do not reflect any adjustments that might result if this Partnership is unable to continue as a going concern. |
Recent Accounting Standards
Recent Accounting Standards | 3 Months Ended |
Mar. 31, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [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 2016, the FASB issued an accounting update on statements of cash flows to address diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The update addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. The guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. The Managing General Partner of this Partnership is currently evaluating the impact these changes may have on this Partnership's financial statements. |
Fair Value Measurements and Dis
Fair Value Measurements and Disclosures | 3 Months Ended |
Mar. 31, 2017 | |
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 estimated fair value. |
Asset Retirement Obligations As
Asset Retirement Obligations Asset Retirement Obligations (Notes) | 3 Months Ended |
Mar. 31, 2017 | |
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, 2016 $ 2,908,509 Accretion expense 57,097 Balance at March 31, 2017 2,965,606 Less current portion 1,207,500 Long-term portion $ 1,758,106 This Partnership's estimated asset retirement obligations liability is based on historical experience in plugging and abandoning wells, estimated economic lives, estimated plugging and abandonment costs, 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. As of March 31, 2017, the credit-adjusted risk-free rates used to discount this Partnership's plugging and abandonment liabilities ranged from 6.5 percent to 8.2 percent. 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. The current portion of the asset retirement obligations relates to 20 to 25 wells that are expected to be plugged and abandoned within the next 12 months. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2017 | |
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 recorded 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. Except as discussed herein, the Managing General Partner is not currently aware of any environmental claims existing as of March 31, 2017, which have not been provided for or would otherwise have a material impact on this Partnership's financial statements; however, there can be no assurance that current regulatory requirements will not change or 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 sought, 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 focused on historical operation and design information for 46 production facilities, of which eight relate to this Partnership, and asked that the Managing General Partner conduct sampling and analyses at the identified 46 facilities. The Managing General Partner responded to the Information Request in January 2016. In December 2016, the Managing General Partner received a draft consent decree from the EPA. 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 at 65 facilities consistent with applicable standards under Colorado law. These 65 facilities include eight of this Partnership's wells. This matter has been combined with the matter discussed above. The Managing General Partner has ongoing discussions with the EPA, U.S. Department of Justice, and Colorado Department of Public Health and Environment regarding these matters. The ultimate outcome related to these combined actions has not been determined at this time. |
Transactions with Managing Gene
Transactions with Managing General Partner | 3 Months Ended |
Mar. 31, 2017 | |
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: March 31, 2017 December 31, 2016 Crude oil, natural gas, and NGLs sales revenues $ 184,898 $ 153,743 Other (1) (326,872 ) (552,327 ) Due to Managing General Partner-other, net $ (141,974 ) $ (398,584 ) (1) All other unsettled transactions between this Partnership and the Managing General Partner. The majority of these are capital expenditures, operating costs, plugging and abandonment 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 months ended March 31 , 2017 and 2016 . “Well operations and maintenance” is charged by the Managing General Partner for the operation of this Partnership's wells and is included in the “Lease operating expenses” line item on the condensed statements of operations. Three Months Ended March 31, 2017 2016 Well operations and maintenance $ 81,373 $ 88,937 Direct costs - general and administrative 45,976 35,916 Distributions on behalf of Investor Partners for withholding taxes (1) 9,654 — (1) During the three months ended March 31, 2017 , this Partnership made no quarterly cash distributions to the Managing General Partner or Investor Partners since the Managing General Partner suspended cash distributions to fund this Partnership's plugging and abandonment costs. The amount above represents mandatory Colorado state income taxes withheld by this Partnership on behalf of the Investor Partners and paid to the State of Colorado. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
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, 2016, condensed balance sheet data was derived from this Partnership's audited financial statements, 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 2016 Form 10-K. This Partnership's accounting policies are described in the Notes to Financial Statements in this Partnership's 2016 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 months ended March 31, 2017, 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) | 3 Months Ended |
Mar. 31, 2017 | |
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 2016, the FASB issued an accounting update on statements of cash flows to address diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The update addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. The guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. The Managing General Partner of this Partnership is currently evaluating the impact these changes may have on this Partnership's financial statements. |
Asset Retirement Obligations 16
Asset Retirement Obligations Asset Retirement Obligations (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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, 2016 $ 2,908,509 Accretion expense 57,097 Balance at March 31, 2017 2,965,606 Less current portion 1,207,500 Long-term portion $ 1,758,106 |
Transactions with Managing Ge17
Transactions with Managing General Partner Transactions with Managing General Partner (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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: March 31, 2017 December 31, 2016 Crude oil, natural gas, and NGLs sales revenues $ 184,898 $ 153,743 Other (1) (326,872 ) (552,327 ) Due to Managing General Partner-other, net $ (141,974 ) $ (398,584 ) (1) All other unsettled transactions between this Partnership and the Managing General Partner. The majority of these are capital expenditures, operating costs, plugging and abandonment 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 months ended March 31 , 2017 and 2016 . “Well operations and maintenance” is charged by the Managing General Partner for the operation of this Partnership's wells and is included in the “Lease operating expenses” line item on the condensed statements of operations. Three Months Ended March 31, 2017 2016 Well operations and maintenance $ 81,373 $ 88,937 Direct costs - general and administrative 45,976 35,916 Distributions on behalf of Investor Partners for withholding taxes (1) 9,654 — (1) During the three months ended March 31, 2017 , this Partnership made no quarterly cash distributions to the Managing General Partner or Investor Partners since the Managing General Partner suspended cash distributions to fund this Partnership's plugging and abandonment costs. The amount above represents mandatory Colorado state income taxes withheld by this Partnership on behalf of the Investor Partners and paid to the State of Colorado. |
General and Basis of Presenta18
General and Basis of Presentation General and Basis of Presentation (Details) | 3 Months Ended |
Mar. 31, 2017Number_of_Limited_Partners$ / sharesshares | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of Investor Partners | Number_of_Limited_Partners | 1,755 |
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 | 153 |
Average Price Paid for Units Repurchased by Managing General Partner | $ / shares | $ 2,258 |
Managing General Partner Ownership Interest | 39.00% |
Going Concern Going Concern (De
Going Concern Going Concern (Details) | Mar. 31, 2017USD ($) |
Going Concern [Abstract] | |
working capital | $ (631,000) |
Asset Retirement Obligations 20
Asset Retirement Obligations Asset Retirement Obligations (Details) | 3 Months Ended | ||
Mar. 31, 2017USD ($)Wells | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) | |
Changes in asset retirement obligations | |||
Balance at December 31, 2016 | $ 2,908,509 | ||
Accretion Expense | 57,097 | $ 46,808 | |
Balance at March 31, 2017 | 2,965,606 | ||
Less current portion | (1,207,500) | $ (1,207,500) | |
Long-term portion | $ 1,758,106 | $ 1,701,009 | |
Minimum [Member] | |||
Changes in carrying amounts of Asset Retirement Obligation [Line Items] | |||
OIl and Gas Wells Expected to be Plugged | Wells | 20 | ||
Maximum [Member] | |||
Changes in carrying amounts of Asset Retirement Obligation [Line Items] | |||
OIl and Gas Wells Expected to be Plugged | Wells | 25 |
Transactions with Managing Ge21
Transactions with Managing General Partner Undistributed or Unsettled Transactions With Investor Partners (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 | |
Related Party Transaction | |||
Due from (to) Managing General Partner-other, net | $ (141,974) | $ (398,584) | |
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 | 184,898 | 153,743 | |
Other | |||
Related Party Transaction | |||
Due from (to) Managing General Partner-other, net | [1] | $ (326,872) | $ (552,327) |
[1] | All other unsettled transactions between this Partnership and the Managing General Partner. The majority of these are capital expenditures, operating costs, plugging and abandonment costs, and general and administrative costs that have not been deducted from distributions. |
Transactions with Managing Ge22
Transactions with Managing General Partner Related Party Transactions (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Related Party Transaction | |||
Direct costs - general and administrative | $ 45,976 | $ 35,916 | |
Transactions with Managing General Partner | |||
Related Party Transaction | |||
Well operations and maintenance | 81,373 | 88,937 | |
Direct costs - general and administrative | 45,976 | 35,916 | |
Distributions on behalf of Investor Partners for withholding taxes | [1] | $ 9,654 | $ 0 |
[1] | During the three months ended March 31, 2017, this Partnership made no quarterly cash distributions to the Managing General Partner or Investor Partners since the Managing General Partner suspended cash distributions to fund this Partnership's plugging and abandonment costs. The amount above represents mandatory Colorado state income taxes withheld by this Partnership on behalf of the Investor Partners and paid to the State of Colorado. |