SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarter ended March 31, 1995
Commission File Number:
I-B: 0-14657 I-C: 0-14658 I-D: 1-15831 I-E: 0-15832 I-F: 0-15833
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-B
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-C
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-D
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-E
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-F
----------------------------------------------
I-B 73-1231998
I-C 73-1252536
I-D 73-1265223
I-E 73-1270116
Oklahoma I-F 73-1292669
---------------------------- ------------------
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
Two West Second Street, Tulsa, Oklahoma 74103
--------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (918) 583-1791
Indicate by check mark whether the Registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the Registrant was required
to file such reports) and (2) has been subject to the filing
requirements for the past 90 days.
Yes X No
---- ----
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-B
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-B
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
1995 1994
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents . . . . . . . . . $ 25,554 $ 56,549
Accounts receivable:
Oil and gas sales, including $14,310 and
$4,750 due from related parties (Note 2) 57,114 46,468
---------- ----------
Total current assets . . . . . . . . . $ 82,668 $ 103,017
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method . . . . . . . . 807,157 903,058
DEFERRED CHARGE . . . . . . . . . . . . . . . . 120,243 120,243
---------- ----------
$1,010,068 $1,126,318
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable . . . . . . . . . . . . . . $ 13,207 $ 19,982
Gas imbalance payable . . . . . . . . . . . . 17,999 17,999
---------- ----------
Total current liabilities . . . . . . . . $ 31,206 $ 37,981
ACCRUED LIABILITY . . . . . . . . . . . . . . . $ 37,647 $ 37,647
PARTNERS' CAPITAL (DEFICIT):
General Partner and Managing Partner . . . . ($ 97,555) ($ 95,948)
Limited Partners, issued and outstanding,
11,958 units . . . . . . . . . . . . . . . 1,038,770 1,146,638
---------- ----------
Total Partners' capital . . . . . . . . . $ 941,215 $1,050,690
---------- ----------
$1,010,068 $1,126,318
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-2-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-B
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-B
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1995 AND 1994
(Unaudited)
1995 1994
----------- ----------
REVENUES:
Oil and gas sales, including $16,773 and
$22,166 of sales to related parties (Note 2) $103,375 $117,599
Interest and other income . . . . . . . . . . 255 192
Gain on sale of oil and gas properties . . . 2,519 -
-------- --------
$106,149 $117,791
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . . . . . $ 41,973 $ 44,911
Production tax . . . . . . . . . . . . . . . 7,724 7,998
Depreciation, depletion, and amortization
of oil and gas properties . . . . . . . . . 96,923 133,493
General and administrative . . . . . . . . . 13,204 20,647
-------- --------
$159,824 $207,049
-------- --------
NET LOSS . . . . . . . . . . . . . . . . . . . ($ 53,675) ($ 89,258)
======== ========
GENERAL PARTNER AND MANAGING
PARTNER - NET INCOME . . . . . . . . . . . . $ 1,193 $ 877
======== ========
LIMITED PARTNERS - NET LOSS . . . . . . . . . . ($ 54,868) ($ 90,135)
======== ========
NET LOSS per unit . . . . . . . . . . . . . . . ($ 4.59) ($ 7.54)
======== ========
UNITS OUTSTANDING . . . . . . . . . . . . . . . 11,958 11,958
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-3-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-B
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-B
COMBINED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1995 AND 1994
(Unaudited)
1995 1994
--------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss . . . . . . . . . . . . . . . . . . ($53,675) ($89,258)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation, depletion, and amortization
of oil and gas properties . . . . . . . . 96,923 133,493
Gain on sale of oil and gas properties . . ( 2,519) -
Increase in accounts receivable . . . . . . ( 10,646) ( 2,598)
Increase (Decrease) in accounts payable . . ( 6,775) 6,234
------- -------
Net cash provided by operating activities . . $23,308 $47,871
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures . . . . . . . . . . . . ($ 1,022) $ -
Proceeds from sale of oil and gas properties 2,519 -
------- -------
Net cash provided by investing activities . . $ 1,497 $ -
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions . . . . . . . . . . . . . ($55,800) ($52,000)
------- -------
Net cash used by financing activities . . . . ($55,800) ($52,000)
------- -------
NET DECEASE IN CASH AND CASH EQUIVALENTS . . . ($30,995) ($ 4,129)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 56,549 54,810
------- -------
CASH AND CASH EQUIVALENTS AT END OF PERIOD . . $25,554 $50,681
======= =======
The accompanying notes are an integral part of
these combined financial statements.
-4-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-C
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-C
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
1995 1994
---------- ------------
CURRENT ASSETS:
Cash and cash equivalents . . . . . . . . . $ 122,898 $ 116,512
Accounts receivable:
Oil and gas sales, including $1,279 and
$2,078 due from related parties (Note 2) 128,749 142,877
---------- ----------
Total current assets . . . . . . . . . . $ 251,647 $ 259,389
NET OIL AND GAS PROPERTIES, utilizing the
successful efforts method . . . . . . . . . . 725,175 783,132
DEFERRED CHARGE . . . . . . . . . . . . . . . . 53,687 53,687
---------- ----------
$1,030,509 $1,096,208
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable . . . . . . . . . . . . . . $ 17,089 $ 21,359
Gas imbalance payable . . . . . . . . . . . . 2,369 2,369
---------- ----------
Total current liabilities . . . . . . . . $ 19,458 $ 23,728
ACCRUED LIABILITY . . . . . . . . . . . . . . . $ 18,912 $ 18,912
PARTNERS' CAPITAL (DEFICIT):
General Partner and Managing Partner . . . . ($ 64,527) ($ 63,764)
Limited Partners, issued and outstanding,
8,885 units . . . . . . . . . . . . . . . . 1,056,666 1,117,332
---------- ----------
Total Partners' capital . . . . . . . . . $ 992,139 $1,053,568
---------- ----------
$1,030,509 $1,096,208
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-5-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-C
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-C
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1995 AND 1994
(Unaudited)
1995 1994
--------- ----------
REVENUES:
Oil and gas sales, including $2,412 and
$6,675 of sales to related parties (Note 2) $211,478 $290,908
Interest and other income . . . . . . . . . . 952 406
-------- --------
$212,430 $291,314
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . . . . . $ 57,823 $ 78,324
Production tax . . . . . . . . . . . . . . . 16,796 19,923
Depreciation, depletion, and amortization
of oil and gas properties . . . . . . . . . 57,957 103,449
General and administrative . . . . . . . . . 25,483 31,233
-------- --------
$158,059 $232,929
-------- --------
NET INCOME . . . . . . . . . . . . . . . . . . $ 54,371 $ 58,385
======== ========
GENERAL PARTNER AND MANAGING
PARTNER - NET INCOME . . . . . . . . . . . . $ 5,037 $ 7,057
======== ========
LIMITED PARTNERS - NET INCOME . . . . . . . . . $ 49,334 $ 51,328
======== ========
NET INCOME per unit . . . . . . . . . . . . . . $ 5.55 $ 5.78
======== ========
UNITS OUTSTANDING . . . . . . . . . . . . . . . 8,885 8,885
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-6-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-C
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-C
COMBINED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1995 AND 1994
(Unaudited)
1995 1994
-------- --------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income . . . . . . . . . . . . . . . . . $ 54,371 $ 58,385
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation, depletion, and amortization
of oil and gas properties . . . . . . . . 57,957 103,449
(Increase) Decrease in accounts receivable 14,128 ( 11,584)
Increase (Decrease) in accounts payable . . ( 4,270) 9,231
-------- --------
Net cash provided by operating activities . $122,186 $159,481
CASH FLOWS FROM INVESTING ACTIVITIES:
Net cash provided by investing activities . . $ - $ -
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions . . . . . . . . . . . . . ($115,800) ($ 84,000)
-------- --------
Net cash used by financing activities . . . . ($115,800) ($ 84,000)
-------- --------
NET INCREASE IN CASH AND CASH EQUIVALENTS . . . $ 6,386 $ 75,481
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 116,512 87,702
-------- --------
CASH AND CASH EQUIVALENTS AT END OF PERIOD . . $122,898 $163,183
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-7-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-D
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-D
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
1995 1994
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents . . . . . . . . . . $ 256,124 $ 247,485
Accounts receivable:
Oil and gas sales, including $58,212 and
$45,181 due from related parties (Note 2) 173,184 213,580
---------- ----------
Total current assets . . . . . . . . . $ 492,308 $ 461,065
NET OIL AND GAS PROPERTIES, utilizing the
successful efforts method . . . . . . . . . 1,204,286 1,274,781
DEFERRED CHARGE . . . . . . . . . . . . . . . . 97,856 97,856
---------- ----------
$1,731,450 $1,833,702
========== ==========
LIABILITIES AND PARTNERS' CAPITAL
CURRENT LIABILITIES:
Accounts payable . . . . . . . . . . . . . . $ 10,380 $ 36,349
Gas imbalance payable . . . . . . . . . . . . 77,340 77,340
---------- ----------
Total current liabilities . . . . . . . . $ 87,720 $ 113,689
ACCRUED LIABILITY . . . . . . . . . . . . . . . $ 41,208 $ 41,208
PARTNERS' CAPITAL:
General Partner and Managing Partner . . . . $ 8,265 $ 9,506
Limited Partners, issued and outstanding,
7,195 units . . . . . . . . . . . . . . . . 1,594,257 1,669,299
---------- ----------
Total Partners' capital . . . . . . . . . $1,602,522 $1,678,805
---------- ----------
$1,731,450 $1,833,702
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-8-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-D
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-D
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1995 AND 1994
(Unaudited)
1995 1994
--------- ---------
REVENUES:
Oil and gas sales, including $88,757 and
$131,492 of sales to related parties
(Note 2) . . . . . . . . . . . . . . . . . $302,642 $456,779
Interest income . . . . . . . . . . . . . . . 2,006 1,772
Gain on sale of oil and gas properties . . . 1,609 -
-------- --------
$306,257 $458,551
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . . . . . $ 37,673 $ 68,077
Production tax . . . . . . . . . . . . . . . 23,113 29,320
Depreciation, depletion, and amortization
of oil and gas properties . . . . . . . . . 70,365 152,922
General and administrative . . . . . . . . . 22,389 27,096
-------- --------
$153,540 $277,415
-------- --------
NET INCOME . . . . . . . . . . . . . . . . . . $152,717 $181,136
======== ========
GENERAL PARTNER AND MANAGING
PARTNER - NET INCOME . . . . . . . . . . . . $ 32,759 $ 48,579
======== ========
LIMITED PARTNERS - NET INCOME . . . . . . . . . $119,958 $132,557
======== ========
NET INCOME per unit . . . . . . . . . . . . . . $ 16.67 $ 18.42
======== ========
UNITS OUTSTANDING . . . . . . . . . . . . . . . 7,195 7,195
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-9-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-D
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-D
COMBINED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1995 AND 1994
(Unaudited)
1995 1994
--------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income . . . . . . . . . . . . . . . . . $152,717 $181,136
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation, depletion, and amortization
of oil and gas properties . . . . . . . . 70,365 152,922
Gain on sale of oil and gas properties . . ( 1,609) -
(Increase) Decrease in accounts receivable 40,396 ( 303)
Decrease in accounts payable . . . . . . . ( 25,969) ( 19,057)
-------- --------
Net cash provided by operating activities . $235,900 $314,698
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures . . . . . . . . . . . . $ - ($ 13,526)
Proceeds from sale of oil and gas properties 1,739 -
-------- --------
Net cash provided (used) by investing
activities . . . . . . . . . . . . . . . . $ 1,739 ($ 13,526)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions . . . . . . . . . . . . . ($229,000) ($189,000)
-------- --------
Net cash used by financing activities . . . . ($229,000) ($189,000)
-------- --------
NET INCREASE IN CASH AND CASH EQUIVALENTS . . . $ 8,639 $112,172
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 247,485 381,379
-------- --------
CASH AND CASH EQUIVALENTS AT END OF PERIOD . . $256,124 $493,551
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-10-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-E
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-E
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
1995 1994
----------- -------------
CURRENT ASSETS:
Cash and cash equivalents . . . . . . . . . $ 838,327 $ 679,615
Accounts receivable:
Oil and gas sales, including $347,129 and
$307,819 due from related parties (Note 2) 697,412 862,080
----------- -----------
Total current assets . . . . . . . . . . $ 1,535,739 $ 1,541,695
NET OIL AND GAS PROPERTIES, utilizing the
successful efforts method . . . . . . . . . . 8,090,996 8,550,992
DEFERRED CHARGE . . . . . . . . . . . . . . . . 944,469 944,469
----------- -----------
$10,571,204 $11,037,156
=========== ===========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable . . . . . . . . . . . . . . $ 80,664 $ 220,670
Gas imbalance payable . . . . . . . . . . . . 235,677 235,677
----------- -----------
Total current liabilities . . . . . . . . $ 316,341 $ 456,347
ACCRUED LIABILITY . . . . . . . . . . . . . . . $ 379,615 $ 379,615
PARTNERS' CAPITAL (DEFICIT):
General Partner and Managing Partner . . . . ($ 106,532) ($ 115,710)
Limited Partners, issued and outstanding
41,839 units . . . . . . . . . . . . . . . 9,981,780 10,316,904
----------- -----------
Total Partners' capital . . . . . . . . . $ 9,875,248 $10,201,194
----------- -----------
$10,571,204 $11,037,156
=========== ===========
The accompanying notes are an integral part of
these combined financial statements.
-11-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-E
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-E
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1995 AND 1994
(Unaudited)
1995 1994
---------- ----------
REVENUES:
Oil and gas sales, including $528,519 and
$731,536 of sales to related parties
(Note 2) . . . . . . . . . . . . . . . . . $1,205,757 $1,600,801
Interest and other income . . . . . . . . . . 6,261 4,973
Gain on sale of oil and gas properties . . . 11,021 1,030
---------- ----------
$1,223,039 $1,606,804
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . . . . . $ 344,007 $ 533,582
Production tax . . . . . . . . . . . . . . . 81,724 106,112
Depreciation, depletion, and amortization
of oil and gas properties . . . . . . . . . 466,359 667,104
General and administrative . . . . . . . . . 128,895 151,446
---------- ----------
$1,020,985 $1,458,244
---------- ----------
NET INCOME . . . . . . . . . . . . . . . . . . $ 202,054 $ 148,560
========== ==========
GENERAL PARTNER AND MANAGING
PARTNER - NET INCOME . . . . . . . . . . . . $ 62,178 $ 74,895
========== ==========
IMITED PARTNERS - NET INCOME . . . . . . . . . $ 139,876 $ 73,665
========== ==========
NET INCOME per unit . . . . . . . . . . . . . . $ 3.34 $ 1.76
========== ==========
UNITS OUTSTANDING . . . . . . . . . . . . . . . 41,839 41,839
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-12-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-E
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-E
COMBINED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1995 AND 1994
(Unaudited)
1995 1994
--------- -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income . . . . . . . . . . . . . . . . . $202,054 $ 148,560
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation, depletion, and amortization
of oil and gas properties . . . . . . . . 466,359 667,104
Gain on sale of oil and gas properties . . ( 11,021) ( 1,030)
Decrease in accounts receivable . . . . . . 164,668 73,685
Decrease in accounts payable . . . . . . . ( 140,006) ( 54,431)
-------- ----------
Net cash provided by operating activities . $682,054 $ 833,888
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures . . . . . . . . . . . . ($ 6,363) ($ 59,990)
Proceeds from sale of oil and gas properties 11,021 1,030
-------- ----------
Net cash provided (used) by investing
activities . . . . . . . . . . . . . . . . $ 4,658 ($ 58,960)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions . . . . . . . . . . . . . ($528,000) ($ 948,000)
-------- ----------
Net cash used by financing activities . . . . ($528,000) ($ 948,000)
-------- ----------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS . . . . . . . . . . . . . . . . . $158,712 ($ 173,072)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 679,615 1,198,482
-------- ----------
CASH AND CASH EQUIVALENTS AT END OF PERIOD . . $838,327 $1,025,410
======== ==========
The accompanying notes are an integral part of
these combined financial statements.
-13-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-F
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-F
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
1995 1994
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents . . . . . . . . . . $ 286,975 $ 305,618
Accounts receivable:
Oil and gas sales, including $76,828 and
$75,780 due from related parties (Note 2) 270,658 343,004
---------- ----------
Total current assets . . . . . . . . . $ 557,633 $ 648,622
NET OIL AND GAS PROPERTIES, utilizing the
successful efforts method . . . . . . . . . . 2,584,967 2,742,460
DEFERRED CHARGE . . . . . . . . . . . . . . . . 487,625 487,625
---------- ----------
$3,630,225 $3,878,707
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable . . . . . . . . . . . . . . $ 41,145 $ 78,569
Gas imbalance payable . . . . . . . . . . . . 88,480 88,480
---------- ----------
Total current liabilities . . . . . . . . $ 129,625 $ 167,049
ACCRUED LIABILITY . . . . . . . . . . . . . . . $ 63,878 $ 63,878
PARTNERS' CAPITAL (DEFICIT):
General Partner and Managing Partner . . . . ($ 39,951) ($ 33,134)
Limited Partners, issued and outstanding,
14,321 units . . . . . . . . . . . . . . . 3,476,673 3,680,914
---------- ----------
Total Partners' capital . . . . . . . . . $3,436,722 $3,647,780
---------- ----------
$3,630,225 $3,878,707
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-14-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-F
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-F
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1995 AND 1994
(Unaudited)
1995 1994
--------- ---------
REVENUES:
Oil and gas sales, including $122,188 and
$166,187 of sales to related parties (Note 2) $448,763 $579,208
Interest and other income . . . . . . . . . . 2,602 1,933
Gain on sale of oil and gas properties . . . 6,086 721
-------- --------
$457,451 $581,862
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . . . . . $166,275 $210,967
Production tax . . . . . . . . . . . . . . . 28,883 36,851
Depreciation, depletion, and amortization
of oil and gas properties . . . . . . . . . 162,094 246,384
General and administrative . . . . . . . . . 44,257 52,712
-------- --------
$401,509 $546,914
-------- --------
NET INCOME . . . . . . . . . . . . . . . . . . $ 55,942 $ 34,948
======== ========
GENERAL PARTNER AND MANAGING
PARTNER - NET INCOME . . . . . . . . . . . . $ 20,183 $ 25,669
======== ========
LIMITED PARTNERS - NET INCOME . . . . . . . . . $ 35,759 $ 9,279
======== ========
NET INCOME per unit . . . . . . . . . . . . . . $ 2.50 $ .65
======== ========
UNITS OUTSTANDING . . . . . . . . . . . . . . . 14,321 14,321
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-15-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-F
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-F
COMBINED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1995 AND 1994
(Unaudited)
1995 1994
--------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income . . . . . . . . . . . . . . . . . $ 55,942 $ 34,948
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation, depletion, and amortization
of oil and gas properties . . . . . . . . 162,094 246,384
Gain on sale of oil and gas properties . . ( 6,086) ( 721)
Decrease in accounts receivable . . . . . . 72,346 17,264
Decrease in accounts payable . . . . . . . ( 37,424) ( 31,406)
-------- --------
Net cash provided by operating activities . $246,872 $266,469
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures . . . . . . . . . . . . ($ 4,601) ($ 13,924)
Proceeds from sale of oil and gas properties 6,086 721
-------- --------
Net cash provided (used) by investing
activities . . . . . . . . . . . . . . . . $ 1,485 ($ 13,203)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions . . . . . . . . . . . . . ($267,000) ($245,000)
-------- --------
Net cash used by financing activities . . . . ($267,000) ($245,000)
-------- --------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS . . . . . . . . . . . . . . . . . ($ 18,643) $ 8,266
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 305,618 447,983
-------- --------
CASH AND CASH EQUIVALENTS AT END OF PERIOD . . $286,975 $456,249
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-16-
GEODYNE ENERGY INCOME I LIMITED PARTNERSHIPS
CONDENSED NOTES TO THE COMBINED FINANCIAL STATEMENTS
MARCH 31, 1995
(Unaudited)
1. ACCOUNTING POLICIES
-------------------
The combined balance sheets as of March 31, 1995, combined statements of
operations for the three months ended March 31, 1995 and 1994 and combined
statements of cash flows for the three months ended March 31, 1995 and 1994
have been prepared by Geodyne Properties, Inc., ("Geodyne"), the General
Partner of the Geodyne Energy Income I Limited Partnerships (collectively, the
"Partnerships"), and are unaudited. In the opinion of management the
financial statements referred to above include all necessary adjustments,
consisting of normal recurring adjustments, to present fairly the combined
financial position at March 31, 1995, the combined results of operations for
the three months ended March 31, 1995 and 1994 and the combined cash flows for
the three months ended March 31, 1995 and 1994.
Information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted accounting
principles have been condensed or omitted. The accompanying interim financial
statements should be read in conjunction with the Partnerships' Annual Report
on Form 10-K filed for the year ended December 31, 1994. The results of
operations for the period ended March 31, 1995 are not necessarily indicative
of the results to be expected for the full year.
The Limited Partners' net income or loss per unit is based upon each
$1,000 initial capital contribution.
OIL AND GAS PROPERTIES
----------------------
The Partnerships follow the successful efforts method of accounting for
their oil and gas properties. Under the successful efforts method, the
Partnerships capitalize all property acquisition costs and development costs
incurred in connection with the further development of oil and gas reserves.
Property acquisition costs include costs incurred by the Partnerships or the
General Partner to acquire producing properties, including related title
insurance or examination costs, commissions, engineering, legal and accounting
fees, and similar costs directly related to the acquisitions. The acquisition
costs to the Partnerships of properties acquired by the General Partner are
adjusted to reflect the net cash results of operations, including interest
incurred to finance the acquisition, for the period of time the properties are
held by the General Partner prior to their transfer to the Partnerships.
Leasehold impairment is recognized based upon an individual property
assessment and exploratory experience. Upon discovery of commercial reserves,
leasehold costs are transferred to producing properties.
Depletion of the costs of producing oil and gas properties, amortization
of related intangible drilling and development costs and depreciation of
tangible lease and well equipment are computed on the unit-of-production
method.
-17-
When complete units of depreciable property are retired or sold, the
asset cost and related accumulated depreciation are eliminated with any gain
or loss reflected in income. When less than complete units of depreciable
property are retired or sold, the difference between asset cost and salvage
value is charged to accumulated depreciation.
If net oil and gas properties recorded by the Partnerships exceed the
estimated undiscounted future net revenues of the properties, a valuation
allowance will be recorded for the excess amount.
2. TRANSACTIONS WITH RELATED PARTIES
---------------------------------
The Partnerships' Partnership Agreements provide for reimbursement to
the General Partner for all direct general and administrative expenses and for
the general and administrative overhead applicable to the Partnerships based
on an allocation of actual costs incurred. During the three months ended
March 31, 1995 the following payments were made to the General Partner or its
affiliates by the Partnerships:
Direct General Administrative
Partnership and Administrative Overhead
----------- ------------------ --------------
I-B $ 1,891 $ 11,313
I-C 1,978 23,505
I-D 2,404 19,985
I-E 12,674 116,221
I-F 4,477 39,780
An affiliated company is the operator of certain of the Partnerships'
properties and its policy is to bill the Partnerships for all customary
charges and cost reimbursements associated with its activities, together with
any compressor rental, consulting, or other services provided.
The Partnerships sell gas to Premier Gas Company ("Premier"), an
affiliate of the General Partner. The following is a summary of these sales,
the amount of compensation Premier received from these sales during the three
months ended March 31, 1995 and the amount of the Partnerships' accrued oil
and gas sales due from Premier as of March 31, 1995 and December 31, 1994:
3 Months Ended As of As of
March 31, 1995 March 31, 1995 December 31, 1994
---------------- ---------------- ------------------
Accrued Oil and Accrued Oil and
Gas Sales Compensation Gas Sales Gas Sales
--------- ------------ --------------- ---------------
I-B $ 16,773 $ 605 $ 14,310 $ 4,750
I-C 2,412 80 1,279 2,078
I-D 88,757 3,199 58,212 45,181
I-E 528,519 19,119 347,129 307,819
I-F 122,188 4,256 76,828 75,780
-18-
ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
GENERAL
-------
The Partnerships were formed for the purpose of investing in the related
Production Partnerships. The Production Partnerships are engaged in the
business of acquiring and operating producing oil and gas properties located
in the continental United States. In general, a Production Partnership
acquired producing properties and did not engage in development drilling or
enhanced recovery projects, except as an incidental part of the management of
the producing properties acquired. Therefore, the economic life of each
Partnership, and its related Production Partnership, is limited to the period
of time required to fully produce its acquired oil and gas reserves. The net
proceeds from the oil and gas operations are distributed to the Limited
Partners and the General Partner in accordance with the terms of the
Partnerships' Partnership Agreements.
LIQUIDITY AND CAPITAL RESOURCES
-------------------------------
The Partnerships began operations and investors were assigned their
rights as Limited Partners, having made capital contributions in the amounts
and on the dates set forth below:
Limited
Date of Partner Capital
Partnership Activation Contributions
----------- ------------------ -----------------
I-B July 12, 1985 $11,957,700
I-C December 20, 1985 8,884,900
I-D March 4, 1986 7,194,700
I-E September 10, 1986 41,839,400
I-F December 16, 1986 14,320,900
In general, the amount of funds available for acquisition of producing
properties was equal to the capital contributions of the Limited Partners,
less 15% for sales commissions and organization and management fees. All of
the Partnerships have fully invested their capital contributions.
Net proceeds from the operations less necessary operating capital are
distributed to the Limited Partners on a quarterly basis. Revenues and net
proceeds of a Partnership are largely dependent upon the volumes of oil and
gas sold and the prices received for such oil and gas. Over the last several
years, the domestic energy industry and the Partnerships have contended with
volatile, but generally low, oil and gas prices. Over the last few years, the
oil and gas market appears to have moved from periods of relative stability in
supply and demand to excess supply or weakened demand. These trends have led
to the volatility in pricing and demand noted over the past years. While the
General Partner cannot predict future pricing trends, it believes the working
capital available as of March 31, 1995 and the net revenue generated from
-19-
future operations will provide sufficient working capital to meet current and
future obligations of the Partnerships.
RESULTS OF OPERATIONS
---------------------
An analysis of the change in net oil and gas operations (oil and gas
sales, less lease operating expenses and production taxes), is presented in
the tables within "Results of Operations". Generally, the Production
Partnerships' operations during the three months ended March 31, 1995 reflect
a decrease in total revenues compared to the same period in 1994. Management
believes this decrease generally resulted from a number of factors including,
but not limited to a decrease in production from certain significant wells and
decreases in the natural gas sales price. Refer to "Liquidity and Capital
Resources" above for a discussion of factors impacting prices and production
volumes.
I-B PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 1995 AS COMPARED TO THE THREE MONTHS ENDED
MARCH 31, 1994.
Three Months ended March 31,
----------------------------
1995 1994
---- ----
Oil and gas sales $103,375 $117,599
Direct operating expenses $ 49,697 $ 52,909
Barrels produced 1,730 1,335
Mcf produced 44,271 48,836
Average price/Bbl $ 16.40 $ 12.94
Average price/Mcf $ 1.69 $ 2.05
Total oil and gas sales decreased 12.1% for the three months ended March
31, 1995 as compared to the three months ended March 31, 1994. As shown in
the above table, this decrease was primarily due to a decrease in the volume
and average price of natural gas sold, partially offset by an increase in the
volume and average price of oil sold. Volumes of oil sold increased 395
barrels and volumes of natural gas decreased 4,565 Mcf for the three months
ended March 31, 1995 as compared to the similar period in 1994. The increase
in the volumes of oil sold was primarily due to a redrill on one of the I-B
Partnership's more significant wells. Natural gas prices decreased to an
average of $1.69 per Mcf for the three months ended March 31, 1995 from an
average of $2.05 per Mcf for the three months ended March 31, 1994. Oil
prices increased to an average of $16.40 per barrel for the three months ended
March 31, 1995 from an average of $12.94 per barrel for the three months ended
March 31, 1994.
Direct operating expenses (lease operating expenses and production
taxes) decreased $3,212 for the three months ended March 31, 1995 as compared
to the similar period in 1994. This decrease was primarily due to a decrease
in equivalent units of production sold. As a percentage of total revenues,
-20-
these expenses remained relatively constant for the three months ended March
31, 1995 compared to the three months ended March 31, 1994.
Depreciation, depletion, and amortization of oil and gas properties
decreased $36,570 for the three months ended March 31, 1995 as compared to the
similar period in 1994. This decrease was primarily due to the decrease in
equivalent units of production mentioned above and several properties in which
the I-B Partnership owned an interest having been significantly depleted,
leaving a smaller basis to deplete in the three months ended March 31, 1995.
As a percentage of total revenues, this expense decreased to 91.3% for the
three months ended March 31, 1995 from 113.3% for the three months ended March
31, 1994. This decrease was primarily due to the dollar decrease mentioned
above.
General and administrative expenses decreased $7,443 for the three
months ended March 31, 1995 as compared to the similar period in 1994. As a
percentage of total revenues, this expense decreased to 12.4% for the three
months ended March 31, 1995 from 17.5% for the three months ended March 31,
1994. This decrease expressed in dollars and as a percentage of total
revenues was primarily due to the decrease in the audit and reserve study
fees.
The Limited Partners have received cash distributions through March 31,
1995 totalling $6,272,527 or 52.46% of Limited Partners' capital
contributions.
I-C PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 1995 AS COMPARED TO THE THREE MONTHS ENDED
MARCH 31, 1994.
Three Months ended March 31,
----------------------------
1995 1994
---- ----
Oil and gas sales $211,478 $290,908
Direct operating expenses $ 74,619 $ 98,247
Barrels produced 7,114 8,769
Mcf produced 56,668 73,288
Average price/Bbl $ 16.72 $ 13.39
Average price/Mcf $ 1.63 $ 2.37
Total oil and gas sales decreased 27.3% for the three months ended March
31, 1995 as compared to the three months ended March 31, 1994. As shown in
the above table, this decrease was primarily due to a decrease in volumes of
oil and natural gas sold and average price of natural gas sold, partially
offset by an increase in the average price of oil sold. Volumes of oil and
natural gas sold decreased 1,655 barrels and 16,620 Mcf, respectively, for the
three months ended March 31, 1995 as compared to the similar period in 1994.
-21-
The decrease in the volumes of natural gas sold resulted primarily from a
normal decline in production from existing properties. Natural gas prices
decreased to an average of $1.63 per Mcf for the three months ended March 31,
1995 from an average of $2.37 per Mcf for the three months ended March 31,
1994. Oil prices increased to an average of $16.72 per barrel for the three
months ended March 31, 1995 from an average of $13.39 per barrel for the three
months ended March 31, 1994.
Direct operating expenses (lease operating expenses and production
taxes) decreased $23,628 for the three months ended March 31, 1995 as compared
to the similar period in 1994 primarily due to the decrease in volumes of oil
and natural gas sold. As a percentage of total revenues, these expenses held
relatively constant for the three months ended March 31, 1995 compared to the
three months ended March 31, 1994.
Depreciation, depletion, and amortization of oil and gas properties
decreased $45,492 for the three months ended March 31, 1995 as compared to the
similar period in 1994 primarily due to the volume decreases mentioned above
and upward revisions of a previous reserve estimate. As a percentage of total
revenues, this expense decreased to 27.3% for the three months ended March 31,
1995 from 35.5% for the similar period in 1994. This percentage decrease was
primarily due to the upward revisions mentioned above, partially offset by the
decrease in the average price of natural gas sold.
General and administrative expenses decreased $5,750 for the three
months ended March 31, 1995 as compared to the similar period in 1994
primarily due to a decrease in audit and reserve study fees. As a percentage
of total revenues, this expense remained relatively constant for the three
months ended March 31, 1995 compared to the three months ended March 31, 1994.
The Limited Partners have received cash distributions through March 31,
1995 totalling $6,350,300 or 71.47% of Limited Partners' capital
contributions.
I-D PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 1995 AS COMPARED TO THE THREE MONTHS ENDED
MARCH 31, 1994.
Three Months ended March 31,
----------------------------
1995 1994
---- ----
Oil and gas sales $302,642 $456,779
Direct operating expenses $ 60,786 $ 97,397
Barrels produced 5,140 6,550
Mcf produced 147,300 175,076
Average price/Bbl $ 16.61 $ 13.57
Average price/Mcf $ 1.47 $ 2.10
-22-
Total oil and gas sales decreased 33.7% for the three months ended March
31, 1995 as compared to the three months ended March 31, 1994. As shown in
the above table, this decrease was primarily due to a decrease in volumes of
oil and natural gas sold and average price of natural gas sold, partially
offset by an increase in the average price of oil sold. Volumes of oil and
natural gas sold decreased 1,410 barrels and 27,776 Mcf, respectively, for the
three months ended March 31, 1995 as compared to the similar period in 1994.
The decrease in the volumes of natural gas sold resulted primarily from a
normal decline in production from existing properties. Natural gas prices
decreased to an average of $1.47 per Mcf for the three months ended March 31,
1995 from an average of $2.10 per Mcf for the three months ended March 31,
1994. Oil prices increased to an average of $16.61 per barrel for the three
months ended March 31, 1995 from an average of $13.57 per barrel for the three
months ended March 31, 1994.
Direct operating expenses (lease operating expenses and production
taxes) decreased $36,611 for the three months ended March 31, 1995 as compared
to the similar period in 1994 primarily due to the decrease in volumes of oil
and natural gas sold and decreases in workover expenses during the three
months ended March 31, 1995 compared to the three months ended March 31, 1994.
As a percentage of total revenues, these expenses held relatively constant for
the three months ended March 31, 1995 as compared to the three months ended
March 31, 1994.
Depreciation, depletion, and amortization of oil and gas properties
decreased $82,557 for the three months ended March 31, 1995 as compared to the
similar period in 1994. This decrease was primarily due to the decrease in
the volumes of oil and natural gas sold and upward revisions of a previous
reserve estimate. As a percentage of total revenues, this expense decreased
to 23.0% for the three months ended March 31, 1995 from 33.3% for the three
months ended March 31, 1994. This percentage decrease was primarily due to
the upward revisions mentioned above, partially offset by the decrease in the
average price of natural gas sold.
General and administrative expenses decreased $4,707 for the three
months ended March 31, 1995 as compared to the similar period in 1994
primarily due to a decrease in audit and reserve study fees. As a percentage
of total revenues, this expense remained relatively constant for the three
months ended March 31, 1995 compared to the three months ended March 31, 1994.
The Limited Partners have received cash distributions through March 31,
1995 totalling $10,254,175 or 142.52% of Limited Partners' capital
contributions.
I-E PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 1995 AS COMPARED TO THE THREE MONTHS ENDED
MARCH 31, 1994.
Three Months ended March 31,
----------------------------
1995 1994
---- ----
Oil and gas sales $1,205,757 $1,600,801
Direct operating expenses $ 425,731 $ 639,694
Barrels produced 22,972 25,543
Mcf produced 618,424 666,952
Average price/Bbl $ 16.42 $ 13.06
Average price/Mcf $ 1.34 $ 1.90
-23-
Total oil and gas sales decreased 24.7% for the three months ended March
31, 1995 as compared to the three months ended March 31, 1994. As shown in
the above table, this decrease was primarily due to a decrease in the volumes
of oil and natural gas sold and the average price of natural gas sold,
partially offset by an increase in the average price of oil sold. Volumes of
oil and natural gas sold decreased 2,571 barrels and 48,528 Mcf, respectively,
for the three months ended March 31, 1995 as compared to the similar period in
1994. Natural gas prices decreased to an average of $1.34 per Mcf for the
three months ended March 31, 1995 from an average of $1.90 per Mcf for the
three months ended March 31, 1994. Oil prices increased to an average of
$16.42 per barrel for the three months ended March 31, 1995 from an average of
$13.06 per barrel for the three months ended March 31, 1994.
Direct operating expenses (lease operating expenses and production
taxes) decreased $213,963 for the three months ended March 31, 1995 as
compared to the similar period in 1994 primarily due to the decrease in
volumes of oil and natural gas sold and decreases in workover expenses during
the three months ended March 31, 1995 compared to the three months ended March
31, 1994. As a percentage of total revenues, these expenses decreased to
34.8% for the three months ended March 31, 1995 from 39.8% for the three
months ended March 31, 1994. This percentage decrease was primarily due to
the workovers mentioned above.
Depreciation, depletion, and amortization of oil and gas properties
decreased $200,745 for the three months ended March 31, 1995 as compared to
the similar period in 1994. This decrease was primarily due to the decrease
in the volumes of oil and natural gas sold and upward revisions of a previous
reserve estimate. As a percentage of total revenues, this expense decreased
to 38.1% for the three months ended March 31, 1995 from 41.5% for the three
months ended March 31, 1994. This percentage decrease was primarily due to
the upward revisions mentioned above.
General and administrative expenses decreased $22,551 for the three
months ended March 31, 1995 as compared to the similar period in 1994
primarily due to a decrease in audit and reserve study fees. As a percentage
of total revenues, this expense remained relatively constant for the three
months ended March 31, 1995 compared to the three months ended March 31, 1994.
The Limited Partners have received cash distributions through March 31,
1995 totalling $41,758,552 or 99.8% of Limited Partners' capital
contributions.
-24-
I-F PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 1995 AS COMPARED TO THE THREE MONTHS ENDED
MARCH 31, 1994.
Three Months ended March 31,
----------------------------
1995 1994
---- ----
Oil and gas sales $448,763 $579,208
Direct operating expenses $195,158 $247,818
Barrels produced 11,539 13,270
Mcf produced 185,363 209,111
Average price/Bbl $ 16.41 $ 13.25
Average price/Mcf $ 1.40 $ 1.93
Total oil and gas sales decreased 22.5% for the three months ended March
31, 1995 as compared to the three months ended March 31, 1994. As shown in
the above table, this decrease was primarily due to a decrease in the volumes
of oil and natural gas sold and the average price of natural gas sold,
partially offset by an increase in the average price of oil sold. Volumes of
oil and natural gas sold decreased 1,731 barrels and 23,748 Mcf, respectively,
for the three months ended March 31, 1995 as compared to the similar period in
1994. Natural gas prices decreased to an average of $1.40 per Mcf for the
three months ended March 31, 1995 from an average of $1.93 per Mcf for the
three months ended March 31, 1994. Oil prices increased to an average of
$16.41 per barrel for the three months ended March 31, 1995 from an average of
$13.25 per barrel for the three months ended March 31, 1994.
Direct operating expenses (lease operating expenses and production
taxes) decreased $52,660 for the three months ended March 31, 1995 as compared
to the similar period in 1994 primarily due to the decrease in the volumes of
oil and natural gas sold and decreases in workover expenses during the three
months ended March 31, 1995. As a percentage of total revenues, these
expenses remained relatively constant for the three months ended March 31,
1995 compared to the three months ended March 31, 1994.
Depreciation, depletion, and amortization of oil and gas properties
decreased $84,290 for the three months ended March 31, 1995 as compared to the
similar period in 1994 primarily due to the decreased volumes of oil and
natural gas sold and upward revisions of a previous reserve estimate. As a
percentage of total revenues, this expense decreased to 35.4% for the three
months ended March 31, 1995 from 42.3% for the three months ended March 31,
1994. This percentage decrease was primarily due to the upward revisions
mentioned above.
General and administrative expenses decreased $8,455 for the three
months ended March 31, 1995 as compared to the similar period in 1994
primarily due to a decrease in audit and reserve study fees. As a percentage
of total revenues, this expense remained relatively constant for the three
months ended March 31, 1995 compared to the three months ended March 31, 1994.
The Limited Partners have received cash distributions through March 31,
1995 totalling $14,073,664 or 98.27% of Limited Partners' capital
contributions.
-25-
PART II: OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
None
(b) Reports on Form 8-K
None
-26-
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-B
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-C
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-D
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-E
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-F
(Registrant)
By: GEODYNE PROPERTIES, INC.
General Partner
Date: May 11, 1995 By: /s/Dennis R. Neill
------------ ----------------------
(Signature)
Dennis R. Neill
Senior Vice President
and Director
Date: May 11, 1995 By: /s/ Drew S. Phillips
------------ -----------------------
(Signature)
Drew S. Phillips
Vice President - Controller
Principal Accounting Officer
-27-