SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
AMENDMENT NO. 1 TO
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:
II-A: 0-16388 II-C: 0-16981 II-E: 0-17320 II-G: 0-17802
II-B: 0-16405 II-D: 0-16980 II-F: 0-17799 II-H: 0-18305
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-A
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-B
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-C
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-D
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-E
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-F
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-G
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-H
-----------------------------------------------------
(Exact name of Registrant as specified in its Articles)
II-A 73-1295505
II-B 73-1303341
II-C 73-1308986
II-D 73-1329761
II-E 73-1324751
II-F 73-1330632
II-G 73-1336572
Oklahoma II-H 73-1342476
------------------------------ --------------------
(State or other jurisdiction (I.R.S. Employer Identification No.)
of incorporation or organization)
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 II-A
GEODYNE PRODUCTION PARTNERSHIP II-A
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
1995 1994
----------- -------------
CURRENT ASSETS:
Cash and cash equivalents . . . . . $ 555,062 $ 793,694
Accounts receivable:
Oil and gas sales, including $120,160
and $107,036 due from related parties
(Note 2) 758,899 829,056
----------- -----------
Total current assets . . . . . . $ 1,313,961 $ 1,622,750
NET OIL AND GAS PROPERTIES, utilizing the
successful efforts method . . . . . . 9,417,078 10,069,976
DEFERRED CHARGE . . . . . . . . . . . . 980,772 980,772
----------- -----------
$11,711,811 $12,673,498
=========== ===========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable . . . . . . . . . . $ 122,497 $ 289,391
Gas imbalance payable . . . . . . . . 217,949 217,949
----------- -----------
Total current liabilities . . . . $ 340,446 $ 507,340
ACCRUED LIABILITY . . . . . . . . . . . $ 398,669 $ 398,669
PARTNERS' CAPITAL (DEFICIT):
General Partner and Managing Partner ($ 310,266)($ 297,741)
Unit Holders, issued and outstanding,
484,283 units . . . . . . . . . . . 11,282,962 12,065,230
----------- -----------
Total Partners' capital . . . . . $10,972,696 $11,767,489
----------- -----------
$11,711,811 $12,673,498
=========== ===========
The accompanying notes are an integral part of
these combined financial statements.
-2-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-A
GEODYNE PRODUCTION PARTNERSHIP II-A
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1995 AND 1994
(Unaudited)
1995 1994
---------- ----------
REVENUES:
Oil and gas sales, including $194,222
and $347,145 to related parties
(Note 2) $1,246,893 $1,637,446
Interest income . . . . . . . . . . . 5,886 4,405
Gain on sale of oil and gas properties 8,085 2,922
---------- ----------
$1,260,864 $1,644,773
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . $ 475,793 $ 560,074
Production tax . . . . . . . . . . . 79,878 98,242
Depreciation, depletion, and amortiza-
tion of oil and gas properties . . . 669,105 980,588
General and administrative . . . . . 141,881 167,819
---------- ----------
$1,366,657 $1,806,723
---------- ----------
NET LOSS . . . . . . . . . . . . . . ($ 105,793) ($ 161,950)
========== ==========
GENERAL PARTNER AND MANAGING PARTNER -
NET INCOME . . . . . . . . . . . .. $ 21,475 $ 31,126
========== ==========
UNIT HOLDERS - NET LOSS . . . . . . . ($ 127,268) ($ 193,076)
========== ==========
NET LOSS per unit . . . . . . . . . . . ($ .26) ($ .40)
========== ==========
UNITS OUTSTANDING . . . . . . . . . . . 484,283 484,283
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-3-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-A
GEODYNE PRODUCTION PARTNERSHIP II-A
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 . . . . . . . . . . . . . . ($105,793) ($ 161,950)
Adjustments to reconcile net loss to
net cash provided by operating activi-
ties: Depreciation, depletion, and
amortization of oil and gas properties 669,105 980,588
Gain on sale of oil and gas properties ( 8,085) ( 2,922)
Decrease in accounts receivable . . 70,157 8,081
Decrease in accounts payable . . . ( 166,894) ( 91,536)
-------- ----------
Net cash provided by operating
activities $458,490 $ 732,261
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures . . . . . . . . ($ 25,005) ($ 82,219)
Proceeds from sale of oil and gas
properties 16,883 2,922
-------- ----------
Net cash used by investing activities ($ 8,122) ($ 79,297)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions . . . . . . . . . ($689,000) ($ 685,000)
-------- ----------
Net cash used by financing activities ($689,000) ($ 685,000)
-------- ----------
NET DECREASE IN CASH AND CASH
EQUIVALENTS ($238,632) ($ 32,036)
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD 793,694 1,046,726
-------- ----------
CASH AND CASH EQUIVALENTS AT END OF
PERIOD $555,062 $1,014,690
======== ==========
The accompanying notes are an integral part of
these combined financial statements.
-4-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-B
GEODYNE PRODUCTION PARTNERSHIP II-B
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
1995 1994
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents . . . . . $ 379,044 $ 623,450
Accounts receivable:
Oil and gas sales, including $45,767
and $64,669 due from related parties
(Note 2) 588,232 572,547
---------- ----------
Total current assets . . . . . . $ 967,276 $1,195,997
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method . . . . 6,356,886 6,932,761
DEFERRED CHARGE . . . . . . . . . . . . 173,300 173,300
---------- ----------
$7,497,462 $8,302,058
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable . . . . . . . . . . $ 111,540 $ 222,404
Gas imbalance payable . . . . . . . . 18,793 18,793
---------- ----------
Total current liabilities . . . . $ 130,333 $ 241,197
ACCRUED LIABILITY . . . . . . . . . . . $ 369,296 $ 369,296
PARTNERS' CAPITAL (DEFICIT):
General Partner and Managing Partner ($ 234,290) ($ 222,879)
Unit Holders, issued and outstanding,
361,719 units . . . . . . . . . . . 7,232,123 7,914,444
---------- ----------
Total Partners' capital . . . . . $6,997,833 $7,691,565
---------- ----------
$7,497,462 $8,302,058
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-5-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-B
GEODYNE PRODUCTION PARTNERSHIP II-B
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1995 AND 1994
(Unaudited)
1995 1994
----------- ------------
REVENUES:
Oil and gas sales, including $80,613
and $215,314 to related parties
(Note 2) $ 939,063 $1,266,994
Interest income . . . . . . . . . . . 4,412 2,582
Gain (Loss) on sale of oil and gas
properties ( 20,485) 3,388
---------- ----------
$ 922,990 $1,272,964
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . $ 354,205 $ 376,597
Production tax . . . . . . . . . . . 54,963 76,563
Depreciation, depletion, and amortiza-
tion of oil and gas properties . . . 580,632 779,586
General and administrative . . . . . 105,922 125,555
---------- ----------
$1,095,722 $1,358,301
---------- ----------
NET LOSS . . . . . . . . . . . . . . ($ 172,732)($ 85,337)
========== ==========
GENERAL PARTNER AND MANAGING PARTNER -
NET INCOME . . . . . . . . . . . . . $ 14,589 $ 26,917
========== ==========
UNIT HOLDERS - NET LOSS . . . . . . . . ($ 187,321)($ 112,254)
========== ==========
NET LOSS per unit . . . . . . . . . . . ($ .52)($ .31)
========== ==========
UNITS OUTSTANDING . . . . . . . . . . . 361,719 361,719
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-6-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-B
GEODYNE PRODUCTION PARTNERSHIP II-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 . . . . . . . . . . . . . . ($172,732) ($ 85,337)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation, depletion, and amortization
of oil and gas properties . . . . 580,632 779,586
(Gain) Loss on sale of oil and gas
properties . . . . . . . . . . . . 20,485 ( 3,388)
(Increase) Decrease in accounts
receivable . . . . . . . . . . . . ( 15,685) 40,364
Decrease in accounts payable . . . ( 110,864) ( 91,699)
-------- --------
Net cash provided by operating activities $301,836 $639,526
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures . . . . . . . . ($ 38,791) ($ 72,292)
Proceeds from sale of oil and gas
properties 13,549 3,388
-------- --------
Net cash used by investing activities ($ 25,242) ($ 68,904)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions . . . . . . . . . ($521,000) ($500,000)
-------- --------
Net cash used by financing activities ($521,000) ($500,000)
-------- --------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS . . . . . . . . . . . . . ($244,406) $ 70,622
CASH AND CASH EQUIVALENTS AT BEGINNING OF
PERIOD 623,450 597,221
-------- --------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $379,044 $667,843
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-7-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-C
GEODYNE PRODUCTION PARTNERSHIP II-C
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
1995 1994
---------- ------------
CURRENT ASSETS:
Cash and cash equivalents . . . . . $ 223,933 $ 380,901
Accounts receivable:
General Partner . . . . . . . . . . 3,640 -
Oil and gas sales, including $29,203 and
$41,709 due from related parties
(Note 2) 252,709 288,238
---------- ----------
Total current assets . . . . . . $ 480,282 $ 669,139
NET OIL AND GAS PROPERTIES, utilizing the
successful efforts method . . . . . . 3,146,034 3,411,988
DEFERRED CHARGE . . . . . . . . . . . . 210,793 210,793
---------- ----------
$3,837,109 $4,291,920
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable . . . . . . . . . . $ 45,921 $ 56,341
Gas imbalance payable . . . . . . . . 42,677 104,939
---------- ----------
Total current liabilities . . . . $ 88,598 $ 161,280
ACCRUED LIABILITY . . . . . . . . . . . $ 122,531 $ 122,531
PARTNERS' CAPITAL (DEFICIT):
General Partner and Managing Partner ($ 92,560) ($ 84,153)
Unit Holders, issued and outstanding,
154,621 units . . . . . . . . . . . 3,718,540 4,092,262
---------- ----------
Total Partners' capital . . . . . $3,625,980 $4,008,109
---------- ----------
$3,837,109 $4,291,920
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-8-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-C
GEODYNE PRODUCTION PARTNERSHIP II-C
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1995 AND 1994
(Unaudited)
1995 1994
----------- ------------
REVENUES:
Oil and gas sales, including $51,515
and $128,067 to related parties
(Note 2) $432,457 $580,618
Interest income . . . . . . . . . . . 2,948 1,359
Gain on sale of oil and gas properties 8,980 258
-------- --------
$444,385 $582,235
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . $150,453 $160,081
Production tax . . . . . . . . . . . 22,889 38,510
Depreciation, depletion, and amortization
of oil and gas properties . . . . . 264,990 318,795
General and administrative . . . . . 46,182 54,611
-------- --------
$484,514 $571,997
-------- --------
NET INCOME (LOSS) . . . . . . . . . . ($ 40,129) $ 10,238
======== ========
GENERAL PARTNER AND MANAGING PARTNER -
NET INCOME . . . . . . . . . . . . . $ 8,593 $ 13,264
======== ========
UNIT HOLDERS - NET LOSS . . . . . . . . ($ 48,722) ($ 3,026)
======== ========
NET LOSS per unit . . . . . . . . . . . ($ .32) ($ .02)
======== ========
UNITS OUTSTANDING . . . . . . . . . . . 154,621 154,621
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-9-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-C
GEODYNE PRODUCTION PARTNERSHIP II-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 (loss) . . . . . . . . . . ($ 40,129) $ 10,238
Adjustments to reconcile net income (loss)
to net cash provided by operating
activities:
Depreciation, depletion, and amortiza-
tion of oil and gas properties . . . . 264,990 318,795
Gain on sale of oil and gas properties ( 8,980) ( 258)
Decrease in accounts receivable . . 31,889 10,052
Decrease in accounts payable . . . ( 10,420) ( 17,069)
Decrease in gas imbalance payable . ( 62,262) -
-------- --------
Net cash provided by operating activities $175,088 $321,758
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures . . . . . . . . ($ 3,950) ($ 30,698)
Proceeds from sale of oil and gas properties 13,894 258
-------- --------
Net cash provided (used) by investing
activities . . . . . . . . . . . . $ 9,944 ($ 30,440)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions . . . . . . . . . ($342,000) ($231,000)
-------- --------
Net cash used by financing activities ($342,000) ($231,000)
-------- --------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS . . . . . . . . . . . . . ($156,968) $ 60,318
CASH AND CASH EQUIVALENTS AT BEGINNING OF
PERIOD 380,901 300,177
-------- --------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $223,933 $360,495
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-10-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-D
GEODYNE PRODUCTION PARTNERSHIP II-D
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
1995 1994
---------- -------------
CURRENT ASSETS:
Cash and cash equivalents . . . . . $ 420,753 $ 563,613
Accounts receivable:
General Partner . . . . . . . . . . 5,884 -
Oil and gas sales, including $112,096
and $121,780 due from related parties
(Note 2) 582,628 697,345
---------- ----------
Total current assets . . . . . . $1,009,265 $1,260,958
NET OIL AND GAS PROPERTIES, utilizing the
successful efforts method . . . . . . 6,632,892 7,261,978
DEFERRED CHARGE . . . . . . . . . . . . 1,048,947 1,048,947
---------- ----------
$8,691,104 $9,571,883
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable . . . . . . . . . . $ 171,314 $ 195,236
Gas imbalance payable . . . . . . . . 98,771 208,023
---------- ----------
Total current liabilities . . . . $ 270,085 $ 403,259
ACCRUED LIABILITY . . . . . . . . . . . $ 222,635 $ 222,635
PARTNERS' CAPITAL (DEFICIT):
General Partner and Managing Partner ($ 122,781) ($ 111,528)
Unit Holders, issued and outstanding,
314,878 units . . . . . . . . . . . 8,321,165 9,057,517
---------- ----------
Total Partners' capital . . . . . $8,198,384 $8,945,989
---------- ----------
$8,691,104 $9,571,883
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-11-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-D
GEODYNE PRODUCTION PARTNERSHIP II-D
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1995 AND 1994
(Unaudited)
1995 1994
---------- ----------
REVENUES:
Oil and gas sales, including $151,962
and $304,481 to related parties
(Note 2) . . . . . . . . . . . . . . $1,063,337 $1,224,098
Interest income . . . . . . . . . . . 4,578 642
Gain on sale of oil and gas properties 9,291 -
---------- ----------
$1,077,206 $1,224,740
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . $ 499,106 $ 426,079
Production tax . . . . . . . . . . . 62,734 89,173
Depreciation, depletion, and amortization
of oil and gas properties . . . . . 633,173 640,841
General and administrative . . . . . 93,798 110,703
---------- ----------
$1,288,811 $1,266,796
---------- ----------
NET LOSS . . . . . . . . . . . . . . . ($ 211,605) ($ 42,056)
========== ==========
GENERAL PARTNER AND MANAGING PARTNER -
NET INCOME . . . . . . . . . . . . . $ 14,747 $ 23,531
========== ==========
UNIT HOLDERS - NET LOSS . . . . . . . . ($ 226,352) ($ 65,587)
========== ==========
NET LOSS per unit . . . . . . . . . . . ($ .72) ($ .21)
========== ==========
UNITS OUTSTANDING . . . . . . . . . . . 314,878 314,878
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-12-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-D
GEODYNE PRODUCTION PARTNERSHIP II-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 loss . . . . . . . . . . . . . . ($211,605) ($ 42,056)
Adjustments to reconcile net loss to
net cash provided by operating
activities:
Depreciation, depletion, and amortiza-
tion of oil and gas properties . . 633,173 640,841
Gain on sale of oil and gas properties ( 9,291) -
Decrease in accounts receivable . . 108,833 3,559
Decrease in accounts payable . . . ( 23,922) ( 12,826)
Decrease in gas imbalance payable . ( 109,252) -
-------- --------
Net cash provided by operating
activities . . . . . . . . . . . . $387,936 $589,518
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures . . . . . . . . ($ 12,702) ($ 22,340)
Proceeds from sale of oil and gas
properties . . . . . . . . . . . . 17,906 -
-------- --------
Net cash provided (used) by investing
activities . . . . . . . . . . . . . $ 5,204 ($ 22,340)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions . . . . . . . . . ($536,000) ($482,000)
-------- --------
Net cash used by financing activities ($536,000) ($482,000)
-------- --------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS . . . . . . . . . . . . ($142,860) $ 85,178
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD . . . . . . . . . . . . . . . 563,613 147,215
-------- --------
CASH AND CASH EQUIVALENTS AT END OF
PERIOD . . . . . . . . . . . . . . . . $420,753 $232,393
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-13-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-E
GEODYNE PRODUCTION PARTNERSHIP II-E
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
1995 1994
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents . . . . . $ 177,495 $ 260,348
Accounts receivable:
General Partner . . . . . . . . . . 2,200 -
Oil and gas sales, including $80,901 and
$90,940 due from related parties
(Note 2). . . . . . . . . . . . . 325,248 355,365
---------- ----------
Total current assets . . . . . . $ 504,943 $ 615,713
NET OIL AND GAS PROPERTIES, utilizing the
successful efforts method . . . . . . 6,586,152 7,062,612
DEFERRED CHARGE . . . . . . . . . . . . 438,881 438,881
---------- ----------
$7,529,976 $8,117,206
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable . . . . . . . . . . $ 75,349 $ 97,077
Gas imbalance payable . . . . . . . . 18,076 41,780
---------- ----------
Total current liabilities . . . . $ 93,425 $ 138,857
ACCRUED LIABILITY . . . . . . . . . . . $ 180,097 $ 180,097
PARTNERS' CAPITAL (DEFICIT):
General Partner and Managing Partner ($ 112,183)($ 104,398)
Unit Holders, issued and outstanding,
228,821 units . . . . . . . . . . . 7,368,637 7,902,650
---------- ----------
Total Partners' capital . . . . . $7,256,454 $7,798,252
---------- ----------
$7,529,976 $8,117,206
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-14-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-E
GEODYNE PRODUCTION PARTNERSHIP II-E
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1995 AND 1994
(Unaudited)
1995 1994
--------- ----------
REVENUES:
Oil and gas sales, including $109,579
and $223,478 to related parties
(Note 2) . . . . . . . . . . . . . . $551,228 $679,757
Interest income . . . . . . . . . . . 1,955 826
Gain on sale of oil and gas properties 15,034 622
-------- --------
$568,217 $681,205
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . $250,676 $238,855
Production tax . . . . . . . . . . . 48,838 58,282
Depreciation, depletion, and amortiza-
tion of oil and gas properties . . . 485,127 525,224
General and administrative . . . . . 67,374 80,215
-------- --------
$852,015 $902,576
-------- --------
NET LOSS . . . . . . . . . . . . . . . ($283,798) ($221,371)
======== ========
GENERAL PARTNER AND MANAGING PARTNER -
NET INCOME . . . . . . . . . . . . . $ 5,215 $ 9,940
======== ========
UNIT HOLDERS - NET LOSS . . . . . . . . ($289,013) ($231,311)
======== ========
NET LOSS per unit . . . . . . . . . . . ($ 1.26) ($ 1.01)
======== ========
UNITS OUTSTANDING . . . . . . . . . . . 228,821 228,821
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-15-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-E
GEODYNE PRODUCTION PARTNERSHIP II-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 loss . . . . . . . . . . . . . . ($283,798) ($221,371)
Adjustments to reconcile net loss to
net cash provided by operating activi-
ties:
Depreciation, depletion, and amortiza-
tion of oil and gas properties . . 485,127 525,224
Gain on sale of oil and gas properties ( 15,034) ( 622)
(Increase) Decrease in accounts
receivable . . . . . . . . . . . . . 27,917 ( 8,935)
Decrease in accounts payable . . . ( 21,728) ( 31,925)
Decrease in gas imbalance payable . ( 23,704) -
-------- --------
Net cash provided by operating
activities . . . . . . . . . . . . . $168,780 $262,371
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures . . . . . . . . ($ 8,667) ($ 7,962)
Proceeds from sale of oil and gas
properties . . . . . . . . . . . . 15,034 622
-------- --------
Net cash provided (used) by investing
activities . . . . . . . . . . . . $ 6,367 ($ 7,340)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions . . . . . . . . . ($258,000) ($311,000)
-------- --------
Net cash used by financing activities ($258,000) ($311,000)
-------- --------
NET DECREASE IN CASH AND CASH EQUIVALENTS ($ 82,853) ( $ 55,969)
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD . . . . . . . . . . . . . . . 260,348 230,537
-------- --------
CASH AND CASH EQUIVALENTS AT END OF
PERIOD. . . . . . . . . . . . . . . . . $177,495 $174,568
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-16-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-F
GEODYNE PRODUCTION PARTNERSHIP II-F
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
1995 1994
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents . . . . . $ 246,610 $ 237,397
Accounts receivable:
Oil and gas sales, including $57,888
and $61,777 due from related parties
(Note 2). . . . . . . . . . . . . . 261,052 321,964
---------- ----------
Total current assets . . . . . . $ 507,662 $ 559,361
NET OIL AND GAS PROPERTIES, utilizing the
successful efforts method . . . . . . 6,038,499 6,309,820
DEFERRED CHARGE . . . . . . . . . . . . 98,251 98,251
---------- ----------
$6,644,412 $6,967,432
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable, General Partner . . $ 254 $ -
Accounts payable . . . . . . . . . . 49,155 65,394
Gas imbalance payable . . . . . . . . 43,583 43,583
---------- ----------
Total current liabilities . . . . $ 92,992 $ 108,977
ACCRUED LIABILITY . . . . . . . . . . . $ 40,102 $ 40,102
PARTNERS' CAPITAL (DEFICIT):
General Partner and Managing Partner ($ 84,349) ($ 80,063)
Unit Holders, issued and outstanding,
171,400 units . . . . . . . . . . . 6,595,667 6,898,416
---------- ----------
Total Partners' capital . . . . . $6,511,318 $6,818,353
---------- ----------
$6,644,412 $6,967,432
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-17-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-F
GEODYNE PRODUCTION PARTNERSHIP II-F
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1995 AND 1994
(Unaudited)
1995 1994
---------- ----------
REVENUES:
Oil and gas sales, including $90,514 and
$213,077 to related parties (Note 2) $437,303 $663,295
Interest income . . . . . . . . . . . 1,923 1,976
Gain on sale of oil and gas properties 14,859 389
-------- --------
$454,085 $665,660
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . $140,760 $153,637
Production tax . . . . . . . . . . . 35,743 66,665
Depreciation, depletion, and amortization
of oil and gas properties . . . . . 260,387 428,551
General and administrative . . . . . 51,230 60,980
-------- --------
$488,120 $709,833
-------- --------
NET LOSS . . . . . . . . . . . . . . . ($ 34,035) ($ 44,173)
======== ========
GENERAL PARTNER AND MANAGING PARTNER -
NET INCOME . . . . . . . . . . . . . $ 8,714 $ 14,933
======== ========
UNIT HOLDERS - NET LOSS . . . . . . . ($ 42,749) ($ 59,106)
======== ========
NET LOSS per unit . . . . . . . . . . . ($ .25) ($ .34)
======== ========
UNITS OUTSTANDING . . . . . . . . . . . 171,400 171,400
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-18-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-F
GEODYNE PRODUCTION PARTNERSHIP II-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 loss . . . . . . . . . . . . . . ($ 34,035) ($ 44,173)
Adjustments to reconcile net loss to
net cash provided by operating activi-
ties:
Depreciation, depletion, and amortiza-
tion of oil and gas properties . . 260,387 428,551
Gain on sale of oil and gas properties ( 14,859) ( 389)
Decrease in accounts receivable . . 60,912 18,602
Decrease in accounts payable . . . ( 15,985) ( 15,516)
-------- --------
Net cash provided by operating activi-
ties . . . . . . . . . . . . . . . . $256,420 $387,075
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures . . . . . . . . ($ 2,124) ($ 15,084)
Proceeds from sale of oil and gas
properties . . . . . . . . . . . . . 27,917 389
-------- --------
Net cash provided (used) by investing
activities . . . . . . . . . . . . $ 25,793 ($ 14,695)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions . . . . . . . . . ($273,000) ($527,000)
-------- --------
Net cash used by financing activities ($273,000) ($527,000)
-------- --------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS . . . . . . . . . . . . . $ 9,213 ($154,620)
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD . . . . . . . . . . . . . . . 237,397 544,727
-------- --------
CASH AND CASH EQUIVALENTS AT END OF
PERIOD . . . . . . . . . . . . . . . . . $246,610 $390,107
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-19-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-G
GEODYNE PRODUCTION PARTNERSHIP II-G
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
1995 1994
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents . . . . . $ 539,858 $ 492,117
Accounts receivable:
Oil and gas sales, including $122,177
and $130,572 due from related parties
(Note 2) . . . . . . . . . . . . . 562,596 687,939
----------- -----------
Total current assets . . . . . . $ 1,102,454 $ 1,180,056
NET OIL AND GAS PROPERTIES, utilizing the
successful efforts method . . . . . . 13,470,085 14,057,651
DEFERRED CHARGE . . . . . . . . . . . . 219,078 219,078
----------- -----------
$14,791,617 $15,456,785
=========== ===========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable, General Partner . . $ 531 $ -
Accounts payable . . . . . . . . . . 111,595 139,970
Gas imbalance payable . . . . . . . . 94,414 94,414
----------- -----------
Total current liabilities . . . . $ 206,540 $ 234,384
ACCRUED LIABILITY . . . . . . . . . . . $ 90,341 $ 90,341
PARTNERS' CAPITAL (DEFICIT):
General Partner and Managing Partner ($ 189,763)($ 181,500)
Unit Holders, issued and outstanding,
372,189 units . . . . . . . . . . . 14,684,499 15,313,560
----------- -----------
Total Partners' capital . . . . . $14,494,736 $15,132,060
----------- -----------
$14,791,617 $15,456,785
=========== ===========
The accompanying notes are an integral part of
these combined financial statements.
-20-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-G
GEODYNE PRODUCTION PARTNERSHIP II-G
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1995 AND 1994
(Unaudited)
1995 1994
----------- -----------
REVENUE:
Oil and gas sales, including $191,115
and $452,215 to related parties
(Note 2) . . . . . . . . . . . . . . $ 970,570 $1,417,567
Interest income . . . . . . . . . . . 4,062 4,078
Gain on sale of oil and gas properties 35,951 1,082
---------- ----------
$1,010,583 $1,422,727
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . $ 309,846 $ 339,525
Production tax . . . . . . . . . . . 81,178 142,166
Depreciation, depletion, and amortiza-
tion of oil and gas properties . .. 567,571 948,028
General and administrative . . . . . 111,312 131,466
---------- ----------
$1,069,907 $1,561,185
---------- ----------
NET LOSS . . . . . . . . . . . . . . ($ 59,324) ($ 138,458)
========== ==========
GENERAL PARTNER AND MANAGING PARTNER -
NET INCOME . . . . . . . . . . . . $ 19,737 $ 30,998
========== ==========
UNIT HOLDERS - NET LOSS . . . . . . . ($ 79,061)($ 169,456)
========== ==========
NET LOSS per unit . . . . . . . . . . . ($ .21)($ .46)
========== ==========
UNITS OUTSTANDING . . . . . . . . . . . 372,189 372,189
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-21-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-G
GEODYNE PRODUCTION PARTNERSHIP II-G
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 . . . . . . . . . . . . . . ($ 59,324)($ 138,458)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation, depletion, and amortization
of oil and gas properties . . . . 567,571 948,028
Gain on sale of oil and gas properties ( 35,951) ( 1,082)
Decrease in accounts receivable . . 125,343 32,391
Decrease in accounts payable . . . ( 27,844) ( 29,506)
-------- ----------
Net cash provided by operating activities $569,795 $ 811,373
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures . . . . . . . . ($ 4,557)($ 32,608)
Proceeds from sale of oil and gas
properties . . . . . . . . . . . . 60,503 1,082
-------- ----------
Net cash provided (used) by investing
activities . . . . . . . . . . . . $ 55,946 ($ 31,526)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions . . . . . . . . . ($578,000)($ 978,000)
-------- ----------
Net cash used by financing activities ($578,000) ($ 978,000)
-------- ----------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS . . . . . . . . . . . . . $ 47,741 ($ 198,153)
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD . . . . . . . . . . . . . . 492,117 1,066,534
-------- ----------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $539,858 $ 868,381
======== ==========
The accompanying notes are an integral part of
these combined financial statements.
-22-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-H
GEODYNE PRODUCTION PARTNERSHIP II-H
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
1995 1994
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents . . . . . . $ 134,174 $ 124,102
Accounts receivable:
Oil and gas sales, including $28,750
and $30,807 due from related parties
(Note 2) . . . . . . . . . . . . . 137,014 166,834
---------- ----------
Total current assets . . . . . . $ 271,188 $ 290,936
NET OIL AND GAS PROPERTIES, utilizing the
successful efforts method . . . . . . 3,296,257 3,449,374
DEFERRED CHARGE . . . . . . . . . . . . 49,839 49,839
---------- ----------
$3,617,284 $3,790,149
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable, General Partner . . $ 123 $ -
Accounts payable . . . . . . . . . . 25,156 33,996
Gas imbalance payable . . . . . . . . 18,690 18,690
---------- ----------
Total current liabilities . . . . $ 43,969 $ 52,686
ACCRUED LIABILITY . . . . . . . . . . . $ 22,681 $ 22,681
PARTNERS' CAPITAL (DEFICIT):
General Partner and Managing Partner ($ 44,372) ($ 42,167)
Unit Holders, issued and outstanding,
91,711 units . . . . . . . . . . . 3,595,006 3,756,949
---------- ----------
Total Partners' capital . . . . . $3,550,634 $3,714,782
---------- ----------
$3,617,284 $3,790,149
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-23-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-H
GEODYNE PRODUCTION PARTNERSHIP II-H
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1995 AND 1994
(Unaudited)
1995 1994
--------- ---------
REVENUES:
Oil and gas sales, including $45,006
and $107,498 to related parties
(Note 2) . . . . . . . . . . . . . . $237,311 $348,827
Interest income . . . . . . . . . . . 962 941
Gain on sale of oil and gas properties 8,250 368
-------- --------
$246,523 $350,136
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . $ 73,253 $ 85,583
Production tax . . . . . . . . . . . 20,428 35,076
Depreciation, depletion, and amortiza-
tion of oil and gas properties . . . 147,554 228,159
General and administrative . . . . . 27,436 33,083
-------- --------
$268,671 $381,901
-------- --------
NET LOSS . . . . . . . . . . . . . . . ($ 22,148) ($ 31,765)
======== ========
GENERAL PARTNER AND MANAGING PARTNER -
NET INCOME . . . . . . . . . . . . . $ 4,795 $ 7,538
======== ========
UNIT HOLDERS - NET LOSS . . . . . . . . ($ 26,943) ($ 39,303)
======== ========
NET LOSS per unit . . . . . . . . . . . ($ .29) ($ .43)
======== ========
UNITS OUTSTANDING . . . . . . . . . . . 91,711 91,711
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-24-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-H
GEODYNE PRODUCTION PARTNERSHIP II-H
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 . . . . . . . . . . . . . . ($ 22,148) ($ 31,765)
Adjustments to reconcile net loss to
net cash provided by operating
activities:
Depreciation, depletion, and amortiza-
tion of oil and gas properties . 147,554 228,159
Gain on sale of oil and gas properties ( 8,250) ( 368)
Decrease in accounts receivable . . 29,820 7,380
Decrease in accounts payable . . . ( 8,717) ( 6,606)
-------- --------
Net cash provided by operating
activities . . . . . . . . . . . . . $138,259 $196,800
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures . . . . . . . . ($ 1,106) ($ 8,008)
Proceeds from sale of oil and gas
properties . . . . . . . . . . . . . 14,919 368
-------- --------
Net cash provided (used) by investing
activities . . . . . . . . . . . . $ 13,813 ($ 7,640)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions . . . . . . . . . ($142,000) ($237,000)
-------- --------
Net cash used by financing activities ($142,000) ($237,000)
-------- --------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS . . . . . . . . . . . . $ 10,072 ($ 47,840)
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD . . . . . . . . . . . . . . 124,102 255,564
-------- --------
CASH AND CASH EQUIVALENTS AT END OF
PERIOD . . . . . . . . . . . . . . . $134,174 $207,724
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-25-
GEODYNE ENERGY INCOME II 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 II
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 Unit Holders' net income or loss per unit is based upon each
$100 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 cost to the Partnerships of properties acquired by the
General Partner is 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.
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.
-26-
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.
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 a Partnership exceed
the estimated undiscounted future net revenues of the properties, a
provision to reduce the carrying value of oil and gas properties 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 by the General Partner. 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
----------- ------------------ --------------
II-A $14,438 $127,443
II-B 10,732 95,190
II-C 5,494 40,688
II-D 10,935 82,863
II-E 7,159 60,215
II-F 6,126 45,104
II-G 13,368 97,944
II-H 3,301 24,135
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 at market prices to Premier Gas Company
("Premier"), an affiliate of the General Partner, and Premier may then
resell such gas to third parties at market prices. The following is a
summary of these sales and the amount of the Partnerships' accrued oil
and gas sales due from Premier as of March 31, 1995 and December 31,
1994:
-27-
Gas Sales Accrued Oil and Gas Sales
-------------- ----------------------------------
3 Months Ended As of As of
March 31, 1995 March 31, 1995 December 31, 1994
-------------- ----------------------------------
II-A $194,222 $120,160 $107,036
II-B 80,613 45,767 64,669
II-C 51,515 29,203 41,709
II-D 151,962 112,096 121,780
II-E 109,579 80,901 90,940
II-F 90,514 57,888 61,777
II-G 191,115 122,177 130,572
II-H 45,006 28,750 30,807
-28-
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 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 Unit Holders and 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 Unit Holders, having made capital contributions in the
amounts and on the dates set forth below:
Unit
Date of Holder Capital
Partnership Activation Contributions
------------ ------------------ ----------------
II-A July 22, 1987 $48,428,300
II-B October 14, 1987 36,171,900
II-C January 14, 1988 15,462,100
II-D May 10, 1988 31,487,800
II-E September 27, 1988 22,882,100
II-F January 5, 1989 17,140,000
II-G April 10, 1989 37,218,900
II-H May 17, 1989 9,171,100
In general, the amount of funds available for acquisition of
producing properties was equal to the capital contributions of the
Unit Holders, less 15% for sales commissions and organization and
management fees. All of the Partnerships have fully invested their
capital contributions.
Net proceeds from operations less necessary operating capital are
distributed to Unit Holders 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 and/or weakened demand. These trends have led to the
volatility in pricing and demand noted over the past years. While the
-29-
General Partner cannot predict future pricing trends, it believes the
working capital available as of March 31, 1995 and the net revenue
generated from 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 reflected a decrease in production of oil and natural
gas and a decrease in the average price of natural gas sold. Refer to
"Liquidity and Capital Resources" above for a discussion of factors
impacting prices and production volumes.
II-A 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 $1,246,893 $1,637,446
Direct operating expenses $ 555,671 $ 658,316
Barrels produced 34,094 37,140
Mcf produced 463,425 563,728
Average price/Bbl $ 16.18 $ 13.01
Average price/Mcf $ 1.50 $ 2.05
Total oil and gas sales decreased 23.9% 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
decreases in the volumes of oil and natural gas sold and a decrease in
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 3,046 barrels and 100,303 Mcf, respectively, for the three
months ended March 31, 1995 as compared to the similar period in 1994.
The decrease in volumes of natural gas sold resulted primarily from
declines in production from existing properties. Natural gas prices
decreased to an average of $1.50 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 $16.18
per barrel for the three months ended March 31, 1995 from an average
of $13.01 per barrel for the three months ended March 31, 1994.
Direct operating expenses (lease operating expenses and
production taxes) decreased by $102,645 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. As a
percentage of total revenues, these expenses increased to 44.1% for
the three months ended March 31, 1995 compared to 40.0% for the three
months ended March 31, 1994 primarily due to a decrease in the average
price of natural gas sold.
Depreciation, depletion, and amortization of oil and gas
properties decreased $311,483 for the three months ended March 31,
1995 as compared to the similar period in 1994 primarily due to the
decrease in volumes sold and upward revisions of previous reserve
-30-
estimates. As a percentage of total revenues, this expense decreased
to 53.1% for the three months ended March 31, 1995 from 59.6% for the
three months ended March 31, 1994. This decrease as a percentage of
total revenues 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 by $25,938 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, these expenses held relatively
constant for the three months ended March 31, 1995 as compared to the
three months ended March 31, 1994.
Cumulative cash distributions to the Unit Holders through March
31, 1995 were $35,026,357 or 72.33% of Unit Holders' contributions.
II-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 $939,063 $1,266,994
Direct operating expenses $409,168 $ 453,160
Barrels produced 25,070 27,795
Mcf produced 332,097 430,614
Average price/Bbl $ 16.12 $ 13.52
Average price/Mcf $ 1.61 $ 2.07
Total oil and gas sales decreased 25.9% 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 a decrease
in 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 2,725 barrels and 98,517 Mcf, respectively, for the
three months ended March 31, 1995 as compared to the similar period in
1994. The decrease in volumes of natural gas sold resulted primarily
from declines in production from existing properties. Natural gas
prices decreased to an average of $1.61 per Mcf for the three months
ended March 31, 1995 from an average of $2.07 per Mcf for the three
months ended March 31, 1994. Oil prices increased to an average of
$16.12 per barrel for the three months ended March 31, 1995 from an
average of $13.52 per barrel for the three months ended March 31,
1994.
Direct operating expenses (lease operating expenses and
production taxes) decreased by $43,992 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 during the
three months ended March 31, 1995, partially offset by the fixed
nature of certain direct operating expenses during the three months
ended March 31, 1995. As a percentage of total revenues, these
expenses increased to 44.3% for the three months ended March 31, 1995
compared to 35.6% for the three months ended March 31, 1994 primarily
due to the fixed nature of certain direct operating expenses and the
decrease in the average price of natural gas sold.
-31-
Depreciation, depletion, and amortization of oil and gas
properties decreased $198,954 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 upward
revisions of previous reserve estimates. As a percentage of total
revenues, these expenses remained relatively constant for the three
months ended March 31, 1995 as compared to the three months ended
March 31, 1994 due to the offsetting effects of the upward revisions
mentioned above and the decrease in the average price of natural gas
sold.
General and administrative expenses decreased $19,633 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, these expenses remained relatively
constant for the three months ended March 31, 1995 as compared to the
three months ended March 31, 1994.
Cumulative cash distributions to the Unit Holders through March
31, 1995 were $25,235,916 or 69.77% of Unit Holders' contributions.
II-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 $432,457 $580,618
Direct operating expenses $173,342 $198,591
Barrels produced 7,439 7,994
Mcf produced 196,633 237,524
Average price/Bbl $ 16.75 $ 13.91
Average price/Mcf $ 1.57 $ 1.98
Total oil and gas sales decreased 25.5% 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 a decrease
in 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 555 barrels and 40,891 Mcf, respectively, for the
three months ended March 31, 1995 as compared to the similar period in
1994. The decrease in volumes of natural gas sold resulted primarily
from declines in production from existing properties. Natural gas
prices decreased to an average of $1.57 per Mcf for the three months
ended March 31, 1995 from an average of $1.98 per Mcf for the three
months ended March 31, 1994. Oil prices increased to an average of
$16.75 per barrel for the three months ended March 31, 1995 from an
average of $13.91 per barrel for the three months ended March 31,
1994.
-32-
Direct operating expenses (lease operating expenses and
production taxes) decreased by $25,249 for the three months ended
March 31, 1995 as compared to the similar period in 1994 primarily due
to the decrease in volumes sold during 1995. As a percentage of total
revenues, these expenses increased to 39.0% for the three months ended
March 31, 1995 from 34.1% for the three months ended March 31, 1994.
The increase as a percentage of total revenues was primarily due to
the decrease in the average price of natural gas sold.
Depreciation, depletion, and amortization of oil and gas
properties decreased $53,805 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. As a percentage
of total revenues, this expense increased to 59.6% for the three
months ended March 31, 1995 from 54.8% for the three months ended
March 31, 1994. This increase as a percentage of total revenues was
primarily due to the decrease in the average price of natural gas
sold.
General and administrative expenses decreased $8,429 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, these expenses remained relatively
constant for the three months ended March 31, 1995 as compared to the
three months ended March 31, 1994 primarily due to the decrease in the
average price of natural gas sold.
Cumulative cash distributions to the Unit Holders through March
31, 1995 were $10,692,686 or 69.15% of Unit Holders' contributions.
II-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 $1,063,337 $1,224,098
Direct operating expenses $ 561,840 $ 515,252
Barrels produced 22,186 21,537
Mcf produced 515,183 482,073
Average price/Bbl $ 16.14 $ 12.94
Average price/Mcf $ 1.37 $ 1.96
Total oil and gas sales decreased 13.1% 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
the decrease in the average price of natural gas sold, partially
offset by an increase in the volumes of oil and natural gas sold and
average price of oil sold. Volumes of oil and natural gas sold
increased 649 barrels and 33,110 Mcf, respectively, for the three
months ended March 31, 1995. Natural gas prices decreased to an
average of $1.37 per Mcf for the three months ended March 31, 1995
from an average of $1.96 per Mcf for the three months ended March 31,
-33-
1994. Oil prices increased to an average of $16.14 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) increased by $46,588 for the three months ended
March 31, 1995 as compared to the similar period in 1994 primarily due
to the increase in oil and natural gas volumes sold and workovers
performed on one of the II-D Partnership's more significant wells. As
a percentage of total revenues, these expenses increased to 52.2% for
the three months ended March 31, 1995 from 42.1% for the three months
ended March 31, 1994. The increase in these expenses as a percentage
of total revenues was primarily due to the decrease in the average
price of natural gas sold.
Depreciation, depletion, and amortization of oil and gas
properties remained relatively constant for the three months ended
March 31, 1995 as compared to the similar period in 1994. As a
percentage of total revenues, this expense increased to 58.8% for the
three months ended March 31, 1995 from 52.3% for the three months
ended March 31, 1994. This increase as a percentage of total revenues
was primarily due to the decrease in the average price of natural gas
sold.
General and administrative expenses decreased $16,905 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, these expenses remained relatively
constant for the three months ended March 31, 1995 as compared to the
three months ended March 31, 1994.
Cumulative cash distributions to the Unit Holders through March
31, 1995 were $20,244,903 or 64.29% of Unit Holders' contributions.
II-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 $551,228 $679,757
Direct operating expenses $299,514 $297,137
Barrels produced 14,913 16,899
Mcf produced 216,917 232,789
Average price/Bbl $ 16.54 $ 13.25
Average price/Mcf $ 1.40 $ 1.96
Total oil and gas sales decreased 18.9% 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 a decrease
in 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 1,986 barrels and 15,872 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 $1.96 per Mcf
-34-
for the three months ended March 31, 1994. Oil prices increased to an
average of $16.54 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) remained relatively constant for the three months
ended March 31, 1995 as compared to the similar period in 1994. As a
percentage of total revenues, these expenses increased to 52.7% for
the three months ended March 31, 1995 from 43.6% for the three months
ended March 31, 1994 primarily due to the decrease in the average
price of natural gas sold.
Depreciation, depletion, and amortization of oil and gas
properties decreased $40,097 for the three months ended March 31, 1995
as compared to the similar period in 1994 primarily due to the
decrease in oil and natural gas volumes sold mentioned above. As a
percentage of total revenues, this expense increased to 85.4% for the
three months ended March 31, 1995 from 77.1% for the three months
ended March 31, 1994. This increase as a percentage of total revenues
was primarily due to a decrease in the average price of natural gas
sold.
General and administrative expenses decreased by $12,841 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, these expenses remained relatively
constant for the three months ended March 31, 1995 as compared to the
three months ended March 31, 1994.
Cumulative cash distributions to the Unit Holders through March
31, 1995 were $12,121,574 or 52.97% of Unit Holders' contributions.
II-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 $437,303 $663,295
Direct operating expenses $176,503 $220,302
Barrels produced 13,726 16,287
Mcf produced 166,819 238,836
Average price/Bbl $ 15.83 $ 12.96
Average price/Mcf $ 1.32 $ 1.89
Total oil and gas sales decreased 34.1% 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
the decrease in the 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 2,561 barrels and 72,017 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 prior period adjustments
-35-
on one of the II-F Partnership's more significant wells during the
three months ended March 31, 1995. Natural gas prices decreased to an
average of $1.32 per Mcf for the three months ended March 31, 1995
from an average of $1.89 per Mcf for the three months ended March 31,
1994. Oil prices increased to an average of $15.83 per barrel for the
three months ended March 31, 1995 from an average of $12.96 per barrel
for the three months ended March 31, 1994.
Direct operating expenses (lease operating expenses and
production taxes) decreased by $43,799 for the three months ended
March 31, 1995 as compared to the similar period in 1994 primarily due
to the decrease in oil and natural gas volumes sold. As a percentage
of total revenues, these expenses increased to 38.9% for the three
months ended March 31, 1995 from 33.1% for the three months ended
March 31, 1994. This increase as a percentage of total revenues was
primarily due to the decrease in the average price of natural gas
sold.
Depreciation, depletion, and amortization of oil and gas
properties decreased $168,164 for the three months ended March 31,
1995 as compared to the similar period in 1994 primarily due to the
decrease in oil and natural gas volumes sold and upward revisions of
previous reserve estimates. As a percentage of total revenues, this
expense decreased to 57.3% for the three months ended March 31, 1995
from 64.4% for the three months ended March 31, 1994. This decrease
as a percentage of total revenues was primarily due to upward reserve
revisions, partially offset by the decrease in the average price of
natural gas sold.
General and administrative expenses decreased $9,750 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, these expenses remained relatively
constant for the three months ended March 31, 1995 as compared to the
three months ended March 31, 1994.
Cumulative cash distributions to the Unit Holders through March
31, 1995 were $10,802,051 or 63.02% of Unit Holders' contributions.
II-G PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 1995 AS COMPARED TO THE THREE MONTHS
ENDED MARCH 31, 1994.
-36-
Three Months ended March 31,
----------------------------
1995 1994
---- ----
Oil and gas sales $970,570 $1,417,567
Direct operating expenses $391,024 $ 481,691
Barrels produced 28,888 34,154
Mcf produced 377,710 514,187
Average price/Bbl $ 15.84 $ 12.96
Average price/Mcf $ 1.36 $ 1.90
Total oil and gas sales decreased 31.5% 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
decreases 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 5,266 barrels and 136,477 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 prior period adjustments on one of the II-G Partnership's more
significant wells during the three months ended March 31, 1995.
Natural gas prices decreased to an average of $1.36 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 $15.84 per barrel for the three months ended March 31, 1995
from an average of $12.96 per barrel for the three months ended March
31, 1994.
Direct operating expenses (lease operating expenses and
production taxes) decreased by $90,667 for the three months ended
March 31, 1995 as compared to the similar period in 1994 primarily due
the decrease in the volumes of oil and natural gas sold during the
three months ended March 31, 1995, partially offset by the fixed
nature of certain direct operating expenses. As a percentage of total
revenues, these expenses increased to 38.7% for the three months ended
March 31, 1995 from 33.9% for the three months ended March 31, 1994.
The increase in these expenses as a percentage of total revenues was
primarily due to the decrease in the average price of natural gas sold
and the fixed nature of certain direct operating expenses.
Depreciation, depletion, and amortization of oil and gas
properties decreased $380,457 for the three months ended March 31,
1995 as compared to the similar period in 1994 primarily due to the
decrease in oil and natural gas volumes sold and upward revisions of a
previous reserve estimate. As a percentage of total revenues, this
expense decreased to 56.2% for the three months ended March 31, 1995
from 66.6% for the three months ended March 31, 1994. This decrease
as a percentage of total revenues was primarily due to upward reserve
revisions, partially offset by the decrease in the average price of
natural gas sold.
General and administrative expenses decreased by $20,154 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, these expenses remained relatively
constant for the three months ended March 31, 1995 as compared to the
three months ended March 31, 1994.
-37-
Cumulative cash distributions to the Unit Holders through March
31, 1995 were $21,937,371 or 58.94% of Unit Holders' contributions.
II-H 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 $237,311 $348,827
Direct operating expenses $ 93,681 $120,659
Barrels produced 6,713 7,970
Mcf produced 94,679 128,138
Average price/Bbl $ 15.85 $ 12.96
Average price/Mcf $ 1.38 $ 1.92
Total oil and gas sales decreased 32.0% 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 a decrease
in 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 1,257 barrels and 33,459 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 prior period adjustments on one of the II-H
Partnership's more significant wells during the three months ended
March 31, 1995. Natural gas prices decreased to an average of $1.38
per Mcf for the three months ended March 31, 1995 from an average of
$1.92 per Mcf for the three months ended March 31, 1994. Oil prices
increased to an average of $15.85 per barrel for the three months
ended March 31, 1995 from an average of $12.96 per barrel for the
three months ended March 31, 1994.
Direct operating expenses (lease operating expenses and
production taxes) decreased by $26,978 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. As a
percentage of total revenues, these expenses increased to 38.0% for
the three months ended March 31, 1995 from 34.5% for the three months
ended March 31, 1994. The increase in these expenses as a percentage
of total revenues was primarily due to the decrease in the average
price of natural gas sold.
Depreciation, depletion, and amortization of oil and gas
properties decreased $80,605 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 several
properties having been significantly depleted leaving a smaller basis
to deplete. As a percentage of total revenues, this expense decreased
to 59.9% for the three months ended March 31, 1995 from 65.2% for the
three months ended March 31, 1994. This decrease as a percentage of
total revenues was primarily due to several properties having been
significantly depleted leaving a smaller basis to deplete, partially
offset by the decrease in the average price of natural gas sold.
General and administrative expenses decreased $5,647 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
-38-
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.
Cumulative cash distributions to the Unit Holders through March
31, 1995 were $5,056,364 or 55.13% of Unit Holders' contributions.
-39-
PART II: OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
None
(b) Reports on Form 8-K
None
-40-
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 II-A
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-B
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-C
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-D
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-E
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-F
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-G
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-H
(Registrant)
By: GEODYNE PROPERTIES, INC.
General Partner
Date: August 31, 1995 By: /s/Dennis R. Neill
------------------------------
(Signature)
Dennis R. Neill
Senior Vice President
and Director
Date: August 31, 1995 By: /s/Drew S. Phillips
------------------------------
(Signature)
Drew S. Phillips
Vice President - Accounting
Principal Accounting Officer
-41-