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 June 30, 1996
Commission File Number:
I-B: 0-14657 I-C: 0-14658 I-D: 0-15831
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 73-1270110
Oklahoma I-F 73-1292669
--------------------------- -----------------------------
(State or other jurisdiction (I.R.S. Employer Identification
of incorporation or Number)
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 I-B
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-B
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
June 30, December 31,
1996 1995
--------- -----------
CURRENT ASSETS:
Cash and cash equivalents $ 2,691 $ 25,001
Accounts receivable:
General Partner - 4,074
Oil and gas sales, including
$5,872 due from related
parties in 1995 (Note 2) 41,343 38,453
-------- --------
Total current assets $ 44,034 $ 67,528
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 447,467 482,234
DEFERRED CHARGE 98,278 98,278
-------- --------
$589,779 $648,040
======== ========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable - related party $ 10,000 $ -
Accounts payable 11,095 7,659
Gas imbalance payable 73,983 73,983
-------- --------
Total current liabilities $ 95,078 $ 81,642
ACCRUED LIABILITY $ 34,173 $ 34,173
PARTNERS' CAPITAL (DEFICIT):
General Partner ($108,200) ($104,724)
Limited Partners, issued and
outstanding, 11,958 units 568,728 636,949
-------- --------
Total Partners' capital $460,528 $532,225
-------- --------
$589,779 $648,040
======== ========
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 JUNE 30, 1996 AND 1995
(Unaudited)
1996 1995
-------- ---------
REVENUES:
Oil and gas sales, including
$9,297 of sales to related
parties in 1995 (Note 2) $54,273 $77,550
Interest income 109 129
Gain on sale of oil and gas
properties - 2,252
------- -------
$54,382 $79,931
COSTS AND EXPENSES:
Lease operating $59,183 $33,661
Production tax 2,679 4,351
Depreciation, depletion, and
amortization of oil and gas
properties 13,642 34,011
General and administrative 15,566 14,693
------- -------
$91,070 $86,716
------- -------
NET LOSS ($36,688) ($ 6,785)
======= =======
GENERAL PARTNER - NET INCOME (LOSS) ($ 1,294) $ 1,021
======= =======
LIMITED PARTNERS - NET LOSS ($35,394) ($ 7,806)
======= =======
NET LOSS per unit ($ 2.96) ($ .65)
======= =======
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 OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1996 AND 1995
(Unaudited)
1996 1995
-------- ---------
REVENUES:
Oil and gas sales, including
$26,070 of sales to related
parties in 1995 (Note 2) $140,401 $180,925
Interest income 239 384
Gain on sale of oil and gas
properties - 4,771
-------- --------
$140,640 $186,080
COSTS AND EXPENSES:
Lease operating $ 85,618 $ 75,634
Production tax 7,920 12,075
Depreciation, depletion, and
amortization of oil and gas
properties 34,767 130,934
General and administrative 34,274 27,897
-------- --------
$162,579 $246,540
-------- --------
NET LOSS ($ 21,939) ($ 60,460)
======== ========
GENERAL PARTNER - NET INCOME $ 282 $ 2,214
======== ========
LIMITED PARTNERS - NET LOSS ($ 22,221) ($ 62,674)
======== ========
NET LOSS per unit ($ 1.86) ($ 5.24)
======== ========
UNITS OUTSTANDING 11,958 11,958
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-4-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-B
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-B
COMBINED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 1996 AND 1995
(Unaudited)
1996 1995
-------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss ($21,939) ($ 60,460)
Adjustments to reconcile net loss to
net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 34,767 130,934
Gain on sale of oil and gas
properties - ( 4,771)
Decrease in accounts receivable -
General Partner 4,074 -
Increase in accounts receivable ( 2,890) ( 12,420)
Decrease in deferred charge - 13,455
Increase in accounts payable -
related party 10,000 -
Increase (decrease) in accounts
payable 3,436 ( 10,576)
Decrease in accrued liability - ( 4,212)
------- --------
Net cash provided by operating
activities $27,448 $ 51,950
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures $ - ($ 7,797)
Proceeds from sale of oil and
gas properties - 4,954
------- --------
Net cash used by investing
activities $ - ($ 2,843)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($49,758) ($ 80,000)
------- --------
Net cash used by financing
activities ($49,758) ($ 80,000)
------- --------
NET DECREASE IN CASH AND CASH
EQUIVALENTS ($22,310) ($ 30,893)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 25,001 56,549
------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 2,691 $ 25,656
======= ========
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 BALANCE SHEETS
(Unaudited)
ASSETS
June 30, December 31,
1996 1995
---------- -----------
CURRENT ASSETS:
Cash and cash equivalents $246,425 $115,815
Accounts receivable:
General Partner - 18,104
Oil and gas sales (Note 2) 164,790 161,572
-------- --------
Total current assets $411,215 $295,491
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 367,202 445,122
DEFERRED CHARGE 39,457 39,457
-------- --------
$817,874 $780,070
======== ========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 15,982 $ 16,781
Gas imbalance payable 13,021 13,021
-------- --------
Total current liabilities $ 29,003 $ 29,802
ACCRUED LIABILITY $ 15,632 $ 15,632
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 83,074) ($ 66,308)
Limited Partners, issued and
outstanding, 8,885 units 856,313 800,944
-------- --------
Total Partners' capital $773,239 $734,636
-------- --------
$817,874 $780,070
======== ========
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 OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 1996 AND 1995
(Unaudited)
1996 1995
-------- ---------
REVENUES:
Oil and gas sales, including
$1,242 of sales to related
parties in 1995 (Note 2) $352,665 $181,970
Interest income 1,577 1,070
Gain on sale of oil and gas
properties - 9,699
-------- --------
$354,242 $192,739
COSTS AND EXPENSES:
Lease operating $ 53,344 $ 50,628
Production tax 17,910 14,351
Depreciation, depletion, and
amortization of oil and gas
properties 39,863 48,947
General and administrative 26,703 27,082
-------- --------
$137,820 $141,008
-------- --------
NET INCOME $216,422 $ 51,731
======== ========
GENERAL PARTNER - NET INCOME $ 12,337 $ 4,544
======== ========
LIMITED PARTNERS - NET INCOME $204,085 $ 47,187
======== ========
NET INCOME per unit $ 22.97 $ 5.31
======== ========
UNITS OUTSTANDING 8,885 8,885
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-7-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-C
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-C
COMBINED STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1996 AND 1995
(Unaudited)
1996 1995
-------- ---------
REVENUES:
Oil and gas sales, including
$3,654 of sales to related
parties in 1995 (Note 2) $618,004 $393,448
Interest income 2,687 2,022
Gain on sale of oil and gas
properties - 9,699
-------- --------
$620,691 $405,169
COSTS AND EXPENSES:
Lease operating $ 96,862 $108,451
Production tax 35,054 31,147
Depreciation, depletion, and
amortization of oil and gas
properties 77,920 106,904
General and administrative 55,748 52,565
-------- --------
$265,584 $299,067
-------- --------
NET INCOME $355,107 $106,102
======== ========
GENERAL PARTNER - NET INCOME $ 20,738 $ 9,581
======== ========
LIMITED PARTNERS - NET INCOME $334,369 $ 96,521
======== ========
NET INCOME per unit $ 37.63 $ 10.86
======== ========
UNITS OUTSTANDING 8,885 8,885
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-8-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-C
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-C
COMBINED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 1996 AND 1995
(Unaudited)
1996 1995
-------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $355,107 $106,102
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 77,920 106,904
Gain on sale of oil and gas
properties - ( 9,699)
Decrease in accounts receivable -
General Partner 18,104 -
(Increase) decrease in accounts
receivable ( 3,218) 13,583
Decrease in deferred charge - 6,029
Decrease in accounts payable ( 799) ( 5,406)
Decrease in accrued liability - ( 2,124)
-------- --------
Net cash provided by operating
activities $447,114 $215,389
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of oil and
gas properties $ - $ 9,793
-------- --------
Net cash provided by investing
activities $ - $ 9,793
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($316,504) ($236,900)
-------- --------
Net cash used by financing
activities ($316,504) ($236,900)
-------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS $130,610 ($ 11,718)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 115,815 116,512
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $246,425 $104,794
======== ========
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 BALANCE SHEETS
(Unaudited)
ASSETS
June 30, December 31,
1996 1995
---------- -----------
CURRENT ASSETS:
Cash and cash equivalents $ 357,243 $ 245,666
Accounts receivable:
Oil and gas sales, including
$65,811 due from related
parties in 1995 (Note 2) 247,319 224,856
---------- ----------
Total current assets $ 604,562 $ 470,522
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 910,199 1,010,429
DEFERRED CHARGE 113,490 113,490
---------- ----------
$1,628,251 $1,594,441
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 13,218 $ 30,749
Gas imbalance payable 67,130 67,130
---------- ----------
Total current liabilities $ 80,348 $ 97,879
ACCRUED LIABILITY $ 17,970 $ 17,970
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 12,167) $ 17,993
Limited Partners, issued and
outstanding, 7,195 units 1,542,100 1,460,599
---------- ----------
Total Partners' capital $1,529,933 $1,478,592
---------- ----------
$1,628,251 $1,594,441
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-10-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-D
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-D
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 1996 AND 1995
(Unaudited)
1996 1995
-------- ---------
REVENUES:
Oil and gas sales, including
$86,329 of sales to related
parties in 1995 (Note 2) $474,502 $234,004
Interest income 2,297 2,049
Gain on sale of oil and gas
properties 358 1,433
-------- --------
$477,157 $237,486
COSTS AND EXPENSES:
Lease operating $ 35,729 $ 40,071
Production tax 26,640 17,799
Depreciation, depletion, and
amortization of oil and gas
properties 50,172 51,465
General and administrative 23,419 25,519
-------- --------
$135,960 $134,854
-------- --------
NET INCOME $341,197 $102,632
======== ========
GENERAL PARTNER - NET INCOME $ 57,859 $ 22,600
======== ========
LIMITED PARTNERS - NET INCOME $283,338 $ 80,032
======== ========
NET INCOME per unit $ 39.38 $ 11.12
======== ========
UNITS OUTSTANDING 7,195 7,195
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-11-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-D
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-D
COMBINED STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1996 AND 1995
(Unaudited)
1996 1995
-------- ---------
REVENUES:
Oil and gas sales, including
$175,086 of sales to related
parties in 1995 (Note 2) $881,138 $536,646
Interest income 4,254 4,055
Gain on sale of oil and gas
properties 158 3,042
-------- --------
$885,550 $543,743
COSTS AND EXPENSES:
Lease operating $ 77,000 $ 77,744
Production tax 55,146 40,912
Depreciation, depletion, and
amortization of oil and gas
properties 98,729 121,830
General and administrative 47,987 47,908
-------- --------
$278,862 $288,394
-------- --------
NET INCOME $606,688 $255,349
======== ========
GENERAL PARTNER - NET INCOME $104,187 $ 55,359
======== ========
LIMITED PARTNERS - NET INCOME $502,501 $199,990
======== ========
NET INCOME per unit $ 69.84 $ 27.80
======== ========
UNITS OUTSTANDING 7,195 7,195
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-12-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-D
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-D
COMBINED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 1996 AND 1995
(Unaudited)
1996 1995
-------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $606,688 $255,349
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 98,729 121,830
Gain on sale of oil and gas
properties ( 158) ( 3,042)
(Increase) decrease in accounts
receivable ( 22,463) 35,748
Increase in deferred charge - ( 7,707)
Decrease in accounts payable ( 17,531) ( 22,621)
Increase in accrued liability - 3,245
-------- --------
Net cash provided by operating
activities $665,265 $382,802
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of oil and
gas properties $ 1,659 $ 3,670
-------- --------
Net cash provided by investing
activities $ 1,659 $ 3,670
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($555,347) ($464,000)
-------- --------
Net cash used by financing
activities ($555,347) ($464,000)
-------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS $111,577 ($ 77,528)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 245,666 247,485
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $357,243 $169,957
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-13-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-E
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-E
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
June 30, December 31,
1996 1995
---------- -----------
CURRENT ASSETS:
Cash and cash equivalents $ 848,386 $ 734,316
Accounts receivable:
Oil and gas sales, including
$373,412 due from related
parties in 1995 (Note 2) 884,190 775,771
---------- ----------
Total current assets $1,732,576 $1,510,087
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 6,006,854 6,504,506
DEFERRED CHARGE 942,747 942,747
---------- ----------
$8,682,177 $8,957,340
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 98,130 $ 172,888
Gas imbalance payable 210,231 210,231
---------- ----------
Total current liabilities $ 308,361 $ 383,119
ACCRUED LIABILITY $ 135,446 $ 135,446
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 138,418) ($ 54,687)
Limited Partners, issued and
outstanding, 41,839 units 8,376,788 8,493,462
---------- ----------
Total Partners' capital $8,238,370 $8,438,775
---------- ----------
$8,682,177 $8,957,340
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-14-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-E
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-E
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 1996 AND 1995
(Unaudited)
1996 1995
---------- -----------
REVENUES:
Oil and gas sales, including
$506,209 of sales to related
parties in 1995 (Note 2) $1,341,817 $1,028,988
Interest income 5,809 7,335
Gain (loss) on sale of oil and gas
properties 1,544 ( 4,298)
---------- ----------
$1,349,170 $1,032,025
COSTS AND EXPENSES:
Lease operating $ 282,788 $ 319,483
Production tax 88,669 71,015
Depreciation, depletion, and
amortization of oil and gas
properties 241,730 378,880
General and administrative 131,130 140,848
---------- ----------
$ 744,317 $ 910,226
---------- ----------
NET INCOME $ 604,853 $ 121,799
========== ==========
GENERAL PARTNER - NET INCOME $ 123,699 $ 71,313
========== ==========
LIMITED PARTNERS - NET INCOME $ 481,154 $ 50,486
========== ==========
NET INCOME per unit $ 11.50 $ 1.21
========== ==========
UNITS OUTSTANDING 41,839 41,839
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-15-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-E
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-E
COMBINED STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1996 AND 1995
(Unaudited)
1996 1995
---------- -----------
REVENUES:
Oil and gas sales, including
$1,034,728 of sales to related
parties in 1995 (Note 2) $2,747,225 $2,234,745
Interest income 11,365 13,596
Gain on sale of oil and gas
properties 3,059 6,723
---------- ----------
$2,761,649 $2,255,064
COSTS AND EXPENSES:
Lease operating $ 572,744 $ 663,490
Production tax 180,898 152,739
Depreciation, depletion, and
amortization of oil and gas
properties 494,935 845,239
General and administrative 273,175 269,743
---------- ----------
$1,521,752 $1,931,211
---------- ----------
NET INCOME $1,239,897 $ 323,853
========== ==========
GENERAL PARTNER - NET INCOME $ 253,571 $ 133,503
========== ==========
LIMITED PARTNERS - NET INCOME $ 986,326 $ 190,350
========== ==========
NET INCOME per unit $ 23.57 $ 4.55
========== ==========
UNITS OUTSTANDING 41,839 41,839
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-16-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-E
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-E
COMBINED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 1996 AND 1995
(Unaudited)
1996 1995
---------- -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $1,239,897 $ 323,853
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 494,935 845,239
Gain on sale of oil and gas
properties ( 3,059) ( 6,723)
(Increase) decrease in accounts
receivable ( 108,419) 120,837
Increase in deferred charge - ( 33,827)
Decrease in accounts payable ( 74,758) ( 101,326)
Increase in accrued liability - 13,596
---------- ----------
Net cash provided by operating
activities $1,548,596 $1,161,649
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures $ - ($ 38,912)
Proceeds from sale of oil and
gas properties 5,776 20,703
---------- ----------
Net cash provided (used) by
investing activities $ 5,776 ($ 18,209)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($1,440,302) ($1,203,000)
---------- ----------
Net cash used by financing
activities ($1,440,302) ($1,203,000)
---------- ----------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS $ 114,070 ($ 59,560)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 734,316 679,615
---------- ----------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 848,386 $ 620,055
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-17-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-F
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-F
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
June 30, December 31,
1996 1995
---------- -----------
CURRENT ASSETS:
Cash and cash equivalents $ 243,032 $ 272,653
Accounts receivable:
Oil and gas sales, including
$78,769 due from related
parties in 1995 (Note 2) 246,599 274,349
---------- ----------
Total current assets $ 489,631 $ 547,002
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 1,875,879 2,038,534
DEFERRED CHARGE 538,858 538,858
---------- ----------
$2,904,368 $3,124,394
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 45,552 $ 64,142
Gas imbalance payable 83,203 83,203
---------- ----------
Total current liabilities $ 128,755 $ 147,345
ACCRUED LIABILITY $ 79,435 $ 79,435
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 69,294) ($ 25,679)
Limited Partners, issued and
outstanding, 14,321 units 2,765,472 2,923,293
---------- ----------
Total Partners' capital $2,696,178 $2,897,614
---------- ----------
$2,904,368 $3,124,394
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-18-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-F
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-F
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 1996 AND 1995
(Unaudited)
1996 1995
-------- ---------
REVENUES:
Oil and gas sales, including
$119,465 of sales to related
parties in 1995 (Note 2) $415,160 $380,968
Interest income 1,519 2,323
Gain (loss) on sale of oil and
gas properties 720 ( 566)
-------- --------
$417,399 $382,725
COSTS AND EXPENSES:
Lease operating $130,466 $126,139
Production tax 30,399 26,402
Depreciation, depletion, and
amortization of oil and gas
properties 80,693 128,031
General and administrative 45,564 48,935
-------- --------
$287,122 $329,507
-------- --------
NET INCOME $130,277 $ 53,218
======== ========
GENERAL PARTNER - NET INCOME $ 30,611 $ 25,907
======== ========
LIMITED PARTNERS - NET INCOME $ 99,666 $ 27,311
======== ========
NET INCOME per unit $ 6.96 $ 1.90
======== ========
UNITS OUTSTANDING 14,321 14,321
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-19-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-F
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-F
COMBINED STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1996 AND 1995
(Unaudited)
1996 1995
-------- ---------
REVENUES:
Oil and gas sales, including
$241,653 of sales to related
parties in 1995 (Note 2) $920,516 $829,731
Interest income 3,428 4,925
Gain on sale of oil and gas
properties 720 5,520
-------- --------
$924,664 $840,176
COSTS AND EXPENSES:
Lease operating $265,419 $292,414
Production tax 61,724 55,285
Depreciation, depletion, and
amortization of oil and gas
properties 162,716 290,125
General and administrative 94,281 93,192
-------- --------
$584,140 $731,016
-------- --------
NET INCOME $340,524 $109,160
======== ========
GENERAL PARTNER - NET INCOME $ 73,345 $ 46,090
======== ========
LIMITED PARTNERS - NET INCOME $267,179 $ 63,070
======== ========
NET INCOME per unit $ 18.66 $ 4.40
======== ========
UNITS OUTSTANDING 14,321 14,321
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-20-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-F
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-F
COMBINED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 1996 AND 1995
(Unaudited)
1996 1995
---------- -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $340,524 $109,160
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 162,716 290,125
Gain on sale of oil and gas
properties ( 720) ( 5,520)
Decrease in accounts receivable 27,750 60,859
Increase in deferred charge - ( 25,942)
Decrease in accounts payable ( 18,590) ( 31,112)
Increase in accrued liability - 3,399
-------- --------
Net cash provided by operating
activities $511,680 $400,969
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 61) ($ 28,368)
Proceeds from sale of oil and
gas properties 720 10,858
-------- --------
Net cash provided (used) by
investing activities $ 659 ($ 17,510)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($541,960) ($511,000)
-------- --------
Net cash used by financing
activities ($541,960) ($511,000)
-------- --------
NET DECREASE IN CASH AND CASH
EQUIVALENTS ($ 29,621) ($127,541)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 272,653 305,618
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $243,032 $178,077
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-21-
GEODYNE ENERGY INCOME I LIMITED PARTNERSHIPS
CONDENSED NOTES TO THE COMBINED FINANCIAL STATEMENTS
JUNE 30, 1996
(Unaudited)
1. ACCOUNTING POLICIES
-------------------
The combined balance sheets as of June 30, 1996, combined
statements of operations for the three and six months ended June 30,
1996 and 1995 and combined statements of cash flows for the six months
ended June 30, 1996 and 1995 have been prepared by Geodyne Resources,
Inc., the general partner of the limited partnerships, and are
unaudited. Each limited partnership is a general partner in the
related Geodyne Energy Income Production Partnership in which Geodyne
Resources, Inc. serves as the managing partner. Unless the context
indicates otherwise, all references to a "Partnership" or the
"Partnerships" are references to the limited partnership and its
related production partnership, collectively, and all references to
the "General Partner" are references to the general partner of the
limited partnerships and the managing partner of the production
partnerships, collectively. 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 June 30, 1996, the combined
results of operations for the three and six months ended June 30, 1996
and 1995 and the combined cash flows for the six months ended June 30,
1996 and 1995.
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, 1995. The results of operations for
the period ended June 30, 1996 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.
-22-
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.
Effective October 1, 1995, the Partnerships adopted the
requirements of Statement of Financial Accounting Standards ("SFAS")
No. 121, "Accounting for the Impairment of Long Lived Assets and
Assets Held for Disposal. SFAS No. 121 provides that if the
unamortized costs of oil and gas properties for each field exceed the
expected undiscounted future cash flows from such properties, the cost
of the properties is written down to fair value, which is determined
by using the discounted future cash flows from the properties. Under
the Partnerships' prior impairment policy if the net oil and gas
properties taken as a whole exceeded the estimated undiscounted future
net revenues of the properties, a valuation allowance would be
recorded for the excess amount. The risk that the Partnerships will
be required to record such impairment provisions in the future
increases when oil and gas prices are depressed.
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 six months ended June 30, 1996 the
following payments were made to the General Partner or its affiliates
by the Partnerships:
Direct General Administrative
Partnership and Administrative Overhead
----------- ------------------ --------------
I-B $11,648 $ 22,626
I-C 8,738 47,010
I-D 8,015 39,972
I-E 40,735 232,440
I-F 14,721 79,560
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.
During 1995, the Partnerships sold gas at market prices to
Premier Gas Company ("Premier") and Premier then resold such gas to
third parties at market prices. Premier was an affiliate of the
Partnerships until December 6, 1995. The following is a summary of
these sales during the three and six months ended June 30, 1995 and
the amount of the Partnerships' accrued oil and gas sales due from
Premier at December 31, 1995.
-23-
Accrued
Gas Sales Gas Sales Oil and Gas Sales
-------------- -------------- -----------------
3 Months Ended 6 Months Ended As of
June 30, 1995 June 30, 1995 December 31, 1995
-------------- -------------- -----------------
I-B $ 9,297 $ 26,070 $ 5,872
I-C 1,242 3,654 -
I-D 86,329 175,086 65,811
I-E 506,209 1,034,728 373,412
I-F 119,465 241,653 78,769
-24-
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
related production partnerships (the "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 June 30, 1996 and the net revenue
generated from future operations will provide sufficient working
capital to meet current and future obligations of the Partnerships.
-25-
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 Partnerships' operations during the three and six months ended
June 30, 1996 reflect an increase in total revenues compared to the
same periods in 1995. Management believes this increase generally
resulted from increases in the average oil and natural gas sales
prices received by the Partnerships. Refer to "Liquidity and Capital
Resources" above for a discussion of factors impacting prices and
production volumes.
I-B PARTNERSHIP
THREE MONTHS ENDED JUNE 30, 1996 AS COMPARED TO THE THREE MONTHS
ENDED JUNE 30, 1995.
Three months ended June 30,
---------------------------
1996 1995
-------- ------
Oil and gas sales $54,273 $77,550
Oil and gas production expenses $61,862 $38,012
Barrels produced 616 1,356
Mcf produced 22,045 38,059
Average price/Bbl $ 19.66 $ 17.60
Average price/Mcf $ 1.91 $ 1.41
Total oil and gas sales decreased $23,277 (30.0%) for the three
months ended June 30, 1996 as compared to the three months ended June
30, 1995. Of this decrease, $45,135 was related to the decreases in
the volumes of oil and natural gas sold, partially offset by a $21,823
increase related to the increases in the average prices of oil and
natural gas sold. Volumes of oil and natural gas sold decreased by
740 barrels and 16,014 Mcf, respectively, for the three months ended
June 30, 1996 as compared to the three months ended June 30, 1995.
The decrease in the volumes of oil and natural gas sold resulted
primarily from (i) the shutting-in of one significant well during the
three months ended June 30, 1996 in order to increase production
capabilities and (ii) normal declines in production from diminished
oil and natural gas reserves on several wells during the three months
ended June 30, 1996 as compared to the three months ended June 30,
1995. Average oil and natural gas prices increased to $19.66 per
barrel and $1.91 per Mcf, respectively, for the three months ended
June 30, 1996 from $17.60 per barrel and $1.41 per Mcf, respectively,
for the three months ended June 30, 1995.
Direct operating expenses (lease operating expenses and
production taxes) increased $23,850 for the three months ended June
30, 1996 as compared to the three months ended June 30, 1995. This
increase was primarily due to workover expenses incurred on two wells
during the three months ended June 30, 1996 in order to improve the
recovery of reserves. As a percentage of oil and gas sales, these
expenses increased to 114.0% for the three months ended June 30, 1996
from 49.0% for the three months ended June 30, 1995. This percentage
increase was primarily due to the increase in workover expenses for
the three months ended June 30, 1996 as compared to the three months
ended June 30, 1995.
-26-
Depreciation, depletion, and amortization of oil and gas
properties decreased $20,369 for the three months ended June 30, 1996
as compared to the three months ended June 30, 1995. This decrease
was primarily the result of a decrease in capitalized costs due to an
impairment provision recognized in the fourth quarter of 1995 and the
decreases in the volumes of oil and natural gas sold during the three
months ended June 30, 1996 as compared to the three months ended June
30, 1995. As a percentage of oil and gas sales, this expense
decreased to 25.1% for the three months ended June 30, 1996 from 43.9%
for the three months ended June 30, 1995. This percentage decrease
was primarily due to the dollar decrease in depreciation, depletion,
and amortization related to the impairment provision as previously
discussed.
General and administrative expenses increased $873 for the three
months ended June 30, 1996 as compared to the three months ended June
30, 1995. This increase was primarily due to an increase in both
professional fees and printing and postage expenses during the three
months ended June 30, 1996 as compared to the three months ended June
30, 1995. As a percentage of oil and gas sales, these expenses
increased to 28.7% for the three months ended June 30, 1996 from 18.9%
for the three months ended June 30, 1995. This percentage increase
was primarily a result of the decrease in oil and gas sales during the
three months ended June 30, 1996 as compared to the three months ended
June 30, 1995.
SIX MONTHS ENDED JUNE 30, 1996 AS COMPARED TO THE SIX MONTHS
ENDED JUNE 30, 1995.
Six months ended June 30,
---------------------------
1996 1995
-------- ------
Oil and gas sales $140,401 $180,925
Oil and gas production expenses $ 93,538 $ 87,709
Barrels produced 1,313 3,086
Mcf produced 57,722 82,330
Average price/Bbl $ 19.11 $ 16.93
Average price/Mcf $ 2.00 $ 1.56
Total oil and gas sales decreased $40,524 (22.4%) for the six
months ended June 30, 1996 as compared to the six months ended June
30, 1995. Of this decrease, $83,098 was related to the decreases in
the volumes of oil and natural gas sold, partially offset by a $42,952
increase related to the increases in the average prices of oil and
natural gas sold. Volumes of oil and natural gas sold decreased by
1,773 barrels and 24,608 Mcf, respectively, for the six months ended
June 30, 1996 as compared to the six months ended June 30, 1995. The
decrease in the volumes of oil sold resulted primarily from the
shutting-in of one significant well during the six months ended June
30, 1996 in order to increase production capabilities and normal
declines in production from diminished oil reserves on two other wells
during the six months ended June 30, 1996 as compared to the six
months ended June 30, 1995. The decrease in the volumes of natural
gas sold resulted primarily from (i) positive prior period volume
adjustments made by a purchaser on one well during the six months
ended June 30, 1995 and (ii) the shutting-in of two significant wells
during the six months ended June 30, 1996 in order to increase
production capabilities. Average oil and natural gas prices increased
to $19.11 per barrel and $2.00 per Mcf, respectively, for the six
months ended June 30, 1996 from $16.93 per barrel and $1.56 per Mcf,
respectively, for the six months ended June 30, 1995.
-27-
Direct operating expenses (lease operating expenses and
production taxes) increased $5,829 for the six months ended June 30,
1996 as compared to the six months ended June 30, 1995. This increase
was primarily due to workover expenses incurred on two wells during
the six months ended June 30, 1996 in order to improve the recovery of
reserves. As a percentage of oil and gas sales, these expenses
increased to 66.6% for the six months ended June 30, 1996 from 48.5%
for the six months ended June 30, 1995. This percentage increase was
primarily due to the increase in workover expenses during the six
months ended June 30, 1996 as compared to the six months ended June
30, 1995.
Depreciation, depletion, and amortization of oil and gas
properties decreased $96,167 for the six months ended June 30, 1996 as
compared to the six months ended June 30, 1995. This decrease was
primarily the result of a decrease in capitalized costs due to an
impairment provision recognized in the fourth quarter of 1995 and the
decreases in the volumes of oil and natural gas sold during the six
months ended June 30, 1996 as compared to the six months ended June
30, 1995. As a percentage of oil and gas sales, this expense
decreased to 24.8% for the six months ended June 30, 1996 from 72.4%
for the six months ended June 30, 1995. This percentage decrease was
primarily due to the dollar decrease in depreciation, depletion, and
amortization related to the impairment provision as previously
discussed.
General and administrative expenses increased $6,377 for the six
months ended June 30, 1996 as compared to the six months ended June
30, 1995. This increase was primarily due to an increase in both
professional fees and printing and postage expenses during the six
months ended June 30, 1996 as compared to the six months ended June
30, 1995. As a percentage of oil and gas sales, these expenses
increased to 24.4% for the six months ended June 30, 1996 from 15.4%
for the six months ended June 30, 1995. This percentage increase was
primarily a result of the decrease in oil and gas sales during the six
months ended June 30, 1996 as compared to the six months ended June
30, 1995.
The Limited Partners have received cash distributions through
June 30, 1996 totaling $6,398,527 or 53.51% of Limited Partners'
capital contributions.
I-C PARTNERSHIP
THREE MONTHS ENDED JUNE 30, 1996 AS COMPARED TO THE THREE MONTHS
ENDED JUNE 30, 1995.
Three months ended June 30,
---------------------------
1996 1995
-------- ------
Oil and gas sales $352,665 $181,970
Oil and gas production expenses $ 71,254 $ 64,979
Barrels produced 7,086 6,073
Mcf produced 68,730 47,473
Average price/Bbl $ 19.15 $ 17.73
Average price/Mcf $ 3.16 $ 1.57
Total oil and gas sales increased $170,695 (93.8%) for the three
months ended June 30, 1996 as compared to the three months ended June
30, 1995. Of this increase, $75,482 was related to the increase in
the average price of natural gas sold and $86,571 was related to the
-28-
increases in both the volumes of oil and natural gas sold. Volumes of
oil and natural gas sold increased by 1,013 barrels and 21,257 Mcf,
respectively, for the three months ended June 30, 1996 as compared to
the three months ended June 30, 1995. The increases in the volumes of
oil and natural gas sold resulted primarily from one significant well
producing at less than maximum capacity due to state-imposed allowable
restrictions during the three months ended June 30, 1995. Average oil
and natural gas prices increased to $19.15 per barrel and $3.16 per
Mcf, respectively, for the three months ended June 30, 1996 from
$17.73 per barrel and $1.57 per Mcf, respectively, for the three
months ended June 30, 1995. The increase in the average price of
natural gas sold was due in part to a favorable spot price received on
one significant well, which may or may not continue in the future.
Direct operating expenses (lease operating expenses and
production taxes) increased $6,275 for the three months ended June 30,
1996 as compared to the three months ended June 30, 1995. This
increase followed the increases in volumes of oil and natural gas
sold. As a percentage of oil and gas sales, these expenses decreased
to 20.2% for the three months ended June 30, 1996 from 35.7% for the
three months ended June 30, 1995. This percentage decrease was
primarily due to the increases in the average prices of oil and
natural gas sold during the three months ended June 30, 1996 as
compared to the three months ended June 30, 1995.
Depreciation, depletion, and amortization of oil and gas
properties decreased $9,084 for the three months ended June 30, 1996
as compared to the three months ended June 30, 1995. This decrease
was primarily due to an upward revision in previous oil reserve
estimates at December 31, 1995 and a decrease in capitalized costs due
to an impairment provision recognized in the fourth quarter of 1995.
As a percentage of oil and gas sales, this expense decreased to 11.3%
for the three months ended June 30, 1996 from 26.9% for the three
months ended June 30, 1995. This percentage decrease was primarily due
to the dollar decrease in depreciation, depletion, and amortization
related to the upward reserve revision and the impairment provision as
discussed above and the increases in the average prices of oil and
natural gas sold during the three months ended June 30, 1996 as
compared to the three months ended June 30, 1995.
General and administrative expenses remained relatively constant
for the three months ended June 30, 1996 as compared to the three
months ended June 30, 1995. As a percentage of oil and gas sales,
these expenses decreased to 7.6% for the three months ended June 30,
1996 from 14.9% for the three months ended June 30, 1995. This
percentage decrease resulted primarily from the increase in oil and
gas sales during the three months ended June 30, 1996 as compared to
the three months ended June 30, 1995.
SIX MONTHS ENDED JUNE 30, 1996 AS COMPARED TO THE SIX MONTHS
ENDED JUNE 30, 1995.
Six months ended June 30,
---------------------------
1996 1995
-------- ------
Oil and gas sales $618,004 $393,448
Oil and gas production expenses $131,916 $139,598
Barrels produced 15,034 13,187
Mcf produced 127,246 104,141
Average price/Bbl $ 18.52 $ 17.18
Average price/Mcf $ 2.67 $ 1.60
-29-
Total oil and gas sales increased $224,556 (57.1%) for the six
months ended June 30, 1996 as compared to the six months ended June
30, 1995. Of this increase, $111,431 was related to the increase in
the average price of natural gas sold and $95,896 was related to the
increase in the volumes of natural gas sold. Volumes of oil and
natural gas sold increased by 1,847 barrels and 23,105 Mcf,
respectively, for the six months ended June 30, 1996 as compared to
the six months ended June 30, 1995. The increases in the volumes of
oil and natural gas sold resulted primarily from one significant well
producing at less than maximum capacity due to state-imposed allowable
restrictions during the six months ended June 30, 1995. Average oil
and natural gas prices increased to $18.52 per barrel and $2.67 per
Mcf, respectively, for the six months ended June 30, 1996 from $17.18
per barrel and $1.60 per Mcf, respectively, for the six months ended
June 30, 1995.
Direct operating expenses (lease operating expenses and
production taxes) decreased $7,682 for the six months ended June 30,
1996 as compared to the six months ended June 30, 1995. This decrease
was primarily the result of (i) workover expenses incurred on one well
during the six months ended June 30, 1995 in order to improve the
recovery of reserves and (ii) the decrease in operating expenses due
to the sale of several wells during the six months ended June 30,
1995, partially offset by the increases in the volumes of oil and
natural gas sold during the six months ended June 30, 1996 as compared
to the six months ended June 30, 1995. As a percentage of oil and gas
sales, these expenses decreased to 21.3% for the six months ended June
30, 1996 from 35.5% for the six months ended June 30, 1995. This
percentage decrease was primarily due to the increases in the average
prices of oil and natural gas sold during the six months ended June
30, 1996 as compared to the six months ended June 30, 1995.
Depreciation, depletion, and amortization of oil and gas
properties decreased $28,984 for the six months ended June 30, 1996 as
compared to the six months ended June 30, 1995. This decrease was
primarily due to an upward revision in previous oil reserve estimates
at December 31, 1995 and a decrease in capitalized costs due to an
impairment provision recognized in the fourth quarter of 1995. As a
percentage of oil and gas sales, this expense decreased to 12.6% for
the six months ended June 30, 1996 from 27.2% for the six months ended
June 30, 1995. This percentage decrease was primarily due to the
dollar decrease in depreciation, depletion, and amortization related
to the upward reserve revision and the impairment provision as
discussed above and the increases in the average prices of oil and gas
sold during the six months ended June 30, 1996 as compared to the six
months ended June 30, 1995.
General and administrative expenses increased $3,183 for the six
months ended June 30, 1996 as compared to the six months ended June
30, 1995. This increase was primarily due to an increase in both
professional fees and printing and postage expenses during the six
months ended June 30, 1996 as compared to the six months ended June
30, 1995. As a percentage of oil and gas sales, these expenses
decreased to 9.0% for the six months ended June 30, 1996 from 13.4%
for the six months ended June 30, 1995. This percentage decrease
resulted primarily from the increase in oil and gas sales during the
six months ended June 30, 1996 as compared to the six months ended
June 30, 1995.
-30-
The Limited Partners have received cash distributions through
June 30, 1996 totaling $6,954,300 or 78.27% of Limited Partners'
capital contributions.
I-D PARTNERSHIP
THREE MONTHS ENDED JUNE 30, 1996 AS COMPARED TO THE THREE MONTHS
ENDED JUNE 30, 1995.
Three months ended June 30,
---------------------------
1996 1995
-------- ------
Oil and gas sales $474,502 $234,004
Oil and gas production expenses $ 62,369 $ 57,870
Barrels produced 5,544 4,764
Mcf produced 148,076 106,367
Average price/Bbl $ 19.02 $ 17.55
Average price/Mcf $ 2.49 $ 1.41
Total oil and gas sales increased $240,498 (102.8%) for the three
months ended June 30, 1996 as compared to the three months ended June
30, 1995. Of this increase, $114,876 was related to the increase in
the average price of natural gas sold and $103,855 was related to an
increase in the volumes of natural gas sold. Volumes of oil and
natural gas sold increased by 780 barrels and 41,709 Mcf,
respectively, for the three months ended June 30, 1996 as compared to
the three months ended June 30, 1995. The increases in the volumes of
oil and natural gas sold resulted primarily from one significant well
producing at less than maximum capacity due to state-imposed allowable
restrictions during the three months ended June 30, 1995. Average oil
and natural gas prices increased to $19.02 per barrel and $2.49 per
Mcf, respectively, for the three months ended June 30, 1996 from
$17.55 per barrel and $1.41 per Mcf, respectively, for the three
months ended June 30, 1995.
Direct operating expenses (lease operating expenses and
production taxes) increased $4,499 for the three months ended June 30,
1996 as compared to the three months ended June 30, 1995. This
increase followed the increases in the volumes of oil and natural gas
sold. As a percentage of oil and gas sales, these expenses decreased
to 13.1% for the three months ended June 30, 1996 from 24.7% for the
three months ended June 30, 1995. This percentage decrease resulted
primarily from the increases in the average prices of oil and natural
gas sold during the three months ended June 30, 1996 as compared to
the three months ended June 30, 1995.
Depreciation, depletion, and amortization of oil and gas
properties decreased $1,293 for the three months ended June 30, 1996
as compared to the three months ended June 30, 1995. This decrease
was primarily due to upward revisions of previous oil and natural gas
reserve estimates at December 31, 1995 and a decrease in capitalized
costs due to an impairment provision recognized in the fourth quarter
of 1995, partially offset by the increases in the volumes of oil and
natural gas sold during the three months ended June 30, 1996 as
compared to the three months ended June 30, 1995. As a percentage of
oil and gas sales, this expense decreased to 10.6% for the three
months ended June 30, 1996 from 22.0% for the three months ended June
30, 1995. This percentage decrease was primarily due to the upward
reserve revisions and the impairment provision as discussed above and
the increases in the average prices of oil and natural gas sold during
-31-
the three months ended June 30, 1996 as compared to the three months
ended June 30, 1995.
General and administrative expenses decreased $2,100 for the
three months ended June 30, 1996 as compared to the three months ended
June 30, 1995. This decrease was primarily due to a decrease in both
professional fees and printing and postage expenses for the three
months ended June 30, 1996 as compared to the three months ended June
30, 1995. As a percentage of oil and gas sales, these expenses
decreased to 4.9% for the three months ended June 30, 1996 from 10.9%
for the three months ended June 30, 1995. This percentage decrease
resulted primarily from the increase in oil and gas sales during the
three months ended June 30, 1996 as compared to the three months ended
June 30, 1995.
SIX MONTHS ENDED JUNE 30, 1996 AS COMPARED TO THE SIX MONTHS
ENDED JUNE 30, 1995.
Six months ended June 30,
---------------------------
1996 1995
-------- ------
Oil and gas sales $881,138 $536,646
Oil and gas production expenses $132,146 $118,656
Barrels produced 12,111 9,904
Mcf produced 284,181 253,667
Average price/Bbl $ 18.74 $ 17.06
Average price/Mcf $ 2.30 $ 1.45
Total oil and gas sales increased $344,492 (64.2%) for the six
months ended June 30, 1996 as compared to the six months ended June
30, 1995. Of this increase, $215,617 was related to the increase in
the average price of natural gas sold and $111,541 was related to the
increases in the volumes of oil and natural gas sold. Volumes of oil
and natural gas sold increased by 2,207 barrels and 30,514 Mcf,
respectively, for the six months ended June 30, 1996 as compared to
the six months ended June 30, 1995. The increase in the volumes of
oil sold resulted primarily from one significant well producing at
less than maximum capacity due to state-imposed allowable restrictions
during the six months ended June 30, 1995. Average oil and natural
gas prices increased to $18.74 per barrel and $2.30 per Mcf,
respectively, for the six months ended June 30, 1996 from $17.06 per
barrel and $1.45 per Mcf, respectively, for the six months ended June
30, 1995.
Direct operating expenses (lease operating expenses and
production taxes) increased $13,490 for the six months ended June 30,
1996 as compared to the six months ended June 30, 1995. This increase
followed the increases in the volumes of oil and natural gas sold. As
a percentage of oil and gas sales, these expenses decreased to 15.0%
for the six months ended June 30, 1996 from 22.1% for the six months
ended June 30, 1995. This percentage decrease resulted primarily from
the increases in the average prices of oil and natural gas sold during
the six months ended June 30, 1996 as compared to the six months ended
June 30, 1995.
Depreciation, depletion, and amortization of oil and gas
properties decreased $23,101 for the six months ended June 30, 1996 as
compared to the six months ended June 30, 1995. This decrease was
primarily due to upward revisions of previous oil and natural gas
reserve estimates at December 31, 1995 and a decrease in capitalized
costs due to an impairment provision recognized in the fourth quarter
-32-
of 1995. As a percentage of oil and gas sales, this expense decreased
to 11.2% for the six months ended June 30, 1996 from 22.7% for the six
months ended June 30, 1995. This percentage decrease was primarily
due to the dollar decrease in depreciation, depletion, and
amortization related to the upward reserve revisions and the
impairment provision as discussed above and the increases in the
average prices of oil and natural gas sold during the six months ended
June 30, 1996 as compared to the six months ended June 30, 1995.
General and administrative expenses remained relatively constant
for the six months ended June 30, 1996 as compared to the six months
ended June 30, 1995. As a percentage of oil and gas sales, these
expenses decreased to 5.4% for the six months ended June 30, 1996 from
8.9% for the six months ended June 30, 1995. This percentage decrease
resulted primarily from the increase in oil and gas sales during the
six months ended June 30, 1996 as compared to the six months ended
June 30, 1995.
The Limited Partners have received cash distributions through
June 30, 1996 totaling $11,205,175 or 155.74% of Limited Partners'
capital contributions.
I-E PARTNERSHIP
THREE MONTHS ENDED JUNE 30, 1996 AS COMPARED TO THE THREE MONTHS
ENDED JUNE 30, 1995.
Three months ended June 30,
---------------------------
1996 1995
-------- ------
Oil and gas sales $1,341,817 $1,028,988
Oil and gas production expenses $ 371,457 $ 390,498
Barrels produced 17,640 21,342
Mcf produced 519,320 516,930
Average price/Bbl $ 18.63 $ 16.89
Average price/Mcf $ 1.95 $ 1.29
Total oil and gas sales increased $312,829 (30.4%) for the three
months ended June 30, 1996 as compared to the three months ended June
30, 1995. Of this increase, $378,309 was related to increases in the
average prices of oil and natural gas sold, partially offset by a
$68,968 decrease related to the decrease in the volumes of oil sold.
Volumes of oil sold decreased by 3,702 barrels, while volumes of
natural gas sold increased by 2,390 Mcf for the three months ended
June 30, 1996 as compared to the three months ended June 30, 1995.
The decrease in the volumes of oil sold resulted primarily from (i)
the sale of one significant oil well during 1996, (ii) the shutting-in
of one well during the three months ended June 30, 1996 in order to
increase the well's production capabilities, and (iii) normal declines
in production due to diminished oil reserves on several wells during
the three months ended June 30, 1996 as compared to the three months
ended June 30, 1995. Average oil and natural gas prices increased to
$18.63 per barrel and $1.95 per Mcf, respectively, for the three
months ended June 30, 1996 from $16.89 per barrel and $1.29 per Mcf,
respectively, for the three months ended June 30, 1995.
Direct operating expenses (lease operating expenses and
production taxes) decreased $19,041 for the three months ended June
30, 1996 as compared to the three months ended June 30, 1995. This
decrease was primarily due to (i) workover expenses incurred on two
wells during the three months ended June 30, 1995 in order to improve
-33-
the recovery of reserves, (ii) a decrease in operating expenses due to
the sale of one well during the three months ended June 30, 1996, and
(iii) abandonment expenses incurred on one well during the three
months ended June 30, 1995. As a percentage of oil and gas sales,
these expenses decreased to 27.7% for the three months ended June 30,
1996 from 37.9% for the three months ended June 30, 1995. This
percentage decrease was primarily due to the increases in the average
prices of oil and natural gas sold during the three months ended June
30, 1996 as compared to the three months ended June 30, 1995.
Depreciation, depletion, and amortization of oil and gas
properties decreased $137,150 for the three months ended June 30, 1996
as compared to the three months ended June 30, 1995. This decrease
was primarily due to upward revisions of previous oil and natural gas
reserve estimates at December 31, 1995 and a decrease in capitalized
costs due to an impairment provision recognized in the fourth quarter
of 1995. As a percentage of oil and gas sales, this expense decreased
to 18.0% for the three months ended June 30, 1996 from 36.8% for the
three months ended June 30, 1995. This percentage decrease was
primarily due to the dollar decrease in depreciation, depletion, and
amortization related to the upward reserve revisions and the
impairment provision as discussed above and the increases in the
average prices of oil and natural gas sold during the three months
ended June 30, 1996 as compared to the three months ended June 30,
1995.
General and administrative expenses decreased $9,718 for the
three months ended June 30, 1996 as compared to the three months ended
June 30, 1995. This decrease resulted primarily from a decrease in
both professional fees and printing and postage expenses during the
three months ended June 30, 1996 as compared to the three months ended
June 30, 1995. As a percentage of oil and gas sales, these expenses
decreased to 9.8% for the three months ended June 30, 1996 from 13.7%
for the three months ended June 30, 1995. This percentage decrease
resulted primarily from the increases in the average prices of oil and
natural gas sold during the three months ended June 30, 1996 as
compared to the three months ended June 30, 1995.
SIX MONTHS ENDED JUNE 30, 1996 AS COMPARED TO THE SIX MONTHS
ENDED JUNE 30, 1995.
Six months ended June 30,
---------------------------
1996 1995
-------- ------
Oil and gas sales $2,747,225 $2,234,745
Oil and gas production expenses $ 753,642 $ 816,229
Barrels produced 37,573 44,314
Mcf produced 1,054,563 1,135,354
Average price/Bbl $ 18.52 $ 16.65
Average price/Mcf $ 1.95 $ 1.32
Total oil and gas sales increased $512,480 (22.9%) for the six
months ended June 30, 1996 as compared to the six months ended June
30, 1995. Of this increase, $798,140 was related to the increases in
the average prices of oil and natural gas sold, partially offset by a
$282,385 decrease related to the decreases in the volumes of oil and
natural gas sold. Volumes of oil and natural gas sold decreased by
6,741 barrels and 80,791 Mcf, respectively, for the six months ended
June 30, 1996 as compared to the six months ended June 30, 1995. The
decrease in the volumes of oil sold resulted primarily from (i) the
sale of one significant oil well during the six months ended June 30,
-34-
1996, (ii) the shutting-in of one well during the six months ended
June 30, 1996 in order to increase the well's production capabilities,
and (iii) normal declines in production due to diminished oil reserves
on several wells during the six months ended June 30, 1996 as compared
to the six months ended June 30, 1995. Average oil and natural gas
prices increased to $18.52 per barrel and $1.95 per Mcf, respectively,
for the six months ended June 30, 1996 from $16.65 per barrel and
$1.32 per Mcf, respectively, for the six months ended June 30, 1995.
Direct operating expenses (lease operating expenses and
production taxes) decreased $62,587 for the six months ended June 30,
1996 as compared to the six months ended June 30, 1995. This decrease
was primarily due to (i) workover expenses incurred on two wells
during the six months ended June 30, 1995 in order to improve the
recovery of reserves, (ii) a decrease in operating expenses due to the
sale of one well during the six months ended June 30, 1996, and (iii)
abandonment expenses incurred on one well during the six months ended
June 30, 1995. As a percentage of oil and gas sales, this expense
decreased to 27.4% for the six months ended June 30, 1996 from 36.5%
for the six months ended June 30, 1995. This percentage decrease was
primarily due to the increases in the average prices of oil and
natural gas sold during the six months ended June 30, 1996 as compared
to the six months ended June 30, 1995.
Depreciation, depletion, and amortization of oil and gas
properties decreased $350,304 for the six months ended June 30, 1996
as compared to the six months ended June 30, 1995. This decrease was
primarily due to (i) the decrease in the volumes of oil and natural
gas sold during the six months ended June 30, 1996 as compared to the
six months ended June 30, 1995, (ii) upward revisions of previous oil
and natural gas reserve estimates at December 31, 1995, and (iii) a
decrease in capitalized costs due to an impairment provision
recognized in the fourth quarter of 1995. As a percentage of oil and
gas sales, this expense decreased to 18.0% for the six months ended
June 30, 1996 from 37.8% for the six months ended June 30, 1995. This
percentage decrease was primarily due to the dollar decrease in
depreciation, depletion, and amortization related to the upward
reserve revisions and the impairment provision as discussed above and
the increases in the average prices of oil and natural gas sold during
the six months ended June 30, 1996 as compared to the six months ended
June 30, 1995.
General and administrative expenses remained relatively constant
for the six months ended June 30, 1996 as compared to the six months
ended June 30, 1995. As a percentage of oil and gas sales, these
expenses decreased to 9.9% for the six months ended June 30, 1996 from
12.1% for the six months ended June 30, 1995. This percentage
decrease resulted primarily from the increases in the average prices
of oil and natural gas sold during the six months ended June 30, 1996
as compared to the six months ended June 30, 1995.
The Limited Partners have received cash distributions through
June 30, 1996 totaling $44,526,552 or 106.42% of Limited Partners'
capital contributions.
-35-
I-F PARTNERSHIP
THREE MONTHS ENDED JUNE 30, 1996 AS COMPARED TO THE THREE MONTHS
ENDED JUNE 30, 1995.
Three months ended June 30,
---------------------------
1996 1995
-------- ------
Oil and gas sales $415,160 $380,968
Oil and gas production expenses $160,865 $152,541
Barrels produced 8,659 10,655
Mcf produced 129,464 137,169
Average price/Bbl $ 18.44 $ 16.87
Average price/Mcf $ 1.97 $ 1.47
Total oil and gas sales increased $34,192 (9.0%) for the three
months ended June 30, 1996 as compared to the three months ended June
30, 1995. Of this increase, $85,313 was related to the increases in
the average prices of oil and natural gas sold, partially offset by a
$51,985 decrease which was related to the decrease in the volumes of
oil sold. Volumes of oil and natural gas sold decreased by 1,996
barrels and 7,705 Mcf, respectively, for the three months ended June
30, 1996 as compared to the three months ended June 30, 1995. The
decrease in the volumes of oil sold resulted primarily from (i) the
shutting-in of one well during the three months ended June 30, 1996 in
order to increase the well's production capabilities and (ii) normal
declines in production due to diminished oil reserves on several wells
during the three months ended June 30, 1996 as compared to the three
months ended June 30, 1995. Average oil and natural gas prices
increased to $18.44 per barrel and $1.97 per Mcf, respectively, for
the three months ended June 30, 1996 from $16.87 per barrel and $1.47
per Mcf, respectively, for the three months ended June 30, 1995.
Direct operating expenses (lease operating expenses and
production taxes) increased $8,324 for the three months ended June 30,
1996 as compared to the three months ended June 30, 1995. This
increase was primarily due to higher production taxes resulting from
the increase in oil and gas sales during the three months ended June
30, 1996 as compared to the three months ended June 30, 1995. As a
percentage of oil and gas sales, these expenses decreased to 38.7% for
the three months ended June 30, 1996 from 40.0% for the three months
ended June 30, 1995. This percentage decrease was primarily due to
the increases in the average prices of oil and natural gas sold during
the three months ended June 30, 1996 as compared to the three months
ended June 30, 1995.
Depreciation, depletion, and amortization of oil and gas
properties decreased $47,338 for the three months ended June 30, 1996
as compared to the three months ended June 30, 1995. This decrease
was primarily due to (i) the decrease in the volumes of oil and
natural gas sold during the three months ended June 30, 1996 as
compared to the three months ended June 30, 1995, (ii) upward
revisions of previous oil and natural gas reserve estimates at
December 31, 1995, and (iii) a decrease in capitalized costs due to an
impairment provision recognized in the fourth quarter of 1995. As a
percentage of oil and gas sales, this expense decreased to 19.4% for
the three months ended June 30, 1996 from 33.6% for the three months
ended June 30, 1995. This percentage decrease was primarily due to
the dollar decrease in depreciation, depletion, and amortization
related to the upward reserve revisions and the impairment provision
as discussed above and the increases in the average prices of oil and
-36-
natural gas sold during the three months ended June 30, 1996 as
compared to the three months ended June 30, 1995.
General and administrative expenses decreased $3,371 for the
three months ended June 30, 1996 as compared to the three months ended
June 30, 1995. This decrease resulted primarily from a decrease in
both professional fees and printing and postage expenses for the three
months ended June 30, 1996 as compared to the three months ended June
30, 1995. As a percentage of oil and gas sales, these expenses
decreased to 11.0% for the three months ended June 30, 1996 from 12.8%
for the three months ended June 30, 1995. This percentage decrease
resulted primarily from the increases in the average prices of oil and
natural gas sold during the three months ended June 30, 1996 as
compared to the three months ended June 30, 1995.
SIX MONTHS ENDED JUNE 30, 1996 AS COMPARED TO THE SIX MONTHS
ENDED JUNE 30, 1995.
Six months ended June 30,
---------------------------
1996 1995
-------- ------
Oil and gas sales $920,516 $829,731
Oil and gas production expenses $327,143 $347,699
Barrels produced 18,667 22,194
Mcf produced 284,325 322,532
Average price/Bbl $ 18.44 $ 16.63
Average price/Mcf $ 2.03 $ 1.43
Total oil and gas sales increased $90,785 (10.9%) for the six
months ended June 30, 1996 as compared to the six months ended June
30, 1995. Of this increase, $233,690 was related to the increases in
the average prices of oil and natural gas sold, partially offset by a
$142,598 decrease related to the decreases in the volumes of oil and
natural gas sold. Volumes of oil and natural gas sold decreased by
3,527 barrels and 38,207 Mcf, respectively, for the six months ended
June 30, 1996 as compared to the six months ended June 30, 1995. The
decrease in the volumes of oil sold resulted primarily from (i) the
shutting-in of one well during the six months ended June 30, 1996 in
order to increase the well's production capabilities and (ii) normal
declines in production due to diminished oil reserves on several wells
during the six months ended June 30, 1996 as compared to the six
months ended June 30, 1995. Average oil and natural gas prices
increased to $18.44 per barrel and $2.03 per Mcf, respectively, for
the six months ended June 30, 1996 from $16.63 per barrel and $1.43
per Mcf, respectively, for the six months ended June 30, 1995.
Direct operating expenses (lease operating expenses and
production taxes) decreased $20,556 for the six months ended June 30,
1996 as compared to the six months ended June 30, 1995. This decrease
was primarily due to workover expenses incurred on two wells during
the six months ended June 30, 1995 in order to improve the recovery of
reserves. As a percentage of oil and gas sales, these expenses
decreased to 35.5% for the six months ended June 30, 1996 from 41.9%
for the six months ended June 30, 1995. This percentage decrease was
primarily due to the increases in the average prices of oil and
natural gas sold during the six months ended June 30, 1996 as compared
to the six months ended June 30, 1995.
Depreciation, depletion, and amortization of oil and gas
properties decreased $127,409 for the six months ended June 30, 1996
-37-
as compared to the six months ended June 30, 1995. This decrease was
primarily due to (i) the decrease in the volumes of oil and natural
gas sold during the six months ended June 30, 1996 as compared to the
six months ended June 30, 1995, (ii) upward revisions of previous oil
and natural gas reserve estimates at December 31, 1995, and (iii) a
decrease in capitalized costs due to an impairment provision
recognized in the fourth quarter of 1995. As a percentage of oil and
gas sales, this expense decreased to 17.7% for the six months ended
June 30, 1996 from 35.0% for the six months ended June 30, 1995. This
percentage decrease was primarily due to the dollar decrease in
depreciation, depletion, and amortization related to the upward
reserve revisions and the impairment provision as discussed above and
the increases in the average prices of oil and natural gas sold during
the six months ended June 30, 1996 as compared to the six months ended
June 30, 1995.
General and administrative expenses remained relatively constant
for the six months ended June 30, 1996 as compared to the six months
ended June 30, 1995. As a percentage of oil and gas sales, these
expenses remained relatively constant at 10.2% for the six months
ended June 30, 1996 as compared to 11.2% for the six months ended June
30, 1995.
The Limited Partners have received cash distributions through
June 30, 1996 totaling $15,053,664 or 105.12% of Limited Partners'
capital contributions.
-38-
PART II: OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits:
27.1 Financial Data Schedule containing summary financial
information extracted from the I-B Partnership's
financial statements as of June 30, 1996 and for the
six months ended June 30, 1996, filed herewith.
27.2 Financial Data Schedule containing summary financial
information extracted from the I-C Partnership's
financial statements as of June 30, 1996 and for the
six months ended June 30, 1996, filed herewith.
27.3 Financial Data Schedule containing summary financial
information extracted from the I-D Partnership's
financial statements as of June 30, 1996 and for the
six months ended June 30, 1996, filed herewith.
27.4 Financial Data Schedule containing summary financial
information extracted from the I-E Partnership's
financial statements as of June 30, 1996 and for the
six months ended June 30, 1996, filed herewith.
27.5 Financial Data Schedule containing summary financial
information extracted from the I-F Partnership's
financial statements as of June 30, 1996 and for the
six months ended June 30, 1996, filed herewith.
All other exhibits are omitted as inapplicable.
(b) Reports on Form 8-K:
None
-39-
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 RESOURCES, INC.
General Partner
Date: August 8, 1996 By: /s/Dennis R. Neill
--------------------------------------
(Signature)
Dennis R. Neill
President
Date: August 8, 1996 By: /s/Drew S. Phillips
--------------------------------------
(Signature)
Drew S. Phillips
Principal Accounting Officer
-40-
INDEX TO EXHIBITS
-----------------
NUMBER DESCRIPTION
- ------ -----------
27.1 Financial Data Schedule containing summary financial
information extracted from the Geodyne Energy Income Limited
Partnership I-B's financial statements as of June 30, 1996
and for the six months ended June 30, 1996, filed herewith.
27.2 Financial Data Schedule containing summary financial
information extracted from the Geodyne Energy Income Limited
Partnership I-C's financial statements as of June 30, 1996
and for the six months ended June 30, 1996, filed herewith.
27.3 Financial Data Schedule containing summary financial
information extracted from the Geodyne Energy Income Limited
Partnership I-D's financial statements as of June 30, 1996
and for the six months ended June 30, 1996, filed herewith.
27.4 Financial Data Schedule containing summary financial
information extracted from the Geodyne Energy Income Limited
Partnership I-E's financial statements as of June 30, 1996
and for the six months ended June 30, 1996, filed herewith.
27.5 Financial Data Schedule containing summary financial
information extracted from the Geodyne Energy Income Limited
Partnership I-F's financial statements as of June 30, 1996
and for the six months ended June 30, 1996, filed herewith.
All other exhibits are omitted as inapplicable.