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 September 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
September 30, December 31,
1996 1995
------------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 3,077 $ 25,001
Accounts receivable:
General Partner 277 4,074
Oil and gas sales, including
$5,872 due from related
parties in 1995 (Note 2) 44,398 38,453
-------- --------
Total current assets $ 47,752 $ 67,528
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 427,347 482,234
DEFERRED CHARGE 98,278 98,278
-------- --------
$573,377 $648,040
======== ========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 11,999 $ 7,659
Gas imbalance payable 73,983 73,983
-------- --------
Total current liabilities $ 85,982 $ 81,642
ACCRUED LIABILITY $ 34,173 $ 34,173
PARTNERS' CAPITAL (DEFICIT):
General Partner ($108,166) ($104,724)
Limited Partners, issued and
outstanding, 11,958 units 561,388 636,949
-------- --------
Total Partners' capital $453,222 $532,225
-------- --------
$573,377 $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 SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
--------- ----------
REVENUES:
Oil and gas sales, including
$9,543 of sales to related
parties in 1995 (Note 2) $83,427 $ 72,499
Interest income 33 120
Gain on sale of oil and gas
properties 598 -
------- --------
$84,058 $ 72,619
COSTS AND EXPENSES:
Lease operating $29,208 $ 31,957
Production tax 5,384 2,010
Depreciation, depletion, and
amortization of oil and gas
properties 20,120 61,105
General and administrative 14,122 12,595
------- --------
$68,834 $107,667
------- --------
NET INCOME (LOSS) $15,224 ($ 35,048)
======= ========
GENERAL PARTNER - NET INCOME $ 1,564 $ 692
======= ========
LIMITED PARTNERS - NET INCOME (LOSS) $13,660 ($ 35,740)
======= ========
NET INCOME (LOSS) per unit $ 1.14 ($ 2.99)
======= ========
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 NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
--------- ----------
REVENUES:
Oil and gas sales, including
$35,613 of sales to related
parties in 1995 (Note 2) $223,828 $253,424
Interest income 272 504
Gain on sale of oil and gas
properties 598 4,771
-------- --------
$224,698 $258,699
COSTS AND EXPENSES:
Lease operating $114,826 $107,591
Production tax 13,304 14,085
Depreciation, depletion, and
amortization of oil and gas
properties 54,887 192,039
General and administrative 48,396 40,492
-------- --------
$231,413 $354,207
-------- --------
NET LOSS ($ 6,715) ($ 95,508)
======== ========
GENERAL PARTNER - NET INCOME $ 1,846 $ 2,906
======== ========
LIMITED PARTNERS - NET LOSS ($ 8,561) ($ 98,414)
======== ========
NET LOSS per unit ($ .72) ($ 8.23)
======== ========
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 NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
--------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss ($ 6,715) ($ 95,508)
Adjustments to reconcile net loss to
net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 54,887 192,039
Gain on sale of oil and gas
properties ( 598) ( 4,771)
Decrease in accounts receivable -
General Partner 3,797 -
Increase in accounts receivable ( 5,945) ( 7,408)
Decrease in deferred charge - 19,970
Increase (decrease) in accounts
payable 4,340 ( 10,453)
Decrease in accrued liability - ( 6,252)
------- --------
Net cash provided by operating
activities $49,766 $ 87,617
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures $ - ($ 7,695)
Proceeds from sale of oil and
gas properties 598 4,954
------- --------
Net cash provided (used) by
investing activities $ 598 ($ 2,741)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($72,288) ($117,900)
------- --------
Net cash used by financing
activities ($72,288) ($117,900)
------- --------
NET DECREASE IN CASH AND CASH
EQUIVALENTS ($21,924) ($ 33,024)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 25,001 56,549
------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 3,077 $ 23,525
======= ========
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
September 30, December 31,
1996 1995
------------- ------------
CURRENT ASSETS:
Cash and cash equivalents $163,551 $115,815
Accounts receivable:
General Partner 1,339 18,104
Oil and gas sales (Note 2) 170,916 161,572
-------- --------
Total current assets $335,806 $295,491
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 263,061 445,122
DEFERRED CHARGE 39,457 39,457
-------- --------
$638,324 $780,070
======== ========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 18,169 $ 16,781
Gas imbalance payable 13,021 13,021
-------- --------
Total current liabilities $ 31,190 $ 29,802
ACCRUED LIABILITY $ 15,632 $ 15,632
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 87,642) ($ 66,308)
Limited Partners, issued and
outstanding, 8,885 units 679,144 800,944
-------- --------
Total Partners' capital $591,502 $734,636
-------- --------
$638,324 $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 SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
-------- ----------
REVENUES:
Oil and gas sales (Note 2) $262,585 $222,357
Interest income 1,904 977
Loss on sale of oil and gas
properties ( 61,588) -
-------- --------
$202,901 $223,334
COSTS AND EXPENSES:
Lease operating $ 70,575 $ 55,458
Production tax 16,857 15,827
Depreciation, depletion, and
amortization of oil and gas
properties 29,872 55,857
General and administrative 25,670 24,730
-------- --------
$142,974 $151,872
-------- --------
NET INCOME $ 59,927 $ 71,462
======== ========
GENERAL PARTNER - NET INCOME $ 4,096 $ 5,807
======== ========
LIMITED PARTNERS - NET INCOME $ 55,831 $ 65,655
======== ========
NET INCOME per unit $ 6.28 $ 7.39
======== ========
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 NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
-------- ----------
REVENUES:
Oil and gas sales, including
$3,654 of sales to related
parties in 1995 (Note 2) $880,589 $615,805
Interest income 4,591 2,999
Gain (loss) on sale of oil
and gas properties ( 61,588) 9,699
-------- --------
$823,592 $628,503
COSTS AND EXPENSES:
Lease operating $167,437 $163,909
Production tax 51,911 46,974
Depreciation, depletion, and
amortization of oil and gas
properties 107,792 162,761
General and administrative 81,418 77,295
-------- --------
$408,558 $450,939
-------- --------
NET INCOME $415,034 $177,564
======== ========
GENERAL PARTNER - NET INCOME $ 24,834 $ 15,389
======== ========
LIMITED PARTNERS - NET INCOME $390,200 $162,175
======== ========
NET INCOME per unit $ 43.92 $ 18.25
======== ========
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 NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
--------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $415,034 $177,564
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 107,792 162,761
(Gain) loss on sale of oil and gas
properties 61,588 ( 9,699)
Decrease in accounts receivable -
General Partner 16,765 -
(Increase) decrease in accounts
receivable ( 9,344) 3,041
Decrease in deferred charge - 4,733
(Decrease) increase in accounts
payable 1,388 ( 3,190)
Decrease in accrued liability - ( 1,667)
-------- --------
Net cash provided by operating
activities $593,223 $333,543
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 1,039) $ -
Proceeds from sale of oil and
gas properties 13,720 9,811
-------- --------
Net cash provided by investing
activities $ 12,681 $ 9,811
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($558,168) ($347,400)
-------- --------
Net cash used by financing
activities ($558,168) ($347,400)
-------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS $ 47,736 ($ 4,046)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 115,815 116,512
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $163,551 $112,466
======== ========
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
September 30, December 31,
1996 1995
------------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 373,503 $ 245,666
Accounts receivable:
General Partner 4,713 -
Oil and gas sales, including
$65,811 due from related
parties in 1995 (Note 2) 252,402 224,856
---------- ----------
Total current assets $ 630,618 $ 470,522
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 853,090 1,010,429
DEFERRED CHARGE 113,490 113,490
---------- ----------
$1,597,198 $1,594,441
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 11,979 $ 30,749
Gas imbalance payable 67,130 67,130
---------- ----------
Total current liabilities $ 79,109 $ 97,879
ACCRUED LIABILITY $ 17,970 $ 17,970
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 13,596) $ 17,993
Limited Partners, issued and
outstanding, 7,195 units 1,513,715 1,460,599
---------- ----------
Total Partners' capital $1,500,119 $1,478,592
---------- ----------
$1,597,198 $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 SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
-------- ----------
REVENUES:
Oil and gas sales, including
$85,917 of sales to related
parties in 1995 (Note 2) $432,931 $345,921
Interest income 3,273 1,862
Gain (loss) on sale of oil and
gas properties 29,553 ( 2,859)
-------- --------
$465,757 $344,924
COSTS AND EXPENSES:
Lease operating $ 39,072 $ 48,873
Production tax 29,170 25,846
Depreciation, depletion, and
amortization of oil and gas
properties 49,721 81,909
General and administrative 21,811 21,284
-------- --------
$139,774 $177,912
-------- --------
NET INCOME $325,983 $167,012
======== ========
GENERAL PARTNER - NET INCOME $ 55,368 $ 36,519
======== ========
LIMITED PARTNERS - NET INCOME $270,615 $130,493
======== ========
NET INCOME per unit $ 37.61 $ 18.14
======== ========
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 NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
---------- ---------
REVENUES:
Oil and gas sales, including
$261,003 of sales to related
parties in 1995 (Note 2) $1,314,069 $882,567
Interest income 7,527 5,917
Gain on sale of oil and gas
properties 29,711 183
---------- --------
$1,351,307 $888,667
COSTS AND EXPENSES:
Lease operating $ 116,072 $126,617
Production tax 84,316 66,758
Depreciation, depletion, and
amortization of oil and gas
properties 148,450 203,739
General and administrative 69,798 69,192
---------- --------
$ 418,636 $466,306
---------- --------
NET INCOME $ 932,671 $422,361
========== ========
GENERAL PARTNER - NET INCOME $ 159,555 $ 91,878
========== ========
LIMITED PARTNERS - NET INCOME $ 773,116 $330,483
========== ========
NET INCOME per unit $ 107.45 $ 45.93
========== ========
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 NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
----------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 932,671 $422,361
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 148,450 203,739
Gain on sale of oil and gas
properties ( 29,711) ( 183)
Increase in accounts receivable -
General Partner ( 4,713) -
(Increase) decrease in accounts
receivable ( 27,546) 16,973
Decrease in deferred charge - 3,742
Decrease in accounts payable ( 18,770) ( 22,110)
Increase in accrued liability - ( 1,576)
---------- --------
Net cash provided by operating
activities $1,000,381 $622,946
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 9,673) ($ 337)
Proceeds from sale of oil and
gas properties 48,273 3,739
---------- --------
Net cash provided by investing
activities $ 38,600 $ 3,402
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($ 911,144) ($640,000)
---------- --------
Net cash used by financing
activities ($ 911,144) ($640,000)
---------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS $ 127,837 ($ 13,652)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 245,666 247,485
---------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 373,503 $233,833
========== ========
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
September 30, December 31,
1996 1995
------------- ------------
CURRENT ASSETS:
Cash and cash equivalents $1,192,880 $ 734,316
Accounts receivable:
General Partner 58,137 -
Oil and gas sales, including
$373,412 due from related
parties in 1995 (Note 2) 864,591 775,771
---------- ----------
Total current assets $2,115,608 $1,510,087
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 5,665,886 6,504,506
DEFERRED CHARGE 942,747 942,747
---------- ----------
$8,724,241 $8,957,340
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 87,038 $ 172,888
Gas imbalance payable 210,231 210,231
---------- ----------
Total current liabilities $ 297,269 $ 383,119
ACCRUED LIABILITY $ 135,446 $ 135,446
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 155,068) ($ 54,687)
Limited Partners, issued and
outstanding, 41,839 units 8,446,594 8,493,462
---------- ----------
Total Partners' capital $8,291,526 $8,438,775
---------- ----------
$8,724,241 $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 SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
---------- ------------
REVENUES:
Oil and gas sales, including
$496,527 of sales to related
parties in 1995 (Note 2) $1,477,515 $1,219,446
Interest income 11,701 7,038
Gain (loss) on sale of oil and gas
properties 243,054 ( 9,402)
---------- ----------
$1,732,270 $1,217,082
COSTS AND EXPENSES:
Lease operating $ 236,425 $ 369,718
Production tax 99,763 84,001
Depreciation, depletion, and
amortization of oil and gas
properties 274,651 507,629
General and administrative 126,205 123,189
---------- ----------
$ 737,044 $1,084,537
---------- ----------
NET INCOME $ 995,226 $ 132,545
========== ==========
GENERAL PARTNER - NET INCOME $ 186,420 $ 90,950
========== ==========
LIMITED PARTNERS - NET INCOME $ 808,806 $ 41,595
========== ==========
NET INCOME per unit $ 19.33 $ .99
========== ==========
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 NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
---------- ------------
REVENUES:
Oil and gas sales, including
$1,531,255 of sales to related
parties in 1995 (Note 2) $4,224,740 $3,454,191
Interest income 23,066 20,634
Gain (loss) on sale of oil and gas
properties 246,113 ( 2,679)
---------- ----------
$4,493,919 $3,472,146
COSTS AND EXPENSES:
Lease operating $ 809,169 $1,033,208
Production tax 280,661 236,740
Depreciation, depletion, and
amortization of oil and gas
properties 769,586 1,352,868
General and administrative 399,380 392,932
---------- ----------
$2,258,796 $3,015,748
---------- ----------
NET INCOME $2,235,123 $ 456,398
========== ==========
GENERAL PARTNER - NET INCOME $ 439,991 $ 224,453
========== ==========
LIMITED PARTNERS - NET INCOME $1,795,132 $ 231,945
========== ==========
NET INCOME per unit $ 42.91 $ 5.54
========== ==========
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 NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
----------- ------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $2,235,123 $ 456,398
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 769,586 1,352,868
(Gain) loss on sale of oil and
gas properties ( 246,113) 2,679
Increase in accounts receivable -
General Partner ( 58,137) -
(Increase) decrease in accounts
receivable ( 88,820) 125,790
Decrease in deferred charge - 75,241
Decrease in accounts payable ( 85,850) ( 107,325)
Decrease in accrued liability - ( 30,242)
---------- ----------
Net cash provided by operating
activities $2,525,789 $1,875,409
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 33,788) ($ 42,003)
Proceeds from sale of oil and
gas properties 348,935 22,191
---------- ----------
Net cash provided (used) by
investing activities $ 315,147 ($ 19,812)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($2,382,372) ($1,794,000)
---------- ----------
Net cash used by financing
activities ($2,382,372) ($1,794,000)
---------- ----------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $ 458,564 $ 61,597
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 734,316 679,615
---------- ----------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $1,192,880 $ 741,212
========== ==========
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
September 30, December 31,
1996 1995
------------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 388,453 $ 272,653
Accounts receivable:
General Partner 60,162 -
Oil and gas sales, including
$78,769 due from related
parties in 1995 (Note 2) 252,799 274,349
---------- ----------
Total current assets $ 701,414 $ 547,002
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 1,762,638 2,038,534
DEFERRED CHARGE 538,858 538,858
---------- ----------
$3,002,910 $3,124,394
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 39,309 $ 64,142
Gas imbalance payable 83,203 83,203
---------- ----------
Total current liabilities $ 122,512 $ 147,345
ACCRUED LIABILITY $ 79,435 $ 79,435
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 75,099) ($ 25,679)
Limited Partners, issued and
outstanding, 14,321 units 2,876,062 2,923,293
---------- ----------
Total Partners' capital $2,800,963 $2,897,614
---------- ----------
$3,002,910 $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 SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
-------- ----------
REVENUES:
Oil and gas sales, including
$116,247 of sales to related
parties in 1995 (Note 2) $519,278 $455,507
Interest income 4,727 1,997
Gain (loss) on sale of oil and
gas properties 136,526 ( 3,160)
-------- --------
$660,531 $454,344
COSTS AND EXPENSES:
Lease operating $107,687 $149,856
Production tax 29,988 31,008
Depreciation, depletion, and
amortization of oil and gas
properties 75,634 174,567
General and administrative 43,954 42,278
-------- --------
$257,263 $397,709
-------- --------
NET INCOME $403,268 $ 56,635
======== ========
GENERAL PARTNER - NET INCOME $ 70,678 $ 32,935
======== ========
LIMITED PARTNERS - NET INCOME $332,590 $ 23,700
======== ========
NET INCOME per unit $ 23.22 $ 1.65
======== ========
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 NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
----------- -----------
REVENUES:
Oil and gas sales, including
$357,900 of sales to related
parties in 1995 (Note 2) $1,439,794 $1,285,238
Interest income 8,155 6,922
Gain on sale of oil and gas
properties 137,246 2,360
---------- ----------
$1,585,195 $1,294,520
COSTS AND EXPENSES:
Lease operating $ 373,106 $ 442,270
Production tax 91,712 86,293
Depreciation, depletion, and
amortization of oil and gas
properties 238,350 464,692
General and administrative 138,235 135,470
---------- ----------
$ 841,403 $1,128,725
---------- ----------
NET INCOME $ 743,792 $ 165,795
========== ==========
GENERAL PARTNER - NET INCOME $ 144,023 $ 79,025
========== ==========
LIMITED PARTNERS - NET INCOME $ 599,769 $ 86,770
========== ==========
NET INCOME per unit $ 41.88 $ 6.06
========== ==========
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 NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
---------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $743,792 $165,795
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 238,350 464,692
Gain on sale of oil and gas
properties ( 137,246) ( 2,360)
Increase in accounts receivable -
General Partner ( 60,162) -
Decrease in accounts receivable 21,550 63,329
Increase in deferred charge - ( 25,942)
Decrease in accounts payable ( 24,833) ( 25,648)
Increase in accrued liability - 3,399
-------- --------
Net cash provided by operating
activities $781,451 $643,265
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 14,957) ($ 29,694)
Proceeds from sale of oil and
gas properties 189,749 11,360
-------- --------
Net cash provided (used) by
investing activities $174,792 ($ 18,334)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($840,443) ($693,000)
-------- --------
Net cash used by financing
activities ($840,443) ($693,000)
-------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS $115,800 ($ 68,069)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 272,653 305,618
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $388,453 $237,549
======== ========
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
SEPTEMBER 30, 1996
(Unaudited)
1. ACCOUNTING POLICIES
-------------------
The combined balance sheets as of September 30, 1996, combined
statements of operations for the three and nine months ended
September 30, 1996 and 1995 and combined statements of cash flows
for the nine months ended September 30, 1996 and 1995 have been
prepared by Geodyne Resources, Inc., the general partner of the
limited partnerships, without audit. 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 September 30,
1996, the combined results of operations for the three and nine
months ended September 30, 1996 and 1995 and the combined cash
flows for the nine months ended September 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 September 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.
-22-
Leasehold impairment is recognized based upon an individual
property assessment and exploratory experience. Upon discovery
of commercial reserves, leasehold costs are transferred to
producing properties.
Depletion of the costs of producing oil and gas properties,
amortization of related intangible drilling and development costs
and depreciation of tangible lease and well equipment are
computed on the unit-of-production method.
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 three months ended September
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 $2,809 $ 11,313
I-C 2,165 23,505
I-D 1,825 19,986
I-E 9,985 116,220
I-F 4,174 39,780
During the nine months ended September 30, 1996 the following
payments were made to the General Partner or its affiliates by
the Partnerships:
-23-
Direct General Administrative
Partnership and Administrative Overhead
----------- ------------------ --------------
I-B $14,457 $ 33,939
I-C 10,903 70,515
I-D 9,840 59,958
I-E 50,720 348,660
I-F 18,895 119,340
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 nine months ended
September 30, 1995 and the amount of the Partnerships' accrued
gas sales due from Premier at December 31, 1995.
Gas Sales Gas Sales Accrued Gas Sales
------------------ ------------------ -----------------
3 Months Ended 9 Months Ended As of
September 30, 1995 September 30, 1995 December 31, 1995
------------------ ------------------ -----------------
I-B $ 9,543 $ 35,613 $ 5,872
I-C - 3,654 -
I-D 85,917 261,003 65,811
I-E 496,527 1,531,255 373,412
I-F 116,247 357,900 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 September 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-
During the nine months ended September 30, 1996, the I-E and I-F
Partnerships sold their interests in several oil and gas
properties located in Oklahoma, Texas, Louisiana, and Arkansas.
Proceeds from such sales totalled $348,935 for the I-E
Partnership and $189,749 for the I-F Partnership. Such proceeds
will be included in the determination of the amount of the cash
distributions to be paid to the Limited Partners of such
Partnerships during November 1996.
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 nine
months ended September 30, 1996 reflect an increase in total oil
and gas sales 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 SEPTEMBER 30, 1996 AS COMPARED TO THE THREE
MONTHS ENDED SEPTEMBER 30, 1995.
Three months ended September 30,
--------------------------------
1996 1995
------- -------
Oil and gas sales $83,427 $72,499
Oil and gas production expenses $34,592 $33,967
Barrels produced 529 905
Mcf produced 34,787 41,638
Average price/Bbl $ 23.68 $ 16.27
Average price/Mcf $ 2.04 $ 1.39
As shown in the table above, total oil and gas sales increased
$10,928 (15.1%) for the three months ended September 30, 1996 as
compared to the three months ended September 30, 1995. Of this
increase, $33,771 was related to the increases in the average
prices of oil and natural gas sold, partially offset by a $22,880
decrease related to the decreases in the volumes of oil and
natural gas sold. Volumes of oil and natural gas sold decreased
by 376 barrels and 6,851 Mcf, respectively, for the three months
ended September 30, 1996 as compared to the three months ended
September 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 September 30, 1996 in order to increase
the well's production capabilities and (ii) the normal decline in
production from diminished oil reserves on another well during
the three months ended September 30, 1996 as compared to the
three months ended September 30, 1995. The decrease in the
volumes of natural gas sold resulted primarily from the shutting-
in of several wells during the three months ended September 30,
1996 in order to increase production capabilities. Average oil
and natural gas prices increased to $23.68 per barrel and $2.04
per Mcf, respectively, for the three months ended September 30,
-26-
1996 from $16.27 per barrel and $1.39 per Mcf, respectively, for
the three months ended September 30, 1995.
Oil and gas production expenses (including lease operating
expenses and production taxes) remained relatively constant for
the three months ended September 30, 1996 as compared to the
three months ended September 30, 1995. As a percentage of oil
and gas sales, these expenses decreased to 41.5% for the three
months ended September 30, 1996 from 46.9% for the three months
ended September 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 September 30, 1996 as compared
to the three months ended September 30, 1995.
Depreciation, depletion, and amortization of oil and gas
properties decreased $40,985 for the three months ended September
30, 1996 as compared to the three months ended September 30,
1995. This decrease resulted primarily from 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 September
30, 1996 as compared to the three months ended September 30,
1995. As a percentage of oil and gas sales, this expense
decreased to 24.1% for the three months ended September 30, 1996
from 84.3% for the three months ended September 30, 1995. This
percentage decrease was primarily due to the dollar decrease in
depreciation, depletion, and amortization related to the
impairment provision discussed above and the increases in the
average prices of oil and natural gas sold during the three
months ended September 30, 1996 as compared to the three months
ended September 30, 1995.
General and administrative expenses increased $1,527 for the
three months ended September 30, 1996 as compared to the three
months ended September 30, 1995. This increase resulted
primarily from an increase in both professional fees and printing
and postage expenses during the three months ended September 30,
1996 as compared to the three months ended September 30, 1995.
As a percentage of oil and gas sales, these expenses remained
relatively constant at 16.9% for the three months ended September
30, 1996 as compared to 17.4% for the three months ended
September 30, 1995.
NINE MONTHS ENDED SEPTEMBER 30, 1996 AS COMPARED TO THE NINE
MONTHS ENDED SEPTEMBER 30, 1995.
Nine months ended September 30,
-------------------------------
1996 1995
-------- --------
Oil and gas sales $223,828 $253,424
Oil and gas production expenses $128,130 $121,676
Barrels produced 1,842 3,991
Mcf produced 92,509 123,968
Average price/Bbl $ 20.42 $ 16.78
Average price/Mcf $ 2.01 $ 1.50
As shown in the table above, total oil and gas sales decreased
$29,596 (11.7%) for the nine months ended September 30, 1996 as
compared to the nine months ended September 30, 1995. Of this
decrease, $107,116 was related to the decreases in the volumes of
-27-
oil and natural gas sold, partially offset by a $77,751 increase
related to the increases in the average prices of oil and natural
gas sold. Volumes of oil and natural gas sold decreased by 2,149
barrels and 31,459 Mcf, respectively, for the nine months ended
September 30, 1996 as compared to the nine months ended September
30, 1995. The decrease in the volumes of oil sold resulted
primarily from (i) the shutting-in of one well during the nine
months ended September 30, 1996 in order to increase the well's
production capabilities and (ii) the normal declines in
production from diminished oil reserves on two wells during the
nine months ended September 30, 1996 as compared to the nine
months ended September 30, 1995. The decrease in the volumes of
natural gas sold resulted primarily from (i) a positive prior
period volume adjustment made by a purchaser on one well during
the nine months ended September 30, 1995, (ii) the shutting-in of
several wells during the nine months ended September 30, 1996 in
order to increase production capabilities, and (iii) the normal
declines in production from diminished natural gas reserves on
another well during the nine months ended September 30, 1996 as
compared to the nine months ended September 30, 1995. Average
oil and natural gas prices increased to $20.42 per barrel and
$2.01 per Mcf, respectively, for the nine months ended September
30, 1996 from $16.78 per barrel and $1.50 per Mcf, respectively,
for the nine months ended September 30, 1995.
Oil and gas production expenses (including lease operating
expenses and production taxes) increased $6,454 for the nine
months ended September 30, 1996 as compared to the nine months
ended September 30, 1995. This increase resulted primarily from
workover expenses incurred on two wells during the nine months
ended September 30, 1996 in order to improve the recovery of
reserves, partially offset by (i) abandonment expenses incurred
on two wells during the nine months ended September 30, 1995, and
(ii) workover expenses incurred on another well during the nine
months ended September 30, 1995. As a percentage of oil and gas
sales, these expenses increased to 57.2% for the nine months
ended September 30, 1996 from 48.0% for the nine months ended
September 30, 1995. This percentage increase was primarily due
to the increase in production expenses discussed above during the
nine months ended September 30, 1996 as compared to the nine
months ended September 30, 1995.
Depreciation, depletion, and amortization of oil and gas
properties decreased $137,152 for the nine months ended September
30, 1996 as compared to the nine months ended September 30, 1995.
This decrease resulted primarily from 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 nine months ended September 30, 1996
as compared to the nine months ended September 30, 1995. As a
percentage of oil and gas sales, this expense decreased to 24.5%
for the nine months ended September 30, 1996 from 75.8% for the
nine months ended September 30, 1995. This percentage decrease
was primarily due to the dollar decrease in depreciation,
depletion, and amortization related to the impairment provision
discussed above and the increases in the average prices of oil
and natural gas sold during the nine months ended September 30,
1996 as compared to the nine months ended September 30, 1995.
General and administrative expenses increased $7,904 for the nine
months ended September 30, 1996 as compared to the nine months
-28-
ended September 30, 1995. This increase resulted primarily from
an increase in both professional fees and printing and postage
expenses during the nine months ended September 30, 1996 as
compared to the nine months ended September 30, 1995. As a
percentage of oil and gas sales, these expenses increased to
21.6% for the nine months ended September 30, 1996 from 16.0% for
the nine months ended September 30, 1995. This percentage
increase was primarily a result of the dollar increase in general
and administrative expenses discussed above and the decreases in
the volumes of oil and natural gas sold during the nine months
ended September 30, 1996 as compared to the nine months ended
September 30, 1995.
The Limited Partners have received cash distributions through
September 30, 1996 totaling $6,419,527 or 53.69% of Limited
Partners' capital contributions.
I-C PARTNERSHIP
THREE MONTHS ENDED SEPTEMBER 30, 1996 AS COMPARED TO THE THREE
MONTHS ENDED SEPTEMBER 30, 1995.
Three months ended September 30,
--------------------------------
1996 1995
-------- --------
Oil and gas sales $262,585 $222,357
Oil and gas production expenses $ 87,432 $ 71,285
Barrels produced 6,267 7,319
Mcf produced 45,761 51,842
Average price/Bbl $ 21.00 $ 16.26
Average price/Mcf $ 2.86 $ 1.99
As shown in the table above, total oil and gas sales increased
$40,228 (18.1%) for the three months ended September 30, 1996 as
compared to the three months ended September 30, 1995. Of this
increase, $79,795 was related to the increases in the average
prices of oil and natural gas sold, partially offset by a $39,484
decrease related to the decreases in the volumes of oil and
natural gas sold. Volumes of oil and natural gas sold decreased
by 1,052 barrels and 6,081 Mcf, respectively, for the three
months ended September 30, 1996 as compared to the three months
ended September 30, 1995. Average oil and natural gas prices
increased to $21.00 per barrel and $2.86 per Mcf, respectively,
for the three months ended September 30, 1996 from $16.26 per
barrel and $1.99 per Mcf, respectively, for the three months
ended September 30, 1995.
Oil and gas production expenses (including lease operating
expenses and production taxes) increased $16,147 for the three
months ended September 30, 1996 as compared to the three months
ended September 30, 1995. This increase resulted primarily from
(i) workover expenses incurred on one well during the three
months ended September 30, 1996 in order to improve the recovery
of reserves and (ii) higher general repair and maintenance
expenses incurred on two wells during the three months ended
September 30, 1996 as compared to the three months ended
September 30, 1995. As a percentage of oil and gas sales, these
expenses remained relatively constant at 33.3% for the three
months ended September 30, 1996 as compared to 32.1% for the
three months ended September 30, 1995.
-29-
Depreciation, depletion, and amortization of oil and gas
properties decreased $25,985 for the three months ended September
30, 1996 as compared to the three months ended September 30,
1995. This decrease resulted primarily from 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 11.4% for the three
months ended September 30, 1996 from 25.1% for the three months
ended September 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 discussed above and the increases in the
average prices of oil and natural gas sold during the three
months ended September 30, 1996 as compared to the three months
ended September 30, 1995.
General and administrative expenses increased $940 for the three
months ended September 30, 1996 as compared to the three months
ended September 30, 1995. This increase resulted primarily from
an increase in both professional fees and printing and postage
expenses during the three months ended September 30, 1996 as
compared to the three months ended September 30, 1995. As a
percentage of oil and gas sales, these expenses decreased to 9.8%
for the three months ended September 30, 1996 from 11.1% for the
three months ended September 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 September 30,
1996 as compared to the three months ended September 30, 1995.
NINE MONTHS ENDED SEPTEMBER 30, 1996 AS COMPARED TO THE NINE
MONTHS ENDED SEPTEMBER 30, 1995.
Nine months ended September 30,
-------------------------------
1996 1995
-------- --------
Oil and gas sales $880,589 $615,805
Oil and gas production expenses $219,348 $210,883
Barrels produced 21,301 20,506
Mcf produced 173,007 155,983
Average price/Bbl $ 19.25 $ 16.85
Average price/Mcf $ 2.72 $ 1.73
As shown in the table above, total oil and gas sales increased
$264,784 (43.0%) for the nine months ended September 30, 1996 as
compared to the nine months ended September 30, 1995. Of this
increase, $203,637 was related to the increases in the average
prices of oil and natural gas sold and $46,305 was related to the
increase in the volumes of natural gas sold. Volumes of oil and
natural gas sold increased by 795 barrels and 17,024 Mcf,
respectively, for the nine months ended September 30, 1996 as
compared to the nine months ended September 30, 1995. Average
oil and natural gas prices increased to $19.25 per barrel and
$2.72 per Mcf, respectively, for the nine months ended September
30, 1996 from $16.85 per barrel and $1.73 per Mcf, respectively,
for the nine months ended September 30, 1995.
-30-
Oil and gas production expenses (including lease operating
expenses and production taxes) increased $8,465 for the nine
months ended September 30, 1996 as compared to the nine months
ended September 30, 1995. This increase resulted primarily from
(i) an increase in production taxes associated with the increase
in oil and gas sales during the nine months ended September 30,
1996 as compared to the nine months ended September 30, 1995,
(ii) workover expenses incurred on one well during the nine
months ended September 30, 1996 in order to improve the recovery
of reserves, and (iii) higher general repair and maintenance
expenses incurred on another well during the nine months ended
September 30, 1996 as compared to the nine months ended September
30, 1995, partially offset by workover expenses incurred on one
well during the nine months ended September 30, 1995. As a
percentage of oil and gas sales, these expenses decreased to
24.9% for the nine months ended September 30, 1996 from 34.2% for
the nine months ended September 30, 1995. This percentage
decrease was primarily due to the increases in the average prices
of oil and natural gas sold during the nine months ended
September 30, 1996 as compared to the nine months ended September
30, 1995.
Depreciation, depletion, and amortization of oil and gas
properties decreased $54,969 for the nine months ended September
30, 1996 as compared to the nine months ended September 30, 1995.
This decrease resulted primarily from 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 12.2% for the nine
months ended September 30, 1996 from 26.4% for the nine months
ended September 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 discussed above and the increases in the
average prices of oil and natural gas sold during the nine months
ended September 30, 1996 as compared to the nine months ended
September 30, 1995.
General and administrative expenses increased $4,123 for the nine
months ended September 30, 1996 as compared to the nine months
ended September 30, 1995. This increase resulted primarily from
an increase in both professional fees and printing and postage
expenses during the nine months ended September 30, 1996 as
compared to the nine months ended September 30, 1995. As a
percentage of oil and gas sales, these expenses decreased to 9.2%
for the nine months ended September 30, 1996 from 12.6% for the
nine months ended September 30, 1995. This percentage decrease
was primarily due to the increase in oil and gas sales during the
nine months ended September 30, 1996 as compared to the nine
months ended September 30, 1995.
The Limited Partners have received cash distributions through
September 30, 1996 totaling $7,187,300 or 80.89% of Limited
Partners' capital contributions.
-31-
I-D PARTNERSHIP
THREE MONTHS ENDED SEPTEMBER 30, 1996 AS COMPARED TO THE THREE
MONTHS ENDED SEPTEMBER 30, 1995.
Three months ended September 30,
--------------------------------
1996 1995
-------- --------
Oil and gas sales $432,931 $345,921
Oil and gas production expenses $ 68,242 $ 74,719
Barrels produced 5,475 5,574
Mcf produced 146,871 169,259
Average price/Bbl $ 21.17 $ 15.02
Average price/Mcf $ 2.16 $ 1.55
As shown in the table above, total oil and gas sales increased
$87,010 (25.2%) for the three months ended September 30, 1996 as
compared to the three months ended September 30, 1995. Of this
increase, $137,528 was related to the increases in the average
prices of oil and natural gas sold, partially offset by a $48,358
decrease related to the decrease in the volumes of natural gas
sold. Volumes of oil and natural gas sold decreased by 99
barrels and 22,388 Mcf, respectively, for the three months ended
September 30, 1996 as compared to the three months ended
September 30, 1995. Average oil and natural gas prices increased
to $21.17 per barrel and $2.16 per Mcf, respectively, for the
three months ended September 30, 1996 from $15.02 per barrel and
$1.55 per Mcf, respectively, for the three months ended September
30, 1995.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $6,477 for the three
months ended September 30, 1996 as compared to the three months
ended September 30, 1995. This decrease resulted primarily from
(i) the decrease in lease operating expenses due to the sale of
one well during 1996, (ii) workover expenses incurred on two
wells during the three months ended September 30, 1995 in order
to improve the recovery of reserves, and (iii) the decrease in
general operating expenses due to the shutting-in of one well
during the three months ended September 30, 1996. As a
percentage of oil and gas sales, these expenses decreased to
15.8% for the three months ended September 30, 1996 from 21.6%
for the three months ended September 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
September 30, 1996 as compared to the three months ended
September 30, 1995.
Depreciation, depletion, and amortization of oil and gas
properties decreased $32,188 for the three months ended September
30, 1996 as compared to the three months ended September 30,
1995. This decrease resulted primarily from 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 11.5%
for the three months ended September 30, 1996 from 23.7% for the
three months ended September 30, 1995. This percentage decrease
was primarily due to the dollar decrease in depreciation,
-32-
depletion, and amortization related to the upward reserve
revisions and impairment provision discussed above and the
increases in the average prices of oil and natural gas sold
during the three months ended September 30, 1996 as compared to
the three months ended September 30, 1995.
General and administrative expenses increased $527 for the three
months ended September 30, 1996 as compared to the three months
ended September 30, 1995. This increase resulted primarily from
an increase in both professional fees and printing and postage
expenses for the three months ended September 30, 1996 as
compared to the three months ended September 30, 1995. As a
percentage of oil and gas sales, these expenses decreased to 5.0%
for the three months ended September 30, 1996 from 6.2% for the
three months ended September 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 September 30,
1996 as compared to the three months ended September 30, 1995.
NINE MONTHS ENDED SEPTEMBER 30, 1996 AS COMPARED TO THE NINE
MONTHS ENDED SEPTEMBER 30, 1995.
Nine months ended September 30,
-------------------------------
1996 1995
---------- --------
Oil and gas sales $1,314,069 $882,567
Oil and gas production expenses $ 200,388 $193,375
Barrels produced 17,586 15,478
Mcf produced 431,052 422,926
Average price/Bbl $ 19.50 $ 16.33
Average price/Mcf $ 2.25 $ 1.49
As shown in the table above, total oil and gas sales increased
$431,502 (48.9%) for the nine months ended September 30, 1996 as
compared to the nine months ended September 30, 1995. Of this
increase, $370,489 was related to the increases in the average
prices of oil and natural gas sold and $41,106 was related to the
increase in the volumes of oil sold. Volumes of oil and natural
gas sold increased by 2,108 barrels and 8,126 Mcf, respectively,
for the nine months ended September 30, 1996 as compared to the
nine months ended September 30, 1995. Average oil and natural
gas prices increased to $19.50 per barrel and $2.25 per Mcf,
respectively, for the nine months ended September 30, 1996 from
$16.33 per barrel and $1.49 per Mcf, respectively, for the nine
months ended September 30, 1995.
Oil and gas production expenses (including lease operating
expenses and production taxes) increased $7,013 for the nine
months ended September 30, 1996 as compared to the nine months
ended September 30, 1995. This increase resulted primarily from
an increase in production taxes associated with the increase in
oil and gas sales during the nine months ended September 30, 1996
as compared to the nine months ended September 30, 1995,
partially offset by a decrease in lease operating expenses due to
the sale of one well during the nine months ended September 30,
1996. As a percentage of oil and gas sales, these expenses
decreased to 15.2% for the nine months ended September 30, 1996
from 21.9% for the nine months ended September 30, 1995. This
percentage decrease was primarily due to the increases in the
average prices of oil and natural gas sold during the nine months
-33-
ended September 30, 1996 as compared to the nine months ended
September 30, 1995.
Depreciation, depletion, and amortization of oil and gas
properties decreased $55,289 for the nine months ended September
30, 1996 as compared to the nine months ended September 30, 1995.
This decrease resulted primarily from 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 11.3%
for the nine months ended September 30, 1996 from 23.1% for the
nine months ended September 30, 1995. This percentage decrease
was primarily due to the dollar decrease in depreciation,
depletion, and amortization related to the upward reserve
revisions and impairment provision discussed above and the
increases in the average prices of oil and natural gas sold
during the nine months ended September 30, 1996 as compared to
the nine months ended September 30, 1995.
General and administrative expenses remained relatively constant
for the nine months ended September 30, 1996 as compared to the
nine months ended September 30, 1995. As a percentage of oil and
gas sales, these expenses decreased to 5.3% for the nine months
ended September 30, 1996 from 7.8% for the nine months ended
September 30, 1995. This percentage decrease was primarily due
to the increase in oil and gas sales during the nine months ended
September 30, 1996 as compared to the nine months ended September
30, 1995.
The Limited Partners have received cash distributions through
September 30, 1996 totaling $11,504,175 or 159.90% of Limited
Partners' capital contributions.
I-E PARTNERSHIP
THREE MONTHS ENDED SEPTEMBER 30, 1996 AS COMPARED TO THE THREE
MONTHS ENDED SEPTEMBER 30, 1995.
Three months ended September 30,
--------------------------------
1996 1995
---------- ----------
Oil and gas sales $1,477,515 $1,219,446
Oil and gas production expenses $ 336,188 $ 453,719
Barrels produced 18,926 21,803
Mcf produced 596,752 661,781
Average price/Bbl $ 21.16 $ 15.04
Average price/Mcf $ 1.80 $ 1.35
As shown in the table above, total oil and gas sales increased
$258,069 (21.2%) for the three months ended September 30, 1996 as
compared to the three months ended September 30, 1995. Of this
increase, $431,235 was related to the increases in the average
prices of oil and natural gas sold, partially offset by a
$177,929 decrease related to the decreases in the volumes of oil
and natural gas sold. Volumes of oil and natural gas sold
decreased by 2,877 barrels and 65,029 Mcf, respectively, for the
three months ended September 30, 1996 as compared to the three
months ended September 30, 1995. Average oil and natural gas
prices increased to $21.16 per barrel and $1.80 per Mcf,
-34-
respectively, for the three months ended September 30, 1996 from
$15.04 per barrel and $1.35 per Mcf, respectively, for the three
months ended September 30, 1995.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $117,531 for the three
months ended September 30, 1996 as compared to the three months
ended September 30, 1995. This decrease resulted primarily from
(i) the decrease in lease operating expenses due to the sale of
one well during 1996, (ii) workover expenses incurred on several
wells during the three months ended September 30, 1995 in order
to improve the recovery of reserves, and (iii) abandonment
expenses incurred on one well during the three months ended
September 30, 1995. As a percentage of oil and gas sales, these
expenses decreased to 22.8% for the three months ended September
30, 1996 from 37.2% for the three months ended September 30,
1995. This percentage decrease was primarily due to the dollar
decrease in oil and gas production expenses discussed above and
the increases in the average prices of oil and natural gas sold
during the three months ended September 30, 1996 as compared to
the three months ended September 30, 1995.
Depreciation, depletion, and amortization of oil and gas
properties decreased $232,978 for the three months ended
September 30, 1996 as compared to the three months ended
September 30, 1995. This decrease resulted primarily from 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
18.6% for the three months ended September 30, 1996 from 41.6%
for the three months ended September 30, 1995. This percentage
decrease was primarily due to the dollar decrease in
depreciation, depletion, and amortization related to the upward
reserve revisions and impairment provision discussed above and
the increases in the average prices of oil and natural gas sold
during the three months ended September 30, 1996 as compared to
the three months ended September 30, 1995.
General and administrative expenses increased $3,016 for the
three months ended September 30, 1996 as compared to the three
months ended September 30, 1995. This increase resulted
primarily from an increase in both professional fees and printing
and postage expenses during the three months ended September 30,
1996 as compared to the three months ended September 30, 1995.
As a percentage of oil and gas sales, these expenses remained
relatively constant at 8.5% for the three months ended September
30, 1996 as compared to 10.1% for the three months ended
September 30, 1995.
-35-
NINE MONTHS ENDED SEPTEMBER 30, 1996 AS COMPARED TO THE NINE
MONTHS ENDED SEPTEMBER 30, 1995.
Nine months ended September 30,
-------------------------------
1996 1995
---------- ----------
Oil and gas sales $4,224,740 $3,454,191
Oil and gas production expenses $1,089,830 $1,269,948
Barrels produced 56,499 66,117
Mcf produced 1,651,315 1,797,135
Average price/Bbl $ 19.40 $ 16.12
Average price/Mcf $ 1.89 $ 1.33
As shown in the table above, total oil and gas sales increased
$770,549 (22.3%) for the nine months ended September 30, 1996 as
compared to the nine months ended September 30, 1995. Of this
increase, $1,223,260 was related to the increases in the average
prices of oil and natural gas sold, partially offset by a
$462,189 decrease related to the decreases in the volumes of oil
and natural gas sold. Volumes of oil and natural gas sold
decreased by 9,618 barrels and 145,820 Mcf, respectively, for the
nine months ended September 30, 1996 as compared to the nine
months ended September 30, 1995. The decrease in the volumes of
oil sold resulted primarily from (i) the sale of one significant
oil producing well during the nine months ended September 30,
1996, (ii) the shutting-in of one well during the nine months
ended September 30, 1996 due to mechanical difficulties, and
(iii) the normal declines in production due to diminished
reserves on two wells during the nine months ended September 30,
1996 as compared to the nine months ended September 30, 1995.
Average oil and natural gas prices increased to $19.40 per barrel
and $1.89 per Mcf, respectively, for the nine months ended
September 30, 1996 from $16.12 per barrel and $1.33 per Mcf,
respectively, for the nine months ended September 30, 1995.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $180,118 for the nine
months ended September 30, 1996 as compared to the nine months
ended September 30, 1995. This decrease resulted primarily from
(i) the decrease in lease operating expenses due to the sale of
one well during the nine months ended September 30, 1996, (ii)
workover expenses incurred on several wells during the nine
months ended September 30, 1995 in order to improve the recovery
of reserves, and (iii) the decrease in lease operating expenses
due to the shutting-in of two wells during the nine months ended
September 30, 1996 in order to improve the recovery of reserves.
As a percentage of oil and gas sales, this expense decreased to
25.8% for the nine months ended September 30, 1996 from 36.8% for
the nine months ended September 30, 1995. This percentage
decrease was primarily due to the decrease in production expenses
discussed above and the increases in the average prices of oil
and natural gas sold during the nine months ended September 30,
1996 as compared to the nine months ended September 30, 1995.
Depreciation, depletion, and amortization of oil and gas
properties decreased $583,282 for the nine months ended September
30, 1996 as compared to the nine months ended September 30, 1995.
This decrease resulted primarily from upward revisions of
previous oil and natural gas reserve estimates at December 31,
-36-
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 18.2%
for the nine months ended September 30, 1996 from 39.2% for the
nine months ended September 30, 1995. This percentage decrease
was primarily due to the dollar decrease in depreciation,
depletion, and amortization related to the upward reserve
revisions and impairment provision discussed above and the
increases in the average prices of oil and natural gas sold
during the nine months ended September 30, 1996 as compared to
the nine months ended September 30, 1995.
General and administrative expenses remained relatively constant
for the nine months ended September 30, 1996 as compared to the
nine months ended September 30, 1995. As a percentage of oil and
gas sales, these expenses decreased to 9.5% for the nine months
ended September 30, 1996 from 11.4% for the nine months ended
September 30, 1995. This percentage decrease was primarily due
to the increases in the average prices of oil and natural gas
sold during the nine months ended September 30, 1996 as compared
to the nine months ended September 30, 1995.
The Limited Partners have received cash distributions through
September 30, 1996 totaling $45,265,552 or 108.19% of Limited
Partners' capital contributions.
I-F PARTNERSHIP
THREE MONTHS ENDED SEPTEMBER 30, 1996 AS COMPARED TO THE THREE
MONTHS ENDED SEPTEMBER 30, 1995.
Three months ended September 30,
--------------------------------
1996 1995
-------- --------
Oil and gas sales $519,278 $455,507
Oil and gas production expenses $137,675 $180,864
Barrels produced 9,156 10,720
Mcf produced 173,233 209,864
Average price/Bbl $ 21.38 $ 15.21
Average price/Mcf $ 1.87 $ 1.39
As shown in the table above, total oil and gas sales increased
$63,771 (14.0%) for the three months ended September 30, 1996 as
compared to the three months ended September 30, 1995. Of this
increase, $166,877 was related to the increases in the average
prices of oil and natural gas sold, partially offset by a
$101,938 decrease related to the decreases in the volumes of oil
and natural gas sold. Volumes of oil and natural gas sold
decreased by 1,564 barrels and 36,631 Mcf, respectively, for the
three months ended September 30, 1996 as compared to the three
months ended September 30, 1995. The decrease in the volumes of
oil sold resulted primarily from (i) the sale of one significant
oil producing well during 1996, (ii) the shutting-in of one well
during the three months ended September 30, 1996 due to
mechanical difficulties, and (iii) the normal decline in
production due to diminished oil reserves on another well during
the three months ended September 30, 1996 as compared to the
three months ended September 30, 1995. The decrease in the
volumes of natural gas sold resulted primarily from (i) positive
prior period volume adjustments made by the purchaser on three
-37-
wells during the three months ended September 30, 1995, (ii) the
sale of one well during 1996, and (iii) the normal declines in
production from diminished natural gas reserves on two wells
during the three months ended September 30, 1996 as compared to
the three months ended September 30, 1995. Average oil and
natural gas prices increased to $21.38 per barrel and $1.87 per
Mcf, respectively, for the three months ended September 30, 1996
from $15.21 per barrel and $1.39 per Mcf, respectively, for the
three months ended September 30, 1995.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $43,189 for the three
months ended September 30, 1996 as compared to the three months
ended September 30, 1995. This decrease resulted primarily from
(i) workover expenses incurred on several wells during the three
months ended September 30, 1995 in order to improve the recovery
of reserves, (ii) a decrease in lease operating expenses due to
the sale of three wells during 1996, and (iii) abandonment
expenses incurred on one well during the three months ended
September 30, 1995. As a percentage of oil and gas sales, these
expenses decreased to 26.5% for the three months ended September
30, 1996 from 39.7% for the three months ended September 30,
1995. This percentage decrease was primarily due to the decrease
in operating expenses discussed above and the increases in the
average prices of oil and natural gas sold during the three
months ended September 30, 1996 as compared to the three months
ended September 30, 1995.
Depreciation, depletion, and amortization of oil and gas
properties decreased $98,933 for the three months ended September
30, 1996 as compared to the three months ended September 30,
1995. This decrease resulted primarily from (i) the decreases in
the volumes of oil and natural gas sold during the three months
ended September 30, 1996 as compared to the three months ended
September 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 14.6% for the three
months ended September 30, 1996 from 38.3% for the three months
ended September 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 discussed above and the increases in the
average prices of oil and natural gas sold during the three
months ended September 30, 1996 as compared to the three months
ended September 30, 1995.
General and administrative expenses increased $1,676 for the
three months ended September 30, 1996 as compared to the three
months ended September 30, 1995. This increase resulted
primarily from an increase in legal and other professional fees
and printing and postage expenses during the three months ended
September 30, 1996 as compared to the three months ended
September 30, 1995. As a percentage of oil and gas sales, these
expenses remained relatively constant at 8.5% for the three
months ended September 30, 1996 as compared to 9.3% for the three
months ended September 30, 1995.
-38-
NINE MONTHS ENDED SEPTEMBER 30, 1996 AS COMPARED TO THE NINE
MONTHS ENDED SEPTEMBER 30, 1995.
Nine months ended September 30,
-------------------------------
1996 1995
---------- ----------
Oil and gas sales $1,439,794 $1,285,238
Oil and gas production expenses $ 464,818 $ 528,563
Barrels produced 27,823 32,914
Mcf produced 457,558 532,396
Average price/Bbl $ 19.41 $ 16.17
Average price/Mcf $ 1.97 $ 1.41
As shown in the table above, total oil and gas sales increased
$154,556 (12.0%) for the nine months ended September 30, 1996 as
compared to the nine months ended September 30, 1995. Of this
increase, $404,783 was related to the increases in the average
prices of oil and natural gas sold, partially offset by a
$246,247 decrease related to the decreases in the volumes of oil
and natural gas sold. Volumes of oil and natural gas sold
decreased by 5,091 barrels and 74,838 Mcf, respectively, for the
nine months ended September 30, 1996 as compared to the nine
months ended September 30, 1995. The decrease in the volumes of
oil sold resulted primarily from (i) the sale of one significant
oil producing well during the nine months ended September 30,
1996, (ii) the shutting-in of one well during the nine months
ended September 30, 1996 due to mechanical difficulties, and
(iii) the normal declines in production from diminished oil
reserves on three wells during the nine months ended September
30, 1996 as compared to the nine months ended September 30, 1995.
Average oil and natural gas prices increased to $19.41 per barrel
and $1.97 per Mcf, respectively, for the nine months ended
September 30, 1996 from $16.17 per barrel and $1.41 per Mcf,
respectively, for the nine months ended September 30, 1995.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $63,745 for the nine
months ended September 30, 1996 as compared to the nine months
ended September 30, 1995. This decrease resulted primarily from
(i) workover expenses incurred on several wells during the nine
months ended September 30, 1995 in order to improve the recovery
of reserves, (ii) the decrease in lease operating expenses due to
the sale of one well during the nine months ended September 30,
1996, and (iii) the decrease in lease operating expenses due to
the shutting-in of another well during the nine months ended
September 30, 1996 in order to improve production capabilities.
As a percentage of oil and gas sales, these expenses decreased to
32.3% for the nine months ended September 30, 1996 from 41.1% for
the nine months ended September 30, 1995. This percentage
decrease was primarily due to the decrease in production expenses
discussed above and the increases in the average prices of oil
and natural gas sold during the nine months ended September 30,
1996 as compared to the nine months ended September 30, 1995.
Depreciation, depletion, and amortization of oil and gas
properties decreased $226,342 for the nine months ended September
30, 1996 as compared to the nine months ended September 30, 1995.
This decrease resulted primarily from (i) the decreases in the
volumes of oil and natural gas sold during the nine months ended
September 30, 1996 as compared to the nine months ended September
-39-
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 16.6% for the nine months ended
September 30, 1996 from 36.2% for the nine months ended September
30, 1995. This percentage decrease was primarily due to the
dollar decrease in depreciation, depletion, and amortization
related to the upward reserve revisions and impairment provision
discussed above and the increases in the average prices of oil
and natural gas sold during the nine months ended September 30,
1996 as compared to the nine months ended September 30, 1995.
General and administrative expenses increased $2,765 for the nine
months ended September 30, 1996 as compared to the nine months
ended September 30, 1995. This increase resulted primarily from
an increase in legal and other professional fees and printing and
postage expenses during the nine months ended September 30, 1996
as compared to the nine months ended September 30, 1995. As a
percentage of oil and gas sales, these expenses remained
relatively constant at 9.6% for the nine months ended September
30, 1996 as compared to 10.5% for the nine months ended September
30, 1995.
The Limited Partners have received cash distributions through
September 30, 1996 totaling $15,275,664 or 106.67% of Limited
Partners' capital contributions.
-40-
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 September 30, 1996 and for
the nine months ended September 30, 1996, filed
herewith.
27.2 Financial Data Schedule containing summary financial
information extracted from the I-C Partnership's
financial statements as of September 30, 1996 and for
the nine months ended September 30, 1996, filed
herewith.
27.3 Financial Data Schedule containing summary financial
information extracted from the I-D Partnership's
financial statements as of September 30, 1996 and for
the nine months ended September 30, 1996, filed
herewith.
27.4 Financial Data Schedule containing summary financial
information extracted from the I-E Partnership's
financial statements as of September 30, 1996 and for
the nine months ended September 30, 1996, filed
herewith.
27.5 Financial Data Schedule containing summary financial
information extracted from the I-F Partnership's
financial statements as of September 30, 1996 and for
the nine months ended September 30, 1996, filed
herewith.
All other exhibits are omitted as inapplicable.
(b) Reports on Form 8-K:
Current Reports on Form 8-K filed during third quarter of
1996:
Date of event: July 1, 1996
Date filed with SEC: July 8, 1996
Item Included:
Item 5 - Other Events
Date of event: July 17, 1996
Date filed with SEC: July 31, 1996
Item Included:
Item 5 - Other Events
-41-
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: November 8, 1996 By: /s/Dennis R. Neill
--------------------------------------
(Signature)
Dennis R. Neill
President
Date: November 8, 1996 By: /s/Patrick M. Hall
--------------------------------------
(Signature)
Patrick M. Hall
Principal Accounting Officer
-42-
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 September 30,
1996 and for the nine months ended September 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 September 30,
1996 and for the nine months ended September 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 September 30,
1996 and for the nine months ended September 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 September 30,
1996 and for the nine months ended September 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 September 30,
1996 and for the nine months ended September 30, 1996, filed
herewith.
All other exhibits are omitted as inapplicable.