UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 10-Q
/x/ Quarterly Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the quarterly period ended September 30, 1995, or
/ / Transition Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the transition period from _______ to _______
Commission File No. 33-3353C
PARKER & PARSLEY 86-C, LTD.
(Exact name of Registrant as specified in its charter)
Texas 75-2142283
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
303 West Wall, Suite 101,
Midland, Texas 79701
(Address of principal executive offices) (Zip code)
Registrant's Telephone Number, including area code: (915)683-4768
Not applicable
(Former name, former address and former fiscal year,
if changed since last report)
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
such filing requirements for the past 90 days.
Yes /x/ No / /
Page 1 of 13 pages.
There are no exhibits.
PARKER & PARSLEY 86-C, LTD.
(A Texas Limited Partnership)
Part I. Financial Information
Item 1. Financial Statements
BALANCE SHEETS
September 30, December 31,
1995 1994
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents, including interest
bearing deposits of $120,491 at September 30
and $67,192 at December 31 $ 120,699 $ 67,305
Accounts receivable - oil and gas sales 145,453 164,132
---------- ---------
Total current assets 266,152 231,437
Oil and gas properties - at cost, based on the
successful efforts accounting method 15,560,802 15,864,179
Accumulated depletion (10,349,660) (10,046,059)
---------- ----------
Net oil and gas properties 5,211,142 5,818,120
---------- ----------
$ 5,477,294 $ 6,049,557
========== ==========
LIABILITIES AND PARTNERS' CAPITAL
Current liabilities:
Accounts payable - affiliate $ 146,043 $ 94,043
Partners' capital:
Limited partners (19,317 interests) 5,279,247 5,897,267
Managing general partner 52,004 58,247
---------- ----------
5,331,251 5,955,514
---------- ----------
$ 5,477,294 $ 6,049,557
========== ==========
The financial information included as of September 30, 1995 has been
prepared by management without audit by independent public accountants.
The accompanying notes are an integral part of these statements.
2
PARKER & PARSLEY 86-C, LTD.
(A Texas Limited Partnership)
STATEMENTS OF OPERATIONS
(Unaudited)
Three months ended Nine months ended
September 30, September 30,
1995 1994 1995 1994
Revenues:
Oil and gas sales $ 324,985 $ 398,227 $1,093,317 $1,143,352
Interest income 2,359 1,948 6,203 4,086
Salvage income from equipment
disposal - - 4,257 12,529
-------- -------- --------- ---------
Total revenues 327,344 400,175 1,103,777 1,159,967
Costs and expenses:
Production costs 217,486 212,038 625,706 667,215
General and administrative
expenses 9,750 11,947 32,800 34,301
Depletion 124,975 110,890 448,330 429,919
Loss (gain) on abandoned
property (21,895) - 119,491 -
Abandoned property costs 327 - 11,068 -
-------- -------- --------- ---------
Total costs and expenses 330,643 334,875 1,237,395 1,131,435
-------- -------- --------- ---------
Net income (loss) $ (3,299) $ 65,300 $ (133,618) $ 28,532
======== ======== ========= =========
Allocation of net income (loss):
Managing general partner $ (33) $ 653 $ (1,336) $ 285
======== ======== ========= =========
Limited partners $ (3,266) $ 64,647 $ (132,282) $ 28,247
======== ======== ========= =========
Net income (loss) per limited
partnership interest $ (.17) $ 3.34 $ (6.85) $ 1.46
======== ======== ========= =========
Distributions per limited
partnership interest $ 7.20 $ 10.31 $ 25.15 $ 27.38
======== ======== ========= =========
The financial information included herein has been prepared by
management without audit by independent public accountants.
The accompanying notes are an integral part of these statements.
3
PARKER & PARSLEY 86-C, LTD.
(A Texas Limited Partnership)
STATEMENTS OF PARTNERS' CAPITAL
(Unaudited)
Managing
general Limited
partner partners Total
Balance at January 1, 1994 $ 65,329 $6,598,251 $6,663,580
Distributions (5,342) (528,903) (534,245)
Net income 285 28,247 28,532
--------- --------- ---------
Balance at September 30, 1994 $ 60,272 $6,097,595 $6,157,867
========= ========= =========
Balance at January 1, 1995 $ 58,247 $5,897,267 $5,955,514
Distributions (4,907) (485,738) (490,645)
Net loss (1,336) (132,282) (133,618)
--------- --------- ---------
Balance at September 30, 1995 $ 52,004 $5,279,247 $5,331,251
========== ========= =========
The financial information included herein has been prepared by
management without audit by independent public accountants.
The accompanying notes are an integral part of these statements.
4
PARKER & PARSLEY 86-C, LTD.
(A Texas Limited Partnership)
STATEMENTS OF CASH FLOWS
(Unaudited)
Nine months ended
September 30,
1995 1994
Cash flows from operating activities:
Net income (loss) $ (133,618) $ 28,532
Adjustments to reconcile net income (loss) to
net cash provided by operating activities:
Depletion 448,330 429,919
Loss on abandoned property 119,491 -
Salvage income from equipment disposal (4,257) (12,529)
Changes in assets and liabilities:
Decrease in accounts receivable 18,679 18,902
Increase in accounts payable 53,379 40,479
--------- ---------
Net cash provided by operating activities 502,004 505,303
Cash flows from investing activities:
Disposals of oil and gas properties 12,565 737
Proceeds from salvage income from equipment
disposal 4,257 12,529
Proceeds from equipment salvage on abandoned
property 25,213 -
--------- ---------
Net cash provided by investing activities 42,035 13,266
Cash flows from financing activities:
Cash distributions to partners (490,645) (534,245)
--------- ---------
Net increase (decrease) in cash and cash equivalents 53,394 (15,676)
Cash and cash equivalents at beginning of period 67,305 149,143
--------- ---------
Cash and cash equivalents at end of period $ 120,699 $ 133,467
========= =========
The financial information included herein has been prepared by
management without audit by independent public accountants.
The accompanying notes are an integral part of these statements.
5
PARKER & PARSLEY 86-C, LTD.
(A Texas Limited Partnership)
NOTES TO FINANCIAL STATEMENTS
September 30, 1995
(Unaudited)
NOTE 1.
In the opinion of management, the unaudited financial statements as of September
30, 1995 of Parker & Parsley 86-C, Ltd. (the "Registrant") include all
adjustments and accruals consisting only of normal recurring accrual adjustments
which are necessary for a fair presentation of the results for the interim
period. However, the results of operations for the nine months ended September
30, 1995 are not necessarily indicative of the results for the full year ending
December 31, 1995.
The financial statements should be read in conjunction with the financial
statements and the notes thereto contained in the Registrant's Report on Form
10-K for the year ended December 31, 1994, as filed with the Securities and
Exchange Commission, a copy of which is available upon request by writing to
Steven L. Beal, Senior Vice President, 303 West Wall, Suite 101, Midland, Texas
79701.
NOTE 2.
On May 25, 1993, a final settlement agreement was negotiated, drafted and
finally executed, ending litigation which had begun on September 5, 1989, when
the Registrant filed suit along with other parties against Dresser Industries,
Inc.; Titan Services, Inc.; BJ-Titan Services Company; BJ-Hughes Holding
Company; Hughes Tool Company; Baker Hughes Production Tools, Inc.; and Baker
Hughes Incorporated alleging that the defendants had intentionally failed to
provide the materials and services ordered and paid for by the Registrant and
other parties in connection with the fracturing and acidizing of 523 wells, and
then fraudulently concealed the shorting practice from the managing general
partner, Parker & Parsley Development L.P. ("PPDLP") (see Item 2). The May 25,
1993 settlement agreement called for a payment of $115 million in cash by the
defendants. The managing general partner received the funds, deducted incurred
legal expenses, accrued interest, determined the general partner's portion of
the funds and calculated any inter- partnership allocations. A distribution of
$91,000,000 was made to the working interest owners, including the Registrant,
on July 30, 1993. The limited partners received their distribution of
$6,972,477, or $360.95 per limited partnership interest, in 1993.
On May 3, 1993, Jack N. Price, the attorney who represented Gary G. "Zeke"
Lancaster in the Federal Court lawsuit, filed suit in State Court in Beaumont
against all of the plaintiff partnerships, including the Registrant and others,
alleging his entitlement to 12% of the settlement proceeds. Price's lawsuit
claim for approximately $13.8 million is predicated on a purported contract
entered into with Southmark Corporation in August 1988, in which he allegedly
binds the Registrant and the other defendants, as well as Southmark. On
September 20, 1995, the
6
Beaumont trial judge entered a summary judgment against Southmark for the
$13,790,000 contingent fee sought by Price, together with prejudgment interest,
and also awarded Price an additional $5,498,525 in attorneys' fees. Southmark
intends to vigorously pursue appeal of the judgment. The summary judgment did
not give Price any relief against the Registrant, and although PPDLP believes
the lawsuit is without merit and intends to vigorously defend it, PPDLP is
holding in reserve approximately 12.5% of the total settlement pending final
resolution of the litigation by the court. Trial against the Registrant is
currently scheduled for April 1996.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
The Registrant was formed December 30, 1986. The managing general partner of the
Registrant at December 31, 1994 was Parker & Parsley Development Company
("PPDC") which was merged into PPDLP on January 1, 1995. On January 1, 1995,
PPDLP, a Texas limited partnership, became the sole managing general partner of
the Registrant, by acquiring the rights and assuming the obligations of PPDC.
PPDLP acquired PPDC's rights and obligations as managing general partner of the
Registrant in connection with the merger of PPDC, P&P Producing, Inc. and
Spraberry Development Corporation into MidPar LP., which survived the merger
with a change of name to PPDLP. The sole general partner of PPDLP is Parker &
Parsley Petroleum USA, Inc. PPDLP has the power and authority to manage, control
and administer all Registrant affairs. The limited partners contributed
$19,317,000 representing 19,317 interests ($1,000 per interest) sold to a total
of 1,466 limited partners.
Since its formation, the Registrant invested $16,031,986 in various prospects
that were drilled in Texas. At September 30, 1995, the Registrant had 58
producing oil and gas wells. Two wells have been abandoned due to uneconomical
operations; one well in 1995 and one in 1992.
RESULTS OF OPERATIONS
Nine months ended September 30, 1995 compared with nine months ended
September 30, 1994
REVENUES:
The Registrant's oil and gas revenues decreased to $1,093,317 from $1,143,352
for the nine months ended September 30, 1995 and 1994, respectively, a decrease
of 4%. The decrease in revenues resulted from an 11% decrease in barrels of oil
produced and sold, a 7% decrease in mcf of gas produced and sold and a decrease
in the average price received per mcf of gas, offset by a 9% increase in the
average price received per barrel of oil. For the nine months ended September
30, 1995, 43,671 barrels of oil were sold compared to 49,131 for the same period
in 1994, a decrease of 5,460 barrels. For the nine months ended September 30,
1995, 203,215 mcf of gas were sold compared to 217,763 for the same period in
1994, a decrease of 14,548 mcf. The decrease in oil and gas produced and sold
was due to the decline characteristics of the Registrant's oil and gas
properties. Because of these characteristics, management expects a certain
amount of decline in production to continue in the future until the Registrant's
economically recoverable reserves are fully depleted.
7
The average price received per barrel of oil increased 9% from $15.81 for the
nine months ended September 30, 1994 to $17.27 for the same period in 1995 while
the average price received per mcf of gas decreased from $1.68 during the nine
months ended September 30, 1994 to $1.67 in 1995. The market price for oil and
gas has been extremely volatile in the past decade, and management expects a
certain amount of volatility to continue in the foreseeable future. The
Registrant may therefore sell its future oil and gas production at average
prices lower or higher than that received during the nine months ended September
30, 1995.
Salvage income of $4,257 for the nine months ended September 30, 1995 was
received from the disposal of equipment on one fully depleted well. For the same
period ended September 30, 1994, $12,529 in salvage income consisted of
equipment credits received of $210 on one well abandoned in a prior year and
$12,319 received from the disposal of equipment on one fully depleted well.
COSTS AND EXPENSES:
Total costs and expenses increased to $1,237,395 for the nine months ended
September 30, 1995 as compared to $1,131,435 for the same period in 1994, an
increase of $105,960, or 9%. This increase was due to increases in depletion,
loss on abandoned property and abandoned property costs, offset by declines in
production costs and general and administrative expenses ("G&A").
Production costs were $625,706 for the nine months ended September 30, 1995 and
$667,215 for the same period in 1994, resulting in a $41,509 decrease, or 6%.
This decrease was the result of declines in well repair and maintenance costs
and production and ad valorem taxes, offset by an increase in workover expense
incurred in an effort to stimulate well production.
G&A's components are independent accounting and engineering fees, computer
services, postage and managing general partner personnel costs. During this
period, G&A decreased, in aggregate, 4% from $34,301 for the nine months ended
September 30, 1994 to $32,800 for the same period in 1995. The Partnership
agreement limits G&A to 3% of gross oil and gas revenues.
Depletion was $448,330 for the nine months ended September 30, 1995 compared to
$429,919 for the same period in 1994. This represented an increase in depletion
of $18,411, or 4%. Depletion was computed quarterly on a property-by-property
basis utilizing the unit-of-production method based upon the dominant mineral
produced, generally oil. Oil production decreased 5,460 barrels for the nine
months ended September 30, 1995 from the same period in 1994. Depletion expense
for the nine months ended September 30, 1995 was calculated based on reserves
computed utilizing an oil price of $16.38 per barrel. Comparatively, depletion
expense for the three months ended September 30, 1994 and June 30, 1994 was
calculated based on reserves computed utilizing an oil price of $18.30 per
barrel while depletion expense for the three months ended March 31, 1994 was
calculated based on reserves computed utilizing an oil price of $12.80 per
barrel.
A loss on abandoned property of $119,491 was recognized during the nine months
ended September 30, 1995. This loss was the result of proceeds received of
$25,213 from equipment salvage on abandoned property, less the write-off of
remaining capitalized well costs of $144,704.
8
Expenses incurred during the nine-month period ended September 30, 1995 to plug
and abandon one well totaled $11,068. There was no abandonment activity for the
same period in 1994.
On May 25, 1993, a final settlement agreement was negotiated, drafted and
finally executed, ending litigation which had begun on September 5, 1989, when
the Registrant filed suit along with other parties against Dresser Industries,
Inc.; Titan Services, Inc.; BJ-Titan Services Company; BJ-Hughes Holding
Company; Hughes Tool Company; Baker Hughes Production Tools, Inc.; and Baker
Hughes Incorporated alleging that the defendants had intentionally failed to
provide the materials and services ordered and paid for by the Registrant and
other parties in connection with the fracturing and acidizing of 523 wells, and
then fraudulently concealed the shorting practice from PPDLP. The May 25, 1993
settlement agreement called for a payment of $115 million in cash by the
defendants. The managing general partner received the funds, deducted incurred
legal expenses, accrued interest, determined the general partner's portion of
the funds and calculated any inter-partnership allocations. A distribution of
$91,000,000 was made to the working interest owners, including the Registrant,
on July 30, 1993. The limited partners received their distribu tion of
$6,972,477, or $360.95 per limited partnership interest, in 1993.
On May 3, 1993, Jack N. Price, the attorney who represented Gary G. "Zeke"
Lancaster in the Federal Court lawsuit, filed suit in State Court in Beaumont
against all of the plaintiff partnerships, including the Registrant and others,
alleging his entitlement to 12% of the settlement proceeds. Price's lawsuit
claim for approximately $13.8 million is predicated on a purported contract
entered into with Southmark Corporation in August 1988, in which he allegedly
binds the Registrant and the other defendants, as well as Southmark. On
September 20, 1995, the Beaumont trial judge entered a summary judgment against
Southmark for the $13,790,000 contingent fee sought by Price, together with
prejudgment interest, and also awarded Price an additional $5,498,525 in
attorneys' fees. Southmark intends to vigorously pursue appeal of the judgment.
The summary judgment did not give Price any relief against the Registrant, and
although PPDLP believes the lawsuit is without merit and intends to vigorously
defend it, PPDLP is holding in reserve approximately 12.5% of the total
settlement pending final resolution of the litigation by the court. Trial
against the Registrant is currently scheduled for April 1996.
Three months ended September 30, 1995 compared with three months ended
September 30, 1994
REVENUES:
The Registrant's oil and gas revenues decreased to $324,985 from $398,227 for
the three months ended September 30, 1995 and 1994, respectively, a decrease of
18%. The decrease in revenues resulted from a 17% decrease in barrels of oil
produced and sold, a 10% decrease in mcf of gas produced and sold and decreases
in the average prices received per barrel of oil and mcf of gas. For the three
months ended September 30, 1995, 13,194 barrels of oil were sold compared to
15,836 for the same period in 1994, a decrease of 2,642 barrels. For the three
months ended September 30, 1995, 69,136 mcf of gas were sold compared to 76,635
for the same period in 1994, a decrease of 7,499 mcf. The decrease in oil and
gas production was due to the decline characteristics of the Registrant's oil
and gas properties.
9
The average price received per barrel of oil decreased $.84, or 5%, from $17.35
for the three months ended September 30, 1994 to $16.51 for the same period in
1995 while the average price received per mcf of gas decreased 4% from $1.61 for
the three months ended September 30, 1994 to $1.55 for the same period in 1995.
COSTS AND EXPENSES:
Total costs and expenses decreased to $330,643 for the three months ended
September 30, 1995 as compared to $334,875 for the same period in 1994, a
decrease of $4,232. This decrease consisted of a decline in G&A and a gain on
abandoned property, offset by increases in production costs, depletion and
abandoned property costs.
Production costs were $217,486 for the three months ended September 30, 1995 and
$212,038 for the same period in 1994, resulting in a $5,448 increase, or 3%.
This increase was the result of increases in workover expense and ad valorem
taxes, offset by a decrease in well repair and maintenance costs and production
taxes.
G&A's components are independent accounting and engineering fees, computer
services, postage and managing general partner personnel costs. During this
period, G&A decreased, in aggregate, 18% from $11,947 for the three months ended
September 30, 1994 to $9,750 for the same period in 1995.
Depletion was $124,975 for the three months ended September 30, 1995 compared to
$110,890 for the same period in 1994. This represented an increase in depletion
of $14,085, or 13%. Oil production decreased 2,642 barrels for the three months
ended September 30, 1995 from the same period in 1994. Depletion expense for the
three months ended September 30, 1995 was calculated based on reserves computed
utilizing an oil price of $16.38 per barrel while depletion expense for the
three months ended September 30, 1994 was calculated based on reserves computed
utilizing an oil price of $18.30 per barrel.
A gain on abandoned property of $21,895 for the three months ended September 30,
1995 consisted of equipment credits received on one abandoned oil and gas well,
with costs to abandon the property of $327. There was no abandonment activity
during the same period in 1994.
LIQUIDITY AND CAPITAL RESOURCES
NET CASH PROVIDED BY OPERATING ACTIVITIES
Net cash provided by operating activities decreased to $502,004 during the nine
months ended September 30, 1995, a $3,299 decrease from the same period ended
September 30, 1994. This decrease was due to a decline in oil and gas sales and
an increase in G&A and abandoned property costs, offset by decreases in
production costs. The decline in oil and gas sales was due to a decline in
barrels of oil and mcf of gas produced and sold and declining average prices
received for gas. The increase in G&A was due to more allocated expenses by the
managing general partner. The increase in abandoned property costs was due to
the plugging of one well in 1995. The decrease in production costs was due to
less well repair and maintenance.
10
NET CASH PROVIDED BY INVESTING ACTIVITIES
The Registrant received $12,565 and $737 during the nine months ended September
30, 1995 and 1994, respectively, from the disposal of oil and gas equipment on
active properties.
Proceeds from salvage income of $4,257 were received during the nine months
ended September 30, 1995 from the sale of oil and gas equipment on one fully
depleted well. For the same period in 1994, total proceeds from salvage income
of $12,529 resulted from the disposal of oil and gas equipment on one fully
depleted well of $12,319 and $210 from oil and gas equipment disposal on one
well abandoned in a prior year.
Proceeds of $25,213 were received from the salvage of equipment on one well
abandoned during the nine months ended September 30, 1995.
NET CASH USED IN FINANCING ACTIVITIES
Cash was sufficient for the nine months ended September 30, 1995 to cover
distributions to the partners of $490,645 of which $485,738 was distributed to
the limited partners and $4,907 to the managing general partner. For the same
period ended September 30, 1994, cash was sufficient for distributions to the
partners of $534,245 of which $528,903 was distributed to the limited partners
and $5,342 to the managing general partner.
It is expected that future net cash provided by operating activities will be
sufficient for any capital expenditures and any distributions. As the production
from the properties declines, distributions are also expected to decrease.
ACCOUNTING STANDARD ON IMPAIRMENT OF LONG-LIVED ASSETS
In March 1995, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards No. 121 - Accounting for Impairment of Long-lived
Assets and for Long-lived Assets to Be Disposed Of ("FAS 121") regarding the
impairment of long-lived assets, identifiable intangibles and goodwill related
to those assets. FAS 121 is effective for financial statements for fiscal years
beginning after December 15, 1995, although earlier adoption is encouraged. The
application of FAS 121 to oil and gas companies utilizing the successful efforts
method (such as the Registrant) will require periodic determination of whether
the book value of long-lived assets exceeds the future cash flows expected to
result from the use of such assets and, if so, will require reduction of the
carrying amount of the "impaired" assets to their estimated fair values. There
is currently a great deal of uncertainty as to how FAS 121 will apply to oil and
gas companies using the successful efforts method, including uncertainty
regarding the determination of expected future cash flows from the relevant
assets and, if an impairment is determined to exist, their estimated fair value.
There is also uncertainty regarding the level at which the test might be
applied. Given this uncertainty, the Registrant is currently unable to estimate
the effect that FAS 121 will have on the Registrant's results of operations for
the period in which it is adopted.
11
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
On May 25, 1993, a final settlement agreement was negotiated, drafted and
finally executed, ending litigation which had begun on September 5, 1989, when
the Registrant filed suit along with other parties against Dresser Industries,
Inc.; Titan Services, Inc.; BJ-Titan Services Company; BJ-Hughes Holding
Company; Hughes Tool Company; Baker Hughes Production Tools, Inc.; and Baker
Hughes Incorporated alleging that the defendants had intentionally failed to
provide the materials and services ordered and paid for by the Registrant and
other parties in connection with the fracturing and acidizing of 523 wells, and
then fraudulently concealed the shorting practice from PPDLP. The May 25, 1993
settlement agreement called for a payment of $115 million in cash by the
defendants. The managing general partner received the funds, deducted incurred
legal expenses, accrued interest, determined the general partner's portion of
the funds and calculated any inter-partnership allocations. A distribution of
$91,000,000 was made to the working interest owners, including the Registrant,
on July 30, 1993. The limited partners received their distribu tion of
$6,972,477, or $360.95 per limited partnership interest, in 1993.
On May 3, 1993, Jack N. Price, the attorney who represented Gary G. "Zeke"
Lancaster in the Federal Court lawsuit, filed suit in State Court in Beaumont
against all of the plaintiff partnerships, including the Registrant and others,
alleging his entitlement to 12% of the settlement proceeds. Price's lawsuit
claim for approximately $13.8 million is predicated on a purported contract
entered into with Southmark Corporation in August 1988, in which he allegedly
binds the Registrant and the other defendants, as well as Southmark. On
September 20, 1995, the Beaumont trial judge entered a summary judgment against
Southmark for the $13,790,000 contingent fee sought by Price, together with
prejudgment interest, and also awarded Price an additional $5,498,525 in
attorneys' fees. Southmark intends to vigorously pursue appeal of the judgment.
The summary judgment did not give Price any relief against the Registrant, and
although PPDLP believes the lawsuit is without merit and intends to vigorously
defend it, PPDLP is holding in reserve approximately 12.5% of the total
settlement pending final resolution of the litigation by the court. Trial
against the Registrant is currently scheduled for April 1996.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits - none
(b) Reports on Form 8-K - none
12
PARKER & PARSLEY 86-C, LTD.
(A Texas Limited Partnership)
S I G N A T U R E S
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.
PARKER & PARSLEY 86-C, LTD.
By: Parker & Parsley Development L.P.,
Managing General Partner
By: Parker & Parsley Petroleum USA, Inc.
("PPUSA"), General Partner
Dated: November 9, 1995 By: /s/ Steven L. Beal
-------------------------------------
Steven L. Beal, Senior Vice President
and Chief Financial Officer of PPUSA
13