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, 1997
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,
1997 1996
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 27,407 $ 13,805
Accounts receivable:
General Partner (Note 2) 574 -
Oil and gas sales 31,005 54,636
-------- --------
Total current assets $ 58,986 $ 68,441
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 365,041 419,346
DEFERRED CHARGE 121,350 121,350
-------- --------
$545,377 $609,137
======== ========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 7,909 $ 17,298
Gas imbalance payable 4,982 4,982
-------- --------
Total current liabilities $ 12,891 $ 22,280
ACCRUED LIABILITY $ 31,110 $ 31,110
PARTNERS' CAPITAL (DEFICIT):
General Partner ($103,140) ($102,526)
Limited Partners, issued and
outstanding, 11,958 units 604,516 658,273
-------- --------
Total Partners' capital $501,376 $555,747
-------- --------
$545,377 $609,137
======== ========
The accompanying condensed 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, 1997 AND 1996
(Unaudited)
1997 1996
-------- --------
REVENUES:
Oil and gas sales $45,296 $83,427
Interest income 265 33
Gain on sale of oil and
gas properties 770 598
------- -------
$46,331 $84,058
COSTS AND EXPENSES:
Lease operating $25,878 $29,208
Production tax 3,053 5,384
Depreciation, depletion, and
amortization of oil and gas
properties 7,466 20,120
General and administrative (Note 2) 13,457 14,122
------- -------
$49,854 $68,834
------- -------
NET INCOME (LOSS) ($ 3,523) $15,224
======= =======
GENERAL PARTNER - NET INCOME $ 109 $ 1,564
======= =======
LIMITED PARTNERS - NET INCOME (LOSS) ($ 3,632) $13,660
======= =======
NET INCOME (LOSS) per unit ($ .30) $ 1.14
======= =======
UNITS OUTSTANDING 11,958 11,958
======= =======
The accompanying condensed 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, 1997 AND 1996
(Unaudited)
1997 1996
-------- --------
REVENUES:
Oil and gas sales $236,834 $223,828
Interest income 565 272
Gain on sale of oil and
gas properties 770 598
-------- --------
$238,169 $224,698
COSTS AND EXPENSES:
Lease operating $ 74,387 $114,826
Production tax 15,933 13,304
Depreciation, depletion, and
amortization of oil and gas
properties 35,728 54,887
Impairment provision 19,726 -
General and administrative (Note 2) 49,834 48,396
-------- --------
$195,608 $231,413
-------- --------
NET INCOME (LOSS) $ 42,561 ($ 6,715)
======== ========
GENERAL PARTNER - NET INCOME $ 4,318 $ 1,846
======== ========
LIMITED PARTNERS - NET INCOME
(LOSS) $ 38,243 ($ 8,561)
======== ========
NET INCOME (LOSS) per unit $ 3.20 ($ .72)
======== ========
UNITS OUTSTANDING 11,958 11,958
======== ========
The accompanying condensed 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, 1997 AND 1996
(Unaudited)
1997 1996
--------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ 42,561 ($ 6,715)
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depreciation, depletion, and
amortization of oil and gas
properties 35,728 54,887
Impairment provision 19,726 -
Gain on sale of oil and gas
properties ( 770) ( 598)
(Increase) decrease in accounts
receivable - General Partner ( 574) 3,797
(Increase) decrease in accounts
receivable - oil and gas sales 23,631 ( 5,945)
Increase (decrease) in accounts
payable ( 9,389) 4,340
-------- -------
Net cash provided by operating
activities $110,913 $49,766
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 1,149) $ -
Proceeds from sale of oil and
gas properties 770 598
-------- -------
Net cash provided (used) by
investing activities ($ 379) $ 598
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($ 96,932) ($72,288)
-------- -------
Net cash used by financing
activities ($ 96,932) ($72,288)
-------- -------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS $ 13,602 ($21,924)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 13,805 25,001
-------- -------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 27,407 $ 3,077
======== =======
The accompanying condensed 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,
1997 1996
------------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 6,436 $218,437
Accounts receivable:
General Partner (Note 2) 110 14,922
Oil and gas sales 149,134 163,306
-------- --------
Total current assets $155,680 $396,665
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 372,532 317,923
DEFERRED CHARGE 66,882 66,882
-------- --------
$595,094 $781,470
======== ========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 21,107 $ 16,894
General Partner (Note 2) 65,000 -
-------- --------
Total current liabilities $ 86,107 $ 16,894
ACCRUED LIABILITY $ 12,386 $ 12,386
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 88,388) ($ 85,499)
Limited Partners, issued and
outstanding, 8,885 units 584,989 837,689
-------- --------
Total Partners' capital $496,601 $752,190
-------- --------
$595,094 $781,470
======== ========
The accompanying condensed 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, 1997 AND 1996
(Unaudited)
1997 1996
-------- --------
REVENUES:
Oil and gas sales $203,427 $262,585
Interest income 673 1,904
Gain (loss) on sale of oil and
gas properties 719 ( 61,588)
-------- --------
$204,819 $202,901
COSTS AND EXPENSES:
Lease operating $ 83,405 $ 70,575
Production tax 14,347 16,857
Depreciation, depletion, and
amortization of oil and gas
properties 9,384 29,872
General and administrative (Note 2) 24,967 25,670
-------- --------
$132,103 $142,974
-------- --------
NET INCOME $ 72,716 $ 59,927
======== ========
GENERAL PARTNER - NET INCOME $ 3,978 $ 4,096
======== ========
LIMITED PARTNERS - NET INCOME $ 68,738 $ 55,831
======== ========
NET INCOME per unit $ 7.74 $ 6.28
======== ========
UNITS OUTSTANDING 8,885 8,885
======== ========
The accompanying condensed 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, 1997 AND 1996
(Unaudited)
1997 1996
-------- --------
REVENUES:
Oil and gas sales $675,402 $880,589
Interest income 3,461 4,591
Loss on sale of oil and gas
properties ( 3,643) ( 61,588)
-------- --------
$675,220 $823,592
COSTS AND EXPENSES:
Lease operating $207,922 $167,437
Production tax 40,946 51,911
Depreciation, depletion, and
amortization of oil and gas
properties 32,670 107,792
Impairment provision 4,679 -
General and administrative (Note 2) 82,034 81,418
-------- --------
$368,251 $408,558
-------- --------
NET INCOME $306,969 $415,034
======== ========
GENERAL PARTNER - NET INCOME $ 16,669 $ 24,834
======== ========
LIMITED PARTNERS - NET INCOME $290,300 $390,200
======== ========
NET INCOME per unit $ 32.67 $ 43.92
======== ========
UNITS OUTSTANDING 8,885 8,885
======== ========
The accompanying condensed 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, 1997 AND 1996
(Unaudited)
1997 1996
--------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $306,969 $415,034
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 32,670 107,792
Impairment provision 4,679 -
Loss on sale of oil and gas
properties 3,643 61,588
Decrease in accounts receivable -
General Partner 14,812 16,765
(Increase) decrease in accounts
receivable - oil and gas sales 14,172 ( 9,344)
Increase in accounts payable 4,213 1,388
Increase in accounts payable -
General Partner 65,000 -
-------- --------
Net cash provided by operating
activities $446,158 $593,223
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($102,319) ($ 1,039)
Proceeds from sale of oil and
gas properties 6,718 13,720
-------- --------
Net cash provided (used) by
investing activities ($ 95,601) $ 12,681
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($562,558) ($558,168)
-------- --------
Net cash used by financing
activities ($562,558) ($558,168)
-------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS ($212,001) $ 47,736
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 218,437 115,815
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 6,436 $163,551
======== ========
The accompanying condensed 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,
1997 1996
------------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 187,776 $ 344,951
Accounts receivable:
Oil and gas sales 227,871 306,857
---------- ----------
Total current assets $ 415,647 $ 651,808
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 711,487 855,240
DEFERRED CHARGE 98,015 98,015
---------- ----------
$1,225,149 $1,605,063
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 14,769 $ 15,285
Gas imbalance payable 36,687 36,687
---------- ----------
Total current liabilities $ 51,456 $ 51,972
ACCRUED LIABILITY $ 16,816 $ 16,816
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 28,252) ($ 4,248)
Limited Partners, issued and
outstanding, 7,195 units 1,185,129 1,540,523
---------- ----------
Total Partners' capital $1,156,877 $1,536,275
---------- ----------
$1,225,149 $1,605,063
========== ==========
The accompanying condensed 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, 1997 AND 1996
(Unaudited)
1997 1996
-------- ----------
REVENUES:
Oil and gas sales $312,571 $432,931
Interest income 2,537 3,273
Gain on sale of oil and gas
properties 137 29,553
-------- --------
$315,245 $465,757
COSTS AND EXPENSES:
Lease operating $ 67,080 $ 39,072
Production tax 22,341 29,170
Depreciation, depletion, and
amortization of oil and gas
properties 22,391 49,721
General and administrative (Note 2) 21,276 21,811
-------- --------
$133,088 $139,774
-------- --------
NET INCOME $182,157 $325,983
======== ========
GENERAL PARTNER - NET INCOME $ 30,078 $ 55,368
======== ========
LIMITED PARTNERS - NET INCOME $152,079 $270,615
======== ========
NET INCOME per unit $ 21.14 $ 37.61
======== ========
UNITS OUTSTANDING 7,195 7,195
======== ========
The accompanying condensed 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, 1997 AND 1996
(Unaudited)
1997 1996
---------- ----------
REVENUES:
Oil and gas sales $1,117,685 $1,314,069
Interest income 7,924 7,527
Gain on sale of oil and gas
properties 15,961 29,711
---------- ----------
$1,141,570 $1,351,307
COSTS AND EXPENSES:
Lease operating $ 144,414 $ 116,072
Production tax 73,053 84,316
Depreciation, depletion, and
amortization of oil and gas
properties 82,678 148,450
Impairment provision 61,790 -
General and administrative (Note 2) 70,643 69,798
---------- ----------
$ 432,578 $ 418,636
---------- ----------
NET INCOME $ 708,992 $ 932,671
========== ==========
GENERAL PARTNER - NET INCOME $ 125,386 $ 159,555
========== ==========
LIMITED PARTNERS - NET INCOME $ 583,606 $ 773,116
========== ==========
NET INCOME per unit $ 81.11 $ 107.45
========== ==========
UNITS OUTSTANDING 7,195 7,195
========== ==========
The accompanying condensed 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, 1997 AND 1996
(Unaudited)
1997 1996
------------ ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 708,992 $ 932,671
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 82,678 148,450
Impairment provision 61,790 -
Gain on sale of oil and gas
properties ( 15,961) ( 29,711)
Increase in accounts receivable -
General Partner - ( 4,713)
(Increase) decrease in accounts
receivable - oil and gas sales 78,986 ( 27,546)
Decrease in accounts payable ( 516) ( 18,770)
---------- ----------
Net cash provided by operating
activities $ 915,969 $1,000,381
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 1,129) ($ 9,673)
Proceeds from sale of oil and
gas properties 16,375 48,273
---------- ----------
Net cash provided by investing
activities $ 15,246 $ 38,600
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($1,088,390) ($ 911,144)
---------- ----------
Net cash used by financing
activities ($1,088,390) ($ 911,144)
---------- ----------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS ($ 157,175) $ 127,837
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 344,951 245,666
---------- ----------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 187,776 $ 373,503
========== ==========
The accompanying condensed 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,
1997 1996
------------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 749,577 $ 894,887
Accounts receivable:
Oil and gas sales 865,472 1,233,074
---------- ----------
Total current assets $1,615,049 $2,127,961
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 4,839,988 5,621,729
DEFERRED CHARGE 822,824 822,824
---------- ----------
$7,277,861 $8,572,514
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 108,010 $ 118,262
Gas imbalance payable 124,200 124,200
---------- ----------
Total current liabilities $ 232,210 $ 242,462
ACCRUED LIABILITY $ 142,663 $ 142,663
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 220,458) ($ 113,140)
Limited Partners, issued and
outstanding, 41,839 units 7,123,446 8,300,529
---------- ----------
Total Partners' capital $6,902,988 $8,187,389
---------- ----------
$7,277,861 $8,572,514
========== ==========
The accompanying condensed 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, 1997 AND 1996
(Unaudited)
1997 1996
---------- ----------
REVENUES:
Oil and gas sales $1,293,478 $1,477,515
Interest income 9,123 11,701
Gain on sale of oil and gas
properties - 243,054
---------- ----------
$1,302,601 $1,732,270
COSTS AND EXPENSES:
Lease operating $ 333,931 $ 236,425
Production tax 86,655 99,763
Depreciation, depletion, and
amortization of oil and gas
properties 191,363 274,651
General and administrative (Note 2) 123,707 126,205
---------- ----------
$ 735,656 $ 737,044
---------- ----------
NET INCOME $ 566,945 $ 995,226
========== ==========
GENERAL PARTNER - NET INCOME $ 110,464 $ 186,420
========== ==========
LIMITED PARTNERS - NET INCOME $ 456,481 $ 808,806
========== ==========
NET INCOME per unit $ 10.91 $ 19.33
========== ==========
UNITS OUTSTANDING 41,839 41,839
========== ==========
The accompanying condensed 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, 1997 AND 1996
(Unaudited)
1997 1996
---------- ----------
REVENUES:
Oil and gas sales $4,504,924 $4,224,740
Interest income 26,047 23,066
Gain on sale of oil and gas
properties 62,609 246,113
---------- ----------
$4,593,580 $4,493,919
COSTS AND EXPENSES:
Lease operating $ 928,397 $ 809,169
Production tax 303,820 280,661
Depreciation, depletion, and
amortization of oil and gas
properties 590,946 769,586
Impairment provision 291,690 -
General and administrative (Note 2) 406,281 399,380
---------- ----------
$2,521,134 $2,258,796
---------- ----------
NET INCOME $2,072,446 $2,235,123
========== ==========
GENERAL PARTNER - NET INCOME $ 430,529 $ 439,991
========== ==========
LIMITED PARTNERS - NET INCOME $1,641,917 $1,795,132
========== ==========
NET INCOME per unit $ 39.24 $ 42.91
========== ==========
UNITS OUTSTANDING 41,839 41,839
========== ==========
The accompanying condensed 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, 1997 AND 1996
(Unaudited)
1997 1996
----------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $2,072,446 $2,235,123
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 590,946 769,586
Impairment provision 291,690 -
Gain on sale of oil and gas
properties ( 62,609) ( 246,113)
Increase in accounts receivable -
General Partner - ( 58,137)
(Increase) decrease in accounts
receivable - oil and gas sales 367,602 ( 88,820)
Decrease in accounts payable ( 10,252) ( 85,850)
---------- ----------
Net cash provided by operating
activities $3,249,823 $2,525,789
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 118,823) ($ 33,788)
Proceeds from sale of oil and
gas properties 80,537 348,935
---------- ----------
Net cash provided (used) by
investing activities ($ 38,286) $ 315,147
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($3,356,847) ($2,382,372)
---------- ----------
Net cash used by financing
activities ($3,356,847) ($2,382,372)
---------- ----------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS ($ 145,310) $ 458,564
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 894,887 734,316
---------- ----------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 749,577 $1,192,880
========== ==========
The accompanying condensed 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,
1997 1996
------------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 255,080 $ 339,064
Accounts receivable:
Oil and gas sales 308,546 431,888
---------- ----------
Total current assets $ 563,626 $ 770,952
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 1,476,274 1,746,830
DEFERRED CHARGE 465,201 465,201
---------- ----------
$2,505,101 $2,982,983
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 54,072 $ 47,364
Gas imbalance payable 45,279 45,279
---------- ----------
Total current liabilities $ 99,351 $ 92,643
ACCRUED LIABILITY $ 103,790 $ 103,790
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 63,933) ($ 59,110)
Limited Partners, issued and
outstanding, 14,321 units 2,365,893 2,845,660
---------- ----------
Total Partners' capital $2,301,960 $2,786,550
---------- ----------
$2,505,101 $2,982,983
========== ==========
The accompanying condensed 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, 1997 AND 1996
(Unaudited)
1997 1996
-------- ---------
REVENUES:
Oil and gas sales $451,008 $519,278
Interest income 3,067 4,727
Gain on sale of oil and
gas properties - 136,526
-------- --------
$454,075 $660,531
COSTS AND EXPENSES:
Lease operating $173,542 $107,687
Production tax 28,227 29,988
Depreciation, depletion, and
amortization of oil and gas
properties 61,024 75,634
General and administrative (Note 2) 42,342 43,954
-------- --------
$305,135 $257,263
-------- --------
NET INCOME $148,940 $403,268
======== ========
GENERAL PARTNER - NET INCOME $ 30,425 $ 70,678
======== ========
LIMITED PARTNERS - NET INCOME $118,515 $332,590
======== ========
NET INCOME per unit $ 8.28 $ 23.22
======== ========
UNITS OUTSTANDING 14,321 14,321
======== ========
The accompanying condensed 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, 1997 AND 1996
(Unaudited)
1997 1996
---------- ----------
REVENUES:
Oil and gas sales $1,579,881 $1,439,794
Interest income 8,781 8,155
Gain on sale of oil and
gas properties 46,356 137,246
---------- ----------
$1,635,018 $1,585,195
COSTS AND EXPENSES:
Lease operating $ 472,591 $ 373,106
Production tax 101,421 91,712
Depreciation, depletion, and
amortization of oil and gas
properties 187,670 238,350
Impairment provision 114,631 -
General and administrative (Note 2) 139,601 138,235
---------- ----------
$1,015,914 $ 841,403
---------- ----------
NET INCOME $ 619,104 $ 743,792
========== ==========
GENERAL PARTNER - NET INCOME $ 133,871 $ 144,023
========== ==========
LIMITED PARTNERS - NET INCOME $ 485,233 $ 599,769
========== ==========
NET INCOME per unit $ 33.88 $ 41.88
========== ==========
UNITS OUTSTANDING 14,321 14,321
========== ==========
The accompanying condensed 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, 1997 AND 1996
(Unaudited)
1997 1996
------------ ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 619,104 $743,792
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 187,670 238,350
Impairment provision 114,631 -
Gain on sale of oil and gas
properties ( 46,356) ( 137,246)
Increase in accounts receivable -
General Partner - ( 60,162)
Decrease in accounts receivable -
oil and gas sales 123,342 21,550
Increase (decrease) in accounts
payable 6,708 ( 24,833)
---------- --------
Net cash provided by operating
activities $1,005,099 $781,451
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 43,416) ($ 14,957)
Proceeds from sale of oil and
gas properties 58,027 189,749
---------- --------
Net cash provided by investing
activities $ 14,611 $174,792
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($1,103,694) ($840,443)
---------- --------
Net cash used by financing
activities ($1,103,694) ($840,443)
---------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS ($ 83,984) $115,800
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 339,064 272,653
---------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 255,080 $388,453
========== ========
The accompanying condensed 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, 1997
(Unaudited)
1. ACCOUNTING POLICIES
-------------------
The combined balance sheets as of September 30, 1997, combined
statements of operations for the three and nine months ended
September 30, 1997 and 1996 and combined statements of cash flows
for the nine months ended September 30, 1997 and 1996 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,
1997, the combined results of operations for the three and nine
months ended September 30, 1997 and 1996 and the combined cash
flows for the nine months ended September 30, 1997 and 1996.
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, 1996. The results of
operations for the period ended September 30, 1997 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
-22-
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, plus an
allocated portion, of the General Partner's property screening
costs. The acquisition cost to the Partnerships of properties
acquired by the General Partner is adjusted to reflect the net
cash results of operations, including interest incurred to
finance the acquisition, for the period of time the properties
are held by the General Partner prior to their transfer to the
Partnerships. Leasehold impairment is recognized based upon an
individual property assessment and exploratory experience. Upon
discovery of commercial reserves, leasehold costs are transferred
to producing properties.
Depletion of the costs of producing oil and gas properties,
amortization of related intangible drilling and development
costs, and depreciation of tangible lease and well equipment are
computed on the unit-of-production method. The Partnerships'
depletion, depreciation, and amortization includes estimated
dismantlement and abandonment costs, net of estimated salvage
value.
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.
Statement of Financial Accounting Standards ("SFAS") No. 121,
"Accounting for the Impairment of Long Lived Assets and Assets
Held for Disposal", requires successful efforts companies, like
the Partnerships, to evaluate the recoverability of the carrying
costs of their proved oil and gas properties at the lowest level
for which there are identifiable cash flows that are largely
independent of the cash flows of other groups of oil and gas
properties. With respect to the Partnerships' oil and gas
properties, this evaluation was performed for each field. 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. The
Partnerships recorded a non-cash charge against earnings
(impairment provision) during the nine months ended September 30,
1997 pursuant to SFAS No. 121 as follows:
Partnership Amount
----------- ------------
I-B $ 19,726
I-C 4,679
I-D 61,790
I-E 291,690
I-F 114,631
The risk that the Partnerships will be required to record such
impairment provisions in the future increases when oil and gas
prices are depressed.
-23-
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, 1997 the following payments were made to the General Partner
or its affiliates by the Partnerships:
Direct General Administrative
Partnership and Administrative Overhead
----------- ------------------ --------------
I-B $2,144 $ 11,313
I-C 1,585 23,382
I-D 1,290 19,986
I-E 7,487 116,220
I-F 2,562 39,780
During the nine months ended September 30, 1997 the following
payments were made to the General Partner or its affiliates by
the Partnerships:
Direct General Administrative
Partnership and Administrative Overhead
----------- ------------------ --------------
I-B $15,895 $ 33,939
I-C 11,888 70,146
I-D 10,685 59,958
I-E 57,621 348,660
I-F 20,261 119,340
Affiliates of the Partnerships operate certain of the
Partnerships' properties and their policy is to bill the
Partnerships for all customary charges and cost reimbursements
associated with their activities.
The I-C Partnership recorded a receivable from the General
Partner at December 31, 1996 in the amount of $14,452 for
proceeds due to the I-C Partnership from the sale of oil and gas
properties during the fourth quarter of 1996. Subsequent to
December 31, 1996 such receivable was collected by the I-C
Partnership. The I-C Partnership also recorded a receivable from
the General Partner at December 31, 1996 in the amount of $470
due to indirect general and administrative expenses during the
fourth quarter of 1996 exceeding the reimbursable indirect limit
imposed by the advisory agreement between Samson Investment
Company, PaineWebber Incorporated, and Geodyne (the "Advisory
Agreement"). Such receivable was collected by the I-C
Partnership during the first quarter of 1997.
The receivable at September 30, 1997 for the I-B and I-C
Partnerships represented proceeds due to such Partnerships for
the sale of oil and gas properties during the third quarter of
1997. Subsequent to September 30, 1997 such receivable was
collected by the I-B and I-C Partnerships.
The I-C Partnership had a payable due to the General Partner of
$65,000 at September 30, 1997 included in accounts payable. This
-24-
payable represents an advance made by the General Partner for
working capital needs incurred as a result of a well recompleted
in July 1997. The Partnership repaid $30,000 of this liability
during October 1997 and expects to repay the remainder during
November 1997. No interest has been charged by the General
Partner on the accounts payable.
-25-
ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
USE OF FORWARD-LOOKING STATEMENTS AND ESTIMATES
- -----------------------------------------------
This Quarterly Report contains certain forward-looking
statements. The words "anticipate," "believe," "expect," "plan,"
"intend," "estimate," "project," "could," "may," and similar
expressions are intended to identify forward-looking statements.
Such statements reflect management's current views with respect
to future events and financial performance. This Quarterly
Report also includes certain information, which is, or is based
upon, estimates and assumptions. Such estimates and assumptions
are management's efforts to accurately reflect the condition and
operation of the Partnerships.
Use of forward-looking statements and estimates and assumptions
involve risks and uncertainties which include, but are not
limited to, the volatility of oil and gas prices, the uncertainty
of reserve information, the operating risk associated with oil
and gas properties (including the risk of personal injury, death,
property damage, damage to the well or producing reservoir,
environmental contamination, and other operating risks), the
prospect of changing tax and regulatory laws, the availability
and capacity of processing and transportation facilities, the
general economic climate, the supply and price of foreign imports
of oil and gas, the level of consumer product demand, and the
price and availability of alternative fuels. Should one or more
of these risks or uncertainties occur or should estimates or
underlying assumptions prove incorrect, actual conditions or
results may vary materially and adversely from those stated,
anticipated, believed, estimated, or otherwise indicated.
GENERAL
- -------
The Partnerships are engaged in the business of acquiring and
operating producing oil and gas properties located in the
continental United States. In general, a 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:
-26-
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. The I-C Partnership experienced negative cash
flow during the three months ended September 30, 1997 due to
capital expenditures of approximately $100,000 for the successful
recompletion of one well. Management believes the negative cash
flow for the I-C Partnership during the third quarter of 1997 was
an isolated event and does not anticipate similar negative cash
flows in the future. While the General Partner cannot predict
future pricing trends, it believes the working capital available
as of September 30, 1997 and the net revenue generated from
future operations will provide sufficient working capital to meet
current and future obligations of the Partnerships.
RESULTS OF OPERATIONS
- ---------------------
GENERAL DISCUSSION
The following general discussion should be read in conjunction
with the analysis of results of operations provided below. The
most important variable affecting the Partnerships' revenues is
the prices received for the sale of oil and gas. Predicting
future prices is very difficult. Substantially all of the
Partnerships' gas reserves are being sold in the "spot market".
Prices on the spot market are subject to wide seasonal and
regional pricing fluctuations due to the highly competitive
nature of the spot market. In addition, such spot market sales
are generally short-term in nature and are dependent upon the
obtaining of transportation services provided by pipelines.
Management is unable to predict whether future oil and gas prices
will (i) stabilize, (ii) increase, or (iii) decrease.
I-B PARTNERSHIP
THREE MONTHS ENDED SEPTEMBER 30, 1997 AS COMPARED TO THE THREE
MONTHS ENDED SEPTEMBER 30, 1996.
Three Months Ended September 30,
--------------------------------
1997 1996
------- -------
Oil and gas sales $45,296 $83,427
-27-
Oil and gas production expenses $28,931 $34,592
Barrels produced 515 529
Mcf produced 16,820 34,787
Average price/Bbl $ 18.51 $ 23.68
Average price/Mcf $ 2.13 $ 2.04
As shown in the table above, total oil and gas sales decreased
$38,131 (45.7%) for the three months ended September 30, 1997 as
compared to the three months ended September 30, 1996. Of this
decrease, approximately $37,000 was related to a decrease in
volumes of gas sold. Volumes of oil and gas sold decreased 14
barrels and 17,967 Mcf, respectively for the three months ended
September 30, 1997 as compared to the three months ended
September 30, 1996. The decrease in volumes of gas sold resulted
primarily from positive prior period volume adjustments made by
the purchasers on three wells during the three months ended
September 30, 1996. Average oil prices decreased to $18.51 per
barrel for the three months ended September 30, 1997 from $23.68
per barrel for the three months ended September 30, 1996.
Average gas prices increased to $2.13 per Mcf for the three
months ended September 30, 1997 from $2.04 per Mcf for the three
months ended September 30, 1996.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $5,661 (16.4%) for the
three months ended September 30, 1997 as compared to the three
months ended September 30, 1996. This decrease resulted
primarily from (i) the decrease in volumes of gas sold for the
three months ended September 30, 1997 as compared to the three
months ended September 30, 1996 and (ii) a decrease in production
taxes associated with the decrease in oil and gas sales discussed
above, which decrease was partially offset by recompletion
expenses incurred on one well during the three months ended
September 30, 1997 in order to improve the recovery of reserves.
As a percentage of oil and gas sales, these expenses increased to
63.9% for the three months ended September 30, 1997 from 41.5%
for the three months ended September 30, 1996. This percentage
increase was primarily due to the recompletion expenses discussed
above.
Depreciation, depletion, and amortization of oil and gas
properties decreased $12,654 (62.9%) for the three months ended
September 30, 1997 as compared to the three months ended
September 30, 1996. This decrease resulted primarily from the
decrease in volumes of gas sold during the three months ended
September 30, 1997 as compared to the three months ended
September 30, 1996. As a percentage of oil and gas sales, this
expense decreased to 16.5% for the three months ended September
30, 1997 from 24.1% for the three months ended September 30,
1996. This percentage decrease was primarily due to the dollar
decrease in depreciation, depletion, and amortization discussed
above and the increase in the average price of gas sold during
the three months ended September 30, 1997 as compared to the
three months ended September 30, 1996.
General and administrative expenses remained relatively constant
for the three months ended September 30, 1997 as compared to the
three months ended September 30, 1996. As a percentage of oil
and gas sales, these expenses increased to 29.7% for the three
months ended September 30, 1997 from 16.9% for the three months
-28-
ended September 30, 1996. This percentage increase was primarily
due to the decrease in oil and gas sales discussed above.
NINE MONTHS ENDED SEPTEMBER 30, 1997 AS COMPARED TO THE NINE
MONTHS ENDED SEPTEMBER 30, 1996.
Nine Months Ended September 30,
-------------------------------
1997 1996
-------- --------
Oil and gas sales $236,834 $223,828
Oil and gas production expenses $ 90,320 $128,130
Barrels produced 1,628 1,842
Mcf produced 85,508 92,509
Average price/Bbl $ 19.54 $ 20.42
Average price/Mcf $ 2.40 $ 2.01
As shown in the table above, total oil and gas sales increased
$13,006 (5.8%) for the nine months ended September 30, 1997 as
compared to the nine months ended September 30, 1996. Of this
increase, approximately $33,000 was related to an increase in the
average price of gas sold, which increase was partially offset by
decreases of approximately $4,000 and $14,000, respectively,
related to decreases in volumes of oil and gas sold. Volumes of
oil and gas sold decreased 214 barrels and 7,001 Mcf,
respectively, for the nine months ended September 30, 1997 as
compared to the nine months ended September 30, 1996. Average
oil prices decreased to $19.54 per barrel for the nine months
ended September 30, 1997 from $20.42 per barrel for the nine
months ended September 30, 1996. Average gas prices increased to
$2.40 per Mcf for the nine months ended September 30, 1997 from
$2.01 per Mcf for the nine months ended September 30, 1996.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $37,810 (29.5%) for the
nine months ended September 30, 1997 as compared to the nine
months ended September 30, 1996. This decrease resulted
primarily from (i) the sale of one well during the nine months
ended September 30, 1996, (ii) workover expenses incurred on two
wells during the nine months ended September 30, 1996 in order to
improve the recovery of reserves and (iii) decreases in volumes
of oil and gas sold for the nine months ended September 30, 1997
as compared to the nine months ended September 30, 1996. As a
percentage of oil and gas sales, these expenses decreased to
38.1% for the nine months ended September 30, 1997 from 57.2% for
the nine months ended September 30, 1996. This percentage
decrease was primarily due to the dollar decrease in oil and gas
production expenses discussed above and the increase in the
average price of gas sold during the nine months ended September
30, 1997 as compared to the nine months ended September 30, 1996.
Depreciation, depletion, and amortization of oil and gas
properties decreased $19,159 (34.9%) for the nine months ended
September 30, 1997 as compared to the nine months ended September
30, 1996. This decrease resulted primarily from an upward
revision in the estimate of remaining gas reserves at December
31, 1996. As a percentage of oil and gas sales, this expense
decreased to 15.1% for the nine months ended September 30, 1997
from 24.5% for the nine months ended September 30, 1996. This
percentage decrease was primarily due to the increase in the
-29-
average price of gas sold during the nine months ended September
30, 1997 as compared to the nine months ended September 30, 1996.
The I-B Partnership recognized a non-cash charge against earnings
of $19,726 for the nine months ended September 30, 1997. This
impairment provision was necessary due to the unamortized costs
of oil and gas properties exceeding the expected undiscounted
future net revenues from such oil and gas properties, in
accordance with the I-B Partnership s adoption of SFAS No. 121.
Of this amount, $17,233 was related to the decline in oil and gas
prices used to determine the recoverability of oil and gas
reserves at March 31, 1997 and $2,493 was related to impairment
of unproved properties. No similar charge was necessary during
the nine months ended September 30, 1996.
General and administrative expenses remained relatively constant
for the nine months ended September 30, 1997 as compared to the
nine months ended September 30, 1996. As a percentage of oil and
gas sales, these expenses decreased to 21.0% for the nine months
ended September 30, 1997 from 21.6% for the nine months ended
September 30, 1996. This percentage decrease was primarily due
to the increase in oil and gas sales discussed above.
The Limited Partners have received cash distributions through
September 30, 1997 totaling $6,522,527 or 54.55% of Limited
Partners' capital contributions.
I-C PARTNERSHIP
THREE MONTHS ENDED SEPTEMBER 30, 1997 AS COMPARED TO THE THREE
MONTHS ENDED SEPTEMBER 30, 1996.
Three Months Ended September 30,
--------------------------------
1997 1996
-------- --------
Oil and gas sales $203,427 $262,585
Oil and gas production expenses $ 97,752 $ 87,432
Barrels produced 5,660 6,267
Mcf produced 38,365 45,761
Average price/Bbl $ 17.12 $ 21.00
Average price/Mcf $ 2.78 $ 2.86
As shown in the table above, total oil and gas sales decreased
$59,158 (22.5%) for the three months ended September 30, 1997 as
compared to the three months ended September 30, 1996. Of this
decrease, approximately $13,000 and $21,000, respectively, were
related to decreases in volumes of oil and gas sold and
approximately $22,000 was related to the decrease in the average
price of oil sold. Volumes of oil and gas sold decreased 607
barrels and 7,396 Mcf, respectively, for the three months ended
September 30, 1997 as compared to the three months ended
September 30, 1996. The decrease in volumes of gas sold resulted
primarily from the shutting-in of one well due to a workover
during the three months ended September 30, 1997 in order to
-30-
improve the recovery of reserves. Average oil and gas prices
decreased to $17.12 per barrel and $2.78 per Mcf, respectively,
for the three months ended September 30, 1997 from $21.00 per
barrel and $2.86 per Mcf, respectively, for the three months
ended September 30, 1996.
Oil and gas production expenses (including lease operating
expenses and production taxes) increased $10,320 (11.8%) for the
three months ended September 30, 1997 as compared to the three
months ended September 30, 1996. This increase resulted
primarily from workover expenses incurred on one well during the
three months ended September 30, 1997 in order to improve the
recovery of reserves, which increase was partially offset by
decreases in volumes of oil and gas sold during the three months
ended September 30, 1997 as compared to the three months ended
September 30, 1996. As a percentage of oil and gas sales, these
expenses increased to 48.1% for the three months ended September
30, 1997 from 33.3% for the three months ended September 30,
1996. This percentage increase was primarily due to the workover
expenses discussed above and the decrease in the average prices
of oil and gas sold during the three months ended September 30,
1997 as compared to the three months ended September 30, 1996.
Depreciation, depletion, and amortization of oil and gas
properties decreased $20,488 (68.6%) for the three months ended
September 30, 1997 as compared to the three months ended
September 30, 1996. This decrease resulted primarily from upward
revisions in the estimates of remaining oil and gas reserves at
December 31, 1996. As a percentage of oil and gas sales, this
expense decreased to 4.6% for the three months ended September
30, 1997 from 11.4% for the three months ended September 30,
1996. This percentage decrease was primarily due to the dollar
decrease in depreciation, depletion, and amortization discussed
above.
General and administrative expenses remained relatively constant
for the three months ended September 30, 1997 as compared to the
three months ended September 30, 1996. As a percentage of oil
and gas sales, these expenses increased to 12.3% for the three
months ended September 30, 1997 from 9.8% for the three months
ended September 30, 1996. This percentage increase was primarily
due to the decrease in oil and gas sales discussed above.
NINE MONTHS ENDED SEPTEMBER 30, 1997 AS COMPARED TO THE NINE
MONTHS ENDED SEPTEMBER 30, 1996.
Nine Months Ended September 30,
-------------------------------
1997 1996
-------- --------
Oil and gas sales $675,402 $880,589
Oil and gas production expenses $248,868 $219,348
Barrels produced 16,882 21,301
Mcf produced 128,019 173,007
Average price/Bbl $ 18.99 $ 19.25
Average price/Mcf $ 2.77 $ 2.72
As shown in the table above, total oil and gas sales decreased
$205,187 (23.3%) for the nine months ended September 30, 1997 as
compared to the nine months ended September 30, 1996. Of this
decrease, approximately $85,000 and $122,000, respectively, were
-31-
related to decreases in volumes of oil and gas sold. Volumes of
oil and gas sold decreased 4,419 barrels and 44,988 Mcf,
respectively, for the nine months ended September 30, 1997 as
compared to the nine months ended September 30, 1996. The
decrease in volumes of oil and gas sold resulted primarily from
the shutting-in of three wells due to workovers during the nine
months ended September 30, 1997 in order to improve the recovery
of reserves. Average oil prices decreased to $18.99 per barrel
for the nine months ended September 30, 1997 from $19.25 per
barrel for the nine months ended September 30, 1996. Average gas
prices increased to $2.77 per Mcf for the nine months ended
September 30, 1997 from $2.72 per Mcf for the nine months ended
September 30, 1996.
Oil and gas production expenses (including lease operating
expenses and production taxes) increased $29,520 (13.5%) for the
nine months ended September 30, 1997 as compared to the nine
months ended September 30, 1996. This increase resulted
primarily from workover expenses incurred on three wells during
the nine months ended September 30, 1997 in order to improve the
recovery of reserves, which increase was partially offset by
decreases in volumes of oil and gas sold for the nine months
ended September 30, 1997 as compared to the nine months ended
September 30, 1996. As a percentage of oil and gas sales, these
expenses increased to 36.8% for the nine months ended September
30, 1997 from 24.9% for the nine months ended September 30, 1996.
This percentage increase was primarily due to the workover
expenses discussed above and the decrease in the average price of
oil sold during the nine months ended September 30, 1997 as
compared to the nine months ended September 30, 1996.
Depreciation, depletion, and amortization of oil and gas
properties decreased $75,122 (69.7%) for the nine months ended
September 30, 1997 as compared to the nine months ended September
30, 1996. This decrease resulted primarily from (i) upward
revisions in the estimates of remaining oil and gas reserves at
December 31, 1996 and (ii) decreases in volumes of oil and gas
sold during the nine months ended September 30, 1997 as compared
to the nine months ended September 30, 1996. As a percentage of
oil and gas sales, this expense decreased to 4.8% for the nine
months ended September 30, 1997 from 12.2% for the nine months
ended September 30, 1996. This percentage decrease was primarily
due to the dollar decrease in depreciation, depletion, and
amortization discussed above and the increase in the average
price of gas sold during the nine months ended September 30, 1997
as compared to the nine months ended September 30, 1996.
The I-C Partnership recognized a non-cash charge against earnings
of $4,679 for the nine months ended September 30, 1997. This
impairment provision was necessary due to the unamortized costs
of oil and gas properties exceeding the expected undiscounted
future net revenues from such oil and gas properties, in
accordance with the I-C Partnership s adoption of SFAS No. 121.
No similar charge was necessary during the nine months ended
September 30, 1996.
General and administrative expenses remained relatively constant
for the nine months ended September 30, 1997 as compared to the
nine months ended September 30, 1996. As a percentage of oil and
gas sales, these expenses increased to 12.1% for the nine months
-32-
ended September 30, 1997 from 9.2% for the nine months ended
September 30, 1996. This percentage increase was primarily due
to the decrease in oil and gas sales discussed above.
The Limited Partners have received cash distributions through
September 30, 1997 totaling $7,881,300 or 88.70% of Limited
Partners' capital contributions.
I-D PARTNERSHIP
THREE MONTHS ENDED SEPTEMBER 30, 1997 AS COMPARED TO THE THREE
MONTHS ENDED SEPTEMBER 30, 1996.
Three Months Ended September 30,
--------------------------------
1997 1996
-------- --------
Oil and gas sales $312,571 $432,931
Oil and gas production expenses $ 89,421 $ 68,242
Barrels produced 3,803 5,475
Mcf produced 101,830 146,871
Average price/Bbl $ 16.85 $ 21.17
Average price/Mcf $ 2.44 $ 2.16
As shown in the table above, total oil and gas sales decreased
$120,360 (27.8%) for the three months ended September 30, 1997 as
compared to the three months ended September 30, 1996. Of this
decrease, approximately $35,000 and $97,000, respectively, were
related to decreases in volumes of oil and gas sold and
approximately $16,000 was related to a decrease in the average
price of oil sold, which decrease was partially offset by an
increase of approximately $29,000 related to an increase in the
average price of gas sold. Volumes of oil and gas sold decreased
1,672 barrels and 45,041 Mcf, respectively, for the three months
ended September 30, 1997 as compared to the three months ended
September 30, 1996. The decrease in volumes of oil sold resulted
primarily from (i) the shutting-in of one well due to a workover
during the three months ended September 30, 1997 in order to
improve the recovery of reserves and (ii) positive prior period
volume adjustments made by the purchaser on another well during
the three months ended September 30, 1996. The decrease in
volumes of gas sold resulted primarily from (i) the shutting-in
of one well due to a workover during the three months ended
September 30, 1997 in order to improve the recovery of reserves,
(ii) the abandonment of one well during the three months ended
September 30, 1997 and (iii) positive prior period volume
adjustments made by the purchaser on one well during the three
months ended September 30, 1996. Average oil prices decreased to
$16.85 per barrel for the three months ended September 30, 1997
from $21.17 per barrel for the three months ended September 30,
1996. Average gas prices increased to $2.44 per Mcf for the
three months ended September 30, 1997 from $2.16 per Mcf for the
three months ended September 30, 1996.
Oil and gas production expenses (including lease operating
expenses and production taxes) increased $21,179 (31.0%) for the
three months ended September 30, 1997 as compared to the three
months ended September 30, 1996. This increase resulted
primarily from workover expenses incurred on two wells during the
three months ended September 30, 1997 in order to improve the
recovery of reserves, which increase was partially offset by (i)
-33-
decreases in volumes of oil and gas sold during the three months
ended September 30, 1997 as compared to the three months ended
September 30, 1996 and (ii) a decrease in production taxes
associated with the decrease in oil and gas sales discussed
above. As a percentage of oil and gas sales, these expenses
increased to 28.6% for the three months ended September 30, 1997
from 15.8% for the three months ended September 30, 1996. This
percentage increase was primarily due to the workover expenses
discussed above and the decrease in the average price of oil sold
during the three months ended September 30, 1997 as compared to
the three months ended September 30, 1996.
Depreciation, depletion, and amortization of oil and gas
properties decreased $27,330 (55.0%) for the three months ended
September 30, 1997 as compared to the three months ended
September 30, 1996. This decrease resulted primarily from (i)
decreases in volumes of oil and gas sold during the three months
ended September 30, 1997 as compared to the three months ended
September 30, 1996 and (ii) upward revisions in the estimates of
remaining oil and gas reserves at December 31, 1996. As a
percentage of oil and gas sales, this expense decreased to 7.2%
for the three months ended September 30, 1997 from 11.5% for the
three months ended September 30, 1996. This percentage decrease
was primarily due to the dollar decrease in depreciation,
depletion, and amortization discussed above.
General and administrative expenses remained relatively constant
for the three months ended September 30, 1997 as compared to the
three months ended September 30, 1996. As a percentage of oil
and gas sales, these expenses increased to 6.8% for the three
months ended September 30, 1997 from 5.0% for the three months
ended September 30, 1996. This percentage increase was primarily
due to the decrease in oil and gas sales discussed above.
NINE MONTHS ENDED SEPTEMBER 30, 1997 AS COMPARED TO THE NINE
MONTHS ENDED SEPTEMBER 30, 1996.
Nine Months Ended September 30,
-------------------------------
1997 1996
---------- ----------
Oil and gas sales $1,117,685 $1,314,069
Oil and gas production expenses $ 217,467 $ 200,388
Barrels produced 12,322 17,586
Mcf produced 359,879 431,052
Average price/Bbl $ 19.48 $ 19.50
Average price/Mcf $ 2.44 $ 2.25
As shown in the table above, total oil and gas sales decreased
$196,384 (14.9%) for the nine months ended September 30, 1997 as
compared to the nine months ended September 30, 1996. Of this
decrease, approximately $103,000 and $160,000, respectively, were
related to decreases in volumes of oil and gas sold, which
decrease was partially offset by an increase of approximately
$68,000 relating to an increase in the average price of gas sold.
-34-
Volumes of oil and gas sold decreased 5,264 barrels and 71,173
Mcf, respectively, for the nine months ended September 30, 1997
as compared to the nine months ended September 30, 1996. The
decrease in volumes of oil sold resulted primarily from (i) the
shutting-in of one well due to a workover during the nine months
ended September 30, 1997 in order to improve the recovery of
reserves and (ii) positive prior period volume adjustments made
by the purchaser on another well during the nine months ended
September 30, 1996. The decrease in volumes of gas sold resulted
primarily from (i) the shutting-in of one well due to a workover
during the nine months ended September 30, 1997 in order to
improve the recovery of reserves and (ii) the abandonment of
another well during the nine months ended September 30, 1997.
Average oil prices decreased to $19.48 per barrel for the nine
months ended September 30, 1997 from $19.50 per barrel for the
nine months ended September 30, 1996. Average gas prices
increased to $2.44 per Mcf for the nine months ended September
30, 1997 from $2.25 per Mcf for the nine months ended September
30, 1996.
Oil and gas production expenses (including lease operating
expenses and production taxes) increased $17,079 (8.5%) for the
nine months ended September 30, 1997 as compared to the nine
months ended September 30, 1996. This increase resulted
primarily from workover expenses incurred on two wells during the
nine months ended September 30, 1997 in order to improve the
recovery of reserves, which increase was partially offset by
decreases in volumes of oil and gas sold for the nine months
ended September 30, 1997 as compared to the nine months ended
September 30, 1996. As a percentage of oil and gas sales, these
expenses increased to 19.5% for the nine months ended September
30, 1997 from 15.2% for the nine months ended September 30, 1996.
This percentage increase was primarily due to the decrease in oil
and gas sales discussed above and workover expenses discussed
above.
Depreciation, depletion, and amortization of oil and gas
properties decreased $65,772 (44.3%) for the nine months ended
September 30, 1997 as compared to the nine months ended September
30, 1996. This decrease resulted primarily from (i) upward
revisions in the estimates of remaining oil and gas reserves at
December 31, 1996 and (ii) decreases in volumes of oil and gas
sold during the nine months ended September 30, 1997 as compared
to the nine months ended September 30, 1996. As a percentage of
oil and gas sales, this expense decreased to 7.4% for the nine
months ended September 30, 1997 from 11.3% for the nine months
ended September 30, 1996. This percentage decrease was primarily
due to the dollar decrease in depreciation, depletion, and
amortization discussed above and the increase in the average
price of gas sold during the nine months ended September 30, 1997
as compared to the nine months ended September 30, 1996.
The I-D Partnership recognized a non-cash charge against earnings
of $61,790 for the nine months ended September 30, 1997. This
impairment provision was necessary due to the unamortized costs
of oil and gas properties exceeding the expected undiscounted
future net revenues from such oil and gas properties, in
accordance with the I-D Partnership s adoption of SFAS No. 121.
Of this amount, $12,290 was related to the decline in oil and gas
prices used to determine the recoverability of oil and gas
reserves at March 31, 1997 and $49,500 was related to impairment
-35-
of unproved properties. No similar charge was necessary during
the nine months ended September 30, 1996.
General and administrative expenses remained relatively constant
for the nine months ended September 30, 1997 as compared to the
nine months ended September 30, 1996. As a percentage of oil and
gas sales, these expenses increased to 6.3% for the nine months
ended September 30, 1997 from 5.3% for the nine months ended
September 30, 1996. This percentage increase was primarily due
to the decrease in oil and gas sales discussed above.
The Limited Partners have received cash distributions through
September 30, 1997 totaling $12,758,175 or 177.33% of Limited
Partners' capital contributions.
I-E PARTNERSHIP
THREE MONTHS ENDED SEPTEMBER 30, 1997 AS COMPARED TO THE THREE
MONTHS ENDED SEPTEMBER 30, 1996.
Three Months Ended September 30,
--------------------------------
1997 1996
---------- ----------
Oil and gas sales $1,293,478 $1,477,515
Oil and gas production expenses $ 420,586 $ 336,188
Barrels produced 19,162 18,926
Mcf produced 489,327 596,752
Average price/Bbl $ 16.83 $ 21.16
Average price/Mcf $ 1.98 $ 1.80
As shown in the table above, total oil and gas sales decreased
$184,037 (12.5%) for the three months ended September 30, 1997 as
compared to the three months ended September 30, 1996. Of this
decrease, approximately $193,000 was related to a decrease in
volumes of gas sold and approximately $83,000 was related to a
decrease in the average price of oil sold, which decrease was
partially offset by an increase of approximately $88,000 related
to an increase in the average price of gas sold. Volumes of oil
sold increased 236 barrels while volumes of gas sold decreased
107,425 Mcf for the three months ended September 30, 1997 as
compared to the three months ended September 30, 1996. The
decrease in volumes of gas sold resulted primarily from (i) the
abandonment of one well during the three months ended September
30, 1997, (ii) positive prior period volume adjustments made by
the purchaser on one well during the three months ended September
30, 1996 and (iii) normal declines in production due to
diminished gas reserves on two wells. Average oil prices
decreased to $16.83 per barrel for the three months ended
September 30, 1997 from $21.16 per barrel for the three months
ended September 30, 1996. Average gas prices increased to $1.98
-36-
per Mcf for the three months ended September 30, 1997 from $1.80
per Mcf for the three months ended September 30, 1996.
Oil and gas production expenses (including lease operating
expenses and production taxes) increased $84,398 (25.1%) for the
three months ended September 30, 1997 as compared to the three
months ended September 30, 1996. This increase resulted
primarily from (i) workover expenses incurred on two wells during
the three months ended September 30, 1997 in order to improve the
recovery of reserves, (ii) lease operating expense credits made
by the operator on one well during the three months ended
September 30, 1996 and (iii) increased salt water disposal
expenses on one well during the three months ended September 30,
1997, which increase was partially offset by (i) decreases in
volumes of oil and gas sold during the three months ended
September 30, 1997 as compared to the three months ended
September 30, 1996 and (ii) a decrease in production taxes
associated with the decrease in oil and gas sales discussed
above. As a percentage of oil and gas sales, these expenses
increased to 32.5% for the three months ended September 30, 1997
from 22.8% for the three months ended September 30, 1996. This
percentage increase was primarily due to the dollar increase in
oil and gas production expenses discussed above.
Depreciation, depletion, and amortization of oil and gas
properties decreased $83,288 (30.3%) for the three months ended
September 30, 1997 as compared to the three months ended
September 30, 1996. This decrease resulted primarily from (i)
decreases in volumes of oil and gas sold during the three months
ended September 30, 1997 as compared to the three months ended
September 30, 1996 and (ii) upward revisions in the estimates of
remaining oil and gas reserves at December 31, 1996. As a
percentage of oil and gas sales, this expense decreased to 14.8%
for the three months ended September 30, 1997 from 18.6% for the
three months ended September 30, 1996. This percentage decrease
was primarily due to the dollar decrease in depreciation,
depletion, and amortization discussed above.
General and administrative expenses remained relatively constant
for the three months ended September 30, 1997 as compared to the
three months ended September 30, 1996. As a percentage of oil
and gas sales, these expenses increased to 9.6% for the three
months ended September 30, 1997 from 8.5% for the three months
ended September 30, 1996. This percentage increase was primarily
due to the decrease in oil and gas sales discussed above.
NINE MONTHS ENDED SEPTEMBER 30, 1997 AS COMPARED TO THE NINE
MONTHS ENDED SEPTEMBER 30, 1996.
Nine Months Ended September 30,
-------------------------------
1997 1996
---------- ----------
Oil and gas sales $4,504,924 $4,224,740
Oil and gas production expenses 1,232,217 1,089,830
Barrels produced 58,270 56,499
Mcf produced 1,516,524 1,651,315
Average price/Bbl $ 19.38 $ 19.40
Average price/Mcf $ 2.23 $ 1.89
-37-
As shown in the table above, total oil and gas sales increased
$280,184 (6.6%) for the nine months ended September 30, 1997 as
compared to the nine months ended September 30, 1996. Of this
increase, approximately $516,000 was related to an increase in
the average price of gas sold and approximately $34,000 was
related to an increase in volumes of oil sold, which increase was
partially offset by a decrease of approximately $255,000 relating
to a decrease in volumes of gas sold. Volumes of oil sold
increased 1,771 barrels, while volumes of gas sold decreased
134,791 Mcf for the nine months ended September 30, 1997 as
compared to the nine months ended September 30, 1996. Average oil
prices decreased to $19.38 per barrel for the nine months ended
September 30, 1997 from $19.40 per barrel for the nine months
ended September 30, 1996. Average gas prices increased to $2.23
per Mcf for the nine months ended September 30, 1997 from $1.89
per Mcf for the nine months ended September 30, 1996.
Oil and gas production expenses (including lease operating
expenses and production taxes) increased $142,387 (13.1%) for the
nine months ended September 30, 1997 as compared to the nine
months ended September 30, 1996. This increase resulted
primarily from (i) workover expenses incurred on three wells
during the nine months ended September 30, 1997 in order to
improve the recovery of reserves and (ii) recompletion expenses
incurred on one well during the nine months ended September 30,
1997 in order to improve the recovery of reserves, which increase
was partially offset by decreases in volumes of oil and gas sold
during the nine months ended September 30, 1997 as compared to
the nine months ended September 30, 1996. As a percentage of oil
and gas sales, these expenses remained relatively constant at
27.4% for the nine months ended September 30, 1997 from 25.8% for
the nine months ended September 30, 1996.
Depreciation, depletion, and amortization of oil and gas
properties decreased $178,640 (23.2%) for the nine months ended
September 30, 1997 as compared to the nine months ended September
30, 1996. This decrease resulted primarily from (i) upward
revisions in the estimates of remaining oil and gas reserves at
December 31, 1996 and (ii) decreases in volumes of oil and gas
sold during the nine months ended September 30, 1997 as compared
to the nine months ended September 30, 1996. As a percentage of
oil and gas sales, this expense decreased to 13.1% for the nine
months ended September 30, 1997 from 18.2% for the nine months
ended September 30, 1996. This percentage decrease was primarily
due to the dollar decrease in depreciation, depletion, and
amortization discussed above and the increase in the average
price gas sold during the nine months ended September 30, 1997 as
compared to the nine months ended September 30, 1996.
The I-E Partnership recognized a non-cash charge against earnings
of $291,690 for the nine months ended September 30, 1997. This
impairment provision was necessary due to the unamortized costs
of oil and gas properties exceeding the expected undiscounted
future net revenues from such oil and gas properties, in
accordance with the I-E Partnership s adoption of SFAS No. 121.
Of this amount, $59,728 was related to the decline in oil and gas
prices used to determine the recoverability of oil and gas
reserves at March 31, 1997 and $231,962 was related to impairment
of unproved properties. No similar charge was necessary during
the nine months ended September 30, 1996.
-38-
General and administrative expenses remained relatively constant
for the nine months ended September 30, 1997 as compared to the
nine months ended September 30, 1996. As a percentage of oil and
gas sales, these expenses remained relatively constant at 9.0%
for the nine months ended September 30, 1997 and 9.5% for the
nine months ended September 30, 1996.
The Limited Partners have received cash distributions through
September 30, 1997 totaling $49,095,552 or 117.34% of Limited
Partners' capital contributions.
I-F PARTNERSHIP
THREE MONTHS ENDED SEPTEMBER 30, 1997 AS COMPARED TO THE THREE
MONTHS ENDED SEPTEMBER 30, 1996.
Three Months Ended September 30,
--------------------------------
1997 1996
-------- --------
Oil and gas sales $451,008 $519,278
Oil and gas production expenses $201,769 $137,675
Barrels produced 9,796 9,156
Mcf produced 138,079 173,233
Average price/Bbl $ 16.92 $ 21.38
Average price/Mcf $ 2.07 $ 1.87
As shown in the table above, total oil and gas sales decreased
$68,270 (13.4%) for the three months ended September 30, 1997 as
compared to the three months ended September 30, 1996. Of this
decrease, approximately $66,000 was related to a decrease in
volumes of gas sold and approximately $44,000 was related to a
decrease in the average price of oil sold, which decrease was
partially offset by an increase of approximately $14,000 related
to an increase in volumes of oil sold and an increase of
approximately $28,000 related to an increase in the average price
of gas sold. Volumes of oil sold increased 640 barrels, while
volumes of gas sold decreased 35,154 Mcf for the three months
ended September 30, 1997 as compared to the three months ended
September 30, 1996. The decrease in volumes of gas sold resulted
primarily from (i) the decrease in production due to the
abandonment of one well, (ii) positive prior period volume
adjustments made by the purchasers on two wells during the three
months ended September 30, 1996 and (iii) normal declines in
production due to diminished gas reserves on two wells. Average
oil prices decreased to $16.92 per barrel for the three months
ended September 30, 1997 from $21.38 per barrel for the three
months ended September 30, 1996. Average gas prices increased to
$2.07 per Mcf for the three months ended September 30, 1997 from
$1.87 per Mcf for the three months ended September 30, 1996.
Oil and gas production expenses (including lease operating
expenses and production taxes) increased $64,094 (46.6%) for the
three months ended September 30, 1997 as compared to the three
months ended September 30, 1996. This increase resulted
primarily from (i) workover expenses incurred on three wells
during the three months ended September 30, 1997 in order to
improve the recovery of reserves, (ii) increased on-going general
repair and maintenance expenses on one well during the three
-39-
months ended September 30, 1996 and (iii) increased salt water
disposal expenses on one well during the three months ended
September 30, 1997, which increase was partially offset by a
decrease in volumes of gas sold during the three months ended
September 30, 1997 as compared to the three months ended
September 30, 1996. As a percentage of oil and gas sales, these
expenses increased to 44.7% for the three months ended September
30, 1997 from 26.5% for the three months ended September 30,
1996. This percentage increase was primarily due to the dollar
increase in oil and gas production expenses discussed above.
Depreciation, depletion, and amortization of oil and gas
properties decreased $14,610 (19.3%) for the three months ended
September 30, 1997 as compared to the three months ended
September 30, 1996. This decrease resulted primarily from a
decrease in volumes of gas sold during the three months ended
September 30, 1997 as compared to the three months ended
September 30, 1996. As a percentage of oil and gas sales, this
expense remained relatively constant at 13.5% for the three
months ended September 30, 1997 from 14.6% for the three months
ended September 30, 1996.
General and administrative expenses remained relatively constant
for the three months ended September 30, 1997 as compared to the
three months ended September 30, 1996. As a percentage of oil
and gas sales, these expenses increased to 9.4% for the three
months ended September 30, 1997 from 8.5% for the three months
ended September 30, 1996. This percentage increase was primarily
due to the decrease in oil and gas sales discussed above.
NINE MONTHS ENDED SEPTEMBER 30, 1997 AS COMPARED TO THE NINE
MONTHS ENDED SEPTEMBER 30, 1996.
Nine months Ended September 30,
-------------------------------
1997 1996
---------- ----------
Oil and gas sales $1,579,881 $1,439,794
Oil and gas production expenses $ 574,012 $ 464,818
Barrels produced 29,318 27,823
Mcf produced 429,479 457,558
Average price/Bbl $ 19.40 $ 19.41
Average price/Mcf $ 2.35 $ 1.97
As shown in the table above, total oil and gas sales increased
$140,087 (9.7%) for the nine months ended September 30, 1997 as
compared to the nine months ended September 30, 1996. Of this
-40-
increase, approximately $163,000 was related to an increase in
the average price of gas sold and approximately $29,000 was
related to an increase in volumes of oil and gas sold, which
increase was partially offset by a decrease of approximately
$55,000 related to a decrease in volumes of gas sold. Volumes of
oil sold increased 1,495 barrels, while volumes of gas sold
decreased 28,079 Mcf for the nine months ended September 30, 1997
as compared to the nine months ended September 30, 1996. Average
oil prices decreased to $19.40 per barrel for the nine months
ended September 30, 1997 from $19.41 per barrel for the nine
months ended September 30, 1996. Average gas prices increased to
$2.35 per Mcf for the nine months ended September 30, 1997 from
$1.97 per Mcf for the nine months ended September 30, 1996.
Oil and gas production expenses (including lease operating
expenses and production taxes) increased $109,194 (23.5%) for the
nine months ended September 30, 1997 as compared to the nine
months ended September 30, 1996. This increase resulted
primarily from (i) workover expenses incurred on three wells
during the nine months ended September 30, 1997 in order to
improve the recovery of reserves and (ii) recompletion expenses
incurred on one well during the nine months ended September 30,
1997 in order to improve the recovery of reserves. As a
percentage of oil and gas sales, these expenses increased to
36.3% for the nine months ended September 30, 1997 from 32.3% for
the nine months ended September 30, 1996. This percentage
increase was primarily due to the dollar increase in oil and gas
production expenses discussed above.
Depreciation, depletion, and amortization of oil and gas
properties decreased $50,680 (21.3%) for the nine months ended
September 30, 1997 as compared to the nine months ended September
30, 1996. This decrease resulted primarily from (i) upward
revisions in the estimates of remaining oil and gas reserves at
December 31, 1996 and (ii) decreases in volumes of oil and gas
sold during the nine months ended September 30, 1997 as compared
to the nine months ended September 30, 1996. As a percentage of
oil and gas sales, this expense decreased to 11.9% for the nine
months ended September 30, 1997 from 16.6% for the nine months
ended September 30, 1996. This percentage decrease was primarily
due to the dollar decrease in depreciation, depletion, and
amortization discussed above and the increase in the average
price of gas sold during the nine months ended September 30, 1997
as compared to the nine months ended September 30, 1996.
The I-F Partnership recognized a non-cash charge against earnings
of $114,631 for the nine months ended September 30, 1997. This
impairment provision was necessary due to the unamortized costs
of oil and gas properties exceeding the expected undiscounted
future net revenues from such oil and gas properties, in
accordance with the I-F Partnership s adoption of SFAS No. 121.
Of this amount, $20,908 was related to the decline in oil and gas
prices used to determine the recoverability of oil and gas
reserves at March 31, 1997 and $93,723 was related to impairment
-41-
of unproved properties. No similar charge was necessary during
the nine months ended September 30, 1996.
General and administrative expenses remained relatively constant
for the nine months ended September 30, 1997 as compared to the
nine months ended September 30, 1996. As a percentage of oil and
gas sales, these expenses decreased to 8.8% for the nine months
ended September 30, 1997 from 9.6% for the nine months ended
September 30, 1996. This percentage decrease was primarily due
to the increase in oil and gas sales discussed above.
The Limited Partners have received cash distributions through
September 30, 1997 totaling $16,554,664 or 115.60% of Limited
Partners' capital contributions.
-42-
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, 1997 and for
the nine months ended September 30, 1997, filed
herewith.
27.2 Financial Data Schedule containing summary financial
information extracted from the I-C Partnership's
financial statements as of September 30, 1997 and for
the nine months ended September 30, 1997, filed
herewith.
27.3 Financial Data Schedule containing summary financial
information extracted from the I-D Partnership's
financial statements as of September 30, 1997 and for
the nine months ended September 30, 1997, filed
herewith.
27.4 Financial Data Schedule containing summary financial
information extracted from the I-E Partnership's
financial statements as of September 30, 1997 and for
the nine months ended September 30, 1997, filed
herewith.
27.5 Financial Data Schedule containing summary financial
information extracted from the I-F Partnership's
financial statements as of September 30, 1997 and for
the nine months ended September 30, 1997, filed
herewith.
All other exhibits are omitted as inapplicable.
(b) Reports on Form 8-K:
None.
-43-
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 13, 1997 By: /s/Dennis R. Neill
--------------------------------------
(Signature)
Dennis R. Neill
President
Date: November 13, 1997 By: /s/Patrick M. Hall
--------------------------------------
(Signature)
Patrick M. Hall
Principal Accounting Officer
-44-
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,
1997 and for the nine months ended September 30, 1997, 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,
1997 and for the nine months ended September 30, 1997, 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,
1997 and for the nine months ended September 30, 1997, 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,
1997 and for the nine months ended September 30, 1997, 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,
1997 and for the nine months ended September 30, 1997, filed
herewith.
All other exhibits are omitted as inapplicable.