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, 1995
Commission File Number:
II-A: 0-16388 II-C: 0-16981 II-E: 0-17320 II-G: 0-17802
II-B: 0-16405 II-D: 0-16980 II-F: 0-17799 II-H: 0-18305
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-A
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-B
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-C
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-D
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-E
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-F
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-G
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-H
-----------------------------------------------------
(Exact name of Registrant as specified in its Articles)
II-A 73-1295505
II-B 73-1303341
II-C 73-1308986
II-D 73-1329761
II-E 73-1324751
II-F 73-1330632
II-G 73-1336572
Oklahoma II-H 73-1342476
------------------------------ ----------------------------------
(State or other jurisdiction (I.R.S. Employer Identification No.)
of incorporation or organization)
Two West Second Street, Tulsa, Oklahoma 74103
-------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (918) 583-1791
Indicate by check mark whether the Registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such
shorter period that the Registrant was required to file such reports)
and (2) has been subject to the filing requirements for the past 90
days.
Yes X No ___
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-A
GEODYNE PRODUCTION PARTNERSHIP II-A
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
September 30, December 31,
1995 1994
------------ -------------
CURRENT ASSETS:
Cash and cash equivalents . . . . . $ 476,513 $ 793,694
Accounts receivable:
Oil and gas sales, including $134,634
and $107,036 due from related
parties (Note 2) . . . . . . . . . 742,559 829,056
----------- -----------
Total current assets . . . . . . $ 1,219,072 $ 1,622,750
NET OIL AND GAS PROPERTIES, utilizing the
successful efforts method . . . . . . 8,270,499 10,069,976
DEFERRED CHARGE . . . . . . . . . . . . 1,138,237 980,772
----------- -----------
$10,627,808 $12,673,498
=========== ===========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable . . . . . . . . . . $ 154,906 $ 289,391
Gas imbalance payable . . . . . . . . 217,949 217,949
----------- -----------
Total current liabilities . . . . $ 372,855 $ 507,340
ACCRUED LIABILITY . . . . . . . . . . . $ 462,676 $ 398,669
PARTNERS' CAPITAL (DEFICIT):
General Partner and Managing Partner ($ 321,691)($ 297,741)
Unit Holders, issued and outstanding,
484,283 units . . . . . . . . . . . 10,113,968 12,065,230
----------- -----------
Total Partners' capital . . . . . $ 9,792,277 $11,767,489
----------- -----------
$10,627,808 $12,673,498
=========== ===========
The accompanying notes are an integral part of
these combined financial statements.
-2-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-A
GEODYNE PRODUCTION PARTNERSHIP II-A
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
(Unaudited)
1995 1994
---------- ----------
REVENUES:
Oil and gas sales, including $205,443
and $289,954 to related parties
(Note 2) $1,133,241 $1,758,131
Interest income . . . . . . . . . . . 4,215 7,803
Gain (Loss) on sale of oil and gas
properties . . . . . . . . . . . . ( 10,128) 1,719
---------- ----------
$1,127,328 $1,767,653
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . $ 516,952 $ 633,870
Production tax . . . . . . . . . . . 76,946 109,995
Depreciation, depletion, and amortiza-
tion of oil and gas properties . . . 648,954 1,169,923
General and administrative . . . . . 171,208 133,653
---------- ----------
$1,414,060 $2,047,441
---------- ----------
NET LOSS . . . . . . . . . . . . . ($ 286,732) ($ 279,788)
========== ==========
GENERAL PARTNER AND MANAGING PARTNER -
NET INCOME . . . . . . . . . . . . $ 11,622 $ 32,808
========== ==========
UNIT HOLDERS - NET LOSS . . . . . . .($ 298,354) ($ 312,596)
========== ==========
NET LOSS per unit . . . . . . . . . . ($ .62) ($ .65)
========== ==========
UNITS OUTSTANDING . . . . . . . . . . . 484,283 484,283
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-3-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-A
GEODYNE PRODUCTION PARTNERSHIP II-A
COMBINED STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
(Unaudited)
1995 1994
---------- ----------
REVENUES:
Oil and gas sales, including $579,690
and $1,007,228 to related parties
(Note 2) . . . . . . . . . . . . . $3,462,252 $4,949,950
Interest income . . . . . . . . . . . 14,920 18,389
Gain on sale of oil and gas properties 1,625 12,144
---------- ----------
$3,478,797 $4,980,483
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . $1,333,968 $1,782,276
Production tax . . . . . . . . . . . 218,254 310,654
Depreciation, depletion, and amortiza-
tion of oil and gas properties . . 1,844,018 3,135,057
General and administrative . . . . . 516,769 437,530
---------- ----------
$3,913,009 $5,665,517
---------- ----------
NET LOSS . . . . . . . . . . . . . ($ 434,212) ($ 685,034)
========== ==========
GENERAL PARTNER AND MANAGING PARTNER -
NET INCOME . . . . . . . . . . . . $ 52,050 $ 91,151
========== ==========
UNIT HOLDERS - NET LOSS . . . . ($ 486,262) ($ 776,185)
========== ==========
NET LOSS per unit . . . . . . . . . ($ 1.00) ($ 1.60)
========== ==========
UNITS OUTSTANDING . . . . . . . . . . . 484,283 484,283
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-4-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-A
GEODYNE PRODUCTION PARTNERSHIP II-A
COMBINED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
(Unaudited)
1995 1994
---------- -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss . . . . . . . . . . . . . . ($ 434,212) ($ 685,034)
Adjustments to reconcile net loss to
net cash provided by operating
activities:
Depreciation, depletion, and amortiza-
tion of oil and gas properties .. . 1,844,018 3,135,057
Gain on sale of oil and gas properties ( 1,625) ( 12,144)
Decrease in accounts receivable . . 86,497 87,106
(Increase) Decrease in deferred charge ( 157,465) 155,589
Decrease in accounts payable . . . ( 134,485) ( 103,815)
Decrease in gas imbalance payable . - ( 210,280)
Increase (Decrease) in accrued
liability 64,007 ( 6,483)
---------- ----------
Net cash provided by operating
activities . . . . . . . . . . . . $1,266,735 $2,359,996
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures . . . . . . . . ($ 65,682) ($ 209,578)
Proceeds from sale of oil and gas
properties . . . . . . . . . . . . . 22,766 21,370
---------- ----------
Net cash used by investing activities ($ 42,916) ($ 188,208)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions . . . . . . . . . ($1,541,000) ($1,975,000)
---------- ----------
Net cash used by financing activities ($1,541,000) ($1,975,000)
---------- ----------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS . . . . . . . . . . . . ($ 317,181) $ 196,788
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD . . . . . . . . . . . . . . . 793,694 1,046,726
---------- ----------
CASH AND CASH EQUIVALENTS AT END OF
PERIOD . . . . . . . . . . . . . . . . $ 476,513 $1,243,514
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-5-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-B
GEODYNE PRODUCTION PARTNERSHIP II-B
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
September 30, December 31,
1995 1994
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents . . . . . $ 75,259 $ 623,450
Accounts receivable:
Oil and gas sales, including $80,068
and $64,669 due from related parties
(Note 2) . . . . . . . . . . . . . 495,993 572,547
---------- ----------
Total current assets . . . . . . $ 571,252 $1,195,997
NET OIL AND GAS PROPERTIES, utilizing the
successful efforts method . . . . . . 5,497,240 6,932,761
DEFERRED CHARGE . . . . . . . . . . . . 234,046 173,300
---------- ----------
$6,302,538 $8,302,058
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable . . . . . . . . . . $ 129,451 $ 222,404
Gas imbalance payable . . . . . . . . 18,793 18,793
---------- ----------
Total current liabilities . . . . $ 148,244 $ 241,197
ACCRUED LIABILITY . . . . . . . . . . . $ 498,744 $ 369,296
PARTNERS' CAPITAL (DEFICIT):
General Partner and Managing Partner ($ 264,925) ($ 222,879)
Unit Holders, issued and outstanding,
361,719 units . . . . . . . . . . . 5,920,475 7,914,444
---------- ----------
Total Partners' capital . . . . . $5,655,550 $7,691,565
---------- ----------
$6,302,538 $8,302,058
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-6-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-B
GEODYNE PRODUCTION PARTNERSHIP II-B
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
(Unaudited)
1995 1994
----------- ------------
REVENUES:
Oil and gas sales, including $104,541
and $178,185 to related parties
(Note 2) . . . . . . . . . . . . . $ 603,595 $1,263,992
Interest income . . . . . . . . . . 1,295 5,361
Gain (Loss) on sale of oil and gas
properties . . . . . . . . . . . ( 613) 6,850
---------- ----------
$ 604,277 $1,276,203
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . $ 411,154 $ 457,725
Production tax . . . . . . . . . . . 48,274 89,595
Depreciation, depletion, and amortiza-
tion of oil and gas properties . . . 411,345 836,785
General and administrative . . . . . 159,556 99,818
---------- ----------
$1,030,329 $1,483,923
---------- ----------
NET LOSS . . . . . . . . . . . . ($ 426,052) ($ 207,720)
========== ==========
GENERAL PARTNER AND MANAGING PARTNER -
NET INCOME (LOSS) . . . . . . . . . . ($ 4,849) $ 23,085
========== ==========
UNIT HOLDERS - NET LOSS . . . . . . . . ($ 421,203) ($ 230,805)
========== ==========
NET LOSS per unit . . . . . . . . . . . ($ 1.16) ($ .64)
========== ==========
UNITS OUTSTANDING . . . . . . . . . . . 361,719 361,719
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-7-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-B
GEODYNE PRODUCTION PARTNERSHIP II-B
COMBINED STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
(Unaudited)
1995 1994
----------- ------------
REVENUES:
Oil and gas sales, including $242,757
and $522,757 to related parties
(Note 2) . . . . . . . . . . . . . . $2,423,417 $3,666,091
Interest income . . . . . . . . . . . 9,132 11,704
Gain (Loss) on sale of oil and gas
properties . . . . . . . . . . . . ( 19,385) 29,792
---------- ----------
$2,413,164 $3,707,587
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . $1,209,790 $1,298,668
Production tax . . . . . . . . . . . 162,419 246,516
Depreciation, depletion, and amortiza-
tion of oil and gas properties . . . 1,498,872 2,348,015
General and administrative . . . . . 462,098 327,285
---------- ----------
$3,333,179 $4,220,484
---------- ----------
NET LOSS . . . . . . . . . . . . ($ 920,015) ($ 512,897)
========== ==========
GENERAL PARTNER AND MANAGING PARTNER -
NET INCOME . . . . . . . . . . . . . $ 13,954 $ 68,276
========== ==========
UNIT HOLDERS - NET LOSS . . . . . . . . ($ 933,969) ($ 581,173)
========== ==========
NET LOSS per unit . . . . . . . . . . . ($ 2.58) ($ 1.61)
========== ==========
UNITS OUTSTANDING . . . . . . . . . . . 361,719 361,719
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-8-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-B
GEODYNE PRODUCTION PARTNERSHIP II-B
COMBINED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
(Unaudited)
1995 1994
---------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss . . . . . . . . . . . . . . ($ 920,015) ($ 512,897)
Adjustments to reconcile net loss to
net cash provided by operating
activities:
Depreciation, depletion, and amortiza-
tion of oil and gas properties . . 1,498,872 2,348,015
(Gain) Loss on sale of oil and gas
properties . . . . . . . . . . . . 19,385 ( 29,792)
Decrease in accounts receivable . . 76,554 176,323
Increase in deferred charge . . . . ( 60,746) ( 8,545)
Decrease in accounts payable . . . ( 92,953) ( 54,549)
Increase in gas imbalance payable . - 3,126
Increase in accrued liability . . . 129,448 56,162
---------- ----------
Net cash provided by operating
activities . . . . . . . . . . . . $ 650,545 $1,977,843
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures . . . . . . . . ($ 97,527) ($ 133,027)
Proceeds from sale of oil and gas
properties . . . . . . . . . . . . 14,791 33,230
---------- ----------
Net cash used by investing activities ($ 82,736) ($ 99,797)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions . . . . . . . . . ($1,116,000) ($1,553,000)
---------- ----------
Net cash used by financing activities ($1,116,000) ($1,553,000)
---------- ----------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS . . . . . . . . . . . . . ($ 548,191) $ 325,046
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD . . . . . . . . . . . . . . . 623,450 597,221
---------- ----------
CASH AND CASH EQUIVALENTS AT END OF
PERIOD $ 75,259 $922,267
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-9-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-C
GEODYNE PRODUCTION PARTNERSHIP II-C
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
September 30, December 31,
1995 1994
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents . . . . . $ 38,360 $ 380,901
Accounts receivable:
Oil and gas sales, including $43,570
and $41,709 due from related parties
(Note 2) . . . . . . . . . . . . . 223,123 288,238
---------- ----------
Total current assets . . . . . . $ 261,483 $ 669,139
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method . . . . 2,721,541 3,411,988
DEFERRED CHARGE . . . . . . . . . . . . 302,804 210,793
---------- ----------
$3,285,828 $4,291,920
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable . . . . . . . . . . $ 54,769 $ 56,341
Gas imbalance payable . . . . . . . . 42,677 104,939
---------- ----------
Total current liabilities . . . . $ 97,446 $ 161,280
ACCRUED LIABILITY . . . . . . . . . . . $ 176,016 $ 122,531
PARTNERS' CAPITAL (DEFICIT):
General Partner and Managing Partner ($ 103,844) ($ 84,153)
Unit Holders, issued and outstanding,
154,621 units . . . . . . . . . . . 3,116,210 4,092,262
---------- ----------
Total Partners' capital . . . . . $3,012,366 $4,008,109
---------- ----------
$3,285,828 $4,291,920
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-10-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-C
GEODYNE PRODUCTION PARTNERSHIP II-C
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
(Unaudited)
1995 1994
----------- ------------
REVENUES:
Oil and gas sales, including $58,314
and $101,537 to related parties
(Note 2) . . . . . . . . . . . . . . $303,065 $575,045
Interest income . . . . . . . . . . . 964 3,735
Gain on sale of oil and gas properties - 522
-------- --------
$304,029 $579,302
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . $175,047 $144,146
Production tax . . . . . . . . . . . 25,187 43,578
Depreciation, depletion, and amortiza-
tion of oil and gas properties . . . 215,026 345,037
General and administrative . . . . . 68,489 43,117
-------- --------
$483,749 $575,878
-------- --------
NET INCOME (LOSS) . . . . . . . . . . ($179,720) $ 3,424
======== ========
GENERAL PARTNER AND MANAGING PARTNER -
NET INCOME (LOSS) . . . . . . . . . . ($ 385) $ 13,973
======== ========
UNIT HOLDERS - NET LOSS . . . . . . . . ($179,335) ($ 10,549)
======== ========
NET LOSS per unit . . . . . . . . . . . ($ 1.16) ($ .07)
======== ========
UNITS OUTSTANDING . . . . . . . . . . . 154,621 154,621
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-11-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-C
GEODYNE PRODUCTION PARTNERSHIP II-C
COMBINED STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
(Unaudited)
1995 1994
----------- ------------
REVENUES:
Oil and gas sales, including $152,650
and $320,991 to related parties
(Note 2) . . . . . . . . . . . . . . $1,136,648 $1,743,396
Interest income . . . . . . . . . . . 6,071 7,335
Gain on sale of oil and gas properties 12,288 4,012
---------- ----------
$1,155,007 $1,754,743
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . $ 466,220 $ 491,680
Production tax . . . . . . . . . . . 78,312 126,146
Depreciation, depletion, and amortiza-
tion of oil and gas properties . . 717,401 1,008,522
General and administrative . . . . . 200,817 141,923
---------- ----------
$1,462,750 $1,768,271
---------- ----------
NET LOSS . . . . . . . . . . . . . . ($ 307,743) ($ 13,528)
========== ==========
GENERAL PARTNER AND MANAGING PARTNER -
NET INCOME . . . . . . . . . . . . . $ 13,309 $ 39,664
========== ==========
UNIT HOLDERS - NET LOSS . . . . . . . . ($ 321,052) ($ 53,192)
========== ==========
NET LOSS per unit . . . . . . . . . . . ($ 2.08) ($ .34)
========== ==========
UNITS OUTSTANDING . . . . . . . . . . . 154,621 154,621
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-12-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-C
GEODYNE PRODUCTION PARTNERSHIP II-C
COMBINED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
(Unaudited)
1995 1994
---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss . . . . . . . . . . . . . . ($307,743) ($ 13,528)
Adjustments to reconcile net loss to
net cash provided by operating
activities:
Depreciation, depletion, and amortiza-
tion of oil and gas properties . . 717,401 1,008,522
Gain on sale of oil and gas properties ( 12,288) ( 4,012)
Decrease in accounts receivable . . 65,115 87,060
Increase in deferred charge . . . . ( 92,011) ( 21,805)
Decrease in accounts payable . . . ( 1,572) ( 8,703)
Increase (Decrease) in gas imbalance
payable . . . . . . . . . . . . . ( 62,262) 5,797
Increase in accrued liability . . . 53,485 16,613
-------- ----------
Net cash provided by operating
activities . . . . . . . . . . . . $360,125 $1,069,944
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures . . . . . . . . ($ 33,405) ($ 47,483)
Proceeds from sale of oil and gas
properties . . . . . . . . . . . . 18,739 4,012
-------- ----------
Net cash used by investing activities ($ 14,666) ($ 43,471)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions . . . . . . . . . ($688,000) ($ 752,500)
-------- ----------
Net cash used by financing activities ($688,000) ($ 752,500)
-------- ----------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS . . . . . . . . . . . . . ($342,541) $ 273,973
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD . . . . . . . . . . . . . . . 380,901 300,177
-------- ----------
CASH AND CASH EQUIVALENTS AT END OF
PERIOD . . . . . . . . . . . . . . . . $ 38,360 $574,150
======== ==========
The accompanying notes are an integral part of
these combined financial statements.
-13-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-D
GEODYNE PRODUCTION PARTNERSHIP II-D
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
September 30, December 31,
1995 1994
------------ -------------
CURRENT ASSETS:
Cash and cash equivalents . . . . . $ 331,539 $ 563,613
Accounts receivable:
Oil and gas sales, including $113,560
and $121,780 due from related
parties (Note 2) . . . . . . . . . 607,856 697,345
---------- ----------
Total current assets . . . . . . $ 939,395 $1,260,958
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method . .. . 5,504,212 7,261,978
DEFERRED CHARGE . . . . . . . . . . . . 1,154,889 1,048,947
---------- ----------
$7,598,496 $9,571,883
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable . . . . . . . . . . $ 120,980 $ 195,236
Gas imbalance payable . . . . . . . . 98,771 208,023
---------- ----------
Total current liabilities . . . . $ 219,751 $ 403,259
ACCRUED LIABILITY . . . . . . . . . . . $ 245,121 $ 222,635
PARTNERS' CAPITAL (DEFICIT):
General Partner and Managing Partner ($ 129,211) ($ 111,528)
Unit Holders, issued and outstanding,
314,878 units . . . . . . . . . . . 7,262,835 9,057,517
---------- ----------
Total Partners' capital . . . . . $7,133,624 $8,945,989
---------- ----------
$7,598,496 $9,571,883
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-14-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-D
GEODYNE PRODUCTION PARTNERSHIP II-D
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
(Unaudited)
1995 1994
---------- ----------
REVENUES:
Oil and gas sales, including $161,366
and $199,197 to related parties
(Note 2) . . . . . . . . . . . . . . $ 968,988 $1,066,835
Interest income . . . . . . . . . . . 2,650 3,283
Gain on sale of oil and gas properties 9,740 5,280
---------- ----------
$ 981,378 $1,075,398
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . $ 377,881 $ 452,856
Production tax . . . . . . . . . . . 70,947 89,031
Depreciation, depletion, and amortiza-
tion of oil and gas properties . .. 582,900 626,725
General and administrative . . . . . 152,623 113,186
---------- ----------
$1,184,351 $1,281,798
---------- ----------
NET LOSS . . . . . . . . . . . .. ($ 202,973) ($ 206,400)
========== ==========
GENERAL PARTNER AND MANAGING PARTNER -
NET INCOME . . . . . . . . . . . . $ 13,167 $ 14,749
========== ==========
UNIT HOLDERS - NET LOSS . . . . . . ($ 216,140) ($ 221,149)
========== ==========
NET LOSS per unit . . . . . . . . . . . ($ .69) ($ .70)
========== ==========
UNITS OUTSTANDING . . . . . . . . . . . 314,878 314,878
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-15-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-D
GEODYNE PRODUCTION PARTNERSHIP II-D
COMBINED STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
(Unaudited)
1995 1994
---------- ----------
REVENUES:
Oil and gas sales, including $468,128
and $738,638 to related parties
(Note 2) . . . . . . . . . . . . . . $3,022,161 $3,669,514
Interest income . . . . . . . . . . . 10,793 5,287
Gain on sale of oil and gas properties 23,102 5,280
---------- ----------
$3,056,056 $3,680,081
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . $1,211,173 $1,351,305
Production tax . . . . . . . . . . . 220,968 271,753
Depreciation, depletion, and amortiza-
tion of oil and gas properties . . 1,780,883 2,019,960
General and administrative . . . . . 441,397 313,218
---------- ----------
$3,654,421 $3,956,236
---------- ----------
NET LOSS . . . . . . . . . . . . ($ 598,365) ($ 276,155)
========== ==========
GENERAL PARTNER AND MANAGING PARTNER -
NET INCOME . . . . . . . . . . . . $ 41,317 $ 66,991
========== ==========
UNIT HOLDERS - NET LOSS . . . . . . . ($ 639,682) ($ 343,146)
========== ==========
NET LOSS per unit . . . . . . . . . . . ($ 2.03) ($ 1.09)
========== ==========
UNITS OUTSTANDING . . . . . . . . . . . 314,878 314,878
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-16-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-D
GEODYNE PRODUCTION PARTNERSHIP II-D
COMBINED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
(Unaudited)
1995 1994
----------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss . . . . . . . . . . . . . . ($ 598,365) ($ 276,155)
Adjustments to reconcile net loss to
net cash provided by operating
activities:
Depreciation, depletion, and amortiza-
tion of oil and gas properties . . 1,780,883 2,019,960
Gain on sale of oil and gas
properties . . . . . . . . . . . . ( 23,102) ( 5,280)
Decrease in accounts receivable . . 89,489 91,900
Increase in deferred charge . . . . ( 105,942) -
Decrease in accounts payable . . . ( 74,256) ( 12,083)
Decrease in gas imbalance payable . ( 109,252) -
Increase in accrued liability . . . 22,486 -
---------- ----------
Net cash provided by operating
activities . . . . . . . . . . . . $ 981,941 $1,818,342
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures . . . . . . . . ($ 33,312) ($ 55,799)
Proceeds from sale of oil and gas
properties . . . . . . . . . . . . 33,297 6,167
---------- ----------
Net cash used by investing activities ($ 15) ($ 49,632)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions . . . . . . . . . ($1,214,000) ($1,513,500)
---------- ----------
Net cash used by financing activities ($1,214,000) ($1,513,500)
---------- ----------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS . . . . . . . . . . . . ($ 232,074) $ 255,210
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD . . . . . . . . . . . . . . . 563,613 147,215
---------- ----------
CASH AND CASH EQUIVALENTS AT END OF
PERIOD . . . . . . . . . . . . . . . . $ 331,539 $ 402,425
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-17-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-E
GEODYNE PRODUCTION PARTNERSHIP II-E
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
September 30, December 31,
1995 1994
------------- ------------
CURRENT ASSETS:
Cash and cash equivalents . . . . . $ 91,671 $ 260,348
Accounts receivable:
Oil and gas sales, including $100,435
and $90,940 due from related parties
(Note 2) . . . . . . . . . . . . . 338,813 355,365
---------- ----------
Total current assets . . . . . . $ 430,484 $ 615,713
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method . . . 5,588,886 7,062,612
DEFERRED CHARGE . . . . . . . . . . . . 412,949 438,881
---------- ----------
$6,432,319 $8,117,206
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable . . . . . . . . . . $ 74,742 $ 97,077
Gas imbalance payable . . . . . . . . 18,076 41,780
---------- ----------
Total current liabilities . . . . $ 92,818 $ 138,857
ACCRUED LIABILITY . . . . . . . . . . . $ 169,455 $ 180,097
PARTNERS' CAPITAL (DEFICIT):
General Partner and Managing Partner ($ 127,391) ($ 104,398)
Unit Holders, issued and outstanding,
228,821 units . . . . . . . . . . . 6,297,437 7,902,650
---------- ----------
Total Partners' capital . . . . . $6,170,046 $7,798,252
---------- ----------
$6,432,319 $8,117,206
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-18-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-E
GEODYNE PRODUCTION PARTNERSHIP II-E
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
(Unaudited)
1995 1994
--------- ----------
REVENUES:
Oil and gas sales, including $144,356
and $135,686 to related parties
(Note 2) . . . . . . . . . . . . . . $532,162 $659,360
Interest income . . . . . . . . . . . 925 1,440
Gain on sale of oil and gas properties 13,282 1,686
-------- --------
$546,369 $662,486
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . $218,483 $266,012
Production tax . . . . . . . . . . . 39,034 52,676
Depreciation, depletion, and amortiza-
tion of oil and gas properties .. . 480,795 550,176
General and administrative . . . . . 194,034 65,039
-------- --------
$932,346 $933,903
-------- --------
NET LOSS . . . .. . . . . . . . . . . ($385,977) ($271,417)
======== ========
GENERAL PARTNER AND MANAGING PARTNER -
NET INCOME (LOSS) . . . . . . . . . . ($ 67) $ 8,436
======== ========
UNIT HOLDERS - NET LOSS . . . . . . . . ($385,910) ($279,853)
======== ========
NET LOSS per unit . . . . . . . . . . . ($ 1.69) ($ 1.22)
======== ========
UNITS OUTSTANDING . . . . . . . . . . . 228,821 228,821
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-19-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-E
GEODYNE PRODUCTION PARTNERSHIP II-E
COMBINED STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
(Unaudited)
1995 1994
---------- ----------
REVENUES:
Oil and gas sales, including $390,158
and $506,975 to related parties
(Note 2) . . . . . . . . . . . . . . $1,654,096 $2,019,062
Interest income . . . . . . . . . . . 4,717 3,194
Gain on sale of oil and gas properties 13,746 2,308
---------- ----------
$1,672,559 $2,024,564
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . $ 704,422 $ 741,611
Production tax . . . . . . . . . . . 135,219 166,135
Depreciation, depletion, and amortiza-
tion of oil and gas properties . . . 1,467,931 1,617,765
General and administrative . . . . . 519,193 210,141
---------- ----------
$2,826,765 $2,735,652
---------- ----------
NET LOSS . . . .. . . . . . . . . . ($1,154,206) ($ 711,088)
========== ==========
GENERAL PARTNER AND MANAGING PARTNER -
NET INCOME . . . . . . . . . . . . . $ 1,007 $ 29,156
========== ==========
UNIT HOLDERS - NET LOSS . . . . . . . . ($1,155,213) ($ 740,244)
========== ==========
NET LOSS per unit . . . . . . . . . . . ($ 5.05) ($ 3.24)
========== ==========
UNITS OUTSTANDING . . . . . . . . . . . 228,821 228,821
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-20-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-E
GEODYNE PRODUCTION PARTNERSHIP II-E
COMBINED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
(Unaudited)
1995 1994
---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss . . . . . . . . . . . . . . ($1,154,206) ($ 711,088)
Adjustments to reconcile net loss to
net cash provided by operating
activities:
Depreciation, depletion, and amortiza-
tion of oil and gas properties . . . 1,467,931 1,617,765
Gain on sale of oil and gas properties ( 13,746) ( 2,308)
Decrease in accounts receivable . . 16,552 184,018
(Increase) Decrease in deferred charge 25,932 ( 170,561)
Decrease in accounts payable . . . ( 22,335) ( 25,466)
Increase (Decrease) in gas imbalance
payable . . . . . . . . . . . . . ( 23,704) 1,940
Increase (Decrease) in accrued
liability . . . . . . . . . . . . ( 10,642) 14,292
---------- ----------
Net cash provided by operating
activities . . . . . . . . . . . $ 285,782 $908,592
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures . . . . . . . . ($ 19,444) ($ 28,759)
Proceeds from sale of oil and gas
properties . . . . . . . . . . . . . 38,985 2,308
---------- ----------
Net cash provided (used) by investing
activities . . . . . . . . . . . . $ 19,541 ($ 26,451)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions . . . . . . . . . ($ 474,000) ($ 889,500)
---------- ----------
Net cash used by financing activities ($ 474,000) ($ 889,500)
---------- ----------
NET DECREASE IN CASH AND CASH
EQUIVALENTS . . . . . . . . . . . . ($ 168,677) ($ 7,359)
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD . . . . . . . . . . . . . 260,348 230,537
---------- ----------
CASH AND CASH EQUIVALENTS AT END OF
PERIOD . . . . . . . . . . . . . . . $ 91,671 $ 223,178
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-21-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-F
GEODYNE PRODUCTION PARTNERSHIP II-F
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
September 30, December 31,
1995 1994
------------- ------------
CURRENT ASSETS:
Cash and cash equivalents . . . . . $ 303,927 $ 237,397
Accounts receivable:
Oil and gas sales, including $54,508
and $61,777 due from related parties
(Note 2) . . . . . . . . . . . . . 327,210 321,964
---------- ----------
Total current assets . . . . . . $ 631,137 $ 559,361
NET OIL AND GAS PROPERTIES, utilizing the
successful efforts method . . . . . . 5,408,121 6,309,820
DEFERRED CHARGE . . . . . . . . . . . . 87,393 98,251
---------- ----------
$6,126,651 $6,967,432
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable . . . . . . . . . . $ 44,375 $ 65,394
Gas imbalance payable . . . . . . . . 41,294 43,583
---------- ----------
Total current liabilities . . . . $ 85,669 $ 108,977
ACCRUED LIABILITY . . . . . . . . . . . $ 35,670 $ 40,102
PARTNERS' CAPITAL (DEFICIT):
General Partner and Managing Partner ($ 84,316) ($ 80,063)
Unit Holders, issued and outstanding,
171,400 units . . . . . . . . . . . 6,089,628 6,898,416
---------- ----------
Total Partners' capital . . . . . $6,005,312 $6,818,353
---------- ----------
$6,126,651 $6,967,432
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-22-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-F
GEODYNE PRODUCTION PARTNERSHIP II-F
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
(Unaudited)
1995 1994
---------- ----------
REVENUES:
Oil and gas sales, including $88,048
and $117,167 to related parties
(Note 2) . . . . . . . . . . . . . . $520,413 $578,725
Interest income . . . . . . . . . . . 2,677 2,006
Gain on sale of oil and gas properties 10,736 2,024
-------- --------
$533,826 $582,755
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . $130,538 $160,517
Production tax . . . . . . . . . . . 35,348 43,141
Depreciation, depletion, and amortization
of oil and gas properties . . . . . 297,650 394,778
General and administrative . . . . . 47,660 48,344
-------- --------
$511,196 $646,780
-------- --------
NET INCOME (LOSS) . . . . . . . . . . $ 22,630 ($ 64,025)
======== ========
GENERAL PARTNER AND MANAGING PARTNER -
NET INCOME . . . . . . . . . . . . . $ 13,038 $ 12,590
======== ========
UNIT HOLDERS - NET INCOME (LOSS) . . . $ 9,592 ($ 76,615)
======== ========
NET INCOME (LOSS) per unit . . . . . . $ .06 ($ .45)
======== ========
UNITS OUTSTANDING . . . . . . . . . . . 171,400 171,400
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-23-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-F
GEODYNE PRODUCTION PARTNERSHIP II-F
COMBINED STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
(Unaudited)
1995 1994
---------- ----------
REVENUES:
Oil and gas sales, including $265,789
and $472,240 to related parties
(Note 2) . . . . . . . . . . . . . . $1,450,887 $1,812,569
Interest income . . . . . . . . . . . 6,877 5,813
Gain on sale of oil and gas properties 21,124 2,413
---------- ----------
$1,478,888 $1,820,795
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . $ 393,161 $ 465,128
Production tax . . . . . . . . . . . 103,974 153,289
Depreciation, depletion, and amortiza-
tion of oil and gas properties .. . 857,473 1,191,481
General and administrative . . . . . 155,321 158,272
---------- ----------
$1,509,929 $1,968,170
---------- ----------
NET LOSS . . . . . . . . . . . . . . ($ 31,041) ($ 147,375)
========== ==========
GENERAL PARTNER AND MANAGING PARTNER -
NET INCOME . . . . . . . . . . . . . $ 32,747 $ 40,290
========== ==========
UNIT HOLDERS - NET LOSS . . . . . . . ($ 63,788) ($ 187,665)
========== ==========
NET LOSS per unit . . . . . . . . . . . ($ .37) ($ 1.09)
========== ==========
UNITS OUTSTANDING . . . . . . . . . . . 171,400 171,400
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-24-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-F
GEODYNE PRODUCTION PARTNERSHIP II-F
COMBINED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
(Unaudited)
1995 1994
--------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss . . . . . . . . . . . . . . ($ 31,041) ($ 147,375)
Adjustments to reconcile net loss to
net cash provided by operating
activities:
Depreciation, depletion, and amortiza-
tion of oil and gas properties . 857,473 1,191,481
Gain on sale of oil and gas properties ( 21,124) ( 2,413)
(Increase) Decrease in accounts
receivable . . . . . . . . . . . . ( 5,246) 78,987
(Increase) Decrease in deferred charge 10,858 ( 21,428)
Decrease in accounts payable . . . ( 21,019) ( 8,899)
Increase (Decrease) in gas imbalance
payable . . . . . . . . . . . . . . ( 2,289) 4,048
Increase (Decrease) in accrued
liability . . . . . . . . . . . . ( 4,432) 4,334
-------- ----------
Net cash provided by operating
activities . . . . . . . . . . . . $783,180 $1,098,735
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures . . . . . . . . $ - ($ 36,353)
Proceeds from sale of oil and gas
properties . . . . . . . . . . . . 65,350 2,413
-------- ----------
Net cash provided (used) by investing
activities . . . . . . . . . . . . $ 65,350 ($ 33,940)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions . . . . . . . . . ($782,000) ($1,304,000)
-------- ----------
Net cash used by financing activities ($782,000) ($1,304,000)
-------- ----------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS . . . . . . . . . . . . . $ 66,530 ($ 239,205)
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD . . . . . . . . . . . . . . . 237,397 544,727
-------- ----------
CASH AND CASH EQUIVALENTS AT END
OF PERIOD . . . . . . . . . . . . . . . $303,927 $ 305,522
======== ==========
The accompanying notes are an integral part of
these combined financial statements.
-25-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-G
GEODYNE PRODUCTION PARTNERSHIP II-G
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
September 30, December 31,
1995 1994
------------- ------------
CURRENT ASSETS:
Cash and cash equivalents . . . . . $ 587,238 $ 492,117
Accounts receivable:
Oil and gas sales, including $115,144
and $130,572 due from related parties
(Note 2) . . . . . . . . . . . . . 685,616 687,939
----------- -----------
Total current assets . . . . . . $ 1,272,854 $ 1,180,056
NET OIL AND GAS PROPERTIES, utilizing the
successful efforts method . . . . . . 12,155,427 14,057,651
DEFERRED CHARGE . . . . . . . . . . . . 190,224 219,078
----------- -----------
$13,618,505 $15,456,785
=========== ===========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable . . . . . . . . . . $ 97,997 $ 139,970
Gas imbalance payable . . . . . . . . 88,948 94,414
----------- -----------
Total current liabilities . . . . $ 186,945 $ 234,384
ACCRUED LIABILITY . . . . . . . . . . . $ 78,443 $ 90,341
PARTNERS' CAPITAL (DEFICIT):
General Partner and Managing Partner ($ 195,981)($ 181,500)
Unit Holders, issued and outstanding,
372,189 units . . . . . . . . . . . 13,549,098 15,313,560
----------- -----------
Total Partners' capital . . . . . $13,353,117 $15,132,060
----------- -----------
$13,618,505 $15,456,785
=========== ===========
The accompanying notes are an integral part of
these combined financial statements.
-26-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-G
GEODYNE PRODUCTION PARTNERSHIP II-G
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
(Unaudited)
1995 1994
----------- -----------
REVENUE:
Oil and gas sales, including $185,851
and $247,055 to related parties
(Note 2) . . . . . . . . . . . . . . $1,075,315 $1,244,271
Interest income . . . . . . . . . . . 5,517 4,724
Gain on sale of oil and gas properties 21,687 4,464
---------- ----------
$1,102,519 $1,253,459
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . $ 282,753 $ 341,766
Production tax . . . . . . . . . . . 73,229 92,552
Depreciation, depletion, and amortiza-
tion of oil and gas properties . . . 603,619 879,421
General and administrative . . . . . 105,271 105,066
---------- ----------
$1,064,872 $1,418,805
---------- ----------
NET INCOME (LOSS) . . . . . . . . . . $ 37,647 ($ 165,346)
========== ==========
GENERAL PARTNER AND MANAGING PARTNER -
NET INCOME . . . . . . . . . . .. . $ 26,027 $ 26,910
========== ==========
UNIT HOLDERS - NET INCOME (LOSS) . . . $ 11,620 ($ 192,256)
========== ==========
NET INCOME (LOSS) per unit . . . . . . $ .03 ($ .52)
========== ==========
UNITS OUTSTANDING . . . . . . . . . . . 372,189 372,189
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-27-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-G
GEODYNE PRODUCTION PARTNERSHIP II-G
COMBINED STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
(Unaudited)
1995 1994
----------- -----------
REVENUE:
Oil and gas sales, including $561,307
and $999,328 to related parties
(Note 2) . . . . . . . . . . . . . . $3,107,583 $3,876,392
Interest income . . . . . . . . . . . 14,525 13,183
Gain on sale of oil and gas properties 45,319 5,546
---------- ----------
$3,167,427 $3,895,121
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . $ 870,374 $1,013,635
Production tax . . . . . . . . . . . 226,229 327,558
Depreciation, depletion, and amortiza-
tion of oil and gas properties . . . 1,807,903 2,639,139
General and administrative . . . . . 338,864 340,787
---------- ----------
$3,243,370 $4,321,119
---------- ----------
NET LOSS . . . . . . . . . . . . . . ($ 75,943) ($ 425,998)
========== ==========
GENERAL PARTNER AND MANAGING PARTNER -
NET INCOME . . . . . . . . . . . . . $ 68,519 $ 84,266
========== ==========
UNIT HOLDERS - NET LOSS . . . . . ($ 144,462) ($ 510,264)
========== ==========
NET LOSS per unit . . . . . . . . . . . ($ .39) ($ 1.37)
========== ==========
UNITS OUTSTANDING . . . . . . . . . . . 372,189 372,189
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-28-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-G
GEODYNE PRODUCTION PARTNERSHIP II-G
COMBINED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
(Unaudited)
1995 1994
---------- -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss . . . . . . . . . . . . . . ($ 75,943) ($ 425,998)
Adjustments to reconcile net loss to
net cash provided by operating
activities:
Depreciation, depletion, and amortiza-
tion of oil and gas properties . . 1,807,903 2,639,139
Gain on sale of oil and gas
properties . . . . . . . . . . . . . ( 45,319) ( 5,546)
Decrease in accounts receivable . . 2,323 114,364
Decrease in deferred charge . . . . 28,854 -
Decrease in accounts payable . . . ( 41,973) ( 15,646)
Decrease in gas imbalance payable . ( 5,466) -
Decrease in accrued liability . . . ( 11,898) -
---------- ----------
Net cash provided by operating
activities . . . . . . . . . . . . $1,658,481 $2,306,313
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures . . . . . . . . $ - ($ 79,792)
Proceeds from sale of oil and gas
properties . . . . . . . . . . . . . 139,640 5,546
---------- ----------
Net cash provided (used) by investing
activities . . . . . . . . . . . . $ 139,640 ($ 74,246)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions . . . . . . . . . ($1,703,000) ($2,663,000)
---------- ----------
Net cash used by financing activities ($1,703,000) ($2,663,000)
---------- ----------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS . . . . . . . . . . . . . $ 95,121 ($ 430,933)
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD . . . . . . . . . . . . . . . 492,117 1,066,534
---------- ----------
CASH AND CASH EQUIVALENTS AT END
OF PERIOD . . . . . . . . . . . . . . . $ 587,238 $ 635,601
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-29-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-H
GEODYNE PRODUCTION PARTNERSHIP II-H
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
September 30, December 31,
1995 1994
------------- ------------
CURRENT ASSETS:
Cash and cash equivalents . . . . . . $ 138,962 $ 124,102
Accounts receivable:
Oil and gas sales, including $27,139
and $30,807 due from related parties
(Note 2) . . . . . . . . . . . . 163,043 166,834
---------- ----------
Total current assets . . . . . . $ 302,005 $ 290,936
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method . . . . 2,963,536 3,449,374
DEFERRED CHARGE . . . . . . . . . . . . 45,391 49,839
---------- ----------
$3,310,932 $3,790,149
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable . . . . . . . . . . $ 24,431 $ 33,996
Gas imbalance payable . . . . . . . . 18,690 18,690
---------- ----------
Total current liabilities . . . . $ 43,121 $ 52,686
ACCRUED LIABILITY . . . . . . . . . . . $ 20,656 $ 22,681
PARTNERS' CAPITAL (DEFICIT):
General Partner and Managing Partner ($ 47,026) ($ 42,167)
Unit Holders, issued and outstanding,
91,711 units . . . . . . . . . . . 3,294,181 3,756,949
---------- ----------
Total Partners' capital . . . . . $3,247,155 $3,714,782
---------- ----------
$3,310,932 $3,790,149
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-30-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-H
GEODYNE PRODUCTION PARTNERSHIP II-H
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
(Unaudited)
1995 1994
--------- ---------
REVENUES:
Oil and gas sales, including $43,742
and $58,033 to related parties
(Note 2) . . . . . . . . . . . . . . $255,156 $303,551
Interest income . . . . . . . . . . . 1,261 1,031
Gain on sale of oil and gas properties 5,796 1,217
-------- --------
$262,213 $305,799
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . $ 71,689 $ 90,579
Production tax . . . . . . . . . . . 17,513 23,171
Depreciation, depletion, and amortiza-
tion of oil and gas properties . .. 153,432 211,619
General and administrative . . . . . 25,146 25,905
-------- --------
$267,780 $351,274
-------- --------
NET LOSS . . . . . . . . . . . . . . ($ 5,567) ($ 45,475)
======== ========
GENERAL PARTNER AND MANAGING PARTNER -
NET INCOME . . . . . . . . . . . . . $ 5,859 $ 6,191
======== ========
UNIT HOLDERS - NET LOSS . . . . . . . . ($ 11,426) ($ 51,666)
======== ========
NET LOSS per unit . . . . . . . . . . . ($ .12) ($ .56)
======== ========
UNITS OUTSTANDING . . . . . . . . . . . 91,711 91,711
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-31-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-H
GEODYNE PRODUCTION PARTNERSHIP II-H
COMBINED STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
(Unaudited)
1995 1994
--------- ---------
REVENUES:
Oil and gas sales, including $132,230
and $120,223 to related parties
(Note 2) . . . . . . . . . . . . . . $744,368 $ 948,124
Interest income . . . . . . . . . . . 3,402 2,958
Gain on sale of oil and gas properties 10,347 1,585
-------- ----------
$758,117 $ 952,667
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . $214,341 $ 260,304
Production tax . . . . . . . . . . . 55,558 81,816
Depreciation, depletion, and amortiza-
tion of oil and gas properties . . 462,441 634,892
General and administrative . . . . . 82,904 85,670
-------- ----------
$815,244 $1,062,682
-------- ----------
NET LOSS . . . . . . . . . . . . . . . ($ 57,127) ($ 110,015)
======== ==========
GENERAL PARTNER AND MANAGING PARTNER -
NET INCOME . . . . . . . . . . . . . $ 15,641 $ 19,895
======== ==========
UNIT HOLDERS - NET LOSS . . . . . . . . ($ 72,768) ($ 129,910)
======== ==========
NET LOSS per unit . . . . . . . . . . . ($ .79) ($ 1.42)
======== ==========
UNITS OUTSTANDING . . . . . . . . . . . 91,711 91,711
======== ==========
The accompanying notes are an integral part of
these combined financial statements.
-32-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-H
GEODYNE PRODUCTION PARTNERSHIP II-H
COMBINED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
(Unaudited)
1995 1994
---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss . . . . . . . . . . . . . . ($ 57,127) ($110,015)
Adjustments to reconcile net loss to
net cash provided by operating
activities:
Depreciation, depletion, and amortiza-
tion of oil and gas properties . . 462,441 634,892
Gain on sale of oil and gas properties ( 10,347) ( 1,585)
Decrease in accounts receivable . . 3,791 40,809
(Increase) Decrease in deferred charge 4,448 ( 7,930)
Decrease in accounts payable . . . ( 9,565) ( 3,376)
Decrease in gas imbalance payable . - ( 2,744)
Increase (Decrease) in accrued
liability . . . . . . . . . . . . ( 2,025) 1,412
-------- --------
Net cash provided by operating
activities . . . . . . . . . . . $391,616 $551,463
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures . . . . . . . . $ - ($ 20,086)
Proceeds from sale of oil and gas
properties . . . . . . . . . . . . 33,744 1,585
-------- --------
Net cash provided (used) by investing
activities . . . . . . . . . . . . $ 33,744 ($ 18,501)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions . . . . . . . . . ($410,500) ($642,000)
-------- --------
Net cash used by financing activities ($410,500) ($642,000)
-------- --------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS . . . . . . . . . . . . $ 14,860 ($109,038)
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD . . . . . . . . . . . . . . . 124,102 255,564
-------- --------
CASH AND CASH EQUIVALENTS AT END
OF PERIOD . . . . . . . . . . . . . . . $138,962 $146,526
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-33-
GEODYNE ENERGY INCOME II LIMITED PARTNERSHIPS
CONDENSED NOTES TO THE COMBINED FINANCIAL STATEMENTS
SEPTEMBER 30, 1995
(Unaudited)
1. ACCOUNTING POLICIES
-------------------
The combined balance sheets as of September 30, 1995, combined
statements of operations for the three and nine months ended September
30, 1995 and 1994 and combined statements of cash flows for the nine
months ended September 30, 1995 and 1994 have been prepared by Geodyne
Properties, Inc., ("Geodyne"), the general partner (the "General
Partner") of the Geodyne Energy Income II Limited Partnerships
(collectively, the "Partnerships"), and are unaudited. In the opinion
of management the financial statements referred to above include all
necessary adjustments, consisting of normal recurring adjustments, to
present fairly the combined financial position at September 30, 1995,
the combined results of operations for the three and nine months ended
September 30, 1995 and 1994 and the combined cash flows for the nine
months ended September 30, 1995 and 1994.
Information and footnote disclosures normally included in
financial statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted. The
accompanying interim financial statements should be read in
conjunction with the Partnerships' Annual Report on Form 10-K filed
for the year ended December 31, 1994. The results of operations for
the period ended September 30, 1995 are not necessarily indicative of
the results to be expected for the full year.
The Unit Holders' net income or loss per unit is based upon each
$100 initial capital contribution.
OIL AND GAS PROPERTIES
----------------------
The Partnerships follow the successful efforts method of
accounting for their oil and gas properties. Under the successful
efforts method, the Partnerships capitalize all property acquisition
costs and development costs incurred in connection with the further
development of oil and gas reserves. Property acquisition costs
include costs incurred by the Partnerships or the General Partner to
acquire producing properties, including related title insurance or
examination costs, commissions, engineering, legal and accounting
fees, and similar costs directly related to the acquisitions. The
acquisition cost to the Partnerships of properties acquired by the
General Partner is adjusted to reflect the net cash results of
operations, including interest incurred to finance the acquisition,
for the period of time the properties are held by the General Partner.
Leasehold impairment is recognized based upon an individual property
assessment and exploratory experience. Upon discovery of commercial
reserves, leasehold costs are transferred to producing properties.
Depletion of the costs of producing oil and gas properties,
amortization of related intangible drilling and development costs and
depreciation of tangible lease and well equipment are computed on the
unit-of-production method.
When complete units of depreciable property are retired or sold,
the asset cost and related accumulated depreciation are eliminated
-34-
with any gain or loss reflected in income. When less than complete
units of depreciable property are retired or sold, the difference
between asset cost and salvage value is charged to accumulated
depreciation.
If net oil and gas properties recorded by a Partnership exceed
the estimated undiscounted future net revenues of the properties, a
provision to reduce the carrying value of oil and gas properties will
be recorded for the excess amount.
2. TRANSACTIONS WITH RELATED PARTIES
---------------------------------
The Partnerships' Partnership Agreements provide for
reimbursement to the General Partner for all direct general and
administrative expenses and for the general and administrative
overhead applicable to the Partnerships based on an allocation of
actual costs incurred by the General Partner. During the nine months
ended September 30, 1995 the following payments were made to the
General Partner or its affiliates by the Partnerships:
Direct General Administrative
Partnership and Administrative Overhead
----------- ------------------ --------------
II-A $134,440 $382,329
II-B 176,528 285,570
II-C 78,750 122,067
II-D 192,808 248,589
II-E 338,545 180,648
II-F 20,006 135,315
II-G 45,032 293,832
II-H 10,499 72,405
An affiliated company is the operator of certain of the
Partnerships' properties and its policy is to bill the Partnerships
for all customary charges and cost reimbursements associated with its
activities, together with any compressor rental, consulting, or other
services provided.
The Partnerships sell gas to Premier Gas Company ("Premier"), an
affiliate of the General Partner, and Premier may then resell such gas
to third parties at market prices. The following is a summary of
these sales during the three and nine months ended September 30, 1995
and the amount of the Partnerships' accrued oil and gas sales due from
Premier as of September 30, 1995 and December 31, 1994:
-35-
Gas Sales
------------------------------------------------------
3 Months Ended 9 Months Ended
September 30, 1995 September 30, 1995
--------------------- --------------------
II-A $205,443 $579,690
II-B 104,541 242,757
II-C 58,314 152,650
II-D 161,366 468,128
II-E 144,356 390,158
II-F 88,048 265,789
II-G 185,851 561,307
II-H 43,742 132,230
Accrued Oil and Gas Sales
----------------------------------------------------
As of As of
September 30, 1995 December 31, 1994
------------------ ------------------
II-A $134,634 $107,036
II-B 80,068 64,669
II-C 43,570 41,709
II-D 113,560 121,780
II-E 100,435 90,940
II-F 54,508 61,777
II-G 115,144 130,572
II-H 27,139 30,807
-36-
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
GENERAL
-------
The Partnerships were formed for the purpose of investing in the
related Production Partnerships. The Production Partnerships are
engaged in the business of acquiring and operating producing oil and
gas properties located in the continental United States. In general,
a Production Partnership acquired producing properties and did not
engage in development drilling or enhanced recovery projects, except
as an incidental part of the management of the producing properties
acquired. Therefore, the economic life of each Partnership is limited
to the period of time required to fully produce its acquired oil and
gas reserves. The net proceeds from the oil and gas operations are
distributed to the Unit Holders and General Partner in accordance with
the terms of the Partnerships' Partnership Agreements.
LIQUIDITY AND CAPITAL RESOURCES
-------------------------------
The Partnerships began operations and investors were assigned
their rights as Unit Holders, having made capital contributions in the
amounts and on the dates set forth below:
Unit
Date of Holder Capital
Partnership Activation Contributions
------------------------------ ----------------
II-A July 22, 1987 $48,428,300
II-B October 14, 1987 36,171,900
II-C January 14, 1988 15,462,100
II-D May 10, 1988 31,487,800
II-E September 27, 1988 22,882,100
II-F January 5, 1989 17,140,000
II-G April 10, 1989 37,218,900
II-H May 17, 1989 9,171,100
In general, the amount of funds available for acquisition of
producing properties was equal to the capital contributions of the
Unit Holders, less 15% for sales commissions and organization and
management fees. All of the Partnerships have fully invested their
capital contributions.
Net proceeds from operations less necessary operating capital are
distributed to Unit Holders on a quarterly basis. Revenues and net
proceeds of a Partnership are largely dependent upon the volumes of
oil and gas sold and the prices received for such oil and gas. Over
the last several years, the domestic energy industry and the
Partnerships have contended with volatile, but generally low, oil and
gas prices. Over the last few years, the oil and gas market appears
to have moved from periods of relative stability in supply and demand
to excess supply and/or weakened demand. These trends have led to the
volatility in pricing and demand noted over the past years. While the
General Partner cannot predict future pricing trends, it believes the
working capital available as of September 30, 1995 and the net revenue
-37-
generated from future operations will provide sufficient working
capital to meet current and future obligations of the Partnerships.
RESULTS OF OPERATIONS
---------------------
An analysis of the change in net oil and gas operations (oil and
gas sales, less lease operating expenses and production taxes), is
presented in the tables within "Results of Operations". Generally,
the Production Partnerships' operations during the three and nine
months ended September 30, 1995 reflected a decrease in production of
oil and natural gas and a decrease in the average price of natural gas
sold. Refer to "Liquidity and Capital Resources" above for a
discussion of factors impacting prices and production volumes.
II-A PARTNERSHIP
THREE MONTHS ENDED SEPTEMBER 30, 1995 AS COMPARED TO THE THREE
MONTHS ENDED SEPTEMBER 30, 1994.
Three months ended September 30,
--------------------------------
1995 1994
---- ----
Oil and gas sales $1,133,241 $1,758,131
Direct operating expenses $ 593,898 $ 743,865
Barrels produced 26,795 42,523
Mcf produced 483,997 613,680
Average price/Bbl $ 16.68 $ 16.70
Average price/Mcf $ 1.42 $ 1.71
Total oil and gas sales decreased 35.5% for the three months
ended September 30, 1995 as compared to the three months ended
September 30, 1994. As shown in the above table, this decrease was
due to decreases in the volumes and average prices of oil and natural
gas sold. Volumes of oil and natural gas sold decreased 15,728
barrels and 129,683 Mcf, respectively, for the three months ended
September 30, 1995 as compared to the similar period in 1994. Volumes
of oil sold decreased primarily due to (i) positive prior period
adjustments during the three months ended September 30, 1994, (ii) the
sale of one of the II-A Partnership's significant wells, (iii) repairs
resulting in shut-ins and (iv) normal declines in production on
several of the II-A Partnership's wells during the three months ended
September 30, 1995 as compared to the three months ended September 30,
1994. Volumes of natural gas sold decreased primarily due to
obstructions in the wellbore on one of the II-A Partnership's more
significant wells which hindered its ability to produce at maximum
capacity and normal declines in production on several of the II-A
Partnership's wells. Natural gas prices decreased to an average $1.42
per Mcf for the three months ended September 30, 1995 from an average
of $1.71 per Mcf for the three months ended September 30, 1994. Oil
prices decreased to an average of $16.68 per barrel for the three
months ended September 30, 1995 from an average of $16.70 per barrel
for the three months ended September 30, 1994.
Direct operating expenses (lease operating expenses and
production taxes) decreased $149,967 for the three months ended
September 30, 1995 as compared to the similar period in 1994. This
decrease was primarily due to the decrease in the volumes of oil and
natural gas sold. As a percentage of total revenues, these expenses
increased to 52.7% for the three months ended September 30, 1995 from
42.1% for the three months ended September 30, 1994. This percentage
-38-
increase was primarily due to the decreases in the average prices of
oil and natural gas sold.
Depreciation, depletion, and amortization of oil and gas
properties decreased $520,969 for the three months ended September 30,
1995 as compared to the similar period in 1994. This decrease was
primarily due to the decrease in the volumes of oil and natural gas
sold and upward revisions of previous reserve estimates. As a
percentage of total revenues, this expense decreased to 57.6% for the
three months ended September 30, 1995 from 66.2% for the three months
ended September 30, 1994. This decrease was primarily due to the
upward revisions mentioned above, partially offset by the decrease in
the average prices of oil and natural gas sold.
General and administrative expenses increased $37,555 for the
three months ended September 30, 1995 as compared to the similar
period in 1994 primarily due to an increase in legal fees associated
with a gas contract arbitration matter the II-A Partnership is
pursuing against Texaco. As a percentage of total revenues, these
expenses increased to 15.2% for the three months ended September 30,
1995 from 7.6% for the three months ended September 30, 1994. This
increase expressed as a percentage of total revenues was primarily due
to the decrease in oil and natural gas sales.
NINE MONTHS ENDED SEPTEMBER 30, 1995 AS COMPARED TO THE NINE
MONTHS ENDED SEPTEMBER 30, 1994.
Nine months ended September 30,
-------------------------------
1995 1994
---- ----
Oil and gas sales $3,462,252 $4,949,950
Direct operating expenses $1,552,222 $2,092,930
Barrels produced 92,547 118,540
Mcf produced 1,285,669 1,733,889
Average price/Bbl $ 16.55 $ 14.93
Average price/Mcf $ 1.50 $ 1.83
Total oil and gas sales decreased 30.1% for the nine months ended
September 30, 1995 as compared to the nine months ended September 30,
1994. As shown in the above table, this decrease was due to decreases
in the volumes of oil and natural gas sold and the average price of
natural gas sold, partially offset by an increase in the average price
of oil sold. Volumes of oil and natural gas sold decreased 25,993
barrels and 448,220 Mcf, respectively, for the nine months ended
September 30, 1995 as compared to the similar period in 1994. Volumes
of oil sold decreased primarily due to repairs which resulted in shut-
ins and normal declines in production on several of the II-A
Partnership's wells during the nine months ended September 30, 1995.
Volumes of natural gas sold decreased primarily due to normal declines
in production on several of the II-A Partnership's wells and a gas
balancing adjustment during the nine months ended September 30, 1995.
Natural gas prices decreased to an average of $1.50 per Mcf for the
nine months ended September 30, 1995 from an average of $1.83 per Mcf
for the nine months ended September 30, 1994. Oil prices increased to
-39-
an average of $16.55 per barrel for the nine months ended September
30, 1995 from an average of $14.93 per barrel for the nine months
ended September 30, 1994.
Direct operating expenses (lease operating expenses and
production taxes) decreased $540,708 for the nine months ended
September 30, 1995 as compared to the similar period in 1994. This
decrease was primarily due to the decrease in the volumes of oil and
natural gas sold. As a percentage of total revenues, these expenses
increased slightly to 44.6% for the nine months ended September 30,
1995 from 42.0% for the nine months ended September 30, 1994. This
percentage increase was primarily due to the decrease in the average
price of natural gas sold.
Depreciation, depletion, and amortization of oil and gas
properties decreased $1,291,039 for the nine months ended September
30, 1995 as compared to the similar period in 1994. This decrease was
primarily due to the decrease in the volumes of oil and natural gas
sold and upward revisions of previous reserve estimates. As a
percentage of total revenues, this expense decreased to 53.0% for the
nine months ended September 30, 1995 from 62.9% for the nine months
ended September 30, 1994. This decrease was primarily due to the
upward revisions mentioned above, partially offset by the decrease in
the average price of natural gas sold.
General and administrative expenses increased $79,239 for the
nine months ended September 30, 1995 as compared to the similar period
in 1994 primarily due to an increase in legal fees associated with a
gas contract arbitration matter the II-A Partnership is pursuing
against Texaco. As a percentage of total revenues, these expenses
increased to 14.9% for the nine months ended September 30, 1995 from
8.8% for the nine months ended September 30, 1994. This increase as a
percentage of total revenues was primarily due to the decrease in oil
and natural gas sales.
Cumulative cash distributions to the Unit Holders through
September 30, 1995 were $35,836,357 or 74.00% of Unit Holders'
contributions.
II-B PARTNERSHIP
THREE MONTHS ENDED SEPTEMBER 30, 1995 AS COMPARED TO THE THREE
MONTHS ENDED SEPTEMBER 30, 1994.
Three months ended September 30,
--------------------------------
1995 1994
---- ----
Oil and gas sales $603,595 $1,263,992
Direct operating expenses $459,428 $ 547,320
Barrels produced 15,246 28,476
Mcf produced 250,360 470,358
Average price/Bbl $ 17.70 $ 16.59
Average price/Mcf $ 1.33 $ 1.68
Total oil and gas sales decreased 52.2% for the three months
ended September 30, 1995 as compared to the three months ended
September 30, 1994. As shown in the above table, this decrease was
due to decreases in the volumes of oil and natural gas sold and the
average price of natural gas sold, partially offset by an increase in
the average price of oil sold. Volumes of oil and natural gas sold
decreased 13,230 barrels and 219,998 Mcf, respectively, for the three
-40-
months ended September 30, 1995 as compared to the similar period in
1994. Volumes of oil sold decreased primarily due to repairs
resulting in a shut-in of one of the II-B Partnership's more
significant wells and normal declines in production on several of the
II-B Partnership's wells during the three months ended September 30,
1995. Volumes of natural gas sold decreased primarily due to
obstructions in the wellbore on one of the II-B Partnership's more
significant wells which hindered its ability to produce at maximum
capacity and normal declines in production on several of the II-B
Partnership's wells. Natural gas prices decreased to an average of
$1.33 per Mcf for the three months ended September 30, 1995 from an
average of $1.68 per Mcf for the three months ended September 30,
1994. Oil prices increased to an average of $17.70 per barrel for the
three months ended September 30, 1995 from an average of $16.59 per
barrel for the three months ended September 30, 1994.
Direct operating expenses (lease operating expenses and
production taxes) decreased $87,892 for the three months ended
September 30, 1995 as compared to the similar period in 1994. This
decrease was primarily due o the decrease in the volumes of oil and
natural gas sold, partially offset by an increase in expenses related
to workovers, repairs, and salt water disposal during the three months
ended September 30, 1995. As a percentage of total revenues, these
expenses increased to 76.0% for the three months ended September 30,
1995 from 42.9% for the three months ended September 30, 1994. This
percentage increase was primarily due to the expenses related to
workovers, repairs and salt water disposal mentioned above and the
decrease in the average price of natural gas sold.
Depreciation, depletion, and amortization of oil and gas
properties decreased $425,440 for the three months ended September 30,
1995 as compared to the similar period in 1994. This decrease was
primarily due to the decrease in the volumes of oil and natural gas
sold above and upward revisions of previous reserve estimates. As a
percentage of total revenues, this expense increased slightly to 68.1%
for the three months ended September 30, 1995 from 65.6% for the three
months ended September 30, 1994. This percentage increase was
primarily due to the decrease in the average price of natural gas
sold.
General and administrative expenses increased $59,738 for the
three months ended September 30, 1995 as compared to the similar
period in 1994 primarily due to an increase in legal fees associated
with a gas contract arbitration matter the II-B Partnership is
pursuing against Texaco. As a percentage of total revenues, these
expenses increased to 26.4% for the three months ended September 30,
1995 from 7.8% for the three months ended September 30, 1994. This
increase as a percentage of total revenues was primarily due to the
decrease in oil and natural gas sales.
NINE MONTHS ENDED SEPTEMBER 30, 1995 AS COMPARED TO THE NINE
MONTHS ENDED SEPTEMBER 30, 1994.
Nine months ended September 30,
-------------------------------
1995 1994
---- ----
Oil and gas sales $2,423,417 $3,666,091
Direct operating expenses $1,372,209 $1,545,184
-41-
Barrels produced 62,628 88,376
Mcf produced 869,831 1,268,989
Average price/Bbl $ 16.84 $ 14.94
Average price/Mcf $ 1.57 $ 1.85
Total oil and gas sales decreased 33.9% for the nine months ended
September 30, 1995 as compared to the nine months ended September 30,
1994. As shown in the above table, this decrease was due to decreases
in the volumes of oil and natural gas sold and the average price of
natural gas sold, partially offset by an increase in the average price
of oil sold. Volumes of oil and natural gas sold decreased 25,748
barrels and 399,158 Mcf, respectively, for the nine months ended
September 30, 1995 as compared to the similar period in 1994. Volumes
of oil sold decreased primarily due to normal declines in production
on several of the II-B Partnership's wells and repairs which resulted
in shut-ins on a few of the II-B Partnership's significant wells.
Volumes of natural gas sold decreased primarily due to normal declines
in production on several of the II-B Partnership's wells. Natural gas
prices decreased to an average of $1.57 per Mcf for the nine months
ended September 30, 1995 from an average of $1.85 per Mcf for the nine
months ended September 30, 1994. Oil prices increased to an average
of $16.84 per barrel for the nine months ended September 30, 1995 from
an average of $14.94 per barrel for the nine months ended September
30, 1994.
Direct operating expenses (lease operating expenses and
production taxes) decreased $172,975 for the nine months ended
September 30, 1995 as compared to the similar period in 1994. This
decrease was primarily due to the decrease in the volumes of oil and
natural gas sold, partially offset by an increase in expenses related
to production facilities and workovers during the nine months ended
September 30, 1995. As a percentage of total revenues, these expenses
increased to 56.9% for the nine months ended September 30, 1995 from
41.7% for the nine months ended September 30, 1994. This percentage
increase was primarily due to the expenses related to production
facilities and workovers mentioned above and the decrease in the
average price of natural gas sold.
Depreciation, depletion, and amortization of oil and gas
properties decreased $849,143 for the nine months ended September 30,
1995 as compared to the similar period in 1994. This decrease was
primarily due to the decrease in the volumes of oil and natural gas
sold and upward revisions of previous reserve estimates. As a
percentage of total revenues, this expense remained relatively
constant at 62.1% for the nine months ended September 30, 1995 as
compared to 63.3% for the nine months ended September 30, 1994.
General and administrative expenses increased $134,813 for the
nine months ended September 30, 1995 as compared to the similar period
in 1994 primarily due to an increase in legal fees associated with a
gas contract arbitration matter the II-B Partnership is pursuing
against Texaco. As a percentage of total revenues, these expenses
increased to 19.1% for the nine months ended September 30, 1995 from
8.8% for the nine months ended September 30, 1994. This increase as a
percentage of total revenues was primarily due to the decrease in oil
and natural gas sales.
Cumulative cash distributions to the Unit Holders through
September 30, 1995 were $25,800,916 or 71.33% of Unit Holders'
contributions.
-42-
II-C PARTNERSHIP
THREE MONTHS ENDED SEPTEMBER 30, 1995 AS COMPARED TO THE THREE
MONTHS ENDED SEPTEMBER 30, 1994.
Three months ended September 30,
--------------------------------
1995 1994
---- ----
Oil and gas sales $303,065 $575,045
Direct operating expenses $200,234 $187,724
Barrels produced 5,401 8,998
Mcf produced 163,367 255,000
Average price/Bbl $ 16.98 $ 16.58
Average price/Mcf $ 1.29 $ 1.67
Total oil and gas sales decreased 47.3% for the three months
ended September 30, 1995 as compared to the three months ended
September 30, 1994. As shown in the above table, this decrease was
due to decreases in the volumes of oil and natural gas sold and the
average price of natural gas sold, partially offset by an increase in
the average price of oil sold. Volumes of oil and natural gas sold
decreased 3,597 barrels and 91,633 Mcf, respectively, for the three
months ended September 30, 1995 as compared to the similar period in
1994. Volumes of oil sold decreased primarily due to several of the
II-C Partnership's wells being shut-in for recompletions during the
three months ended September 30, 1995. Volumes of natural gas sold
decreased primarily due to obstructions in the wellbore on one of the
II-C Partnership's more significant wells which hindered its ability
to produce at maximum capacity and normal declines in production on
several of the II-C Partnership's wells. Natural gas prices decreased
to an average of $1.29 per Mcf for the three months ended September
30, 1995 from an average of $1.67 per Mcf for the three months ended
September 30, 1994. Oil prices increased to an average of $16.98 per
barrel for the three months ended September 30, 1995 from an average
of $16.58 per barrel for the three months ended September 30, 1994.
Direct operating expenses (lease operating expenses and
production taxes) increased $12,510 for the three months ended
September 30, 1995 as compared to the similar period in 1994. This
increase was primarily due to an increase in expenses related to
workovers, repairs, and salt water disposal, partially offset by the
decrease in the volumes of oil and natural gas sold. As a percentage
of total revenues, these expenses increased to 65.9% for the three
months ended September 30, 1995 from 32.4% for the three months ended
September 30, 1994. This percentage increase was primarily due to the
expenses related to workovers, repairs and salt water disposal
mentioned above and the decrease in the average price of natural gas
sold.
-43-
Depreciation, depletion, and amortization of oil and gas
properties decreased $130,011 for the three months ended September 30,
1995 as compared to the similar period in 1994. This decrease was
primarily due to the decrease in the volumes of oil and natural gas
sold. As a percentage of total revenues, this expense increased to
70.7% for the three months ended September 30, 1995 from 59.6% for the
three months ended September 30, 1994. This percentage increase was
primarily due to the decrease in the average price of natural gas
sold.
General and administrative expenses increased $25,372 for the
three months ended September 30, 1995 as compared to the similar
period in 1994 primarily due to an increase in legal fees associated
with a gas contract arbitration matter the II-C Partnership is
pursuing against Texaco. As a percentage of total revenues, these
expenses increased to 22.5% for the three months ended September 30,
1995 from 7.4% for the three months ended September 30, 1994. This
increase expressed as a percentage of total revenues was primarily due
to the decrease in oil and natural gas sales.
NINE MONTHS ENDED SEPTEMBER 30, 1995 AS COMPARED TO THE NINE
MONTHS ENDED SEPTEMBER 30, 1994.
Nine months ended September 30,
-------------------------------
1995 1994
---- ----
Oil and gas sales $1,136,648 $1,743,396
Direct operating expenses $ 544,532 $ 617,826
Barrels produced 19,580 26,360
Mcf produced 535,691 744,994
Average price/Bbl $ 17.04 $ 15.44
Average price/Mcf $ 1.50 $ 1.79
Total oil and gas sales decreased 34.8% for the nine months ended
September 30, 1995 as compared to the nine months ended September 30,
1994. As shown in the above table, this decrease was due to decreases
in the volumes of oil and natural gas sold and the average price of
natural gas sold, partially offset by an increase in the average price
of oil sold. Volumes of oil and natural gas sold decreased 6,780
barrels and 209,303 Mcf, respectively, for the nine months ended
September 30, 1995 as compared to the similar period in 1994. Volumes
of oil sold decreased primarily due to several of the II-C
Partnership's wells being shut-in for recompletions during the nine
months ended September 30, 1995. Volumes of natural gas sold
decreased primarily due to obstructions in the wellbore on one of the
II-C Partnership's more significant wells which hindered its ability
to produce at maximum capacity and normal declines in production on
several of the II-C Partnership's wells. Natural gas prices decreased
to an average of $1.50 per Mcf for the nine months ended September 30,
1995 from an average of $1.79 per Mcf for the nine months ended
September 30, 1994. Oil prices increased to an average of $17.04 per
barrel for the nine months ended September 30, 1995 from an average of
$15.44 per barrel for the nine months ended September 30, 1994.
Direct operating expenses (lease operating expenses and
production taxes) decreased $73,294 for the nine months ended
September 30, 1995 as compared to the similar period in 1994. This
decrease was primarily due to the decrease in the volumes of oil and
natural gas sold, partially offset by an increase in expenses related
to workovers, production facilities and salt water disposal. As a
percentage of total revenues, these expenses increased to 47.1% for
-44-
the nine months ended September 30, 1995 from 35.2% for the nine
months ended September 30, 1994. This percentage increase was
primarily due to the expenses related to workovers, production
facilities and salt water disposal mentioned above and the decrease in
the average price of natural gas sold.
Depreciation, depletion, and amortization of oil and gas
properties decreased $291,121 for the nine months ended September 30,
1995 as compared to the similar period in 1994. This decrease was
primarily due to the decrease in the volumes of oil and natural gas
sold. As a percentage of total revenues, this expense increased to
62.1% for the nine months ended September 30, 1995 from 57.5% for the
nine months ended September 30, 1994. This increase was primarily due
to the decrease in the average price of natural gas sold.
General and administrative expenses increased $58,894 for the
nine months ended September 30, 1995 as compared to the similar period
in 1994 primarily due to an increase in legal fees associated with a
gas contract arbitration matter the II-C Partnership is pursuing
against Texaco. As a percentage of total revenues, these expenses
increased to 17.4% for the nine months ended September 30, 1995 from
8.1% for the nine months ended September 30, 1994. This increase
expressed as a percentage of total revenues was primarily due to the
decrease in oil and natural gas sales.
Cumulative cash distributions to the Unit Holders through
September 30, 1995 were $11,022,686 or 71.29% of Unit Holders'
contributions.
II-D PARTNERSHIP
THREE MONTHS ENDED SEPTEMBER 30, 1995 AS COMPARED TO THE THREE
MONTHS ENDED SEPTEMBER 30, 1994.
Three months ended September 30,
--------------------------------
1995 1994
---- ----
Oil and gas sales $968,988 $1,066,835
Direct operating expenses $448,828 $ 541,887
Barrels produced 24,903 20,951
Mcf produced 447,407 472,124
Average price/Bbl $ 17.30 $ 16.38
Average price/Mcf $ 1.20 $ 1.53
Total oil and gas sales decreased 9.2% for the three months ended
September 30, 1995 as compared to the three months ended September 30,
1994. As shown in the above table, this decrease was due to a
decrease in the volumes and average price of natural gas sold,
partially offset by an increase in the volumes and average price of
oil sold. Volumes of oil sold increased 3,952 barrels and volumes of
natural gas sold decreased 24,717 Mcf for the three months ended
September 30, 1995 as compared to the similar period in 1994. Volumes
of oil sold increased primarily due to the repair of a casing leak and
the replacement of a pump on one of the II-D Partnership's wells and
positive prior period adjustments for the three months ending
September 30, 1995. Natural gas prices decreased to an average of
$1.20 per Mcf for the three months ended September 30, 1995 from an
average of $1.53 per Mcf for the three months ended September 30,
1994. Oil prices increased to an average of $17.30 per barrel for the
three months ended September 30, 1995 from an average of $16.38 per
barrel for the three months ended September 30, 1994.
-45-
Direct operating expenses (lease operating expenses and
production taxes) decreased $93,059 for the three months ended
September 30, 1995 as compared to the similar period in 1994. This
decrease was primarily due to expenses related to repairs, pumping,
and supplies during the three months ended September 30, 1994. As a
percentage of total revenues, these expenses decreased to 45.7% for
the three months ended September 30, 1995 compared to 50.4% for the
three months ended September 30, 1994. This percentage decrease was
primarily due to the expenses related to repairs, pumping and supplies
mentioned above, partially offset by the decrease in the average price
of natural gas sold.
Depreciation, depletion, and amortization of oil and gas
properties decreased $43,825 for the three months ended September 30,
1995 as compared to the similar period in 1994. This decrease was
primarily due to an upward revisions of previous reserve estimates.
As a percentage of total revenues, this expense remained relatively
constant at 59.4% for the three months ended September 30, 1995 as
compared to 58.3% for the three months ended September 30, 1994.
General and administrative expenses increased $39,437 for the
three months ended September 30, 1995 as compared to the similar
period in 1994 primarily due to an increase in legal fees associated
with a gas contract arbitration matter the II-D Partnership is
pursuing against Texaco. As a percentage of total revenues, these
expenses increased to 15.6% for the three months ended September 30,
1995 from 10.5% for the three months ended September 30, 1994. This
increase expressed as a percentage of total revenues was primarily due
to the decrease in oil and natural gas sales.
NINE MONTHS ENDED SEPTEMBER 30, 1995 AS COMPARED TO THE NINE
MONTHS ENDED SEPTEMBER 30, 1994.
Nine months ended September 30,
-------------------------------
1995 1994
---- ----
Oil and gas sales $3,022,161 $3,669,514
Direct operating expenses $1,432,141 $1,623,058
Barrels produced 70,045 67,350
Mcf produced 1,403,160 1,522,730
Average price/Bbl $ 16.66 $ 14.82
Average price/Mcf $ 1.32 $ 1.75
Total oil and gas sales decreased 17.6% for the nine months ended
September 30, 1995 as compared to the nine months ended September 30,
1994. As shown in the above table, this decrease was due to a
decrease in the volumes and average price of natural gas sold,
partially offset by an increase in the volumes and average price of
oil sold. Volumes of oil sold increased 2,695 barrels and volumes of
natural gas sold decreased 119,570 Mcf for the nine months ended
September 30, 1995 as compared to the similar period in 1994. Natural
-46-
gas prices decreased to an average of $1.32 per Mcf for the nine
months ended September 30, 1995 from an average of $1.75 per Mcf for
the nine months ended September 30, 1994. Oil prices increased to an
average of $16.66 per barrel for the nine months ended September 30,
1995 from an average of $14.82 per barrel for the nine months ended
September 30, 1994.
Direct operating expenses (lease operating expenses and
production taxes) decreased $190,917 for the nine months ended
September 30, 1995 as compared to the similar period in 1994. This
decrease was primarily due to the decrease in volumes of natural gas
sold during the nine months ended September 30, 1995 coupled with an
increase in expenses related to workovers during the nine months ended
September 30, 1994. As a percentage of total revenues, these expenses
increased slightly to 46.9% for the nine months ended September 30,
1995 from 44.1% for the nine months ended September 30, 1994. This
percentage increase was primarily due to the decrease in the average
price of natural gas sold.
Depreciation, depletion, and amortization of oil and gas
properties decreased $239,077 for the nine months ended September 30,
1995 as compared to the similar period in 1994. This decrease was
primarily due to the decrease in the volumes of natural gas sold and
upward revisions of previous reserve estimates. As a percentage of
total revenues, this expense increased to 58.3% for the nine months
ended September 30, 1995 from 54.9% for the nine months ended
September 30, 1994. This increase was primarily due to the decrease
in the average price of natural gas sold.
General and administrative expenses increased $128,179 for the
nine months ended September 30, 1995 as compared to the similar period
in 1994 primarily due to an increase in legal fees associated with a
gas contract arbitration matter the II-D Partnership is pursuing
against Texaco. As a percentage of total revenues, these expenses
increased to 14.4% for the nine months ended September 30, 1995 from
8.5% for the nine months ended September 30, 1994. This increase
expressed as a percentage of total revenues was primarily due to the
decrease in oil and natural gas sales.
Cumulative cash distributions to the Unit Holders through
September 30, 1995 were $20,889,903 or 66.34% of Unit Holders'
contributions.
II-E PARTNERSHIP
THREE MONTHS ENDED SEPTEMBER 30, 1995 AS COMPARED TO THE THREE
MONTHS ENDED SEPTEMBER 30, 1994.
Three months ended September 30,
--------------------------------
1995 1994
---- ----
Oil and gas sales $532,162 $659,360
Direct operating expenses $257,517 $318,688
Barrels produced 15,812 16,892
Mcf produced 208,793 248,707
Average price/Bbl $ 17.13 $ 16.58
Average price/Mcf $ 1.25 $ 1.53
-47-
Total oil and gas sales decreased 19.3% for the three months
ended September 30, 1995 as compared to the three months ended
September 30, 1994. As shown in the above table, this decrease was
due to decreases in the volumes of oil and natural gas sold and the
average price of natural gas sold, partially offset by an increase in
the average price of oil sold. Volumes of oil and natural gas sold
decreased 1,080 barrels and 39,914 Mcf, respectively, for the three
months ended September 30, 1995 as compared to the similar period in
1994. Natural gas prices decreased to an average of $1.25 per Mcf for
the three months ended September 30, 1995 from an average of $1.53 per
Mcf for the three months ended September 30, 1994. Oil prices
increased to an average of $17.13 per barrel for the three months
ended September 30, 1995 from an average of $16.58 per barrel for the
three months ended September 30, 1994.
Direct operating expenses (lease operating expenses and
production taxes) decreased $61,171 for the three months ended
September 30, 1995 as compared to the similar period in 1994. This
decrease was primarily due to the decrease in the volumes of oil and
natural gas sold. As a percentage of total revenues, these expenses
remained relatively constant at 47.1% for the three months ended
September 30, 1995 compared to 48.1% for the three months ended
September 30, 1994.
Depreciation, depletion, and amortization of oil and gas
properties decreased $69,391 for the three months ended September 30,
1995 as compared to the similar period in 1994. This decrease was
primarily due to the decrease in the volumes of oil and natural gas
sold. As a percentage of total revenues, this expense increased to
88.0% for the three months ended September 30, 1995 from 83.0% for the
three months ended September 30, 1994. This percentage increase was
primarily due to the decrease in the average price of natural gas
sold.
General and administrative expenses increased $128,995 for the
three months ended September 30, 1995 as compared to the similar
period in 1994 primarily due to an increase in legal fees associated
with a gas contract arbitration matter the II-E Partnership is
pursuing against Texaco. As a percentage of total revenues, these
expenses increased to 35.5% for the three months ended September 30,
1995 from 9.8% for the three months ended September 30, 1994. This
increase expressed as a percentage of total revenues was primarily due
to the decrease in oil and natural gas sales.
NINE MONTHS ENDED SEPTEMBER 30, 1995 AS COMPARED TO THE NINE
MONTHS ENDED SEPTEMBER 30, 1994.
Nine months ended September 30,
-------------------------------
1995 1994
---- ----
Oil and gas sales $1,654,096 $2,019,062
Direct operating expenses $ 839,641 $ 907,746
Barrels produced 46,703 51,197
Mcf produced 646,898 722,419
Average price/Bbl $ 17.05 $ 15.30
Average price/Mcf $ 1.33 $ 1.71
Total oil and gas sales decreased 18.1% for the nine months ended
September 30, 1995 as compared to the nine months ended September 30,
-48-
1994. As shown in the above table, this decrease was due to decreases
in the volumes of oil and natural gas sold and the average price of
natural gas sold, partially offset by an increase in the average price
of oil sold. Volumes of oil and natural gas sold decreased 4,494
barrels and 75,251 Mcf, respectively, for the nine months ended
September 30, 1995 as compared to the similar period in 1994. Natural
gas prices decreased to an average of $1.33 per Mcf for the nine
months ended September 30, 1995 from an average of $1.71 per Mcf for
the nine months ended September 30, 1994. Oil prices increased to an
average of $17.05 per barrel for the nine months ended September 30,
1995 from an average of $15.30 per barrel for the nine months ended
September 30, 1994.
Direct operating expenses (lease operating expenses and
production taxes) decreased $68,105 for the nine months ended
September 30, 1995 as compared to the similar period in 1994. This
decrease was primarily due to the decrease in the volumes of oil and
natural gas sold. As a percentage of total revenues, these expenses
increased to 50.2% for the nine months ended September 30, 1995 from
44.8% for the nine months ended September 30, 1994. This percentage
increase was primarily due to the decrease in the average price of
natural gas sold.
Depreciation, depletion, and amortization of oil and gas
properties decreased $149,834 for the nine months ended September 30,
1995 as compared to the similar period in 1994. This decrease was
primarily due to the decrease in the volumes of oil and natural gas
sold. As a percentage of total revenues, this expense increased to
87.8% for the nine months ended September 30, 1995 from 79.9% for the
nine months ended September 30, 1994. This increase was primarily due
to the decrease in the average price of natural gas sold.
General and administrative expenses increased $309,052 for the
nine months ended September 30, 1995 as compared to the similar period
in 1994 primarily due to an increase in legal fees associated with a
gas contract arbitration matter the II-E Partnership is pursuing
against Texaco. As a percentage of total revenues, these expenses
increased to 31.0% for the nine months ended September 30, 1995 from
10.4% for the nine months ended September 30, 1994. This increase
expressed as a percentage of total revenues was primarily due to the
decrease in oil and natural gas sales.
Cumulative cash distributions to the Unit Holders through
September 30, 1995 were $12,326,574 or 53.87% of Unit Holders'
contributions.
II-F PARTNERSHIP
THREE MONTHS ENDED SEPTEMBER 30, 1995 AS COMPARED TO THE THREE
MONTHS ENDED SEPTEMBER 30, 1994.
-49-
Three months ended September 30,
--------------------------------
1995 1994
---- ----
Oil and gas sales $520,413 $578,725
Direct operating expenses $165,886 $203,658
Barrels produced 12,930 15,078
Mcf produced 207,250 219,567
Average price/Bbl $ 17.70 $ 15.84
Average price/Mcf $ 1.41 $ 1.55
Total oil and gas sales decreased 10.1% for the three months
ended September 30, 1995 as compared to the three months ended
September 30, 1994. As shown in the above table, this decrease was
due to decreases in the volumes of oil and natural gas sold and the
average price of natural gas sold, partially offset by an increase in
the average price of oil sold. Volumes of oil and natural gas sold
decreased 2,148 barrels and 12,317 Mcf, respectively, for the three
months ended September 30, 1995 as compared to the similar period in
1994. Natural gas prices decreased to an average of $1.41 per Mcf for
the three months ended September 30, 1995 from an average of $1.55 per
Mcf for the three months ended September 30, 1994. Oil prices
increased to an average of $17.70 per barrel for the three months
ended September 30, 1995 from an average of $15.84 per barrel for the
three months ended September 30, 1994.
Direct operating expenses (lease operating expenses and
production taxes) decreased $37,772 for the three months ended
September 30, 1995 as compared to the similar period in 1994. This
decrease was primarily due to the decrease in the volumes of oil and
natural gas sold during the three months ended September 30, 1995,
coupled with an increase in expenses related to workovers and
production facilities during the three months ended September 30,
1994. As a percentage of total revenues, these expenses decreased to
31.1% for the three months ended September 30, 1995 from 34.9% for the
three months ended September 30, 1994. This percentage decrease was
primarily due to the expenses related to workovers and production
facilities mentioned above, partially offset by the decrease in the
average price of natural gas sold.
Depreciation, depletion, and amortization of oil and gas
properties decreased $97,128 for the three months ended September 30,
1995 as compared to the similar period in 1994. This decrease was
primarily due to the decrease in the volumes of oil and natural gas
sold and upward revisions of previous reserve estimates. As a
percentage of total revenues, this expense decreased to 55.8% for the
three months ended September 30, 1995 from 67.7% for the three months
ended September 30, 1994. This decrease was primarily due to the
upward revisions mentioned above, partially offset by the decrease in
the average price of natural gas sold.
General and administrative expenses remained relatively constant
for the three months ended September 30, 1995 as compared to the
similar period in 1994. As a percentage of total revenues, these
expenses remained relatively constant at 8.9% for the three months
ended September 30, 1995 compared to 8.3% for the three months ended
September 30, 1994.
-50-
NINE MONTHS ENDED SEPTEMBER 30, 1995 AS COMPARED TO THE NINE
MONTHS ENDED SEPTEMBER 30, 1994.
Nine months ended September 30,
-------------------------------
1995 1994
---- ----
Oil and gas sales $1,450,887 $1,812,569
Direct operating expenses $ 497,135 $ 618,417
Barrels produced 41,077 48,479
Mcf produced 574,084 644,844
Average price/Bbl $ 16.76 $ 14.69
Average price/Mcf $ 1.33 $ 1.71
Total oil and gas sales decreased 20.0% for the nine months ended
September 30, 1995 as compared to the nine months ended September 30,
1994. As shown in the above table, this decrease was due to decreases
in the volumes of oil and natural gas sold and the average price of
natural gas sold, partially offset by an increase in the average price
of oil sold. Volumes of oil and natural gas sold decreased 7,402
barrels and 70,760 Mcf, respectively, for the nine months ended
September 30, 1995 as compared to the similar period in 1994. Natural
gas prices decreased to an average of $1.33 per Mcf for the nine
months ended September 30, 1995 from an average of $1.71 per Mcf for
the nine months ended September 30, 1994. Oil prices increased to an
average of $16.76 per barrel for the nine months ended September 30,
1995 from an average of $14.69 per barrel for the nine months ended
September 30, 1994.
Direct operating expenses (lease operating expenses and
production taxes) decreased $121,282 for the nine months ended
September 30, 1995 as compared to the similar period in 1994. This
decrease was primarily due to the decrease in the volumes of oil and
natural gas sold during the nine months ended September 30, 1995
coupled with an increase in expenses related to workovers, repairs,
and power and fuel during the nine months ended September 30, 1994.
As a percentage of total revenues, these expenses remained relatively
constant at 33.6% for the nine months ended September 30, 1995
compared to 34.0% for the nine months ended September 30, 1994.
Depreciation, depletion, and amortization of oil and gas
properties decreased $334,008 for the nine months ended September 30,
1995 as compared to the similar period in 1994. This decrease was
primarily due to the decrease in the volumes of oil and natural gas
sold and upward revisions of previous reserve estimates. As a
percentage of total revenues, this expense decreased to 58.0% for the
nine months ended September 30, 1995 from 65.4% for the nine months
ended September 30, 1994. This decrease was primarily due to the
upward revisions mentioned above, partially offset by the decrease in
the average price of natural gas sold.
-51-
General and administrative expenses remained relatively constant
for the nine months ended September 30, 1995 as compared to the
similar period in 1994. As a percentage of total revenues, these
expenses remained relatively constant at 10.5% for the nine months
ended September 30, 1995 compared to 8.7% for the nine months ended
September 30, 1994.
Cumulative cash distributions to the Unit Holders through
September 30, 1995 were $11,287,051 or 65.85% of Unit Holders'
contributions.
II-G PARTNERSHIP
THREE MONTHS ENDED SEPTEMBER 30, 1995 AS COMPARED TO THE THREE
MONTHS ENDED SEPTEMBER 30, 1994.
Three months ended September 30,
--------------------------------
1995 1994
---- ----
Oil and gas sales $1,075,315 $1,244,271
Direct operating expenses $ 355,982 $ 434,318
Barrels produced 27,476 31,689
Mcf produced 421,179 476,936
Average price/Bbl $ 17.71 $ 15.85
Average price/Mcf $ 1.40 $ 1.56
Total oil and gas sales decreased 13.6% for the three months
ended September 30, 1995 as compared to the three months ended
September 30, 1994. As shown in the above table, this decrease was
due to decreases in the volumes of oil and natural gas sold and the
average price of natural gas sold, partially offset by an increase in
the average price of oil sold. Volumes of oil and natural gas sold
decreased 4,213 barrels and 55,757 Mcf, respectively, for the three
months ended September 30, 1995 as compared to the similar period in
1994. Natural gas prices decreased to an average of $1.40 per Mcf for
the three months ended September 30, 1995 from an average of $1.56 per
Mcf for the three months ended September 30, 1994. Oil prices
increased to an average of $17.71 per barrel for the three months
ended September 30, 1995 from an average of $15.85 per barrel for the
three months ended September 30, 1994.
Direct operating expenses (lease operating expenses and
production taxes) decreased $78,336 for the three months ended
September 30, 1995 as compared to the similar period in 1994. This
decrease was primarily due to the decrease in the volumes of oil and
natural gas sold during the three months ended September 30, 1995,
coupled with an increase in expenses related to workovers and
production facilities during the three months ended September 30,
1994. As a percentage of total revenues, these expenses decreased to
32.3% for the three months ended September 30, 1995 from 34.6% for the
three months ended September 30, 1994. This percentage decrease was
primarily due to the expenses related to workovers and production
facilities mentioned above, partially offset by the decrease in the
average price of natural gas sold.
Depreciation, depletion, and amortization of oil and gas
properties decreased $275,802 for the three months ended September 30,
1995 as compared to the similar period in 1994. This decrease was
primarily due to the decrease in the volumes of oil and natural gas
sold and upward revisions of previous reserve estimates. As a
percentage of total revenues, this expense decreased to 54.7% for the
-52-
three months ended September 30, 1995 from 70.2% for the three months
ended September 30, 1994. This decrease was primarily due to the
upward revisions mentioned above, partially offset by the decrease in
the average price of natural gas sold.
General and administrative expenses remained relatively constant
for the three months ended September 30, 1995 as compared to the
similar period in 1994. As a percentage of total revenues, these
expenses remained relatively constant at 9.5% for the three months
ended September 30, 1995 compared to 8.4% for the three months ended
September 30, 1994.
NINE MONTHS ENDED SEPTEMBER 30, 1995 AS COMPARED TO THE NINE
MONTHS ENDED SEPTEMBER 30, 1994.
Nine months ended September 30,
-------------------------------
1995 1994
---- ----
Oil and gas sales $3,107,583 $3,876,392
Direct operating expenses $1,096,603 $1,341,193
Barrels produced 86,684 101,932
Mcf produced 1,235,139 1,390,283
Average price/Bbl $ 16.77 $ 14.70
Average price/Mcf $ 1.34 $ 1.71
Total oil and gas sales decreased 19.8% for the nine months ended
September 30, 1995 as compared to the nine months ended September 30,
1994. As shown in the above table, this decrease was due to decreases
in the volumes of oil and natural gas sold and the average price of
natural gas sold, partially offset by an increase in the average price
of oil sold. Volumes of oil and natural gas sold decreased 15,248
barrels and 155,144 Mcf, respectively, for the nine months ended
September 30, 1995 as compared to the similar period in 1994. Natural
gas prices decreased to an average of $1.34 per Mcf for the nine
months ended September 30, 1995 from an average of $1.71 per Mcf for
the nine months ended September 30, 1994. Oil prices increased to an
average of $16.77 per barrel for the nine months ended September 30,
1995 from an average of $14.70 per barrel for the nine months ended
September 30, 1994.
Direct operating expenses (lease operating expenses and
production taxes) decreased $244,590 for the nine months ended
September 30, 1995 as compared to the similar period in 1994. This
decrease was primarily due to the decrease in the volumes of oil and
natural gas sold. As a percentage of total revenues, these expenses
remained relatively constant at 34.6% for the nine months ended
September 30, 1995 compared to 34.4% for the nine months ended
September 30, 1994.
Depreciation, depletion, and amortization of oil and gas
properties decreased $831,236 for the nine months ended September 30,
1995 as compared to the similar period in 1994. This decrease was
primarily due to the decrease in the volumes of oil and natural gas
sold and upward revisions of previous reserve estimates. As a
percentage of total revenues, this expense decreased to 57.1% for the
nine months ended September 30, 1995 from 67.8% for the nine months
ended September 30, 1994. This decrease was primarily due to the
upward revisions mentioned above, partially offset by the decrease in
the average price of natural gas sold.
General and administrative expenses remained relatively constant
for the nine months ended September 30, 1995 as compared to the
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similar period in 1994. As a percentage of total revenues, these
expenses remained relatively constant at 10.7% for the nine months
ended September 30, 1995 compared to 8.7% for the nine months ended
September 30, 1994.
Cumulative cash distributions to the Unit Holders through
September 30, 1995 were $23,007,371 or 61.82% of Unit Holders'
contributions.
II-H PARTNERSHIP
THREE MONTHS ENDED SEPTEMBER 30, 1995 AS COMPARED TO THE THREE
MONTHS ENDED SEPTEMBER 30, 1994.
Three months ended September 30,
--------------------------------
1995 1994
---- ----
Oil and gas sales $255,156 $303,551
Direct operating expenses $ 89,202 $113,750
Barrels produced 6,392 7,301
Mcf produced 101,981 119,396
Average price/Bbl $ 17.69 $ 15.90
Average price/Mcf $ 1.39 $ 1.57
Total oil and gas sales decreased 15.9% for the three months
ended September 30, 1995 as compared to the three months ended
September 30, 1994. As shown in the above table, this decrease was
due to decreases in the volumes of oil and natural gas sold and the
average price of natural gas sold, partially offset by an increase in
the average price of oil sold. Volumes of oil and natural gas sold
decreased 909 barrels and 17,415 Mcf, respectively, for the three
months ended September 30, 1995 as compared to the similar period in
1994. Natural gas prices decreased to an average of $1.39 per Mcf for
the three months ended September 30, 1995 from an average of $1.57 per
Mcf for the three months ended September 30, 1994. Oil prices
increased to an average of $17.69 per barrel for the three months
ended September 30, 1995 from an average of $15.90 per barrel for the
three months ended September 30, 1994.
Direct operating expenses (lease operating expenses and
production taxes) decreased $24,548 for the three months ended
September 30, 1995 as compared to the similar period in 1994. This
decrease was primarily due to the decrease in the volumes of oil and
natural gas sold during the three months ended September 30, 1995
coupled with positive prior period adjustments and an increase in
expenses related to workovers during the three months ended September
30, 1994. As a percentage of total revenues, these expenses decreased
to 34.0% for the three months ended September 30, 1995 compared to
37.2% for the three months ended September 30, 1994. This decrease as
a percentage of total revenues was primarily due to the decrease in
expenses related to workovers mentioned above, partially offset by the
decrease in the average price of natural gas sold.
Depreciation, depletion, and amortization of oil and gas
properties decreased $58,187 for the three months ended September 30,
1995 as compared to the similar period in 1994. This decrease was
primarily due to several properties having been significantly depleted
leaving a smaller basis to deplete. As a percentage of total
revenues, this expense decreased to 58.5% for the three months ended
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September 30, 1995 from 69.2% for the three months ended September 30,
1994. This decrease was primarily due to a smaller basis to deplete
as mentioned above, partially offset by the decrease in the average
price of natural gas sold.
General and administrative expenses decreased slightly by $759
for the three months ended September 30, 1995 as compared to the
similar period in 1994. As a percentage of total revenues, these
expenses remained relatively constant at 9.6% for the three months
ended September 30, 1995 compared to 8.5% for the three months ended
September 30, 1994.
NINE MONTHS ENDED SEPTEMBER 30, 1995 AS COMPARED TO THE NINE
MONTHS ENDED SEPTEMBER 30, 1994.
Nine months ended September 30,
------------------------------
1995 1994
---- ----
Oil and gas sales $744,368 $948,124
Direct operating expenses $269,899 $342,120
Barrels produced 20,185 23,746
Mcf produced 301,855 347,158
Average price/Bbl $ 16.77 $ 14.71
Average price/Mcf $ 1.34 $ 1.72
Total oil and gas sales decreased 21.5% for the nine months ended
September 30, 1995 as compared to the nine months ended September 30,
1994. As shown in the above table, this decrease was due to decreases
in the volumes of oil and natural gas sold and the average price of
natural gas sold, partially offset by an increase in the average price
of oil sold. Volumes of oil and natural gas sold decreased 3,561
barrels and 45,303 Mcf, respectively, for the nine months ended
September 30, 1995 as compared to the similar period in 1994. Natural
gas prices decreased to an average of $1.34 per Mcf for the nine
months ended September 30, 1995 from an average of $1.72 per Mcf for
the nine months ended September 30, 1994. Oil prices increased to an
average of $16.77 per barrel for the nine months ended September 30,
1995 from an average of $14.71 per barrel for the nine months ended
September 30, 1994.
Direct operating expenses (lease operating expenses and
production taxes) decreased $72,221 for the nine months ended
September 30, 1995 as compared to the similar period in 1994. This
decrease was primarily due to the decrease in the volumes of oil and
natural gas sold. As a percentage of total revenues, these expenses
remained relatively constant at 35.6% for the nine months ended
September 30, 1995 compared to 34.9% for the nine months ended
September 30, 1994.
Depreciation, depletion, and amortization of oil and gas
properties decreased $172,451 for the nine months ended September 30,
1995 as compared to the similar period in 1994. This decrease was
primarily due to the decrease in the volumes of oil and natural gas
sold and several properties having been significantly depleted leaving
a smaller basis to deplete. As a percentage of total revenues, this
expense decreased to 61.0% for the nine months ended September 30,
1995 from 66.6% for the nine months ended September 30, 1994. This
decrease was primarily due to several properties having been
significantly depleted leaving a smaller basis to deplete, partially
offset by the decrease in the average price of natural gas sold.
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General and administrative expenses decreased $2,766 for the nine
months ended September 30, 1995 as compared to the similar period in
1994 primarily due to a decrease in professional fees. As a
percentage of total revenues, these expenses remained relatively
constant at 10.9% for the nine months ended September 30, 1995
compared to 9.0% for the nine months ended September 30, 1994.
Cumulative cash distributions to the Unit Holders through
September 30, 1995 were $5,311,364 or 57.91% of Unit Holders'
contributions.
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PART II: OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
None
(b) Reports on Form 8-K
Form 8-K filed on September 11, 1995
Date of Report: September 6, 1995
Items Reported:
Item 5 - Other Events
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-A
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-B
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-C
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-D
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-E
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-F
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-G
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-H
(Registrant)
By: GEODYNE PROPERTIES, INC.
General Partner
Date: November 13, 1995 By: /s/Dennis R. Neill
----------------------------
(Signature)
Dennis R. Neill
Senior Vice President
and Director
Date: November 13, 1995 By: /s/Drew S. Phillips
---------------------------
(Signature)
Drew S. Phillips
Vice President - Accounting
Principal Accounting Officer
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