SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarter ended June 30, 1996
Commission File Number:
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 No X (see explanation below)
----- -----
Form 10-Q was filed on May 21, 1996, one day after required due date.
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
June 30, December 31,
1996 1995
---------- -----------
CURRENT ASSETS:
Cash and cash equivalents $ 708,851 $ 508,024
Accounts receivable:
Oil and gas sales, including
$153,461 due from related
parties in 1995 (Note 2) 844,403 765,075
---------- ----------
Total current assets $1,553,254 $1,273,099
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 6,814,056 7,390,812
DEFERRED CHARGE 1,169,277 1,169,277
---------- ----------
$9,536,587 $9,833,188
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 132,928 $ 213,126
Gas imbalance payable 164,837 164,837
---------- ----------
Total current liabilities $ 297,765 $ 377,963
ACCRUED LIABILITY $ 272,667 $ 272,667
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 337,161) ($ 311,994)
Limited Partners, issued and
outstanding, 484,283 units 9,303,316 9,494,552
---------- ----------
Total Partners' capital $8,966,155 $9,182,558
---------- ----------
$9,536,587 $9,833,183
========== ==========
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 JUNE 30, 1996 AND 1995
(Unaudited)
1996 1995
---------- -----------
REVENUES:
Oil and gas sales, including
$180,025 of sales to related
parties in 1995 (Note 2) $1,286,587 $1,082,118
Interest income 4,336 4,819
Gain (loss) on sale of oil
and gas properties ( 6,798) 3,668
---------- ----------
$1,284,125 $1,090,605
COSTS AND EXPENSES:
Lease operating $ 369,872 $ 341,223
Production tax 71,136 61,430
Depreciation, depletion, and
amortization of oil and gas
properties 272,557 525,959
General and administrative 161,785 203,680
---------- ----------
$ 875,350 $1,132,292
---------- ----------
NET INCOME (LOSS) $ 408,775 ($ 41,687)
========== ==========
GENERAL PARTNER - NET INCOME $ 31,124 $ 18,954
========== ==========
LIMITED PARTNERS - NET INCOME (LOSS) $ 377,651 ($ 60,641)
========== ==========
NET INCOME (LOSS) per unit $ .78 ($ .13)
========== ==========
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 SIX MONTHS ENDED JUNE 30, 1996 AND 1995
(Unaudited)
1996 1995
---------- -----------
REVENUES:
Oil and gas sales, including
$374,247 of sales to related
parties in 1995 (Note 2) $2,629,889 $2,329,011
Interest income 8,096 10,705
Gain (loss) on sale of oil
and gas properties ( 6,640) 11,753
---------- ----------
$2,631,345 $2,351,469
COSTS AND EXPENSES:
Lease operating $ 781,386 $ 817,016
Production tax 147,414 141,308
Depreciation, depletion, and
amortization of oil and gas
properties 568,384 1,195,064
General and administrative 323,535 345,561
---------- ----------
$1,820,719 $2,498,949
---------- ----------
NET INCOME (LOSS) $ 810,626 ($ 147,480)
========== ==========
GENERAL PARTNER - NET INCOME $ 62,862 $ 40,429
========== ==========
LIMITED PARTNERS - NET INCOME (LOSS) $ 747,764 ($ 187,909)
========== ==========
NET INCOME (LOSS) per unit $ 1.54 ($ .39)
========== ==========
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 SIX MONTHS ENDED JUNE 30, 1996 AND 1995
(Unaudited)
1996 1995
---------- -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ 810,626 ($ 147,480)
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depreciation, depletion, and
amortization of oil and gas
properties 568,384 1,195,064
(Gain) loss on sale of oil and gas
properties 6,640 ( 11,753)
(Increase) decrease in accounts
receivable ( 79,328) 68,996
Increase in deferred charge - ( 285,816)
Decrease in accounts payable ( 80,198) ( 101,627)
Increase in accrued liability - 116,180
---------- ----------
Net cash provided by operating
activities $1,226,124 $ 833,564
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 21,605) ($ 45,064)
Proceeds from sale of oil and
gas properties 23,337 22,431
---------- ----------
Net cash provided (used) by
investing activities $ 1,732 ($ 22,633)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($1,027,029) ($1,215,000)
---------- ----------
Net cash used by financing
activities ($1,027,029) ($1,215,000)
---------- ----------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS $ 200,827 ($ 404,069)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 508,024 793,694
---------- ----------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 708,851 $ 389,625
========== ==========
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
June 30, December 31,
1996 1995
---------- -----------
CURRENT ASSETS:
Cash and cash equivalents $ 484,682 $ 168,239
Accounts receivable:
Oil and gas sales, including
$81,240 due from related
parties in 1995 (Note 2) 625,463 584,133
---------- ----------
Total current assets $1,110,145 $ 752,372
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 4,823,637 5,258,752
DEFERRED CHARGE 226,303 226,303
---------- ----------
$6,160,085 $6,237,427
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 97,691 $ 211,226
Gas imbalance payable 15,048 15,048
---------- ----------
Total current liabilities $ 112,739 $ 226,274
ACCRUED LIABILITY $ 301,684 $ 301,684
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 259,647) ($ 246,438)
Limited Partners, issued and
outstanding, 361,719 units 6,005,309 5,955,907
---------- ----------
Total Partners' capital $5,745,662 $5,709,469
---------- ----------
$6,160,085 $6,237,427
========== ==========
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 JUNE 30, 1996 AND 1995
(Unaudited)
1996 1995
-------- ---------
REVENUES:
Oil and gas sales, including
$57,603 of sales to related
parties in 1995 (Note 2) $917,850 $ 880,759
Interest income 2,885 3,425
Gain on sale of oil and gas
properties 685 1,713
-------- ----------
$921,420 $ 885,897
COSTS AND EXPENSES:
Lease operating $250,709 $ 444,431
Production tax 49,596 59,182
Depreciation, depletion, and
amortization of oil and gas
properties 211,033 506,895
General and administrative 136,395 196,620
-------- ----------
$647,733 $1,207,128
-------- ----------
NET INCOME (LOSS) $273,687 ($ 321,231)
======== ==========
GENERAL PARTNER - NET INCOME $ 21,981 $ 4,214
======== ==========
LIMITED PARTNERS - NET INCOME (LOSS) $251,706 ($ 325,445)
======== ==========
NET INCOME (LOSS) per unit $ .70 ($ .90)
======== ==========
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 SIX MONTHS ENDED JUNE 30, 1996 AND 1995
(Unaudited)
1996 1995
---------- -----------
REVENUES:
Oil and gas sales, including
$138,216 of sales to related
parties in 1995 (Note 2) $1,949,372 $1,819,822
Interest income 4,395 7,837
Gain (loss) on sale of oil and gas
properties 1,648 ( 18,772)
---------- ----------
$1,955,415 $1,808,887
COSTS AND EXPENSES:
Lease operating $ 551,572 $ 798,636
Production tax 108,280 114,145
Depreciation, depletion, and
amortization of oil and gas
properties 464,121 1,087,527
General and administrative 261,182 302,542
---------- ----------
$1,385,155 $2,302,850
---------- ----------
NET INCOME (LOSS) $ 570,260 ($ 493,963)
========== ==========
GENERAL PARTNER - NET INCOME $ 46,858 $ 18,803
========== ==========
LIMITED PARTNERS - NET INCOME (LOSS) $ 523,402 ($ 512,766)
========== ==========
NET INCOME (LOSS) per unit $ 1.45 ($ 1.42)
========== ==========
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 SIX MONTHS ENDED JUNE 30, 1996 AND 1995
(Unaudited)
1996 1995
-------- -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $570,260 ($ 493,963)
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depreciation, depletion, and
amortization of oil and gas
properties 464,121 1,087,527
(Gain) loss on sale of oil and gas
properties ( 1,648) 18,772
Increase in accounts receivable ( 41,330) ( 21,009)
Increase in deferred charge - ( 42,763)
Decrease in accounts payable ( 113,535) ( 69,492)
Increase in accrued liability - 91,127
-------- ----------
Net cash provided by operating
activities $877,868 $ 570,199
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 46,535) ($ 70,758)
Proceeds from sale of oil and
gas properties 19,177 15,405
-------- ----------
Net cash used by investing
activities ($ 27,358) ($ 55,353)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($534,067) ($ 937,000)
-------- ----------
Net cash used by financing
activities ($534,067) ($ 937,000)
-------- ----------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS $316,443 ($ 422,154)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 168,239 623,450
-------- ----------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $484,682 $ 201,296
======== ==========
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
June 30, December 31,
1996 1995
---------- -----------
CURRENT ASSETS:
Cash and cash equivalents $ 225,030 $ 82,353
Accounts receivable:
Oil and gas sales, including
$46,202 due from related
parties in 1995 (Note 2) 289,557 291,365
---------- ----------
Total current assets $ 514,587 $ 373,718
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 2,345,002 2,572,284
DEFERRED CHARGE 259,941 259,941
---------- ----------
$3,119,530 $3,205,943
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 41,781 $ 67,293
Gas imbalance payable 59,892 59,892
---------- ----------
Total current liabilities $ 101,673 $ 127,185
ACCRUED LIABILITY $ 138,658 $ 138,658
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 110,260) ($ 99,615)
Limited Partners, issued and
outstanding, 154,621 units 2,989,459 3,039,715
---------- ----------
Total Partners' capital $2,879,199 $2,940,100
---------- ----------
$3,119,530 $3,205,943
========== ==========
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 JUNE 30, 1996 AND 1995
(Unaudited)
1996 1995
-------- ---------
REVENUES:
Oil and gas sales, including
$42,821 of sales to related
parties in 1995 (Note 2) $428,354 $401,126
Interest income 1,710 2,160
Gain on sale of oil and gas
properties 1,152 3,307
-------- --------
$431,216 $406,593
COSTS AND EXPENSES:
Lease operating $115,174 $140,720
Production tax 26,747 30,236
Depreciation, depletion, and
amortization of oil and gas
properties 99,777 237,385
General and administrative 58,916 86,146
-------- --------
$300,614 $494,487
-------- --------
NET INCOME (LOSS) $130,602 ($ 87,894)
======== ========
GENERAL PARTNER - NET INCOME $ 10,436 $ 5,101
======== ========
LIMITED PARTNERS - NET INCOME (LOSS) $120,166 ($ 92,995)
======== ========
NET INCOME (LOSS) per unit $ .78 ($ .60)
======== ========
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 SIX MONTHS ENDED JUNE 30, 1996 AND 1995
(Unaudited)
1996 1995
-------- ---------
REVENUES:
Oil and gas sales, including
$94,336 of sales to related
parties in 1995 (Note 2) $896,703 $833,583
Interest income 2,588 5,108
Gain on sale of oil and gas
properties 1,295 12,287
-------- --------
$900,586 $850,978
COSTS AND EXPENSES:
Lease operating $240,177 $291,173
Production tax 54,570 53,125
Depreciation, depletion, and
amortization of oil and gas
properties 213,310 502,375
General and administrative 112,374 132,328
-------- --------
$620,431 $979,001
-------- --------
NET INCOME (LOSS) $280,155 ($128,023)
======== ========
GENERAL PARTNER - NET INCOME $ 22,411 $ 13,694
======== ========
LIMITED PARTNERS - NET INCOME (LOSS) $257,744 ($141,717)
======== ========
NET INCOME (LOSS) per unit $ 1.67 ($ .92)
======== ========
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 SIX MONTHS ENDED JUNE 30, 1996 AND 1995
(Unaudited)
1996 1995
-------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $280,155 ($128,023)
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depreciation, depletion, and
amortization of oil and gas
properties 213,310 502,375
Gain on sale of oil and gas
properties ( 1,295) ( 12,287)
Decrease in accounts receivable 1,808 29,434
Increase in deferred charge - ( 63,473)
Increase (decrease) in accounts
payable ( 25,512) 8,111
Decrease in gas imbalance payable - ( 62,262)
Increase in accrued liability - 36,896
-------- --------
Net cash provided by operating
activities $468,466 $310,771
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures $ - ($ 10,311)
Proceeds from sale of oil and
gas properties 15,267 18,739
-------- --------
Net cash provided by investing
activities $ 15,267 $ 8,428
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($341,056) ($557,000)
-------- --------
Net cash used by financing
activities ($341,056) ($557,000)
-------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS $142,677 ($237,801)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 82,353 380,901
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $225,030 $143,100
======== ========
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
June 30, December 31,
1996 1995
---------- -----------
CURRENT ASSETS:
Cash and cash equivalents $ 315,701 $ 317,368
Accounts receivable:
Oil and gas sales, including
$124,908 due from related
parties in 1995 (Note 2) 692,916 630,370
---------- ----------
Total current assets $1,008,617 $ 947,738
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 5,011,704 5,394,199
DEFERRED CHARGE 949,227 949,227
---------- ----------
$6,969,548 $7,291,164
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 140,737 $ 146,808
Gas imbalance payable 117,523 117,523
---------- ----------
Total current liabilities $ 258,260 $ 264,331
ACCRUED LIABILITY $ 285,420 $ 285,420
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 204,300) ($ 143,473)
Limited Partners, issued and
outstanding, 314,878 units 6,630,168 6,884,886
---------- ----------
Total Partners' capital $6,425,868 $6,741,413
---------- ----------
$6,969,548 $7,291,164
========== ==========
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 JUNE 30, 1996 AND 1995
(Unaudited)
1996 1995
---------- ---------
REVENUES:
Oil and gas sales, including
$154,800 of sales to related
parties in 1995 (Note 2) $1,021,696 $ 989,836
Interest income 2,751 3,565
Gain on sale of oil and gas
properties 1,250 4,071
---------- ----------
$1,025,697 $ 997,472
COSTS AND EXPENSES:
Lease operating $ 467,151 $ 334,186
Production tax 69,915 87,287
Depreciation, depletion, and
amortization of oil and gas
properties 175,011 564,810
General and administrative 125,143 194,976
---------- ----------
$ 837,220 $1,181,259
---------- ----------
NET INCOME (LOSS) $ 188,477 ($ 183,787)
========== ==========
GENERAL PARTNER - NET INCOME $ 16,287 $ 13,403
========== ==========
LIMITED PARTNERS - NET INCOME (LOSS) $ 172,190 ($ 197,190)
========== ==========
NET INCOME (LOSS) per unit $ .55 ($ .63)
========== ==========
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 SIX MONTHS ENDED JUNE 30, 1996 AND 1995
(Unaudited)
1996 1995
---------- -----------
REVENUES:
Oil and gas sales, including
$306,762 of sales to related
parties in 1995 (Note 2) $2,079,944 $2,053,176
Interest income 5,297 8,143
Gain on sale of oil and gas
properties 1,250 13,362
---------- ----------
$2,086,491 $2,074,678
COSTS AND EXPENSES:
Lease operating $ 847,833 $ 833,292
Production tax 140,485 150,021
Depreciation, depletion, and
amortization of oil and gas
properties 375,341 1,197,983
General and administrative 235,431 288,774
---------- ----------
$1,599,090 $2,470,070
---------- ----------
NET INCOME (LOSS) $ 487,401 ($ 395,392)
========== ==========
GENERAL PARTNER - NET INCOME $ 39,119 $ 28,150
========== ==========
LIMITED PARTNERS - NET INCOME (LOSS) $ 448,282 ($ 423,542)
========== ==========
NET INCOME (LOSS) per unit $ 1.42 ($ 1.35)
========== ==========
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 SIX MONTHS ENDED JUNE 30, 1996 AND 1995
(Unaudited)
1996 1995
-------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $487,401 ($ 395,392)
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depreciation, depletion, and
amortization of oil and gas
properties 375,341 1,197,983
Gain on sale of oil and gas
properties ( 1,250) ( 13,362)
(Increase) decrease in accounts
receivable ( 62,546) 71,638
Increase in deferred charge - ( 89,087)
Increase (decrease) in accounts
payable ( 6,071) 264
Decrease in gas imbalance payable - ( 109,252)
Increase in accrued liability - 18,909
-------- ----------
Net cash provided by operating
activities $792,875 $ 681,701
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures $ - ($ 20,234)
Proceeds from sale of oil and
gas properties 8,404 23,481
-------- ----------
Net cash provided (used) by
investing activities $ 8,404 ($ 3,247)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($802,946) ($1,004,000)
-------- ----------
Net cash used by financing
activities ($802,946) ($1,004,000)
-------- ----------
NET DECREASE IN CASH AND CASH
EQUIVALENTS ($ 1,667) ($ 319,052)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 317,368 563,613
-------- ----------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $315,701 $ 244,561
======== ==========
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
June 30, December 31,
1996 1995
---------- -----------
CURRENT ASSETS:
Cash and cash equivalents $ 250,100 $ 201,042
Accounts receivable:
Oil and gas sales, including
$122,758 due from related
parties in 1995 (Note 2) 442,562 409,630
---------- ----------
Total current assets $ 692,662 $ 610,672
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 4,833,118 5,293,979
DEFERRED CHARGE 374,745 374,745
---------- ----------
$5,900,525 $6,279,396
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 74,182 $ 90,392
Gas imbalance payable 84,265 84,265
---------- ----------
Total current liabilities $ 158,447 $ 174,657
ACCRUED LIABILITY $ 134,283 $ 134,283
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 142,475) ($ 122,950)
Limited Partners, issued and
outstanding, 228,821 units 5,750,270 6,093,406
---------- ----------
Total Partners' capital $5,607,795 $5,970,456
---------- ----------
$5,900,525 $6,279,396
========== ==========
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 JUNE 30, 1996 AND 1995
(Unaudited)
1996 1995
-------- ---------
REVENUES:
Oil and gas sales, including
$136,223 of sales to related
parties in 1995 (Note 2) $676,499 $ 570,706
Interest income 1,940 1,837
Gain (loss) on sale of oil and
gas properties 2,537 ( 14,570)
-------- ----------
$680,976 $ 557,973
COSTS AND EXPENSES:
Lease operating $225,613 $ 235,263
Production tax 45,525 47,347
Depreciation, depletion, and
amortization of oil and gas
properties 215,802 502,009
General and administrative 131,448 257,785
-------- ----------
$618,388 $1,042,404
-------- ----------
NET INCOME (LOSS) $ 62,588 ($ 484,431)
======== ==========
GENERAL PARTNER - NET INCOME (LOSS) $ 11,664 ($ 4,141)
======== ==========
LIMITED PARTNERS - NET INCOME (LOSS) $ 50,924 ($ 480,290)
======== ==========
NET INCOME (LOSS) per unit $ .22 ($ 2.10)
======== ==========
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 SIX MONTHS ENDED JUNE 30, 1996 AND 1995
(Unaudited)
1996 1995
---------- -----------
REVENUES:
Oil and gas sales, including
$245,802 of sales to related
parties in 1995 (Note 2) $1,373,418 $1,121,934
Interest income 3,680 3,792
Gain on sale of oil and gas
properties 2,939 464
---------- ----------
$1,380,037 $1,126,190
COSTS AND EXPENSES:
Lease operating $ 440,368 $ 485,939
Production tax 94,329 96,185
Depreciation, depletion, and
amortization of oil and gas
properties 473,205 987,136
General and administrative 222,021 325,159
---------- ----------
$1,229,923 $1,894,419
---------- ----------
NET INCOME (LOSS) $ 150,114 ($ 768,229)
========== ==========
GENERAL PARTNER - NET INCOME $ 26,250 $ 1,074
========== ==========
LIMITED PARTNERS - NET INCOME (LOSS) $ 123,864 ($ 769,303)
========== ==========
NET INCOME (LOSS) per unit $ .54 ($ 3.36)
========== ==========
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 SIX MONTHS ENDED JUNE 30, 1996 AND 1995
(Unaudited)
1996 1995
-------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $150,114 ($768,229)
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depreciation, depletion, and
amortization of oil and gas
properties 473,205 987,136
Gain on sale of oil and gas
properties ( 2,939) ( 464)
(Increase) decrease in accounts
receivable ( 32,932) 11,403
Decrease in deferred charge - 18,684
Increase (decrease) in accounts
payable ( 16,210) 35,630
Decrease in gas imbalance payable - ( 23,704)
Decrease in accrued liability - ( 7,667)
-------- --------
Net cash provided by operating
activities $571,238 $252,789
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 12,344) ($ 20,364)
Proceeds from sale of oil and
gas properties 2,939 21,052
-------- --------
Net cash provided (used) by
investing activities ($ 9,405) $ 688
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($512,775) ($395,000)
-------- --------
Net cash used by financing
activities ($512,775) ($395,000)
-------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS $ 49,058 ($141,523)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 201,042 260,348
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $250,100 $118,825
======== ========
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
June 30, December 31,
1996 1995
---------- -----------
CURRENT ASSETS:
Cash and cash equivalents $ 423,346 $ 325,816
Accounts receivable:
Oil and gas sales, including
$66,788 due from related
parties in 1995 (Note 2) 394,781 352,473
---------- ----------
Total current assets $ 818,127 $ 678,289
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 4,612,058 4,936,055
DEFERRED CHARGE 119,115 119,115
---------- ----------
$5,549,300 $5,733,459
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 38,888 $ 79,348
Gas imbalance payable 23,373 23,373
---------- ----------
Total current liabilities $ 62,261 $ 102,721
ACCRUED LIABILITY $ 23,330 $ 23,330
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 100,019) ($ 84,377)
Limited Partners, issued and
outstanding, 171,400 units 5,563,728 5,691,785
---------- ----------
Total Partners' capital $5,463,709 $5,607,408
---------- ----------
$5,549,300 $5,733,459
========== ==========
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 JUNE 30, 1996 AND 1995
(Unaudited)
1996 1995
-------- ---------
REVENUES:
Oil and gas sales, including
$87,227 of sales to related
parties in 1995 (Note 2) $612,423 $493,171
Interest income 2,894 2,277
Loss on sale of oil and gas
properties - ( 4,471)
-------- --------
$615,317 $490,977
COSTS AND EXPENSES:
Lease operating $111,976 $121,863
Production tax 39,691 32,883
Depreciation, depletion, and
amortization of oil and gas
properties 153,094 299,436
General and administrative 51,013 56,431
-------- --------
$355,774 $510,613
-------- --------
NET INCOME (LOSS) $259,543 ($ 19,636)
======== ========
GENERAL PARTNER - NET INCOME $ 18,956 $ 10,997
======== ========
LIMITED PARTNERS - NET INCOME (LOSS) $240,587 ($ 30,633)
======== ========
NET INCOME (LOSS) per unit $ 1.40 ($ .18)
======== ========
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 SIX MONTHS ENDED JUNE 30, 1996 AND 1995
(Unaudited)
1996 1995
---------- -----------
REVENUES:
Oil and gas sales, including
$177,741 of sales to related
parties in 1995 (Note 2) $1,231,441 $930,474
Interest income 5,356 4,200
Gain on sale of oil and gas
properties 873 10,388
---------- --------
$1,237,670 $945,062
COSTS AND EXPENSES:
Lease operating $ 224,404 $262,623
Production tax 79,300 68,626
Depreciation, depletion, and
amortization of oil and gas
properties 321,435 559,823
General and administrative 106,707 107,661
---------- --------
$ 731,846 $998,733
NET INCOME (LOSS) $ 505,824 ($ 53,671)
========== ========
GENERAL PARTNER - NET INCOME $ 37,881 $ 19,709
========== ========
LIMITED PARTNERS - NET INCOME (LOSS) $ 467,943 ($ 73,380)
========== ========
NET INCOME (LOSS) per unit $ 2.73 ($ .43)
========== ========
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 SIX MONTHS ENDED JUNE 30, 1996 AND 1995
(Unaudited)
1996 1995
-------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $505,824 ($ 53,671)
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depreciation, depletion, and
amortization of oil and gas
properties 321,435 559,823
Gain on sale of oil and gas
properties ( 873) ( 10,388)
(Increase) decrease in accounts
receivable ( 42,308) 20,502
Decrease in deferred charge - 6,811
Decrease in accounts payable ( 40,460) ( 23,647)
Decrease in gas imbalance payable - ( 2,289)
Decrease in accrued liability - ( 2,780)
-------- --------
Net cash provided by operating
activities $743,618 $494,361
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of oil and
gas properties $ 3,435 $ 38,729
-------- --------
Net cash provided by investing
activities $ 3,435 $ 38,729
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($649,523) ($509,000)
-------- --------
Net cash used by financing
activities ($649,523) ($509,000)
-------- --------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $ 97,530 $ 24,090
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 325,816 237,397
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $423,346 $261,487
======== ========
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
June 30, December 31,
1996 1995
----------- -----------
CURRENT ASSETS:
Cash and cash equivalents $ 870,095 $ 661,921
Accounts receivable:
Oil and gas sales, including
$141,036 due from related
parties in 1995 (Note 2) 840,332 748,457
----------- -----------
Total current assets $ 1,710,427 $ 1,410,378
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 10,113,756 10,851,397
DEFERRED CHARGE 257,374 257,374
----------- -----------
$12,081,557 $12,519,149
=========== ===========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 84,908 $ 176,095
Gas imbalance payable 50,501 50,501
----------- -----------
Total current liabilities $ 135,409 $ 226,596
ACCRUED LIABILITY $ 50,802 $ 50,802
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 229,920)($ 197,620)
Limited Partners, issued and
outstanding, 372,189 units 12,125,266 12,439,371
----------- -----------
Total Partners' capital $11,895,346 $12,241,751
----------- -----------
$12,081,557 $12,519,149
=========== ===========
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 JUNE 30, 1996 AND 1995
(Unaudited)
1996 1995
---------- -----------
REVENUES:
Oil and gas sales, including
$184,341 of sales to related
parties in 1995 (Note 2) $1,302,851 $1,061,698
Interest income 5,939 4,946
Loss on sale of oil and gas
properties - ( 12,319)
---------- ----------
$1,308,790 $1,054,325
COSTS AND EXPENSES:
Lease operating $ 244,856 $ 277,775
Production tax 84,960 71,822
Depreciation, depletion, and
amortization of oil and gas
properties 350,026 636,713
General and administrative 110,440 122,281
---------- ----------
$ 790,282 $1,108,591
---------- ----------
NET INCOME (LOSS) $ 518,508 ($ 54,266)
========== ==========
GENERAL PARTNER - NET INCOME $ 39,629 $ 22,755
========== ==========
LIMITED PARTNERS - NET INCOME (LOSS) $ 478,879 ($ 77,021)
========== ==========
NET INCOME (LOSS) per unit $ 1.29 ($ .21)
========== ==========
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 SIX MONTHS ENDED JUNE 30, 1996 AND 1995
(Unaudited)
1996 1995
---------- -----------
REVENUES:
Oil and gas sales, including
$375,456 of sales to related
parties in 1995 (Note 2) $2,616,899 $2,032,268
Interest income 10,961 9,008
Gain on sale of oil and gas
properties 1,852 23,632
---------- ----------
$2,629,712 $2,064,908
COSTS AND EXPENSES:
Lease operating $ 490,970 $ 587,621
Production tax 169,736 153,000
Depreciation, depletion, and
amortization of oil and gas
properties 735,808 1,204,284
General and administrative 231,325 233,593
---------- ----------
$1,627,839 $2,178,498
---------- ----------
NET INCOME (LOSS) $1,001,873 ($ 113,590)
========== ==========
GENERAL PARTNER - NET INCOME $ 78,978 $ 42,492
========== ==========
LIMITED PARTNERS - NET INCOME (LOSS) $ 922,895 ($ 156,082)
========== ==========
NET INCOME (LOSS) per unit $ 2.48 ($ .42)
========== ==========
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 SIX MONTHS ENDED JUNE 30, 1996 AND 1995
(Unaudited)
1996 1995
---------- -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $1,001,873 ($ 113,590)
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depreciation, depletion, and
amortization of oil and gas
properties 735,808 1,204,284
Gain on sale of oil and gas
properties ( 1,852) ( 23,632)
(Increase) decrease in accounts
receivable ( 91,875) 36,661
Decrease in deferred charge - 25,357
Decrease in accounts payable ( 91,187) ( 46,352)
Decrease in gas imbalance payable - ( 5,466)
Decrease in accrued liability - ( 10,456)
---------- ----------
Net cash provided by operating
activities $1,552,767 $1,066,806
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of oil and
gas properties $ 3,685 $ 84,429
---------- ----------
Net cash provided by investing
activities $ 3,685 $ 84,429
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($1,348,278) ($1,098,000)
---------- ----------
Net cash used by financing
activities ($1,348,278) ($1,098,000)
---------- ----------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS $ 208,174 ($ 53,235)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 661,921 492,117
---------- ----------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 870,095 $ 545,352
========== ==========
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
June 30, December 31,
1996 1995
---------- -----------
CURRENT ASSETS:
Cash and cash equivalents $ 202,336 $ 158,812
Accounts receivable:
Oil and gas sales, including
$33,220 due from related
parties in 1995 (Note 2) 201,537 179,505
---------- ----------
Total current assets $ 403,873 $ 338,317
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 2,442,154 2,624,277
DEFERRED CHARGE 62,062 62,062
---------- ----------
$2,908,089 $3,024,656
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 21,208 $ 45,404
Gas imbalance payable 11,211 11,211
---------- ----------
Total current liabilities $ 32,419 $ 56,615
ACCRUED LIABILITY $ 12,779 $ 12,779
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 55,199) ($ 47,635)
Limited Partners, issued and
outstanding, 91,711 units 2,918,090 3,002,897
---------- ----------
Total Partners' capital $2,862,891 $2,955,262
---------- ----------
$2,908,089 $3,024,656
========== ==========
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 JUNE 30, 1996 AND 1995
(Unaudited)
1996 1995
-------- ---------
REVENUES:
Oil and gas sales, including
$43,482 of sales to related
parties in 1995 (Note 2) $310,430 $251,901
Interest income 1,321 1,179
Loss on sale of oil and gas
properties - ( 3,699)
-------- --------
$311,751 $249,381
COSTS AND EXPENSES:
Lease operating $ 61,400 $ 69,399
Production tax 20,522 17,617
Depreciation, depletion, and
amortization of oil and gas
properties 86,269 161,455
General and administrative 27,400 30,322
-------- --------
$195,591 $278,793
-------- --------
NET INCOME (LOSS) $116,160 ($ 29,412)
======== ========
GENERAL PARTNER - NET INCOME $ 9,193 $ 4,988
======== ========
LIMITED PARTNERS - NET INCOME (LOSS) $106,967 ($ 34,400)
======== ========
NET INCOME (LOSS) per unit $ 1.17 ($ .38)
======== ========
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 SIX MONTHS ENDED JUNE 30, 1996 AND 1995
(Unaudited)
1996 1995
-------- ---------
REVENUES:
Oil and gas sales, including
$88,488 of sales to related
parties in 1995 (Note 2) $626,799 $489,212
Interest income 2,444 2,141
Gain on sale of oil and gas
properties 440 4,551
-------- --------
$629,683 $495,904
COSTS AND EXPENSES:
Lease operating $123,094 $142,652
Production tax 41,129 38,045
Depreciation, depletion, and
amortization of oil and gas
properties 181,611 309,009
General and administrative 57,180 57,758
-------- --------
$403,014 $547,464
-------- --------
NET INCOME (LOSS) $226,669 ($ 51,560)
======== ========
GENERAL PARTNER - NET INCOME $ 18,476 $ 9,782
======== ========
LIMITED PARTNERS - NET INCOME (LOSS) $208,193 ($ 61,342)
======== ========
NET INCOME (LOSS) per unit $ 2.27 ( .67)
======== ========
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 SIX MONTHS ENDED JUNE 30, 1996 AND 1995
(Unaudited)
1996 1995
-------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $226,669 ($ 51,560)
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depreciation, depletion, and
amortization of oil and gas
properties 181,611 309,009
Gain on sale of oil and gas
properties ( 440) ( 4,551)
(Increase) decrease in accounts
receivable ( 22,032) 10,468
Decrease in deferred charge - 4,487
Decrease in accounts payable ( 24,196) ( 10,968)
Decrease in accrued liability - ( 2,042)
-------- --------
Net cash provided by operating
activities $361,612 $254,843
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of oil and
gas properties $ 952 $ 21,027
-------- --------
Net cash provided by investing
activities $ 952 $ 21,027
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($319,040) ($268,500)
-------- --------
Net cash used by financing
activities ($319,040) ($268,500)
-------- --------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $ 43,524 $ 7,370
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 158,812 124,102
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $202,336 $131,472
======== ========
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
JUNE 30, 1996
(Unaudited)
1. ACCOUNTING POLICIES
-------------------
The combined balance sheets as of June 30, 1996, combined
statements of operations for the three and six months ended June 30,
1996 and 1995 and combined statements of cash flows for the six months
ended June 30, 1996 and 1995 have been prepared by Geodyne Resources,
Inc., the general partner of the limited partnerships, and are
unaudited. Each limited partnership is a general partner in the
related Geodyne Energy Income Production Partnership (the "Production
Partnership") in which Geodyne Resources, Inc. serves as the managing
partner. Unless the context indicates otherwise, all references to a
"Partnership" or the "Partnerships" are references to the limited
partnerships and their related Production Partnerships, collectively,
and all references to the "General Partner" are references to the
general partner of the limited partnerships and the managing partner
of the Production Partnerships, collectively. In the opinion of
management the financial statements referred to above include all
necessary adjustments, consisting of normal recurring adjustments, to
present fairly the combined financial position at June 30, 1996, the
combined results of operations for the three and six months ended June
30, 1996 and 1995 and the combined cash flows for the six months ended
June 30, 1996 and 1995.
Information and footnote disclosures normally included in
financial statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted. The
accompanying interim financial statements should be read in
conjunction with the Partnerships' Annual Report on Form 10-K filed
for the year ended December 31, 1995. The results of operations for
the period ended June 30, 1996 are not necessarily indicative of the
results to be expected for the full year.
The Limited Partners' net income or loss per unit is based upon
each $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.
-34-
Depletion of the costs of producing oil and gas properties,
amortization of related intangible drilling and development costs and
depreciation of tangible lease and well equipment are computed on the
unit-of-production method.
When complete units of depreciable property are retired or sold,
the asset cost and related accumulated depreciation are eliminated
with any gain or loss reflected in income. When less than complete
units of depreciable property are retired or sold, the difference
between asset cost and salvage value is charged to accumulated
depreciation.
Effective October 1, 1995, the Partnerships adopted the
requirements of Statement of Financial Accounting Standards ("SFAS")
No. 121, "Accounting for the Impairment of Long Lived Assets and
Assets Held for Disposal". SFAS No. 121 provides that if the
unamortized costs of oil and gas properties for each field exceed the
expected undiscounted future cash flows from such properties, the cost
of the properties is written down to fair value, which is determined
by using the discounted future cash flows from the properties. Under
the Partnerships' prior impairment policy if the unamortized costs of
oil and gas properties recorded by the Partnerships as a whole
exceeded the estimated undiscounted future net revenues of the
properties, a valuation allowance would be recorded for the excess
amount. The risk that the Partnerships will be required to record
such impairment provisions in the future increases when oil and gas
prices are depressed.
2. TRANSACTIONS WITH RELATED PARTIES
---------------------------------
The Partnerships' Partnership Agreements provide for
reimbursement to the General Partner for all direct general and
administrative expenses and for the general and administrative
overhead applicable to the Partnerships based on an allocation of
actual costs incurred by the General Partner. During the six months
ended June 30, 1996 the following payments were made to the General
Partner or its affiliates by the Partnerships:
Direct General Administrative
Partnership and Administrative Overhead
----------- ------------------ --------------
II-A $ 68,649 $254,886
II-B 70,802 190,380
II-C 30,996 81,378
II-D 69,705 165,726
II-E 101,589 120,432
II-F 16,497 90,210
II-G 35,437 195,888
II-H 8,910 48,270
An affiliated company is the operator of certain of the
Partnerships' properties and its policy is to bill the Partnerships
for all customary charges and cost reimbursements associated with its
activities, together with any compressor rental, consulting, or other
services provided.
During 1995, the Partnerships sold gas at market prices to
Premier Gas Company ("Premier") and Premier then resold such gas to
third parties at market prices. Premier was an affiliate of the
Partnerships until December 6, 1995. The following is a summary of
-35-
these sales during the three and six months ended June 30, 1995 and
the amount of the Partnership's accrued oil and gas sales due from
Premier at December 31, 1995.
Accrued
Gas Sales Gas Sales Oil and Gas Sales
-------------- -------------- -----------------
3 Months Ended 6 Months Ended As of
June 30, 1995 June 30, 1995 December 31, 1995
-------------- -------------- -----------------
II-A $180,025 $ 374,247 $153,461
II-B 57,603 138,216 81,240
II-C 42,821 94,336 46,202
II-D 154,800 306,762 124,908
II-E 136,223 245,802 122,758
II-F 87,227 177,741 66,788
II-G 184,341 375,456 141,036
II-H 43,482 88,488 33,220
-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 Limited Partners 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 Limited Partners, having made capital contributions in
the amounts and on the dates set forth below:
Limited
Date of Partner 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
Limited Partners, less 15% for sales commissions and organization and
management fees. All of the Partnerships have fully invested their
capital contributions.
Net proceeds from operations less necessary operating capital are
distributed to Limited Partners on a quarterly basis. Revenues and
net proceeds of a Partnership are largely dependent upon the volumes
of oil and gas sold and the prices received for such oil and gas.
Over the last several years, the domestic energy industry and the
Partnerships have contended with volatile, but generally low, oil and
gas prices. Over the last few years, the oil and gas market appears
to have moved from periods of relative stability in supply and demand
to excess supply 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 June 30, 1996 and the net revenue
generated from future operations will provide sufficient working
capital to meet current and future obligations of the Partnerships.
-37-
RESULTS OF OPERATIONS
---------------------
An analysis of the change in net oil and gas operations (oil and
gas sales, less lease operating expenses and production taxes), is
presented in the tables within "Results of Operations". Generally,
the Partnerships' operations during the six months ended June 30, 1996
reflected a decrease in production of oil and an increase in the
average prices of oil and natural gas sold by the Partnerships. Refer
to "Liquidity and Capital Resources" above for a discussion of factors
impacting prices and production volumes.
II-A PARTNERSHIP
THREE MONTHS ENDED JUNE 30, 1996 AS COMPARED TO THE THREE MONTHS
ENDED JUNE 30, 1995.
Three months ended June 30,
---------------------------
1996 1995
---------- ----------
Oil and gas sales $1,286,587 $1,082,118
Oil and gas production expenses $ 441,008 $ 402,653
Barrels produced 27,526 31,658
Mcf produced 364,081 338,247
Average price/Bbl $ 18.98 $ 16.84
Average price/Mcf $ 2.10 $ 1.62
As shown in the above table, oil and gas sales increased $204,469
(18.9%) for the three months ended June 30, 1996 as compared to the
three months ended June 30, 1995. Of this increase, $230,107 was
related to the increases in the average prices of oil and natural gas
sold and $54,251 was related to the increase in the volumes of natural
gas sold, partially offset by a $78,425 decrease related to the
decrease in the volumes of oil sold during the three months ended June
30, 1996 as compared to the three months ended June 30, 1995. Volumes
of oil sold decreased by 4,132 barrels and volumes of natural gas sold
increased by 25,834 Mcf for the three months ended June 30, 1996 as
compared to the three months ended June 30, 1995. Average oil and
natural gas prices increased to $18.98 per barrel and $2.10 per Mcf,
respectively, for the three months ended June 30, 1996 from $16.84 per
barrel and $1.62 per Mcf, respectively, for the three months ended
June 30, 1995.
Direct operating expenses (including lease operating expenses and
production taxes) increased by $38,355 for the three months ended June
30, 1996 as compared to the three months ended June 30, 1995. This
increase was primarily due to an increase in production taxes related
to the increases in the average prices of oil and natural gas sold
during the three months ended June 30, 1996 as compared to the three
months ended June 30, 1995. As a percentage of oil and gas sales,
these expenses decreased to 34.3% for the three months ended June 30,
1996 from 37.2% for the three months ended June 30, 1995. This
percentage decrease was primarily due to the increases of the average
prices of oil and natural gas sold during the three months ended June
30,1996 as compared to the three months ended June 30, 1995.
Depreciation, depletion, and amortization of oil and gas
properties decreased $253,402 for the three months ended June 30, 1996
as compared to the three months ended June 30, 1995. This decrease
was primarily due to significant upward revisions in the estimates of
-38-
remaining oil and natural gas reserves at December 31, 1995. As a
percentage of oil and gas sales, this expense decreased to 21.2% for
the three months ended June 30, 1996 from 48.6% for the three months
ended June 30, 1995. This percentage decrease was primarily due to
the upward revisions of previous reserve estimates discussed above and
the increases in the average prices of oil and natural gas sold during
the three months ended June 30, 1996 as compared to the three months
ended June 30, 1995.
General and administrative expenses decreased by $41,895 for the
three months ended June 30, 1996 as compared to the three months ended
June 30, 1995. This decrease was primarily due to a decrease in legal
and other professional fees during the three months ended June 30,
1996 as compared to the three months ended June 30, 1995. As a
percentage of oil and gas sales, these expenses decreased to 12.6% for
the three months ended June 30, 1996 from 18.8% for the three months
ended June 30, 1995. This percentage decrease was primarily due to
the increases in the average prices of oil and natural gas sold during
the three months ended June 30, 1996 as compared to the three months
ended June 30, 1995.
SIX MONTHS ENDED JUNE 30, 1996 AS COMPARED TO THE SIX MONTHS
ENDED JUNE 30, 1995.
Six months ended June 30,
---------------------------
1996 1995
---------- ----------
Oil and gas sales $2,629,889 $2,329,011
Oil and gas production expenses $ 928,800 $ 958,324
Barrels produced 58,616 65,752
Mcf produced 751,963 801,672
Average price/Bbl $ 18.61 $ 16.50
Average price/Mcf $ 2.05 $ 1.55
As shown in the above table, oil and gas sales increased $300,878
(12.9%) for the six months ended June 30, 1996 as compared to the six
months ended June 30, 1995. Of this increase, $539,573 was related to
the increases in the average prices of oil and natural gas sold,
partially offset by a $234,704 decrease related to the decrease in the
volumes of oil and natural gas sold during the six months ended June
30, 1996 as compared to the six months ended June 30, 1995. Volumes
of oil and natural gas sold decreased by 7,136 barrels and 49,709 Mcf,
respectively, for the six months ended June 30, 1996 as compared to
the six months ended June 30, 1995. Average oil and natural gas
prices increased to $18.61 per barrel and $2.05 per Mcf, respectively,
for the six months ended June 30, 1996 from $16.50 per barrel and
$1.55 per Mcf, respectively, for the six months ended June 30, 1995.
Direct operating expenses (including lease operating expenses and
production taxes) decreased by $29,524 for the six months ended June
30, 1996 as compared to the six months ended June 30, 1995. This
decrease was primarily due to the decreases in the volumes of oil and
natural gas sold during the six months ended June 30, 1996 as compared
to the six months ended June 30, 1995, partially offset by an increase
in production taxes related to the increases in the average prices of
oil and natural gas sold during the six months ended June 30, 1996 as
compared to the six months ended June 30, 1995. As a percentage of
oil and gas sales, these expenses decreased to 35.3% for the six
months ended June 30, 1996 from 41.2% for the six months ended June
30, 1995. This percentage decrease was primarily due to the increases
in the average prices of oil and natural gas sold during the six
-39-
months ended June 30,1996 as compared to the six months ended June 30,
1995.
Depreciation, depletion, and amortization of oil and gas
properties decreased $626,680 for the six months ended June 30, 1996
as compared to the six months ended June 30, 1995. This decrease was
primarily due to significant upward revisions in the estimates of
remaining oil and natural gas reserves at December 31, 1995. As a
percentage of oil and gas sales, this expense decreased to 21.6% for
the six months ended June 30, 1996 from 51.3% for the six months ended
June 30, 1995. This percentage decrease was primarily due to the
upward revisions of previous reserve estimates discussed above and the
increases in the average prices of oil and natural gas sold during the
six months ended June 30, 1996 as compared to the six months ended
June 30, 1995.
General and administrative expenses decreased by $22,026 for the
six months ended June 30, 1996 as compared to the six months ended
June 30, 1995. This decrease was primarily due to a decrease in legal
fees during the six months ended June 30, 1996 as compared to the six
months ended June 30, 1995. As a percentage of oil and gas sales,
these expenses decreased to 12.3% for the six months ended June 30,
1996 from 14.8% for the six months ended June 30, 1995. This
percentage decrease was primarily due to the increases in the average
prices of oil and natural gas sold during the six months ended June
30, 1996 as compared to the six months ended June 30, 1995.
Cumulative cash distributions to the Limited Partners through
June 30, 1996 were $37,165,357 or 76.74% of Limited Partners'
contributions.
II-B PARTNERSHIP
THREE MONTHS ENDED JUNE 30, 1996 AS COMPARED TO THE THREE MONTHS
ENDED JUNE 30, 1995.
Three months ended June 30,
---------------------------
1996 1995
-------- --------
Oil and gas sales $917,850 $880,759
Oil and gas production expenses $300,305 $503,613
Barrels produced 20,790 22,312
Mcf produced 238,069 287,374
Average price/Bbl $ 19.26 $ 17.07
Average price/Mcf $ 2.17 $ 1.74
As shown in the above table, oil and gas sales increased $37,091
(4.2%) for the three months ended June 30, 1996 as compared to the
three months ended June 30, 1995. Of this increase, $172,434 was
related to the increases in the average prices of oil and natural gas
sold, partially offset by a $136,306 decrease related to the decreases
in the volumes of oil and natural sold during the three months ended
June 30, 1996 as compared to the three months ended June 30, 1995.
Volumes of oil and natural gas sold decreased by 1,522 barrels and
49,305 Mcf, respectively, for the three months ended June 30, 1996 as
compared to the three months ended June 30, 1995. The decrease in the
volumes of natural gas sold was primarily due to (i) negative prior
period volume adjustments made by a purchaser on one well during the
three months ended June 30, 1996 and (ii) a negative gas balancing
adjustment made by the operator on one significant well during the
three months ended June 30, 1996. Average oil and natural gas prices
-40-
increased to $19.26 per barrel and $2.17 per Mcf, respectively, for
the three months ended June 30, 1996 from $17.07 per barrel and $1.74
per Mcf, respectively, for the three months ended June 30, 1995.
Direct operating expenses (including lease operating expenses and
production taxes) decreased by $203,308 for the three months ended
June 30, 1996 as compared to the three months ended June 30, 1995.
This decrease was primarily due to (i) the decreases in the volumes of
oil and natural gas sold during the three months ended June 30, 1996
as compared to the three months ended June 30, 1995 and (ii) workover
expenses that were incurred on one well during the three months ended
June 30, 1995 in order to improve the recovery of reserves. As a
percentage of oil and gas sales, these expenses decreased to 32.7% for
the three months ended June 30, 1996 from 57.2% for the three months
ended June 30, 1995. This percentage decrease was primarily due to
the dollar decrease in workover expenses discussed above and the
increases in the average prices of oil and natural gas sold during the
three months ended June 30, 1996 as compared to the three months ended
June 30, 1995.
Depreciation, depletion, and amortization of oil and gas
properties decreased $295,862 for the three months ended June 30, 1996
as compared to the three months ended June 30, 1995. This decrease
was primarily due to significant upward revisions in the estimates of
remaining oil and natural gas reserves at December 31, 1995. As a
percentage of oil and gas sales, this expense decreased to 23.0% for
the three months ended June 30, 1996 from 57.6% for the three months
ended June 30, 1995. This percentage decrease was primarily due to
the upward revisions of previous reserve estimates discussed above and
the increases in the average prices of oil and natural gas sold during
the three months ended June 30, 1996 as compared to the three months
ended June 30, 1995.
General and administrative expenses decreased by $60,225 for the
three months ended June 30, 1996 as compared to the three months ended
June 30, 1995. This decrease was primarily due to a decrease in legal
and other professional fees during the three months ended June 30,
1996 as compared to the three months ended June 30, 1995. As a
percentage of oil and gas sales, these expenses decreased to 14.9% for
the three months ended June 30, 1996 from 22.3% for the three months
ended June 30, 1995. This percentage decrease was primarily due to
the increases in the average prices of oil and natural gas sold during
the three months ended June 30, 1996 as compared to the three months
ended June 30, 1995.
SIX MONTHS ENDED JUNE 30, 1996 AS COMPARED TO THE SIX MONTHS
ENDED JUNE 30, 1995.
Six months ended June 30,
---------------------------
1996 1995
---------- ----------
Oil and gas sales $1,949,372 $1,819,822
Oil and gas production expenses $ 659,852 $ 912,781
Barrels produced 46,884 47,382
Mcf produced 516,613 619,471
Average price/Bbl $ 18.77 $ 16.57
Average price/Mcf $ 2.07 $ 1.67
As shown in the above table, oil and gas sales increased $129,550
(7.1%) for the six months ended June 30, 1996 as compared to the six
months ended June 30, 1995. Of this increase, $352,028 was related to
-41-
the increases in the average prices of oil and natural gas sold,
partially offset by a $212,916 decrease related to the decrease in the
volumes of natural gas sold during the six months ended June 30, 1996
as compared to the six months ended June 30, 1995. Volumes of oil and
natural gas sold decreased by 498 barrels and 102,858 Mcf,
respectively, for the six months ended June 30, 1996 as compared to
the six months ended June 30, 1995. The decrease in the volumes of
natural gas sold was primarily due to (i) negative prior period volume
adjustments made by a purchaser on one well during the six months
ended June 30, 1996, (ii) a negative gas balancing adjustment made by
the operator on one significant well during the six months ended June
30, 1996, and (iii) normal declines in production due to diminished
natural gas reserves on two significant wells during the six months
ended June 30, 1996. Average oil and natural gas prices increased to
$18.77 per barrel and $2.07 per Mcf, respectively, for the six months
ended June 30, 1996 from $16.57 per barrel and $1.67 per Mcf,
respectively, for the six months ended June 30, 1995.
Direct operating expenses (including lease operating expenses and
production taxes) decreased by $252,929 for the six months ended June
30, 1996 as compared to the six months ended June 30, 1995. This
decrease was primarily due to (i) the decreases in the volumes of oil
and natural gas sold during the six months ended June 30, 1996 as
compared to the six months ended June 30, 1995 and (ii) workover
expenses that were incurred on one well during the six months ended
June 30, 1995 in order to improve the recovery of reserves. As a
percentage of oil and gas sales, these expenses decreased to 33.9% for
the six months ended June 30, 1996 from 50.2% for the six months ended
June 30, 1995. This percentage decrease was primarily due to the
dollar decrease in workover expenses discussed above and the increases
in the average prices of oil and natural gas sold during the six
months ended June 30, 1996 as compared to the six months ended June
30, 1995.
Depreciation, depletion, and amortization of oil and gas
properties decreased $623,406 for the six months ended June 30, 1996
as compared to the six months ended June 30, 1995. This decrease was
primarily due to significant upward revisions in the estimates of
remaining oil and natural gas reserves at December 31, 1995. As a
percentage of oil and gas sales, this expense decreased to 23.8% for
the six months ended June 30, 1996 from 59.8% for the six months ended
June 30, 1995. This percentage decrease was primarily due to the
upward revisions of previous reserve estimates discussed above and the
increases in the average prices of oil and natural gas sold during the
six months ended June 30, 1996 as compared to the six months ended
June 30, 1995.
General and administrative expenses decreased by $41,360 for the
six months ended June 30, 1996 as compared to the six months ended
June 30, 1995. This decrease was primarily due to a decrease in legal
fees during the six months ended June 30, 1996 as compared to the six
months ended June 30, 1995. As a percentage of oil and gas sales,
these expenses decreased to 13.4% for the six months ended June 30,
1996 from 16.6% for the six months ended June 30, 1995. This
percentage decrease was primarily due to the increases in the average
prices of oil and natural gas sold during the six months ended June
30, 1996 as compared to the six months ended June 30, 1995.
Cumulative cash distributions to the Limited Partners through
June 30, 1996 were $26,374,916 or 72.92% of Limited Partners'
contributions.
-42-
II-C PARTNERSHIP
THREE MONTHS ENDED JUNE 30, 1996 AS COMPARED TO THE THREE MONTHS
ENDED JUNE 30, 1995.
Three months ended June 30,
---------------------------
1996 1995
-------- --------
Oil and gas sales $428,354 $401,126
Oil and gas production expenses $141,921 $170,956
Barrels produced 7,168 6,740
Mcf produced 147,645 175,691
Average price/Bbl $ 19.80 $ 17.41
Average price/Mcf $ 1.94 $ 1.62
As shown in the above table, oil and gas sales increased $27,228
(6.8%) for the three months ended June 30, 1996 as compared to the
three months ended June 30, 1995. Of this increase, $72,330 was
related to the increases in the average prices of oil and natural gas
sold and $8,474 was related to the increase in the volumes of oil
sold, partially offset by a $54,409 decrease related to the decrease
in the volumes of natural gas sold during the three months ended June
30, 1996 as compared to the three months ended June 30, 1995. Volumes
of oil sold increased by 428 barrels and volumes of natural gas sold
decreased by 28,046 Mcf for the three months ended June 30, 1996 as
compared to the three months ended June 30, 1995. The decrease in the
volumes of natural gas sold was primarily due to (i) negative prior
period volume adjustments made by a purchaser on one well during the
three months ended June 30, 1996, (ii) a negative gas balancing
adjustment made by the operator on one significant well during the
three months ended June 30, 1996, and (iii) normal declines in
production due to diminished natural gas reserves on two significant
wells during the three months ended June 30, 1996. Average oil and
natural gas prices increased to $19.80 per barrel and $1.94 per Mcf,
respectively, for the three months ended June 30, 1996 from $17.41 per
barrel and $1.62 per Mcf, respectively, for the three months ended
June 30, 1995.
Direct operating expenses (including lease operating expenses and
production taxes) decreased by $29,035 for the three months ended June
30, 1996 as compared to the three months ended June 30, 1995. This
decrease was primarily due to the decrease in the volumes of natural
gas sold during the three months ended June 30, 1996 as compared to
the three months ended June 30, 1995. As a percentage of oil and gas
sales, these expenses decreased to 33.1% for the three months ended
June 30, 1996 from 42.6% for the three months ended June 30, 1995.
This percentage decrease was primarily due to the increases in the
average prices of oil and natural gas sold during the three months
ended June 30, 1996 as compared to the three months ended June 30,
1995.
Depreciation, depletion, and amortization of oil and gas
properties decreased $137,608 for the three months ended June 30, 1996
as compared to the three months ended June 30, 1995. This decrease
was primarily due to significant upward revisions in the estimates of
remaining oil and natural gas reserves at December 31, 1995. As a
percentage of oil and gas sales, this expense decreased to 23.3% for
the three months ended June 30, 1996 from 59.2% for the three months
ended June 30, 1995. This percentage decrease was primarily due to
the upward revisions of previous reserve estimates discussed above and
the increases in the average prices of oil and natural gas sold during
-43-
the three months ended June 30, 1996 as compared to the three months
ended June 30, 1995.
General and administrative expenses decreased by $27,230 for the
three months ended June 30, 1996 as compared to the three months ended
June 30, 1995. This decrease was primarily due to a decrease in legal
and other professional fees during the three months ended June 30,
1996 as compared to the three months ended June 30, 1995. As a
percentage of oil and gas sales, these expenses decreased to 13.8% for
the three months ended June 30, 1996 from 21.5% for the three months
ended June 30, 1995. This percentage decrease was primarily due to
the increases in the average prices of oil and natural gas sold during
the three months ended June 30, 1996 as compared to the three months
ended June 30, 1995.
SIX MONTHS ENDED JUNE 30, 1996 AS COMPARED TO THE SIX MONTHS
ENDED JUNE 30, 1995.
Six months ended June 30,
---------------------------
1996 1995
-------- --------
Oil and gas sales $896,703 $833,583
Oil and gas production expenses $294,747 $344,298
Barrels produced 16,152 14,719
Mcf produced 310,683 372,324
Average price/Bbl $ 19.07 $ 17.06
Average price/Mcf $ 1.89 $ 1.59
As shown in the above table, oil and gas sales increased $63,120
(7.6%) for the six months ended June 30, 1996 as compared to the six
months ended June 30, 1995. Of this increase, $140,197 was related to
the increases in the average prices of oil and natural gas sold and
$37,625 was related to the increase in the volumes of oil sold,
partially offset by a $116,501 decrease related to the decrease in the
volumes of natural gas sold during the six months ended June 30, 1996
as compared to the six months ended June 30, 1995. Volumes of oil
sold increased by 1,433 barrels and volumes of natural gas sold
decreased by 61,641 Mcf for the six months ended June 30, 1996 as
compared to the six months ended June 30, 1995. The decrease in the
volumes of natural gas sold was primarily due to (i) negative prior
period volume adjustments made by a purchaser on one well during the
six months ended June 30, 1996, (ii) a negative gas balancing
adjustment made by the operator on one significant well during the six
months ended June 30, 1996, and (iii) normal declines in production
due to diminished natural gas reserves on several wells during the six
months ended June 30, 1996. Average oil and natural gas prices
increased to $19.07 per barrel and $1.89 per Mcf, respectively, for
the six months ended June 30, 1996 from $17.06 per barrel and $1.59
per Mcf, respectively, for the six months ended June 30, 1995.
Direct operating expenses (including lease operating expenses and
production taxes) decreased by $49,551 for the six months ended June
30, 1996 as compared to the six months ended June 30, 1995. This
decrease was primarily due to the decrease in the volumes of natural
gas sold during the six months ended June 30, 1996 as compared to the
six months ended June 30, 1995. As a percentage of oil and gas sales,
these expenses decreased to 32.9% for the six months ended June 30,
1996 from 41.3% for the six months ended June 30, 1995. This
percentage decrease was primarily due to the increases in the average
prices of oil and natural gas sold during the six months ended June
30, 1996 as compared to the six months ended June 30, 1995.
-44-
Depreciation, depletion, and amortization of oil and gas
properties decreased $289,065 for the six months ended June 30, 1996
as compared to the six months ended June 30, 1995. This decrease was
primarily due to significant upward revisions in the estimates of
remaining oil and natural gas reserves at December 31, 1995. As a
percentage of oil and gas sales, this expense decreased to 23.8% for
the six months ended June 30, 1996 from 60.3% for the six months ended
June 30, 1995. This percentage decrease was primarily due to the
upward revisions of previous reserve estimates discussed above and the
increases in the average prices of oil and natural gas sold during the
six months ended June 30, 1996 as compared to the six months ended
June 30, 1995.
General and administrative expenses decreased by $19,954 for the
six months ended June 30, 1996 as compared to the six months ended
June 30, 1995. This decrease was primarily due to a decrease in legal
fees during the six months ended June 30, 1996 as compared to the six
months ended June 30, 1995. As a percentage of oil and gas sales,
these expenses decreased to 12.5% for the six months ended June 30,
1996 from 15.9% for the six months ended June 30, 1995. This
percentage decrease was primarily due to the increases in the average
prices of oil and natural gas sold during the six months ended June
30, 1996 as compared to the six months ended June 30, 1995.
Cumulative cash distributions to the Limited Partners through
June 30, 1996 were $11,390,686 or 73.67% of Limited Partners'
contributions.
II-D PARTNERSHIP
THREE MONTHS ENDED JUNE 30, 1996 AS COMPARED TO THE THREE MONTHS
ENDED JUNE 30, 1995.
Three months ended June 30,
---------------------------
1996 1995
---------- --------
Oil and gas sales $1,021,696 $989,836
Oil and gas production expenses $ 537,066 $421,473
Barrels produced 17,112 22,956
Mcf produced 404,552 440,570
Average price/Bbl $ 19.20 $ 16.45
Average price/Mcf $ 1.71 $ 1.39
As shown in the above table, oil and gas sales increased $31,860
(3.2%) for the three months ended June 30, 1996 as compared to the
three months ended June 30, 1995. Of this increase, $204,111 was
related to the increases in the average prices of oil and natural gas
sold, partially offset by a $173,796 decrease related to the decreases
in the volumes of oil and natural gas sold during the three months
ended June 30, 1996 as compared to the three months ended June 30,
1995. Volumes of oil and natural gas sold decreased by 5,844 barrels
and 36,018 Mcf, respectively, for the three months ended June 30, 1996
as compared to the three months ended June 30, 1995. The decrease in
the volumes of oil sold was primarily due to (i) negative prior period
volume adjustments made by a purchaser on one well during the three
months ended June 30, 1996, (ii) the shutting-in of one significant
well due to a workover during the three months ended June 30, 1996 in
order to improve the recovery of reserves, and (iii) normal declines
in production due to diminished natural gas reserves on several wells
during the three months ended June 30, 1996. Average oil and natural
gas prices increased to $19.20 per barrel and $1.71 per Mcf,
-45-
respectively, for the three months ended June 30, 1996 from $16.45 per
barrel and $1.39 per Mcf, respectively, for the three months ended
June 30, 1995.
Direct operating expenses (including lease operating expenses and
production taxes) increased by $115,593 for the three months ended
June 30, 1996 as compared to the three months ended June 30, 1995.
This increase was primarily due to workover expenses and repairs
incurred during the three months ended June 30, 1996 in order to
improve the recovery of reserves on two wells, partially offset by the
decreases in the volumes of oil and natural gas sold. As a percentage
of oil and gas sales, these expenses increased to 52.6% for the three
months ended June 30, 1996 from 42.6% for the three months ended June
30, 1995. This percentage increase was primarily due to the workover
expenses and repairs discussed above, partially offset by the
increases in the average prices of oil and natural gas sold during the
three months ended June 30, 1996 as compared to the three months ended
June 30, 1995.
Depreciation, depletion, and amortization of oil and gas
properties decreased $389,799 for the three months ended June 30, 1996
as compared to the three months ended June 30, 1995. This decrease
was primarily due to significant upward revisions in the estimates of
remaining oil and natural gas reserves at December 31, 1995. As a
percentage of oil and gas sales, this expense decreased to 17.7% for
the three months ended June 30, 1996 from 57.1% for the three months
ended June 30, 1995. This percentage decrease was primarily due to
the upward revisions of previous reserve estimates discussed above and
the increases in the average prices of oil and natural gas sold during
the three months ended June 30, 1996 as compared to the three months
ended June 30, 1995.
General and administrative expenses decreased by $69,833 for the
three months ended June 30, 1996 as compared to the three months ended
June 30, 1995. This decrease was primarily due to a decrease in legal
and other professional fees during the three months ended June 30,
1996 as compared to the three months ended June 30, 1995. As a
percentage of oil and gas sales, these expenses decreased to 12.6% for
the three months ended June 30, 1996 from 19.7% for the three months
ended June 30, 1995. This percentage decrease was primarily due to
the decrease in legal and other professional fees discussed above and
the increases in the average prices of oil and natural gas sold during
the three months ended June 30, 1996 as compared to the three months
ended June 30, 1995.
SIX MONTHS ENDED JUNE 30, 1996 AS COMPARED TO THE SIX MONTHS
ENDED JUNE 30, 1995.
Six months ended June 30,
---------------------------
1996 1995
--------- ----------
Oil and gas sales $2,079,944 $2,053,176
Oil and gas production expenses $ 988,318 $ 983,313
Barrels produced 35,294 45,142
Mcf produced 832,055 955,753
Average price/Bbl $ 18.62 $ 16.30
Average price/Mcf $ 1.71 $ 1.38
As shown in the above table, oil and gas sales remained
relatively constant for the six months ended June 30, 1996 as compared
-46-
to the six months ended June 30, 1995. While the average prices of
oil and natural gas sold increased for the six months ended June 30,
1996 as compared to the six months ended June 30, 1995, any resulting
increase in oil and natural gas sales was offset by decreases in the
volumes of oil and natural gas sold. Volumes of oil and natural gas
sold decreased by 9,848 barrels and 123,698 Mcf, respectively, for the
six months ended June 30, 1996 as compared to the six months ended
June 30, 1995. The decrease in the volumes of oil sold was primarily
due to (i) negative prior period volume adjustments made by a
purchaser on one well during the six months ended June 30, 1996, (ii)
the shutting-in of one significant well due to a workover during the
six months ended June 30, 1996 in order to improve the recovery of
reserves, and (iii) normal declines in production due to diminished
natural gas reserves on several wells during the six months ended June
30, 1996. Average oil and natural gas prices increased to $18.62 per
barrel and $1.71 per Mcf, respectively, for the six months ended June
30, 1996 from $16.30 per barrel and $1.38 per Mcf, respectively, for
the six months ended June 30, 1995.
Direct operating expenses (including lease operating expenses and
production taxes) remained relatively constant for the six months
ended June 30, 1996 as compared to the six months ended June 30, 1995.
As a percentage of oil and gas sales, these expenses remained
relatively constant at 47.5% for the six months ended June 30, 1996 as
compared to 47.9% for the six months ended June 30, 1995.
Depreciation, depletion, and amortization of oil and gas
properties decreased $822,642 for the six months ended June 30, 1996
as compared to the six months ended June 30, 1995. This decrease was
primarily due to significant upward revisions in the estimates of
remaining oil and natural gas reserves at December 31, 1995. As a
percentage of oil and gas sales, this expense decreased to 18.0% for
the six months ended June 30, 1996 from 58.3% for the six months ended
June 30, 1995. This percentage decrease was primarily due to the
upward revisions of previous reserve estimates discussed above and the
increases in the average prices of oil and natural gas sold during the
six months ended June 30, 1996 as compared to the six months ended
June 30, 1995.
General and administrative expenses decreased by $53,343 for the
six months ended June 30, 1996 as compared to the six months ended
June 30, 1995. This decrease was primarily due to a decrease in legal
fees during the six months ended June 30, 1996 as compared to the six
months ended June 30, 1995. As a percentage of oil and gas sales,
these expenses decreased to 11.3% for the six months ended June 30,
1996 from 14.1% for the six months ended June 30, 1995. This
percentage decrease was primarily due to the decrease in legal fees
discussed above and the increases in the average prices of oil and
natural gas sold during the six months ended June 30, 1996 as compared
to the six months ended June 30, 1995.
Cumulative cash distributions to the Limited Partners through
June 30, 1996 were $21,912,903 or 69.60% of Limited Partners'
contributions.
-47-
II-E PARTNERSHIP
THREE MONTHS ENDED JUNE 30, 1996 AS COMPARED TO THE THREE MONTHS
ENDED JUNE 30, 1995.
Three months ended June 30,
---------------------------
1996 1995
-------- --------
Oil and gas sales $676,499 $570,706
Oil and gas production expenses $271,138 $282,610
Barrels produced 14,313 15,978
Mcf produced 207,065 221,188
Average price/Bbl $ 20.01 $ 17.45
Average price/Mcf $ 1.88 $ 1.32
As shown in the above table, oil and gas sales increased $105,793
(18.5%) for the three months ended June 30, 1996 as compared to the
three months ended June 30, 1995. Of this increase, $164,769 was
related to the increases in the average prices of oil and natural gas
sold, partially offset by a $59,868 decrease related to the decreases
in the volumes of oil and natural gas sold during the three months
ended June 30, 1996 as compared to the three months ended June 30,
1995. Volumes of oil and natural gas sold decreased by 1,665 barrels
and 14,123 Mcf, respectively, for the three months ended June 30, 1996
as compared to the three months ended June 30, 1995. Average oil and
natural gas prices increased to $20.01 per barrel and $2.01 per Mcf,
respectively, for the three months ended June 30, 1996 from $17.45 per
barrel and $1.32 per Mcf, respectively, for the three months ended
June 30, 1995.
Direct operating expenses (including lease operating expenses and
production taxes) decreased by $11,472 for the three months ended June
30, 1996 as compared to the three months ended June 30, 1995. This
decrease was primarily due to the decreases in the volumes of oil and
natural gas sold during the three months ended June 30, 1996 as
compared to the three months ended June 30, 1995. As a percentage of
oil and gas sales, these expenses decreased to 40.1% for the three
months ended June 30, 1996 from 49.5% for the three months ended June
30, 1995. This percentage decrease was primarily due to the increases
in the average prices of oil and natural gas sold during the three
months ended June 30, 1996 as compared to the three months ended June
30, 1995.
Depreciation, depletion, and amortization of oil and gas
properties decreased $286,207 for the three months ended June 30, 1996
as compared to the three months ended June 30, 1995. This decrease
was primarily due to significant upward revisions in the estimates of
remaining oil and natural gas reserves at December 31, 1995. As a
percentage of oil and gas sales, this expense decreased to 31.9% for
the three months ended June 30, 1996 from 88.0% for the three months
ended June 30, 1995. This percentage decrease was primarily due to
the upward revisions of previous reserve estimates discussed above and
the increases in the average prices of oil and natural gas sold during
the three months ended June 30, 1996 as compared to the three months
ended June 30, 1995.
General and administrative expenses decreased by $126,337 for the
three months ended June 30, 1996 as compared to the three months ended
June 30, 1995. This decrease was primarily due to a decrease in legal
fees during the three months ended June 30, 1996 as compared to the
three months ended June 30, 1995. As a percentage of oil and gas
-48-
sales, these expenses decreased to 19.4% for the three months ended
June 30, 1996 from 45.2% for the three months ended June 30, 1995.
This percentage decrease was primarily due to the increases in the
average prices of oil and natural gas sold during the three months
ended June 30, 1996 as compared to the three months ended June 30,
1995.
SIX MONTHS ENDED JUNE 30, 1996 AS COMPARED TO THE SIX MONTHS
ENDED JUNE 30, 1995.
Six months ended June 30,
---------------------------
1996 1995
---------- ----------
Oil and gas sales $1,373,418 $1,121,934
Oil and gas production expenses $ 534,697 $ 582,124
Barrels produced 29,282 30,891
Mcf produced 466,666 438,105
Average price/Bbl $ 19.15 $ 17.01
Average price/Mcf $ 1.74 $ 1.36
As shown in the above table, oil and gas sales increased $251,484
(22.4%) for the six months ended June 30, 1996 as compared to the six
months ended June 30, 1995. Of this increase, $232,587 was related to
the increases in the average prices of oil and natural gas sold and
$49,696 was related to the increase in the volumes of natural gas
sold, partially offset by a $30,812 decrease related to the decrease
in the volumes of oil sold during the six months ended June 30, 1996
as compared to the six months ended June 30, 1995. Volumes of oil
sold decreased by 1,609 barrels and volumes of natural gas sold
increased by 28,561 Mcf for the six months ended June 30, 1996 as
compared to the six months ended June 30, 1995. Average oil and
natural gas prices increased to $19.15 per barrel and $1.74 per Mcf,
respectively, for the six months ended June 30, 1996 from $17.01 per
barrel and $1.36 per Mcf, respectively, for the six months ended June
30, 1995.
Direct operating expenses (including lease operating expenses and
production taxes) decreased by $47,427 for the six months ended June
30, 1996 as compared to the six months ended June 30, 1995. This
decrease was primarily due to workover expenses incurred on one well
during the six months ended June 30, 1995 in order to improve the
recovery of reserves. As a percentage of oil and gas sales, these
expenses decreased to 38.9% for the six months ended June 30, 1996
from 51.9% for the six months ended June 30, 1995. This percentage
decrease was primarily due to the decrease in workover expenses
discussed above and the increases in the average prices of oil and
natural gas sold during the six months ended June 30, 1996 as compared
to the six months ended June 30, 1995.
Depreciation, depletion, and amortization of oil and gas
properties decreased $513,931 for the six months ended June 30, 1996
as compared to the six months ended June 30, 1995. This decrease was
primarily due to significant upward revisions in the estimates of
remaining oil and natural gas reserves at December 31, 1995. As a
percentage of oil and gas sales, this expense decreased to 34.5% for
the six months ended June 30, 1996 from 88.0% for the six months ended
June 30, 1995. This percentage decrease was primarily due to the
upward revisions of previous reserve estimates discussed above and the
increases in the average prices of oil and natural gas sold during the
six months ended June 30, 1996 as compared to the six months ended
June 30, 1995.
-49-
General and administrative expenses decreased by $103,138 for the
six months ended June 30, 1996 as compared to the six months ended
June 30, 1995. This decrease was primarily due to a decrease in legal
fees during the six months ended June 30, 1996 as compared to the six
months ended June 30, 1995. As a percentage of oil and gas sales,
these expenses decreased to 16.2% for the six months ended June 30,
1996 from 29.0% for the six months ended June 30, 1995. This
percentage decrease was primarily due to the increases in the average
prices of oil and natural gas sold during the six months ended June
30, 1996 as compared to the six months ended June 30, 1995.
Cumulative cash distributions to the Limited Partners through
June 30, 1996 were $12,873,574 or 56.26% of Limited Partners'
contributions.
II-F PARTNERSHIP
THREE MONTHS ENDED JUNE 30, 1996 AS COMPARED TO THE THREE MONTHS
ENDED JUNE 30, 1995.
Three months ended June 30,
---------------------------
1996 1995
-------- --------
Oil and gas sales $612,423 $493,171
Oil and gas production expenses $151,667 $154,746
Barrels produced 12,902 14,421
Mcf produced 194,355 200,015
Average price/Bbl $ 19.35 $ 16.80
Average price/Mcf $ 1.87 $ 1.25
As shown in the above table, oil and gas sales increased $119,252
(24.2%) for the three months ended June 30, 1996 as compared to the
three months ended June 30, 1995. Of this increase, $160,783 was
related to the increases in the average prices of oil and natural gas
sold, partially offset by a $39,977 decrease related to the decreases
in the volumes of oil and natural gas sold during the three months
ended June 30, 1996 as compared to the three months ended June 30,
1995. Volumes of oil and natural gas sold decreased by 1,519 barrels
and 5,660 Mcf, respectively, for the three months ended June 30, 1996
as compared to the three months ended June 30, 1995. Average oil and
natural gas prices increased to $19.35 per barrel and $1.87 per Mcf,
respectively, for the three months ended June 30, 1996 from $16.80 per
barrel and $1.25 per Mcf, respectively, for the three months ended
June 30, 1995.
Direct operating expenses (including lease operating expenses and
production taxes) remained relatively constant for the three months
ended June 30, 1996 as compared to the three months ended June 30,
1995. As a percentage of oil and gas sales, these expenses decreased
to 24.8% for the three months ended June 30, 1996 from 31.4% for the
three months ended June 30, 1995. This percentage decrease was
primarily due to the increases in the average prices of oil and
natural gas sold during the three months ended June 30, 1996 as
compared to the three months ended June 30, 1995.
Depreciation, depletion, and amortization of oil and gas
properties decreased $146,342 for the three months ended June 30, 1996
as compared to the three months ended June 30, 1995. This decrease
was primarily due to significant upward revisions in the estimates of
-50-
remaining oil and natural gas reserves at December 31, 1995. As a
percentage of oil and gas sales, this expense decreased to 25.0% for
the three months ended June 30, 1996 from 60.7% for the three months
ended June 30, 1995. This percentage decrease was primarily due to
the upward revisions of previous reserve estimates discussed above and
the increases in the average prices of oil and natural gas sold during
the three months ended June 30, 1996 as compared to the three months
ended June 30, 1995.
General and administrative expenses decreased by $5,418 for the
three months ended June 30, 1996 as compared to the three months ended
June 30, 1995. This decrease was primarily due to a decrease in both
professional fees and printing and postage expenses during the three
months ended June 30, 1996 as compared to the three months ended June
30, 1995. As a percentage of oil and gas sales, these expenses
decreased to 8.3% for the three months ended June 30, 1996 from 11.4%
for the three months ended June 30, 1995. This percentage decrease
was primarily due to the increases in the average prices of oil and
natural gas sold during the three months ended June 30, 1996 as
compared to the three months ended June 30, 1995.
SIX MONTHS ENDED JUNE 30, 1996 AS COMPARED TO THE SIX MONTHS
ENDED JUNE 30, 1995.
Six months ended June 30,
---------------------------
1996 1995
---------- --------
Oil and gas sales $1,231,441 $930,474
Oil and gas production expenses $ 303,704 $331,249
Barrels produced 26,237 28,147
Mcf produced 413,172 366,834
Average price/Bbl $ 18.44 $ 16.33
Average price/Mcf $ 1.81 $ 1.28
As shown in the above table, oil and gas sales increased $300,967
(32.3%) for the six months ended June 30, 1996 as compared to the six
months ended June 30, 1995. Of this increase, $253,812 was related to
the increases in the average prices of oil and natural gas sold and
$83,872 was related to the increase in the volumes of natural gas
sold, partially offset by a $35,220 decrease related to the decrease
in the volumes of oil sold during the six months ended June 30, 1996
as compared to the six months ended June 30, 1995. Volumes of oil
sold decreased by 1,910 barrels and volumes of natural gas sold
increased by 46,338 Mcf for the six months ended June 30, 1996 as
compared to the six months ended June 30, 1995. Average oil and
natural gas prices increased to $18.44 per barrel and $1.81 per Mcf,
respectively, for the six months ended June 30, 1996 from $16.33 per
barrel and $1.28 per Mcf, respectively, for the six months ended June
30, 1995.
Direct operating expenses (including lease operating expenses and
production taxes) decreased by $27,545 for the six months ended June
30, 1996 as compared to the six months ended June 30, 1995. This
decrease was primarily due to a decrease in repairs and general
operating expenses on several wells for the six months ended June 30,
1996 as compared to the six months ended June 30, 1995. As a
percentage of oil and gas sales, these expenses decreased to 24.7% for
the six months ended June 30, 1996 from 35.6% for the six months ended
June 30, 1995. This percentage decrease was primarily due to the
dollar decrease in direct operating expenses discussed above and
increases in the average prices of oil and natural gas sold during the
-51-
six months ended June 30, 1996 as compared to the six months ended
June 30, 1995.
Depreciation, depletion, and amortization of oil and gas
properties decreased $238,388 for the six months ended June 30, 1996
as compared to the six months ended June 30, 1995. This decrease was
primarily due to significant upward revisions in the estimates of
remaining oil and natural gas reserves at December 31, 1995. As a
percentage of oil and gas sales, this expense decreased to 26.1% for
the six months ended June 30, 1996 from 60.2% for the six months ended
June 30, 1995. This percentage decrease was primarily due to the
upward revisions of previous reserve estimates discussed above and the
increases in the average prices of oil and natural gas sold during the
six months ended June 30, 1996 as compared to the six months ended
June 30, 1995.
General and administrative expenses remained relatively constant
for the six months ended June 30, 1996 as compared to the six months
ended June 30, 1995. As a percentage of oil and gas sales, these
expenses decreased to 8.7% for the six months ended June 30, 1996 from
11.6% for the six months ended June 30, 1995. This percentage
decrease was primarily due to the increases in the average prices of
oil and natural gas sold during the six months ended June 30, 1996 as
compared to the six months ended June 30, 1995.
Cumulative cash distributions to the Limited Partners through
June 30, 1996 were $12,153,051 or 70.90% of Limited Partners'
contributions.
II-G PARTNERSHIP
THREE MONTHS ENDED JUNE 30, 1996 AS COMPARED TO THE THREE MONTHS
ENDED JUNE 30, 1995.
Three months ended June 30,
---------------------------
1996 1995
---------- ----------
Oil and gas sales $1,302,851 $1,061,698
Oil and gas production expenses $ 329,816 $ 349,597
Barrels produced 27,148 30,320
Mcf produced 415,669 436,250
Average price/Bbl $ 19.36 $ 16.80
Average price/Mcf $ 1.87 $ 1.27
As shown in the above table, oil and gas sales increased $241,153
(22.7%) for the three months ended June 30, 1996 as compared to the
three months ended June 30, 1995. Of this increase, $339,369 was
related to the increases in the average prices of oil and natural gas
sold, partially offset by a $99,896 decrease related to the decreases
in the volumes of oil and natural gas sold during the three months
ended June 30, 1996 as compared to the three months ended June 30,
1995. Volumes of oil and natural gas sold decreased 3,172 barrels and
20,581 Mcf, respectively, for the three months ended June 30, 1996 as
compared to the three months ended June 30, 1995. Average oil and
natural gas prices increased to $19.36 per barrel and $1.87 per Mcf,
respectively, for the three months ended June 30, 1996 from $16.80 per
barrel and $1.27 per Mcf, respectively, for the three months ended
June 30, 1995.
Direct operating expenses (including lease operating expenses and
production taxes) decreased by $19,781 for the three months ended June
-52-
30, 1996 as compared to the three months ended June 30, 1995. This
decrease was primarily due to the decreases in the volumes of oil and
natural gas sold during the three months ended June 30, 1996 as
compared to the three months ended June 30, 1995. As a percentage of
oil and gas sales, these expenses decreased to 25.3% for the three
months ended June 30, 1996 from 32.9% for the three months ended June
30, 1995. This percentage decrease was primarily due to the increases
in the average prices of oil and natural gas sold during the three
months ended June 30, 1996 as compared to the three months ended June
30, 1995.
Depreciation, depletion, and amortization of oil and gas
properties decreased $286,687 for the three months ended June 30, 1996
as compared to the three months ended June 30, 1995. This decrease
was primarily due to significant upward revisions in the estimates of
remaining oil and natural gas reserves at December 31, 1995. As a
percentage of oil and gas sales, this expense decreased to 26.9% for
the three months ended June 30, 1996 from 60.0% for the three months
ended June 30, 1995. This percentage decrease was primarily due to
the upward revisions of previous reserve estimates discussed above and
the increases in the average prices of oil and natural gas sold during
the three months ended June 30, 1996 as compared to the three months
ended June 30, 1995.
General and administrative expenses decreased by $11,841 for the
three months ended June 30, 1996 as compared to the three months ended
June 30, 1995. This decrease was primarily due to a decrease in both
professional fees and printing and postage expenses during the three
months ended June 30, 1996 as compared to the three months ended June
30, 1995. As a percentage of oil and gas sales, these expenses
decreased to 8.5% for the three months ended June 30, 1996 from 11.5%
for the three months ended June 30, 1995. This percentage decrease
was primarily due to the increases in the average prices of oil and
natural gas sold during the three months ended June 30, 1996 as
compared to the three months ended June 30, 1995.
SIX MONTHS ENDED JUNE 30, 1996 AS COMPARED TO THE SIX MONTHS
ENDED JUNE 30, 1995.
Six months ended June 30,
---------------------------
1996 1995
---------- ----------
Oil and gas sales $2,616,899 $2,032,268
Oil and gas production expenses $ 660,706 $ 740,621
Barrels produced 55,190 59,208
Mcf produced 885,073 813,960
Average price/Bbl $ 18.45 $ 16.33
Average price/Mcf $ 1.81 $ 1.31
As shown in the above table, oil and gas sales increased $584,631
(28.8%) for the six months ended June 30, 1996 as compared to the six
months ended June 30, 1995. Of this increase, $532,501 was related to
the increases in the average prices of oil and natural gas sold and
$128,715 was related to the increase in the volumes of natural gas
sold, partially offset by a $74,132 decrease related to the decrease
in the volumes of oil sold during the six months ended June 30, 1996
as compared to the six months ended June 30, 1995. Volumes of oil
sold decreased by 4,018 barrels and volumes of natural gas sold
increased by 71,113 Mcf for the six months ended June 30, 1996 as
compared to the six months ended June 30, 1995. Average oil and
natural gas prices increased to $18.45 per barrel and $1.81 per Mcf,
-53-
respectively, for the six months ended June 30, 1996 from $16.33 per
barrel and $1.31 per Mcf, respectively, for the six months ended June
30, 1995.
Direct operating expenses (including lease operating expenses and
production taxes) decreased by $79,915 for the six months ended June
30, 1996 as compared to the six months ended June 30, 1995. This
decrease was primarily due to a decrease in repairs and general
operating expenses on several wells during the six months ended June
30, 1996 as compared to the six months ended June 30, 1995. As a
percentage of oil and gas sales, these expenses decreased to 25.2% for
the six months ended June 30, 1996 from 36.4% for the six months ended
June 30, 1995. This percentage decrease was primarily due to the
dollar decrease in direct operating expenses discussed above and
increases in the average prices of oil and natural gas sold during the
six months ended June 30, 1996 as compared to the six months ended
June 30, 1995.
Depreciation, depletion, and amortization of oil and gas
properties decreased $468,476 for the six months ended June 30, 1996
as compared to the six months ended June 30, 1995. This decrease was
primarily due to significant upward revisions in the estimates of
remaining oil and natural gas reserves at December 31, 1995. As a
percentage of oil and gas sales, this expense decreased to 28.1% for
the six months ended June 30, 1996 from 59.3% for the six months ended
June 30, 1995. This percentage decrease was primarily due to the
upward revisions of previous reserve estimates discussed above and the
increases in the average prices of oil and natural gas sold during the
six months ended June 30, 1996 as compared to the six months ended
June 30, 1995.
General and administrative expenses remained relatively constant
for the six months ended June 30, 1996 as compared to the six months
ended June 30, 1995. As a percentage of oil and gas sales, these
expenses decreased to 8.8% for the six months ended June 30, 1996 from
11.5% for the six months ended June 30, 1995. This percentage
decrease was primarily due to the increases in the average prices of
oil and natural gas sold during the six months ended June 30, 1996 as
compared to the six months ended June 30, 1995.
Cumulative cash distributions to the Limited Partners through
June 30, 1996 were $24,784,371 or 66.59% of Limited Partners'
contributions.
II-H PARTNERSHIP
THREE MONTHS ENDED JUNE 30, 1996 AS COMPARED TO THE THREE MONTHS
ENDED JUNE 30, 1995.
Three months ended June 30,
---------------------------
1996 1995
--------- --------
Oil and gas sales $310,430 $251,901
Oil and gas production expenses $ 81,922 $ 87,016
Barrels produced 6,333 7,080
Mcf produced 102,277 105,195
Average price/Bbl $ 19.41 $ 16.82
Average price/Mcf $ 1.83 $ 1.26
As shown in the above table, oil and gas sales increased $58,529
(23.2%) for the three months ended June 30, 1996 as compared to the
-54-
three months ended June 30, 1995. Of this increase, $78,298 was
related to the increases in the average prices of oil and natural gas
sold, partially offset by a $19,839 decrease related to the decreases
in the volumes of oil and natural gas sold during the three months
ended June 30, 1996 as compared to the three months ended June 30,
1995. Volumes of oil and natural gas sold decreased by 747 barrels
and 2,918 Mcf, respectively, for the three months ended June 30, 1996
as compared to the three months ended June 30, 1995. Average oil and
natural gas prices increased to $19.41 per barrel and $1.83 per Mcf,
respectively, for the three months ended June 30, 1996 from $16.82 per
barrel and $1.26 per Mcf, respectively, for the three months ended
June 30, 1995.
Direct operating expenses (including lease operating expenses and
production taxes) decreased by $5,094 for the three months ended June
30, 1996 as compared to the three months ended June 30, 1995. This
decrease was primarily due to the decreases in the volumes of oil and
natural gas sold during the three months ended June 30, 1996 as
compared to the three months ended June 30, 1995. As a percentage of
oil and gas sales, these expenses decreased to 26.4% for the three
months ended June 30, 1996 from 34.5% for the three months ended June
30, 1995. This percentage decrease was primarily due to the increases
in the average prices of oil and natural gas sold during the three
months ended June 30, 1996 as compared to the three months ended June
30, 1995.
Depreciation, depletion, and amortization of oil and gas
properties decreased $75,186 for the three months ended June 30, 1996
as compared to the three months ended June 30, 1995. This decrease
was primarily due to significant upward revisions in the estimates of
remaining oil and natural gas reserves at December 31, 1995. As a
percentage of oil and gas sales, this expense decreased to 27.8% for
the three months ended June 30, 1996 from 64.1% for the three months
ended June 30, 1995. This percentage decrease was primarily due to
the upward revisions of previous reserve estimates discussed above and
the increases in the average prices of oil and natural gas sold during
the three months ended June 30, 1996 as compared to the three months
ended June 30, 1995.
General and administrative expenses decreased by $2,922 for the
three months ended June 30, 1996 as compared to the three months ended
June 30, 1995. This decrease was primarily due to a decrease in both
professional fees and printing and postage expenses during the three
months ended June 30, 1996 as compared to the three months ended June
30, 1995. As a percentage of oil and gas sales, these expenses
decreased to 8.8% for the three months ended June 30, 1996 from 12.0%
for the three months ended June 30, 1995. This percentage decrease
was primarily due to the increases in the average prices of oil and
natural gas sold during the three months ended June 30, 1996 as
compared to the three months ended June 30, 1995.
-55-
SIX MONTHS ENDED JUNE 30, 1996 AS COMPARED TO THE SIX MONTHS
ENDED JUNE 30, 1995.
Six months ended June 30,
---------------------------
1996 1995
-------- --------
Oil and gas sales $626,799 $489,212
Oil and gas production expenses $164,223 $180,697
Barrels produced 12,856 13,793
Mcf produced 218,168 199,874
Average price/Bbl $ 18.48 $ 16.35
Average price/Mcf $ 1.78 $ 1.32
As shown in the above table, oil and gas sales increased $137,587
(28.1%) for the six months ended June 30, 1996 as compared to the six
months ended June 30, 1995. Of this increase, $121,321 was related to
the increases in the average prices of oil and natural gas sold and
$32,563 was related to the increase in the volumes of natural gas
sold, partially offset by a $17,316 decrease related to the decrease
in the volumes of oil sold during the six months ended June 30, 1996
as compared to the six months ended June 30, 1995. Volumes of oil
sold decreased by 937 barrels and volumes of natural gas sold
increased by 18,294 Mcf for the six months ended June 30, 1996 as
compared to the six months ended June 30, 1995. Average oil and
natural gas prices increased to $18.48 per barrel and $1.78 per Mcf,
respectively, for the six months ended June 30, 1996 from $16.35 per
barrel and $1.32 per Mcf, respectively, for the six months ended June
30, 1995.
Direct operating expenses (including lease operating expenses and
production taxes) decreased by $16,474 for the six months ended June
30, 1996 as compared to the six months ended June 30, 1995. This
decrease was primarily due to a decrease in repairs and general
operating expenses on several wells during the six months ended June
30, 1996 as compared to the six months ended June 30, 1995. As a
percentage of oil and gas sales, these expenses decreased to 26.2% for
the six months ended June 30, 1996 from 36.9% for the six months ended
June 30, 1995. This percentage decrease was primarily due to the
dollar decrease in direct operating expenses discussed above and the
increases in the average prices of oil and natural gas sold during the
six months ended June 30, 1996 as compared to the six months ended
June 30, 1995.
Depreciation, depletion, and amortization of oil and gas
properties decreased $127,398 for the six months ended June 30, 1996
as compared to the six months ended June 30, 1995. This decrease was
primarily due to significant upward revisions in the estimates of
remaining oil and natural gas reserves at December 31, 1995. As a
percentage of oil and gas sales, this expense decreased to 29.0% for
the six months ended June 30, 1996 from 63.2% for the six months ended
June 30, 1995. This percentage decrease was primarily due to the
upward revisions of previous reserve estimates discussed above and the
increases in the average prices of oil and natural gas sold during the
six months ended June 30, 1996 as compared to the six months ended
June 30, 1995.
General and administrative expenses remained relatively constant
for the six months ended June 30, 1996 as compared to the six months
ended June 30, 1995. As a percentage of oil and gas sales, these
expenses decreased to 9.1% for the six months ended June 30, 1996 from
-56-
11.8% for the six months ended June 30, 1995. This percentage
decrease was primarily due to the increases in the average prices of
oil and natural gas sold during the six months ended June 30, 1996 as
compared to the six months ended June 30, 1995.
Cumulative cash distributions to the Limited Partners through
June 30, 1996 were $5,729,364 or 62.47% of Limited Partners'
contributions.
-57-
PART II: OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits:
27.1 Financial Data Schedule containing summary financial
information extracted from the II-A Partnership's
financial statements as of June 30, 1996 and for the
six months ended June 30, 1996, filed herewith.
27.2 Financial Data Schedule containing summary financial
information extracted from the II-B Partnership's
financial statements as of June 30, 1996 and for the
six months ended June 30, 1996, filed herewith.
27.3 Financial Data Schedule containing summary financial
information extracted from the II-C Partnership's
financial statements as of June 30, 1996 and for the
six months ended June 30, 1996, filed herewith.
27.4 Financial Data Schedule containing summary financial
information extracted from the II-D Partnership's
financial statements as of June 30, 1996 and for the
six months ended June 30, 1996, filed herewith.
27.5 Financial Data Schedule containing summary financial
information extracted from the II-E Partnership's
financial statements as of June 30, 1996 and for the
six months ended June 30, 1996, filed herewith.
27.6 Financial Data Schedule containing summary financial
information extracted from the II-F Partnership's
financial statements as of June 30, 1996 and for the
six months ended June 30, 1996, filed herewith.
27.7 Financial Data Schedule containing summary financial
information extracted from the II-G Partnership's
financial statements as of June 30, 1996 and for the
six months ended June 30, 1996, filed herewith.
27.8 Financial Data Schedule containing summary financial
information extracted from the II-H Partnership's
financial statements as of June 30, 1996 and for the
six months ended June 30, 1996, filed herewith.
All other Exhibits are omitted as inapplicable.
(b) Reports on Form 8-K:
None
-58-
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 RESOURCES, INC.
General Partner
Date: August 14, 1996 By: /s/Dennis R. Neill
-----------------------------------
(Signature)
Dennis R. Neill
President
Date: August 14, 1996 By: /s/Drew S. Phillips
-----------------------------------
(Signature)
Drew S. Phillips
Principal Accounting Officer
-59-
INDEX TO EXHIBITS
-----------------
NUMBER DESCRIPTION
- ------ -----------
27.1 Financial Data Schedule containing summary financial
information extracted from the Geodyne Energy Income Limited
Partnership II-A's financial statements as of June 30, 1996
and for the six months ended June 30, 1996, filed herewith.
27.2 Financial Data Schedule containing summary financial
information extracted from the Geodyne Energy Income Limited
Partnership II-B's financial statements as of June 30, 1996
and for the six months ended June 30, 1996, filed herewith.
27.3 Financial Data Schedule containing summary financial
information extracted from the Geodyne Energy Income Limited
Partnership II-C's financial statements as of June 30, 1996
and for the six months ended June 30, 1996, filed herewith.
27.4 Financial Data Schedule containing summary financial
information extracted from the Geodyne Energy Income Limited
Partnership II-D's financial statements as of June 30, 1996
and for the six months ended June 30, 1996, filed herewith.
27.5 Financial Data Schedule containing summary financial
information extracted from the Geodyne Energy Income Limited
Partnership II-E's financial statements as of June 30, 1996
and for the six months ended June 30, 1996, filed herewith.
27.6 Financial Data Schedule containing summary financial
information extracted from the Geodyne Energy Income Limited
Partnership II-F's financial statements as of June 30, 1996
and for the six months ended June 30, 1996, filed herewith.
27.7 Financial Data Schedule containing summary financial
information extracted from the Geodyne Energy Income Limited
Partnership II-G's financial statements as of June 30, 1996
and for the six months ended June 30, 1996, filed herewith.
27.8 Financial Data Schedule containing summary financial
information extracted from the Geodyne Energy Income Limited
Partnership II-H's financial statements as of June 30, 1996
and for the six months ended June 30, 1996, filed herewith.
All other Exhibits are omitted as inapplicable.