SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarter ended September 30, 1996
Commission File Number:
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
September 30, December 31,
1996 1995
------------- ------------
CURRENT ASSETS:
Cash and cash equivalents $1,210,862 $ 508,024
Accounts receivable:
General Partner 19,369 -
Oil and gas sales, including
$153,461 due from related
parties in 1995 (Note 2) 843,265 765,075
---------- ----------
Total current assets $2,073,496 $1,273,099
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 6,343,131 7,390,812
DEFERRED CHARGE 1,169,277 1,169,277
---------- ----------
$9,585,904 $9,833,188
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 110,340 $ 213,126
Gas imbalance payable 164,837 164,837
---------- ----------
Total current liabilities $ 275,177 $ 377,963
ACCRUED LIABILITY $ 272,667 $ 272,667
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 345,526) ($ 311,994)
Limited Partners, issued and
outstanding, 484,283 units 9,383,586 9,494,552
---------- ----------
Total Partners' capital $9,038,060 $9,182,558
---------- ----------
$9,585,904 $9,833,188
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-2-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-A
GEODYNE PRODUCTION PARTNERSHIP II-A
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
------------ ------------
REVENUES:
Oil and gas sales, including
$205,443 of sales to related
parties in 1995 (Note 2) $1,598,127 $1,133,241
Interest income 9,191 4,215
Gain (loss) on sale of oil
and gas properties 16,255 ( 10,128)
---------- ----------
$1,623,573 $1,127,328
COSTS AND EXPENSES:
Lease operating $ 270,459 $ 516,952
Production tax 91,823 76,946
Depreciation, depletion, and
amortization of oil and gas
properties 366,897 648,954
General and administrative 147,520 171,208
---------- ----------
$ 876,699 $1,414,060
---------- ----------
NET INCOME (LOSS) $ 746,874 ($ 286,732)
========== ==========
GENERAL PARTNER - NET INCOME $ 51,604 $ 11,622
========== ==========
LIMITED PARTNERS - NET INCOME (LOSS) $ 695,270 ($ 298,354)
========== ==========
NET INCOME (LOSS) per unit $ 1.44 ($ .62)
========== ==========
UNITS OUTSTANDING 484,283 484,283
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-3-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-A
GEODYNE PRODUCTION PARTNERSHIP II-A
COMBINED STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
------------ ------------
REVENUES:
Oil and gas sales, including
$579,690 of sales to related
parties in 1995 (Note 2) $4,228,016 $3,462,252
Interest income 17,287 14,920
Gain on sale of oil and gas
properties 9,615 1,625
---------- ----------
$4,254,918 $3,478,797
COSTS AND EXPENSES:
Lease operating $1,051,845 $1,333,968
Production tax 239,237 218,254
Depreciation, depletion, and
amortization of oil and gas
properties 935,281 1,844,018
General and administrative 471,055 516,769
---------- ----------
$2,697,418 $3,913,009
---------- ----------
NET INCOME (LOSS) $1,557,500 ($ 434,212)
========== ==========
GENERAL PARTNER - NET INCOME $ 114,466 $ 52,050
========== ==========
LIMITED PARTNERS - NET INCOME (LOSS) $1,443,034 ($ 486,262)
========== ==========
NET INCOME (LOSS) per unit $ 2.98 ($ 1.00)
========== ==========
UNITS OUTSTANDING 484,283 484,283
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-4-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-A
GEODYNE PRODUCTION PARTNERSHIP II-A
COMBINED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
------------ ------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $1,557,500 ($ 434,212)
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depreciation, depletion, and
amortization of oil and gas
properties 935,281 1,844,018
Gain on sale of oil and gas
properties ( 9,615) ( 1,625)
Increase in accounts receivable -
General Partner ( 19,369) -
(Increase) decrease in accounts
receivable ( 78,190) 86,497
Increase in deferred charge - ( 157,465)
Decrease in accounts payable ( 102,786) ( 134,485)
Increase in accrued liability - 64,007
---------- ----------
Net cash provided by operating
activities $2,282,821 $1,266,735
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 58,617) ($ 65,682)
Proceeds from sale of oil and
gas properties 180,632 22,766
---------- ----------
Net cash provided (used) by
investing activities $ 122,015 ($ 42,916)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($1,701,998) ($1,541,000)
---------- ----------
Net cash used by financing
activities ($1,701,998) ($1,541,000)
---------- ----------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS $ 702,838 ($ 317,181)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 508,024 793,694
---------- ----------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $1,210,862 $ 476,513
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-5-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-B
GEODYNE PRODUCTION PARTNERSHIP II-B
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
September 30, December 31,
1996 1995
------------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 825,236 $ 168,239
Accounts receivable:
General Partner 13,011 -
Oil and gas sales, including
$81,240 due from related
parties in 1995 (Note 2) 544,357 584,133
---------- ----------
Total current assets $1,382,604 $ 752,372
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 4,152,370 5,258,752
DEFERRED CHARGE 226,303 226,303
---------- ----------
$5,761,277 $6,237,427
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 74,516 $ 211,226
Gas imbalance payable 15,048 15,048
---------- ----------
Total current liabilities $ 89,564 $ 226,274
ACCRUED LIABILITY $ 301,684 $ 301,684
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 284,595) ($ 246,438)
Limited Partners, issued and
outstanding, 361,719 units 5,654,624 5,955,907
---------- ----------
Total Partners' capital $5,370,029 $5,709,469
---------- ----------
$5,761,277 $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 SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
----------- ------------
REVENUES:
Oil and gas sales, including
$104,541 of sales to related
parties in 1995 (Note 2) $1,088,948 $ 603,595
Interest income 5,266 1,295
Loss on sale of oil and gas
properties ( 315,610) ( 613)
---------- ----------
$ 778,604 $ 604,277
COSTS AND EXPENSES:
Lease operating $ 173,881 $ 411,154
Production tax 65,962 48,274
Depreciation, depletion, and
amortization of oil and gas
properties 295,254 411,345
General and administrative 117,337 159,556
---------- ----------
$ 652,434 $1,030,329
---------- ----------
NET INCOME (LOSS) $ 126,710 ($ 426,052)
========== ==========
GENERAL PARTNER - NET INCOME (LOSS) $ 17,855 ($ 4,849)
========== ==========
LIMITED PARTNERS - NET INCOME (LOSS) $ 108,315 ($ 421,203)
========== ==========
NET INCOME (LOSS) per unit $ .30 ($ 1.16)
========== ==========
UNITS OUTSTANDING 361,719 361,719
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-7-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-B
GEODYNE PRODUCTION PARTNERSHIP II-B
COMBINED STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
---------- ------------
REVENUES:
Oil and gas sales, including
$242,757 of sales to related
parties in 1995 (Note 2) $3,038,320 $2,423,417
Interest income 9,661 9,132
Loss on sale of oil and gas
properties ( 313,962) ( 19,385)
---------- ----------
$2,734,019 $2,413,164
COSTS AND EXPENSES:
Lease operating $ 725,453 $1,209,790
Production tax 174,242 162,419
Depreciation, depletion, and
amortization of oil and gas
properties 759,375 1,498,872
General and administrative 378,519 462,098
---------- ----------
$2,037,589 $3,333,179
---------- ----------
NET INCOME (LOSS) $ 696,430 ($ 920,015)
========== ==========
GENERAL PARTNER - NET INCOME $ 64,713 $ 13,954
========== ==========
LIMITED PARTNERS - NET INCOME (LOSS) $ 631,717 ($ 933,969)
========== ==========
NET INCOME (LOSS) per unit $ 1.75 ($ 2.58)
========== ==========
UNITS OUTSTANDING 361,719 361,719
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-8-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-B
GEODYNE PRODUCTION PARTNERSHIP II-B
COMBINED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
----------- ------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ 696,430 ($ 920,015)
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depreciation, depletion, and
amortization of oil and gas
properties 759,375 1,498,872
Loss on sale of oil and gas
properties 313,962 19,385
Increase in accounts receivable -
General Partner ( 13,011) -
Decrease in accounts receivable 39,776 76,554
Increase in deferred charge - ( 60,746)
Decrease in accounts payable ( 136,710) ( 92,953)
Increase in accrued liability - 129,448
---------- ----------
Net cash provided by operating
activities $1,659,822 $ 650,545
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 68,038) ($ 97,527)
Proceeds from sale of oil and
gas properties 101,083 14,791
---------- ----------
Net cash provided (used) by
investing activities $ 33,045 ($ 82,736)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($1,035,870) ($1,116,000)
---------- ----------
Net cash used by financing
activities ($1,035,870) ($1,116,000)
---------- ----------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS $ 656,997 ($ 548,191)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 168,239 623,450
---------- ----------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 825,236 $ 75,259
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-9-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-C
GEODYNE PRODUCTION PARTNERSHIP II-C
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
September 30, December 31,
1996 1995
------------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 379,699 $ 82,353
Accounts receivable:
General Partner 3,521 -
Oil and gas sales, including
$46,202 due from related
parties in 1995 (Note 2) 247,791 291,365
---------- ----------
Total current assets $ 631,011 $ 373,718
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 2,188,290 2,572,284
DEFERRED CHARGE 259,941 259,941
---------- ----------
$3,079,242 $3,205,943
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 33,015 $ 67,293
Gas imbalance payable 59,892 59,892
---------- ----------
Total current liabilities $ 92,907 $ 127,185
ACCRUED LIABILITY $ 138,658 $ 138,658
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 115,447) ($ 99,615)
Limited Partners, issued and
outstanding, 154,621 units 2,963,124 3,039,715
---------- ----------
Total Partners' capital $2,847,677 $2,940,100
---------- ----------
$3,079,242 $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 SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
-------- ----------
REVENUES:
Oil and gas sales, including
$58,314 of sales to related
parties in 1995 (Note 2) $431,091 $303,065
Interest income 2,280 964
Gain on sale of oil and gas
properties 36,865 -
-------- --------
$470,236 $304,029
COSTS AND EXPENSES:
Lease operating $ 74,559 $175,047
Production tax 30,043 25,187
Depreciation, depletion, and
amortization of oil and gas
properties 111,278 215,026
General and administrative 51,196 68,489
-------- --------
$267,076 $483,749
-------- --------
NET INCOME (LOSS) $203,160 ($179,720)
======== ========
GENERAL PARTNER - NET INCOME (LOSS) $ 14,495 ($ 385)
======== ========
LIMITED PARTNERS - NET INCOME (LOSS) $188,665 ($179,335)
======== ========
NET INCOME (LOSS) per unit $ 1.22 ($ 1.16)
======== ========
UNITS OUTSTANDING 154,621 154,621
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-11-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-C
GEODYNE PRODUCTION PARTNERSHIP II-C
COMBINED STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
---------- ------------
REVENUES:
Oil and gas sales, including
$152,650 of sales to related
parties in 1995 (Note 2) $1,327,794 $1,136,648
Interest income 4,868 6,071
Gain on sale of oil and gas
properties 38,160 12,288
---------- ----------
$1,370,822 $1,155,007
COSTS AND EXPENSES:
Lease operating $ 314,736 $ 466,220
Production tax 84,613 78,312
Depreciation, depletion, and
amortization of oil and gas
properties 324,588 717,401
General and administrative 163,570 200,817
---------- ----------
$ 887,507 $1,462,750
---------- ----------
NET INCOME (LOSS) $ 483,315 ($ 307,743)
========== ==========
GENERAL PARTNER - NET INCOME $ 36,906 $ 13,309
========== ==========
LIMITED PARTNERS - NET INCOME (LOSS) $ 446,409 ($ 321,052)
========== ==========
NET INCOME (LOSS) per unit $ 2.89 ($ 2.08)
========== ==========
UNITS OUTSTANDING 154,621 154,621
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-12-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-C
GEODYNE PRODUCTION PARTNERSHIP II-C
COMBINED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $483,315 ($307,743)
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depreciation, depletion, and
amortization of oil and gas
properties 324,588 717,401
Gain on sale of oil and gas
properties ( 38,160) ( 12,288)
Increase in accounts receivable -
General Partner ( 3,521) -
Decrease in accounts receivable 43,574 65,115
Increase in deferred charge - ( 92,011)
Decrease in accounts payable ( 34,278) ( 1,572)
Decrease in gas imbalance payable - ( 62,262)
Increase in accrued liability - 53,485
-------- --------
Net cash provided by operating
activities $775,518 $360,125
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures $ - ($ 33,405)
Proceeds from sale of oil and
gas properties 97,566 18,739
-------- --------
Net cash provided (used) by
investing activities $ 97,566 ($ 14,666)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($575,738) ($688,000)
-------- --------
Net cash used by financing
activities ($575,738) ($688,000)
-------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS $297,346 ($342,541)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 82,353 380,901
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $379,699 $ 38,360
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-13-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-D
GEODYNE PRODUCTION PARTNERSHIP II-D
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
September 30, December 31,
1996 1995
------------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 613,453 $ 317,368
Accounts receivable:
General Partner 8,915 -
Oil and gas sales, including
$124,908 due from related
parties in 1995 (Note 2) 624,193 630,370
---------- ----------
Total current assets $1,246,561 $ 947,738
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 4,767,776 5,394,199
DEFERRED CHARGE 949,227 949,227
---------- ----------
$6,963,564 $7,291,164
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 136,396 $ 146,808
Gas imbalance payable 117,523 117,523
---------- ----------
Total current liabilities $ 253,919 $ 264,331
ACCRUED LIABILITY $ 285,420 $ 285,420
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 211,272) ($ 143,473)
Limited Partners, issued and
outstanding, 314,878 units 6,635,497 6,884,886
---------- ----------
Total Partners' capital $6,424,225 $6,741,413
---------- ----------
$6,963,564 $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 SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
---------- -----------
REVENUES:
Oil and gas sales, including
$161,366 of sales to related
parties in 1995 (Note 2) $1,065,296 $ 968,988
Interest income 3,751 2,650
Gain on sale of oil and gas
properties 60,397 9,740
---------- ----------
$1,129,444 $ 981,378
COSTS AND EXPENSES:
Lease operating $ 346,007 $ 377,881
Production tax 75,580 70,947
Depreciation, depletion, and
amortization of oil and gas
properties 228,565 582,900
General and administrative 112,677 152,623
---------- ----------
$ 762,829 $1,184,351
---------- ----------
NET INCOME (LOSS) $ 366,615 ($ 202,973)
========== ==========
GENERAL PARTNER - NET INCOME $ 27,286 $ 13,167
========== ==========
LIMITED PARTNERS - NET INCOME (LOSS) $ 339,329 ($ 216,140)
========== ==========
NET INCOME (LOSS) per unit $ 1.08 ($ .69)
========== ==========
UNITS OUTSTANDING 314,878 314,878
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-15-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-D
GEODYNE PRODUCTION PARTNERSHIP II-D
COMBINED STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
---------- ------------
REVENUES:
Oil and gas sales, including
$468,128 of sales to related
parties in 1995 (Note 2) $3,145,240 $3,022,161
Interest income 9,048 10,793
Gain on sale of oil and gas
properties 61,647 23,102
---------- ----------
$3,215,935 $3,056,056
COSTS AND EXPENSES:
Lease operating $1,193,840 $1,211,173
Production tax 216,065 220,968
Depreciation, depletion, and
amortization of oil and gas
properties 603,906 1,780,883
General and administrative 348,108 441,397
---------- ----------
$2,361,919 $3,654,421
---------- ----------
NET INCOME (LOSS) $ 854,016 ($ 598,365)
========== ==========
GENERAL PARTNER - NET INCOME $ 66,405 $ 41,317
========== ==========
LIMITED PARTNERS - NET INCOME (LOSS) $ 787,611 ($ 639,682)
========== ==========
NET INCOME (LOSS) per unit $ 2.50 ($ 2.03)
========== ==========
UNITS OUTSTANDING 314,878 314,878
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-16-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-D
GEODYNE PRODUCTION PARTNERSHIP II-D
COMBINED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
----------- ------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ 854,016 ($ 598,365)
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depreciation, depletion, and
amortization of oil and gas
properties 603,906 1,780,883
Gain on sale of oil and gas
properties ( 61,647) ( 23,102)
Increase in accounts receivable -
General Partner ( 8,915) -
Decrease in accounts receivable 6,177 89,489
Increase in deferred charge - ( 105,942)
Decrease in accounts payable ( 10,412) ( 74,256)
Decrease in gas imbalance payable - ( 109,252)
Increase in accrued liability - 22,486
---------- ----------
Net cash provided by operating
activities $1,383,125 $ 981,941
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 19,010) ($ 33,312)
Proceeds from sale of oil and
gas properties 103,174 33,297
---------- ----------
Net cash provided (used) by
investing activities $ 84,164 ($ 15)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($1,171,204) ($1,214,000)
---------- ----------
Net cash used by financing
activities ($1,171,204) ($1,214,000)
---------- ----------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS $ 296,085 ($ 232,074)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 317,368 563,613
---------- ----------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 613,453 $ 331,539
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-17-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-E
GEODYNE PRODUCTION PARTNERSHIP II-E
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
September 30, December 31,
1996 1995
------------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 419,187 $ 201,042
Accounts receivable:
General Partner 10,191 -
Oil and gas sales, including
$122,758 due from related
parties in 1995 (Note 2) 430,685 409,630
---------- ----------
Total current assets $ 860,063 $ 610,672
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 4,568,586 5,293,979
DEFERRED CHARGE 374,745 374,745
---------- ----------
$5,803,394 $6,279,396
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 70,626 $ 90,392
Gas imbalance payable 84,265 84,265
---------- ----------
Total current liabilities $ 154,891 $ 174,657
ACCRUED LIABILITY $ 134,283 $ 134,283
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 147,154) ($ 122,950)
Limited Partners, issued and
outstanding, 228,821 units 5,661,374 6,093,406
---------- ----------
Total Partners' capital $5,514,220 $5,970,456
---------- ----------
$5,803,394 $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 SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
---------- ----------
REVENUES:
Oil and gas sales, including
$144,356 of sales to related
parties in 1995 (Note 2) $748,193 $532,162
Interest income 2,603 925
Gain on sale of oil and gas
properties 14,878 13,282
-------- --------
$765,674 $546,369
COSTS AND EXPENSES:
Lease operating $194,311 $218,483
Production tax 53,945 39,034
Depreciation, depletion, and
amortization of oil and gas
properties 254,141 480,795
General and administrative 101,025 194,034
-------- --------
$603,422 $932,346
-------- --------
NET INCOME (LOSS) $162,252 ($385,977)
======== ========
GENERAL PARTNER - NET INCOME (LOSS) $ 18,148 ($ 67)
======== ========
LIMITED PARTNERS - NET INCOME (LOSS) $144,104 ($385,910)
======== ========
NET INCOME (LOSS) per unit $ .63 ($ 1.69)
======== ========
UNITS OUTSTANDING 228,821 228,821
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-19-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-E
GEODYNE PRODUCTION PARTNERSHIP II-E
COMBINED STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
---------- ------------
REVENUES:
Oil and gas sales, including
$390,158 of sales to related
parties in 1995 (Note 2) $2,121,611 $1,654,096
Interest income 6,283 4,717
Gain on sale of oil and gas
properties 17,817 13,746
---------- ----------
$2,145,711 $1,672,559
COSTS AND EXPENSES:
Lease operating $ 634,679 $ 704,422
Production tax 148,274 135,219
Depreciation, depletion, and
amortization of oil and gas
properties 727,346 1,467,931
General and administrative 323,046 519,193
---------- ----------
$1,833,345 $2,826,765
---------- ----------
NET INCOME (LOSS) $ 312,366 ($1,154,206)
========== ==========
GENERAL PARTNER - NET INCOME $ 44,398 $ 1,007
========== ==========
LIMITED PARTNERS - NET INCOME (LOSS) $ 267,968 ($1,155,213)
========== ==========
NET INCOME (LOSS) per unit $ 1.17 ($ 5.05)
========== ==========
UNITS OUTSTANDING 228,821 228,821
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-20-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-E
GEODYNE PRODUCTION PARTNERSHIP II-E
COMBINED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
---------- ------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $312,366 ($1,154,206)
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depreciation, depletion, and
amortization of oil and gas
properties 727,346 1,467,931
Gain on sale of oil and gas
properties ( 17,817) ( 13,746)
Increase in accounts receivable -
General Partner ( 10,191) -
(Increase) decrease in accounts
receivable ( 21,055) 16,552
Decrease in deferred charge - 25,932
Decrease in accounts payable ( 19,766) ( 22,335)
Decrease in gas imbalance payable - ( 23,704)
Decrease in accrued liability - ( 10,642)
-------- ----------
Net cash provided by operating
activities $970,883 $ 285,782
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 50,163) ($ 19,444)
Proceeds from sale of oil and
gas properties 66,027 38,985
-------- ----------
Net cash provided by investing
activities $ 15,864 $ 19,541
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($768,602) ($ 474,000)
-------- ----------
Net cash used by financing
activities ($768,602) ($ 474,000)
-------- ----------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS $218,145 ($ 168,677)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 201,042 260,348
-------- ----------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $419,187 $ 91,671
======== ==========
The accompanying notes are an integral part of
these combined financial statements.
-21-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-F
GEODYNE PRODUCTION PARTNERSHIP II-F
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
September 30, December 31,
1996 1995
------------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 512,249 $ 325,816
Accounts receivable:
General Partner 24,820 -
Oil and gas sales, including
$66,788 due from related
parties in 1995 (Note 2) 361,722 352,473
---------- ----------
Total current assets $ 898,791 $ 678,289
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 4,414,785 4,936,055
DEFERRED CHARGE 119,115 119,115
---------- ----------
$5,432,691 $5,733,459
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 33,439 $ 79,348
Gas imbalance payable 23,373 23,373
---------- ----------
Total current liabilities $ 56,812 $ 102,721
ACCRUED LIABILITY $ 23,330 $ 23,330
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 104,827) ($ 84,377)
Limited Partners, issued and
outstanding, 171,400 units 5,457,376 5,691,785
---------- ----------
Total Partners' capital $5,352,549 $5,607,408
---------- ----------
$5,432,691 $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 SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
-------- ----------
REVENUES:
Oil and gas sales, including
$88,048 of sales to related
parties in 1995 (Note 2) $563,030 $520,413
Interest income 4,011 2,677
Gain on sale of oil and gas
properties 65,676 10,736
-------- --------
$632,717 $533,826
COSTS AND EXPENSES:
Lease operating $ 88,395 $130,538
Production tax 36,322 35,348
Depreciation, depletion, and
amortization of oil and gas
properties 143,376 297,650
General and administrative 49,695 47,660
-------- --------
$317,788 $511,196
-------- --------
NET INCOME $314,929 $ 22,630
======== ========
GENERAL PARTNER - NET INCOME $ 21,281 $ 13,038
======== ========
LIMITED PARTNERS - NET INCOME $293,648 $ 9,592
======== ========
NET INCOME per unit $ 1.71 $ .06
======== ========
UNITS OUTSTANDING 171,400 171,400
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-23-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-F
GEODYNE PRODUCTION PARTNERSHIP II-F
COMBINED STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
---------- ------------
REVENUES:
Oil and gas sales, including
$265,789 of sales to related
parties in 1995 (Note 2) $1,794,471 $1,450,887
Interest income 9,367 6,877
Gain on sale of oil and gas
properties 66,549 21,124
---------- ----------
$1,870,387 $1,478,888
COSTS AND EXPENSES:
Lease operating $ 312,799 $ 393,161
Production tax 115,622 103,974
Depreciation, depletion, and
amortization of oil and gas
properties 464,811 857,473
General and administrative 156,402 155,321
---------- ----------
$1,049,634 $1,509,929
---------- ----------
NET INCOME (LOSS) $ 820,753 ($ 31,041)
========== ==========
GENERAL PARTNER - NET INCOME $ 59,162 $ 32,747
========== ==========
LIMITED PARTNERS - NET INCOME (LOSS) $ 761,591 ($ 63,788)
========== ==========
NET INCOME (LOSS) per unit $ 4.44 ($ .37)
========== ==========
UNITS OUTSTANDING 171,400 171,400
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-24-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-F
GEODYNE PRODUCTION PARTNERSHIP II-F
COMBINED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
----------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ 820,753 ($ 31,041)
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depreciation, depletion, and
amortization of oil and gas
properties 464,811 857,473
Gain on sale of oil and gas
properties ( 66,549) ( 21,124)
Increase in accounts receivable -
General Partner ( 24,820) -
Increase in accounts receivable ( 9,249) ( 5,246)
Decrease in deferred charge - 10,858
Decrease in accounts payable ( 45,909) ( 21,019)
Decrease in gas imbalance payable - ( 2,289)
Decrease in accrued liability - ( 4,432)
---------- --------
Net cash provided by operating
activities $1,139,037 $783,180
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 367) $ -
Proceeds from sale of oil and
gas properties 123,375 65,350
---------- --------
Net cash provided by investing
activities $ 123,008 $ 65,350
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($1,075,612) ($782,000)
---------- --------
Net cash used by financing
activities ($1,075,612) ($782,000)
---------- --------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $ 186,433 $ 66,530
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 325,816 237,397
---------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 512,249 $303,927
========== ========
The accompanying notes are an integral part of
these combined financial statements.
-25-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-G
GEODYNE PRODUCTION PARTNERSHIP II-G
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
September 30, December 31,
1996 1995
------------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 1,084,672 $ 661,921
Accounts receivable:
General Partner 44,097 -
Oil and gas sales, including
$141,036 due from related
parties in 1995 (Note 2) 766,755 748,457
----------- -----------
Total current assets $ 1,895,524 $ 1,410,378
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 9,657,638 10,851,397
DEFERRED CHARGE 257,374 257,374
----------- -----------
$11,810,536 $12,519,149
=========== ===========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 73,110 $ 176,095
Gas imbalance payable 50,501 50,501
----------- -----------
Total current liabilities $ 123,611 $ 226,596
ACCRUED LIABILITY $ 50,802 $ 50,802
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 241,191)($ 197,620)
Limited Partners, issued and
outstanding, 372,189 units 11,877,314 12,439,371
----------- -----------
Total Partners' capital $11,636,123 $12,241,751
----------- -----------
$11,810,536 $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 SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
---------- ------------
REVENUES:
Oil and gas sales, including
$185,851 of sales to related
parties in 1995 (Note 2) $1,190,247 $1,075,315
Interest income 8,428 5,517
Gain on sale of oil and gas
properties 122,906 21,687
---------- ----------
$1,321,581 $1,102,519
COSTS AND EXPENSES:
Lease operating $ 192,812 $ 282,753
Production tax 77,137 73,229
Depreciation, depletion, and
amortization of oil and gas
properties 328,258 603,619
General and administrative 107,840 105,271
---------- ----------
$ 706,047 $1,064,872
---------- ----------
NET INCOME $ 615,534 $ 37,647
========== ==========
GENERAL PARTNER - NET INCOME $ 43,486 $ 26,027
========== ==========
LIMITED PARTNERS - NET INCOME $ 572,048 $ 11,620
========== ==========
NET INCOME per unit $ 1.54 $ .03
========== ==========
UNITS OUTSTANDING 372,189 372,189
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-27-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-G
GEODYNE PRODUCTION PARTNERSHIP II-G
COMBINED STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
---------- ------------
REVENUES:
Oil and gas sales, including
$561,307 of sales to related
parties in 1995 (Note 2) $3,807,146 $3,107,583
Interest income 19,389 14,525
Gain on sale of oil and gas
properties 124,758 45,319
---------- ----------
$3,951,293 $3,167,427
COSTS AND EXPENSES:
Lease operating $ 683,782 $ 870,374
Production tax 246,873 226,229
Depreciation, depletion, and
amortization of oil and gas
properties 1,064,066 1,807,903
General and administrative 339,165 338,864
---------- ----------
$2,333,886 $3,243,370
---------- ----------
NET INCOME (LOSS) $1,617,407 ($ 75,943)
========== ==========
GENERAL PARTNER - NET INCOME $ 122,464 $ 68,519
========== ==========
LIMITED PARTNERS - NET INCOME (LOSS) $1,494,943 ($ 144,462)
========== ==========
NET INCOME (LOSS) per unit $ 4.02 ($ .39)
========== ==========
UNITS OUTSTANDING 372,189 372,189
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-28-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-G
GEODYNE PRODUCTION PARTNERSHIP II-G
COMBINED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
----------- ------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $1,617,407 ($ 75,943)
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depreciation, depletion, and
amortization of oil and gas
properties 1,064,066 1,807,903
Gain on sale of oil and gas
properties ( 124,758) ( 45,319)
Increase in accounts receivable -
General Partner ( 44,097) -
(Increase) decrease in accounts
receivable ( 18,298) 2,323
Decrease in deferred charge - 28,854
Decrease in accounts payable ( 102,985) ( 41,973)
Decrease in gas imbalance payable - ( 5,466)
Decrease in accrued liability - ( 11,898)
---------- ----------
Net cash provided by operating
activities $2,391,335 $1,658,481
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 4,306) $ -
Proceeds from sale of oil and
gas properties 258,757 139,640
---------- ----------
Net cash provided by investing
activities $ 254,451 $ 139,640
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($2,223,035) ($1,703,000)
---------- ----------
Net cash used by financing
activities ($2,223,035) ($1,703,000)
---------- ----------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $ 422,751 $ 95,121
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 661,921 492,117
---------- ----------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $1,084,672 $ 587,238
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-29-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-H
GEODYNE PRODUCTION PARTNERSHIP II-H
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
September 30, December 31,
1996 1995
------------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 257,081 $ 158,812
Accounts receivable:
General Partner 8,463 -
Oil and gas sales, including
$33,220 due from related
parties in 1995 (Note 2) 183,111 179,505
---------- ----------
Total current assets $ 448,655 $ 338,317
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 2,327,832 2,624,277
DEFERRED CHARGE 62,062 62,062
---------- ----------
$2,838,549 $3,024,656
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 18,338 $ 45,404
Gas imbalance payable 11,211 11,211
---------- ----------
Total current liabilities $ 29,549 $ 56,615
ACCRUED LIABILITY $ 12,779 $ 12,779
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 58,068) ($ 47,635)
Limited Partners, issued and
outstanding, 91,711 units 2,854,289 3,002,897
---------- ----------
Total Partners' capital $2,796,221 $2,955,262
---------- ----------
$2,838,549 $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 SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
-------- ----------
REVENUES:
Oil and gas sales, including
$43,742 of sales to related
parties in 1995 (Note 2) $282,932 $255,156
Interest income 1,904 1,261
Gain on sale of oil and gas
properties 25,560 5,796
-------- --------
$310,396 $262,213
COSTS AND EXPENSES:
Lease operating $ 48,191 $ 71,689
Production tax 18,524 17,513
Depreciation, depletion, and
amortization of oil and gas
properties 80,918 153,432
General and administrative 26,615 25,146
-------- --------
$174,248 $267,780
-------- --------
NET INCOME (LOSS) $136,148 ($ 5,567)
======== ========
GENERAL PARTNER - NET INCOME $ 9,949 $ 5,859
======== ========
LIMITED PARTNERS - NET INCOME (LOSS) $126,199 ($ 11,426)
======== ========
NET INCOME (LOSS) per unit $ 1.38 ($ .12)
======== ========
UNITS OUTSTANDING 91,711 91,711
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-31-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-H
GEODYNE PRODUCTION PARTNERSHIP II-H
COMBINED STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
-------- ----------
REVENUES:
Oil and gas sales, including
$132,230 of sales to related
parties in 1995 (Note 2) $909,731 $744,368
Interest income 4,348 3,402
Gain on sale of oil and gas
properties 26,000 10,347
-------- --------
$940,079 $758,117
COSTS AND EXPENSES:
Lease operating $171,285 $214,341
Production tax 59,653 55,558
Depreciation, depletion, and
amortization of oil and gas
properties 262,529 462,441
General and administrative 83,795 82,904
-------- --------
$577,262 $815,244
-------- --------
NET INCOME (LOSS) $362,817 ($ 57,127)
======== ========
GENERAL PARTNER - NET INCOME $ 28,425 $ 15,641
======== ========
LIMITED PARTNERS - NET INCOME (LOSS) $334,392 ($ 72,768)
======== ========
NET INCOME (LOSS) per unit $ 3.65 ( .79)
======== ========
UNITS OUTSTANDING 91,711 91,711
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-32-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-H
GEODYNE PRODUCTION PARTNERSHIP II-H
COMBINED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $362,817 ($ 57,127)
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depreciation, depletion, and
amortization of oil and gas
properties 262,529 462,441
Gain on sale of oil and gas
properties ( 26,000) ( 10,347)
Increase in accounts receivable -
General Partner ( 8,463) -
(Increase) decrease in accounts
receivable ( 3,606) 3,791
Decrease in deferred charge - 4,448
Decrease in accounts payable ( 27,066) ( 9,565)
Decrease in accrued liability - ( 2,025)
-------- --------
Net cash provided by operating
activities $560,211 $391,616
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 913) $ -
Proceeds from sale of oil and
gas properties 60,829 33,744
-------- --------
Net cash provided by investing
activities $ 59,916 $ 33,744
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($521,858) ($410,500)
-------- --------
Net cash used by financing
activities ($521,858) ($410,500)
-------- --------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $ 98,269 $ 14,860
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 158,812 124,102
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $257,081 $138,962
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-33-
GEODYNE ENERGY INCOME II LIMITED PARTNERSHIPS
CONDENSED NOTES TO THE COMBINED FINANCIAL STATEMENTS
SEPTEMBER 30, 1996
(Unaudited)
1. ACCOUNTING POLICIES
-------------------
The combined balance sheets as of September 30, 1996, combined
statements of operations for the three and nine months ended
September 30, 1996 and 1995 and combined statements of cash flows
for the nine months ended September 30, 1996 and 1995 have been
prepared by Geodyne Resources, Inc., the general partner of the
limited partnerships, without audit. Each limited partnership is
a general partner in the related Geodyne Energy Income Production
Partnership (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
September 30, 1996, the combined results of operations for the
three and nine months ended September 30, 1996 and 1995 and the
combined cash flows for the nine months ended September 30, 1996
and 1995.
Information and footnote disclosures normally included in
financial statements prepared in accordance with generally
accepted accounting principles have been condensed or omitted.
The accompanying interim financial statements should be read in
conjunction with the Partnerships' Annual Report on Form 10-K
filed for the year ended December 31, 1995. The results of
operations for the period ended September 30, 1996 are not
necessarily indicative of the results to be expected for the full
year.
The Limited Partners' net income or loss per unit is based upon
each $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
-34-
acquisition, for the period of time the properties are held by
the General Partner. Leasehold impairment is recognized based
upon an individual property assessment and exploratory
experience. Upon discovery of commercial reserves, leasehold
costs are transferred to producing properties.
Depletion of the costs of producing oil and gas properties,
amortization of related intangible drilling and development costs
and depreciation of tangible lease and well equipment are
computed on the unit-of-production method.
When complete units of depreciable property are retired or sold,
the asset cost and related accumulated depreciation are
eliminated 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 three
months ended September 30, 1996 the following payments were made
to the General Partner or its affiliates by the Partnerships:
Direct General Administrative
Partnership and Administrative Overhead
----------- ------------------ --------------
II-A $20,077 $127,443
II-B 22,147 95,190
II-C 10,507 40,689
II-D 29,814 82,863
II-E 40,809 60,216
II-F 4,590 45,105
II-G 9,896 97,944
II-H 2,480 24,135
-35-
During the nine months ended September 30, 1996 the following
payments were made to the General Partner or its affiliates by
the Partnerships:
Direct General Administrative
Partnership and Administrative Overhead
----------- ------------------ --------------
II-A $ 88,726 $382,329
II-B 92,949 285,570
II-C 41,503 122,067
II-D 99,519 248,589
II-E 142,398 180,648
II-F 21,087 135,315
II-G 45,333 293,832
II-H 11,390 72,405
Affiliated companies are the operator of certain of the
Partnerships' properties and their policy is to bill the
Partnerships for all customary charges and cost reimbursements
associated with their activities, together with any compressor
rental, consulting, or other services provided.
During 1995, the Partnerships sold gas at market prices to
Premier Gas Company ("Premier") and Premier then resold such gas
to third parties at market prices. Premier was an affiliate of
the Partnerships until December 6, 1995. The following is a
summary of these sales during the three and nine months ended
September 30, 1995 and the amount of the Partnership's accrued
gas sales due from Premier at December 31, 1995.
Gas Sales Gas Sales Accrued Gas Sales
------------------ ------------------ -----------------
3 Months Ended 9 Months Ended As of
September 30, 1995 September 30, 1995 December 31, 1995
------------------ ------------------ -----------------
II-A $205,443 $579,690 $153,461
II-B 104,541 242,757 81,240
II-C 58,314 152,650 46,202
II-D 161,366 468,128 124,908
II-E 144,356 390,158 122,758
II-F 88,048 265,789 66,788
II-G 185,851 561,307 141,036
II-H 43,742 132,230 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 September 30, 1996 and the net revenue
generated from future operations will provide sufficient working
-37-
capital to meet current and future obligations of the
Partnerships.
During the nine months ended September 30, 1996 the following
Partnerships sold their interests in several oil and gas
properties located in Oklahoma, Texas, Louisiana, Kansas,
Wyoming, and New Mexico. Proceeds from such sales were as
follows:
Proceeds for
Nine Months Ended
Partnership September 30, 1996
II-A $180,632
II-B 101,083
II-C 97,566
II-D 103,174
II-E 66,027
II-F 123,375
II-G 258,757
II-H 60,829
Such proceeds will be included in the determination of the amount
of the cash distributions to be paid to the Limited Partners of
such Partnerships during November 1996.
RESULTS OF OPERATIONS
- ---------------------
An analysis of the change in net oil and gas operations (oil and
gas sales, less lease operating expenses and production taxes),
is presented in the tables within "Results of Operations".
Generally, the Partnerships' operations during the three and nine
months ended September 30, 1996 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.
II-A PARTNERSHIP
THREE MONTHS ENDED SEPTEMBER 30, 1996 AS COMPARED TO THE THREE
MONTHS ENDED SEPTEMBER 30, 1995.
Three months ended September 30,
--------------------------------
1996 1995
---------- ----------
Oil and gas sales $1,598,127 $1,133,241
Oil and gas production expenses $ 362,282 $ 593,898
Barrels produced 22,621 26,795
Mcf produced 576,695 483,997
Average price/Bbl $ 22.82 $ 16.68
Average price/Mcf $ 1.88 $ 1.42
As shown in the table above, total oil and gas sales increased
$464,886 (41.0%) for the three months ended September 30, 1996 as
compared to the three months ended September 30, 1995. Of this
increase, $387,160 was related to the increases in the average
prices of oil and natural gas sold and $174,272 was related to
the increase in the volumes of natural gas sold, partially offset
by a $95,251 decrease related to the decrease in the volumes of
-38-
oil sold. Volumes of oil sold decreased by 4,174 barrels, while
volumes of natural gas sold increased by 92,698 Mcf for the three
months ended September 30, 1996 as compared to the three months
ended September 30, 1995. The decrease in the volumes of oil
sold resulted primarily from (i) a negative prior period volume
adjustment made by a purchaser on one well during the three
months ended September 30, 1996 and (ii) the sale of one oil
producing well during 1996. The increase in the volumes of
natural gas sold resulted primarily from (i) a gas balancing
adjustment made by the operator on one well during the three
months ended September 30, 1996 and (ii) positive prior period
volume adjustments made by the purchasers on three wells during
the three months ended September 30, 1996. Average oil and
natural gas prices increased to $22.82 per barrel and $1.88 per
Mcf, respectively, for the three months ended September 30, 1996
from $16.68 per barrel and $1.42 per Mcf, respectively, for the
three months ended September 30, 1995.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $231,616 for the three
months ended September 30, 1996 as compared to the three months
ended September 30, 1995. This decrease resulted primarily from
(i) the decrease in lease operating expenses due to the sale of
several wells during 1996, (ii) workover expenses incurred on two
wells during the three months ended September 30, 1995 in order
to improve the recovery of reserves, and (iii) a decrease in
general repairs and maintenance expenses incurred during the
three months ended September 30, 1996 as compared to the three
months ended September 30, 1995. As a percentage of oil and gas
sales, these expenses decreased to 22.7% for the three months
ended September 30, 1996 from 52.4% for the three months ended
September 30, 1995. This percentage decrease was primarily due
to the dollar decrease in oil and gas production expenses
discussed above and the increases in the average prices of oil
and natural gas sold during the three months ended September 30,
1996 as compared to the three months ended September 30, 1995.
Depreciation, depletion, and amortization of oil and gas
properties decreased $282,057 for the three months ended
September 30, 1996 as compared to the three months ended
September 30, 1995. This decrease resulted primarily from
significant upward revisions in the estimates of remaining oil
and natural gas reserves at December 31, 1995 and a decrease in
capitalized costs due to an impairment provision recognized in
the fourth quarter of 1995. As a percentage of oil and gas
sales, this expense decreased to 23.0% for the three months ended
September 30, 1996 from 57.3% for the three months ended
September 30, 1995. This percentage decrease was primarily due
to the upward revisions of previous reserve estimates and the
impairment provision discussed above and the increases in the
average prices of oil and natural gas sold during the three
months ended September 30, 1996 as compared to the three months
ended September 30, 1995.
General and administrative expenses decreased $23,688 for the
three months ended September 30, 1996 as compared to the three
months ended September 30, 1995. This decrease resulted
primarily from a decrease in legal fees during the three months
ended September 30, 1996 as compared to the three months ended
September 30, 1995. As a percentage of oil and gas sales, these
expenses decreased to 9.2% for the three months ended September
-39-
30, 1996 from 15.1% for the three months ended September 30,
1995. This percentage decrease was primarily due to the
increases in the average prices of oil and natural gas sold
during the three months ended September 30, 1996 as compared to
the three months ended September 30, 1995.
NINE MONTHS ENDED SEPTEMBER 30, 1996 AS COMPARED TO THE NINE
MONTHS ENDED SEPTEMBER 30, 1995.
Nine months ended September 30,
-------------------------------
1996 1995
---------- ----------
Oil and gas sales $4,228,016 $3,462,252
Oil and gas production expenses $1,291,082 $1,552,222
Barrels produced 81,237 92,547
Mcf produced 1,328,658 1,285,669
Average price/Bbl $ 19.78 $ 16.55
Average price/Mcf $ 1.97 $ 1.50
As shown in the table above, total oil and gas sales increased
$765,764 (22.1%) for the nine months ended September 30, 1996 as
compared to the nine months ended September 30, 1995. Of this
increase, $903,191 was related to the increases in the average
prices of oil and natural gas sold and $84,688 was related to the
increase in the volumes of natural gas sold, partially offset by
a $223,712 decrease related to the decrease in the volumes of oil
sold. Volumes of oil sold decreased by 11,310 barrels, while
volumes of natural gas sold increased by 42,989 Mcf for the nine
months ended September 30, 1996 as compared to the nine months
ended September 30, 1995. Average oil and natural gas prices
increased to $19.78 per barrel and $1.97 per Mcf, respectively,
for the nine months ended September 30, 1996 from $16.55 per
barrel and $1.50 per Mcf, respectively, for the nine months ended
September 30, 1995.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $261,140 for the nine
months ended September 30, 1996 as compared to the nine months
ended September 30, 1995. This decrease resulted primarily from
(i) the decrease in lease operating expenses due to the sale of
several wells during the nine months ended September 30, 1996,
(ii) workover expenses incurred on two wells during the nine
months ended September 30, 1995 in order to improve the recovery
of reserves, and (iii) a decrease in general repairs and
maintenance expenses incurred during the nine months ended
September 30, 1996 as compared to the nine months ended September
30, 1995. As a percentage of oil and gas sales, these expenses
decreased to 30.5% for the nine months ended September 30, 1996
from 44.8% for the nine months ended September 30, 1995. This
percentage decrease was primarily due to the increases in the
average prices of oil and natural gas sold during the nine months
ended September 30, 1996 as compared to the nine months ended
September 30, 1995.
Depreciation, depletion, and amortization of oil and gas
properties decreased $908,737 for the nine months ended September
30, 1996 as compared to the nine months ended September 30, 1995.
This decrease resulted primarily from significant upward
revisions in the estimates of remaining oil and natural gas
reserves at December 31, 1995 and a decrease in capitalized costs
-40-
due to an impairment provision recognized in the fourth quarter
of 1995. As a percentage of oil and gas sales, this expense
decreased to 22.1% for the nine months ended September 30, 1996
from 53.3% for the nine months ended September 30, 1995. This
percentage decrease was primarily due to the upward revisions of
previous reserve estimates and the impairment provision discussed
above and the increases in the average prices of oil and natural
gas sold during the nine months ended September 30, 1996 as
compared to the nine months ended September 30, 1995.
General and administrative expenses decreased $45,714 for the
nine months ended September 30, 1996 as compared to the nine
months ended September 30, 1995. This decrease resulted
primarily from a decrease in legal fees during the nine months
ended September 30, 1996 as compared to the nine months ended
September 30, 1995. As a percentage of oil and gas sales, these
expenses decreased to 11.1% for the nine months ended September
30, 1996 from 14.9% for the nine months ended September 30, 1995.
This percentage decrease was primarily due to the increases in
the average prices of oil and natural gas sold during the nine
months ended September 30, 1996 as compared to the nine months
ended September 30, 1995.
The Limited Partners have received cash distributions through
September 30, 1996 totaling $37,780,357 or 78.01% of Limited
Partners' capital contributions.
II-B PARTNERSHIP
THREE MONTHS ENDED SEPTEMBER 30, 1996 AS COMPARED TO THE THREE
MONTHS ENDED SEPTEMBER 30, 1995.
Three months ended September 30,
--------------------------------
1996 1995
---------- --------
Oil and gas sales $1,088,948 $603,595
Oil and gas production expenses $ 239,843 $459,428
Barrels produced 10,349 15,246
Mcf produced 445,504 250,360
Average price/Bbl $ 24.49 $ 17.70
Average price/Mcf $ 1.88 $ 1.33
As shown in the table above, total oil and gas sales increased
$485,353 (80.4%) for the three months ended September 30, 1996 as
compared to the three months ended September 30, 1995. Of this
increase, $241,218 was related to the increases in the average
prices of oil and natural gas sold and $366,871 was related to
the increase in the volumes of natural gas sold, partially offset
by a $119,928 decrease related to the decrease in the volumes of
oil sold. Volumes of oil sold decreased by 4,897 barrels, while
volumes of natural gas sold increased by 195,144 Mcf for the
three months ended September 30, 1996 as compared to the three
months ended September 30, 1995. The decrease in the volumes of
oil sold resulted primarily from a negative prior period volume
adjustment made by a purchaser on one well during the three
months ended September 30, 1996. The increase in the volumes of
natural gas sold resulted primarily from (i) positive gas
balancing adjustments made by the operator on two wells during
the three months ended September 30, 1996, (ii) positive prior
period volume adjustments made by the purchaser on several wells
-41-
during the three months ended September 30, 1996, and (iii) the
shutting-in of one well during 1995 to perform a workover in
order to increase the recovery of reserves. Average oil and
natural gas prices increased to $24.49 per barrel and $1.88 per
Mcf, respectively, for the three months ended September 30, 1996
from $17.70 per barrel and $1.33 per Mcf, respectively, for the
three months ended September 30, 1995.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $219,585 for the three
months ended September 30, 1996 as compared to the three months
ended September 30, 1995. This decrease resulted primarily from
(i) the decrease in lease operating expenses due to the sale of
several wells during 1996, (ii) workover expenses incurred on two
wells during the three months ended September 30, 1995 in order
to improve the recovery of reserves, and (iii) a decrease in
general repairs and maintenance expenses incurred during the
three months ended September 30, 1996 as compared to the three
months ended September 30, 1995. As a percentage of oil and gas
sales, these expenses decreased to 22.0% for the three months
ended September 30, 1996 from 76.1% for the three months ended
September 30, 1995. This percentage decrease was primarily due
to the dollar decrease in oil and gas production expenses
discussed above and the increases in the average prices of oil
and natural gas sold during the three months ended September 30,
1996 as compared to the three months ended September 30, 1995.
Depreciation, depletion, and amortization of oil and gas
properties decreased $116,091 for the three months ended
September 30, 1996 as compared to the three months ended
September 30, 1995. This decrease resulted primarily from
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 27.1% for the
three months ended September 30, 1996 from 68.1% for the three
months ended September 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
September 30, 1996 as compared to the three months ended
September 30, 1995.
General and administrative expenses decreased $42,219 for the
three months ended September 30, 1996 as compared to the three
months ended September 30, 1995. This decrease resulted
primarily from a decrease in legal fees during the three months
ended September 30, 1996 as compared to the three months ended
September 30, 1995. As a percentage of oil and gas sales, these
expenses decreased to 10.8% for the three months ended September
30, 1996 from 26.4% for the three months ended September 30,
1995. This percentage decrease was primarily due to the
increases in the average prices of oil and natural gas sold
during the three months ended September 30, 1996 as compared to
the three months ended September 30, 1995.
-42-
NINE MONTHS ENDED SEPTEMBER 30, 1996 AS COMPARED TO THE NINE
MONTHS ENDED SEPTEMBER 30, 1995.
Nine months ended September 30,
-------------------------------
1996 1995
---------- ----------
Oil and gas sales $3,038,320 $2,423,417
Oil and gas production expenses $ 899,695 $1,372,209
Barrels produced 57,233 62,628
Mcf produced 962,117 869,831
Average price/Bbl $ 19.80 $ 16.84
Average price/Mcf $ 1.98 $ 1.57
As shown in the table above, total oil and gas sales increased
$614,903 (25.4%) for the nine months ended September 30, 1996 as
compared to the nine months ended September 30, 1995. Of this
increase, $542,010 was related to the increases in the average
prices of oil and natural gas sold and $182,726 was related to
the increase in the volumes of natural gas sold, partially offset
by a $106,821 decrease related to the decrease in the volumes of
oil sold. Volumes of oil sold decreased by 5,395 barrels, while
volumes of natural gas sold increased by 92,286 Mcf for the nine
months ended September 30, 1996 as compared to the nine months
ended September 30, 1995. Average oil and natural gas prices
increased to $19.80 per barrel and $1.98 per Mcf, respectively,
for the nine months ended September 30, 1996 from $16.84 per
barrel and $1.57 per Mcf, respectively, for the nine months ended
September 30, 1995.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $472,514 for the nine
months ended September 30, 1996 as compared to the nine months
ended September 30, 1995. This decrease resulted primarily from
(i) the decrease in operating expenses due to the sale of several
wells during the nine months ended September 30, 1996, (ii)
workover expenses incurred on several wells during the nine
months ended September 30, 1995 in order to improve the recovery
of reserves, and (iii) a decrease in general repairs and
maintenance expenses incurred during the nine months ended
September 30, 1996 as compared to the nine months ended September
30, 1995. As a percentage of oil and gas sales, these expenses
decreased to 29.6% for the nine months ended September 30, 1996
from 56.6% for the nine months ended September 30, 1995. This
percentage decrease was primarily due to the dollar decrease in
oil and gas production expenses discussed above and the increases
in the average prices of oil and natural gas sold during the nine
months ended September 30, 1996 as compared to the nine months
ended September 30,1995.
Depreciation, depletion, and amortization of oil and gas
properties decreased $739,497 for the nine months ended September
30, 1996 as compared to the nine months ended September 30, 1995.
This decrease resulted primarily from 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 25.0% for the nine months ended
September 30, 1996 from 61.9% for the nine months ended September
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
-43-
sold during the nine months ended September 30, 1996 as compared
to the nine months ended September 30, 1995.
General and administrative expenses decreased $83,579 for the
nine months ended September 30, 1996 as compared to the nine
months ended September 30, 1995. This decrease resulted
primarily from a decrease in legal fees during the nine months
ended September 30, 1996 as compared to the nine months ended
September 30, 1995. As a percentage of oil and gas sales, these
expenses decreased to 12.5% for the nine months ended September
30, 1996 from 19.1% for the nine months ended September 30, 1995.
This percentage decrease was primarily due to the increases in
the average prices of oil and natural gas sold during the nine
months ended September 30, 1996 as compared to the nine months
ended September 30, 1995.
The Limited Partners have received cash distributions through
September 30, 1996 totaling $26,833,916 or 74.18% of Limited
Partners' capital contributions.
II-C PARTNERSHIP
THREE MONTHS ENDED SEPTEMBER 30, 1996 AS COMPARED TO THE THREE
MONTHS ENDED SEPTEMBER 30, 1995.
Three months ended September 30,
--------------------------------
1996 1995
-------- --------
Oil and gas sales $431,091 $303,065
Oil and gas production expenses $104,602 $200,234
Barrels produced 3,201 5,401
Mcf produced 193,432 163,367
Average price/Bbl $ 24.53 $ 16.98
Average price/Mcf $ 1.82 $ 1.29
As shown in the table above, total oil and gas sales increased
$128,026 (42.2%) for the three months ended September 30, 1996 as
compared to the three months ended September 30, 1995. Of this
increase, $127,363 was related to the increases in the average
prices of oil and natural gas sold and $54,718 was related to the
increase in the volumes of natural gas sold, partially offset by
a $53,966 decrease related to the decrease in the volumes of oil
sold. Volumes of oil sold decreased by 2,200 barrels, while
volumes of natural gas sold increased by 30,065 Mcf for the three
months ended September 30, 1996 as compared to the three months
ended September 30, 1995. The decrease in the volumes of oil
sold resulted primarily from a negative prior period volume
adjustment made by the purchaser on one well during the three
months ended September 30, 1996. The increase in the volumes of
natural gas sold resulted primarily from (i) positive gas
balancing adjustments made by the operator on two wells during
the three months ended September 30, 1996 and (ii) the shutting-
in of one well during 1995 to perform a workover in order to
improve the recovery of reserves. Average oil and natural gas
prices increased to $24.53 per barrel and $1.82 per Mcf,
respectively, for the three months ended September 30, 1996 from
$16.98 per barrel and $1.29 per Mcf, respectively, for the three
months ended September 30, 1995.
-44-
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $95,632 for the three
months ended September 30, 1996 as compared to the three months
ended September 30, 1995. This decrease resulted primarily from
(i) the decrease in lease operating expenses due to the sale of
several wells during 1996, (ii) workover expenses incurred on one
well during the three months ended September 30, 1995 in order to
improve the recovery of reserves, and (iii) a decrease in general
repairs and maintenance expenses incurred during the three months
ended September 30, 1996 as compared to the three months ended
September 30, 1995. As a percentage of oil and gas sales, these
expenses decreased to 24.3% for the three months ended September
30, 1996 from 66.1% for the three months ended September 30,
1995. This percentage decrease was primarily due to the dollar
decrease in oil and gas production expenses discussed above and
the increases in the average prices of oil and natural gas sold
during the three months ended September 30, 1996 as compared to
the three months ended September 30, 1995.
Depreciation, depletion, and amortization of oil and gas
properties decreased $103,748 for the three months ended
September 30, 1996 as compared to the three months ended
September 30, 1995. This decrease resulted primarily from
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 25.8% for the
three months ended September 30, 1996 from 71.0% for the three
months ended September 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
September 30, 1996 as compared to the three months ended
September 30, 1995.
General and administrative expenses decreased $17,293 for the
three months ended September 30, 1996 as compared to the three
months ended September 30, 1995. This decrease resulted
primarily from a decrease in legal fees during the three months
ended September 30, 1996 as compared to the three months ended
September 30, 1995. As a percentage of oil and gas sales, these
expenses decreased to 11.9% for the three months ended September
30, 1996 from 22.6% for the three months ended September 30,
1995. This percentage decrease was primarily due to the
increases in the average prices of oil and natural gas sold
during the three months ended September 30, 1996 as compared to
the three months ended September 30, 1995.
NINE MONTHS ENDED SEPTEMBER 30, 1996 AS COMPARED TO THE NINE
MONTHS ENDED SEPTEMBER 30, 1995.
Nine months ended September 30,
-------------------------------
1996 1995
--------- ---------
Oil and gas sales $1,327,794 $1,136,648
Oil and gas production expenses $ 399,349 $ 544,532
Barrels produced 19,353 19,580
Mcf produced 504,115 535,691
Average price/Bbl $ 19.97 $ 17.04
Average price/Mcf $ 1.87 $ 1.50
-45-
As shown in the table above, total oil and gas sales increased
$191,146 (16.8%) for the nine months ended September 30, 1996 as
compared to the nine months ended September 30, 1995. Of this
increase, $255,575 was related to the increases in the average
prices of oil and natural gas sold, partially offset by a $59,047
decrease related to the decrease in the volumes of natural gas
sold. Volumes of oil and natural gas sold decreased by 227
barrels and 31,576 Mcf, respectively, for the nine months ended
September 30, 1996 as compared to the nine months ended September
30, 1995. Average oil and natural gas prices increased to $19.97
per barrel and $1.87 per Mcf, respectively, for the nine months
ended September 30, 1996 from $17.04 per barrel and $1.50 per
Mcf, respectively, for the nine months ended September 30, 1995.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $145,183 for the nine
months ended September 30, 1996 as compared to the nine months
ended September 30, 1995. This decrease resulted primarily from
(i) the decrease in lease operating expenses due to the sale of
several wells during the nine months ended September 30, 1996,
(ii) workover expenses incurred on two wells during the nine
months ended September 30, 1995 in order to improve the recovery
of reserves, and (iii) a decrease in general repairs and
maintenance expenses incurred during the nine months ended
September 30, 1996 as compared to the nine months ended September
30, 1995. As a percentage of oil and gas sales, these expenses
decreased to 30.1% for the nine months ended September 30, 1996
from 47.9% for the nine months ended September 30, 1995. This
percentage decrease was primarily due to the increases in the
average prices of oil and natural gas sold during the nine months
ended September 30, 1996 as compared to the nine months ended
September 30, 1995.
Depreciation, depletion, and amortization of oil and gas
properties decreased $392,813 for the nine months ended September
30, 1996 as compared to the nine months ended September 30, 1995.
This decrease resulted primarily from 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 24.4% for the nine months ended
September 30, 1996 from 63.1% for the nine months ended September
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 nine months ended September 30, 1996 as compared
to the nine months ended September 30, 1995.
General and administrative expenses decreased $37,247 for the
nine months ended September 30, 1996 as compared to the nine
months ended September 30, 1995. This decrease resulted
primarily from a decrease in legal fees during the nine months
ended September 30, 1996 as compared to the nine months ended
September 30, 1995. As a percentage of oil and gas sales, these
expenses decreased to 12.3% for the nine months ended September
30, 1996 from 17.7% for the nine months ended September 30, 1995.
This percentage decrease was primarily due to the increases in
the average prices of oil and natural gas sold during the nine
months ended September 30, 1996 as compared to the nine months
ended September 30, 1995.
-46-
The Limited Partners have received cash distributions through
September 30, 1996 totaling $11,605,686 or 75.06% of Limited
Partners' capital contributions.
II-D PARTNERSHIP
THREE MONTHS ENDED SEPTEMBER 30, 1996 AS COMPARED TO THE THREE
MONTHS ENDED SEPTEMBER 30, 1995.
Three months ended September 30,
---------------------------
1996 1995
---------- --------
Oil and gas sales $1,065,296 $968,988
Oil and gas production expenses $ 421,587 $448,828
Barrels produced 17,261 24,903
Mcf produced 431,776 447,407
Average price/Bbl $ 20.61 $ 17.30
Average price/Mcf $ 1.64 $ 1.20
As shown in the table above, total oil and gas sales increased
$96,308 (9.9%) for the three months ended September 30, 1996 as
compared to the three months ended September 30, 1995. Of this
increase, $279,288 was related to the increases in the average
prices of oil and natural gas sold, partially offset by a
$183,137 decrease related to the decreases in the volumes of oil
and natural gas sold. Volumes of oil and natural gas sold
decreased by 7,642 barrels and 15,631 Mcf, respectively, for the
three months ended September 30, 1996 as compared to the three
months ended September 30, 1995. The decrease in the volumes of
oil sold resulted primarily from (i) the sale of three
significant oil producing wells during the three months ended
September 30, 1995, (ii) the shutting-in of one well during 1996
to perform a workover in order to improve the recovery of
reserves, and (iii) the normal declines in production due to
diminished oil reserves on two wells during the three months
ended September 30, 1996 as compared to the three months ended
September 30, 1995. Average oil and natural gas prices increased
to $20.61 per barrel and $1.64 per Mcf, respectively, for the
three months ended September 30, 1996 from $17.30 per barrel and
$1.20 per Mcf, respectively, for the three months ended September
30, 1995.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $27,241 for the three
months ended September 30, 1996 as compared to the three months
ended September 30, 1995. This decrease resulted primarily from
the decreases in the volumes of oil and natural gas sold during
the three months ended September 30, 1996 as compared to the
three months ended September 30, 1995. As a percentage of oil
and gas sales, these expenses decreased to 39.6% for the three
months ended September 30, 1996 from 46.3% for the three months
ended September 30, 1995. This percentage decrease was primarily
due to the increases in the average prices of oil and natural gas
sold during the three months ended September 30, 1996 as compared
to the three months ended September 30, 1995.
Depreciation, depletion, and amortization of oil and gas
properties decreased $354,335 for the three months ended
September 30, 1996 as compared to the three months ended
September 30, 1995. This decrease resulted primarily from
-47-
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 21.5% for the
three months ended September 30, 1996 from 60.2% for the three
months ended September 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
September 30, 1996 as compared to the three months ended
September 30, 1995.
General and administrative expenses decreased $39,946 for the
three months ended September 30, 1996 as compared to the three
months ended September 30, 1995. This decrease resulted
primarily from a decrease in legal fees during the three months
ended September 30, 1996 as compared to the three months ended
September 30, 1995. As a percentage of oil and gas sales, these
expenses decreased to 10.6% for the three months ended September
30, 1996 from 15.8% for the three months ended September 30,
1995. This percentage decrease was primarily due to the
increases in the average prices of oil and natural gas sold
during the three months ended September 30, 1996 as compared to
the three months ended September 30, 1995.
NINE MONTHS ENDED SEPTEMBER 30, 1996 AS COMPARED TO THE NINE
MONTHS ENDED SEPTEMBER 30, 1995.
Nine months ended September 30,
-------------------------------
1996 1995
---------- ----------
Oil and gas sales $3,145,240 $3,022,161
Oil and gas production expenses $1,409,905 $1,432,141
Barrels produced 52,555 70,045
Mcf produced 1,263,831 1,403,160
Average price/Bbl $ 19.28 $ 16.66
Average price/Mcf $ 1.69 $ 1.32
As shown in the table above, total oil and gas sales increased
$123,079 (4.1%) for the nine months ended September 30, 1996 as
compared to the nine months ended September 30, 1995. Of this
increase, $702,687 was related to the increases in the average
prices of oil and natural gas sold, partially offset by a
$572,673 decrease related to the decreases in the volumes of oil
and natural gas sold. Volumes of oil and natural gas sold
decreased by 17,490 barrels and 139,329 Mcf, respectively, for
the nine months ended September 30, 1996 as compared to the nine
months ended September 30, 1995. The decrease in the volumes of
oil sold resulted primarily from (i) the sale of three
significant oil producing wells during the nine months ended
September 30, 1996, (ii) the shutting-in of one well during the
nine months ended September 30, 1996 to perform a workover in
order to improve the recovery of reserves, and (iii) the normal
declines in production due to diminished oil reserves on three
wells during the nine months ended September 30, 1996 as compared
to the nine months ended September 30, 1995. Average oil and
natural gas prices increased to $19.28 per barrel and $1.69 per
Mcf, respectively, for the nine months ended September 30, 1996
from $16.66 per barrel and $1.32 per Mcf, respectively, for the
nine months ended September 30, 1995.
-48-
Oil and gas production expenses (including lease operating
expenses and production taxes) remained relatively constant for
the nine months ended September 30, 1996 as compared to the nine
months ended September 30, 1995. As a percentage of oil and gas
sales, these expenses decreased to 44.8% for the nine months
ended September 30, 1996 from 47.4% for the nine months ended
September 30, 1995. This percentage decrease was primarily due
to the increases in the average prices of oil and natural gas
sold during the nine months ended September 30, 1996 as compared
to the nine months ended September 30, 1995.
Depreciation, depletion, and amortization of oil and gas
properties decreased $1,176,977 for the nine months ended
September 30, 1996 as compared to the nine months ended September
30, 1995. This decrease resulted primarily from 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 19.2% for the nine months
ended September 30, 1996 from 58.9% for the nine months ended
September 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 nine months ended September 30, 1996 as
compared to the nine months ended September 30, 1995.
General and administrative expenses decreased $93,289 for the
nine months ended September 30, 1996 as compared to the nine
months ended September 30, 1995. This decrease resulted
primarily from a decrease in legal fees during the nine months
ended September 30, 1996 as compared to the nine months ended
September 30, 1995. As a percentage of oil and gas sales, these
expenses decreased to 11.1% for the nine months ended September
30, 1996 from 14.6% for the nine months ended September 30, 1995.
This percentage decrease was primarily due to the increases in
the average prices of oil and natural gas sold during the nine
months ended September 30, 1996 as compared to the nine months
ended September 30, 1995.
The Limited Partners have received cash distributions through
September 30, 1996 totaling $22,246,903 or 70.65% of Limited
Partners' capital contributions.
II-E PARTNERSHIP
THREE MONTHS ENDED SEPTEMBER 30, 1996 AS COMPARED TO THE THREE
MONTHS ENDED SEPTEMBER 30, 1995.
Three months ended September 30,
--------------------------------
1996 1995
-------- --------
Oil and gas sales $748,193 $532,162
Oil and gas production expenses $248,256 $257,517
Barrels produced 14,360 15,812
Mcf produced 258,832 208,793
Average price/Bbl $ 20.74 $ 17.13
Average price/Mcf $ 1.74 $ 1.25
As shown in the table above, total oil and gas sales increased
$216,031 (40.6%) for the three months ended September 30, 1996 as
compared to the three months ended September 30, 1995. Of this
-49-
increase, $159,390 was related to the increases in the average
prices of oil and natural gas sold and $87,068 was related to the
increase in the volumes of natural gas sold, partially offset by
a $30,114 decrease related to the decrease in the volumes of oil
sold. Volumes of oil sold decreased by 1,452 barrels and volumes
of natural gas sold increased by 50,039 Mcf for the three months
ended September 30, 1996 as compared to the three months ended
September 30, 1995. The increase in the volumes of natural gas
sold resulted primarily from (i) a positive prior period
adjustment during the three months ended September 30, 1996, (ii)
a positive gas balancing adjustment made by the operator on one
well during the three months ended September 30, 1996, and (iii)
an increase in production on one well due to a decrease in
pipeline pressure during the three months ended September 30,
1996. Average oil and natural gas prices increased to $20.74 per
barrel and $1.74 per Mcf, respectively, for the three months
ended September 30, 1996 from $17.13 per barrel and $1.25 per
Mcf, respectively, for the three months ended September 30, 1995.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $9,261 for the three
months ended September 30, 1996 as compared to the three months
ended September 30, 1995. This decrease resulted primarily from
workover expenses incurred on one well during the three months
ended September 30, 1995 in order to improve the recovery of
reserves. As a percentage of oil and gas sales, these expenses
decreased to 33.2% for the three months ended September 30, 1996
from 48.4% for the three months ended September 30, 1995. This
percentage decrease was primarily due to the increases in the
average prices of oil and natural gas sold during the three
months ended September 30, 1996 as compared to the three months
ended September 30, 1995.
Depreciation, depletion, and amortization of oil and gas
properties decreased $226,654 for the three months ended
September 30, 1996 as compared to the three months ended
September 30, 1995. This decrease resulted primarily from
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 34.0% for the
three months ended September 30, 1996 from 90.4% for the three
months ended September 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
September 30, 1996 as compared to the three months ended
September 30, 1995.
General and administrative expenses decreased $93,009 for the
three months ended September 30, 1996 as compared to the three
months ended September 30, 1995. This decrease resulted
primarily from a decrease in legal fees during the three months
ended September 30, 1996 as compared to the three months ended
September 30, 1995. As a percentage of oil and gas sales, these
expenses decreased to 13.5% for the three months ended September
30, 1996 from 36.5% for the three months ended September 30,
1995. This percentage decrease was primarily due to the dollar
decrease in legal fees discussed above and the increases in the
average prices of oil and natural gas sold during the three
months ended September 30, 1996 as compared to the three months
ended September 30, 1995.
-50-
NINE MONTHS ENDED SEPTEMBER 30, 1996 AS COMPARED TO THE NINE
MONTHS ENDED SEPTEMBER 30, 1995.
Nine months ended September 30,
-------------------------------
1996 1995
---------- ----------
Oil and gas sales $2,121,611 $1,654,096
Oil and gas production expenses $ 782,953 $ 839,641
Barrels produced 43,642 46,703
Mcf produced 725,498 646,898
Average price/Bbl $ 19.67 $ 17.05
Average price/Mcf $ 1.74 $ 1.33
As shown in the table above, total oil and gas sales increased
$467,515 (28.3%) for the nine months ended September 30, 1996 as
compared to the nine months ended September 30, 1995. Of this
increase, $387,590 was related to the increases in the average
prices of oil and natural gas sold and $136,764 was related to
the increase in the volumes of natural gas sold, partially offset
by a $60,210 decrease related to the decrease in the volumes of
oil sold. Volumes of oil sold decreased by 3,061 barrels, while
volumes of natural gas sold increased by 78,600 Mcf for the nine
months ended September 30, 1996 as compared to the nine months
ended September 30, 1995. Average oil and natural gas prices
increased to $19.67 per barrel and $1.74 per Mcf, respectively,
for the nine months ended September 30, 1996 from $17.05 per
barrel and $1.33 per Mcf, respectively, for the nine months ended
September 30, 1995.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $56,688 for the nine
months ended September 30, 1996 as compared to the nine months
ended September 30, 1995. This decrease resulted primarily from
(i) workover expenses incurred on one well during the nine months
ended September 30, 1995 in order to improve the recovery of
reserves and (ii) a decrease in general repairs and maintenance
expenses and compression expenses incurred on another well during
the nine months ended September 30, 1996. As a percentage of oil
and gas sales, these expenses decreased to 36.9% for the nine
months ended September 30, 1996 from 50.8% for the nine months
ended September 30, 1995. This percentage decrease was primarily
due to the increases in the average prices of oil and natural gas
sold during the nine months ended September 30, 1996 as compared
to the nine months ended September 30, 1995.
Depreciation, depletion, and amortization of oil and gas
properties decreased $740,585 for the nine months ended September
30, 1996 as compared to the nine months ended September 30, 1995.
This decrease resulted primarily from 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 34.3% for the nine months ended
September 30, 1996 from 88.8% for the nine months ended September
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 nine months ended September 30, 1996 as compared
to the nine months ended September 30, 1995.
-51-
General and administrative expenses decreased $196,147 for the
nine months ended September 30, 1996 as compared to the nine
months ended September 30, 1995. This decrease resulted
primarily from a decrease in legal fees during the nine months
ended September 30, 1996 as compared to the nine months ended
September 30, 1995. As a percentage of oil and gas sales, these
expenses decreased to 15.2% for the nine months ended September
30, 1996 from 31.4% for the nine months ended September 30, 1995.
This percentage decrease was primarily due to the increases in
the average prices of oil and natural gas sold during the nine
months ended September 30, 1996 as compared to the nine months
ended September 30, 1995.
The Limited Partners have received cash distributions through
September 30, 1996 totaling $13,106,574 or 57.28% of Limited
Partners' capital contributions.
II-F PARTNERSHIP
THREE MONTHS ENDED SEPTEMBER 30, 1996 AS COMPARED TO THE THREE
MONTHS ENDED SEPTEMBER 30, 1995.
Three months ended September 30,
--------------------------------
1996 1995
-------- --------
Oil and gas sales $563,030 $520,413
Oil and gas production expenses $124,717 $165,886
Barrels produced 10,504 12,930
Mcf produced 191,942 207,520
Average price/Bbl $ 20.89 $ 17.70
Average price/Mcf $ 1.79 $ 1.41
As shown in the table above, total oil and gas sales increased
$42,617 (8.2%) for the three months ended September 30, 1996 as
compared to the three months ended September 30, 1995. Of this
increase, $120,105 was related to the increases in the average
prices of oil and natural gas sold, partially offset by a $78,564
decrease related to the decreases in the volumes of oil and
natural gas sold. Volumes of oil and natural gas sold decreased
by 2,426 barrels and 15,578 Mcf, respectively, for the three
months ended September 30, 1996 as compared to the three months
ended September 30, 1995. The decrease in the volumes of oil
sold resulted primarily from the normal declines in production
due to diminished oil reserves on several wells during the three
months ended September 30, 1996 as compared to the three months
ended September 30, 1995. Average oil and natural gas prices
increased to $20.89 per barrel and $1.79 per Mcf, respectively,
for the three months ended September 30, 1996 from $17.70 per
barrel and $1.41 per Mcf, respectively, for the three months
ended September 30, 1995.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $41,169 for the three
months ended September 30, 1996 as compared to the three months
ended September 30, 1995. This decrease resulted primarily from
(i) a decrease in general repairs and maintenance expenses
incurred during the three months ended September 30, 1996 as
compared to the three months ended September 30, 1995 and (ii)
the decreases in the volumes of oil and natural gas sold during
the three months ended September 30, 1996 as compared to the
-52-
three months ended September 30, 1995. As a percentage of oil
and gas sales, these expenses decreased to 22.2% for the three
months ended September 30, 1996 from 31.9% for the three months
ended September 30, 1995. This percentage decrease was primarily
due to the increases in the average prices of oil and natural gas
sold during the three months ended September 30, 1996 as compared
to the three months ended September 30, 1995.
Depreciation, depletion, and amortization of oil and gas
properties decreased $154,274 for the three months ended
September 30, 1996 as compared to the three months ended
September 30, 1995. This decrease resulted primarily from
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 25.5% for the
three months ended September 30, 1996 from 57.2% for the three
months ended September 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
September 30, 1996 as compared to the three months ended
September 30, 1995.
General and administrative expenses increased $2,035 for the
three months ended September 30, 1996 as compared to the three
months ended September 30, 1995. This increase resulted
primarily from an increase in both legal fees and printing and
postage expenses during the three months ended September 30, 1996
as compared to the three months ended September 30, 1995. As a
percentage of oil and gas sales, these expenses remained
relatively constant at 8.8% for the three months ended September
30, 1996 as compared to 9.2% for the three months ended September
30, 1995.
NINE MONTHS ENDED SEPTEMBER 30, 1996 AS COMPARED TO THE NINE
MONTHS ENDED SEPTEMBER 30, 1995.
Nine months ended September 30,
-------------------------------
1996 1995
---------- ----------
Oil and gas sales $1,794,471 $1,450,887
Oil and gas production expenses $ 428,421 $ 497,135
Barrels produced 36,741 41,077
Mcf produced 604,664 574,084
Average price/Bbl $ 19.14 $ 16.76
Average price/Mcf $ 1.80 $ 1.33
As shown in the table above, total oil and gas sales increased
$343,584 (23.7%) for the nine months ended September 30, 1996 as
compared to the nine months ended September 30, 1995. Of this
increase, $367,582 was related to the increases in the average
prices of oil and natural gas sold and $55,044 was related to the
increase in the volumes of natural gas sold, partially offset by
a $82,991 decrease related to the decreases in the volumes of oil
sold. Volumes of oil sold decreased by 4,336 barrels, while
volumes of natural gas sold increased by 30,580 Mcf for the nine
months ended September 30, 1996 as compared to the nine months
ended September 30, 1995. Average oil and natural gas prices
increased to $19.14 per barrel and $1.80 per Mcf, respectively,
for the nine months ended September 30, 1996 from $16.76 per
-53-
barrel and $1.33 per Mcf, respectively, for the nine months ended
September 30, 1995.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $68,714 for the nine
months ended September 30, 1996 as compared to the nine months
ended September 30, 1995. This decrease resulted primarily from
(i) the decrease in lease operating expenses due to the sale of
several wells during the nine months ended September 30, 1996 and
(ii) a decrease in general repairs and maintenance expenses
incurred during the nine months ended September 30, 1996 as
compared to the nine months ended September 30, 1995, partially
offset by the increases in severance taxes associated with the
increases in the average prices of oil and natural gas sold
during the nine months ended September 30, 1996 as compared to
the nine months ended September 30, 1995. As a percentage of oil
and gas sales, these expenses decreased to 23.9% for the nine
months ended September 30, 1996 from 34.3% for the nine months
ended September 30, 1995. This percentage decrease was primarily
due to the increases in the average prices of oil and natural gas
sold during the nine months ended September 30, 1996 as compared
to the nine months ended September 30, 1995.
Depreciation, depletion, and amortization of oil and gas
properties decreased $392,662 for the nine months ended September
30, 1996 as compared to the nine months ended September 30, 1995.
This decrease resulted primarily from 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 25.9% for the nine months ended
September 30, 1996 from 59.1% for the nine months ended September
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 nine months ended September 30, 1996 as compared
to the nine months ended September 30, 1995.
General and administrative expenses remained relatively constant
for the nine months ended September 30, 1996 as compared to the
nine months ended September 30, 1995. As a percentage of oil and
gas sales, these expenses decreased to 8.7% for the nine months
ended September 30, 1996 from 10.7% for the nine months ended
September 30, 1995. This percentage decrease was primarily due
to the increases in the average prices of oil and natural gas
sold during the nine months ended September 30, 1996 as compared
to the nine months ended September 30, 1995.
The Limited Partners have received cash distributions through
September 30, 1996 totaling $12,553,051 or 73.24% of Limited
Partners' capital contributions.
-54-
II-G PARTNERSHIP
THREE MONTHS ENDED SEPTEMBER 30, 1996 AS COMPARED TO THE THREE
MONTHS ENDED SEPTEMBER 30, 1995.
Three months ended September 30,
--------------------------------
1996 1995
---------- ----------
Oil and gas sales $1,190,247 $1,075,315
Oil and gas production expenses $ 269,949 $ 355,982
Barrels produced 22,039 27,476
Mcf produced 410,340 421,179
Average price/Bbl $ 20.90 $ 17.71
Average price/Mcf $ 1.78 $ 1.40
As shown in the table above, total oil and gas sales increased
$114,932 (10.7%) for the three months ended September 30, 1996 as
compared to the three months ended September 30, 1995. Of this
increase, $247,696 was related to the increases in the average
prices of oil and natural gas sold partially offset by a $132,926
decrease related to the decreases in the volumes of oil and
natural gas sold. Volumes of oil and natural gas sold decreased
by 5,437 barrels and 10,839 Mcf, respectively, for the three
months ended September 30, 1996 as compared to the three months
ended September 30, 1995. The decrease in the volumes of oil
sold resulted primarily from (i) the normal declines in
production due to diminished oil reserves on several wells during
the three months ended September 30, 1996 as compared to the
three months ended September 30, 1995 and (ii) the sale of
several wells during 1996 and the later part of 1995. Average
oil and natural gas prices increased to $20.90 per barrel and
$1.78 per Mcf, respectively, for the three months ended September
30, 1996 from $17.71 per barrel and $1.40 per Mcf, respectively,
for the three months ended September 30, 1995.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $86,033 for the three
months ended September 30, 1996 as compared to the three months
ended September 30, 1995. This decrease resulted primarily from
(i) a decrease in general repairs and maintenance expenses
incurred during the three months ended September 30, 1996 as
compared to the three months ended September 30, 1995 and (ii)
the decreases in the volumes of oil and natural gas sold during
the three months ended September 30, 1996 as compared to the
three months ended September 30, 1995. As a percentage of oil
and gas sales, these expenses decreased to 22.7% for the three
months ended September 30, 1996 from 33.1% for the three months
ended September 30, 1995. This percentage decrease was primarily
due to the increases in the average prices of oil and natural gas
sold during the three months ended September 30, 1996 as compared
to the three months ended September 30, 1995.
Depreciation, depletion, and amortization of oil and gas
properties decreased $275,361 for the three months ended
September 30, 1996 as compared to the three months ended
September 30, 1995. This decrease resulted primarily from
significant upward revisions in the estimates of remaining oil
and natural gas reserves at December 31, 1995 and a decrease in
capitalized costs due to an impairment provision recognized in
the fourth quarter of 1995. As a percentage of oil and gas
-55-
sales, this expense decreased to 27.6% for the three months ended
September 30, 1996 from 56.1% for the three months ended
September 30, 1995. This percentage decrease was primarily due
to the upward revisions of previous reserve estimates and the
impairment provision discussed above and the increases in the
average prices of oil and natural gas sold during the three
months ended September 30, 1996 as compared to the three months
ended September 30, 1995.
General and administrative expenses increased $2,569 for the
three months ended September 30, 1996 as compared to the three
months ended September 30, 1995. This increase resulted
primarily from an increase in legal fees during the three months
ended September 30, 1996 as compared to the three months ended
September 30, 1995. As a percentage of oil and gas sales, these
expenses remained relatively constant at 9.1% for the three
months ended September 30, 1996 as compared to 9.8% for the three
months ended September 30, 1995.
NINE MONTHS ENDED SEPTEMBER 30, 1996 AS COMPARED TO THE NINE
MONTHS ENDED SEPTEMBER 30, 1995.
Nine months ended September 30,
-------------------------------
1996 1995
---------- ----------
Oil and gas sales $3,807,146 $3,107,583
Oil and gas production expenses $ 930,655 $1,096,603
Barrels produced 77,229 86,684
Mcf produced 1,295,413 1,235,139
Average price/Bbl $ 19.15 $ 16.77
Average price/Mcf $ 1.80 $ 1.34
As shown in the table above, total oil and gas sales increased
$699,563 (22.5%) for the nine months ended September 30, 1996 as
compared to the nine months ended September 30, 1995. Of this
increase, $774,472 was related to the increases in the average
prices of oil and natural gas sold and $108,493 was related to
the increase in the volumes of natural gas sold, partially offset
by a $181,063 decrease related to the decrease in the volumes of
oil sold. Volumes of oil sold decreased by 9,455 barrels and
volumes of natural gas sold increased 60,274 Mcf for the nine
months ended September 30, 1996 as compared to the nine months
ended September 30, 1995. Average oil and natural gas prices
increased to $19.15 per barrel and $1.80 per Mcf, respectively,
for the nine months ended September 30, 1996 from $16.77 per
barrel and $1.34 per Mcf, respectively, for the nine months ended
September 30, 1995.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $165,948 for the nine
months ended September 30, 1996 as compared to the nine months
ended September 30, 1995. This decrease resulted primarily from
(i) the decrease in lease operating expenses due to the sale of
several wells during the nine months ended September 30, 1996 and
(ii) a decrease in general repairs and maintenance expenses
incurred during the nine months ended September 30, 1996 as
compared to the nine months ended September 30, 1995, partially
offset by the increase in severance taxes associated with the
increases in the average prices of oil and natural gas sold
during the nine months ended September 30, 1996 as compared to
-56-
the nine months ended September 30, 1995. As a percentage of oil
and gas sales, these expenses decreased to 24.4% for the nine
months ended September 30, 1996 from 35.3% for the nine months
ended September 30, 1995. This percentage decrease was primarily
due to the increases in the average prices of oil and natural gas
sold during the nine months ended September 30, 1996 as compared
to the nine months ended September 30, 1995.
Depreciation, depletion, and amortization of oil and gas
properties decreased $743,837 for the nine months ended September
30, 1996 as compared to the nine months ended September 30, 1995.
This decrease resulted primarily from significant upward
revisions in the estimates of remaining oil and natural gas
reserves at December 31, 1995 and a decrease in capitalized costs
due to an impairment provision recognized in the fourth quarter
of 1995. As a percentage of oil and gas sales, this expense
decreased to 28.0% for the nine months ended September 30, 1996
from 58.2% for the nine months ended September 30, 1995. This
percentage decrease was primarily due to the upward revisions of
previous reserve estimates and impairment provision discussed
above and the increases in the average prices of oil and natural
gas sold during the nine months ended September 30, 1996 as
compared to the nine months ended September 30, 1995.
General and administrative expenses remained relatively constant
for the nine months ended September 30, 1996 as compared to the
nine months ended September 30, 1995. As a percentage of oil and
gas sales, these expenses decreased to 8.9% for the nine months
ended September 30, 1996 from 10.9% for the nine months ended
September 30, 1995. This percentage decrease was primarily due
to the increases in the average prices of oil and natural gas
sold during the nine months ended September 30, 1996 as compared
to the nine months ended September 30, 1995.
The Limited Partners have received cash distributions through
September 30, 1996 totaling $25,604,371 or 68.79% of Limited
Partners' capital contributions.
II-H PARTNERSHIP
THREE MONTHS ENDED SEPTEMBER 30, 1996 AS COMPARED TO THE THREE
MONTHS ENDED SEPTEMBER 30, 1995.
Three months ended September 30,
--------------------------------
1996 1995
-------- --------
Oil and gas sales $282,932 $255,156
Oil and gas production expenses $ 66,715 $ 89,202
Barrels produced 5,122 6,392
Mcf produced 100,841 101,981
Average price/Bbl $ 20.87 $ 17.69
Average price/Mcf $ 1.75 $ 1.39
As shown in the table above, total oil and gas sales increased
$27,776 (10.9%) for the three months ended September 30, 1996 as
compared to the three months ended September 30, 1995. Of this
increase, $57,040 was related to the increases in the average
prices of oil and natural gas sold, partially offset by a $26,505
decrease related to the decrease in the volumes of oil sold.
Volumes of oil and natural gas sold decreased by 1,270 barrels
-57-
and 1,140 Mcf, respectively, for the three months ended September
30, 1996 as compared to the three months ended September 30,
1995. The decrease in the volumes of oil sold resulted primarily
from the normal declines in production due to diminished oil
reserves on several wells during the three months ended September
30, 1996 as compared to the three months ended September 30,
1995. Average oil and natural gas prices increased to $20.87 per
barrel and $1.75 per Mcf, respectively, for the three months
ended September 30, 1996 from $17.69 per barrel and $1.39 per
Mcf, respectively, for the three months ended September 30, 1995.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $22,487 for the three
months ended September 30, 1996 as compared to the three months
ended September 30, 1995. This decrease resulted primarily from
(i) a decrease in general repairs and maintenance expenses
incurred during the three months ended September 30, 1996 as
compared to the three months ended September 30, 1995 and (ii)
the decreases in the volumes of oil and natural gas sold during
the three months ended September 30, 1996 as compared to the
three months ended September 30, 1995. As a percentage of oil
and gas sales, these expenses decreased to 23.6% for the three
months ended September 30, 1996 from 35.0% for the three months
ended September 30, 1995. This percentage decrease was primarily
due to the increases in the average prices of oil and natural gas
sold during the three months ended September 30, 1996 as compared
to the three months ended September 30, 1995.
Depreciation, depletion, and amortization of oil and gas
properties decreased $72,514 for the three months ended September
30, 1996 as compared to the three months ended September 30,
1995. This decrease resulted primarily from 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 28.6% for the three months ended
September 30, 1996 from 60.1% for the three months ended
September 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 September 30, 1996 as
compared to the three months ended September 30, 1995.
General and administrative expenses increased $1,469 for the
three months ended September 30, 1996 as compared to the three
months ended September 30, 1995. This increase resulted
primarily from an increase in both legal fees and printing and
postage expenses during the three months ended September 30, 1996
as compared to the three months ended September 30, 1995. As a
percentage of oil and gas sales, these expenses remained
relatively constant at 9.4% for the three months ended September
30, 1996 as compared to 9.8% for the three months ended September
30, 1995.
-58-
NINE MONTHS ENDED SEPTEMBER 30, 1996 AS COMPARED TO THE NINE
MONTHS ENDED SEPTEMBER 30, 1995.
Nine months ended September 30,
-------------------------------
1996 1995
-------- --------
Oil and gas sales $909,731 $744,368
Oil and gas production expenses $230,938 $269,899
Barrels produced 17,978 20,185
Mcf produced 319,009 301,855
Average price/Bbl $ 19.16 $ 16.77
Average price/Mcf $ 1.77 $ 1.34
As shown in the table above, total oil and gas sales increased
$165,363 (22.2%) for the nine months ended September 30, 1996 as
compared to the nine months ended September 30, 1995. Of this
increase, $178,040 was related to the increases in the average
prices of oil and natural gas sold and $30,363 was related to the
increase in the volumes of natural gas sold, partially offset by
a $42,286 decrease related to the decrease in the volumes of oil
sold. Volumes of oil sold decreased by 2,207 barrels, while
volumes of natural gas sold increased by 17,154 Mcf for the nine
months ended September 30, 1996 as compared to the nine months
ended September 30, 1995. Average oil and natural gas prices
increased to $19.16 per barrel and $1.77 per Mcf, respectively,
for the nine months ended September 30, 1996 from $16.77 per
barrel and $1.34 per Mcf, respectively, for the nine months ended
September 30, 1995.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $38,961 for the nine
months ended September 30, 1996 as compared to the nine months
ended September 30, 1995. This decrease resulted primarily from
(i) the decrease in lease operating expenses due to the sale of
several wells during the nine months ended September 30, 1996 and
(ii) a decrease in general repairs and maintenance expenses
incurred during the nine months ended September 30, 1996 as
compared to the nine months ended September 30, 1995, partially
offset by the increase in severance taxes associated with the
increases in the average prices of oil and natural gas sold
during the nine months ended September 30, 1996 as compared to
the nine months ended September 30, 1995. As a percentage of oil
and gas sales, these expenses decreased to 25.4% for the nine
months ended September 30, 1996 from 36.3% for the nine months
ended September 30, 1995. This percentage decrease was primarily
due to the increases in the average prices of oil and natural gas
sold during the nine months ended September 30, 1996 as compared
to the nine months ended September 30, 1995.
Depreciation, depletion, and amortization of oil and gas
properties decreased $199,912 for the nine months ended September
30, 1996 as compared to the nine months ended September 30, 1995.
This decrease resulted primarily from 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 28.9% for the nine months ended
September 30, 1996 from 62.1% for the nine months ended September
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
-59-
sold during the nine months ended September 30, 1996 as compared
to the nine months ended September 30, 1995.
General and administrative expenses remained relatively constant
for the nine months ended September 30, 1996 as compared to the
nine months ended September 30, 1995. As a percentage of oil and
gas sales, these expenses decreased to 9.2% for the nine months
ended September 30, 1996 from 11.1% for the nine months ended
September 30, 1995. This percentage decrease was primarily due
to the increases in the average prices of oil and natural gas
sold during the nine months ended September 30, 1996 as compared
to the nine months ended September 30, 1995.
The Limited Partners have received cash distributions through
September 30, 1996 totaling $5,919,364 or 64.54% of Limited
Partners' capital contributions.
-60-
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 September 30, 1996 and for
the nine months ended September 30, 1996, filed
herewith.
27.2 Financial Data Schedule containing summary financial
information extracted from the II-B Partnership's
financial statements as of September 30, 1996 and for
the nine months ended September 30, 1996, filed
herewith.
27.3 Financial Data Schedule containing summary financial
information extracted from the II-C Partnership's
financial statements as of September 30, 1996 and for
the nine months ended September 30, 1996, filed
herewith.
27.4 Financial Data Schedule containing summary financial
information extracted from the II-D Partnership's
financial statements as of September 30, 1996 and for
the nine months ended September 30, 1996, filed
herewith.
27.5 Financial Data Schedule containing summary financial
information extracted from the II-E Partnership's
financial statements as of September 30, 1996 and for
the nine months ended September 30, 1996, filed
herewith.
27.6 Financial Data Schedule containing summary financial
information extracted from the II-F Partnership's
financial statements as of September 30, 1996 and for
the nine months ended September 30, 1996, filed
herewith.
27.7 Financial Data Schedule containing summary financial
information extracted from the II-G Partnership's
financial statements as of September 30, 1996 and for
the nine months ended September 30, 1996, filed
herewith.
27.8 Financial Data Schedule containing summary financial
information extracted from the II-H Partnership's
financial statements as of September 30, 1996 and for
the nine months ended September 30, 1996, filed
herewith.
All other exhibits are omitted as inapplicable.
-61-
(b) Reports on Form 8-K:
Current Reports on Form 8-K filed during third quarter of
1996:
Date of event: July 1, 1996
Date filed with SEC: July 8, 1996
Item Included:
Item 5 - Other Events
Date of event: July 17, 1996
Date filed with SEC: July 31, 1996
Item Included:
Item 5 - Other Events
-62-
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: November 14, 1996 By: /s/Dennis R. Neill
------------------------------
(Signature)
Dennis R. Neill
President
Date: November 14, 1996 By: /s/Patrick M. Hall
-------------------------------
(Signature)
Patrick M. Hall
Principal Accounting Officer
-63-
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 September 30,
1996 and for the nine months ended September 30, 1996, filed
herewith.
27.2 Financial Data Schedule containing summary financial
information extracted from the Geodyne Energy Income Limited
Partnership II-B's financial statements as of September 30,
1996 and for the nine months ended September 30, 1996, filed
herewith.
27.3 Financial Data Schedule containing summary financial
information extracted from the Geodyne Energy Income Limited
Partnership II-C's financial statements as of September 30,
1996 and for the nine months ended September 30, 1996, filed
herewith.
27.4 Financial Data Schedule containing summary financial
information extracted from the Geodyne Energy Income Limited
Partnership II-D's financial statements as of September 30,
1996 and for the nine months ended September 30, 1996, filed
herewith.
27.5 Financial Data Schedule containing summary financial
information extracted from the Geodyne Energy Income Limited
Partnership II-E's financial statements as of September 30,
1996 and for the nine months ended September 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 September 30,
1996 and for the nine months ended September 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 September 30,
1996 and for the nine months ended September 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 September 30,
1996 and for the nine months ended September 30, 1996, filed
herewith.
All other exhibits are omitted as inapplicable.