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 March 31, 2000
Commission File Number:
III-A: 0-18302 III-B: 0-18636 III-C: 0-18634
III-D: 0-18936 III-E: 0-19010 III-F: 0-19102
III-G: 0-19563
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-A
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-B
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-C
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-D
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-E
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-F
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-G
---------------------------------------------------------
(Exact name of Registrant as specified in its Articles)
III-A 73-1352993 III-B 73-1358666
III-C 73-1356542 III-D 73-1357374
III-E 73-1367188 III-F 73-1377737
Oklahoma III-G 73-1377828
- ---------------------------- -------------------------------
(State or other jurisdiction (I.R.S. Employer Identification
of incorporation or Number)
organization)
Two West Second Street, Tulsa, Oklahoma 74103
------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:(918) 583-1791
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No
------ ------
-1-
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-A
BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
2000 1999
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 394,936 $ 379,613
Accounts receivable:
Oil and gas sales 409,074 325,691
---------- ----------
Total current assets $ 804,010 $ 705,304
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 1,677,564 1,808,851
DEFERRED CHARGE 279,651 279,651
---------- ----------
$2,761,225 $2,793,806
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 49,822 $ 49,195
Gas imbalance payable 31,659 31,659
---------- ----------
Total current liabilities $ 81,481 $ 80,854
ACCRUED LIABILITY $ 50,052 $ 50,052
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 193,554) ($ 194,823)
Limited Partners, issued and
outstanding, 263,976 units 2,823,246 2,857,723
---------- ----------
Total Partners' capital $2,629,692 $2,662,900
---------- ----------
$2,761,225 $2,793,806
========== ==========
The accompanying condensed notes are an integral part of
these financial statements.
-2-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-A
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
(Unaudited)
2000 1999
--------- ---------
REVENUES:
Oil and gas sales $655,246 $420,696
Interest income 4,610 1,985
-------- --------
$659,856 $422,681
COSTS AND EXPENSES:
Lease operating $158,571 $123,238
Production tax 60,577 28,260
Depreciation, depletion, and
amortization of oil and gas
properties 97,698 120,922
General and administrative
(Note 2) 94,378 93,056
-------- --------
$411,224 $365,476
-------- --------
NET INCOME $248,632 $ 57,205
======== ========
GENERAL PARTNER - NET INCOME $ 16,109 $ 7,598
======== ========
LIMITED PARTNERS - NET INCOME $232,523 $ 49,607
======== ========
NET INCOME per unit $ .88 $ .19
======== ========
UNITS OUTSTANDING 263,976 263,976
======== ========
The accompanying condensed notes are an integral part of
these financial statements.
-3-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-A
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
(Unaudited)
2000 1999
--------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $248,632 $ 57,205
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 97,698 120,922
(Increase) decrease in accounts
receivable - oil and gas sales ( 83,383) 34,282
Increase (decrease) in accounts
payable 627 ( 20,378)
-------- --------
Net cash provided by operating
activities $263,574 $192,031
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 5,311) ($ 8,892)
Proceeds from sale of oil and
gas properties 38,900 6,114
-------- --------
Net cash provided (used) by investing
activities $ 33,589 ($ 2,778)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($281,840) ($192,475)
-------- --------
Net cash used by financing activities ($281,840) ($192,475)
-------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS $ 15,323 ($ 3,222)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 379,613 212,695
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $394,936 $209,473
======== ========
The accompanying condensed notes are an integral part of
these financial statements.
-4-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-B
BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
2000 1999
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 234,280 $ 227,298
Accounts receivable:
Oil and gas sales 279,988 214,859
---------- ----------
Total current assets $ 514,268 $ 442,157
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 942,787 1,018,525
DEFERRED CHARGE 229,634 229,634
---------- ----------
$1,686,689 $1,690,316
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 30,203 $ 32,585
Gas imbalance payable 16,517 16,517
---------- ----------
Total current liabilities $ 46,720 $ 49,102
ACCRUED LIABILITY $ 33,458 $ 33,458
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 72,954) ($ 79,362)
Limited Partners, issued and
outstanding, 138,336 units 1,679,465 1,687,118
---------- ----------
Total Partners' capital $1,606,511 $1,607,756
---------- ----------
$1,686,689 $1,690,316
========== ==========
The accompanying condensed notes are an integral part of
these financial statements.
-5-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-B
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
(Unaudited)
2000 1999
--------- ---------
REVENUES:
Oil and gas sales $452,972 $222,201
Interest income 2,543 988
-------- --------
$455,515 $223,189
COSTS AND EXPENSES:
Lease operating $ 94,775 $ 84,953
Production tax 40,513 14,324
Depreciation, depletion, and
amortization of oil and gas
properties 56,742 60,699
General and administrative
(Note 2) 49,474 48,819
-------- --------
$241,504 $208,795
-------- --------
NET INCOME $214,011 $ 14,394
======== ========
GENERAL PARTNER - NET INCOME $ 39,664 $ 10,509
======== ========
LIMITED PARTNERS - NET INCOME $174,347 $ 3,885
======== ========
NET INCOME per unit $ 1.26 $ .03
======== ========
UNITS OUTSTANDING 138,336 138,336
======== ========
The accompanying condensed notes are an integral part of
these financial statements.
-6-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-B
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
(Unaudited)
2000 1999
---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $214,011 $ 14,394
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 56,742 60,699
(Increase) decrease in accounts
receivable - oil and gas sales ( 65,129) 21,466
Increase (decrease) in accounts
payable ( 2,382) 4,519
-------- --------
Net cash provided by operating
activities $203,242 $101,078
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 2,153) ($ 2,337)
Proceeds from sale of oil and
gas properties 21,149 -
-------- --------
Net cash provided (used) by investing
activities $ 18,996 ($ 2,337)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($215,256) ($115,990)
-------- --------
Net cash used by financing activities ($215,256) ($115,990)
-------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS $ 6,982 ($ 17,249)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 227,298 117,355
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $234,280 $100,106
======== ========
The accompanying condensed notes are an integral part of
these financial statements.
-7-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-C
BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
2000 1999
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 465,422 $ 482,914
Accounts receivable:
Oil and gas sales 447,704 444,436
---------- ----------
Total current assets $ 913,126 $ 927,350
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 2,221,868 2,323,346
DEFERRED CHARGE 197,269 197,269
---------- ----------
$3,332,263 $3,447,965
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 42,716 $ 50,407
Gas imbalance payable 44,727 44,727
---------- ----------
Total current liabilities $ 87,443 $ 95,134
ACCRUED LIABILITY $ 156,396 $ 156,396
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 169,342) ($ 168,448)
Limited Partners, issued and
outstanding, 244,536 units 3,257,766 3,364,883
---------- ----------
Total Partners' capital $3,088,424 $3,196,435
---------- ----------
$3,332,263 $3,447,965
========== ==========
The accompanying condensed notes are an integral part of
these financial statements.
-8-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-C
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
(Unaudited)
2000 1999
-------- --------
REVENUES:
Oil and gas sales $722,449 $469,764
Interest income 5,629 2,875
-------- --------
$728,078 $472,639
COSTS AND EXPENSES:
Lease operating $152,454 $126,394
Production tax 48,329 33,147
Depreciation, depletion, and
amortization of oil and gas
properties 101,301 129,619
General and administrative
(Note 2) 87,411 86,220
-------- --------
$389,495 $375,380
-------- --------
NET INCOME $338,583 $ 97,259
======== ========
GENERAL PARTNER - NET INCOME $ 20,700 $ 9,904
======== ========
LIMITED PARTNERS - NET INCOME $317,883 $ 87,355
======== ========
NET INCOME per unit $ 1.30 $ .36
======== ========
UNITS OUTSTANDING 244,536 244,536
======== ========
The accompanying condensed notes are an integral part of
these financial statements.
-9-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-C
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
(Unaudited)
2000 1999
--------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $338,583 $ 97,259
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 101,301 129,619
(Increase) decrease in accounts
receivable - oil and gas sales ( 3,268) 60,862
Increase (decrease) in accounts
payable ( 7,691) 217
-------- --------
Net cash provided by operating
activities $428,925 $287,957
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 469) ($ 24,687)
Proceeds from sale of oil and
gas properties 646 -
-------- --------
Net cash provided (used) by investing
activities $ 177 ($ 24,687)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($446,594) ($330,007)
-------- --------
Net cash used by financing activities ($446,594) ($330,007)
-------- --------
NET DECREASE IN CASH AND CASH
EQUIVALENTS ($ 17,492) ($ 66,737)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 482,914 340,720
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $465,422 $273,983
======== ========
The accompanying condensed notes are an integral part of
these financial statements.
-10-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-D
BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
2000 1999
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 309,296 $ 338,669
Accounts receivable:
Oil and gas sales 401,461 371,197
Property sales (Note 1) 184,000 -
---------- ----------
Total current assets $ 894,757 $ 709,866
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 1,011,353 1,047,894
DEFERRED CHARGE 52,412 52,412
---------- ----------
$1,958,522 $1,810,172
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 53,272 $ 74,391
Gas imbalance payable 2,361 2,361
---------- ----------
Total current liabilities $ 55,633 $ 76,752
ACCRUED LIABILITY $ 181,185 $ 181,185
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 54,946) ($ 66,221)
Limited Partners, issued and
outstanding, 131,008 units 1,776,650 1,618,456
---------- ----------
Total Partners' capital $1,721,704 $1,552,235
---------- ----------
$1,958,522 $1,810,172
========== ==========
The accompanying condensed notes are an integral part of
these financial statements.
-11-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-D
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
(Unaudited)
2000 1999
-------- ---------
REVENUES:
Oil and gas sales $651,712 $393,394
Interest income 3,634 1,604
Gain on sale of oil and gas
properties 180,753 -
-------- --------
$836,099 $394,998
COSTS AND EXPENSES:
Lease operating $172,273 $167,212
Production tax 43,167 28,906
Depreciation, depletion, and
amortization of oil and gas
properties 51,649 78,104
General and administrative
(Note 2) 46,822 46,799
-------- --------
$313,911 $321,021
-------- --------
NET INCOME $522,188 $ 73,977
======== ========
GENERAL PARTNER - NET INCOME $ 27,994 $ 6,743
======== ========
LIMITED PARTNERS - NET INCOME $494,194 $ 67,234
======== ========
NET INCOME per unit $ 3.77 $ .51
======== ========
UNITS OUTSTANDING 131,008 131,008
======== ========
The accompanying condensed notes are an integral part of
these financial statements.
-12-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-D
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
(Unaudited)
2000 1999
--------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $522,188 $ 73,977
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 51,649 78,104
Gain on sale of oil and gas
properties ( 180,753) -
(Increase) decrease in accounts
receivable - oil and gas sales ( 30,264) 26,403
Increase (decrease) in accounts
payable ( 21,119) 319
-------- --------
Net cash provided by operating
activities $341,701 $178,803
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 18,630) ($ 16,717)
Proceeds from sale of oil and
gas properties 275 -
-------- --------
Net cash used by investing activities ($ 18,355) ($ 16,717)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($352,719) ($176,693)
-------- --------
Net cash used by financing activities ($352,719) ($176,693)
-------- --------
NET DECREASE IN CASH AND CASH
EQUIVALENTS ($ 29,373) ($ 14,607)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 338,669 172,776
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $309,296 $158,169
======== ========
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING ACTIVITIES:
The Geodyne III-D Partnership sold certain oil and gas properties during the
three months ended March 31, 2000 for approximately $184,000 which was due from
a third party at March 31, 2000.
The accompanying condensed notes are an integral part of
these financial statements.
-13-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-E
BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
2000 1999
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $1,210,139 $1,445,029
Accounts receivable:
Oil and gas sales 1,523,032 1,403,065
Property sales (Note 1) 1,315,000 -
---------- ----------
Total current assets $4,048,171 $2,848,094
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 2,710,999 2,776,902
DEFERRED CHARGE 117,235 117,235
---------- ----------
$6,876,405 $5,742,231
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 284,703 $ 398,764
Gas imbalance payable 34,902 34,902
---------- ----------
Total current liabilities $ 319,605 $ 433,666
ACCRUED LIABILITY $ 530,662 $ 530,662
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 183,918) ($ 259,526)
Limited Partners, issued and
outstanding, 418,266 units 6,210,056 5,037,429
---------- ----------
Total Partners' capital $6,026,138 $4,777,903
---------- ----------
$6,876,405 $5,742,231
========== ==========
The accompanying condensed notes are an integral part of
these financial statements.
-14-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-E
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
(Unaudited)
2000 1999
---------- ----------
REVENUES:
Oil and gas sales $2,491,244 $1,171,493
Interest income 15,149 4,622
Gain on sale of oil and
gas properties 1,285,381 -
---------- ----------
$3,791,774 $1,176,115
COSTS AND EXPENSES:
Lease operating $ 789,851 $ 918,218
Production tax 159,016 75,277
Depreciation, depletion, and
amortization of oil and gas
properties 117,052 149,022
General and administrative
(Note 2) 149,485 147,902
---------- ----------
$1,215,404 $1,290,419
---------- ----------
NET INCOME (LOSS) $2,576,370 ($ 114,304)
========== ==========
GENERAL PARTNER - NET INCOME $ 132,743 $ 15
========== ==========
LIMITED PARTNERS - NET INCOME
(LOSS) $2,443,627 ($ 114,319)
========== ==========
NET INCOME (LOSS) per unit $ 5.84 ($ .27)
========== ==========
UNITS OUTSTANDING 418,266 418,266
========== ==========
The accompanying condensed notes are an integral part of
these financial statements.
-15-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-E
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
(Unaudited)
2000 1999
---------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $2,576,370 ($114,304)
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depreciation, depletion, and
amortization of oil and gas
properties 117,052 149,022
Gain on sale of oil and gas
properties ( 1,285,381) -
(Increase) decrease in accounts
receivable - oil and gas sales ( 119,967) 67,697
Decrease in accounts payable ( 114,061) ( 39,941)
---------- --------
Net cash provided by operating
activities $1,174,013 $ 62,474
---------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 80,768) ($ 69,034)
---------- --------
Net cash used by investing
activities ($ 80,768) ($ 69,034)
---------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($1,328,135) ($276,804)
---------- --------
Net cash used by financing activities ($1,328,135) ($276,804)
---------- --------
NET DECREASE IN CASH AND CASH
EQUIVALENTS ($ 234,890) ($283,364)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 1,445,029 483,197
---------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $1,210,139 $199,833
========== ========
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING ACTIVITIES
The Geodyne III-E Partnership sold certain oil and gas properties during
the three ended months March 31, 2000 for approximately $1,315,000 which
was due from a third party at March 31, 2000.
The accompanying condensed notes are an integral part of
these financial statements.
-16-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-F
BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
2000 1999
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 484,527 $ 803,913
Accounts receivable:
Oil and gas sales 498,806 424,488
---------- ----------
Total current assets $ 983,333 $1,228,401
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 2,359,476 2,405,074
DEFERRED CHARGE 56,227 56,227
---------- ----------
$3,399,036 $3,689,702
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 64,858 $ 77,807
Gas imbalance payable 55,092 55,092
---------- ----------
Total current liabilities $ 119,950 $ 132,899
ACCRUED LIABILITY $ 135,208 $ 135,208
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 150,411) ($ 154,318)
Limited Partners, issued and
outstanding, 221,484 units 3,294,289 3,575,913
---------- ----------
Total Partners' capital $3,143,878 $3,421,595
---------- ----------
$3,399,036 $3,689,702
========== ==========
The accompanying condensed notes are an integral part of
these financial statements.
-17-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-F
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
(Unaudited)
2000 1999
-------- ---------
REVENUES:
Oil and gas sales $807,556 $438,597
Interest income 7,634 3,157
Loss on sale of oil and gas
properties - ( 296)
-------- --------
$815,190 $441,458
COSTS AND EXPENSES:
Lease operating $214,563 $197,971
Production tax 30,742 19,781
Depreciation, depletion, and
amortization of oil and gas
properties 113,331 137,357
General and administrative
(Note 2) 79,157 78,076
-------- --------
$437,793 $433,185
-------- --------
NET INCOME $377,397 $ 8,273
======== ========
GENERAL PARTNER - NET INCOME $ 23,021 $ 5,750
======== ========
LIMITED PARTNERS - NET INCOME $354,376 $ 2,523
======== ========
NET INCOME per unit $ 1.60 $ .01
======== ========
UNITS OUTSTANDING 221,484 221,484
======== ========
The accompanying condensed notes are an integral part of
these financial statements.
-18-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-F
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
(Unaudited)
2000 1999
--------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $377,397 $ 8,273
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 113,331 137,357
Loss on sale of oil and gas
properties - 296
(Increase) decrease in accounts
receivable - oil and gas sales ( 74,318) 10,999
Decrease in accounts receivable -
other - 9,631
Decrease in accounts payable ( 12,949) ( 58,360)
-------- --------
Net cash provided by operating
activities $403,461 $108,196
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 67,733) ($ 56,553)
-------- --------
Net cash used by investing
activities ($ 67,733) ($ 56,553)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($655,114) ($149,867)
-------- --------
Net cash used by financing activities ($655,114) ($149,867)
-------- --------
NET DECREASE IN CASH AND CASH
EQUIVALENTS ($319,386) ($ 98,224)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 803,913 316,761
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $484,527 $218,537
======== ========
The accompanying condensed notes are an integral part of
these financial statements.
-19-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-G
BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
2000 1999
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 255,737 $ 475,226
Accounts receivable:
Oil and gas sales 300,513 259,524
---------- ----------
Total current assets $ 556,250 $ 734,750
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 1,215,265 1,230,211
DEFERRED CHARGE 36,477 36,477
---------- ----------
$1,807,992 $2,001,438
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 41,255 $ 48,611
Gas imbalance payable 7,548 7,548
---------- ----------
Total current liabilities $ 48,803 $ 56,159
ACCRUED LIABILITY $ 80,069 $ 80,069
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 88,777) ($ 91,045)
Limited Partners, issued and
outstanding, 121,925 units 1,767,897 1,956,255
---------- ----------
Total Partners' capital $1,679,120 $1,865,210
---------- ----------
$1,807,992 $2,001,438
========== ==========
The accompanying condensed notes are an integral part of
these financial statements.
-20-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-G
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
(Unaudited)
2000 1999
-------- ---------
REVENUES:
Oil and gas sales $485,737 $266,481
Interest income 4,207 1,592
Loss on sale of oil and gas
properties - ( 196)
-------- --------
$489,944 $267,877
COSTS AND EXPENSES:
Lease operating $138,711 $142,384
Production tax 19,232 12,069
Depreciation, depletion, and
amortization of oil and gas
properties 52,090 83,246
General and administrative
(Note 2) 43,579 43,021
-------- --------
$253,612 $280,720
-------- --------
NET INCOME (LOSS) $236,332 ($ 12,843)
======== ========
GENERAL PARTNER - NET INCOME $ 13,690 $ 2,608
======== ========
LIMITED PARTNERS - NET INCOME (LOSS) $222,642 ($ 15,451)
======== ========
NET INCOME (LOSS) per unit $ 1.83 ($ .13)
======== ========
UNITS OUTSTANDING 121,925 121,925
======== ========
The accompanying condensed notes are an integral part of
these financial statements.
-21-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-G
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
(Unaudited)
2000 1999
--------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $236,332 ($ 12,843)
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depreciation, depletion, and
amortization of oil and gas
properties 52,090 83,246
Loss on sale of oil and gas
properties - 196
(Increase) decrease in accounts
receivable - oil and gas sales ( 40,989) 2,778
Decrease in accounts receivable -
other - 6,369
Decrease in accounts payable ( 7,356) ( 25,359)
-------- --------
Net cash provided by operating
activities $240,077 $ 54,387
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 37,144) ($ 28,681)
-------- --------
Net cash used by investing activities ($ 37,144) ($ 28,681)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($422,422) ($ 87,534)
-------- --------
Net cash used by financing activities ($422,422) ($ 87,534)
-------- --------
NET DECREASE IN CASH AND CASH
EQUIVALENTS ($219,489) ($ 61,828)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 475,226 169,558
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $255,737 $107,730
======== ========
The accompanying condensed notes are an integral part of
these financial statements.
-22-
GEODYNE ENERGY INCOME PROGRAM III LIMITED PARTNERSHIPS
CONDENSED NOTES TO THE FINANCIAL STATEMENTS
MARCH 31, 2000
(Unaudited)
1. ACCOUNTING POLICIES
-------------------
The balance sheets as of March 31, 2000, statements of operations for the
three months ended March 31, 2000 and 1999, and statements of cash flows
for the three months ended March 31, 2000 and 1999 have been prepared by
Geodyne Resources, Inc., the General Partner of the Partnerships (the
"General Partner"), without audit. In the opinion of management the
financial statements referred to above include all necessary adjustments,
consisting of normal recurring adjustments, to present fairly the
financial position at March 31, 2000, the results of operations for the
three months ended March 31, 2000 and 1999, and the cash flows for the
three months ended March 31, 2000 and 1999.
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, 1999. The
results of operations for the period ended March 31, 2000 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.
ACCOUNTS RECEIVABLE - PROPERTY SALES
------------------------------------
The accounts receivable - property sales at March 31, 2000 for the III-D
and III-E Partnerships represents accrued estimated proceeds due from a
third party for the sale of certain oil and gas properties during the
three months ended March 31, 2000.
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
-23-
producing properties, including related title insurance or examination
costs, commissions, engineering, legal and accounting fees, and similar
costs directly related to the acquisitions, plus an allocated portion, of
the General Partner's property screening costs. The acquisition cost to
the Partnerships of properties acquired by the General Partner is adjusted
to reflect the net cash results of operations, including interest incurred
to finance the acquisition, for the period of time the properties are held
by the General Partner prior to their transfer to the Partnerships.
Leasehold impairment is recognized based upon an individual property
assessment and exploratory experience. Upon discovery of commercial
reserves, leasehold costs are transferred to producing properties.
Depletion of the costs of producing oil and gas properties, amortization
of related intangible drilling and development costs, and depreciation of
tangible lease and well equipment are computed on the unit-of-production
method. The Partnerships' depletion, depreciation, and amortization
includes estimated dismantlement and abandonment costs, net of estimated
salvage value.
When complete units of depreciable property are retired or sold, the asset
cost and related accumulated depreciation are eliminated with any gain or
loss reflected in income. When less than complete units of depreciable
property are retired or sold, the proceeds are credited to oil and gas
properties.
2. TRANSACTIONS WITH RELATED PARTIES
---------------------------------
The Partnerships' partnership agreements provide for reimbursement to the
General Partner for all direct general and administrative expenses and for
the general and administrative overhead applicable to the Partnerships
based on an allocation of actual costs incurred. During the three months
ended March 31, 2000 the following payments were made to the General
Partner or its affiliates by the Partnerships:
Direct General Administrative
Partnership and Administrative Overhead
----------- ------------------- ---------------
III-A $24,910 $ 69,468
III-B 13,069 36,405
III-C 23,058 64,353
III-D 12,346 34,476
III-E 39,415 110,070
III-F 20,873 58,284
III-G 11,494 32,085
-24-
Affiliates of the Partnerships operate certain of the Partnerships'
properties and their policy is to bill the Partnerships for all customary
charges and cost reimbursements associated with their activities.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
USE OF FORWARD-LOOKING STATEMENTS AND ESTIMATES
- -----------------------------------------------
This Quarterly Report contains certain forward-looking statements. The
words "anticipate", "believe", "expect", "plan", "intend", "estimate",
"project", "could", "may" and similar expressions are intended to identify
forward-looking statements. Such statements reflect management's current
views with respect to future events and financial performance. This
Quarterly Report also includes certain information, which is, or is based
upon, estimates and assumptions. Such estimates and assumptions are
management's efforts to accurately reflect the condition and operation of
the Partnerships.
Use of forward-looking statements and estimates and assumptions involve
risks and uncertainties which include, but are not limited to, the
volatility of oil and gas prices, the uncertainty of reserve information,
the operating risk associated with oil and gas properties (including the
risk of personal injury, death, property damage, damage to the well or
producing reservoir, environmental contamination, and other operating
risks), the prospect of changing tax and regulatory laws, the availability
and capacity of processing and transportation facilities, the general
economic climate, the supply and price of foreign imports of oil and gas,
the level of consumer product demand, and the price and availability of
alternative fuels. Should one or more of these risks or uncertainties
occur or should estimates or underlying assumptions prove incorrect,
actual conditions or results may vary materially and adversely from those
stated, anticipated, believed, estimated, and otherwise indicated.
GENERAL
- -------
The Partnerships are engaged in the business of acquiring and operating
producing oil and gas properties located in the continental United States.
In general, a Partnership acquired producing properties and did not engage
in development drilling or enhanced recovery projects, except as an
incidental part of the management of the producing properties acquired.
Therefore, the economic life of each Partnership is limited to the period
of time required to fully produce its acquired oil and gas reserves. The
net proceeds from the oil and gas operations are distributed to the
Limited Partners and the General Partner in accordance with the terms of
the Partnerships' partnership agreements.
-25-
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
----------- ------------------ ---------------
III-A November 21, 1989 $26,397,600
III-B January 24, 1990 13,833,600
III-C February 27, 1990 24,453,600
III-D September 5, 1990 13,100,800
III-E December 26, 1990 41,826,600
III-F March 7, 1991 22,148,400
III-G September 20, 1991 12,192,500
In general, the amount of funds available for acquisition of producing
properties was equal to the capital contributions of the Limited Partners,
less 15% for sales commissions and organization and management fees. All
of the Partnerships have fully invested their capital contributions.
Net proceeds from the operations less necessary operating capital are
distributed to the Limited Partners on a quarterly basis. Revenues and net
proceeds of a Partnership are largely dependent upon the volumes of oil
and gas sold and the prices received for such oil and gas. While the
General Partner cannot predict future pricing trends, it believes the
working capital available as of March 31, 2000 and the net revenue
generated from future operations will provide sufficient working capital
to meet current and future obligations.
Occasional expenditures for new wells or well recompletion or workovers,
however, may reduce or eliminate cash available for particular quarterly
cash distribution. During the three months ended March 31, 2000, capital
expenditures for the III-F and III-G Partnerships totaled $67,733 and
$37,144, respectively. These expenditures were primarily due to drilling
activities associated with a large unitized property, the Trail Unit,
located in Sweetwater County, Wyoming, in which the Partnerships own
interests of 15.6% and 7.8%, respectively.
Pursuant to the terms of the Partnership Agreements for the Partnerships
(the "Partnership Agreements") the Partnerships were initially scheduled
to terminate on the dates indicated in the "Initial Termination Date"
column of the following
-26-
chart. However, the Partnership Agreements provide that the General
Partner may extend the term of each Partnership for up to five periods of
two years each. As of the date of this Quarterly Report, the General
Partner has extended the terms of the III-A, III-B, and III-C Partnerships
for the first two-year extension period. Therefore, the Partnerships are
currently scheduled to terminate on the dates indicated in the "Current
Termination Date" column of the following chart.
Initial Extensions Current
Partnership Termination Date Exercised Termination Date
----------- ----------------- --------- -----------------
III-A November 22, 1999 1 November 22, 2001
III-B January 24, 2000 1 January 24, 2002
III-C February 28, 2000 1 February 28, 2002
III-D September 5, 2000 - September 5, 2000
III-E December 26, 2000 - December 26, 2000
III-F March 7, 2001 - March 7, 2001
III-G September 20, 2001 - September 20, 2001
As of the date of this Quarterly Report, the General Partner intends to
extend the term of the III-D Partnership for its first two-year extension
period. The General Partner has not determined whether it intends to (i)
further extend the terms of such Partnerships or (ii) extend the term of
any other Partnership.
RESULTS OF OPERATIONS
- ---------------------
GENERAL DISCUSSION
The following general discussion should be read in conjunction with the
analysis of results of operations provided below. The most important
variables affecting the Partnerships' revenues are the prices received for
the sale of oil and gas and the volumes of oil and gas produced. The
Partnerships' production is mainly natural gas, so such pricing and
volumes are the most significant factors.
Due to the volatility of oil and gas prices, forecasting future prices is
subject to great uncertainty and inaccuracy. Substantially all of the
Partnerships' gas reserves are being sold in the "spot market". Prices on
the spot market are subject to wide seasonal and regional pricing
fluctuations due to the highly competitive nature of the spot market. Such
spot market sales are generally short-term in nature and are dependent
upon the obtaining of transportation services provided by pipelines.
However, oil and gas are depleting assets, so it can be expected that
production levels will decline over time. Recent gas prices have been
higher than the Partnerships' historical average. This is attributable to
the higher prices for crude oil, a
-27-
substitute fuel in some markets, and reduced production due to low
prices in 1998.
III-A PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 2000 COMPARED TO THE THREE MONTHS ENDED MARCH
31, 1999.
Three Months Ended March 31,
----------------------------
2000 1999
-------- --------
Oil and gas sales $655,246 $420,696
Oil and gas production expenses $219,148 $151,498
Barrels produced 12,860 9,255
Mcf produced 155,453 191,250
Average price/Bbl $ 26.70 $ 10.89
Average price/Mcf $ 2.01 $ 1.67
As shown in the table above, total oil and gas sales increased $234,550
(55.8%) for the three months ended March 31, 2000 as compared to the three
months ended March 31, 1999. Of this increase, approximately $203,000 and
$52,000, respectively, were related to increases in the average prices of
oil and gas sold and approximately $39,000 was related to an increase in
volumes of oil sold. These increases were partially offset by a decrease
of approximately $60,000 related to a decrease in volumes of gas sold.
Volumes of oil sold increased 3,605 barrels, while volumes of gas sold
decreased 35,797 Mcf for the three months ended March 31, 2000 as compared
to the three months ended March 31, 1999. The increase in volumes of oil
sold was primarily due to increased production on two significant wells
during the three months ended March 31, 2000 due to the successful
workover of those wells during 1999. The decrease in volumes of gas sold
was primarily due to normal declines in production and decreased
production on one significant well during the three months ended March 31,
2000 following a casing leak repair. Average oil and gas prices increased
to $26.70 per barrel and $2.01 per Mcf, respectively, for the three months
ended March 31, 2000 from $10.89 per barrel and $1.67 per Mcf,
respectively, for the three months ended March 31, 1999.
Oil and gas production expenses (including lease operating expenses and
production taxes) increased $67,650 (44.7%) for the three months ended
March 31, 2000 as compared to the three months ended March 31, 1999. This
increase was primarily due to (i) an increase in production taxes
associated with the increase of oil and gas sales, (ii) a positive prior
period lease operating expense adjustment made by the operator on one
significant well during the three months ended March 31, 2000, and (iii)
an increase in salt water disposal expenses incurred on two significant
-28-
wells during the three months ended March 31, 2000 as compared to the
three months ended March 31, 1999. As a percentage of oil and gas sales,
these expenses decreased to 33.4% for the three months ended March 31,
2000 from 36.0% for the three months ended March 31, 1999.
Depreciation, depletion, and amortization of oil and gas properties
decreased $23,224 (19.2%) for the three months ended March 31, 2000 as
compared to the three months ended March 31, 1999. This decrease was
primarily due to upward revisions in the estimates of remaining oil and
gas reserves at December 31, 1999 and the decrease in volumes of gas sold.
As a percentage of oil and gas sales, this expense decreased to 14.9% for
the three months ended March 31, 2000 from 28.7% for the three months
ended March 31, 1999. This percentage decrease was primarily due to the
increases in the average prices of oil and gas sold.
General and administrative expenses increased $1,322 (1.4%) for the three
months ended March 31, 2000 as compared to the three months ended March
31, 1999. As a percentage of oil and gas sales, these expenses decreased
to 14.4% for the three months ended March 31, 2000 from 22.1% for the
three months ended March 31, 1999. This percentage decrease was primarily
due to the increase in oil and gas sales.
The Limited Partners have received cash distributions through March 31,
2000 totaling $26,304,701 or 99.65% of Limited Partners' capital
contributions. The III-A Partnership achieved payout during the second
quarter of 2000. After payout, operations and revenues for the III-A
Partnership have been and will be allocated using after payout
percentages. After payout percentages allocate operating income and
expenses 10% to the General Partner and 90% to the Limited Partners.
Before payout, operating income and expenses were allocated 5% to the
General Partner and 95% to the Limited Partners. See the Partnership's
Annual Report on Form 10-K for the year ended December 31, 1999 for a
further discussion of pre and post payout allocations of income and
expense.
-29-
III-B PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 2000 COMPARED TO THE THREE MONTHS ENDED MARCH
31, 1999.
Three Months Ended March 31,
----------------------------
2000 1999
-------- --------
Oil and gas sales $452,972 $222,201
Oil and gas production expenses $135,288 $ 99,277
Barrels produced 11,285 7,961
Mcf produced 72,974 78,691
Average price/Bbl $ 26.94 $ 11.30
Average price/Mcf $ 2.04 $ 1.68
As shown in the table above, total oil and gas sales increased $230,771
(103.9%) for the three months ended March 31, 2000 as compared to the
three months ended March 31, 1999. Of this increase, approximately
$177,000 and $26,000, respectively, were related to increases in the
average prices of oil and gas sold and approximately $38,000 was related
to an increase in volumes of oil sold. Volumes of oil sold increased 3,324
barrels, while volumes of gas sold decreased 5,717 Mcf for the three
months ended March 31, 2000 as compared to the three months ended March
31, 1999. The increase in volumes of oil sold was primarily due to
increased production on two significant wells during the three months
ended March 31, 2000 due to the successful workover of those wells during
1999. Average oil and gas prices increased to $26.94 per barrel and $2.04
per Mcf, respectively, for the three months ended March 31, 2000 from
$11.30 per barrel and $1.68 per Mcf, respectively, for the three months
ended March 31, 1999.
Oil and gas production expenses (including lease operating expenses and
production taxes) increased $36,011 (36.3%) for the three months ended
March 31, 2000 as compared to the three months ended March 31, 1999. This
increase was primarily due to (i) an increase in production taxes
associated with the increase in oil and gas sales, (ii) a positive prior
period lease operating expense adjustment made by the operator on one
significant well during the three months ended March 31, 2000, and (iii)
an increase in salt water disposal expenses incurred on two significant
wells during the three months ended March 31, 2000 as compared to the
three months ended March 31, 1999. As a percentage of oil and gas sales,
these expenses decreased to 29.9% for the three months ended March 31,
2000 from 44.7% for the three months ended March 31, 1999. This percentage
decrease was primarily due to the increases in the average prices of oil
and gas sold.
-30-
Depreciation, depletion, and amortization of oil and gas properties
decreased $3,957 (6.5%) for the three months ended March 31, 2000 as
compared to the three months ended March 31, 1999. As a percentage of oil
and gas sales, this expense decreased to 12.5% for the three months ended
March 31, 2000 from 27.3% for the three months ended March 31, 1999. This
percentage decrease was primarily due to the increases in the average
prices of oil and gas sold.
General and administrative expenses increased $655 (1.3%) for the three
months ended March 31, 2000 as compared to the three months ended March
31, 1999. As a percentage of oil and gas sales, this percentage decreased
to 10.9% for the three months ended March 31, 2000 from 22.0% for the
three months ended March 31, 1999. This percentage decrease was primarily
due to the increase in oil and gas sales.
The Limited Partners have received cash distributions through March 31,
2000 totaling $15,296,353 or 110.57% of Limited Partners' capital
contributions.
III-C PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 2000 COMPARED TO THE THREE MONTHS ENDED MARCH
31, 1999.
Three Months Ended March 31,
----------------------------
2000 1999
-------- --------
Oil and gas sales $722,449 $469,764
Oil and gas production expenses $200,783 $159,541
Barrels produced 5,898 5,417
Mcf produced 249,967 272,481
Average price/Bbl $ 28.28 $ 11.86
Average price/Mcf $ 2.22 $ 1.49
As shown in the table above, total oil and gas sales increased $252,685
(53.8%) for the three months ended March 31, 2000 as compared to the three
months ended March 31, 1999. Of this increase, approximately $97,000 and
$184,000, respectively, were related to increases in the average prices of
oil and gas sold. These increases were partially offset by a decrease of
approximately $34,000 related to a decrease in volumes of gas sold.
Volumes of oil sold increased 481 barrels, while volumes of gas sold
decreased 22,514 Mcf for the three months ended March 31, 2000 as compared
to the three months ended March 31, 1999. Average oil and gas prices
increased to $28.28 per barrel and $2.22 per Mcf, respectively, for the
three months ended March 31, 2000 from $11.86 per barrel and $1.49 per
Mcf, respectively, for the three months ended March 31, 1999.
-31-
Oil and gas production expenses (including lease operating expenses and
production taxes) increased $41,242 (25.9%) for the three months ended
March 31, 2000 as compared to the three months ended March 31, 1999. This
increase was primarily due to the timing of payment of ad valorem taxes on
three significant wells and an increase in production taxes associated
with the increase in oil and gas sales. As a percentage of oil and gas
sales, these expenses decreased to 27.8% for the three months ended March
31, 2000 from 34.0% for the three months ended March 31, 1999. This
percentage decrease was primarily due to the increases in the average
prices of oil and gas sold.
Depreciation, depletion, and amortization of oil and gas properties
decreased $28,318 (21.8%) for the three months ended March 31, 2000 as
compared to the three months ended March 31, 1999. This decrease was
primarily due to upward revisions in the estimates of remaining oil and
gas reserves at December 31, 1999 and the decrease in volumes of gas sold.
As a percentage of oil and gas sales, this expense decreased to 14.0% for
the three months ended March 31, 2000 from 27.6% for the three months
ended March 31, 1999. This percentage decrease was primarily due to the
increases in the average prices of oil and gas sold.
General and administrative expenses increased $1,191 (1.4%) for the three
months ended March 31, 2000 as compared to the three months ended March
31, 1999. As a percentage of oil and gas sales, these expenses decreased
to 12.1% for the three months ended March 31, 2000 from 18.4% for the
three months ended March 31, 1999. This percentage decrease was primarily
due to the increase in oil and gas sales.
The Limited Partners have received cash distributions through March 31,
2000 totaling $18,864,795 or 77.15% of Limited Partners' capital
contributions.
-32-
III-D PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 2000 COMPARED TO THE THREE MONTHS ENDED MARCH
31, 1999.
Three Months Ended March 31,
----------------------------
2000 1999
-------- --------
Oil and gas sales $651,712 $393,394
Oil and gas production expenses $215,440 $196,118
Barrels produced 9,300 9,478
Mcf produced 172,060 197,820
Average price/Bbl $ 25.19 $ 9.50
Average price/Mcf $ 2.43 $ 1.53
As shown in the table above, total oil and gas sales increased $258,318
(65.7%) for the three months ended March 31, 2000 as compared to the three
months ended March 31, 1999. Of this increase, approximately $146,000 and
$154,000, respectively, were related to increases in the average prices of
oil and gas sold. These increases were partially offset by a decrease of
approximately $40,000 related to a decrease in volumes of gas sold.
Volumes of oil and gas sold decreased 178 barrels and 25,760 Mcf,
respectively, for the three months ended March 31, 2000 as compared to the
three months ended March 31, 1999. The decrease in volumes of gas sold was
primarily due to normal declines in production and the III-D Partnership's
receipt of a reduced percentage of sales on one significant well during
the three months ended March 31, 2000 due to its overproduced gas
balancing position in that well. Average oil and gas prices increased to
$25.19 per barrel and $2.43 per Mcf, respectively, for the three months
ended March 31, 2000 from $9.50 per barrel and $1.53 per Mcf,
respectively, for the three months ended March 31, 1999.
The III-D Partnership sold certain oil and gas properties during the three
months ended March 31, 2000 and recognized a $180,753 gain on such sales.
No such sales occurred during the three months ended March 31, 1999.
Oil and gas production expenses (including lease operating expenses and
production taxes) increased $19,322 (9.9%) for the three months ended
March 31, 2000 as compared to the three months ended March 31, 1999. This
increase was primarily due to the timing of payment of ad valorem taxes on
three significant wells and an increase in production taxes associated
with increases in oil and gas sales. These increases were partially offset
by a positive prior period lease operating expense adjustment made by the
operator on one significant well during the three months ended March 31,
-33-
1999. As a percentage of oil and gas sales, these expenses decreased to
33.1% for the three months ended March 31, 2000 from 49.9% for the three
months ended March 31, 1999. This percentage decrease was primarily due to
the increases in the average prices of oil and gas sold.
Depreciation, depletion, and amortization of oil and gas properties
decreased $26,455 (33.9%) for the three months ended March 31, 2000 as
compared to the three months ended March 31, 1999. This decrease was
primarily due to upward revisions in the estimates of remaining oil and
gas reserves at December 31, 1999 and the decreases in volumes of oil and
gas sold. As a percentage of oil and gas sales, this expense decreased to
7.9% for the three months ended March 31, 2000 from 19.9% for the three
months ended March 31, 1999. This percentage decrease was primarily due to
the increases in the average prices of oil and gas sold.
General and administrative expenses remained relatively constant for the
three months ended March 31, 2000 as compared to the three months ended
March 31, 1999. As a percentage of oil and gas sales, these expenses
decreased to 7.2% for the three months ended March 31, 2000 from 11.9% for
the three months ended March 31, 1999. This percentage decrease was
primarily due to the increase in oil and gas sales.
The Limited Partners have received cash distributions through March 31,
2000 totaling $9,635,669 or 73.55% of the Limited Partners' capital
contributions.
III-E PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 2000 COMPARED TO THE THREE MONTHS ENDED MARCH
31, 1999.
Three Months Ended March 31,
----------------------------
2000 1999
---------- ----------
Oil and gas sales $2,491,244 $1,171,493
Oil and gas production expenses $ 948,867 $ 993,495
Barrels produced 55,103 55,388
Mcf produced 424,553 412,780
Average price/Bbl $ 24.64 $ 9.22
Average price/Mcf $ 2.67 $ 1.60
As shown in the table above, total oil and gas sales increased $1,319,751
(112.7%) for the three months ended March 31, 2000 as compared to the
three months ended March 31, 1999. Of this increase, approximately
$850,000 and $454,000, respectively, were related to increases in the
average prices of oil and gas sold. Volumes of oil sold decreased 285
barrels, while volumes of gas sold increased
-34-
11,773 Mcf for the three months ended March 31, 2000 as compared to the
three months ended March 31, 1999. Average oil and gas prices increased to
$24.64 per barrel and $2.67 per Mcf, respectively, for the three months
ended March 31, 2000 from $9.22 per barrel and $1.60 per Mcf,
respectively, for the three months ended March 31, 1999.
The III-E Partnership sold certain oil and gas properties during the three
months ended March 31, 2000 and recognized as $1,285,381 gain on such
sales. No such sales occurred during the three months ended March 31,
1999.
Oil and gas production expenses (including lease operating expenses and
production taxes) decreased $44,628 (4.5%) for the three months ended
March 31, 2000 as compared to the three months ended March 31, 1999. This
decrease was primarily due to a positive prior period lease operating
expense adjustment by the operator on one significant well during the
three months ended March 31, 1999, which decrease was partially offset by
an increase in production taxes associated with the increase in oil and
gas sales. As a percentage of oil and gas sales, these expenses decreased
to 38.1% for the three months ended March 31, 2000 from 84.8% for the
three months ended March 31, 1999. This percentage decrease was primarily
due to the increases in the average prices of oil and gas sold.
Depreciation, depletion, and amortization of oil and gas properties
decreased $31,970 (21.5%) for the three months ended March 31, 2000 as
compared to the three months ended March 31, 1999. This decrease was
primarily due to upward revisions in the estimates of remaining oil and
gas reserves at December 31, 1999. As a percentage of oil and gas sales,
this expense decreased to 4.7% for three months ended March 31, 2000 from
12.7% for the three months ended March 31, 1998. This percentage decrease
was primarily due to the increases in the average prices of oil and gas
sold.
General and administrative expenses increased $1,583 (1.1%) for the three
months ended March 31, 2000 as compared to the three months ended March
31, 1999. As a percentage of oil and gas sales, these expenses decreased
to 6.0% for the three months ended March 31, 2000 from 12.6% for the three
months ended March 31, 1999. This percentage decrease was primarily due to
the increase in oil and gas sales.
The Limited Partners have received cash distributions through March 31,
2000 totaling $32,588,016 or 77.91% of the Limited Partners' capital
contributions.
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III-F PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 2000 COMPARED TO THE THREE MONTHS ENDED MARCH
31, 1999.
Three Months Ended March 31,
----------------------------
2000 1999
-------- --------
Oil and gas sales $807,556 $438,597
Oil and gas production expenses $245,305 $217,752
Barrels produced 12,892 14,872
Mcf produced 201,331 180,095
Average price/Bbl $ 26.46 $ 10.66
Average price/Mcf $ 2.32 $ 1.55
As shown in the table above, total oil and gas sales increased $368,959
(84.1%) for the three months ended March 31, 2000 as compared to the three
months ended March 31, 1999. Of this increase, approximately $204,000 and
$153,000, respectively, were related to increases in the average prices of
oil and gas sold. Volumes of oil sold decreased 1,980 barrels, while
volumes of gas sold increased 21,236 Mcf for the three months ended March
31, 2000 as compared to the three months ended March 31, 1999. The
decrease in volumes of oil sold was primarily due to (i) normal declines
in production and (ii) a positive prior period volume adjustment made by
the purchaser on one significant well during the three months ended March
31, 1999. The increase in volumes of gas sold was primarily due to (i) a
positive prior period volume adjustment made by the purchaser on one
significant well during the three months ended March 31, 2000 and (ii)
increased production on one significant well during the three months ended
March 31, 2000 due to the successful workover of that well during 1999.
Average oil and gas prices increased to $26.46 per barrel and $2.32 per
Mcf, respectively, for the three months ended March 31, 2000 from $10.66
per barrel and $1.55 per Mcf, respectively, for the three months ended
March 31, 1999.
Oil and gas production expenses (including lease operating expenses and
production taxes) increased $27,553 (12.7%) for the three months ended
March 31, 2000 as compared to the three months ended March 31, 1999. This
increase was primarily due to the reversal of a litigation accrual during
the three months ended March 31, 1999 and an increase in production taxes
associated with the increase in oil and gas sales. These increases were
partially offset by a decrease in lease operating expenses due to the sale
of several wells during 1999. As a percentage of oil and gas sales, these
expenses decreased to 30.4% for the three months ended March 31, 2000 from
49.6% for the three months ended March 31,
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1999. This percentage decrease was primarily due to the increases in
the average prices of oil and gas sold.
Depreciation, depletion, and amortization of oil and gas properties
decreased $24,026 (17.5%) for the three months ended March 31, 2000 as
compared to the three months ended March 31, 1999. This decrease was
primarily due to upward revisions in the estimates of remaining oil and
gas reserves at December 31, 1999. As a percentage of oil and gas sales,
this expense decreased to 14.0% for three months ended March 31, 2000 from
31.3% for the three months ended March 31, 1999. This percentage decrease
was primarily due to the increases in the average prices of oil and gas
sold and the dollar decrease in depreciation, depletion, and amortization.
General and administrative expenses increased $1,081 (1.4%) for the three
months ended March 31, 2000 as compared to the three months ended March
31, 1999. As a percentage of oil and gas sales, these expenses decreased
to 9.8% for the three months ended March 31, 2000 from 17.8% for the three
months ended March 31, 1999. This percentage decrease was primarily due to
the increase in oil and gas sales.
The Limited Partners have received cash distributions through March 31,
2000 totaling $12,259,904 or 55.35% of the Limited Partners' capital
contributions.
III-G PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 2000 COMPARED TO THE THREE MONTHS ENDED MARCH
31, 1999.
Three Months Ended March 31,
----------------------------
2000 1999
-------- --------
Oil and gas sales $485,737 $266,481
Oil and gas production expenses $157,943 $154,453
Barrels produced 9,271 10,937
Mcf produced 102,219 96,544
Average price/Bbl $ 26.56 $ 10.69
Average price/Mcf $ 2.34 $ 1.55
As shown in the table above, total oil and gas sales increased $219,256
(82.3%) for the three months ended March 31, 2000 as compared to the three
months ended March 31, 1999. Of this increase, approximately $147,000 and
$81,000, respectively, were related to increases in the average prices of
oil and gas sold. Volumes of oil sold decreased 1,666 barrels, while
volumes of gas sold increased 5,675 Mcf for the three months ended March
31, 2000 as compared to the three months ended March 31, 1999. The
decrease in volumes of oil sold was primarily due to (i) normal declines
in
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production and (ii) a positive prior period volume adjustment made by the
purchaser on one significant well during the three months ended March 31,
1999. The increase in volumes of gas sold was primarily due to (i) a
positive prior period volume adjustment made by the purchaser on one
significant well during the three months ended March 31, 2000 and (ii)
increased production on one significant well during the three months ended
March 31, 2000 due to the successful workover of that well during 1999.
Average oil and gas prices increased to $26.56 per barrel and $2.34 per
Mcf, respectively, for the three months ended March 31, 2000 from $10.69
per barrel and $1.55 per Mcf, respectively, for the three months ended
March 31, 1999.
Oil and gas production expenses (including lease operating expenses and
production taxes) increased $3,490 (2.3%) for the three months ended March
31, 2000 as compared to the three months ended March 31, 1999. This
increase was primarily due to the reversal of a litigation accrual during
the three months ended March 31, 1999 and an increase in production taxes
associated with the increase in oil and gas sales. These increases were
partially offset by a decrease in lease operating expenses due to the sale
of several wells during 1999. As a percentage of oil and gas sales, these
expenses decreased to 32.5% for the three months ended March 31, 2000 from
58.0% for the three months ended March 31, 1999. This percentage decrease
was primarily due to the increases in the average prices of oil and gas
sold.
Depreciation, depletion, and amortization of oil and gas properties
decreased $31,156 (37.4%) for the three months ended March 31, 2000 as
compared to the three months ended March 31, 1999. This decrease was
primarily due to upward revisions in the estimates of remaining oil and
gas reserves at December 31, 1999. As a percentage of oil and gas sales,
this expense decreased to 10.7% for three months ended March 31, 2000 from
31.2% for the three months ended March 31, 1999. This percentage decrease
was primarily due to the increases in the average prices of oil and gas
sold and the dollar decrease in depreciation, depletion, and amortization.
General and administrative expenses increased $558 (1.3%) for the three
months ended March 31, 2000 as compared to the three months ended March
31, 1999. As a percentage of oil and gas sales, these expenses decreased
to 9.0% for the three months ended March 31, 2000 from 16.1% for the three
months ended March 31, 1999. This percentage decrease was primarily due to
the increase in oil and gas sales.
The Limited Partners have received cash distributions through March 31,
2000 totaling $6,562,287 or 53.82% of the Limited Partners' capital
contributions.
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YEAR 2000 COMPUTER ISSUES
- -------------------------
The year 2000 issue refers to the inability of computer and other
information technology systems to properly process date and time
information, stemming from the earlier programming practice of using two
digits rather than four to represent the year in a date. To the knowledge
of the General Partner, the Partnerships have not experienced any material
effects from the year 2000 issue. Costs incurred by the Partnerships in
order to ensure year 2000 compatibility were not material to the
Partnerships.
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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK.
The Partnerships do not hold any market risk sensitive instruments.
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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 III-A Partnership's
financial statements as of March 31, 2000 and for the three
months ended March 31, 2000, filed herewith.
27.2 Financial Data Schedule containing summary financial
information extracted from the III-B Partnership's
financial statements as of March 31, 2000 and for the three
months ended March 31, 2000, filed herewith.
27.3 Financial Data Schedule containing summary financial
information extracted from the III-C Partnership's
financial statements as of March 31, 2000 and for the three
months ended March 31, 2000, filed herewith.
27.4 Financial Data Schedule containing summary financial
information extracted from the III-D Partnership's
financial statements as of March 31, 2000 and for the three
months ended March 31, 2000, filed herewith.
27.5 Financial Data Schedule containing summary financial
information extracted from the III-E Partnership's
financial statements as of March 31, 2000 and for the three
months ended March 31, 2000, filed herewith.
27.6 Financial Data Schedule containing summary financial
information extracted from the III-F Partnership's
financial statements as of March 31, 2000 and for the three
months ended March 31, 2000, filed herewith.
27.7 Financial Data Schedule containing summary financial
information extracted from the III-G Partnership's
financial statements as of March 31, 2000 and for the three
months ended March 31, 2000, filed herewith.
All other exhibits are omitted as inapplicable.
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(b) Reports on Form 8-K.
Current Report on Form 8-K filed during the first quarter of 2000:
Date of Event: January 28, 2000
Date filed with the SEC: January 28, 2000
Items Included: Item 5 - Other Events
Item 7 - Exhibits
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-A
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-B
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-C
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-D
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-E
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-F
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-G
(Registrant)
BY: GEODYNE RESOURCES, INC.
General Partner
Date: May 12, 2000 By: /s/Dennis R. Neill
--------------------------------
(Signature)
Dennis R. Neill
President
Date: May 12, 2000 By: /s/Patrick M. Hall
--------------------------------
(Signature)
Patrick M. Hall
Principal Accounting Officer
-43-
INDEX TO EXHIBITS
NUMBER DESCRIPTION
- ------ -----------
27.1 Financial Data Schedule containing summary financial information
extracted from the Geodyne Energy Income Limited Partnership III-A's
financial statements as of March 31, 2000 and for the three months
ended March 31, 2000, filed herewith.
27.2 Financial Data Schedule containing summary financial information
extracted from the Geodyne Energy Income Limited Partnership III-B's
financial statements as of March 31, 2000 and for the three months
ended March 31, 2000, filed herewith.
27.3 Financial Data Schedule containing summary financial information
extracted from the Geodyne Energy Income Limited Partnership III-C's
financial statements as of March 31, 2000 and for the three months
ended March 31, 2000, filed herewith.
27.4 Financial Data Schedule containing summary financial information
extracted from the Geodyne Energy Income Limited Partnership III-D's
financial statements as of March 31, 2000 and for the three months
ended March 31, 2000, filed herewith.
27.5 Financial Data Schedule containing summary financial information
extracted from the Geodyne Energy Income Limited Partnership III-E's
financial statements as of March 31, 2000 and for the three months
ended March 31, 2000, filed herewith.
27.6 Financial Data Schedule containing summary financial information
extracted from the Geodyne Energy Income Limited Partnership III-F's
financial statements as of March 31, 2000 and for the three months
ended March 31, 2000, filed herewith.
27.7 Financial Data Schedule containing summary financial information
extracted from the Geodyne Energy Income Limited Partnership III-G's
financial statements as of March 31, 2000 and for the three months
ended March 31, 2000, filed herewith.
All other exhibits are omitted as inapplicable.
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