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, 1996
Commission File Number:
III-A: 0-18302 III-C: 0-18634 III-E: 0-19010 III-G: 0-19563
III-B: 0-18636 III-D: 0-18936 III-F: 0-19102
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
of incorporation or Identification No.)
organization)
Two West Second Street, Tulsa, Oklahoma 74103
-----------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (918) 583-1791
Indicate by check mark whether the Registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such
shorter period that the Registrant was required to file such reports)
and (2) has been subject to the filing requirements for the past 90
days.
Yes X No
----- ------
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-A
BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
1996 1995
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents . . . . . . $ 656,207 $ 560,906
Accounts receivable:
Oil and gas sales, including $349,181
due from related parties in 1995
(Note 2) . . . . . . . . . . . . . 547,716 639,787
---------- ----------
Total current assets . . . . . . $1,203,923 $1,200,693
NET OIL AND GAS PROPERTIES, utilizing the
successful efforts method . . . . . . 6,526,276 6,874,396
DEFERRED CHARGE . . . . . . . . . . . . 278,829 278,829
---------- ----------
$8,009,028 $8,353,918
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable . . . . . . . . . . $ 54,941 $ 90,496
Gas imbalance payable . . . . . . . . 43,854 43,854
---------- ----------
Total current liabilities . . . . $ 98,795 $ 134,350
ACCRUED LIABILITY . . . . . . . . . . . $ 87,624 $ 87,624
PARTNERS' CAPITAL (DEFICIT):
General Partner . . . . . . . . . . ($ 175,564) ($ 143,923)
Limited Partners, issued and
outstanding, 263,976 units . . . . 7,998,173 8,275,867
---------- ----------
Total Partners' capital . . . . . $7,822,609 $8,131,944
---------- ----------
$8,009,028 $8,353,918
========== ==========
The accompanying 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, 1996 AND 1995
(Unaudited)
1996 1995
----------- -----------
REVENUES:
Oil and gas sales, including $395,090 of
sales to related parties in 1995
(Note 2) . . . . . . . . . . . . . . . . $909,970 $ 871,808
Interest income . . . . . . . . . . . . . 4,732 5,902
Gain (Loss) on sale of oil and gas
properties . . . . . . . . . . . . . . . 150 ( 17,621)
-------- ----------
$914,852 $ 860,089
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . . . $144,430 $ 217,070
Production tax . . . . . . . . . . . . . 65,320 81,383
Depreciation, depletion, and amortization
of oil and gas properties . . . . . . . 349,206 658,062
General and administrative . . . . . . . 86,383 78,493
-------- ----------
$645,339 $1,035,008
-------- ----------
NET INCOME (LOSS) . . . . . . . . . . . . $269,513 ($ 174,919)
======== ==========
GENERAL PARTNER - NET INCOME . . . . . . . $ 27,207 $ 17,577
======== ==========
LIMITED PARTNERS - NET INCOME (LOSS) . . . $242,306 ($ 192,496)
======== ==========
NET INCOME (LOSS) per unit . . . . . . . . $ .92 ($ .73)
======== ==========
UNITS OUTSTANDING . . . . . . . . . . . . . 263,976 263,976
======== ==========
The accompanying 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, 1996 AND 1995
(Unaudited)
1996 1995
----------- -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) . . . . . . . . . . $269,513 ($174,919)
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depreciation, depletion, and amortiza-
tion of oil and gas properties . . 349,206 658,062
(Gain) Loss on sale of oil and gas
properties . . . . . . . . . . . . ( 150) 17,621
Decrease in accounts receivable . . 92,071 86,321
Increase (Decrease) in accounts
payable . . . . . . . . . . . . . . ( 35,555) 16,342
-------- --------
Net cash provided by operating
activities . . . . . . . . . . . . . $675,085 $603,427
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures . . . . . . . . ($ 1,086) ($ 1,956)
Proceeds from sale of oil and gas
properties . . . . . . . . . . . . 150 12,243
-------- --------
Net cash provided (used) by investing
activities . . . . . . . . . . . . ($ 936) $ 10,287
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions . . . . . . . . . ($578,848) ($615,000)
-------- --------
Net cash used by financing activities ($578,848) ($615,000)
-------- --------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS . . . . . . . . . . . . . $ 95,301 ($ 1,286)
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD . . . . . . . . . . . . . . 560,906 715,050
-------- --------
CASH AND CASH EQUIVALENTS AT END OF
PERIOD . . . . . . . . . . . . . . . $656,207 $713,764
======== ========
The accompanying 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,
1996 1995
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents . . . . . . $ 373,435 $ 311,585
Accounts receivable:
Oil and gas sales, including $169,725
due from related parties in 1995
(Note 2) . . . . . . . . . . . . . 316,074 373,676
---------- ----------
Total current assets . . . . . . $ 689,509 $ 685,261
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method . . . . 3,454,888 3,648,394
DEFERRED CHARGE . . . . . . . . . . . . 169,089 169,089
---------- ----------
$4,313,486 $4,502,744
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable . . . . . . . . . . $ 26,942 $ 49,382
Gas imbalance payable . . . . . . . . 6,202 6,202
---------- ----------
Total current liabilities . . . . $ 33,144 $ 55,584
ACCRUED LIABILITY . . . . . . . . . . . $ 47,360 $ 47,360
PARTNERS' CAPITAL (DEFICIT):
General Partner . . . . . . . . . . ($ 85,887) ($ 66,996)
Limited Partners, issued and
outstanding, 138,336 units . . . . 4,318,869 4,466,796
---------- ----------
Total Partners' capital . . . . . $4,232,982 $4,399,800
---------- ----------
$4,313,486 $4,502,744
========== ==========
The accompanying 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, 1996 AND 1995
(Unaudited)
1996 1995
--------- ----------
REVENUES:
Oil and gas sales, including $182,529 of
sales to related parties in 1995
(Note 2) . . . . . . . . . . . . . . $519,882 $477,149
Interest income . . . . . . . . . . . 2,607 3,242
Gain (Loss) on sale of oil and gas
properties . . . . . . . . . . . . . 63 ( 7,707)
-------- --------
$522,552 $472,684
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . $ 71,857 $111,032
Production tax . . . . . . . . . . . 38,509 43,764
Depreciation, depletion, and amortization
of oil and gas properties . . . . . 194,206 350,923
General and administrative . . . . . 45,653 41,025
-------- --------
$350,225 $546,744
-------- --------
NET INCOME (LOSS) . . . . . . . . . . . $172,327 ($ 74,060)
======== ========
GENERAL PARTNER - NET INCOME . . . . . $ 16,254 $ 10,334
======== ========
LIMITED PARTNERS - NET INCOME (LOSS) . $156,073 ($ 84,394)
======== ========
NET INCOME (LOSS) per unit . . . . . . $ 1.13 ($ .61)
======== ========
UNITS OUTSTANDING . . . . . . . . . . . 138,336 138,336
======== ========
The accompanying 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, 1996 AND 1995
(Unaudited)
1996 1995
---------- -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) . . . . . . . . . . $172,327 ($ 74,060)
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depreciation, depletion, and amortiza-
tion of oil and gas properties . . 194,206 350,923
(Gain) Loss on sale of oil and gas
properties . . . . . . . . . . . . ( 63) 7,707
Decrease in accounts receivable . . 57,602 43,257
Increase (Decrease) in accounts
payable . . . . . . . . . . . . . . ( 22,440) 7,826
-------- --------
Net cash provided by operating
activities . . . . . . . . . . . . . $401,632 $335,653
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures . . . . . . . . ($ 700) ($ 9)
Proceeds from sale of oil and gas
properties . . . . . . . . . . . . . 63 5,129
-------- --------
Net cash provided (used) by investing
activities . . . . . . . . . . . . ($ 637) $ 5,120
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions . . . . . . . . . ($339,145) ($347,000)
-------- --------
Net cash used by financing activities ($339,145) ($347,000)
-------- --------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS . . . . . . . . . . . . . $ 61,850 ($ 6,227)
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD . . . . . . . . . . . . . . 311,585 404,255
-------- --------
CASH AND CASH EQUIVALENTS AT END OF
PERIOD . . . . . . . . . . . . . . . $373,435 $398,028
======== ========
The accompanying 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,
1996 1995
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents . . . . . . $ 447,105 $ 319,730
Accounts receivable:
Oil and gas sales, including $232,323
due from related parties in 1995
(Note 2) . . . . . . . . . . . . . 491,973 461,693
---------- ----------
Total current assets . . . . . . $ 939,078 $ 781,423
NET OIL AND GAS PROPERTIES, utilizing the
successful efforts method . . . . . 6,400,417 6,723,292
DEFERRED CHARGE . . . . . . . . . . . . 67,846 67,846
---------- ----------
$7,407,341 $7,572,561
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable . . . . . . . . . . $ 49,870 $ 84,760
Gas imbalance payable . . . . . . . . 22,554 22,554
---------- ----------
Total current liabilities . . . . $ 72,424 $ 107,314
ACCRUED LIABILITY . . . . . . . . . . . $ 139,809 $ 139,809
PARTNERS' CAPITAL (DEFICIT):
General Partner . . . . . . . . . . . ($ 141,767) ($ 125,913)
Limited Partners, issued and
outstanding, 244,536 units . . . . 7,336,875 7,451,351
---------- ----------
Total Partners' capital . . . . . $7,195,108 $7,325,438
---------- ----------
$7,407,341 $7,572,561
========== ==========
The accompanying 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, 1996 AND 1995
(Unaudited)
1996 1995
---------- -----------
REVENUES:
Oil and gas sales, including $413,313
of sales to related parties in 1995
(Note 2) . . . . . . . . . . . . . . $815,774 $677,944
Interest income . . . . . . . . . . . 2,709 3,091
Gain (Loss) on sale of oil and gas
properties . . . . . . . . . . . . 26 ( 3,552)
-------- --------
$818,509 $677,483
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . $145,329 $143,190
Production tax . . . . . . . . . . . 58,675 51,432
Depreciation, depletion, and amortization
of oil and gas properties . . . . . 319,903 684,967
General and administrative . . . . . 79,671 73,381
-------- --------
$603,578 $952,970
-------- --------
NET INCOME (LOSS) . . . . . . . . . . $214,931 ($275,487)
======== ========
GENERAL PARTNER - NET INCOME . . . . . $ 23,407 $ 13,624
======== ========
LIMITED PARTNERS - NET INCOME (LOSS) . $191,524 ($289,111)
======== ========
NET INCOME (LOSS) per unit . . . . . . $ .78 ($ 1.18)
======== ========
UNITS OUTSTANDING . . . . . . . . . . . 244,536 244,536
======== ========
The accompanying 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, 1996 AND 1995
(Unaudited)
1996 1995
----------- -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) . . . . . . . . . . $214,931 ($275,487)
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depreciation, depletion, and amortiza-
tion of oil and gas properties . . 319,903 684,967
(Gain) Loss on sale of oil and gas
properties . . . . . . . . . . . . ( 26) 3,552
(Increase) Decrease in accounts
receivable . . . . . . . . . . . . ( 30,280) 222,351
Decrease in accounts payable . . . ( 34,890) ( 21,165)
-------- --------
Net cash provided by operating
activities . . . . . . . . . . . . . $469,638 $614,218
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures . . . . . . . . $ - ($ 27,734)
Proceeds from sale of oil and gas
properties . . . . . . . . . . . . . 2,998 2,173
-------- --------
Net cash provided (used) by investing
activities . . . . . . . . . . . . $ 2,998 ($ 25,561)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions . . . . . . . . . ($345,261) ($273,000)
-------- --------
Net cash used by financing activities ($345,261) ($273,000)
-------- --------
NET INCREASE IN CASH AND CASH
EQUIVALENTS . . . . . . . . . . . . . $127,375 $315,657
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD . . . . . . . . . . . . . . 319,730 216,565
-------- --------
CASH AND CASH EQUIVALENTS AT END OF
PERIOD . . . . . . . . . . . . . . . . $447,105 $532,222
======== ========
The accompanying 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,
1996 1995
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents . . . . . . $ 281,188 $ 169,395
Accounts receivable:
Oil and gas sales, including $186,231
due from related parties in 1995
(Note 2) . . . . . . . . . . . . . 316,507 365,008
---------- ----------
Total current assets . . . . . . $ 597,695 $ 534,403
NET OIL AND GAS PROPERTIES, utilizing the
successful efforts method . . . . . . 3,729,221 3,887,916
DEFERRED CHARGE . . . . . . . . . . . . 41,578 41,578
---------- ----------
$4,368,494 $4,463,897
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable . . . . . . . . . . $ 60,197 $ 67,198
Gas imbalance payable . . . . . . . . 9,437 9,437
---------- ----------
Total current liabilities . . . . $ 69,634 $ 76,635
ACCRUED LIABILITY . . . . . . . . . . . $ 174,533 $ 174,533
PARTNERS' CAPITAL (DEFICIT):
General Partner . . . . . . . . . . ($ 47,565) ($ 36,176)
Limited Partners, issued and
outstanding, 131,008 units . . . . 4,171,892 4,248,905
---------- ----------
Total Partners' capital . . . . . $4,124,327 $4,212,729
---------- ----------
$4,368,494 $4,463,897
========== ==========
The accompanying 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, 1996 AND 1995
(Unaudited)
1996 1995
---------- ------------
REVENUES:
Oil and gas sales, including $225,139 of
sales to related parties in 1995
(Note 2) . . . . . . . . . . . . . . $534,536 $536,678
Interest income . . . . . . . . . . . 1,684 1,628
-------- --------
$536,220 $538,306
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . $160,800 $163,372
Production tax . . . . . . . . . . . 37,140 39,167
Depreciation, depletion, and amortization
of oil and gas properties . . . . . 169,402 413,124
General and administrative . . . . . 42,900 39,972
-------- --------
$410,242 $655,635
-------- --------
NET INCOME (LOSS) . . . . . . . . . . . $125,978 ($117,329)
======== ========
GENERAL PARTNER - NET INCOME . . . . . $ 12,991 $ 10,659
======== ========
LIMITED PARTNERS - NET INCOME (LOSS) . $112,987 ($127,988)
======== ========
NET INCOME (LOSS) per unit . . . . . . $ .86 ($ .98)
======== ========
UNITS OUTSTANDING . . . . . . . . . . . 131,008 131,008
======== ========
The accompanying 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, 1996 AND 1995
(Unaudited)
1996 1995
----------- -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) . . . . . . . . . . $125,978 ($117,329)
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depreciation, depletion, and amortiza-
tion of oil and gas properties . . 169,402 413,124
(Increase) Decrease in accounts
receivable . . . . . . . . . . . . 48,501 ( 59,459)
Decrease in accounts payable . . . ( 7,001) ( 44,974)
-------- --------
Net cash provided by operating
activities . . . . . . . . . . . . . $336,880 $191,362
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures . . . . . . . . ($ 10,707) ($ 5,362)
-------- --------
Net cash used by investing activities ($ 10,707) ($ 5,362)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions . . . . . . . . . ($214,380) ($200,000)
-------- --------
Net cash used by financing activities ($214,380) ($200,000)
-------- --------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS . . . . . . . . . . . . . $111,793 ($ 14,000)
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD . . . . . . . . . . . . . . . 169,395 215,899
-------- --------
CASH AND CASH EQUIVALENTS AT END OF
PERIOD . . . . . . . . . . . . . . . . $281,188 $201,899
======== ========
The accompanying 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,
1996 1995
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents . . . . . . $ 1,118,152 $ 665,050
Accounts receivable:
Oil and gas sales, including $574,916
due from related parties in 1995
(Note 2) . . . . . . . . . . . . . 1,245,870 1,574,465
----------- -----------
Total current assets . . . . . . $ 2,364,022 $ 2,239,515
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method . . . . 14,036,387 14,521,982
DEFERRED CHARGE . . . . . . . . . . . . 351,769 351,769
----------- -----------
$16,752,178 $17,113,266
=========== ===========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable . . . . . . . . . . $ 331,375 $ 388,772
Gas imbalance payable . . . . . . . . 120,272 120,272
----------- -----------
Total current liabilities . . . . $ 451,647 $ 509,044
ACCRUED LIABILITY . . . . . . . . . . . $ 412,184 $ 412,184
PARTNERS' CAPITAL (DEFICIT):
General Partner . . . . . . . . . . ($ 174,749)($ 127,750)
Limited Partners, issued and
outstanding, 418,266 units . . . . 16,063,096 16,319,788
----------- -----------
Total Partners' capital . . . . . $15,888,347 $16,192,038
----------- -----------
$16,752,178 $17,113,266
=========== ===========
The accompanying 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, 1996 AND 1995
(Unaudited)
1996 1995
----------- -----------
REVENUES:
Oil and gas sales, including $491,248
of sales to related parties in 1995
(Note 2) . . . . . . . . . . . . . . $2,032,200 $2,542,766
Interest income . . . . . . . . . . . 7,520 6,414
Gain on sale of oil and gas properties - 965
---------- ----------
$2,039,720 $2,550,145
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . $ 846,722 $1,095,946
Production tax . . . . . . . . . . . 135,744 190,118
Depreciation, depletion, and amortization
of oil and gas properties . . . . . 485,401 1,073,531
General and administrative . . . . . 136,353 129,864
---------- ----------
$1,604,220 $2,489,459
---------- ----------
NET INCOME . . . . . . . . . . . . . . $ 435,500 $ 60,686
========== ==========
GENERAL PARTNER - NET INCOME . . . . . $ 41,191 $ 45,976
========== ==========
LIMITED PARTNERS - NET INCOME . . . . . $ 394,309 $ 14,710
========== ==========
NET INCOME per unit . . . . . . . . . . $ .94 $ .04
========== ==========
UNITS OUTSTANDING . . . . . . . . . . . 418,266 418,266
========== ==========
The accompanying 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, 1996 AND 1995
(Unaudited)
1996 1995
----------- -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income . . . . . . . . . . . . . $ 435,500 $ 60,686
Adjustments to reconcile net income to
net cash provided by operating
activities:
Depreciation, depletion, and amortiza-
tion of oil and gas properties . . 485,401 1,073,531
Gain on sale of oil and gas
properties . . . . . . . . . . . . - ( 965)
(Increase) Decrease in accounts
receivable . . . . . . . . . . . . 328,595 ( 388,593)
Decrease in accounts payable . . . ( 57,397) ( 366,770)
---------- ----------
Net cash provided by operating
activities . . . . . . . . . . . . $1,192,099 $ 377,889
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures . . . . . . . . $ - ($ 187,833)
Proceeds from sale of oil and gas
properties . . . . . . . . . . . . . 193 965
---------- ----------
Net cash provided (used) by investing
activities . . . . . . . . . . . . $ 193 ($ 186,868)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions . . . . . . . . . ($ 739,190) ($1,052,000)
---------- ----------
Net cash used by financing activities ($ 739,190) ($1,052,000)
---------- ----------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS . . . . . . . . . . . . . $ 453,102 ($ 860,979)
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD . . . . . . . . . . . . . . 665,050 1,164,489
---------- ----------
CASH AND CASH EQUIVALENTS AT END OF
PERIOD . . . . . . . . . . . . . . . $1,118,152 $ 303,510
========== ==========
The accompanying 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,
1996 1995
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents . . . . . . $ 294,291 $ 324,616
Accounts receivable:
Oil and gas sales, including $131,943
due from related parties in 1995
(Note 2) . . . . . . . . . . . . . 464,603 413,249
----------- ----------
Total current assets . . . . . . $ 758,894 $ 737,865
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method . . . . 8,150,973 8,463,035
DEFERRED CHARGE . . . . . . . . . . . . 237,269 237,269
----------- ----------
$ 9,147,136 $9,438,169
=========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable . . . . . . . . . . $ 131,656 $ 163,289
Gas imbalance payable . . . . . . . . 97,233 97,233
----------- ----------
Total current liabilities . . . . $ 228,889 $ 260,522
ACCRUED LIABILITY . . . . . . . . . . . $ 261,411 $ 261,411
PARTNERS' CAPITAL (DEFICIT):
General Partner . . . . . . . . . . ($ 96,996)($ 70,576)
Limited Partners, issued and
outstanding, 221,484 units . . . . 8,753,832 8,986,812
----------- ----------
Total Partners' capital . . . . . $ 8,656,836 $8,916,236
----------- ----------
$ 9,147,136 $9,438,169
=========== ==========
The accompanying 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, 1996 AND 1995
(Unaudited)
1996 1995
---------- -----------
REVENUES:
Oil and gas sales, including $262,541
of sales to related parties in 1995
(Note 2) . . . . . . . . . . . . . . $720,068 $ 704,733
Interest income . . . . . . . . . . . 2,491 1,826
Gain on sale of oil and gas properties - 478
-------- ----------
$722,559 $ 707,037
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . $270,345 $ 367,315
Production tax . . . . . . . . . . . 38,855 41,385
Depreciation, depletion, and amortization
of oil and gas properties . . . . . 310,103 548,466
General and administrative . . . . . 72,285 67,305
-------- ----------
$691,588 $1,024,471
-------- ----------
NET INCOME (LOSS) . . . . . . . . . . . $ 30,971 ($ 317,434)
======== ==========
GENERAL PARTNER - NET INCOME . . . . . $ 13,953 $ 6,067
======== ==========
LIMITED PARTNERS - NET INCOME (LOSS) . $ 17,018 ($ 323,501)
======== ==========
NET INCOME (LOSS) per unit . . . . . . $ .08 ($ 1.46)
======== ==========
UNITS OUTSTANDING . . . . . . . . . . . 221,484 221,484
======== ==========
The accompanying 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, 1996 AND 1995
(Unaudited)
1996 1995
----------- -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) . . . . . . . . . . $ 30,971 ($317,434)
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depreciation, depletion, and amortiza-
tion of oil and gas properties . . 310,103 548,466
Gain on sale of oil and gas
properties . . . . . . . . . . . . - ( 478)
(Increase) Decrease in accounts
receivable ( 51,354) 55,481
Decrease in accounts payable . . . ( 31,633) ( 122,632)
-------- --------
Net cash provided by operating
activities . . . . . . . . . . . . . $258,087 $163,403
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures . . . . . . . . $ - ($157,399)
Proceeds from sale of oil and gas
properties . . . . . . . . . . . . . 1,961 478
-------- --------
Net cash provided (used) by investing
activities . . . . . . . . . . . . $ 1,961 ($156,921)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions . . . . . . . . . ($290,373) ($294,000)
-------- --------
Net cash used by financing activities ($290,373) ($294,000)
-------- --------
NET DECREASE IN CASH AND CASH
EQUIVALENTS . . . . . . . . . . . . . ($ 30,325) ($287,518)
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD . . . . . . . . . . . . . . 324,616 302,171
-------- --------
CASH AND CASH EQUIVALENTS AT END OF
PERIOD. . . . . . . . . . . . . . . . $294,291 $ 14,653
======== ========
The accompanying 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,
1996 1995
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents . . . . . $ 159,641 $ 188,474
Accounts receivable:
Oil and gas sales, including $69,792
due from related parties in 1995
(Note 2) . . . . . . . . . . . . . 291,149 258,324
---------- ----------
Total current assets . . . . . . $ 450,790 $ 446,798
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method . . . . 4,625,183 4,820,243
DEFERRED CHARGE . . . . . . . . . . . . 148,234 148,234
---------- ----------
$5,224,207 $5,415,275
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable . . . . . . . . . . $ 79,646 $ 99,578
Gas imbalance payable . . . . . . . . 48,600 48,600
---------- ----------
Total current liabilities . . . . $ 128,246 $ 148,178
ACCRUED LIABILITY . . . . . . . . . . . $ 157,334 $ 157,334
PARTNERS' CAPITAL (DEFICIT):
General Partner . . . . . . . . . . ($ 58,390) ($ 26,964)
Limited Partners, issued and
outstanding, 121,925 units . . . . 4,997,017 5,136,727
---------- ----------
Total Partners' capital . . . . . $4,938,627 $5,109,763
---------- ----------
$5,224,207 $5,415,275
========== ==========
The accompanying 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, 1996 AND 1995
(Unaudited)
1996 1995
---------- ----------
REVENUES:
Oil and gas sales, including $137,034 of
sales to related parties in 1995
(Note 2) . . . . . . . . . . . . . . $456,065 $441,085
Interest and other income . . . . . . 1,296 807
Gain on sale of oil and gas properties 236 1,377
-------- --------
$457,597 $443,269
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . $179,140 $234,551
Production tax . . . . . . . . . . . 24,329 23,936
Depreciation, depletion, and amortization
of oil and gas properties . . . . . 195,317 310,277
General and administrative . . . . . 39,756 37,304
-------- --------
$438,542 $606,068
-------- --------
NET INCOME (LOSS) . . . . . . . . . . $ 19,055 ($162,799)
======== ========
GENERAL PARTNER - NET INCOME . . . . . $ 8,765 $ 4,271
======== ========
LIMITED PARTNERS - NET INCOME (LOSS) . $ 10,290 ($167,070)
======== ========
NET INCOME (LOSS) per unit . . . . . . $ .08 ($ 1.37)
======== ========
UNITS OUTSTANDING . . . . . . . . . . . 121,925 121,925
======== ========
The accompanying 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, 1996 AND 1995
(Unaudited)
1996 1995
--------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) . . . . . . . . . $ 19,055 ($162,799)
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depreciation, depletion, and amortiza-
tion of oil and gas properties . . 195,317 310,277
Gain on sale of oil and gas
properties . . . . . . . . . . . . ( 236) ( 1,377)
(Increase) Decrease in accounts
receivable . . . . . . . . . . . . ( 32,825) 31,385
Decrease in accounts payable . . . ( 19,932) ( 68,431)
-------- --------
Net cash provided by operating
activities . . . . . . . . . . . . . $161,379 $109,055
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures . . . . . . . . ($ 257) ($ 80,149)
Proceeds from sale of oil and gas
properties . . . . . . . . . . . . . 236 1,529
-------- --------
Net cash used by investing activities ($ 21) ($ 78,620)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions . . . . . . . . . ($190,191) ($168,000)
-------- --------
Net cash used by financing activities ($190,191) ($168,000)
-------- --------
NET DECREASE IN CASH AND CASH
EQUIVALENTS . . . . . . . . . . . . . ($ 28,833) ($137,565)
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD . . . . . . . . . . . . . . 188,474 157,841
-------- --------
CASH AND CASH EQUIVALENTS AT END OF
PERIOD. . . . . . . . . . . . . . . . $159,641 $ 20,276
======== ========
The accompanying 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, 1996
(Unaudited)
1. ACCOUNTING POLICIES
-------------------
The balance sheets as of March 31, 1996, statements of operations
for the three months ended March 31, 1996 and 1995 and statements of
cash flows for the three months ended March 31, 1996 and 1995 have
been prepared by Geodyne Production Company, the general partner of
the Partnerships (the "General Partner"). 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, 1996, the results
of operations for the three months ended March 31, 1996 and 1995 and
the cash flows for the three months ended March 31, 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 March 31, 1996 are not necessarily indicative of the
results to be expected for the full year.
The Limited Partners' net income or loss per unit is based upon
each $100 initial capital contribution.
OIL AND GAS PROPERTIES
----------------------
The Partnerships follow the successful efforts method of
accounting for their oil and gas properties. Under the successful
efforts method, the Partnerships capitalize all property acquisition
costs and development costs incurred in connection with the further
development of oil and gas reserves. Property acquisition costs
include costs incurred by the Partnerships or the General Partner to
acquire producing properties, including related title insurance or
examination costs, commissions, engineering, legal and accounting
fees, and similar costs directly related to the acquisitions. The
acquisition cost to the Partnerships of properties acquired by the
General Partner is adjusted to reflect the net cash results of
operations, including interest incurred to finance the acquisition,
for the period of time the properties are held by the General Partner.
Leasehold impairment is recognized based upon an individual property
assessment and exploratory experience. Upon discovery of commercial
reserves, leasehold costs are transferred to producing properties.
-23-
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 or credited 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 net oil and gas
properties 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 Partnership Agreements governing the Partnerships 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 March 31, 1996 the following payments were made to the General
Partner or its affiliates by the Partnerships:
Direct General Administrative
Partnership and Administrative Overhead
----------- ------------------ --------------
III-A $16,915 $ 69,468
III-B 9,248 36,405
III-C 15,318 64,353
III-D 8,424 34,476
III-E 26,283 110,070
III-F 14,001 58,284
III-G 7,671 32,085
-24-
An affiliated company is the operator of certain of the
Partnerships' properties and its policy is to bill the Partnerships
for all customary charges and cost reimbursements associated with
these activities, together with any compressor rentals, 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 months ended March 31, 1995 and the
amount of the Partnerships' accrued oil and gas sales due from Premier
at December 31, 1995.
Gas Sales Accrued Oil and Gas Sales
----------------- -------------------------
3 Months Ended As of
March 31, 1995 December 31, 1995
----------------- -------------------------
III-A $395,090 $349,181
III-B 182,529 169,725
III-C 413,313 232,323
III-D 225,139 186,231
III-E 491,248 574,916
III-F 262,541 131,943
III-G 137,034 69,792
-25-
ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
GENERAL
-------
The Partnerships are engaged in the business of owning interests
in producing oil and gas properties located in the continental United
States. In general, a Partnership acquired producing properties and
has not engaged 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 Partnership Agreements
governing the Partnerships.
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 Partner
Date of 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 Partnerships' operations less necessary
operating capital are distributed to the Partnerships' 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 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 March 31, 1996 and the net revenue generated from
future operations will provide sufficient working capital to meet
current and future obligations of the Partnerships.
-26-
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 months ended March 31,
1996 reflect an increase in total revenues compared to the same
periods in 1995. Management believes this increase generally resulted
from an increase in oil and natural gas prices. Refer to "Liquidity
and Capital Resources" above for a discussion of factors impacting
prices and production volumes.
PARTNERSHIP III-A
THREE MONTHS ENDED MARCH 31, 1996 AS COMPARED TO THE THREE MONTHS
ENDED MARCH 31, 1995.
Three months ended March 31,
------------------------------
1996 1995
---- ----
Oil and gas sales $909,970 $871,808
Direct operating expenses $209,750 $298,453
Barrels produced 12,622 14,179
Mcf produced 367,235 401,778
Average price/Bbl $ 19.30 $ 17.55
Average price/Mcf $ 1.81 $ 1.55
Total oil and gas sales increased 4.4% for the three months ended
March 31, 1996 as compared to the three months ended March 31, 1995.
This increase was due to increases in the average prices of oil and
natural gas sold, partially offset by decreases in the volumes of oil
and natural gas sold during the three months ended March 31, 1996 as
compared to the three months ended March 31, 1995. Volumes of oil and
natural gas sold decreased 1,557 barrels and 34,543 Mcf, respectively,
for the three months ended March 31, 1996 as compared to the three
months ended March 31, 1995. Average oil and natural gas prices
increased to $19.30 per barrel and $1.81 per Mcf, respectively, for
the three months ended March 31, 1996 from $17.55 per barrel and $1.55
per Mcf, respectively, for the three months ended March 31, 1995.
Direct operating expenses (including lease operating expenses and
production taxes) decreased $88,703 for the three months ended March
31, 1996 as compared to the three months ended March 31, 1995. This
decrease was primarily due to (i) an ownership percentage correction
on one property during the three months ended March 31, 1995 and (ii)
lower general repair and maintenance expenses incurred on several
wells during the three months ended March 31, 1996 as compared to the
three months ended March 31, 1995. As a percentage of oil and gas
sales, these expenses decreased to 23.1% for the three months ended
March 31, 1996 from 34.2% for the three months ended March 31, 1995.
This percentage decrease was primarily due to the dollar decrease in
operating expenses mentioned above and the increases in the average
prices of oil and natural gas sold during the three months ended March
31, 1996 as compared to the three months ended March 31, 1995.
Depreciation, depletion, and amortization of oil and gas
properties decreased $308,856 for the three months ended March 31,
1996 as compared to the three months ended March 31, 1995. This
decrease was primarily due to (i) significant upward revisions in the
estimate of remaining oil and natural gas reserves at December 31,
1995, (ii) decreases in the volumes of oil and natural gas sold during
the three months ended March 31, 1996 as compared to the three months
ended March 31, 1995, and (iii) a decrease in capitalized costs due to
-27-
an impairment provision recognized in the fourth quarter of 1995. As
a percentage of oil and gas sales, this expense decreased to 38.4% for
the three months ended March 31, 1996 from 75.5% for the three months
ended March 31, 1995. This percentage decrease was primarily due to
the dollar decrease in depreciation, depletion, and amortization as
discussed above and increases in the average prices of oil and natural
gas sold during the three months ended March 31, 1996 as compared to
the three months ended March 31, 1995.
General and administrative expenses increased $7,890 for the
three months ended March 31, 1996 as compared to the three months
ended March 31, 1995. This increase resulted primarily from an
increase in both professional fees and printing and postage expenses
during the three months ended March 31, 1996 as compared to the three
months ended March 31, 1995. As a percentage of oil and gas sales,
these expenses remained relatively constant at 9.5% for the three
months ended March 31, 1996 as compared to 9.0% for the three months
ended March 31, 1995.
The Limited Partners have received cash distributions through
March 31, 1996 totaling $18,651,701 or 70.66% of Limited Partners'
capital contributions.
PARTNERSHIP III-B
THREE MONTHS ENDED MARCH 31, 1996 AS COMPARED TO THE THREE MONTHS
ENDED MARCH 31, 1995.
Three months ended March 31,
------------------------------
1996 1995
---- ----
Oil and gas sales $519,882 $477,149
Direct operating expenses $110,366 $154,796
Barrels produced 9,751 10,432
Mcf produced 184,757 190,779
Average price/Bbl $ 19.28 $ 17.60
Average price/Mcf $ 1.80 $ 1.54
Total oil and gas sales increased 9.0% for the three months ended
March 31, 1996 as compared to the three months ended March 31, 1995.
This increase resulted from increases in the average prices of oil and
natural gas sold, partially offset by decreases in the volumes of oil
and natural gas sold during the three months ended March 31, 1996 as
compared to the three months ended March 31, 1995. Volumes of oil and
natural gas sold decreased 681 barrels and 6,022 Mcf, respectively,
for the three months ended March 31, 1996 as compared to the three
months ended March 31, 1995. Average oil and natural gas prices
increased to $19.28 per barrel and $1.80 per Mcf, respectively, for
the three months ended March 31, 1996 from $17.60 per barrel and $1.54
per Mcf, respectively, for the three months ended March 31, 1995.
Direct operating expenses (including lease operating expenses and
production taxes) decreased $44,430 for the three months ended March
31, 1996 as compared to the three months ended March 31, 1995. This
decrease was primarily due to (i) an ownership percentage correction
on one property during the three months ended March 31, 1995 and (ii)
lower general repair and maintenance expenses incurred on several
wells during the three months ended March 31, 1996 as compared to the
three months ended March 31, 1995. As a percentage of oil and gas
sales, these expenses decreased to 21.2% for the three months ended
March 31, 1996 from 32.4% for the three months ended March 31, 1995.
-28-
This percentage decrease was primarily due to the increases in the
average prices oil and natural gas sold during the three months ended
March 31, 1996 as compared to the three months ended March 31,1995.
Depreciation, depletion, and amortization of oil and gas
properties decreased $156,717 for the three months ended March 31,
1996 as compared to the three months ended March 31, 1995. This
decrease was primarily due to (i) significant upward revisions in the
estimate of remaining oil and natural gas reserves at December 31,
1995, (ii) decreases in volumes of oil and natural gas sold during the
three months ended March 31, 1996 as compared to the three months
ended March 31, 1995, and (iii) 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 37.4% for
the three months ended March 31, 1996 from 73.5% for the three months
ended March 31, 1995. This percentage decrease was primarily due to
the dollar decrease in depreciation, depletion, and amortization as
discussed above and increases in the average prices of oil and
natural gas sold during the three months ended March 31, 1996 as
compared to the three months ended March 31, 1995.
General and administrative expenses increased $4,628 for the
three months ended March 31, 1996 as compared to the three months
ended March 31, 1995. This increase resulted primarily from an
increase in both professional fees and printing and postage expenses
during the three months ended March 31, 1996 as compared to the three
months ended March 31, 1995. As a percentage of oil and gas sales,
these expenses remained relatively constant at 8.8% for the three
months ended March 31, 1996 as compared to 8.6% for the three months
ended March 31, 1995.
The Limited Partners have received cash distributions through
March 31, 1996 totaling $10,910,353 or 78.87% of Limited Partners'
capital contributions.
-29-
PARTNERSHIP III-C
THREE MONTHS ENDED MARCH 31, 1996 AS COMPARED TO THE THREE MONTHS
ENDED MARCH 31, 1995.
Three months ended March 31,
------------------------------
1996 1995
---- ----
Oil and gas sales $815,774 $677,944
Direct operating expenses $204,004 $194,622
Barrels produced 8,029 6,655
Mcf produced 376,476 424,982
Average price/Bbl $ 18.34 $ 17.25
Average price/Mcf $ 1.78 $ 1.33
Total oil and gas sales increased 20.3% for the three months
ended March 31, 1996 as compared to the three months ended March 31,
1995. This increase was due to increases in the average prices of oil
and natural gas sold and an increase in the volumes of oil sold,
partially offset by a decrease in the volumes of natural gas sold
during the three months ended March 31, 1996 as compared to the three
months ended March 31, 1995. Volumes of oil sold increased 1,374
barrels, while volumes of natural gas sold decreased 48,506 Mcf for
the three months ended March 31, 1996 as compared to the three months
ended March 31, 1995. The increase in the volumes of oil sold
resulted primarily from positive prior period volume adjustments made
during the three months ended March 31, 1996 and increased current
production on one well due to recent drilling activity. Average oil
and natural gas prices increased to $18.34 per barrel and $1.78 per
Mcf, respectively, for the three months ended March 31, 1996 from
$17.25 per barrel and $1.33 per Mcf, respectively, for the three
months ended March 31, 1995.
Direct operating expenses (including lease operating expenses and
production taxes) increased $9,382 for the three months ended March
31, 1996 as compared to the three months ended March 31, 1995. This
increase was primarily due to higher production taxes associated with
the increase in oil and gas sales during the three months ended March
31, 1996. As a percentage of oil and gas sales, these expenses
decreased to 25.0% for the three months ended March 31, 1996 from
28.7% for the three months ended March 31, 1995. This percentage
decrease resulted primarily from the increases in the average prices
of oil and natural gas sold during the three months ended March 31,
1996 as compared to the three months ended March 31, 1995.
Depreciation, depletion, and amortization of oil and gas
properties decreased $365,064 for the three months ended March 31,
1996 as compared to the three months ended March 31, 1995. This
decrease resulted primarily from (i) significant upward revisions in
the estimate of remaining oil and natural gas reserves at December 31,
1995, (ii) a decrease in the volumes of natural gas sold during the
three months ended March 31, 1996 as compared to the three months
ended March 31, 1995, and (iii) 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 39.2% for
the three months ended March 31, 1996 from 101.0% for the three months
ended March 31, 1995. This percentage decrease was primarily due to
the dollar decrease in depreciation, depletion, and amortization
discussed above and the increases in the average prices of oil and
natural gas sold during the three months ended March 31, 1996 as
compared to the three months ended March 31, 1995.
-30-
General and administrative expenses increased $6,290 for the
three months ended March 31, 1996 as compared to the three months
ended March 31, 1995. This increase resulted primarily from an
increase in professional fees during the three months ended March 31,
1996 as compared to the three months ended March 31, 1995. As a
percentage of oil and gas sales, these expenses remained relatively
constant at 9.8% for the three months ended March 31, 1996 as compared
to 10.8% for the three months ended March 31, 1995.
The Limited Partners have received cash distributions through
March 31, 1996 totaling $11,459,795 or 46.86% of Limited Partners'
capital contributions.
PARTNERSHIP III-D
THREE MONTHS ENDED MARCH 31, 1996 AS COMPARED TO THE THREE MONTHS
ENDED MARCH 31, 1995.
Three months ended March 31,
------------------------------
1996 1995
---- ----
Oil and gas sales $534,536 $536,678
Direct operating expenses $197,940 $202,539
Barrels produced 10,878 10,729
Mcf produced 202,914 263,504
Average price/Bbl $ 18.10 $ 16.56
Average price/Mcf $ 1.66 $ 1.36
Total oil and gas sales remained relatively constant for the
three months ended March 31, 1996 as compared to the three months
ended March 31, 1995. Volumes of oil sold increased 149 barrels,
while volumes of natural gas sold decreased 60,590 Mcf for the three
months ended March 31, 1996 as compared to the three months ended
March 31, 1995. The decrease in the volumes of natural gas sold
resulted primarily from positive volume adjustments on two wells
during the three months ended March 31, 1995 and normal declines in
production on several wells during the three months ended March 31,
1996. Average oil and natural gas prices increased to $18.10 per
barrel and $1.66 per Mcf, respectively, for the three months ended
March 31, 1996 from $16.56 per barrel and $1.36 per Mcf, respectively,
for the three months ended March 31, 1995.
Direct operating expenses (including lease operating expenses and
production taxes) decreased $4,599 for the three months ended March
31, 1996 as compared to the three months ended March 31, 1995. This
decrease resulted primarily from the decrease in the volumes of
natural gas sold during the three months ended March 31, 1996 as
compared to the three months ended March 31, 1995. As a percentage of
oil and gas sales, these expenses remained relatively constant at
37.0% for the three months ended March 31, 1996 as compared to 37.7%
the three months ended March 31, 1995.
Depreciation, depletion, and amortization of oil and gas
properties decreased $243,722 for the three months ended March 31,
1996 as compared to the three months ended March 31, 1995. This
decrease was primarily due to (i) significant upward revisions in the
estimate of remaining natural gas reserves at December 31, 1995, (ii)
the decrease in the volumes of natural gas sold during the three
months ended March 31, 1996 as compared to the three months ended
March 31, 1995 and (iii) a decrease in capitalized costs due to an
impairment provision recognized in the fourth quarter of 1995. As a
-31-
percentage of oil and gas sales, this expense decreased to 31.7% for
the three months ended March 31, 1996 as compared to 77.0% for the
three months ended March 31, 1995. This percentage decrease was
primarily due to the dollar decrease in depreciation, depletion, and
amortization as discussed above and the increases in the average
prices of oil and natural gas sold during the three months ended March
31, 1996 as compared to the three months ended March 31, 1995.
General and administrative expenses increased $2,928 for the
three months ended March 31, 1996 as compared to the three months
ended March 31, 1995. This increase was primarily due to an increase
in professional fees during the three months ended March 31, 1996 as
compared to the three months ended March 31, 1995. As a percentage of
oil and gas sales, these expenses remained relatively constant at 8.0%
for the three months ended March 31, 1996 as compared to 7.4% for the
three months ended March 31, 1995.
The Limited Partners have received cash distributions through
March 31, 1996 totaling $5,242,669 or 40.02% of Limited Partners'
capital contributions.
PARTNERSHIP III-E
THREE MONTHS ENDED MARCH 31, 1996 AS COMPARED TO THE THREE MONTHS
ENDED MARCH 31, 1995.
Three months ended March 31,
------------------------------
1996 1995
---- ----
Oil and gas sales $2,032,200 $2,542,766
Direct operating expenses $ 982,466 $1,286,064
Barrels produced 58,063 66,035
Mcf produced 528,853 971,345
Average price/Bbl $ 18.11 $ 16.37
Average price/Mcf $ 1.85 $ 1.51
Total oil and gas sales decreased 20.1% for the three months
ended March 31, 1996 as compared to the three months ended March 31,
1995. This decrease was due to decreases in the volumes of oil and
natural gas sold, partially offset by increases in average prices of
oil and natural gas sold. Volumes of oil and natural gas sold
decreased by 7,972 barrels and 442,492 Mcf, respectively, for the
three months ended March 31, 1996 as compared to the three months
ended March 31, 1995. Volumes of natural gas sold decreased primarily
due to two significant wells having positive prior period adjustments
from a purchaser during the three months ended March 31, 1995.
Average oil prices increased to $18.11 per barrel for the three months
ended March 31, 1996 from $16.37 per barrel for the three months ended
March 31, 1995. Average natural gas prices increased to $1.85 per Mcf
for the three months ended March 31, 1996 from $1.51 per Mcf for the
three months ended March 31, 1995.
Direct operating expenses (including lease operating expenses and
production taxes) decreased $303,598 for the three months ended March
31, 1996 as compared to the three months ended March 31, 1995. This
decrease was primarily due to the decrease in the volumes of oil and
natural gas sold. As a percentage of oil and gas sales, these
expenses decreased to 48.3% for the three months ended March 31, 1996
from 50.6% for the three months ended March 31, 1995. This percentage
decrease was primarily due to the increases in the average prices of
oil and natural gas sold.
-32-
Depreciation, depletion, and amortization of oil and gas
properties decreased by $588,130 for the three months ended March 31,
1996 as compared to the three months ended March 31, 1995. This
decrease was primarily due to (i) significant upward revisions in the
estimate of remaining natural gas reserves at December 31, 1995, (ii)
the decrease in the volumes of oil and natural gas sold during the
three months ended March 31, 1996 as compared to the three months
ended March 31, 1995, and (iii) 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 23.9% for
the three months ended March 31, 1996 from 42.2% for the three months
ended March 31, 1995. This percentage decrease was primarily due to
the dollar decrease in depreciation, depletion, and amortization
discussed above and the increases in the average prices of oil and
natural gas sold during the three months ended March 31, 1996 as
compared to the three months ended March 31, 1995.
General and administrative expenses increased by $6,489 for the
three months ended March 31, 1996 as compared to the three months
ended March 31, 1995. This increase resulted primarily from an
increase in professional fees during the three months ended March 31,
1996 as compared to the three months ended March 31, 1995. As a
percentage of oil and gas sales, these expenses increased to 6.7% for
the three months ended March 31, 1996 from 5.1% for the three months
March 31, 1995. This percentage increase was primarily due to the
decrease in oil and natural gas sales.
The Limited Partners have received cash distributions through
March 31, 1996 totalling $19,874,016 or 47.52% of Limited Partners'
capital contributions.
PARTNERSHIP III-F
THREE MONTHS ENDED MARCH 31, 1996 AS COMPARED TO THE THREE MONTHS
ENDED MARCH 31, 1995.
Three months ended March 31,
------------------------------
1996 1995
---- ----
Oil and gas sales $720,068 $704,733
Direct operating expenses $309,200 $408,700
Barrels produced 19,139 20,363
Mcf produced 231,008 306,871
Average price/Bbl $ 17.98 $ 16.13
Average price/Mcf $ 1.63 $ 1.23
Total oil and gas sales increased 2.2% for the three months ended
March 31, 1996 as compared to the three months ended March 31, 1995.
This increase was due to increases in the average prices of oil and
natural gas sold, partially offset by decreases in the volumes of oil
and natural gas sold. Volumes of oil and natural gas sold decreased
by 1,224 barrels and 75,863 Mcf, respectively, for the three months
ended March 31, 1996 as compared to the three months ended March 31,
1995. Volumes of natural gas sold decreased primarily due to (i) one
significant well being shut-in during the three months ended March 31,
1996 while awaiting new gas contracts and (ii) several wells having
negative prior period adjustments from a purchaser during the three
months ended March 31, 1996. Average oil prices increased to $17.98
per barrel for the three months ended March 31, 1996 from $16.13 per
barrel for the three months ended March 31, 1995. Average natural gas
-33-
prices increased to $1.63 per Mcf for the three months ended March 31,
1996 from $1.23 per Mcf the three months ended March 31, 1995.
Direct operating expenses (including lease operating expenses and
production taxes) decreased $99,500 for the three months ended March
31, 1996 as compared to the three months ended March 31, 1995. This
decrease was primarily due to the decrease in the volumes of oil and
natural gas sold. As a percentage of oil and gas sales, these
expenses decreased to 42.9% for the three months ended March 31, 1996
from 58.0% for the three months ended March 31, 1995. This percentage
decrease was primarily due to the increases in the average prices of
oil and natural gas sold.
Depreciation, depletion, and amortization of oil and gas
properties decreased by $238,363 for the three months ended March 31,
1996 as compared to the three months ended March 31, 1995. This
decrease was primarily due to (i) a significant upward revision in the
estimate of remaining natural gas reserves at December 31, 1995, (ii)
the decrease in the volumes of oil and natural gas sold during the
three months ended March 31, 1996 as compared to the three months
ended March 31, 1995, and (iii) 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 43.1% for
the three months ended March 31, 1996 from 77.8% for the three months
ended March 31, 1995. This percentage decrease was primarily due to
the dollar decrease in depreciation, depletion, and amortization as
discussed above and the increases in the average prices of oil and
natural gas sold during the three months ended March 31, 1996 as
compared to the three months ended March 31, 1995.
General and administrative expenses increased by $4,980 for the
three months ended March 31, 1996 as compared to the three months
ended March 31, 1995. This increase resulted primarily from an
increase in professional fees during the three months ended March 31,
1996. As a percentage of oil and gas sales, these expenses remained
relatively constant at 10.0% for the three months ended March 31, 1996
compared to 9.6% for the three months March 31, 1995.
The Limited Partners have received cash distributions through
March 31, 1996 totalling $7,456,904 or 33.67% of Limited Partners'
capital contributions.
PARTNERSHIP III-G
THREE MONTHS ENDED MARCH 31, 1996 AS COMPARED TO THE THREE MONTHS
ENDED MARCH 31, 1995.
Three months ended March 31,
------------------------------
1996 1995
---- ----
Oil and gas sales $456,065 $441,085
Direct operating expenses $203,469 $258,487
Barrels produced 14,076 14,842
Mcf produced 124,810 163,208
Average price/Bbl $ 18.01 $ 16.15
Average price/Mcf $ 1.62 $ 1.23
Total oil and gas sales increased 3.4% for the three months ended
March 31, 1996 as compared to the three months ended March 31, 1995.
This increase was due to increases in the average prices of oil and
-34-
natural gas sold, partially offset by decreases in the volumes of oil
and natural gas sold. Volumes of oil and natural gas sold decreased
by 766 barrels and 38,398 Mcf, respectively, for the three months
ended March 31, 1996 as compared to the three months ended March 31,
1995. Volumes of natural gas sold decreased primarily due to (i) one
significant well being shut-in during the three months ended March 31,
1996 while awaiting new gas contracts and (ii) several wells having
negative prior period adjustments from a purchaser during the three
months ended March 31, 1996. Average oil prices increased to $18.01
per barrel for the three months ended March 31, 1996 from $16.15 per
barrel for the three months ended March 31, 1995. Average natural gas
prices increased to $1.62 per Mcf for the three months ended March 31,
1996 from $1.23 per Mcf for the three months ended March 31, 1995.
Direct operating expenses (including lease operating expenses and
production taxes) decreased $55,018 for the three months ended March
31, 1996 as compared to the three months ended March 31, 1995. This
decrease was primarily due to the decrease in the volumes of oil and
natural gas sold. As a percentage of oil and gas sales, these
expenses decreased to 44.6% for the three months ended March 31, 1996
from 58.6% for the three months ended March 31, 1995. This percentage
decrease was primarily due to the increases in the average prices of
oil and natural gas sold.
Depreciation, depletion, and amortization of oil and gas
properties decreased by $114,960 for the three months ended March 31,
1996 as compared to the three months ended March 31, 1995. This
decrease was primarily due to (i) significant upward revisions in the
estimate of remaining natural gas reserves at December 31, 1995, (ii)
the decrease in the volumes of oil and natural gas sold during the
three months ended March 31, 1996 as compared to the three months
ended March 31, 1995, and (iii) 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 42.8% for
the three months ended March 31, 1996 from 70.3% for the three months
ended March 31, 1995. This percentage decrease was primarily due to
the dollar decrease in depreciation, depletion, and amortization as
discussed above and the increases in the average prices of oil and
natural gas sold during the three months ended March 31, 1996 as
compared to the three months ended March 31, 1995.
General and administrative expenses increased by $2,452 for the
three months ended March 31, 1996 as compared to the three months
ended March 31, 1995. This increase resulted primarily from an
increase in professional fees during the three months ended March 31,
1996. As a percentage of oil and gas sales, these expenses remained
relatively constant at 8.7% for the three months ended March 31, 1996
compared to 8.5% for the three months March 31, 1995.
The Limited Partners have received cash distributions through
March 31, 1996 totalling $3,598,287 or 29.51% of Limited Partners'
capital contributions.
-35-
PART II: OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
On October 26, 1994 Geodyne Resources, Inc. ("Geodyne Resources")
and the Partnerships, among other parties, were named as defendants in
a lawsuit alleging causes of action based on fraud, negligent
misrepresentation, breach of fiduciary duty, breach of implied
covenant, and breach of contract in connection with the offer and sale
of limited partnership interests ("Units") in the Partnerships (Sidney
Neidick, et al. v. Geodyne Resources, Inc., et al., Case No. 94-
052860, District Court of Harris County, Texas). The plaintiffs'
petition alleged that the lawsuit was being brought as a class action
on behalf of investors who purchased Units in the Partnerships. On
June 7, 1995, Geodyne Resources and the Partnerships were dismissed
without prejudice as defendants in the matter. In addition, on June
7, 1995, the matter certified as a class action. A class action
notice was mailed on June 7, 1995 to all Limited Partners who are
members of the class. PaineWebber Incorporated ("PaineWebber") has
agreed to indemnify Geodyne Resources and the Partnerships and their
affiliates with respect to all claims asserted by the plaintiffs in
the lawsuit pursuant to that certain Indemnification Agreement dated
November 24, 1992 by and between PaineWebber and Samson Investment
Company (the "Indemnification Agreement") in the event Geodyne
Resources or the Partnerships are rejoined in the matter at a later
time.
On November 23 and 25, 1994, Geodyne Resources, PaineWebber, and
certain other parties were named as defendants in two related lawsuits
alleging misrepresentations made to induce investments in the Units
and asserting causes of action for common law fraud and deceit and
unjust enrichment (Romine v. PaineWebber, Inc., et al. Case No. 94-
CIV-8558, U.S. District Court, Southern District of New York and
Romine v. PaineWebber, Inc., et al, Case No. 94-132844, Supreme Court
of the State of New York, County of New York). The federal court case
was later consolidated with other similar actions (to which Geodyne
Resources is not a party) under the title In Re: PaineWebber Limited
Partnerships Litigation and was certified as a class action on May 30,
1995 (the "PaineWebber Partnership Class Action"). A class action
notice was mailed on June 7, 1995 to all members of the class. The
PaineWebber Partnership Class Action also alleges violations of 18
U.S.C. Section 1962(c) and the Securities Exchange Act of 1934.
Compensatory and punitive damages, interest, and costs have been
requested in both matters. PaineWebber has agreed to indemnify
Geodyne Resources with respect to all claims asserted by the plaintiff
in the lawsuits pursuant to the Indemnification Agreement. The
amended complaint in the PaineWebber Partnerships Class Action no
longer asserts any claim directly against Geodyne Resources.
On January 18, 1996, PaineWebber issued a press release
indicating that it had reached an agreement to settle both the pending
PaineWebber Partnership Class Action matter referred to above and the
Neidick matter referred to above, along with a settlement with the SEC
and an agreement to settle with various state securities regulators.
The press release issued by PaineWebber indicates that the parties
have agreed to a class action settlement of $125 million and other
non-cash consideration; a SEC administrative order creating a capped
$40 million fund (the "Claims Fund"), which is to be distributed to
eligible limited partners by an independent administrator (the "Claims
Administrator"); a civil penalty of $5 million leveled by the SEC; and
-36-
payments aggregating $5 million to state securities administrators.
The dollar amounts referred to in the press release apply to both the
Partnerships and other direct investment programs sold by PaineWebber.
As of the date of this Annual Report, PaineWebber has not informed
management of the Partnerships of the portion of such settlement that
would be applicable to the Partnerships. In any event, such
settlement is not an obligation of either the Partnerships or the
General Partner and, accordingly, would not affect the financial
statements of the Partnerships. As a result of both the dismissal and
the Indemnification Agreement, the General Partner does not believe
that either the Partnerships or the General Partner will be required
to pay any damages or expenses in any of the matters set forth herein.
On April 17, 1996, PaineWebber mailed a Notice and Claim Form to
each limited partner who purchased Units in the Partnerships through
PaineWebber from January 1, 1986 to December 31, 1992. Limited
partners are not eligible to participate in the claims process if they
(i) previously reached a settlement with PaineWebber or (ii) had their
direct investment claim resolved by a court or in arbitration.
Participation in the claims process is optional, and does not prevent
a limited partner from pursuing any other remedy against PaineWebber
that may be available. Limited partners have until October 22, 1996
to complete the claim form and return it to the Claims Administrator.
The determination of whether a limited partner is entitled to a
recovery under the Claim Fund will be based on whether or not the
Claim Administrator determines that the limited partner's investment
in the Partnerships was suitable for him at the time of purchase. In
addition, if the limited partner has opted out of the class action and
has not already settled with PaineWebber or has had a claim resolved
by a court or in arbitration, the Claims Administrator will also
consider allegations that misrepresentations were made in connection
with the sale of the Units.
To the knowledge of the General Partner, neither the General
Partner nor the Partnerships or their properties are subject to any
litigation, the results of which would have a material effect on the
Partnerships' or the General Partner's financial condition or
operations.
-37-
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, 1996 and for the
three months ended March 31, 1996, filed herewith.
27.2 Financial Data Schedule containing summary financial
information extracted from the III-B Partnership's
financial statements as of March 31, 1996 and for the
three months ended March 31, 1996, filed herewith.
27.3 Financial Data Schedule containing summary financial
information extracted from the III-C Partnership's
financial statements as of March 31, 1996 and for the
three months ended March 31, 1996, filed herewith.
27.4 Financial Data Schedule containing summary financial
information extracted from the III-D Partnership's
financial statements as of March 31, 1996 and for the
three months ended March 31, 1996, filed herewith.
27.5 Financial Data Schedule containing summary financial
information extracted from the III-E Partnership's
financial statements as of March 31, 1996 and for the
three months ended March 31, 1996, filed herewith.
27.6 Financial Data Schedule containing summary financial
information extracted from the III-F Partnership's
financial statements as of March 31, 1996 and for the
three months ended March 31, 1996, filed herewith.
27.7 Financial Data Schedule containing summary financial
information extracted from the III-G Partnership's
financial statements as of March 31, 1996 and for the
three months ended March 31, 1996, filed herewith.
All other Exhibits are omitted as inapplicable.
(b) Reports on Form 8-K:
1. A Current Report on Form 8-K dated January 18, 1996 was
filed with the Securities and Exchange Commission.
Items reported were:
Item 5. Other Events
Item 7. Exhibits
2. A Current Report on Form 8-K dated January 22, 1996 was
filed with the Securities and Exchange Commission.
Items reported were:
Item 5. Other Events
Item 7. Exhibits
-38-
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 PRODUCTION COMPANY
General Partner
Date: May 15, 1996 By: /s/Dennis R. Neill
-----------------------------
(Signature)
Dennis R. Neill
Senior Vice President
and Director
Date: May 15, 1996 By: /s/Drew S. Phillips
---------------------------
(Signature)
Drew S. Phillips
Vice President - Controller
Principal Accounting Officer
-39-
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,
1996 and for the three months ended March 31, 1996, 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,
1996 and for the three months ended March 31, 1996, 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,
1996 and for the three months ended March 31, 1996, 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,
1996 and for the three months ended March 31, 1996, 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,
1996 and for the three months ended March 31, 1996, 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,
1996 and for the three months ended March 31, 1996, 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,
1996 and for the three months ended March 31, 1996, filed
herewith.
All other Exhibits are omitted as inapplicable.