United States
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB/A
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1996
OR
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from....to.....
Commission file number 0-18329
ENEX OIL & GAS INCOME PROGRAM IV - SERIES 5, L.P.
(Exact name of small business issuer as specified in its charter)
New Jersey 76-0251424
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
Suite 200, Three Kingwood Place
Kingwood, Texas 77339
(Address of principal executive offices)
Issuer's telephone number:
(713) 358-8401
Check whether the issuer (1) has filed all reports required to be filed
by Section 13 or 15(d) of the Exchange Act during the past 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
Transitional Small Business Disclosure Format (Check one):
Yes No x
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
ENEX OIL & GAS INCOME PROGRAM IV - SERIES 5, L.P.
BALANCE SHEET
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JUNE 30,
ASSETS 1996
----------------
(Unaudited)
CURRENT ASSETS:
Cash $ 42,565
Accounts receivable - oil & gas sales 56,662
Other current assets 2,427
-----------------
Total current assets 101,654
-----------------
OIL & GAS PROPERTIES
(Successful efforts accounting method) - Proved
mineral interests and related equipment & facilities 2,213,200
Less accumulated depreciation and depletion 1,952,362
-----------------
Property, net 260,838
-----------------
TOTAL $ 362,492
=================
LIABILITIES AND PARTNERS' CAPITAL
CURRENT LIABILITIES:
Accounts payable $ 46,266
Payable to general partner 6,915
-----------------
Total current liabilities 53,181
-----------------
PARTNERS' CAPITAL:
Limited partners 280,197
General partner 29,114
-----------------
Total partners' capital 309,311
-----------------
TOTAL $ 362,492
=================
Number of $500 Limited Partner units outstanding 4,561
See accompanying notes to financial statements.
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I-1
A 16% decrease in oil production reduced sales by $12,730. A 4% decrease in the
average oil sales price decreased sales by an additional $2,521. Gas sales
increased by $28,740 (42%). A 1% decrease in gas production increased sales by
$483. A 41% increase in the average gas sales price increased sales by an
additional $28,257. Sales of plant products decreased by $12,265 or 96%. A 98%
decrease in the production of plant products reduced sales by $12,493. This
decrease was partially offset by a 16% increase in the average plant product
sales price. The decrease in oil production was primarily due to natural
production declines. The increase in gas production was primarily due to
increased production from the Speary acquisition on which a compressor was
reworked. The lower production of plant products was due to the recognition of
back revenues from the Kalkaska gas plant in the second quarter of 1995. The
higher average plant product sales price was primarily due to recognition of
back revenues from the Kalkaska gas plant in the second quarter of 1995, which
had a relatively lower sales price. The decrease in the average oil sales price
was primarily the result of relatively lower production from the Speary
acquisition which has a relatively higher oil sales price. The higher average
gas sales price was primarily the result of increased production from the Speary
acquisition, which has a relatively higher gas sales price, coupled with higher
prices in the overall gas sales market.
Lease operating expenses decreased to $69,538 in the first six months of 1996
from $89,247 in the first six months of 1995. The decrease of $19,709 is
primarily due to the changes in production, noted above, coupled with workover
costs incurred on the Speary acquisition in 1995.
Depreciation and depletion expense decreased to $38,338 in the first six months
of 1996 from $59,756 in the first six months of 1995. This represents a decrease
of $21,418 (36%). The changes in production, noted above, reduced depreciation
and depletion expense by $14,766. A 15% decrease in the depletion rate reduced
depreciation and depletion by an additional $6,652. The rate decrease is due to
an upward revision of oil and gas reserves during December 1995.
General and administrative expenses increased to $10,579 in the first six months
of 1996 from $9,411 in the first six months of 1995. This increase of $1,168
(12%) is primarily due to more staff time being required to manage the Company's
operations.
CAPITAL RESOURCES AND LIQUIDITY
The Company's cash flow from operations is a direct result of the amount of net
proceeds realized from the sale of oil and gas production. Accordingly, the
changes in cash flow from 1995 to 1996 are primarily due to the changes in oil
and gas sales described above. It is the general partner's intention to
distribute substantially all of the Company's available cash flow to the
Company's partners. The Company's "available cash flow" is essentially equal to
the net amount of cash provided by operating activities.
The Company will continue to recover its reserves and distribute to the limited
partners the net proceeds realized from the sale of oil and gas production.
Distribution amounts are subject to change if net revenues are greater or less
than expected. Nonetheless, the general partner believes the Company will
continue to
I-6
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned thereunto duly
authorized.
ENEX OIL & GAS INCOME
PROGRAM IV - SERIES 5, L.P.
(Registrant)
By:ENEX RESOURCES CORPORATION
General Partner
By: /s/ R. E. Densford
R. E. Densford
Vice President, Secretary
Treasurer and Chief Financial
Officer
November 7, 1996 By: /s/ James A. Klein
-------------------
James A. Klein
Controller and Chief
Accounting Officer