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, 2001
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,
2001 2000
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents $1,238,739 $ 910,878
Accounts receivable:
Oil and gas sales 854,232 813,549
---------- ----------
Total current assets $2,092,971 $1,724,427
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 1,441,186 1,513,421
DEFERRED CHARGE 347,775 347,775
---------- ----------
$3,881,932 $3,585,623
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 49,140 $ 42,504
Gas imbalance payable 34,470 34,470
---------- ----------
Total current liabilities $ 83,610 $ 76,974
ACCRUED LIABILITY $ 53,630 $ 53,630
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 127,984) ($ 132,196)
Limited Partners, issued and
outstanding, 263,976 units 3,872,676 3,587,215
---------- ----------
Total Partners' capital $3,744,692 $3,455,019
---------- ----------
$3,881,932 $3,585,623
========== ==========
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, 2001 AND 2000
(Unaudited)
2001 2000
---------- ---------
REVENUES:
Oil and gas sales $1,664,876 $655,246
Interest income 11,475 4,610
---------- --------
$1,676,351 $659,856
COSTS AND EXPENSES:
Lease operating $ 103,580 $158,571
Production tax 111,918 60,577
Depreciation, depletion, and
amortization of oil and gas
properties 71,581 97,698
General and administrative
(Note 2) 89,543 94,378
---------- --------
$ 376,622 $411,224
---------- --------
NET INCOME $1,299,729 $248,632
========== ========
GENERAL PARTNER - NET INCOME $ 135,268 $ 16,109
========== ========
LIMITED PARTNERS - NET INCOME $1,164,461 $232,523
========== ========
NET INCOME per unit $ 4.41 $ .88
========== ========
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, 2001 AND 2000
(Unaudited)
2001 2000
----------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $1,299,729 $248,632
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 71,581 97,698
Increase in accounts receivable -
oil and gas sales ( 40,683) ( 83,383)
Increase in accounts payable 6,636 627
---------- --------
Net cash provided by operating
activities $1,337,263 $263,574
---------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures $ - ($ 5,311)
Proceeds from sale of oil and
gas properties 654 38,900
---------- --------
Net cash provided by investing
activities $ 654 $ 33,589
---------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($1,010,056) ($281,840)
---------- --------
Net cash used by financing activities ($1,010,056) ($281,840)
---------- --------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $ 327,861 $ 15,323
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 910,878 379,613
---------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $1,238,739 $394,936
========== ========
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,
2001 2000
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 625,616 $ 496,576
Accounts receivable:
Oil and gas sales 473,139 456,541
---------- ----------
Total current assets $1,098,755 $ 953,117
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 817,926 857,340
DEFERRED CHARGE 259,291 259,291
---------- ----------
$2,175,972 $2,069,748
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 27,922 $ 24,984
Gas imbalance payable 16,493 16,493
---------- ----------
Total current liabilities $ 44,415 $ 41,477
ACCRUED LIABILITY $ 29,080 $ 29,080
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 34,162) ($ 38,756)
Limited Partners, issued and
outstanding, 138,336 units 2,136,639 2,037,947
---------- ----------
Total Partners' capital $2,102,477 $1,999,191
---------- ----------
$2,175,972 $2,069,748
========== ==========
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, 2001 AND 2000
(Unaudited)
2001 2000
--------- ---------
REVENUES:
Oil and gas sales $905,850 $452,972
Interest income 6,105 2,543
-------- --------
$911,955 $455,515
COSTS AND EXPENSES:
Lease operating $ 69,132 $ 94,775
Production tax 60,965 40,513
Depreciation, depletion, and
amortization of oil and gas
properties 39,020 56,742
General and administrative
(Note 2) 54,321 49,474
-------- --------
$223,438 $241,504
-------- --------
NET INCOME $688,517 $214,011
======== ========
GENERAL PARTNER - NET INCOME $107,825 $ 39,664
======== ========
LIMITED PARTNERS - NET INCOME $580,692 $174,347
======== ========
NET INCOME per unit $ 4.20 $ 1.26
======== ========
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, 2001 AND 2000
(Unaudited)
2001 2000
---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $688,517 $214,011
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 39,020 56,742
Increase in accounts receivable -
oil and gas sales ( 16,598) ( 65,129)
Increase(decrease) in accounts
payable 2,938 ( 2,382)
-------- --------
Net cash provided by operating
activities $713,877 $203,242
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures $ - ($ 2,153)
Proceeds from sale of oil and
gas properties 394 21,149
-------- --------
Net cash provided by investing
activities $ 394 $ 18,996
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($585,231) ($215,256)
-------- --------
Net cash used by financing activities ($585,231) ($215,256)
-------- --------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $129,040 $ 6,982
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 496,576 227,298
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $625,616 $234,280
======== ========
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,
2001 2000
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $1,417,231 $ 903,268
Accounts receivable:
Oil and gas sales 920,031 892,011
---------- ----------
Total current assets $2,337,262 $1,795,279
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 2,072,462 2,063,939
DEFERRED CHARGE 90,048 90,048
---------- ----------
$4,499,772 $3,949,266
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 46,990 $ 71,731
Gas imbalance payable 16,667 16,667
---------- ----------
Total current liabilities $ 63,657 $ 88,398
ACCRUED LIABILITY $ 158,958 $ 158,958
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 151,516) ($ 152,824)
Limited Partners, issued and
outstanding, 244,536 units 4,428,673 3,854,734
---------- ----------
Total Partners' capital $4,277,157 $3,701,910
---------- ----------
$4,499,772 $3,949,266
========== ==========
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, 2001 AND 2000
(Unaudited)
2001 2000
---------- --------
REVENUES:
Oil and gas sales $1,985,625 $722,449
Interest income 11,126 5,629
---------- --------
$1,996,751 $728,078
COSTS AND EXPENSES:
Lease operating $ 156,457 $152,454
Production tax 143,346 48,329
Depreciation, depletion, and
amortization of oil and gas
properties 73,578 101,301
General and administrative
(Note 2) 84,080 87,411
---------- --------
$ 457,461 $389,495
---------- --------
NET INCOME $1,539,290 $338,583
========== ========
GENERAL PARTNER - NET INCOME $ 79,351 $ 20,700
========== ========
LIMITED PARTNERS - NET INCOME $1,459,939 $317,883
========== ========
NET INCOME per unit $ 5.97 $ 1.30
========== ========
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, 2001 AND 2000
(Unaudited)
2001 2000
---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $1,539,290 $338,583
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 73,578 101,301
Increase in accounts receivable -
oil and gas sales ( 28,020) ( 3,268)
Decrease in accounts payable ( 24,741) ( 7,691)
---------- --------
Net cash provided by operating
activities $1,560,107 $428,925
---------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 82,101) ($ 469)
Proceeds from sale of oil and
gas properties - 646
---------- --------
Net cash provided (used) by investing
activities ($ 82,101) $ 177
---------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($ 964,043) ($446,594)
---------- --------
Net cash used by financing activities ($ 964,043) ($446,594)
---------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS $ 513,963 ($ 17,492)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 903,268 482,914
---------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $1,417,231 $465,422
========== ========
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,
2001 2000
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 895,603 $ 561,839
Accounts receivable:
Oil and gas sales 624,624 606,226
---------- ----------
Total current assets $1,520,227 $1,168,065
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 780,297 803,342
DEFERRED CHARGE 15,855 15,855
---------- ----------
$2,316,379 $1,987,262
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 74,971 $ 70,538
Gas imbalance payable 3,555 3,555
---------- ----------
Total current liabilities $ 78,526 $ 74,093
ACCRUED LIABILITY $ 192,229 $ 192,229
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 58,727) ($ 58,871)
Limited Partners, issued and
outstanding, 131,008 units 2,104,351 1,779,811
---------- ----------
Total Partners' capital $2,045,624 $1,720,940
---------- ----------
$2,316,379 $1,987,262
========== ==========
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, 2001 AND 2000
(Unaudited)
2001 2000
---------- ---------
REVENUES:
Oil and gas sales $1,277,047 $651,712
Interest income 7,054 3,634
Gain on sale of oil and gas
Properties - 180,753
---------- --------
$1,284,101 $836,099
COSTS AND EXPENSES:
Lease operating $ 182,244 $172,273
Production tax 87,819 43,167
Depreciation, depletion, and
amortization of oil and gas
properties 31,853 51,649
General and administrative
(Note 2) 52,226 46,822
---------- --------
$ 354,142 $313,911
---------- --------
NET INCOME $ 929,959 $522,188
========== ========
GENERAL PARTNER - NET INCOME $ 47,419 $ 27,994
========== ========
LIMITED PARTNERS - NET INCOME $ 882,540 $494,194
========== ========
NET INCOME per unit $ 6.74 $ 3.77
========== ========
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, 2001 AND 2000
(Unaudited)
2001 2000
---------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $929,959 $522,188
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 31,853 51,649
Gain on sale of oil and gas
properties - ( 180,753)
Increase in accounts receivable -
oil and gas sales ( 18,398) ( 30,264)
Increase (decrease) in accounts
payable 4,433 ( 21,119)
-------- --------
Net cash provided by operating
activities $947,847 $341,701
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 8,808) ($ 18,630)
Proceeds from sale of oil and
gas properties - 275
-------- --------
Net cash used by investing activities ($ 8,808) ($ 18,355)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($605,275) ($352,719)
-------- --------
Net cash used by financing activities ($605,275) ($352,719)
-------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS $333,764 ($ 29,373)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 561,839 338,669
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $895,603 $309,296
======== ========
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,
2001 2000
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $2,072,249 $1,627,830
Accounts receivable:
Oil and gas sales 1,692,383 1,815,573
---------- ----------
Total current assets $3,764,632 $3,443,403
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 2,491,303 2,565,859
DEFERRED CHARGE 129,472 129,472
---------- ----------
$6,385,407 $6,138,734
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 400,551 $ 407,887
Gas imbalance payable 48,446 48,446
---------- ----------
Total current liabilities $ 448,997 $ 456,333
ACCRUED LIABILITY $ 492,960 $ 512,557
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 247,069) ($ 240,721)
Limited Partners, issued and
outstanding, 418,266 units 5,690,519 5,410,565
---------- ----------
Total Partners' capital $5,443,450 $5,169,844
---------- ----------
$6,385,407 $6,138,734
========== ==========
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, 2001 AND 2000
(Unaudited)
2001 2000
---------- ----------
REVENUES:
Oil and gas sales $3,196,173 $2,491,244
Interest income 20,386 15,149
Gain on sale of oil and
gas properties 578 1,285,381
---------- ----------
$3,217,137 $3,791,774
COSTS AND EXPENSES:
Lease operating $ 843,112 $ 789,851
Production tax 196,814 159,016
Depreciation, depletion, and
amortization of oil and gas
properties 83,085 117,052
General and administrative
(Note 2) 132,802 149,485
---------- ----------
$1,255,813 $1,215,404
---------- ----------
NET INCOME $1,961,324 $2,576,370
========== ==========
GENERAL PARTNER - NET INCOME $ 100,370 $ 132,743
========== ==========
LIMITED PARTNERS - NET INCOME $1,860,954 $2,443,627
========== ==========
NET INCOME per unit $ 4.45 $ 5.84
========== ==========
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, 2001 AND 2000
(Unaudited)
2001 2000
---------- -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $1,961,324 2,576,370
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 83,085 117,052
Gain on sale of oil and gas
properties ( 578) ( 1,285,381)
(Increase) decrease in accounts
receivable - oil and gas sales 123,190 ( 119,967)
Decrease in accounts payable ( 7,336) ( 114,061)
Decrease in accrued liability ( 19,597) -
---------- ----------
Net cash provided by operating
activities $2,140,088 $1,174,013
---------- ----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 12,747) ($ 80,768)
Proceeds from sale of oil and gas
properties 4,796 -
---------- ----------
Net cash used by investing activities ($ 7,951) ($ 80,768)
---------- ----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($1,687,718) ($1,328,135)
---------- ----------
Net cash used by financing activities ($1,687,718) ($1,328,135)
---------- ----------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS $ 444,419 ($ 234,890)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 1,627,830 1,445,029
---------- ----------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $2,072,249 $1,210,139
========== ==========
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,
2001 2000
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 880,392 $ 754,880
Accounts receivable:
Oil and gas sales 620,188 667,613
Related party (Note 2) 316,488 -
---------- ----------
Total current assets $1,817,068 $1,422,493
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 2,117,047 2,163,648
DEFERRED CHARGE 52,414 52,414
---------- ----------
$3,986,529 $3,638,555
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 49,674 $ 58,215
Gas imbalance payable 15,251 15,251
---------- ----------
Total current liabilities $ 64,925 $ 73,466
ACCRUED LIABILITY $ 107,023 $ 107,023
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 128,857) ($ 135,914)
Limited Partners, issued and
outstanding, 221,484 units 3,943,438 3,593,980
---------- ----------
Total Partners' capital $3,814,581 $3,458,066
---------- ----------
$3,986,529 $3,638,555
========== ==========
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, 2001 AND 2000
(Unaudited)
2001 2000
---------- ---------
REVENUES:
Oil and gas sales $1,269,573 $807,556
Interest income, including $1,321
from a related party in 2001
(Note 2) 9,846 7,634
Gain on sale of oil and gas
properties 313,453 -
---------- --------
$1,592,872 $815,190
COSTS AND EXPENSES:
Lease operating $ 233,537 $214,563
Production tax 71,366 30,742
Depreciation, depletion, and
amortization of oil and gas
properties 67,613 113,331
General and administrative
(Note 2) 77,545 79,157
---------- --------
$ 450,061 $437,793
---------- --------
NET INCOME $1,142,811 $377,397
========== ========
GENERAL PARTNER - NET INCOME $ 59,353 $ 23,021
========== ========
LIMITED PARTNERS - NET INCOME $1,083,458 $354,376
========== ========
NET INCOME per unit $ 4.89 $ 1.60
========== ========
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, 2001 AND 2000
(Unaudited)
2001 2000
---------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $1,142,811 $377,397
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 67,613 113,331
Gain on sale of oil and gas
properties ( 313,453) -
Increase in accounts receivable -
related party ( 1,321) -
(Increase) decrease in accounts
receivable - oil and gas sales 47,425 ( 74,318)
Decrease in accounts payable ( 8,541) ( 12,949)
---------- --------
Net cash provided by operating
activities $ 934,534 $403,461
---------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 26,753) ($ 67,733)
Proceeds from the sale of oil
and gas properties 4,027 -
---------- --------
Net cash used by investing activities ($ 22,726) ($ 67,733)
---------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($ 786,296) ($655,114)
---------- --------
Net cash used by financing activities ($ 786,296) ($655,114)
---------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS $ 125,512 ($319,386)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 754,880 803,913
---------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 880,392 $484,527
========== ========
-19-
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING ACTIVITIES:
The Geodyne III-F Partnership sold certain oil and gas properties during
the three months ended March 31, 2001 for approximately $315,000 which
amount and related interest was due from a related party at March 31,
2001.
The accompanying condensed notes are an integral part of
these financial statements.
-20-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-G
BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
2001 2000
------------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 481,933 $ 434,158
Accounts receivable:
Oil and gas sales 362,003 393,688
Related party (Note 2) 209,290 -
---------- ----------
Total current assets $1,053,226 $ 827,846
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 1,135,918 1,154,241
DEFERRED CHARGE 35,238 35,238
---------- ----------
$2,224,382 $2,017,325
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 30,058 $ 35,944
Gas imbalance payable 6,446 6,446
---------- ----------
Total current liabilities $ 36,504 $ 42,390
ACCRUED LIABILITY $ 71,912 $ 71,912
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 74,666) ($ 79,337)
Limited Partners, issued and
outstanding, 121,925 units 2,190,632 1,982,360
---------- ----------
Total Partners' capital $2,115,966 $1,903,023
---------- ----------
$2,224,382 $2,017,325
========== ==========
The accompanying condensed notes are an integral part of
these financial statements.
-21-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-G
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2001 AND 2000
(Unaudited)
2001 2000
--------- ---------
REVENUES:
Oil and gas sales $718,362 $485,737
Interest income, including $873
from a related party in 2001
(Note 2) 5,736 4,207
Gain on sale of oil and gas
properties 207,204 -
-------- --------
$931,302 $489,944
COSTS AND EXPENSES:
Lease operating $139,861 $138,711
Production tax 39,565 19,232
Depreciation, depletion, and
amortization of oil and gas
properties 36,503 52,090
General and administrative
(Note 2) 49,641 43,579
-------- --------
$265,570 $253,612
-------- --------
NET INCOME $665,732 $236,332
======== ========
GENERAL PARTNER - NET INCOME $ 34,460 $ 13,690
======== ========
LIMITED PARTNERS - NET INCOME $631,272 $222,642
======== ========
NET INCOME per unit $ 5.18 $ 1.83
======== ========
UNITS OUTSTANDING 121,925 121,925
======== ========
The accompanying condensed notes are an integral part of
these financial statements.
-22-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-G
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2001 AND 2000
(Unaudited)
2001 2000
---------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $665,732 $236,332
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 36,503 52,090
Gain on sale of oil and gas
properties ( 207,204) -
Increase in accounts receivable -
related party ( 873) -
(Increase) decrease in accounts
receivable - oil and gas sales 31,685 ( 40,989)
Decrease in accounts payable ( 5,886) ( 7,356)
-------- --------
Net cash provided by operating
activities $519,957 $240,077
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 19,878) ($ 37,144)
Proceeds from the sale of oil and
gas properties 485 -
-------- --------
Net cash used by investing activities ($ 19,393) ($ 37,144)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($452,789) ($422,422)
-------- --------
Net cash used by financing activities ($452,789) ($422,422)
-------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS $ 47,775 ($219,489)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 434,158 475,226
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $481,933 $255,737
======== ========
-23-
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING ACTIVITIES:
The Geodyne III-G Partnership sold certain oil and gas properties during
the three months ended March 31, 2001 for approximately $208,000 which
amount and related interest was due from a related party at March 31,
2001.
The accompanying condensed notes are an integral part of
these financial statements.
-24-
GEODYNE ENERGY INCOME PROGRAM III LIMITED PARTNERSHIPS
CONDENSED NOTES TO THE FINANCIAL STATEMENTS
MARCH 31, 2001
(Unaudited)
1. ACCOUNTING POLICIES
-------------------
The balance sheets as of March 31, 2001, statements of operations for the
three months ended March 31, 2001 and 2000, and statements of cash flows
for the three months ended March 31, 2001 and 2000 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, 2001, the results of operations for the
three months ended March 31, 2001 and 2000, and the cash flows for the
three months ended March 31, 2001 and 2000.
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, 2000. The
results of operations for the period ended March 31, 2001 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, 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
-25-
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, 2001, the following payments were made to the General
Partner or its affiliates by the Partnerships:
Direct General Administrative
Partnership and Administrative Overhead
----------- ------------------- ---------------
III-A $20,075 $ 69,468
III-B 17,916 36,405
III-C 19,727 64,353
III-D 17,750 34,476
III-E 22,732 110,070
III-F 19,261 58,284
III-G 17,556 32,085
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.
-26-
The accounts receivable-related party at March 31, 2001 for the III-F and
III-G Partnerships represents accrued proceeds and interest (at prime plus
1%) due from a related party for the sale of certain oil and gas
properties during the three months ended March 31, 2001. Subsequent to
March 31, 2001, such amounts were collected.
-27-
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.
-28-
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 22, 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, 2001 and the net revenue
generated from future operations will provide sufficient working capital
to meet current and future obligations.
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 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, III-C,
III-D, III-E, and III-F 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.
-29-
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 1 September 5, 2002
III-E December 26, 2000 1 December 26, 2002
III-F March 7, 2001 1 March 7, 2003
III-G September 20, 2001 - September 20, 2001
The General Partner has not determined whether it intends to (i) further
extend the terms of such Partnerships or (ii) extend the term of the III-G
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
significantly higher than the Partnerships' historical average. This is
attributable to the higher prices for crude oil, a substitute fuel in some
markets, and reduced production due to lower capital investments in 1998
and 1999.
-30-
III-A PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 2001 COMPARED TO THE THREE MONTHS ENDED MARCH
31, 2000.
Three Months Ended March 31,
---------------------------
2001 2000
---------- --------
Oil and gas sales $1,664,876 $655,246
Oil and gas production expenses $ 215,498 $219,148
Barrels produced 12,348 12,860
Mcf produced 183,092 155,453
Average price/Bbl $ 28.57 $ 26.70
Average price/Mcf $ 7.17 $ 2.01
As shown in the table above, total oil and gas sales increased $1,009,630
(154.1%) for the three months ended March 31, 2001 as compared to the
three months ended March 31, 2000. Of this increase, approximately
$945,000 was related to an increase in the average price of gas sold.
Volumes of oil sold decreased 512 barrels, while volumes of gas sold
increased 27,639 Mcf for the three months ended March 31, 2001 as compared
to the three months ended March 31, 2000. The increase in volumes of gas
sold was primarily due to the successful completion of a new well during
2000. Average oil and gas prices increased to $28.57 per barrel and $7.17
per Mcf, respectively, for the three months ended March 31, 2001 from
$26.70 per barrel and $2.01 per Mcf, respectively, for the three months
ended March 31, 2000.
Oil and gas production expenses (including lease operating expenses and
production taxes) decreased $3,650 (1.7%) for the three months ended March
31, 2001 as compared to the three months ended March 31, 2000. This
decrease was primarily due to (i) a positive prior period lease operating
expense adjustment made by the operator on one significant well during the
three months ended March 31, 2000, (ii) a decrease in salt water disposal
expenses incurred on two significant wells during the three months ended
March 31, 2001 as compared to the three months ended March 31, 2000, and
(iii) ad valorem tax credits received on another significant well during
the three months ended March 31, 2001. These decreases were 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 12.9% for the three months ended March 31, 2001 from 33.4%
for the three months ended March 31, 2000. This percentage decrease was
primarily due to the increases in the average prices of oil and gas sold.
-31-
Depreciation, depletion, and amortization of oil and gas properties
decreased $26,117 (26.7%) for the three months ended March 31, 2001 as
compared to the three months ended March 31, 2000. This decrease was
primarily due to upward revisions in the estimates of remaining oil and
gas reserves at December 31, 2000 and was partially offset by the increase
in volumes of gas sold. As a percentage of oil and gas sales, this expense
decreased to 4.3% for the three months ended March 31, 2001 from 14.9% for
the three months ended March 31, 2000. This percentage decrease was
primarily due to the increases in the average prices of oil and gas sold.
General and administrative expenses decreased $4,835 (5.1%) for the three
months ended March 31, 2001 as compared to the three months ended March
31, 2000. As a percentage of oil and gas sales, these expenses decreased
to 5.4% for the three months ended March 31, 2001 from 14.4% for the three
months ended March 31, 2000. This percentage decrease was primarily due to
the increase in oil and gas sales.
The Limited Partners have received cash distributions through March 31,
2001 totaling $28,611,701 or 108.39% of Limited Partner's capital
contributions.
III-B PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 2001 COMPARED TO THE THREE MONTHS ENDED MARCH
31, 2000.
Three Months Ended March 31,
----------------------------
2001 2000
-------- --------
Oil and gas sales $905,850 $452,972
Oil and gas production expenses $130,097 $135,288
Barrels produced 9,567 11,285
Mcf produced 88,015 72,974
Average price/Bbl $ 28.56 $ 26.94
Average price/Mcf $ 7.19 $ 2.04
As shown in the table above, total oil and gas sales increased $452,878
(100.0%) for the three months ended March 31, 2001 as compared to the
three months ended March 31, 2000. Of this increase, approximately
$453,000 was related to an increase in the average price of gas sold. This
increase was partially offset by a decrease of approximately $46,000
related to a decrease in volumes of oil sold. Volumes of oil sold
decreased 1,718 barrels, while volumes of gas sold increased 15,041 Mcf,
respectively, for the three months ended March 31, 2001 as compared to the
three months ended March 31, 2000. The decrease in volumes of oil sold was
primarily due to positive prior period volume
-32-
adjustments made by the purchasers on two significant wells during the
three months ended March 31, 2000 and normal declines in production. The
increase in volumes of gas sold was primarily due to (i) the successful
completion of a new well during 2000 and (ii) increased production on two
significant wells due to successful workovers during 2000. Average oil and
gas prices increased to $28.56 per barrel and $7.19 per Mcf, respectively,
for the three months ended March 31, 2001 from $26.94 per barrel and $2.04
per Mcf, respectively, for the three months ended March 31, 2000.
Oil and gas production expenses (including lease operating expenses and
production taxes) decreased $5,191 (3.8%) for the three months ended March
31, 2001 as compared to the three months ended March 31, 2000. This
decrease was primarily due to (i) 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 (ii) a decrease in salt water
disposal expenses incurred on two significant wells during the three
months ended March 31, 2001 as compared to the three months ended March
31, 2000. These decreases were 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 14.4% for the
three months ended March 31, 2001 from 29.9% for the three months ended
March 31, 2000. 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 $17,722 (31.2%) for the three months ended March 31, 2001 as
compared to the three months ended March 31, 2000. This decrease was
primarily due to upward revisions in the estimates of remaining oil and
gas reserves at December 31, 2000. As a percentage of oil and gas sales,
this expense decreased to 4.3% for the three months ended March 31, 2001
from 12.5% for the three months ended March 31, 2000. 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 $4,847 (9.8%) for the three
months ended March 31, 2001 as compared to the three months ended March
31, 2000. As a percentage of oil and gas sales, this percentage decreased
to 6.0% for the three months ended March 31, 2001 from 10.9% for the three
months ended March 31, 2000. This percentage decrease was primarily due to
the increase in oil and gas sales.
The Limited Partners have received cash distributions through March 31,
2001 totaling $16,610,353 or 120.07% of Limited Partners' capital
contributions.
-33-
III-C PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 2001 COMPARED TO THE THREE MONTHS ENDED MARCH
31, 2000.
Three Months Ended March 31,
---------------------------
2001 2000
---------- --------
Oil and gas sales $1,985,625 $722,449
Oil and gas production expenses $ 299,803 $200,783
Barrels produced 3,765 5,898
Mcf produced 269,773 249,967
Average price/Bbl $ 28.70 $ 28.28
Average price/Mcf $ 6.96 $ 2.22
As shown in the table above, total oil and gas sales increased $1,263,176
(174.8%) for the three months ended March 31, 2001 as compared to the
three months ended March 31, 2000. Of this increase, approximately
$1,278,000 was related to an increase in the average price of gas sold.
Volumes of oil sold decreased 2,133 barrels, while volumes of gas sold
increased 19,806 Mcf for the three months ended March 31, 2001 as compared
to the three months ended March 31, 2000. The decrease in volumes of oil
sold was primarily due to normal declines in production. The increase in
volumes of gas sold was primarily due to an increase in production on one
significant well due to the successful recompletion of that well during
2000. Average oil and gas prices increased to $28.70 per barrel and $6.96
per Mcf, respectively, for the three months ended March 31, 2001 from
$28.28 per barrel and $2.22 per Mcf, respectively, for the three months
ended March 31, 2000.
Oil and gas production expenses (including lease operating expenses and
production taxes) increased $99,020 (49.3%) for the three months ended
March 31, 2001 as compared to the three months ended March 31, 2000. This
increase was primarily due to 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 15.1% for the three months ended March
31, 2001 from 27.8% for the three months ended March 31, 2000. This
percentage decrease was primarily due to the increases in the average
prices of oil and gas sold.
-34-
Depreciation, depletion, and amortization of oil and gas properties
decreased $27,723 (27.4%) for the three months ended March 31, 2001 as
compared to the three months ended March 31, 2000. This decrease was
primarily due to upward revisions in the estimates of remaining gas
reserves at December 31, 2000. As a percentage of oil and gas sales, this
expense decreased to 3.7% for the three months ended March 31, 2001 from
14.0% for the three months ended March 31, 2000. This percentage decrease
was primarily due to the increases in the average prices of oil and gas
sold.
General and administrative expenses decreased $3,331 (3.8%) for the three
months ended March 31, 2001 as compared to the three months ended March
31, 2000. As a percentage of oil and gas sales, these expenses decreased
to 4.2% for the three months ended March 31, 2001 from 12.1% for the three
months ended March 31, 2000. This percentage decrease was primarily due to
the increase in oil and gas sales.
The Limited Partners have received cash distributions through March 31,
2001 totaling $21,390,795 or 87.48% of Limited Partners' capital
contributions.
III-D PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 2001 COMPARED TO THE THREE MONTHS ENDED MARCH
31, 2000.
Three Months Ended March 31,
---------------------------
2001 2000
---------- --------
Oil and gas sales $1,277,047 $651,712
Oil and gas production expenses $ 270,063 $215,440
Barrels produced 7,630 9,300
Mcf produced 155,395 172,060
Average price/Bbl $ 23.78 $ 25.19
Average price/Mcf $ 7.05 $ 2.43
As shown in the table above, total oil and gas sales increased $625,335
(96.0%) for the three months ended March 31, 2001 as compared to the three
months ended March 31, 2000. Of this increase, approximately $719,000 was
related to an increase in the average price of gas sold. Volumes of oil
and gas sold decreased 1,670 barrels and 16,665 Mcf, respectively, for the
three months ended March 31, 2001 as compared to the three months ended
March 31, 2000. The decreases in volumes of oil and gas sold was primarily
due to (i) normal declines in production and (ii) the sale of several
wells during 2000. Average oil prices decreased to $23.78 per barrel for
the three months ended March 31, 2001 from $25.19 per barrel for the three
months ended March 31, 2000. Average gas prices increased to $7.05 per Mcf
for the
-35-
three months ended March 31, 2001 from $2.43 per Mcf for the three months
ended March 31, 2000.
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, 2001.
Oil and gas production expenses (including lease operating expenses and
production taxes) increased $54,623 (25.4%) for the three months ended
March 31, 2001 as compared to the three months ended March 31, 2000. This
increase was primarily due to an increase in production taxes associated
with increases in oil and gas sales. As a percentage of oil and gas sales,
these expenses decreased to 21.1% for the three months ended March 31,
2001 from 33.1% for the three months ended March 31, 2000. This percentage
decrease was primarily due to the increase in the average price of gas
sold.
Depreciation, depletion, and amortization of oil and gas properties
decreased $19,796 (38.3%) for the three months ended March 31, 2001 as
compared to the three months ended March 31, 2000. This decrease was
primarily due to (i) upward revisions in the estimates of remaining oil
and gas reserves at December 31, 2000 and (ii) the decreases in volumes of
oil and gas sold. As a percentage of oil and gas sales, this expense
decreased to 2.5% for the three months ended March 31, 2001 from 7.9% for
the three months ended March 31, 2000. This percentage decrease was
primarily due to the increase in the average price of gas sold.
General and administrative expenses increased $5,404 (11.5%) for the three
months ended March 31, 2001 as compared to the three months ended March
31, 2000. This increase was primarily due to a change in the allocation of
audit fees among the III-D Partnership and other affiliated partnerships.
As a percentage of oil and gas sales, these expenses decreased to 4.1% for
the three months ended March 31, 2001 from 7.2% for the three months ended
March 31, 2000. This percentage decrease was primarily due to the increase
in oil and gas sales.
The Limited Partners have received cash distributions through March 31,
2001 totaling $11,589,669 or 88.47% of the Limited Partners' capital
contributions.
-36-
III-E PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 2001 COMPARED TO THE THREE MONTHS ENDED MARCH
31, 2000.
Three Months Ended March 31,
---------------------------
2001 2000
---------- ----------
Oil and gas sales $3,196,173 $2,491,244
Oil and gas production expenses $1,039,926 $ 948,867
Barrels produced 44,691 55,103
Mcf produced 354,989 424,553
Average price/Bbl $ 24.19 $ 24.64
Average price/Mcf $ 5.96 $ 2.67
As shown in the table above, total oil and gas sales increased $704,929
(28.3%) for the three months ended March 31, 2001 as compared to the three
months ended March 31, 2000. Of this increase, approximately $1,167,000
was related to an increase in the average price of gas sold. This increase
was partially offset by decreases of approximately $257,000 and $186,000,
respectively, related to decreases in volumes of oil and gas sold. Volumes
of oil and gas sold decreased 10,412 barrels and 69,564 Mcf, respectively,
for the three months ended March 31, 2001 as compared to the three months
ended March 31, 2000. The decrease in volumes of oil sold was primarily
due to (i) normal declines in production, (ii) the sale of several wells
during 2000, and (iii) a positive prior period volume adjustment made by
the purchaser on one well during the three months ended March 31, 2000.
The decrease in volumes of gas sold was primarily due to (i) the sale of
several wells during 2000 and (ii) normal declines in production. Average
oil prices decreased to $24.19 per barrel for the three months ended March
31, 2001 from $24.64 per barrel for the three months ended March 31, 2000.
Average gas prices increased to $5.96 per Mcf for the three months ended
March 31, 2001 from $2.67 per Mcf for the three months ended March 31,
2000.
The III-E Partnership sold certain oil and gas properties during the three
months ended March 31, 2000 and recognized a $1,285,381 gain on such
sales. Sales of oil and gas properties during the three months ended March
31, 2001 resulted in the III-E Partnership recognizing similar gains of
$578.
Oil and gas production expenses (including lease operating expenses and
production taxes) increased $91,059 (9.6%) for the three months ended
March 31, 2001 as compared to the three months ended March 31, 2000. As a
percentage of oil and gas sales, these expenses decreased to 32.5% for the
-37-
three months ended March 31, 2001 from 38.1% for the three months ended
March 31, 2000. This percentage decrease was primarily due to the increase
in the average price of gas sold.
Depreciation, depletion, and amortization of oil and gas properties
decreased $33,967 (29.0%) for the three months ended March 31, 2001 as
compared to the three months ended March 31, 2000. This decrease was
primarily due to (i) the decrease in volumes of oil and gas sold and (ii)
upward revisions in the estimates of remaining oil and gas reserves at
December 31, 2000. As a percentage of oil and gas sales, this expense
decreased to 2.6% for the three months ended March 31, 2001 from 4.7% for
the three months ended March 31, 2000. This percentage decrease was
primarily due to the increase in the average price of gas sold.
General and administrative expenses decreased $16,683 (11.2%) for the
three months ended March 31, 2001 as compared to the three months ended
March 31, 2000. This decrease was primarily due to a change in the
allocation of audit fees among the III-E Partnership and other affiliated
partnerships. As a percentage of oil and gas sales, these expenses
decreased to 4.2% for the three months ended March 31, 2001 from 6.0% for
the three months ended March 31, 2000. This percentage decrease was
primarily due to the increase in oil and gas sales.
The Limited Partners have received cash distributions through March 31,
2001 totaling $39,477,016 or 94.38% of the Limited Partners' capital
contributions.
III-F PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 2001 COMPARED TO THE THREE MONTHS ENDED MARCH
31, 2000.
Three Months Ended March 31,
----------------------------
2001 2000
---------- --------
Oil and gas sales $1,269,573 $807,556
Oil and gas production expenses $ 304,903 $245,305
Barrels produced 10,041 12,892
Mcf produced 171,571 201,331
Average price/Bbl $ 26.94 $ 26.46
Average price/Mcf $ 5.82 $ 2.32
As shown in the table above, total oil and gas sales increased $462,017
(57.2%) for the three months ended March 31, 2001 as compared to the three
months ended March 31, 2000. Of this increase, approximately $602,000 was
related to an increase in the average price of gas sold. This increase was
partially offset by decreases of approximately
-38-
$75,000 and $69,000, respectively, related to decreases in volumes of oil
and gas sold. Volumes of oil and gas sold decreased 2,851 barrels and
29,760 Mcf, respectively, for the three months ended March 31, 2001 as
compared to the three months ended March 31, 2000. The decrease in volumes
of oil sold was primarily due to (i) the sale of several wells during 2000
and (ii) normal declines in production. The decrease 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) normal declines in production. Average oil
and gas prices increased to $26.94 per barrel and $5.82 per Mcf,
respectively, for the three months ended March 31, 2001 from $26.46 per
barrel and $2.32 per Mcf, respectively, for the three months ended March
31, 2000.
The III-F Partnership sold certain oil and gas properties during the three
months ended March 31, 2001 and recognized a $313,453 gain on such sales.
No such sales occurred during the three months ended March 31, 2000.
Oil and gas production expenses (including lease operating expenses and
production taxes) increased $59,598 (24.3%) for the three months ended
March 31, 2001 as compared to the three months ended March 31, 2000. This
increase was primarily due to (i) an increase in production taxes
associated with the increase in oil and gas sales and (ii) workover
expenses incurred on one significant well during the three months ended
March 31, 2001 in order to improve the recovery of reserves. These
increases were partially offset by the sale of several wells during 2000.
As a percentage of oil and gas sales, these expenses decreased to 24.0%
for the three months ended March 31, 2001 from 30.4% for the three months
ended March 31, 2000. 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 $45,718 (40.3%) for the three months ended March 31, 2001 as
compared to the three months ended March 31, 2000. This decrease was
primarily due to (i) upward revisions in the estimates of remaining oil
and gas reserves at December 31, 2000 and (ii) the decreases in volumes of
oil and gas sold. As a percentage of oil and gas sales, this expense
decreased to 5.3% for the three months ended March 31, 2001 from 14.0% for
the three months ended March 31, 2000. This percentage decrease was
primarily due to the increases in the average prices of oil and gas sold.
-39-
General and administrative expenses decreased $1,612 (2.0%) for the three
months ended March 31, 2001 as compared to the three months ended March
31, 2000. As a percentage of oil and gas sales, these expenses decreased
to 6.1% for the three months ended March 31, 2001 from 9.8% for the three
months ended March 31, 2000. This percentage decrease was primarily due to
the increase in oil and gas sales.
The Limited Partners have received cash distributions through March 31,
2001 totaling $14,481,904 or 65.39% of the Limited Partners' capital
contributions.
III-G PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 2001 COMPARED TO THE THREE MONTHS ENDED MARCH
31, 2000.
Three Months Ended March 31,
----------------------------
2001 2000
-------- --------
Oil and gas sales $718,362 $485,737
Oil and gas production expenses $179,426 $157,943
Barrels produced 7,170 9,271
Mcf produced 89,715 102,219
Average price/Bbl $ 27.11 $ 26.56
Average price/Mcf $ 5.84 $ 2.34
As shown in the table above, total oil and gas sales increased $232,625
(47.9%) for the three months ended March 31, 2001 as compared to the three
months ended March 31, 2000. Of this increase, approximately $314,000 was
related to an increase in the average price of gas sold. This increase was
partially offset by decreases of approximately $56,000 and $29,000,
respectively, related to decreases in volumes of oil and gas sold. Volumes
of oil and gas sold decreased 2,101 barrels and 12,504 Mcf, respectively,
for the three months ended March 31, 2001 as compared to the three months
ended March 31, 2000. The decrease in volumes of oil sold was primarily
due to (i) the sale of several wells during 2000 and (ii) normal declines
in production. The decrease 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)
normal declines in production. Average oil and gas prices increased to
$27.11 per barrel and $5.84 per Mcf, respectively, for the three months
ended March 31, 2001 from $26.56 per barrel and $2.34 per Mcf,
respectively, for the three months ended March 31, 2000.
-40-
The III-G Partnership sold certain oil and gas properties during the three
months ended March 31, 2001 and recognized a $207,204 gain on such sales.
No such sales occurred during the three months ended March 31, 2000.
Oil and gas production expenses (including lease operating expenses and
production taxes) increased $21,483 (13.6%) for the three months ended
March 31, 2001 as compared to the three months ended March 31, 2000. This
increase was primarily due to (i) an increase in production taxes
associated with the increase in oil and gas sales and (ii) workover
expenses incurred on one significant well during the three months ended
March 31, 2001 in order to improve the recovery of reserves. These
increases were partially offset by the sale of several wells during 2000.
As a percentage of oil and gas sales, these expenses decreased to 25.0%
for the three months ended March 31, 2001 from 32.5% for the three months
ended March 31, 2000. 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 $15,587 (29.9%) for the three months ended March 31, 2001 as
compared to the three months ended March 31, 2000. This decrease was
primarily due to (i) upward revisions in the estimates of remaining oil
and gas reserves at December 31, 2000 and (ii) the decreases in volumes of
oil and gas sold. As a percentage of oil and gas sales, this expense
decreased to 5.1% for three months ended March 31, 2001 from 10.7% for the
three months ended March 31, 2000. This percentage decrease was primarily
due to the increases in the average prices of oil and gas sold.
General and administrative expenses increased $6,062 (13.9%) for the three
months ended March 31, 2001 as compared to the three months ended March
31, 2000. This increase was primarily due to a change in allocation of
audit fees among the III-G Partnership and other affiliated partnerships.
As a percentage of oil and gas sales, these expenses decreased to 6.9% for
the three months ended March 31, 2001 from 9.0% for the three months ended
March 31, 2000. This percentage decrease was primarily due to the increase
in oil and gas sales.
The Limited Partners have received cash distributions through March 31,
2001 totaling $7,907,287 or 64.85% of the Limited Partners' capital
contributions.
-41-
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
The Partnerships do not hold any market risk sensitive instruments.
-42-
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
None.
(b) Reports on Form 8-K.
Current Report on Form 8-K filed during the first quarter of 2001:
Date of Event January 26, 2001
Date filed with the SEC January 26, 2001
Items Included Item 5 - Other
Events
Item 7 - Exhibits
Current Report on Form 8-K filed during the first quarter of 2001:
Date of Event February 9, 2001
Date filed with the SEC February 9, 2001
Items Included Item 5 - Other
Events
Item 7 - Exhibits
-43-
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 11, 2001 By: /s/Dennis R. Neill
--------------------------------
(Signature)
Dennis R. Neill
President
Date: May 11, 2001 By: /s/Patrick M. Hall
--------------------------------
(Signature)
Patrick M. Hall
Principal Accounting Officer
-44-