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, 2002
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,
2002 2001
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 595,269 $ 874,852
Accounts receivable:
Oil and gas sales 520,297 557,898
---------- ----------
Total current assets $1,115,566 $1,432,750
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 1,282,285 1,306,496
DEFERRED CHARGE 294,499 347,573
---------- ----------
$2,692,350 $3,086,819
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 167,991 $ 201,567
Gas imbalance payable 31,836 31,836
---------- ----------
Total current liabilities $ 199,827 $ 233,403
ACCRUED LIABILITY $ 40,963 $ 40,963
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 79,606) ($ 114,834)
Limited Partners, issued and
outstanding, 263,976 units 2,531,166 2,927,287
---------- ----------
Total Partners' capital $2,451,560 $2,812,453
---------- ----------
$2,692,350 $3,086,819
========== ==========
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, 2002 AND 2001
(Unaudited)
2002 2001
--------- ----------
REVENUES:
Oil and gas sales $959,348 $1,664,876
Interest income 2,369 11,475
-------- ----------
$961,717 $1,676,351
COSTS AND EXPENSES:
Lease operating $223,782 $ 103,580
Production tax 39,942 111,918
Depreciation, depletion, and
amortization of oil and gas
properties 99,446 71,581
General and administrative
(Note 2) 90,111 89,543
-------- ----------
$453,281 $ 376,622
-------- ----------
NET INCOME $508,436 $1,299,729
======== ==========
GENERAL PARTNER - NET INCOME $ 59,557 $ 135,268
======== ==========
LIMITED PARTNERS - NET INCOME $448,879 $1,164,461
======== ==========
NET INCOME per unit $ 1.70 $ 4.41
======== ==========
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, 2002 AND 2001
(Unaudited)
2002 2001
--------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $508,436 $1,299,729
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 99,446 71,581
(Increase) decrease in accounts
receivable - oil and gas sales 37,601 ( 40,683)
Decrease in deferred charge 53,074 -
Increase (decrease) in accounts
payable ( 33,576) 6,636
-------- ----------
Net cash provided by operating
activities $664,981 $1,337,263
-------- ----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 80,816) $ -
Proceeds from sale of oil and
gas properties 5,581 654
-------- ----------
Net cash provided (used) by investing
activities ($ 75,235) $ 654
-------- ----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($869,329) ($1,010,056)
-------- ----------
Net cash used by financing activities ($869,329) ($1,010,056)
-------- ----------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS ($279,583) $ 327,861
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 874,852 910,878
-------- ----------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $595,269 $1,238,739
======== ==========
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,
2002 2001
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 344,643 $ 494,899
Accounts receivable:
Oil and gas sales 320,339 329,826
---------- ----------
Total current assets $ 664,982 $ 824,725
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 738,403 750,031
DEFERRED CHARGE 211,446 255,990
---------- ----------
$1,614,831 $1,830,746
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 107,311 $ 123,265
Gas imbalance payable 14,325 14,325
---------- ----------
Total current liabilities $ 121,636 $ 137,590
ACCRUED LIABILITY $ 19,358 $ 19,358
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 34,023) ($ 67,276)
Limited Partners, issued and
outstanding, 138,336 units 1,507,860 1,741,074
---------- ----------
Total Partners' capital $1,473,837 $1,673,798
---------- ----------
$1,614,831 $1,830,746
========== ==========
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, 2002 AND 2001
(Unaudited)
2002 2001
--------- ---------
REVENUES:
Oil and gas sales $598,584 $905,850
Interest income 1,289 6,105
-------- --------
$599,873 $911,955
COSTS AND EXPENSES:
Lease operating $149,433 $ 69,132
Production tax 32,945 60,965
Depreciation, depletion, and
amortization of oil and gas
properties 61,804 39,020
General and administrative
(Note 2) 53,049 54,321
-------- --------
$297,231 $223,438
-------- --------
NET INCOME $302,642 $688,517
======== ========
GENERAL PARTNER - NET INCOME $ 53,856 $107,825
======== ========
LIMITED PARTNERS - NET INCOME $248,786 $580,692
======== ========
NET INCOME per unit $ 1.80 $ 4.20
======== ========
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, 2002 AND 2001
(Unaudited)
2002 2001
--------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $302,642 $688,517
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 61,804 39,020
Decrease (increase) in accounts
receivable - oil and gas sales 9,487 ( 16,598)
Decrease in deferred charge 44,544 -
Increase (decrease) in accounts
payable ( 15,954) 2,938
-------- --------
Net cash provided by operating
activities $402,523 $713,877
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 53,306) $ -
Proceeds from sale of oil and
gas properties 3,130 394
-------- --------
Net cash provided (used) by investing
activities ($ 50,176) $ 394
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($502,603) ($585,231)
-------- --------
Net cash used by financing activities ($502,603) ($595,231)
-------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS ($150,256) $129,040
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 494,899 496,576
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $344,643 $625,616
======== ========
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,
2002 2001
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 345,647 $ 371,012
Accounts receivable:
Oil and gas sales 344,651 362,134
---------- ----------
Total current assets $ 690,298 $ 733,146
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 1,754,573 1,820,677
DEFERRED CHARGE 73,472 73,472
---------- ----------
$2,518,343 $2,627,295
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 127,955 $ 86,399
Gas imbalance payable 40,724 40,724
---------- ----------
Total current liabilities $ 168,679 $ 127,123
ACCRUED LIABILITY $ 168,448 $ 168,448
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 169,906) ($ 175,495)
Limited Partners, issued and
outstanding, 244,536 units 2,351,122 2,507,219
---------- ----------
Total Partners' capital $2,181,216 $2,331,724
---------- ----------
$2,518,343 $2,627,295
========== ==========
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, 2002 AND 2001
(Unaudited)
2002 2001
-------- ----------
REVENUES:
Oil and gas sales $570,569 $1,985,625
Interest income 1,209 11,126
-------- ----------
$571,778 $1,996,751
COSTS AND EXPENSES:
Lease operating $187,843 $ 156,457
Production tax 32,228 143,346
Depreciation, depletion, and
amortization of oil and gas
properties 67,492 73,578
General and administrative
(Note 2) 84,375 84,080
-------- ----------
$371,938 $ 457,461
-------- ----------
NET INCOME $199,840 $1,539,290
======== ==========
GENERAL PARTNER - NET INCOME $ 25,937 $ 79,351
======== ==========
LIMITED PARTNERS - NET INCOME $173,903 $1,459,939
======== ==========
NET INCOME per unit $ .71 $ 5.97
======== ==========
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, 2002 AND 2001
(Unaudited)
2002 2001
--------- -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $199,840 $1,539,290
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 67,492 73,578
(Increase) decrease in accounts
receivable - oil and gas sales 17,483 ( 28,020)
Increase (decrease) in accounts
payable 41,556 ( 24,741)
-------- ----------
Net cash provided by operating
activities $326,371 $1,560,107
-------- ----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 1,439) ($ 82,101)
Proceeds from sale of oil and gas
properties 51 -
-------- ----------
Net cash used by investing activities ($ 1,388) ($ 82,101)
-------- ----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($350,348) ($ 964,043)
-------- ----------
Net cash used by financing activities ($350,348) ($ 964,043)
-------- ----------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS ($ 25,365) $ 513,963
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 371,012 903,268
-------- ----------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $345,647 $1,417,231
======== ==========
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,
2002 2001
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 169,803 $ 160,008
Accounts receivable:
Oil and gas sales 243,158 250,386
---------- ----------
Total current assets $ 412,961 $ 410,394
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 734,260 735,922
DEFERRED CHARGE 11,614 11,614
---------- ----------
$1,158,835 $1,157,930
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 142,055 $ 147,868
---------- ----------
Total current liabilities $ 142,055 $ 147,868
ACCRUED LIABILITY $ 210,194 $ 210,194
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 63,606) ($ 72,956)
Limited Partners, issued and
outstanding, 131,008 units 870,192 872,824
---------- ----------
Total Partners' capital $ 806,586 $ 799,868
---------- ----------
$1,158,835 $1,157,930
========== ==========
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, 2002 AND 2001
(Unaudited)
2002 2001
-------- -----------
REVENUES:
Oil and gas sales $409,027 $1,277,047
Interest income 433 7,054
-------- ----------
$409,460 $1,284,101
COSTS AND EXPENSES:
Lease operating $193,506 $ 182,244
Production tax 28,362 87,819
Depreciation, depletion, and
amortization of oil and gas
properties 27,998 31,853
General and administrative
(Note 2) 50,878 52,226
-------- ----------
$300,744 $ 354,142
-------- ----------
NET INCOME $108,716 $ 929,959
======== ==========
GENERAL PARTNER - NET INCOME $ 13,348 $ 47,419
======== ==========
LIMITED PARTNERS - NET INCOME $ 95,368 $ 882,540
======== ==========
NET INCOME per unit $ .73 $ 6.74
======== ==========
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, 2002 AND 2001
(Unaudited)
2002 2001
--------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $108,716 $929,959
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 27,998 31,853
(Increase) decrease in accounts
receivable - oil and gas sales 7,228 ( 18,398)
Increase (decrease) in accounts
payable ( 5,813) 4,433
-------- --------
Net cash provided by operating
activities $138,129 $947,847
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 26,336) ($ 8,808)
-------- --------
Net cash used by investing activities ($ 26,336) ($ 8,808)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($101,998) ($605,275)
-------- --------
Net cash used by financing activities ($101,998) ($605,275)
-------- --------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $ 9,795 $333,764
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 160,008 561,839
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $169,803 $895,603
======== ========
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,
2002 2001
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 469,164 $ 440,024
Accounts receivable:
Oil and gas sales 779,454 687,090
---------- ----------
Total current assets $1,248,618 $1,127,114
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 2,648,326 2,553,810
DEFERRED CHARGE 87,712 87,712
---------- ----------
$3,984,656 $3,768,636
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 582,996 $ 773,007
Payable to General Partner
(Note 2) 105,000 -
Gas imbalance payable 4,991 4,991
---------- ----------
Total current liabilities $ 692,987 $ 777,998
ACCRUED LIABILITY $ 317,221 $ 317,221
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 249,533) ($ 286,758)
Limited Partners, issued and
outstanding, 418,266 units 3,223,981 2,960,175
---------- ----------
Total Partners' capital $2,974,448 $2,673,417
---------- ----------
$3,984,656 $3,768,636
========== ==========
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, 2002 AND 2001
(Unaudited)
2002 2001
---------- ----------
REVENUES:
Oil and gas sales $1,379,433 $3,196,173
Interest income 840 20,386
Gain on sale of oil and gas
properties - 578
---------- ----------
$1,380,273 $3,217,137
COSTS AND EXPENSES:
Lease operating $ 784,681 $ 843,112
Production tax 78,867 196,814
Depreciation, depletion, and
amortization of oil and gas
properties 80,068 83,085
General and administrative
(Note 2) 135,626 132,802
---------- ----------
$1,079,242 $1,255,813
---------- ----------
NET INCOME $ 301,031 $1,961,324
========== ==========
GENERAL PARTNER - NET INCOME $ 37,225 $ 100,370
========== ==========
LIMITED PARTNERS - NET INCOME $ 263,806 $1,860,954
========== ==========
NET INCOME per unit $ .63 $ 4.45
========== ==========
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, 2002 AND 2001
(Unaudited)
2002 2001
---------- -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $301,031 $1,961,324
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 80,068 83,085
Gain on sale of oil and gas
properties - ( 578)
(Increase) decrease in accounts
receivable - oil and gas sales ( 92,364) 123,190
Decrease in accounts payable ( 190,011) ( 7,336)
Increase in payable to General
Partner 105,000 -
Decrease in accrued liability - ( 19,597)
-------- ----------
Net cash provided by operating
activities $203,724 $2,140,088
-------- ----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($175,000) ($ 12,747)
Proceeds from sale of oil and gas
properties 416 4,796
-------- ----------
Net cash used by investing activities ($174,584) ($ 7,951)
-------- ----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions $ - ($1,687,718)
-------- ----------
Net cash used by financing activities $ - ($1,687,718)
-------- ----------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $ 29,140 $ 444,419
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 440,024 1,627,830
-------- ----------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $469,164 $2,072,249
======== ==========
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,
2002 2001
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 241,640 $ 144,433
Accounts receivable:
Oil and gas sales 243,432 239,821
---------- ----------
Total current assets $ 485,072 $ 384,254
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 1,894,444 1,948,551
DEFERRED CHARGE 37,001 37,001
---------- ----------
$2,416,517 $2,369,806
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 90,831 $ 58,774
Gas imbalance payable 2,295 2,295
---------- ----------
Total current liabilities $ 93,126 $ 61,069
ACCRUED LIABILITY $ 111,171 $ 111,171
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 159,011) ($ 161,655)
Limited Partners, issued and
outstanding, 221,484 units 2,371,231 2,359,221
---------- ----------
Total Partners' capital $2,212,220 $2,197,566
---------- ----------
$2,416,517 $2,369,806
========== ==========
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, 2002 AND 2001
(Unaudited)
2002 2001
-------- -----------
REVENUES:
Oil and gas sales $416,172 $1,269,573
Interest income 565 9,846
Gain on sale of oil and
gas properties - 313,453
-------- ----------
$416,737 $1,592,872
COSTS AND EXPENSES:
Lease operating $106,564 $ 233,537
Production tax 14,824 71,366
Depreciation, depletion, and
amortization of oil and gas
properties 54,458 67,613
General and administrative
(Note 2) 77,565 77,545
-------- ----------
$253,411 $ 450,061
-------- ----------
NET INCOME $163,326 $1,142,811
======== ==========
GENERAL PARTNER - NET INCOME $ 10,316 $ 59,353
======== ==========
LIMITED PARTNERS - NET INCOME $153,010 $1,083,458
======== ==========
NET INCOME per unit $ .69 $ 4.89
======== ==========
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, 2002 AND 2001
(Unaudited)
2002 2001
--------- -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $163,326 $1,142,811
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 54,458 67,613
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 ( 3,611) 47,425
Increase (decrease) in accounts
payable 32,057 ( 8,541)
-------- ----------
Net cash provided by operating
activities $246,230 $ 934,534
-------- ----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 1,294) ($ 26,753)
Proceeds from the sale of oil
and gas properties 943 4,027
-------- ----------
Net cash used by investing activities ($ 351) ($ 22,726)
-------- ----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($148,672) ($ 786,296)
-------- ----------
Net cash used by financing activities ($148,672) ($ 786,296)
-------- ----------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $ 97,207 $ 125,512
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 144,433 754,880
-------- ----------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $241,640 $ 880,392
======== ==========
The accompanying condensed notes are an
integral part of these financial statements.
-19-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-G
BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
2002 2001
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 128,915 $ 100,271
Accounts receivable:
Oil and gas sales 148,224 146,838
---------- ----------
Total current assets $ 277,139 $ 247,109
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 1,036,108 1,064,542
DEFERRED CHARGE 24,379 24,379
---------- ----------
$1,337,626 $1,336,030
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 59,538 $ 43,676
---------- ----------
Total current liabilities $ 59,538 $ 43,676
ACCRUED LIABILITY $ 68,289 $ 68,289
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 92,448) ($ 93,950)
Limited Partners, issued and
outstanding, 121,925 units 1,302,247 1,318,015
---------- ----------
Total Partners' capital $1,209,799 $1,224,065
---------- ----------
$1,337,626 $1,336,030
========== ==========
The accompanying condensed notes are an
integral part of these financial statements.
-20-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-G
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2002 AND 2001
(Unaudited)
2002 2001
--------- ---------
REVENUES:
Oil and gas sales $244,399 $718,362
Interest income 299 5,736
Gain on sale of oil and gas
properties - 207,204
-------- --------
$244,698 $931,302
COSTS AND EXPENSES:
Lease operating $ 69,403 $139,861
Production tax 8,861 39,565
Depreciation, depletion, and
amortization of oil and gas
properties 29,405 36,503
General and administrative
(Note 2) 48,194 49,641
-------- --------
$155,863 $265,570
-------- --------
NET INCOME $ 88,835 $665,732
======== ========
GENERAL PARTNER - NET INCOME $ 5,603 $ 34,460
======== ========
LIMITED PARTNERS - NET INCOME $ 83,232 $631,272
======== ========
NET INCOME per unit $ .68 $ 5.18
======== ========
UNITS OUTSTANDING 121,925 121,925
======== ========
The accompanying condensed notes are an
integral part of these financial statements.
-21-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-G
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2002 AND 2001
(Unaudited)
2002 2001
--------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 88,835 $665,732
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 29,405 36,503
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 ( 1,386) 31,685
Increase (decrease) in accounts
payable 15,862 ( 5,886)
-------- --------
Net cash provided by operating
activities $132,716 $519,957
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 1,153) ($ 19,878)
Proceeds from the sale of oil and
gas properties 182 485
-------- --------
Net cash used by investing activities ($ 971) ($ 19,393)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($103,101) ($452,789)
-------- --------
Net cash used by financing activities ($103,101) ($452,789)
-------- --------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $ 28,644 $ 47,775
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 100,271 434,158
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $128,915 $481,933
======== ========
The accompanying condensed notes are an
integral part of these financial statements.
-22-
GEODYNE ENERGY INCOME PROGRAM III LIMITED PARTNERSHIPS
CONDENSED NOTES TO THE FINANCIAL STATEMENTS
MARCH 31, 2002
(Unaudited)
1. ACCOUNTING POLICIES
-------------------
The balance sheets as of March 31, 2002, statements of operations for the
three months ended March 31, 2002 and 2001, and statements of cash flows
for the three months ended March 31, 2002 and 2001 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, 2002, the results of operations for the
three months ended March 31, 2002 and 2001, and the cash flows for the
three months ended March 31, 2002 and 2001.
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, 2001. The
results of operations for the period ended March 31, 2002 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
-23-
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, 2002, the following payments were made to the General
Partner or its affiliates by the Partnerships:
Direct General Administrative
Partnership and Administrative Overhead
----------- ------------------- ---------------
III-A $20,643 $ 69,468
III-B 16,644 36,405
III-C 20,022 64,353
III-D 16,402 34,476
III-E 25,556 110,070
III-F 19,281 58,284
III-G 16,109 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.
The Payable to General Partner at March 31, 2002 for the III-E Partnership
represents an operating advance from a related party. Such amount was
repaid in April 2002.
-24-
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
USE OF FORWARD-LOOKING STATEMENTS AND ESTIMATES
- -----------------------------------------------
This Quarterly Report contains certain forward-looking statements. The
words "anticipate", "believe", "expect", "plan", "intend", "estimate",
"project", "could", "may" and similar expressions are intended to identify
forward-looking statements. Such statements reflect management's current
views with respect to future events and financial performance. This
Quarterly Report also includes certain information, which is, or is based
upon, estimates and assumptions. Such estimates and assumptions are
management's efforts to accurately reflect the condition and operation of
the Partnerships.
Use of forward-looking statements and estimates and assumptions involve
risks and uncertainties which include, but are not limited to, the
volatility of oil and gas prices, the uncertainty of reserve information,
the operating risk associated with oil and gas properties (including the
risk of personal injury, death, property damage, damage to the well or
producing reservoir, environmental contamination, and other operating
risks), the prospect of changing tax and regulatory laws, the availability
and capacity of processing and transportation facilities, the general
economic climate, the supply and price of foreign imports of oil and gas,
the level of consumer product demand, and the price and availability of
alternative fuels. Should one or more of these risks or uncertainties
occur or should estimates or underlying assumptions prove incorrect,
actual conditions or results may vary materially and adversely from those
stated, anticipated, believed, estimated, and otherwise indicated.
GENERAL
- -------
The Partnerships are engaged in the business of acquiring and operating
producing oil and gas properties located in the continental United States.
In general, a Partnership acquired producing properties and did not engage
in development drilling or enhanced recovery projects, except as an
incidental part of the management of the producing properties acquired.
Therefore, the economic life of each Partnership is limited to the period
of time required to fully produce its acquired oil and gas reserves. The
net proceeds from the oil and gas operations are distributed to the
Limited Partners and the General Partner in accordance with the terms of
the Partnerships' partnership agreements.
-25-
LIQUIDITY AND CAPITAL RESOURCES
- -------------------------------
The Partnerships began operations and investors were assigned their rights
as Limited Partners, having made capital contributions in the amounts and
on the dates set forth below:
Limited
Date of Partner Capital
Partnership Activation Contributions
----------- ------------------ ---------------
III-A November 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, 2002 and the net revenue
generated from future operations will provide sufficient working capital
to meet current and future obligations.
Occasional expenditures for new wells or well recompletions or workovers,
however, may reduce or eliminate cash available for a particular quarterly
cash distribution. During the three months ended March 31, 2002, capital
expenditures for the III-A and III-B Partnerships totaled $80,816 and
$53,306, respectively. These expenditures were primarily due to
recompletions of several wells located in Jefferson Davis Parish,
Louisiana. The III-A and III-B Partnerships own working interests of
approximately 12.2% and 8.0%, respectively, in these wells. In addition,
during the three months ended March 31, 2002, capital expenditures for the
III-D and III-E Partnerships totaled $26,336 and $175,000, respectively.
These expenditures were primarily due to drilling activities in a large
unitized property, the Jay-Little Escambia Creek Field Unit, located in
Santa Rosa
-26-
County, Florida, in which the Partnerships own working interests of
approximately 0.7% and 4.7%, respectively.
Pursuant to the terms of the Partnership Agreements for the Partnerships
(the "Partnership Agreements") the Partnerships were initially scheduled
to terminate on the dates indicated in the "Initial Termination Date"
column of the following chart. However, the Partnership Agreements provide
that the General Partner may extend the term of each Partnership for up to
five periods of two years each. As of the date of this Quarterly Report,
the General Partner has extended the terms of the III-A, III-B, and III-C
Partnerships for the second two-year extension period and the III-D,
III-E, III-F, and III-G Partnerships for the first two-year extension
period. Therefore, the Partnerships are currently scheduled to terminate
on the dates indicated in the "Current Termination Date" column of the
following chart.
Initial Extensions Current
Partnership Termination Date Exercised Termination Date
----------- ----------------- --------- -----------------
III-A November 22, 1999 2 November 22, 2003
III-B January 24, 2000 2 January 24, 2004
III-C February 28, 2000 2 February 28, 2004
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 1 September 20, 2003
The General Partner currently has not determined whether it intends to
further extend the terms of any Partnerships.
NEW ACCOUNTING PRONOUNCEMENTS
Below is a brief description of Financial Accounting Standards ("FAS")
recently issued by the Financial Accounting Standards Board ("FASB") which
may have an impact on the Partnerships' future results of operations and
financial position.
In July 2001, the FASB issued FAS No. 143, "Accounting for Asset
Retirement Obligations", which is effective for fiscal years beginning
after June 15, 2002 (January 1, 2003 for the Partnerships). FAS No. 143
will require the recording of the fair value of liabilities associated
with the retirement of long-lived assets (mainly plugging and abandonment
costs for the Partnerships' depleted wells), in the period in which the
liabilities are incurred (at the time the wells are drilled). Management
has not yet determined the effect of adopting this statement on the
Partnerships' financial condition or results of operations.
-27-
In August 2001, the FASB issued FAS No. 144, "Accounting for the
Impairment or Disposal of Long-Lived Assets", which is effective for
fiscal years beginning after December 15, 2001 (January 1, 2002 for the
Partnerships). This statement supersedes FAS No. 121 "Accounting for the
Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed
Of". The provisions of FAS No. 144, as they relate to the Partnerships,
are essentially the same as FAS No. 121 and thus are not expected to have
a significant effect on the Partnerships fiscal condition or results of
operations.
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.
Historically, oil and gas prices have been volatile and are likely to
continue to be volatile. As a result, forecasting future prices is subject
to great uncertainty and inaccuracy. Substantially all of the
Partnerships' gas reserves are being sold on 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. It is
likewise difficult to predict production volumes. However, oil and gas are
depleting assets, so it can be expected that production levels will
decline over time. Gas prices in early 2001 were significantly higher than
the Partnerships' historical average. This was 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. However,
prices for both oil and gas soon declined and were relatively lower in
late 2001 and early 2002 as a result of the declining economy and
relatively mild winter weather. Recently, prices of oil and gas have
improved, to some extent due to unrest in the Middle East. It is not
possible to accurately predict future trends.
-28-
III-A PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 2002 COMPARED TO THE THREE MONTHS ENDED MARCH
31, 2001.
Three Months Ended March 31,
----------------------------
2002 2001
-------- ----------
Oil and gas sales $959,348 $1,664,876
Oil and gas production expenses $263,724 $ 215,498
Barrels produced 18,300 12,348
Mcf produced 293,357 183,092
Average price/Bbl $ 20.10 $ 28.57
Average price/Mcf $ 2.02 $ 7.17
As shown in the table above, total oil and gas sales decreased $705,528
(42.4%) for the three months ended March 31, 2002 as compared to the three
months ended March 31, 2001. Of this decrease, approximately $155,000 and
$1,511,000, respectively, were related to decreases in the average prices
of oil and gas sold. These decreases were partially offset by increases of
approximately $170,000 and $790,000, respectively, related to increases in
volumes of oil and gas sold. Volumes of oil and gas sold increased 5,952
barrels and 110,265 Mcf, respectively, for the three months ended March
31, 2002 as compared to the three months ended March 31, 2001. The
increase in volumes of oil sold was primarily due to the successful
recompletion of two significant wells during mid 2001. The increase in
volumes of gas sold was primarily due to (i) a positive prior period gas
balancing adjustment on one significant well during the three months ended
March 31, 2002 and (ii) an increase in production on two significant wells
due to the successful workovers of those wells during early 2002. Average
oil and gas prices decreased to $20.10 per barrel and $2.02 per Mcf,
respectively, for the three months ended March 31, 2002 from $28.57 per
barrel and $7.17 per Mcf, respectively, for the three months ended March
31, 2001.
Oil and gas production expenses (including lease operating expenses and
production taxes) increased $48,226 (22.4%) for the three months ended
March 31, 2002 as compared to the three months ended March 31, 2001. This
increase was primarily due to (i) an increase in lease operating expenses
associated with the increases in volumes of oil and gas sold, (ii) a
positive prior period lease operating expense adjustment on one
significant well during the three months ended March 31, 2002, and (iii)
workover expenses incurred on two significant wells during the three
months ended March 31, 2002. These increases were partially offset by a
decrease in production taxes associated with the decrease in oil and gas
sales. As a percentage of oil and gas sales,
-29-
these expenses increased to 27.5% for the three months ended March 31,
2002 from 12.9% for the three months ended March 31, 2001. This percentage
increase was primarily due to the decreases in the average prices of oil
and gas sold.
Depreciation, depletion, and amortization of oil and gas properties
increased $27,865 (38.9%) for the three months ended March 31, 2002 as
compared to the three months ended March 31, 2001. This increase was
primarily due to the increases in volumes of oil and gas sold. This
increase was partially offset by upward revisions in the estimates of
remaining oil reserves at December 31, 2001. As a percentage of oil and
gas sales, this expense increased to 10.4% for the three months ended
March 31, 2002 from 4.3% for the three months ended March 31, 2001. This
percentage increase was primarily due to the decreases in the average
prices of oil and gas sold.
General and administrative expenses remained relatively constant for the
three months ended March 31, 2002 and 2001. As a percentage of oil and gas
sales, these expenses increased to 9.4% for the three months ended March
31, 2002 from 5.4% for the three months ended March 31, 2001. This
percentage increase was primarily due to the decrease in oil and gas
sales.
The Limited Partners have received cash distributions through March 31,
2002 totaling $32,448,701 or 122.92% of Limited Partners' capital
contributions.
III-B PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 2002 COMPARED TO THE THREE MONTHS ENDED MARCH
31, 2001.
Three Months Ended March 31,
----------------------------
2002 2001
-------- --------
Oil and gas sales $598,584 $905,850
Oil and gas production expenses $182,378 $130,097
Barrels produced 13,435 9,567
Mcf produced 164,970 88,015
Average price/Bbl $ 20.23 $ 28.56
Average price/Mcf $ 1.98 $ 7.19
As shown in the table above, total oil and gas sales decreased $307,266
(33.9%) for the three months ended March 31, 2002 as compared to the three
months ended March 31, 2001. Of this decrease, approximately $112,000 and
$858,000, respectively, were related to decreases in the average prices of
oil and gas sold. These decreases were partially offset by increases of
approximately $110,000 and $553,000, respectively, related to increases in
volumes of
-30-
oil and gas sold. Volumes of oil and gas sold increased 3,868 barrels and
76,955 Mcf, respectively, for the three months ended March 31, 2002 as
compared to the three months ended March 31, 2001. The increase in volumes
of oil sold was primarily due to the successful recompletion of two
significant wells during mid 2001. The increase in volumes of gas sold was
primarily due to (i) a positive prior period gas balancing adjustment on
one significant well during the three months ended March 31, 2002 and (ii)
an increase in production on two significant wells due to the successful
workovers of those wells during early 2002. Average oil and gas prices
decreased to $20.23 per barrel and $1.98 per Mcf, respectively, for the
three months ended March 31, 2002 from $28.56 per barrel and $7.19 per
Mcf, respectively, for the three months ended March 31, 2001.
Oil and gas production expenses (including lease operating expenses and
production taxes) increased $52,281 (40.2%) for the three months ended
March 31, 2002 as compared to the three months ended March 31, 2001. This
increase was primarily due to (i) an increase in lease operating expenses
associated with the increases in volumes of oil and gas sold, (ii) a
positive prior period lease operating expense adjustment on one
significant well during the three months ended March 31, 2002, and (iii)
workover expenses incurred on two significant wells during the three
months ended March 31, 2002. These increases were partially offset by a
decrease in production taxes associated with the decrease in oil and gas
sales. As a percentage of oil and gas sales, these expenses increased to
30.5% for the three months ended March 31, 2002 from 14.4% for the three
months ended March 31, 2001. This percentage increase was primarily due to
the decreases in the average prices of oil and gas sold.
Depreciation, depletion, and amortization of oil and gas properties
increased $22,784 (58.4%) for the three months ended March 31, 2002 as
compared to the three months ended March 31, 2001. This increase was
primarily due to the increases in volumes of oil and gas sold. As a
percentage of oil and gas sales, this expense increased to 10.3% for the
three months ended March 31, 2002 from 4.3% for the three months ended
March 31, 2001. This percentage increase was primarily due to the
decreases in the average prices of oil and gas sold.
General and administrative expenses decreased $1,272 (2.3%) for the three
months ended March 31, 2002 as compared to the three months ended March
31, 2001. As a percentage of oil and gas sales, these expenses increased
to 8.9% for the three months ended March 31, 2002 from 6.0% for the three
months ended March 31, 2001. This percentage increase was primarily due to
the decrease in oil and gas sales.
-31-
The Limited Partners have received cash distributions through March 31,
2002 totaling $18,608,353 or 134.52% of Limited Partners' capital
contributions.
III-C PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 2002 COMPARED TO THE THREE MONTHS ENDED MARCH
31, 2001.
Three Months Ended March 31,
----------------------------
2002 2001
-------- ----------
Oil and gas sales $570,569 $1,985,625
Oil and gas production expenses $220,071 $ 299,803
Barrels produced 3,692 3,765
Mcf produced 209,251 269,773
Average price/Bbl $ 20.05 $ 28.70
Average price/Mcf $ 2.37 $ 6.96
As shown in the table above, total oil and gas sales decreased $1,415,056
(71.3%) for the three months ended March 31, 2002 as compared to the three
months ended March 31, 2001. Of this decrease, approximately (i) $960,000
was related to a decrease in the average price of gas sold and (ii)
$421,000 was related to a decrease in volumes of gas sold. Volumes of oil
and gas sold decreased 73 barrels and 60,522 Mcf, respectively, for the
three months ended March 31, 2002 as compared to the three months ended
March 31, 2001. The decrease in volumes of gas sold was primarily due to
(i) the shutting-in of one significant well due to production difficulties
during the three months ended March 31, 2002 and (ii) normal declines in
production. Average oil and gas prices decreased to $20.05 per barrel and
$2.37 per Mcf, respectively, for the three months ended March 31, 2002
from $28.70 per barrel and $6.96 per Mcf, respectively, for the three
months ended March 31, 2001.
Oil and gas production expenses (including lease operating expenses and
production taxes) decreased $79,732 (26.6%) for the three months ended
March 31, 2002 as compared to the three months ended March 31, 2001. This
decrease was primarily due to a decrease in production taxes associated
with the decrease in oil and gas sales, which decrease was partially
offset by workover expenses incurred on two significant wells during the
three months ended March 31, 2002. As a percentage of oil and gas sales,
these expenses increased to 38.6% for the three months ended March 31,
2002 from 15.1% for the three months ended March 31, 2001. This percentage
increase was primarily due to the decreases in the average prices of oil
and gas sold.
-32-
Depreciation, depletion, and amortization of oil and gas properties
decreased $6,086 (8.3%) for the three months ended March 31, 2002 as
compared to the three months ended March 31, 2001. As a percentage of oil
and gas sales, this expense increased to 11.8% for the three months ended
March 31, 2002 from 3.7% for the three months ended March 31, 2001. This
percentage increase was primarily due to the decreases in the average
prices of oil and gas sold.
General and administrative expenses remained relatively constant for the
three months ended March 31, 2002 and 2001. As a percentage of oil and gas
sales, these expenses increased to 14.8% for the three months ended March
31, 2002 from 4.2% for the three months ended March 31, 2001. This
percentage increase was primarily due to the decrease in oil and gas
sales.
The Limited Partners have received cash distributions through March 31,
2002 totaling $24,835,795 or 101.56% of Limited Partners' capital
contributions.
III-D PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 2002 COMPARED TO THE THREE MONTHS ENDED MARCH
31, 2001.
Three Months Ended March 31,
----------------------------
2002 2001
-------- ----------
Oil and gas sales $409,027 $1,277,047
Oil and gas production expenses $221,868 $ 270,063
Barrels produced 6,510 7,630
Mcf produced 128,930 155,395
Average price/Bbl $ 17.14 $ 23.78
Average price/Mcf $ 2.31 $ 7.05
As shown in the table above, total oil and gas sales decreased $868,020
(68.0%) for the three months ended March 31, 2002 as compared to the three
months ended March 31, 2001. Of this decrease, approximately $612,000 was
related to a decrease in the average price of gas sold and approximately
$187,000 was related to a decrease in volumes of gas sold. Volumes of oil
and gas sold decreased 1,120 barrels and 26,465 Mcf, respectively, for the
three months ended March 31, 2002 as compared to the three months ended
March 31, 2001. The decreases in volumes of oil and gas sold were
primarily due to normal declines in production. Average oil and gas prices
decreased to $17.14 per barrel and $2.31 per Mcf, respectively, for the
three months ended March 31, 2002 from $23.78 per barrel and $7.05 per
Mcf, respectively, for the three months ended March 31, 2001.
-33-
Oil and gas production expenses (including lease operating expenses and
production taxes) decreased $48,195 (17.8%) for the three months ended
March 31, 2002 as compared to the three months ended March 31, 2001. This
decrease was primarily due to a decrease in production taxes associated
with the decrease in oil and gas sales. This decrease was partially offset
by workover expenses incurred on two significant wells during the three
months ended March 31, 2002. As a percentage of oil and gas sales, these
expenses increased to 54.2% for the three months ended March 31, 2002 from
21.1% for the three months ended March 31, 2001. This percentage increase
was primarily due to the decreases in the average prices of oil and gas
sold.
Depreciation, depletion, and amortization of oil and gas properties
decreased $3,855 (12.1%) for the three months ended March 31, 2002 as
compared to the three months ended March 31, 2001. This decrease was
primarily due to the decreases in volumes of oil and gas sold. As a
percentage of oil and gas sales, this expense increased to 6.8% for the
three months ended March 31, 2002 from 2.5% for the three months ended
March 31, 2001. This percentage increase was primarily due to the
decreases in the average prices of oil and gas sold.
General and administrative expenses decreased $1,348 (2.6%) for the three
months ended March 31, 2002 as compared to the three months ended March
31, 2001. As a percentage of oil and gas sales, these expenses increased
to 12.4% for the three months ended March 31, 2002 from 4.1% for the three
months ended March 31, 2001. This percentage increase was primarily due to
the decrease in oil and gas sales.
The Limited Partners have received cash distributions through March 31,
2002 totaling $13,666,669 or 104.32% of the Limited Partners' capital
contributions.
-34-
III-E PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 2002 COMPARED TO THE THREE MONTHS ENDED MARCH
31, 2001.
Three Months Ended March 31,
----------------------------
2002 2001
---------- ----------
Oil and gas sales $1,379,433 $3,196,173
Oil and gas production expenses $ 863,548 $1,039,926
Barrels produced 37,600 44,691
Mcf produced 326,594 354,989
Average price/Bbl $ 16.38 $ 24.19
Average price/Mcf $ 2.34 $ 5.96
As shown in the table above, total oil and gas sales decreased $1,816,740
(56.8%) for the three months ended March 31, 2002 as compared to the three
months ended March 31, 2001. Of this decrease, approximately $293,000 and
$1,183,000, respectively, were related to decreases in the average prices
of oil and gas sold. Volumes of oil and gas sold decreased 7,091 barrels
and 28,395 Mcf, respectively, for the three months ended March 31, 2002 as
compared to the three months ended March 31, 2001. The decrease in volumes
of oil sold was primarily due to normal declines in production. Average
oil and gas prices decreased to $16.38 per barrel and $2.34 per Mcf,
respectively, for the three months ended March 31, 2002 from $24.19 per
barrel and $5.96 per Mcf, respectively, for the three months ended March
31, 2001.
Oil and gas production expenses (including lease operating expenses and
production taxes) decreased $176,378 (17.0%) for the three months ended
March 31, 2002 as compared to the three months ended March 31, 2001. This
decrease was primarily due to a decrease in production taxes associated
with the decrease in oil and gas sales, which decrease was partially
offset by an increase in workover expenses incurred on one significant
well during the three months ended March 31, 2002 as compared to the three
months ended March 31, 2001. As a percentage of oil and gas sales, these
expenses increased to 62.6% for the three months ended March 31, 2002 from
32.5% for the three months ended March 31, 2001. This percentage increase
was primarily due to the decreases in the average prices of oil and gas
sold.
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Depreciation, depletion, and amortization of oil and gas properties
decreased $3,017 (3.6%) for the three months ended March 31, 2002 as
compared to the three months ended March 31, 2001. As a percentage of oil
and gas sales, this expense increased to 5.8% for the three months ended
March 31, 2002 from 2.6% for the three months ended March 31, 2001. This
percentage increase was primarily due to the decreases in the average
prices of oil and gas sold.
General and administrative expenses increased $2,824 (2.1%) for the three
months ended March 31, 2002 as compared to the three months ended March
31, 2001. As a percentage of oil and gas sales, these expenses increased
to 9.8% for the three months ended March 31, 2002 from 4.2% for the three
months ended March 31, 2001. This percentage increase was primarily due to
the decrease in oil and gas sales.
The Limited Partners have received cash distributions through March 31,
2002 totaling $44,091,016 or 105.41% of the Limited Partners' capital
contributions.
III-F PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 2002 COMPARED TO THE THREE MONTHS ENDED MARCH
31, 2001.
Three Months Ended March 31,
----------------------------
2002 2001
-------- ----------
Oil and gas sales $416,172 $1,269,573
Oil and gas production expenses $121,388 $ 304,903
Barrels prdoduced 6,439 10,041
Mcf produced 125,563 171,571
Average price/Bbl $ 18.99 $ 26.94
Average price/Mcf $ 2.34 $ 5.82
As shown in the table above, total oil and gas sales decreased $853,401
(67.2%) for the three months ended March 31, 2002 as compared to the three
months ended March 31, 2001. Of this decrease, approximately (i) $437,000
was related to a decrease in the average price of gas sold and (ii)
$97,000 and $268,000, respectively, were related to decreases in volumes
of oil and gas sold. Volumes of oil and gas sold decreased 3,602 barrels
and 46,008 Mcf, respectively, for the three months ended March 31, 2002 as
compared to the three months ended March 31, 2001. The decrease in volumes
of oil sold was primarily due to (i) the sale of several wells during
early 2001 and (ii) normal declines in production. The decrease in volumes
of gas sold was primarily due to (i) a negative prior period volume
adjustment made by the purchaser on one significant well during the three
months ended March 31, 2002 and (ii) normal declines in production.
Average oil and gas prices
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decreased to $18.99 per barrel and $2.34 per Mcf, respectively, for the
three months ended March 31, 2002 from $26.94 per barrel and $5.82 per
Mcf, respectively, for the three months ended March 31, 2001.
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, 2002.
Oil and gas production expenses (including lease operating expenses and
production taxes) decreased $183,515 (60.2%) for the three months ended
March 31, 2002 as compared to the three months ended March 31, 2001. This
decrease was primarily due to (i) the sale of one significant well during
early 2001, (ii) a decrease in production taxes associated with the
decrease in oil and gas sales, and (iii) a decrease in workover expenses
incurred on another significant well during the three months ended March
31, 2002 as compared to the three months ended March 31, 2001. As a
percentage of oil and gas sales, these expenses increased to 29.2% for the
three months ended March 31, 2002 from 24.0% for the three months ended
March 31, 2001. This percentage increase was primarily due to the
decreases in the average prices of oil and gas sold.
Depreciation, depletion, and amortization of oil and gas properties
decreased $13,155 (19.5%) for the three months ended March 31, 2002 as
compared to the three months ended March 31, 2001. This decrease was
primarily due to the decreases in volumes of oil and gas sold. As a
percentage of oil and gas sales, this expense increased to 13.1% for the
three months ended March 31, 2002 from 5.3% for the three months ended
March 31, 2001. This percentage increase was primarily due to the
decreases in the average prices of oil and gas sold.
General and administrative expenses remained relatively constant for the
three months ended March 31, 2002 and 2001. As a percentage of oil and gas
sales, these expenses increased to 18.6% for the three months ended March
31, 2002 from 6.1% for the three months ended March 31, 2001. This
percentage increase was primarily due to the decrease in oil and gas
sales.
The Limited Partners have received cash distributions through March 31,
2002 totaling $16,905,904 or 76.33% of the Limited Partners' capital
contributions.
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III-G PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 2002 COMPARED TO THE THREE MONTHS ENDED MARCH
31, 2001.
Three Months Ended March 31,
----------------------------
2002 2001
-------- --------
Oil and gas sales $244,399 $718,362
Oil and gas production expenses $ 78,264 $179,426
Barrels produced 4,807 7,170
Mcf produced 66,014 89,715
Average price/Bbl $ 18.87 $ 27.11
Average price/Mcf $ 2.33 $ 5.84
As shown in the table above, total oil and gas sales decreased $473,963
(66.0%) for the three months ended March 31, 2002 as compared to the three
months ended March 31, 2001. Of this decrease, approximately (i) $232,000
was related to a decrease in the average price of gas sold and (ii)
$64,000 and $138,000, respectively, were related to decreases in volumes
of oil and gas sold. Volumes of oil and gas sold decreased 2,363 barrels
and 23,701 Mcf, respectively, for the three months ended March 31, 2002 as
compared to the three months ended March 31, 2001. The decrease in volumes
of oil sold was primarily due to (i) the sale of several wells during
early 2001 and (ii) normal declines in production. The decrease in volumes
of gas sold was primarily due to (i) a negative prior period volume
adjustment made by the purchaser on one significant well during the three
months ended March 31, 2002 and (ii) normal declines in production.
Average oil and gas prices decreased to $18.87 per barrel and $2.33 per
Mcf, respectively, for the three months ended March 31, 2002 from $27.11
per barrel and $5.84 per Mcf, respectively, for the three months ended
March 31, 2001.
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, 2002.
Oil and gas production expenses (including lease operating expenses and
production taxes) decreased $101,162 (56.4%) for the three months ended
March 31, 2002 as compared to the three months ended March 31, 2001. This
decrease was primarily due to (i) the sale of one significant well during
early 2001, (ii) a decrease in production taxes associated with the
decrease in oil and gas sales, and (iii) lower workover expenses incurred
on another significant well during the three months ended March 31, 2002
than the three months ended March 31, 2001. As a percentage of oil and gas
sales, these expenses increased to 32.0% for the three
-38-
months ended March 31, 2002 from 25.0% for the three months ended March
31, 2001. This percentage increase was primarily due to the decreases in
the average prices of oil and gas sold.
Depreciation, depletion, and amortization of oil and gas properties
decreased $7,098 (19.4%) for the three months ended March 31, 2002 as
compared to the three months ended March 31, 2001. This decrease was
primarily due to the decreases in volumes of oil and gas sold. As a
percentage of oil and gas sales, this expense increased to 12.0% for the
three months ended March 31, 2002 from 5.1% for the three months ended
March 31, 2001. This percentage increase was primarily due to the
decreases in the average prices of oil and gas sold.
General and administrative expenses decreased $1,447 (2.9%) for the three
months ended March 31, 2002 as compared to the three months ended March
31, 2001. As a percentage of oil and gas sales, these expenses increased
to 19.7% for the three months ended March 31, 2002 from 6.9% for the three
months ended March 31, 2001. This percentage increase was primarily due to
the decrease in oil and gas sales.
The Limited Partners have received cash distributions through March 31,
2002 totaling $9,284,287 or 76.15% of the Limited Partners' capital
contributions.
-39-
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
The Partnerships do not hold any market risk sensitive
instruments.
-40-
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
None.
(b) Reports on Form 8-K.
1. Current Report on Form 8-K filed during the first
quarter of 2002:
Date of event: January 28, 2002
Date filed with the SEC: January 28, 2002
Items Included: Item 5 - Other Events
Item 7 - Exhibits
2. Current Report on Form 8-K filed during the first
quarter of 2002:
Date of event: February 7, 2002
Date filed with the SEC: February 8, 2002
Items Included: Item 5 - Other Events
Item 7 - Exhibits
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-A
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-B
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-C
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-D
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-E
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-F
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-G
(Registrant)
BY: GEODYNE RESOURCES, INC.
General Partner
Date: May 13, 2002 By: /s/Dennis R. Neill
--------------------------------
(Signature)
Dennis R. Neill
President
Date: May 13, 2002 By: /s/Craig D. Loseke
--------------------------------
(Signature)
Craig D. Loseke
Chief Accounting Officer
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