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 September 30, 2002
Commission File Number:
P-1: 0-17800 P-3: 0-18306 P-5: 0-18637
P-2: 0-17801 P-4: 0-18308 P-6: 0-18937
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-1 LIMITED PARTNERSHIP
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-2 LIMITED PARTNERSHIP
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-3
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-4
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-5
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-6
---------------------------------------------------------------------
(Exact Name of Registrant as specified in its Articles)
P-1 73-1330245
P-2 73-1330625
P-1 and P-2: P-3 73-1336573
Texas P-4 73-1341929
P-3 through P-6: P-5 73-1353774
Oklahoma P-6 73-1357375
---------------------------- -------------------------------
(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
------ ------
Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Exchange Act).
Yes No X
------ ------
-1-
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-1 LIMITED PARTNERSHIP
GEODYNE NPI PARTNERSHIP P-1
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
September 30, December 31,
2002 2001
------------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 250,088 $ 182,282
Accounts receivable:
Net Profits 184,473 124,712
---------- ----------
Total current assets $ 434,561 $ 306,994
NET PROFITS INTERESTS, net, utilizing
the successful efforts method 742,612 783,748
---------- ----------
$1,177,173 $1,090,742
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 64,426) ($ 77,557)
Limited Partners, issued and
outstanding, 108,074 units 1,241,599 1,168,299
---------- ----------
Total Partners' capital $1,177,173 $1,090,742
========== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-2-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-1 LIMITED PARTNERSHIP
GEODYNE NPI PARTNERSHIP P-1
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2002 AND 2001
(Unaudited)
2002 2001
-------- --------
REVENUES:
Net Profits $282,385 $249,054
Interest income 459 2,374
-------- --------
$282,844 $251,428
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 25,991 $ 32,976
General and administrative
(Note 2) 32,819 30,842
-------- --------
$ 58,810 $ 63,818
-------- --------
NET INCOME $224,034 $187,610
======== ========
GENERAL PARTNER - NET INCOME $ 24,697 $ 21,491
======== ========
LIMITED PARTNERS - NET INCOME $199,337 $166,119
======== ========
NET INCOME per unit $ 1.84 $ 1.54
======== ========
UNITS OUTSTANDING 108,074 108,074
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-3-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-1 LIMITED PARTNERSHIP
GEODYNE NPI PARTNERSHIP P-1
COMBINED STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2002 AND 2001
(Unaudited)
2002 2001
-------- ------------
REVENUES:
Net Profits $687,306 $1,108,652
Interest income 1,140 8,847
Gain (loss) on sale of Net
Profits Interests 37,624 ( 680)
-------- ----------
$726,070 $1,116,819
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 82,210 $ 101,762
General and administrative
(Note 2) 112,099 106,551
-------- ----------
$194,309 $ 208,313
-------- ----------
NET INCOME $531,761 $ 908,506
======== ==========
GENERAL PARTNER - NET INCOME $ 60,461 $ 99,124
======== ==========
LIMITED PARTNERS - NET INCOME $471,300 $ 809,382
======== ==========
NET INCOME per unit $ 4.36 $ 7.49
======== ==========
UNITS OUTSTANDING 108,074 108,074
======== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-4-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-1 LIMITED PARTNERSHIP
GEODYNE NPI PARTNERSHIP P-1
COMBINED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2002 AND 2001
(Unaudited)
2002 2001
---------- ------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $531,761 $ 908,506
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depletion of Net Profits
Interests 82,210 101,762
(Gain) loss on sale of Net Profits
Interests ( 37,624) 680
(Increase) decrease in accounts
receivable - Net Profits ( 59,761) 103,806
-------- ----------
Net cash provided by operating
activities $516,586 $1,114,754
-------- ----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 43,918) ($ 22,907)
Proceeds from sale of Net Profits
Interests 40,468 -
-------- ----------
Net cash used by investing
activities ($ 3,450) ($ 22,907)
-------- ----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($445,330) ($1,144,014)
-------- ----------
Net cash used by financing
activities ($445,330) ($1,144,014)
-------- ----------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS $ 67,806 ($ 52,167)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 182,282 284,937
-------- ----------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $250,088 $ 232,770
======== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-5-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-2 LIMITED PARTNERSHIP
GEODYNE NPI PARTNERSHIP P-2
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
September 30, December 31,
2002 2001
------------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 192,655 $141,777
Accounts receivable:
Net Profits 142,507 100,510
---------- --------
Total current assets $ 335,162 $242,287
NET PROFITS INTERESTS, net, utilizing
the successful efforts method 640,976 676,999
---------- --------
$ 976,138 $919,286
========== ========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 45,587) ($ 55,787)
Limited Partners, issued and
outstanding, 90,094 units 1,021,725 975,073
---------- --------
Total Partners' capital $ 976,138 $919,286
========== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-6-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-2 LIMITED PARTNERSHIP
GEODYNE NPI PARTNERSHIP P-2
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2002 AND 2001
(Unaudited)
2002 2001
-------- --------
REVENUES:
Net Profits $215,924 $188,436
Interest income 352 1,855
-------- --------
$216,276 $190,291
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 20,666 $ 26,617
General and administrative
(Note 2) 27,817 25,890
-------- --------
$ 48,483 $ 52,507
-------- --------
NET INCOME $167,793 $137,784
======== ========
GENERAL PARTNER - NET INCOME $ 18,604 $ 15,988
======== ========
LIMITED PARTNERS - NET INCOME $149,189 $121,796
======== ========
NET INCOME per unit $ 1.65 $ 1.35
======== ========
UNITS OUTSTANDING 90,094 90,094
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-7-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-2 LIMITED PARTNERSHIP
GEODYNE NPI PARTNERSHIP P-2
COMBINED STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2002 AND 2001
(Unaudited)
2002 2001
-------- ----------
REVENUES:
Net Profits $527,725 $867,489
Interest income 862 6,790
Gain (loss) on sale of Net
Profits Interests 25,596 ( 663)
-------- --------
$554,183 $873,616
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 68,610 $ 82,435
General and administrative
(Note 2) 96,972 91,690
-------- --------
$165,582 $174,125
-------- --------
NET INCOME $388,601 $699,491
======== ========
GENERAL PARTNER - NET INCOME $ 44,949 $ 76,689
======== ========
LIMITED PARTNERS - NET INCOME $343,652 $622,802
======== ========
NET INCOME per unit $ 3.81 $ 6.91
======== ========
UNITS OUTSTANDING 90,094 90,094
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-8-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-2 LIMITED PARTNERSHIP
GEODYNE NPI PARTNERSHIP P-2
COMBINED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2002 AND 2001
(Unaudited)
2002 2001
---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $388,601 $699,491
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depletion of Net Profits
Interests 68,610 82,435
(Gain) loss on sale of Net Profits
Interests ( 25,596) 663
(Increase) decrease in accounts
receivable - Net Profits ( 41,997) 88,742
-------- --------
Net cash provided by operating
activities $389,618 $871,331
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 34,726) ($ 36,615)
Proceeds from the sale of Net
Profits Interests 27,735 -
-------- --------
Net cash used by investing
activities ($ 6,991) ($ 36,615)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($331,749) ($873,414)
-------- --------
Net cash used by financing
activities ($331,749) ($873,414)
-------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS $ 50,878 ($ 38,698)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 141,777 223,864
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $192,655 $185,166
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-9-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-3
GEODYNE NPI PARTNERSHIP P-3
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
September 30, December 31,
2002 2001
------------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 358,932 $ 266,929
Accounts receivable:
Net Profits 266,819 188,979
---------- ----------
Total current assets $ 625,751 $ 455,908
NET PROFITS INTERESTS, net, utilizing
the successful efforts method 1,195,797 1,263,248
---------- ----------
$1,821,548 $1,719,156
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 55,186) ($ 74,177)
Limited Partners, issued and
outstanding, 169,637 units 1,876,734 1,793,333
---------- ----------
Total Partners' capital $1,821,548 $1,719,156
========== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-10-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-3
GEODYNE NPI PARTNERSHIP P-3
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2002 AND 2001
(Unaudited)
2002 2001
-------- --------
REVENUES:
Net Profits $400,421 $352,647
Interest income 680 3,581
-------- --------
$401,101 $356,228
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 38,803 $ 49,390
General and administrative
(Note 2) 49,780 47,860
-------- --------
$ 88,583 $ 97,250
-------- --------
NET INCOME $312,518 $258,978
======== ========
GENERAL PARTNER - NET INCOME $ 34,676 $ 29,985
======== ========
LIMITED PARTNERS - NET INCOME $277,842 $228,993
======== ========
NET INCOME per unit $ 1.64 $ 1.35
======== ========
UNITS OUTSTANDING 169,637 169,637
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-11-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-3
GEODYNE NPI PARTNERSHIP P-3
COMBINED STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2002 AND 2001
(Unaudited)
2002 2001
---------- ------------
REVENUES:
Net Profits $ 980,257 $1,616,810
Interest income 1,739 12,931
Gain (loss) on sale of Net
Profits Interests 47,198 ( 1,304)
---------- ----------
$1,029,194 $1,628,437
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 128,016 $ 152,680
General and administrative
(Note 2) 163,680 157,456
---------- ----------
$ 291,696 $ 310,136
---------- ----------
NET INCOME $ 737,498 $1,318,301
========== ==========
GENERAL PARTNER - NET INCOME $ 85,097 $ 144,278
========== ==========
LIMITED PARTNERS - NET INCOME $ 652,401 $1,174,023
========== ==========
NET INCOME per unit $ 3.85 $ 6.92
========== ==========
UNITS OUTSTANDING 169,637 169,637
========== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-12-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-3
GEODYNE NPI PARTNERSHIP P-3
COMBINED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2002 AND 2001
(Unaudited)
2002 2001
---------- ------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $737,498 $1,318,301
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depletion of Net Profits
Interests 128,016 152,680
(Gain) loss on sale of Net Profits
Interests ( 47,198) 1,304
Decrease in accounts receivable -
General Partner - 512
(Increase) decrease in accounts
receivable - Net Profits ( 77,840) 165,724
-------- ----------
Net cash provided by operating
activities $740,476 $1,638,521
-------- ----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 64,560) ($ 70,157)
Proceeds from the sale of Net
Profits Interests 51,193 -
-------- ----------
Net cash used by investing
activities ($ 13,367) ($ 70,157)
-------- ----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($635,106) ($1,613,700)
-------- ----------
Net cash used by financing
activities ($635,106) ($1,613,700)
-------- ----------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS $ 92,003 ($ 45,336)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 266,929 416,457
-------- ----------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $358,932 $ 371,121
======== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-13-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-4
GEODYNE NPI PARTNERSHIP P-4
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
September 30, December 31,
2002 2001
------------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 405,645 $ 420,602
Accounts receivable:
Net Profits 406,598 332,362
---------- ----------
Total current assets $ 812,243 $ 752,964
NET PROFITS INTERESTS, net, utilizing
the successful efforts method 513,098 649,016
---------- ----------
$1,325,341 $1,401,980
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 51,916) ($ 71,619)
Limited Partners, issued and
outstanding, 126,306 units 1,377,257 1,473,599
---------- ----------
Total Partners' capital $1,325,341 $1,401,980
========== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-14-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-4
GEODYNE NPI PARTNERSHIP P-4
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2002 AND 2001
(Unaudited)
2002 2001
-------- --------
REVENUES:
Net Profits $402,565 $642,677
Interest income 914 3,302
-------- --------
$403,479 $645,979
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $116,804 $ 54,769
General and administrative
(Note 2) 36,646 35,822
-------- --------
$153,450 $ 90,591
-------- --------
NET INCOME $250,029 $555,388
======== ========
GENERAL PARTNER - NET INCOME $ 35,423 $ 60,138
======== ========
LIMITED PARTNERS - NET INCOME $214,606 $495,250
======== ========
NET INCOME per unit $ 1.70 $ 3.92
======== ========
UNITS OUTSTANDING 126,306 126,306
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-15-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-4
GEODYNE NPI PARTNERSHIP P-4
COMBINED STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2002 AND 2001
(Unaudited)
2002 2001
---------- ------------
REVENUES:
Net Profits $1,127,891 $1,807,266
Interest income 2,633 13,746
Loss on sale of Net Profits
Interests - ( 813)
---------- ----------
$1,130,524 $1,820,199
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 199,672 $ 121,132
General and administrative
(Note 2) 123,780 121,640
---------- ----------
$ 323,452 $ 242,772
---------- ----------
NET INCOME $ 807,072 $1,577,427
========== ==========
GENERAL PARTNER - NET INCOME $ 98,414 $ 167,270
========== ==========
LIMITED PARTNERS - NET INCOME $ 708,658 $1,410,157
========== ==========
NET INCOME per unit $ 5.61 $ 11.16
========== ==========
UNITS OUTSTANDING 126,306 126,306
========== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-16-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-4
GEODYNE NPI PARTNERSHIP P-4
COMBINED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2002 AND 2001
(Unaudited)
2002 2001
---------- ------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $807,072 $1,577,427
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depletion of Net Profits
Interests 199,672 121,132
Loss on sale of Net Profits
Interests - 813
(Increase) decrease in accounts
receivable - Net Profits ( 74,236) 51,480
-------- ----------
Net cash provided by operating
activities $932,508 $1,750,852
-------- ----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 63,754) ($ 148,286)
Proceeds from sale of Net Profits
Interests - 613
-------- ----------
Net cash used by investing activities ($ 63,754) ($ 147,673)
-------- ----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($883,711) ($1,618,650)
-------- ----------
Net cash used by financing
activities ($883,711) ($1,618,650)
-------- ----------
NET DECREASE IN CASH AND CASH
EQUIVALENTS ($ 14,957) ($ 15,471)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 420,602 439,461
-------- ----------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $405,645 $ 423,990
======== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-17-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-5
GEODYNE NPI PARTNERSHIP P-5
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
September 30, December 31,
2002 2001
------------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 251,848 $171,708
Accounts receivable:
Net Profits 65,785 50,592
---------- --------
Total current assets $ 317,633 $222,300
NET PROFITS INTERESTS, net, utilizing
the successful efforts method 614,051 641,204
---------- --------
$ 931,684 $863,504
========== ========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 70,867) ($ 74,788)
Limited Partners, issued and
outstanding, 118,449 units 1,002,551 938,292
---------- --------
Total Partners' capital $ 931,684 $863,504
========== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-18-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-5
GEODYNE NPI PARTNERSHIP P-5
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2002 AND 2001
(Unaudited)
2002 2001
-------- --------
REVENUES:
Net Profits $233,706 $236,933
Interest income 579 3,362
-------- --------
$234,285 $240,295
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 18,946 $ 22,501
General and administrative
(Note 2) 34,464 33,641
-------- --------
$ 53,410 $ 56,142
-------- --------
NET INCOME $180,875 $184,153
======== ========
GENERAL PARTNER - NET INCOME $ 9,772 $ 9,940
======== ========
LIMITED PARTNERS - NET INCOME $171,103 $174,213
======== ========
NET INCOME per unit $ 1.45 $ 1.47
======== ========
UNITS OUTSTANDING 118,449 118,449
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-19-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-5
GEODYNE NPI PARTNERSHIP P-5
COMBINED STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2002 AND 2001
(Unaudited)
2002 2001
-------- ------------
REVENUES:
Net Profits $654,466 $1,570,832
Interest income 1,560 14,671
Gain (loss) on sale of Net Profits
Interests 9,113 ( 246)
-------- ----------
$665,139 $1,585,257
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 67,048 $ 75,392
General and administrative
(Note 2) 117,183 115,170
-------- ----------
$184,231 $ 190,562
-------- ----------
NET INCOME $480,908 $1,394,695
======== ==========
GENERAL PARTNER - NET INCOME $ 26,649 $ 72,017
======== ==========
LIMITED PARTNERS - NET INCOME $454,259 $1,322,678
======== ==========
NET INCOME per unit $ 3.84 $ 11.17
======== ==========
UNITS OUTSTANDING 118,449 118,449
======== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-20-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-5
GEODYNE NPI PARTNERSHIP P-5
COMBINED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2002 AND 2001
(Unaudited)
2002 2001
---------- ------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $480,908 $1,394,695
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depletion of Net Profits
Interests 67,048 75,392
(Gain) loss on sale of Net Profits
Interests ( 9,113) 246
(Increase) decrease in accounts
receivable - Net Profits ( 15,193) 215,670
-------- ----------
Net cash provided by operating
activities $523,650 $1,686,003
-------- ----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 40,494) ($ 34,187)
Proceeds from the sale of Net
Profits Interests 9,712 -
-------- ----------
Net cash used by investing activities ($ 30,782) ($ 34,187)
-------- ----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($412,728) ($1,782,889)
-------- ----------
Net cash used by financing
activities ($412,728) ($1,782,889)
-------- ----------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS $ 80,140 ($ 131,073)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 171,708 440,454
-------- ----------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $251,848 $ 309,381
======== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-21-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-6
GEODYNE NPI PARTNERSHIP P-6
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
September 30, December 31,
2002 2001
------------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 386,426 $ 187,301
Accounts receivable:
Net Profits 128,294 62,543
---------- ----------
Total current assets $ 514,720 $ 249,844
NET PROFITS INTERESTS, net, utilizing
the successful efforts method 1,213,119 1,303,109
---------- ----------
$1,727,839 $1,552,953
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 65,333) ($ 87,910)
Limited Partners, issued and
outstanding, 143,041 units 1,793,172 1,640,863
---------- ----------
Total Partners' capital $1,727,839 $1,552,953
========== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-22-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-6
GEODYNE NPI PARTNERSHIP P-6
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2002 AND 2001
(Unaudited)
2002 2001
-------- --------
REVENUES:
Net Profits $375,268 $404,161
Interest income 853 5,040
Gain on sale of Net Profits
Interests - 37,810
-------- --------
$376,121 $447,011
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 25,892 $ 46,995
General and administrative
(Note 2) 41,293 40,421
-------- --------
$ 67,185 $ 87,416
-------- --------
NET INCOME $308,936 $359,595
======== ========
GENERAL PARTNER - NET INCOME $ 33,139 $ 39,685
======== ========
LIMITED PARTNERS - NET INCOME $275,797 $319,910
======== ========
NET INCOME per unit $ 1.93 $ 2.23
======== ========
UNITS OUTSTANDING 143,041 143,041
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-23-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-6
GEODYNE NPI PARTNERSHIP P-6
COMBINED STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2002 AND 2001
(Unaudited)
2002 2001
---------- ----------
REVENUES:
Net Profits $1,167,557 $2,172,897
Interest income 2,067 20,889
Gain on sale of Net Profits
Interests 10,265 37,720
---------- ----------
$1,179,889 $2,231,506
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 131,054 $ 144,904
General and administrative
(Note 2) 137,838 135,559
---------- ----------
$ 268,892 $ 280,463
---------- ----------
NET INCOME $ 910,997 $1,951,043
========== ==========
GENERAL PARTNER - NET INCOME $ 102,688 $ 122,381
========== ==========
LIMITED PARTNERS - NET INCOME $ 808,309 $1,828,662
========== ==========
NET INCOME per unit $ 5.65 $ 12.78
========== ==========
UNITS OUTSTANDING 143,041 143,041
========== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-24-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-6
GEODYNE NPI PARTNERSHIP P-6
COMBINED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2002 AND 2001
(Unaudited)
2002 2001
---------- ------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $910,997 $1,951,043
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depletion of Net Profits
Interests 131,054 144,904
Gain on sale of Net Profits
Interests ( 10,265) ( 37,720)
(Increase) decrease in accounts
receivable - Net Profits ( 65,751) 249,610
-------- ----------
Net cash provided by operating
activities $966,035 $2,307,837
-------- ----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 41,666) ($ 14,742)
Proceeds from sale of Net Profits
Interests 10,867 37,720
-------- ----------
Net cash provided (used) by investing
activities ($ 30,799) $ 22,978
-------- ----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($736,111) ($2,506,552)
-------- ----------
Net cash used by financing
activities ($736,111) ($2,506,552)
-------- ----------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS $199,125 ($ 175,737)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 187,301 691,186
-------- ----------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $386,426 $ 515,449
======== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-25-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIPS
CONDENSED NOTES TO THE COMBINED FINANCIAL STATEMENTS
SEPTEMBER 30, 2002
(Unaudited)
1. ACCOUNTING POLICIES
-------------------
The combined balance sheets as of September 30, 2002, combined statements
of operations for the three and nine months ended September 30, 2002 and
2001, and combined statements of cash flows for the nine months ended
September 30, 2002 and 2001 have been prepared by Geodyne Resources, Inc.,
the General Partner of the Geodyne Institutional/Pension Energy Income
Limited Partnerships, without audit. Each limited partnership is a general
partner in the related Geodyne NPI Partnership (the "NPI Partnerships") in
which Geodyne Resources, Inc. serves as the managing partner. For the
purposes of these financial statements, the general partner and managing
partner are collectively referred to as the "General Partner" and the
limited partnerships and NPI Partnerships are collectively referred to as
the "Partnerships". In the opinion of management the financial statements
referred to above include all necessary adjustments, consisting of normal
recurring adjustments, to present fairly the combined financial position
at September 30, 2002, the combined results of operations for the three
and nine months ended September 30, 2002 and 2001, and the combined cash
flows for the nine months ended September 30, 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 September 30, 2002 are not
necessarily indicative of the results to be expected for the full year.
-26-
As used in these financial statements, the Partnerships' net profits and
royalty interests in oil and gas sales are referred to as "Net Profits"
and the Partnerships' net profits and royalty interests in oil and gas
properties are referred to as "Net Profits Interests". The working
interests from which the Partnerships' Net Profits Interests are carved
are referred to as "Working Interests".
The Limited Partners' net income or loss per unit is based upon each $100
initial capital contribution.
NET PROFITS INTERESTS
---------------------
The Partnerships follow the successful efforts method of accounting for
their Net Profits Interests. Under the successful efforts method, the NPI
Partnerships capitalize all acquisition costs. 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 NPI Partnership of Net Profits Interests acquired
by the General Partner is adjusted to reflect the net cash results of
operations, including interest incurred to finance the acquisition, for
the period of time the properties are held by the General Partner prior to
their transfer to the Partnerships. Impairment of Net Profits Interests is
recognized based upon an individual property assessment.
Depletion of the costs of Net Profits Interests is computed on the
unit-of-production method. The Partnerships' calculation of depletion of
its Net Profits Interests includes estimated dismantlement and abandonment
costs, net of estimated salvage value.
-27-
The Partnerships do not directly bear capital costs. However, the
Partnerships indirectly bear certain capital costs incurred by the owners
of the Working Interests to the extent such capital costs are charged
against the applicable oil and gas revenues in calculating the Net Profits
payable to the Partnerships. For financial reporting purposes only, such
capital costs are reported as capital expenditures in the Partnerships'
Statements of Cash Flows.
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 September 30, 2002, the following payments were made to the General
Partner or its affiliates by the Partnerships:
Direct General Administrative
Partnership and Administrative Overhead
----------- ------------------ --------------
P-1 $ 4,379 $ 28,440
P-2 4,108 23,709
P-3 5,140 44,640
P-4 3,406 33,240
P-5 3,294 31,170
P-6 3,652 37,641
During the nine months ended September 30, 2002, the following payments
were made to the General Partner or its affiliates by the Partnerships:
Direct General Administrative
Partnership and Administrative Overhead
----------- ------------------ --------------
P-1 $26,779 $ 85,320
P-2 25,845 71,127
P-3 29,760 133,920
P-4 24,060 99,720
P-5 23,673 93,510
P-6 24,915 112,923
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.
-28-
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.
-29-
GENERAL
- -------
The Partnerships are engaged in the business of acquiring Net Profits
Interests in producing oil and gas properties located in the continental
United States. In general, a Partnership acquired passive interests in
producing properties and does not directly engage in development drilling
or enhanced recovery projects. Therefore, the economic life of each
limited partnership, and its related NPI Partnership, is limited to the
period of time required to fully produce its acquired oil and gas
reserves. A Net Profits Interest entitles the Partnerships to a portion of
the oil and gas sales less operating and production expenses and
development costs generated by the owner of the underlying Working
Interests. 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.
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
----------- ------------------ ---------------
P-1 October 25, 1988 $10,807,400
P-2 February 9, 1989 9,009,400
P-3 May 10, 1989 16,963,700
P-4 November 21, 1989 12,630,600
P-5 February 27, 1990 11,844,900
P-6 September 5, 1990 14,304,100
-30-
In general, the amount of funds available for acquisition of producing
properties was equal to the capital contributions of the Limited Partners,
less 15% for sales commissions and organization and management fees. All
of the Partnerships have fully invested their capital contributions.
Net proceeds from the Partnerships' Net Profits Interests 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 September 30, 2002 and the
net revenue generated from future operations will provide sufficient
working capital to meet current and future obligations.
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.
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
-31-
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' financial 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 primary source of liquidity and Partnership cash distributions comes
from the net revenues generated from the sale of oil and gas produced from
the Partnerships' oil and gas properties. The level of net revenues is
highly dependent upon the total volumes of oil and natural gas sold. Oil
and gas reserves are depleting assets and will experience production
declines over time, thereby likely resulting in reduced net revenues.
The level of net revenues is also highly dependent upon the prices
received for oil and gas sales, which prices have historically been very
volatile and may continue to be so. Additionally, lower oil and natural
gas prices may reduce the amount of oil and gas that is economic to
produce and reduce the Partnerships' revenues and cash flow. Various
factors beyond the Partnerships' control will affect prices for oil and
natural gas, such as:
* The worldwide and domestic supplies of oil and natural gas;
* The ability of the members of the Organization of Petroleum
Exporting Countries ("OPEC") to agree to and maintain oil prices
and production quotas;
* Political instability or armed conflict in oil-producing regions
or around major shipping areas;
* The level of consumer demand and overall economic activity;
-32-
* The competitiveness of alternative fuels;
* Weather conditions;
* The availability of pipelines for transportation; and
* Domestic and foreign government regulations and taxes.
Recently, while economic factors have been relatively unfavorable for oil
and natural gas demand, oil prices have benefited from the political
uncertainty associated with the increase in terrorist activities in parts
of the world. In the last few years, natural gas prices have varied
significantly, from very high prices in late 2000 and early 2001, to low
prices in late 2001 and early 2002, to rising prices in the later part of
2002. The high natural gas prices were associated with cold winter weather
and decreased supply from reduced capital investment for new drilling,
while the low prices were associated with warm winter weather and reduced
economic activity. The more recent increase in prices is the result of
increased demand from weather patterns, the pricing effect of relatively
high oil prices and increased concern about the ability of the industry to
meet any longer-term demand increases based upon current drilling
activity. It is not possible to predict the future direction of oil or
natural gas prices or whether the above discussed trends will remain.
Operating costs, including General and Administrative Expenses, may not
decline over time or may experience only a gradual decline, thus adversely
affecting net revenues as either production or oil and natural gas prices
decline. In any particular period, net revenues may also be affected by
either the receipt of proceeds from property sales or the incursion of
additional costs as a result of well workovers, recompletions, new well
drilling, and other events.
-33-
PROVED RESERVES AND NET PRESENT VALUE
- -------------------------------------
The process of estimating oil and gas reserves is complex, requiring
significant subjective decisions in the evaluation of available
geological, engineering, and economic data for each reservoir. The data
for a given reservoir may change substantially over time as a result of,
among other things, additional development activity, production history,
and viability of production under varying economic conditions;
consequently, it is reasonably possible that material revisions to
existing reserve estimates may occur in the future. Although every
reasonable effort has been made to ensure that these reserve estimates
represent the most accurate assessment possible, the significance of the
subjective decisions required and variances in available data for various
reservoirs make these estimates generally less precise than other
estimates presented in connection with financial statement disclosures.
The following tables summarize changes in net quantities of the
Partnerships' proved reserves, all of which are located in the United
States, for the periods indicated. The proved reserves were estimated by
petroleum engineers employed by affiliates of the Partnerships, and are
annually reviewed by an independent engineering firm. "Proved reserves"
refers to those estimated quantities of crude oil, gas, and gas liquids
which geological and engineering data demonstrate with reasonable
certainty to be recoverable in future years from known oil and gas
reservoirs under existing economic and operating conditions. The following
information includes certain gas balancing adjustments which cause the gas
volume to differ from the reserve reports prepared by the General Partner.
-34-
P-1 Partnership
---------------
Crude Natural
Oil Gas
(Barrels) (Mcf)
--------- -----------
Proved reserves, Dec. 31, 2001 151,869 1,787,352
Production ( 15,811) ( 214,491)
Sale of minerals in place - ( 24,441)
Extensions and discoveries 937 10,643
Revisions of previous
estimates 29,735 180,322
------- ---------
Proved reserves, Sept. 30, 2002 166,730 1,739,385
======= =========
P-2 Partnership
---------------
Crude Natural
Oil Gas
(Barrels) (Mcf)
--------- -----------
Proved reserves, Dec. 31, 2001 110,986 1,556,980
Production ( 11,017) ( 174,109)
Sale of minerals in place - ( 16,626)
Extensions and discoveries 72 7,269
Revisions of previous
estimates 21,568 153,786
------- ---------
Proved reserves, Sept. 30, 2002 121,609 1,527,300
======= =========
-35-
P-3 Partnership
---------------
Crude Natural
Oil Gas
(Barrels) (Mcf)
--------- -----------
Proved reserves, Dec. 31, 2001 205,619 2,921,349
Production ( 20,346) ( 325,015)
Sale of minerals in place - ( 30,718)
Extensions and discoveries 1,177 13,408
Revisions of previous
estimates 38,678 288,802
------- ---------
Proved reserves, Sept. 30, 2002 225,128 2,867,826
======= =========
P-4 Partnership
---------------
Crude Natural
Oil Gas
(Barrels) (Mcf)
--------- -----------
Proved reserves, Dec. 31, 2001 90,296 2,083,182
Production ( 20,183) ( 375,634)
Extensions and discoveries 459 11,544
Revisions of previous
estimates ( 37,814) 295,785
------- ---------
Proved reserves, Sept. 30, 2002 32,758 2,014,877
======= =========
-36-
P-5 Partnership
---------------
Crude Natural
Oil Gas
(Barrels) (Mcf)
--------- -----------
Proved reserves, Dec. 31, 2001 29,903 2,340,665
Production ( 3,452) ( 303,174)
Sale of minerals in place ( 60) ( 7,037)
Extensions and discoveries 6,844 5,300
Revisions of previous
estimates 3,216 162,621
------ ---------
Proved reserves, Sept. 30, 2002 36,451 2,198,375
====== =========
P-6 Partnership
---------------
Crude Natural
Oil Gas
(Barrels) (Mcf)
--------- -----------
Proved reserves, Dec. 31, 2001 93,698 3,954,081
Production ( 10,426) ( 509,685)
Sale of minerals in place ( 63) ( 7,516)
Extensions and discoveries 7,568 5,750
Revisions of previous
estimates 15,901 303,163
------- ---------
Proved reserves, Sept. 30, 2002 106,678 3,745,793
======= =========
-37-
In addition to the volume changes, the net present value of the
Partnerships' reserves may change dramatically as oil and gas prices
change or as volumes change for the reasons described above. Net present
value represents estimated future gross cash flow from the production and
sale of proved reserves, net of estimated oil and gas production costs
(including production taxes, ad valorem taxes, and operating expenses) and
estimated future development costs, discounted at 10% per annum.
The following table indicates the estimated net present value of the
Partnerships' proved reserves as of December 31, 2001 and September 30,
2002.Net present value attributable to the Partnerships' proved reserves
was calculated on the basis of current costs and prices as of the date of
estimation. Such prices were $16.75 per barrel and $2.65 per Mcf as of
December 31, 2001 and $27.25 per barrel and $3.76 per Mcf as of September
30, 2002. Such prices were not escalated except in certain circumstances
where escalations were fixed and readily determinable in accordance with
applicable contract provisions. The prices used in calculating the net
present value attributable to the Partnerships' proved reserves do not
necessarily reflect market prices for oil and gas production subsequent to
the date the net present value was estimated. There can be no assurance
that the prices used in calculating the net present value of the
Partnerships' proved reserves will actually be realized for such
production.
Net Present Value of Reserves
--------------------------------
Partnership 12/31/01 9/30/02
----------- ---------- ----------
P-1 $2,988,852 $4,635,794
P-2 $2,393,979 $3,780,535
P-3 $4,466,366 $7,060,040
P-4 $3,682,088 $4,354,733
P-5 $2,670,671 $4,012,904
P-6 $4,578,737 $6,853,119
-38-
The P-4 Partnership has an interest in several wells located in the
Jennings Townsite Field, Jefferson Davis Parish, Louisiana. Recompletion
and well workover activities in 2001 led to significant increases in oil
production from the wells. Recent production information, however,
indicates that the wells are experiencing a steeper than expected decline
in production. Thus, the estimated oil reserves and net present value for
these wells as of September 30, 2002 are less than such estimates as of
December 31, 2001 which were included in the Partnership's 2001 10-K
Annual Report.
P-1 PARTNERSHIP
THREE MONTHS ENDED SEPTEMBER 30, 2002 COMPARED TO THE THREE MONTHS ENDED
SEPTEMBER 30, 2001.
Three Months Ended September 30,
--------------------------------
2002 2001
-------- --------
Net Profits $282,385 $249,054
Barrels produced 4,984 6,208
Mcf produced 75,023 66,886
Average price/Bbl $ 27.19 $ 23.61
Average price/Mcf $ 2.81 $ 2.87
As shown in the table above, total Net Profits increased $33,331 (13.4%)
for the three months ended September 30, 2002 as compared to the three
months ended September 30, 2001. Of this increase, approximately (i)
$26,000 was related to a decrease in production expenses, (ii) $23,000 was
related to an increase in volumes of gas sold, and (iii) $18,000 was
related to an increase in the average price of oil sold. These increases
were partially offset by decreases of approximately (i) $29,000 related to
a decrease in volumes of oil sold and (ii) $5,000 related to a decrease in
the average price of gas sold. Volumes of oil sold decreased 1,224
barrels, while volumes of gas sold increased 8,137 Mcf for the three
months ended September 30, 2002 as compared to the three months ended
September 30, 2001. The decrease in volumes of oil sold was primarily due
to normal declines in production. The
-39-
increase in volumes of gas sold was primarily due to (i) the successful
completion of several new wells during late 2001 and early 2002 and (ii) a
positive prior period volume adjustment made by the operator on one
significant well during the three months ended September 30, 2002. The
decrease in production expenses was primarily due to workover expenses
incurred on several wells during the three months ended September 30,
2001. Average oil prices increased to $27.19 per barrel for the three
months ended September 30, 2002 from $23.61 per barrel for the three
months ended September 30, 2001. Average gas prices decreased to $2.81 per
Mcf for the three months ended September 30, 2002 from $2.87 per Mcf for
the three months ended September 30, 2001.
Depletion of Net Profits Interests decreased $6,985 (21.2%) for the three
months ended September 30, 2002 as compared to the three months ended
September 30, 2001. This decrease was primarily due to upward revisions in
the estimates of remaining oil and gas reserves at September 30, 2002. As
a percentage of Net Profits, this expense decreased to 9.2% for the three
months ended September 30, 2002 from 13.2% for the three months ended
September 30, 2001. This percentage decrease was primarily due to the
dollar decrease in depletion of Net Profits Interests.
General and administrative expenses increased $1,977 (6.4%) for the three
months ended September 30, 2002 as compared to the three months ended
September 30, 2001. As a percentage of Net Profits, these expenses
decreased to 11.6% for the three months ended September 30, 2002 from
12.4% for the three months ended September 30, 2001.
NINE MONTHS ENDED SEPTEMBER 30, 2002 COMPARED TO THE NINE MONTHS ENDED
SEPTEMBER 30, 2001.
Nine Months Ended September 30,
-------------------------------
2002 2001
-------- ----------
Net Profits $687,306 $1,108,652
Barrels produced 15,811 17,342
Mcf produced 214,491 217,302
Average price/Bbl $ 23.01 $ 26.18
Average price/Mcf $ 2.53 $ 4.17
-40-
As shown in the table above, total Net Profits decreased $421,346 (38.0%)
for the nine months ended September 30, 2002 as compared to the nine
months ended September 30, 2001. Of this decrease, approximately $50,000
and $354,000, respectively, were related to decreases in the average
prices of oil and gas sold. Volumes of oil and gas sold decreased 1,531
barrels and 2,811 Mcf, respectively, for the nine months ended September
30, 2002 as compared to the nine months ended September 30, 2001. Average
oil and gas prices decreased to $23.01 per barrel and $2.53 per Mcf,
respectively, for the nine months ended September 30, 2002 from $26.18 per
barrel and $4.17 per Mcf, respectively, for the nine months ended
September 30, 2001.
Depletion of Net Profits Interests decreased $19,552 (19.2%) for the nine
months ended September 30, 2002 as compared to the nine months ended
September 30, 2001. This decrease was primarily due to (i) upward
revisions in the estimates of remaining oil and gas reserves at September
30, 2002 and (ii) the decreases in volumes of oil and gas sold. As a
percentage of Net Profits, this expense increased to 12.0% for the nine
months ended September 30, 2002 from 9.2% for the nine months ended
September 30, 2001. This percentage increase was primarily due to the
decreases in the average prices of oil and gas sold.
General and administrative expenses increased $5,548 (5.2%) for the nine
months ended September 30, 2002 as compared to the nine months ended
September 30, 2001. As a percentage of Net Profits, these expenses
increased to 16.3% for the nine months ended September 30, 2002 from 9.6%
for the nine months ended September 30, 2001. This percentage increase was
primarily due to the decrease in Net Profits.
Cumulative cash distributions to the Limited Partners through September
30, 2002 were $14,455,558 or 133.76% of the Limited Partners' capital
contributions.
-41-
P-2 PARTNERSHIP
THREE MONTHS ENDED SEPTEMBER 30, 2002 COMPARED TO THE THREE MONTHS ENDED
SEPTEMBER 30, 2001.
Three Months Ended September 30,
--------------------------------
2002 2001
-------- --------
Net Profits $215,924 $188,436
Barrels produced 3,469 4,322
Mcf produced 61,339 55,133
Average price/Bbl $ 27.29 $ 23.63
Average price/Mcf $ 2.86 $ 2.87
As shown in the table above, total Net Profits increased $27,488 (14.6%)
for the three months ended September 30, 2002 as compared to the three
months ended September 30, 2001. Of this increase, approximately (i)
$18,000 was related to a decrease in production expenses, (ii) $18,000 was
related to an increase in volumes of gas sold, and (iii) $13,000 was
related to an increase in the average price of oil sold. These increases
were partially offset by a decrease of approximately $20,000 related to a
decrease in volumes of oil sold. Volumes of oil sold decreased 853
barrels, while volumes of gas sold increased 6,206 Mcf for the three
months ended September 30, 2002 as compared to the three months ended
September 30, 2001. 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 (i) the successful completion of several new wells during
late 2001 and early 2002 and (ii) a positive prior period volume
adjustment made by the operator on one significant well during the three
months ended September 30, 2002. The decrease in production expenses was
primarily due to workover expenses incurred on several wells during the
three months ended September 30, 2001. Average oil prices increased to
$27.29 per barrel for the three months ended September 30, 2002 from
$23.63 per barrel for the three months ended September 30, 2001. Average
gas prices decreased to $2.86 per Mcf for the three months ended September
30, 2002 from $2.87 per Mcf for the three months ended September 30, 2001.
-42-
Depletion of Net Profits Interests decreased $5,951 (22.4%) for the three
months ended September 30, 2002 as compared to the three months ended
September 30, 2001. This decrease was primarily due to upward revisions in
the estimates of remaining oil and gas reserves at September 30, 2002. As
a percentage of Net Profits, this expense decreased to 9.6% for the three
months ended September 30, 2002 from 14.1% for the three months ended
September 30, 2001. This percentage decrease was primarily due to the
dollar decrease in depletion of Net Profits Interests.
General and administrative expenses increased $1,927 (7.4%) for the three
months ended September 30, 2002 as compared to the three months ended
September 30, 2001. As a percentage of Net Profits, these expenses
decreased to 12.9% for the three months ended September 30, 2002 from
13.7% for the three months ended September 30, 2001.
NINE MONTHS ENDED SEPTEMBER 30, 2002 COMPARED TO THE NINE MONTHS ENDED
SEPTEMBER 30, 2001.
Nine Months Ended September 30,
-------------------------------
2002 2001
-------- --------
Net Profits $527,725 $867,489
Barrels produced 11,017 12,159
Mcf produced 174,109 178,115
Average price/Bbl $ 23.01 $ 26.19
Average price/Mcf $ 2.58 $ 4.24
As shown in the table above, total Net Profits decreased $339,764 (39.2%)
for the nine months ended September 30, 2002 as compared to the nine
months ended September 30, 2001. Of this decrease, approximately $35,000
and $289,000, respectively, were related to decreases in the average
prices of oil and gas sold. Volumes of oil and gas sold decreased 1,142
barrels and 4,006 Mcf, respectively, for the nine months ended September
30, 2002 as compared to the nine months ended September 30, 2001. Average
oil and gas prices decreased to $23.01 per barrel and $2.58 per Mcf,
respectively, for the nine months ended September 30, 2002 from $26.19 per
barrel and $4.24 per Mcf, respectively, for the nine months ended
September 30, 2001.
-43-
Depletion of Net Profits Interests decreased $13,825 (16.8%) for the nine
months ended September 30, 2002 as compared to the nine months ended
September 30, 2001. This decrease was primarily due to (i) upward
revisions in the estimates of remaining oil and gas reserves at September
30, 2002 and (ii) the decreases in volumes of oil and gas sold. As a
percentage of Net Profits, this expense increased to 13.0% for the nine
months ended September 30, 2002 from 9.5% for the nine months ended
September 30, 2001. This percentage increase was primarily due to the
decreases in the average prices of oil and gas sold.
General and administrative expenses increased $5,282 (5.8%) for the nine
months ended September 30, 2002 as compared to the nine months ended
September 30, 2001. As a percentage of Net Profits, these expenses
increased to 18.4% for the nine months ended September 30, 2002 from 10.6%
for the nine months ended September 30, 2001. This percentage increase was
primarily due to the decrease in Net Profits.
Cumulative cash distributions to the Limited Partners through September
30, 2002 were $11,021,561 or 122.33% of the Limited Partners' capital
contributions.
P-3 PARTNERSHIP
THREE MONTHS ENDED SEPTEMBER 30, 2002 COMPARED TO THE THREE MONTHS ENDED
SEPTEMBER 30, 2001.
Three Months Ended September 30,
--------------------------------
2002 2001
-------- --------
Net Profits $400,421 $352,647
Barrels produced 6,409 7,987
Mcf produced 114,529 103,271
Average price/Bbl $ 27.26 $ 23.62
Average price/Mcf $ 2.86 $ 2.88
As shown in the table above, total Net Profits increased $47,774 (13.5%)
for the three months ended September 30, 2002 as compared to the three
months ended September 30, 2001. Of this increase, approximately (i)
$32,000 was
-44-
related to an increase in volumes of gas sold, (ii) $32,000 was related to
a decrease in production expenses, and (iii) $23,000 was related to an
increase in the average price of oil sold. These increases were partially
offset by a decrease of approximately $37,000 related to a decrease in
volumes of oil sold. Volumes of oil sold decreased 1,578 barrels, while
volumes of gas sold increased 11,258 Mcf for the three months ended
September 30, 2002 as compared to the three months ended September 30,
2001. 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 (i) the successful completion of several new wells during late 2001
and early 2002 and (ii) a positive prior period volume adjustment made by
the operator on one significant well during the three months ended
September 30, 2002. The decrease in production expenses was primarily due
to workover expenses incurred on several wells during the three months
ended September 30, 2001. Average oil prices increased to $27.26 per
barrel for the three months ended September 30, 2002 from $23.62 per
barrel for the three months ended September 30, 2001. Average gas prices
decreased to $2.86 per Mcf for the three months ended September 30, 2002
from $2.88 per Mcf for the three months ended September 30, 2001.
Depletion of Net Profits Interests decreased $10,587 (21.4%) for the three
months ended September 30, 2002 as compared to the three months ended
September 30, 2001. This decrease was primarily due to upward revisions in
the estimates of remaining oil and gas reserves at September 30, 2002. As
a percentage of Net Profits, this expense decreased to 9.7% for the three
months ended September 30, 2002 from 14.0% for the three months ended
September 30, 2001. This percentage decrease was primarily due to the
dollar decrease in depletion of Net Profits Interests.
General and administrative expenses increased $1,920 (4.0%) for the three
months ended September 30, 2002 as compared to the three months ended
September 30, 2001. As a percentage of Net Profits, these expenses
decreased to 12.4% for the three months ended September 30, 2002 from
13.6% for the three months ended September 30, 2001.
-45-
NINE MONTHS ENDED SEPTEMBER 30, 2002 COMPARED TO THE NINE MONTHS ENDED
SEPTEMBER 30, 2001.
Nine Months Ended September 30,
-------------------------------
2002 2001
-------- ----------
Net Profits $980,257 $1,616,810
Barrels produced 20,346 22,474
Mcf produced 325,015 332,544
Average price/Bbl $ 23.01 $ 26.19
Average price/Mcf $ 2.59 $ 4.25
As shown in the table above, total Net Profits decreased $636,553 (39.4%)
for the nine months ended September 30, 2002 as compared to the nine
months ended September 30, 2001. Of this decrease, approximately $65,000
and $542,000, respectively, were related to decreases in the average
prices of oil and gas sold. Volumes of oil and gas sold decreased 2,128
barrels and 7,529 Mcf, respectively, for the nine months ended September
30, 2002 as compared to the nine months ended September 30, 2001. Average
oil and gas prices decreased to $23.01 per barrel and $2.59 per Mcf,
respectively, for the nine months ended September 30, 2002 from $26.19 per
barrel and $4.25 per Mcf, respectively, for the nine months ended
September 30, 2001.
Depletion of Net Profits Interests decreased $24,664 (16.2%) for the nine
months ended September 30, 2002 as compared to the nine months ended
September 30, 2001. This decrease was primarily due to (i) upward
revisions in the estimates of remaining oil and gas reserves at September
30, 2002 and (ii) the decreases in volumes of oil and gas sold. As a
percentage of Net Profits, this expense increased to 13.1% for the nine
months ended September 30, 2002 from 9.4% for the nine months ended
September 30, 2001. This percentage increase was primarily due to the
decreases in the average prices of oil and gas sold.
General and administrative expenses increased $6,224 (4.0%) for the nine
months ended September 30, 2002 as compared to the nine months ended
September 30, 2001. As a percentage of Net Profits, these expenses
increased to 16.7% for the
-46-
nine months ended September 30, 2002 from 9.7% for the nine months ended
September 30, 2001. This percentage increase was primarily due to the
decrease in Net Profits.
Cumulative cash distributions to the Limited Partners through September
30, 2002 were $20,121,401 or 118.61% of the Limited Partners' capital
contributions.
P-4 PARTNERSHIP
THREE MONTHS ENDED SEPTEMBER 30, 2002 COMPARED TO THE THREE MONTHS ENDED
SEPTEMBER 30, 2001.
Three Months Ended September 30,
--------------------------------
2002 2001
-------- --------
Net Profits $402,565 $642,677
Barrels produced 6,831 16,847
Mcf produced 124,276 101,765
Average price/Bbl $ 26.73 $ 25.47
Average price/Mcf $ 2.69 $ 3.04
As shown in the table above, total Net Profits decreased $240,112 (37.4%)
for the three months ended September 30, 2002 as compared to the three
months ended September 30, 2001. Of this decrease, approximately (i)
$255,000 was related to a decrease in volumes of oil sold and (ii) $43,000
was related to a decrease in the average price of gas sold. These
decreases were partially offset by an increase of approximately $68,000
related to an increase in volumes of gas sold. Volumes of oil sold
decreased 10,016 barrels, while volumes of gas sold increased 22,511 Mcf
for the three months ended September 30, 2002 as compared to the three
months ended September 30, 2001. The decrease in volumes of oil sold was
primarily due to (i) normal declines in production and (ii) production
difficulties on one significant well during the three months ended
September 30, 2002. 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 September 30, 2002, (ii) an increase in
production on another significant well due to the successful workover of
that well during mid 2001, and (iii)
-47-
the successful completion of a new well during early 2002. These increases
were partially offset by normal declines in production. Average oil prices
increased to $26.73 per barrel for the three months ended September 30,
2002 from $25.47 per barrel for the three months ended September 30, 2001.
Average gas prices decreased to $2.69 per Mcf for the three months ended
September 30, 2002 from $3.04 per Mcf for the three months ended September
30, 2001.
Depletion of Net Profits Interests increased $62,035 (113.3%) for the
three months ended September 30, 2002 as compared to the three months
ended September 30, 2001. This increase was primarily due to (i) an
increase in depletable Net Profits Interests primarily due to
developmental drilling during the three months ended September 30, 2002
and (ii) downward revisions in the estimates of remaining oil reserves at
September 30, 2002. As a percentage of Net Profits, this expense increased
to 29.0% for the three months ended September 30, 2002 from 8.5% for the
three months ended September 30, 2001. This percentage increase was
primarily due to the dollar increase in depletion of Net Profits
Interests.
General and administrative expenses increased $824 (2.3%) for the three
months ended September 30, 2002 as compared to the three months ended
September 30, 2001. As a percentage of Net Profits, these expenses
increased to 9.1% for the three months ended September 30, 2002 from 5.6%
for the three months ended September 30, 2001. This percentage increase
was primarily due to the decrease in Net Profits.
NINE MONTHS ENDED SEPTEMBER 30, 2002 COMPARED TO THE NINE MONTHS ENDED
SEPTEMBER 30, 2001.
Nine Months Ended September 30,
-------------------------------
2002 2001
---------- ----------
Net Profits $1,127,891 $1,807,266
Barrels produced 20,183 28,413
Mcf produced 375,634 278,159
Average price/Bbl $ 23.37 $ 26.29
Average price/Mcf $ 2.68 $ 5.00
-48-
As shown in the table above, total Net Profits decreased $679,375 (37.6%)
for the nine months ended September 30, 2002 as compared to the nine
months ended September 30, 2001. Of this decrease, approximately (i)
$875,000 was related to a decrease in the average price of gas sold and
(ii) $216,000 was related to a decrease in volumes of oil sold. These
decreases were partially offset by an increase of approximately $488,000
related to an increase in volumes of gas sold. Volumes of oil sold
decreased 8,230 barrels, while volumes of gas sold increased 97,475 Mcf
for the nine months ended September 30, 2002 as compared to the nine
months ended September 30, 2001. The decrease in volumes of oil sold was
primarily due to (i) normal declines in production and (ii) production
difficulties on one significant well during the nine months ended
September 30, 2002. The increase in volumes of gas sold was primarily due
to (i) positive prior period gas balancing adjustments on two significant
wells during the nine months ended September 30, 2002, (ii) an increase in
production on one significant well due to the successful workover of that
well during mid 2001, and (iii) the successful completion of a new well
during mid 2001. These increases were partially offset by normal declines
in production. Average oil and gas prices decreased to $23.37 per barrel
and $2.68 per Mcf, respectively, for the nine months ended September 30,
2002 from $26.29 per barrel and $5.00 per Mcf, respectively, for the nine
months ended September 30, 2001.
Depletion of Net Profits Interests increased $78,540 (64.8%) for the nine
months ended September 30, 2002 as compared to the nine months ended
September 30, 2001. This increase was primarily due to (i) an increase in
depletable Net Profits Interests primarily due to developmental drilling
during the nine months ended September 30, 2002 and (ii) downward
revisions in the estimates of remaining oil reserves at September 30,
2002. As a percentage of Net Profits, this expense increased to 17.7% for
the nine months ended September 30, 2002 from 6.7% for the nine months
ended September 30, 2001. This percentage increase was primarily due to
(i) the decreases in the average prices of oil and gas sold and (ii) the
dollar increase in depletion of Net Profits Interests.
-49-
General and administrative expenses increased $2,140 (1.8%) for the nine
months ended September 30, 2002 as compared to the nine months ended
September 30, 2001. As a percentage of Net Profits, these expenses
increased to 11.0% for the nine months ended September 30, 2002 from 6.7%
for the nine months ended September 30, 2001. This percentage increase was
primarily due to the decrease in Net Profits.
Cumulative cash distributions to the Limited Partners through September
30, 2002 were $16,131,945 or 127.72% of the Limited Partners' capital
contributions.
P-5 PARTNERSHIP
THREE MONTHS ENDED SEPTEMBER 30, 2002 COMPARED TO THE THREE MONTHS ENDED
SEPTEMBER 30, 2001.
Three Months Ended September 30,
--------------------------------
2002 2001
-------- --------
Net Profits $233,706 $236,933
Barrels produced 948 1,595
Mcf produced 97,886 102,939
Average price/Bbl $ 28.83 $ 25.63
Average price/Mcf $ 2.78 $ 2.52
As shown in the table above, total Net Profits decreased $3,227 (1.4%) for
the three months ended September 30, 2002 as compared to the three months
ended September 30, 2001. Of this decrease, approximately (i) $16,000 and
$13,000, respectively, were related to decreases in volumes of oil and gas
sold and (ii) $2,000 was related to an increase in production expenses.
These decreases were partially offset by increases of approximately $3,000
and $25,000, respectively, related to increases in the average prices of
oil and gas sold. Volumes of oil and gas sold decreased 647 barrels and
5,053 Mcf, respectively, for the three months ended September 30, 2002 as
compared to the three months ended September 30, 2001. The decrease in
volumes of oil sold was primarily due to (i) normal declines in production
and (ii) positive prior period volume adjustments on two significant wells
during the three
-50-
months ended September 30, 2001. The increase in production expenses was
primarily due to (i) positive prior period production tax adjustments on
several wells during the three months ended September 30, 2002 and (ii)
negative prior period lease operating expense adjustments made by the
operator on two significant wells during the three months ended September
30, 2001. These increases were partially offset by negative prior period
lease operating expense adjustments on several wells during the three
months ended September 30, 2002. Average oil and gas prices increased to
$28.83 per barrel and $2.78 per Mcf, respectively, for the three months
ended September 30, 2002 from $25.63 per barrel and $2.52 per Mcf,
respectively, for the three months ended September 30, 2001.
Depletion of Net Profits Interests decreased $3,555 (15.8%) for the three
months ended September 30, 2002 as compared to the three months ended
September 30, 2001. This decrease was primarily due to (i) the decreases
in volumes of oil and gas sold and (ii) upward revisions in the estimates
of remaining oil and gas reserves at September 30, 2002. These decreases
were partially offset by an increase in depletable Net Profits Interests
primarily due to developmental drilling during the three months ended
September 30, 2002. As a percentage of Net Profits, this expense decreased
to 8.1% for the three months ended September 30, 2002 from 9.5% for the
three months ended September 30, 2001. This percentage decrease was
primarily due to the increases in the average prices of oil and gas sold.
General and administrative expenses increased $823 (2.4%) for the three
months ended September 30, 2002 as compared to the three months ended
September 30, 2001. As a percentage of Net Profits, these expenses
increased to 14.7% for the three months ended September 30, 2002 from
14.2% for the three months ended September 30, 2001.
-51-
NINE MONTHS ENDED SEPTEMBER 30, 2002 COMPARED TO THE NINE MONTHS ENDED
SEPTEMBER 30, 2001.
Nine Months Ended September 30,
-------------------------------
2002 2001
-------- ----------
Net Profits $654,466 $1,570,832
Barrels produced 3,452 3,814
Mcf produced 303,174 354,079
Average price/Bbl $ 23.50 $ 26.81
Average price/Mcf $ 2.67 $ 4.91
As shown in the table above, total Net Profits decreased $916,366 (58.3%)
for the nine months ended September 30, 2002 as compared to the nine
months ended September 30, 2001. Of this decrease, approximately (i)
$677,000 was related to a decrease in the average price of gas sold and
(ii) $250,000 was related to a decrease in volumes of gas sold. Volumes of
oil and gas sold decreased 362 barrels and 50,905 Mcf, respectively, for
the nine months ended September 30, 2002 as compared to the nine months
ended September 30, 2001. The decrease in volumes of gas sold was
primarily due to (i) normal declines in production and (ii) the
shutting-in of one significant well due to production difficulties during
the nine months ended September 30, 2002. As of the date of this Quarterly
Report, management does not expect the shut-in well to return to
production. Average oil and gas prices decreased to $23.50 per barrel and
$2.67 per Mcf, respectively, for the nine months ended September 30, 2002
from $26.81 per barrel and $4.91 per Mcf, respectively, for the nine
months ended September 30, 2001.
Depletion of Net Profits Interests decreased $8,344 (11.1%) for the nine
months ended September 30, 2002 as compared to the nine months ended
September 30, 2001. This decrease was primarily due to (i) the decreases
in volumes of oil and gas sold and (ii) upward revisions in the estimates
of remaining oil and gas reserves at September 30, 2002. These decreases
were partially offset by an increase in depletable Net Profits Interests
primarily due to developmental drilling during the nine months ended
-52-
September 30, 2002. As a percentage of Net Profits, this expense increased
to 10.2% for the nine months ended September 30, 2002 from 4.8% for the
nine months ended September 30, 2001. This percentage increase was
primarily due to the decreases in the average prices of oil and gas sold.
General and administrative expenses increased $2,013 (1.7%) for the nine
months ended September 30, 2002 as compared to the nine months ended
September 30, 2001. As a percentage of Net Profits, these expenses
increased to 17.9% for the nine months ended September 30, 2002 from 7.3%
for the nine months ended September 30, 2001. This percentage increase was
primarily due to the decrease in Net Profits.
Cumulative cash distributions to the Limited Partners through September
30, 2002 were $11,268,759 or 95.14% of the Limited Partners' capital
contributions.
P-6 PARTNERSHIP
THREE MONTHS ENDED SEPTEMBER 30, 2002 COMPARED TO THE THREE MONTHS ENDED
SEPTEMBER 30, 2001.
Three Months Ended September 30,
--------------------------------
2002 2001
-------- --------
Net Profits $375,268 $404,161
Barrels produced 3,421 4,029
Mcf produced 152,369 165,062
Average price/Bbl $ 26.98 $ 25.52
Average price/Mcf $ 2.81 $ 2.39
As shown in the table above, total Net Profits decreased $28,893 (7.1%)
for the three months ended September 30, 2002 as compared to the three
months ended September 30, 2001. Of this decrease, approximately (i)
$52,000 was related to an increase in production expenses and (ii) $16,000
and $30,000, respectively, were related to decreases in volumes of oil and
gas sold. These decreases were partially offset by increases of
approximately $5,000 and $64,000, respectively, related to increases in
the average prices of oil and gas sold. Volumes of oil and gas
-53-
sold decreased 608 barrels and 12,693 Mcf, respectively, for the three
months ended September 30, 2002 as compared to the three months ended
September 30, 2001. The decrease in volumes of oil sold was primarily due
to (i) normal declines in production, (ii) the timing of oil deliveries in
2001 on several wells in one field, and (iii) the shutting-in of one
significant well during the three months ended September 30, 2002 in order
to perform repairs and maintenance. These decreases were partially offset
by an increase in production on another significant well due to the
successful workover of that well during late 2001. The decrease in volumes
of gas sold was primarily due to normal declines in production. This
decrease was partially offset by the P-6 Partnership's receipt of a
reduced percentage of sales on one significant well during the three
months ended September 30, 2001 due to gas balancing. The increase in
production expenses was primarily due to (i) negative prior period lease
operating expense adjustments on two significant wells during the three
months ended September 30, 2001 and (ii) repair and maintenance expenses
incurred on another significant well during the three months ended
September 30, 2002. Average oil and gas prices increased to $26.98 per
barrel and $2.81 per Mcf, respectively, for the three months ended
September 30, 2002 from $25.52 per barrel and $2.39 per Mcf, respectively,
for the three months ended September 30, 2001.
Depletion of Net Profits Interests decreased $21,103 (44.9%) for the three
months ended September 30, 2002 as compared to the three months ended
September 30, 2001. This decrease was primarily due to (i) upward
revisions in the estimates of remaining oil and gas reserves at September
30, 2002 and (ii) the decreases in volumes of oil and gas sold. As a
percentage of Net Profits, this expense decreased to 6.9% for the three
months ended September 30, 2002 from 11.6% for the three months ended
September 30, 2001. This percentage decrease was primarily due to the
dollar decrease in depletion of Net Profits Interests.
General and administrative expenses increased $872 (2.2%) for the three
months ended September 30, 2002 as compared to the three months ended
September 30, 2001. As a percentage of Net Profits, these expenses
increased to 11.0% for the three months ended September 30, 2002 from
-54-
10.0% for the three months ended September 30, 2001. This percentage
increase was primarily due to the decrease in Net Profits.
NINE MONTHS ENDED SEPTEMBER 30, 2002 COMPARED TO THE NINE MONTHS ENDED
SEPTEMBER 30, 2001.
Nine Months Ended September 30,
-------------------------------
2002 2001
---------- ----------
Net Profits $1,167,557 $2,172,897
Barrels produced 10,426 9,873
Mcf produced 509,685 524,265
Average price/Bbl $ 22.60 $ 26.66
Average price/Mcf $ 2.74 $ 4.52
As shown in the table above, total Net Profits decreased $1,005,340
(46.3%) for the nine months ended September 30, 2002 as compared to the
nine months ended September 30, 2001. Of this decrease, approximately
$908,000 was related to a decrease in the average price of gas sold.
Volumes of oil sold increased 553 barrels, while volumes of gas sold
decreased 14,580 Mcf for the nine months ended September 30, 2002 as
compared to the nine months ended September 30, 2001. The decrease in
volumes of gas sold was primarily due to (i) normal declines in production
and (ii) the shutting-in of one significant well due to production
difficulties during the nine months ended September 30, 2002. These
decreases were partially offset by (i) the P-6 Partnership's receipt of a
reduced percentage of sales on one significant well during the nine months
ended September 30, 2001 due to gas balancing and (ii) a positive prior
period volume adjustment made by the purchaser on the same well during the
nine months ended September 30, 2002. As of the date of this Quarterly
Report, management does not expect the shut-in well to return to
production. Average oil and gas prices decreased to $22.60 per barrel and
$2.74 per Mcf, respectively, for the nine months ended September 30, 2002
from $26.66 per barrel and $4.52 per Mcf, respectively, for the nine
months ended September 30, 2001.
Depletion of Net Profits Interests decreased $13,850 (9.6%) for the nine
months ended September 30, 2002 as compared to
-55-
the nine months ended September 30, 2001. As a percentage of Net Profits,
this expense increased to 11.2% for the nine months ended September 30,
2002 from 6.7% for the nine months ended September 30, 2001. This
percentage increase was primarily due to the decreases in the average
prices of oil and gas sold.
General and administrative expenses increased $2,279 (1.7%) for the nine
months ended September 30, 2002 as compared to the nine months ended
September 30, 2001. As a percentage of Net Profits, these expenses
increased to 11.8% for the nine months ended September 30, 2002 from 6.2%
for the nine months ended September 30, 2001. This percentage increase was
primarily due to the decrease in Net Profits.
Cumulative cash distributions to the Limited Partners through September
30, 2002 were $15,939,248 or 111.43% of the Limited Partners' capital
contribution.
-56-
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK.
The Partnerships do not hold any market risk sensitive instruments.
ITEM 4. EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES
Within the 90 days prior to the date of this report, the
Partnerships carried out an evaluation under the supervision and
with the participation of the Partnerships' management, including
their chief executive officer and chief financial officer, of the
effectiveness of the design and operation of the Partnerships'
disclosure controls and procedures pursuant to Rule 13a-14 of the
Securities Exchange Act of 1934. Based upon that evaluation, the
Partnerships' chief executive officer and chief financial officer
concluded that the Partnerships' disclosure controls and procedures
are effective in timely alerting them to material information
relating to the Partnerships required to be included in the
Partnerships' periodic filings with the SEC. There have been no
significant changes in the Partnerships' internal controls or in
other factors which could significantly affect the Partnerships'
internal controls subsequent to the date the Partnerships carried
out this evaluation.
-57-
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
99.1 Certification pursuant to 18 U.S.C. Section 1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002 for the P-1 Partnership.
99.2 Certification pursuant to 18 U.S.C. Section 1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002 for the P-2 Partnership.
99.3 Certification pursuant to 18 U.S.C. Section 1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002 for the P-3 Partnership.
99.4 Certification pursuant to 18 U.S.C. Section 1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002 for the P-4 Partnership.
99.5 Certification pursuant to 18 U.S.C. Section 1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002 for the P-5 Partnership.
99.6 Certification pursuant to 18 U.S.C. Section 1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002 for the P-6 Partnership.
(b) Reports on Form 8-K.
None.
-58-
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 INSTITUTIONAL/PENSION ENERGY INCOME P-1
LIMITED PARTNERSHIP
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-2
LIMITED PARTNERSHIP
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME
LIMITED PARTNERSHIP P-3
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME
LIMITED PARTNERSHIP P-4
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME
LIMITED PARTNERSHIP P-5
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME
LIMITED PARTNERSHIP P-6
(Registrant)
BY: GEODYNE RESOURCES, INC.
General Partner
Date: November 14, 2002 By: /s/Dennis R. Neill
--------------------------------
(Signature)
Dennis R. Neill
President
Date: November 14, 2002 By: /s/Craig D. Loseke
--------------------------------
(Signature)
Craig D. Loseke
Chief Accounting Officer
-59-
CERTIFICATION
-------------
I, Dennis R. Neill, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Geodyne
Institutional/Pension Energy Income P-1 Limited Partnership;
2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;
3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;
4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:
a) designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the
period in which this quarterly report is being prepared;
b) evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
quarterly report (the "Evaluation Date"); and
c) presented in this quarterly report our conclusions about the effectiveness of
the disclosure controls and procedures based on our evaluation as of the
Evaluation Date;
5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent function):
-60-
a) all significant deficiencies in the design or operation of internal controls
which could adversely affect the registrant's ability to record, process,
summarize and report financial data and have identified for the registrant's
auditors any material weaknesses in internal controls; and
b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls; and
6. The registrant's other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
Dated this 14th day of November, 2002.
//s// Dennis R. Neill
- ----------------------------------
Dennis R. Neill
President (Chief Executive Officer)
-61-
CERTIFICATION
-------------
I, Craig D. Loseke, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Geodyne
Institutional/Pension Energy Income P-1 Limited Partnership;
2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;
3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;
4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:
a) designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the
period in which this quarterly report is being prepared;
b) evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
quarterly report (the "Evaluation Date"); and
c) presented in this quarterly report our conclusions about the effectiveness of
the disclosure controls and procedures based on our evaluation as of the
Evaluation Date;
5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent function):
-62-
a) all significant deficiencies in the design or operation of internal controls
which could adversely affect the registrant's ability to record, process,
summarize and report financial data and have identified for the registrant's
auditors any material weaknesses in internal controls; and
b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls; and
6. The registrant's other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
Dated this 14th day of November, 2002.
//s// Craig D. Loseke
- ----------------------------------
Craig D. Loseke
Chief Financial Officer
-63-
CERTIFICATION
-------------
I, Dennis R. Neill, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Geodyne
Institutional/Pension Energy Income P-2 Limited Partnership;
2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;
3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;
4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:
a) designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the
period in which this quarterly report is being prepared;
b) evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
quarterly report (the "Evaluation Date"); and
c) presented in this quarterly report our conclusions about the effectiveness of
the disclosure controls and procedures based on our evaluation as of the
Evaluation Date;
5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent function):
-64-
a) all significant deficiencies in the design or operation of internal controls
which could adversely affect the registrant's ability to record, process,
summarize and report financial data and have identified for the registrant's
auditors any material weaknesses in internal controls; and
b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls; and
6. The registrant's other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
Dated this 14th day of November, 2002.
//s// Dennis R. Neill
- ----------------------------------
Dennis R. Neill
President (Chief Executive Officer)
-65-
CERTIFICATION
-------------
I, Craig D. Loseke, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Geodyne
Institutional/Pension Energy Income P-2 Limited Partnership;
2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;
3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;
4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:
a) designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the
period in which this quarterly report is being prepared;
b) evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
quarterly report (the "Evaluation Date"); and
c) presented in this quarterly report our conclusions about the effectiveness of
the disclosure controls and procedures based on our evaluation as of the
Evaluation Date;
5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent function):
-66-
a) all significant deficiencies in the design or operation of internal controls
which could adversely affect the registrant's ability to record, process,
summarize and report financial data and have identified for the registrant's
auditors any material weaknesses in internal controls; and
b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls; and
6. The registrant's other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
Dated this 14th day of November, 2002.
//s// Craig D. Loseke
- ----------------------------------
Craig D. Loseke
Chief Financial Officer
-67-
CERTIFICATION
-------------
I, Dennis R. Neill, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Geodyne
Institutional/Pension Energy Income Limited Partnership P-3;
2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;
3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;
4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:
a) designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the
period in which this quarterly report is being prepared;
b) evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
quarterly report (the "Evaluation Date"); and
c) presented in this quarterly report our conclusions about the effectiveness of
the disclosure controls and procedures based on our evaluation as of the
Evaluation Date;
5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent function):
-68-
a) all significant deficiencies in the design or operation of internal controls
which could adversely affect the registrant's ability to record, process,
summarize and report financial data and have identified for the registrant's
auditors any material weaknesses in internal controls; and
b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls; and
6. The registrant's other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
Dated this 14th day of November, 2002.
//s// Dennis R. Neill
- ----------------------------------
Dennis R. Neill
President (Chief Executive Officer)
-69-
CERTIFICATION
-------------
I, Craig D. Loseke, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Geodyne
Institutional/Pension Energy Income Limited Partnership P-3;
2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;
3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;
4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:
a) designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the
period in which this quarterly report is being prepared;
b) evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
quarterly report (the "Evaluation Date"); and
c) presented in this quarterly report our conclusions about the effectiveness of
the disclosure controls and procedures based on our evaluation as of the
Evaluation Date;
5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent function):
-70-
a) all significant deficiencies in the design or operation of internal controls
which could adversely affect the registrant's ability to record, process,
summarize and report financial data and have identified for the registrant's
auditors any material weaknesses in internal controls; and
b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls; and
6. The registrant's other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
Dated this 14th day of November, 2002.
//s// Craig D. Loseke
- ----------------------------------
Craig D. Loseke
Chief Financial Officer
-71-
CERTIFICATION
-------------
I, Dennis R. Neill, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Geodyne
Institutional/Pension Energy Income Limited Partnership P-4;
2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;
3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;
4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:
a) designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the
period in which this quarterly report is being prepared;
b) evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
quarterly report (the "Evaluation Date"); and
c) presented in this quarterly report our conclusions about the effectiveness of
the disclosure controls and procedures based on our evaluation as of the
Evaluation Date;
5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent function):
-72-
a) all significant deficiencies in the design or operation of internal controls
which could adversely affect the registrant's ability to record, process,
summarize and report financial data and have identified for the registrant's
auditors any material weaknesses in internal controls; and
b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls; and
6. The registrant's other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
Dated this 14th day of November, 2002.
//s// Dennis R. Neill
- ----------------------------------
Dennis R. Neill
President (Chief Executive Officer)
-73-
CERTIFICATION
-------------
I, Craig D. Loseke, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Geodyne
Institutional/Pension Energy Income Limited Partnership P-4;
2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;
3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;
4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:
a) designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the
period in which this quarterly report is being prepared;
b) evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
quarterly report (the "Evaluation Date"); and
c) presented in this quarterly report our conclusions about the effectiveness of
the disclosure controls and procedures based on our evaluation as of the
Evaluation Date;
5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent function):
-74-
a) all significant deficiencies in the design or operation of internal controls
which could adversely affect the registrant's ability to record, process,
summarize and report financial data and have identified for the registrant's
auditors any material weaknesses in internal controls; and
b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls; and
6. The registrant's other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
Dated this 14th day of November, 2002.
//s// Craig D. Loseke
- ----------------------------------
Craig D. Loseke
Chief Financial Officer
-75-
CERTIFICATION
-------------
I, Dennis R. Neill, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Geodyne
Institutional/Pension Energy Income Limited Partnership P-5;
2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;
3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;
4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:
a) designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the
period in which this quarterly report is being prepared;
b) evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
quarterly report (the "Evaluation Date"); and
c) presented in this quarterly report our conclusions about the effectiveness of
the disclosure controls and procedures based on our evaluation as of the
Evaluation Date;
5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent function):
-76-
a) all significant deficiencies in the design or operation of internal controls
which could adversely affect the registrant's ability to record, process,
summarize and report financial data and have identified for the registrant's
auditors any material weaknesses in internal controls; and
b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls; and
6. The registrant's other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
Dated this 14th day of November, 2002.
//s// Dennis R. Neill
- ----------------------------------
Dennis R. Neill
President (Chief Executive Officer)
-77-
CERTIFICATION
-------------
I, Craig D. Loseke, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Geodyne
Institutional/Pension Energy Income Limited Partnership P-5;
2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;
3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;
4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:
a) designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the
period in which this quarterly report is being prepared;
b) evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
quarterly report (the "Evaluation Date"); and
c) presented in this quarterly report our conclusions about the effectiveness of
the disclosure controls and procedures based on our evaluation as of the
Evaluation Date;
5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent function):
-78-
a) all significant deficiencies in the design or operation of internal controls
which could adversely affect the registrant's ability to record, process,
summarize and report financial data and have identified for the registrant's
auditors any material weaknesses in internal controls; and
b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls; and
6. The registrant's other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
Dated this 14th day of November, 2002.
//s// Craig D. Loseke
- ----------------------------------
Craig D. Loseke
Chief Financial Officer
-79-
CERTIFICATION
-------------
I, Dennis R. Neill, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Geodyne
Institutional/Pension Energy Income Limited Partnership P-6;
2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;
3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;
4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:
a) designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the
period in which this quarterly report is being prepared;
b) evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
quarterly report (the "Evaluation Date"); and
c) presented in this quarterly report our conclusions about the effectiveness of
the disclosure controls and procedures based on our evaluation as of the
Evaluation Date;
5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent function):
-80-
a) all significant deficiencies in the design or operation of internal controls
which could adversely affect the registrant's ability to record, process,
summarize and report financial data and have identified for the registrant's
auditors any material weaknesses in internal controls; and
b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls; and
6. The registrant's other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
Dated this 14th day of November, 2002.
//s// Dennis R. Neill
- ----------------------------------
Dennis R. Neill
President (Chief Executive Officer)
-81-
CERTIFICATION
-------------
I, Craig D. Loseke, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Geodyne
Institutional/Pension Energy Income Limited Partnership P-6;
2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;
3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;
4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:
a) designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the
period in which this quarterly report is being prepared;
b) evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days prior to the filing date of this
quarterly report (the "Evaluation Date"); and
c) presented in this quarterly report our conclusions about the effectiveness of
the disclosure controls and procedures based on our evaluation as of the
Evaluation Date;
5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and the audit committee of
registrant's board of directors (or persons performing the equivalent function):
-82-
a) all significant deficiencies in the design or operation of internal controls
which could adversely affect the registrant's ability to record, process,
summarize and report financial data and have identified for the registrant's
auditors any material weaknesses in internal controls; and
b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls; and
6. The registrant's other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
Dated this 14th day of November, 2002.
//s// Craig D. Loseke
- ----------------------------------
Craig D. Loseke
Chief Financial Officer
-83-
INDEX TO EXHIBITS
-----------------
Exh.
No. Exhibit
- ---- -------
99.1 Certification pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for the
Geodyne Institutional/Pension Energy Income P-1 Limited Partnership.
99.2 Certification pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for the
Geodyne Institutional/Pension Energy Income P-2 Limited Partnership.
99.3 Certification pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for the
Geodyne Institutional/Pension Energy Income Limited Partnership P-3.
99.4 Certification pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for the
Geodyne Institutional/Pension Energy Income Limited Partnership P-4.
99.5 Certification pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for the
Geodyne Institutional/Pension Energy Income Limited Partnership P-5.
99.6 Certification pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for the
Geodyne Institutional/Pension Energy Income Limited Partnership P-6.
-84-