November 1, 2005




TO:         All Limited Partners in the  Geodyne  Institutional/Pension  Energy
            Income P-1 Limited Partnership

RE:         Election to extend term of Partnership


      As previously  described to you, the limited  partnership  agreement  (the
"Agreement")  for the Geodyne  Institutional/Pension  Energy  Income P-1 Limited
Partnership (the "Partnership") provides that the Partnership will automatically
terminate and dissolve on December 31, 2005.

      The Agreement gives Geodyne Resources, Inc., as General Partner, an option
to extend the term of the  Partnership for up to five additional two year terms.
The General  Partner is hereby  notifying  you that it has decided to extend the
term of the Partnership  for the first of these  additional two year terms until
December 31, 2007.  Accordingly,  the new  termination  date for the Partnership
will be December 31, 2007.

      If you have any questions concerning the Partnership's  extension,  please
contact Geodyne Investor Services at 918-583-1791 or 888-436-3963.

                                    Very truly yours,

                                    GEODYNE RESOURCES, INC.
                                    General Partner

                                    //s// Dennis R. Neill

                                    Dennis R. Neill
                                    President