SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarter ended March 31, 2006
Commission File Number:
I-D: 0-15831 I-E: 0-15832 I-F: 0-15833
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-D
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-E
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-F
--------------------------------------------------------
(Exact name of Registrant as specified in its Articles)
I-D 73-1265223
I-E 73-1270110
Oklahoma I-F 73-1292669
- ---------------------------- -------------------------------
(State or other jurisdiction (I.R.S. Employer Identification
of incorporation or Number)
organization)
Two West Second Street, Tulsa, Oklahoma 74103
------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:(918) 583-1791
Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the Registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No
------ ------
-1-
Indicate by check mark whether the Registrant is a large accelerated filer, an
accelerated filer, or a non-accelerated filer. See definition of "accelerated
filer and large accelerated filer" in Rule 12b-2 of the Exchange Act (check
one):
Large accelerated filer
--------
Accelerated filer
--------
X Non-accelerated filer
--------
Indicate by check mark whether the Registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act).
Yes No X
------ ------
The Depositary Units are not publicly traded; therefore, Registrant cannot
compute the aggregate market value of the voting units held by non-affiliates of
the Registrant.
-2-
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-D
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-D
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
2006 2005
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 343,279 $ 311,844
Accounts receivable:
Oil and gas sales 195,279 310,780
---------- ----------
Total current assets $ 538,558 $ 622,624
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 391,370 392,810
DEFERRED CHARGE 77,179 77,179
---------- ----------
$1,007,107 $1,092,613
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 28,452 $ 33,313
Gas imbalance payable 32,967 32,967
Asset retirement obligation -
current (Note 1) 1,575 1,556
---------- ----------
Total current liabilities $ 62,994 $ 67,836
LONG-TERM LIABILITIES:
Accrued liability $ 25,062 $ 25,062
Asset retirement obligation (Note 1) 57,521 56,812
---------- ----------
Total long-term liabilities $ 82,583 $ 81,874
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 13,798) $ 6,023
Limited Partners, issued and
outstanding, 7,195 units 875,328 936,880
---------- ----------
Total Partners' capital $ 861,530 $ 942,903
---------- ----------
$1,007,107 $1,092,613
========== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-3-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-D
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-D
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2006 AND 2005
(Unaudited)
2006 2005
-------- --------
REVENUES:
Oil and gas sales $268,663 $293,043
Interest income 2,544 886
-------- --------
$271,207 $293,929
COSTS AND EXPENSES:
Lease operating $ 26,233 $ 36,157
Production tax 19,243 19,790
Depreciation, depletion, and
amortization of oil and gas
properties 6,635 6,064
General and administrative
(Note 2) 44,984 42,881
-------- --------
$ 97,095 $104,892
-------- --------
NET INCOME $174,112 $189,037
======== ========
GENERAL PARTNER - NET INCOME $ 26,664 $ 29,072
======== ========
LIMITED PARTNERS - NET INCOME $147,448 $159,965
======== ========
NET INCOME per unit $ 20.49 $ 22.23
======== ========
UNITS OUTSTANDING 7,195 7,195
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-4-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-D
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-D
COMBINED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2006 AND 2005
(Unaudited)
2006 2005
---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $174,112 $189,037
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation, depletion, and
amortization of oil and gas
properties 6,635 6,064
Settlement of asset retirement
obligation - ( 36)
(Increase) decrease in accounts
receivable - oil and gas sales 115,501 ( 21,671)
Increase (decrease) in accounts
payable ( 4,389) 22,517
-------- --------
Net cash provided by operating
activities $291,859 $195,911
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 5,084) ($ 2,155)
Proceeds from sale of oil and
gas properties 145 2,958
-------- --------
Net cash provided (used) by investing
activities ($ 4,939) $ 803
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($255,485) ($173,244)
-------- --------
Net cash used by financing
activities ($255,485) ($173,244)
-------- --------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $ 31,435 $ 23,470
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 311,844 250,839
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $343,279 $274,309
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-5-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-E
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-E
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
2006 2005
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $2,131,691 $1,838,920
Accounts receivable:
Oil and gas sales 1,276,412 1,921,870
---------- ----------
Total current assets $3,408,103 $3,760,790
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 2,435,751 2,469,064
DEFERRED CHARGE 394,160 394,160
---------- ----------
$6,238,014 $6,624,014
========== ==========
LIABILITIES AND PARTNERS' CAPITAL
CURRENT LIABILITIES:
Accounts payable $ 364,978 $ 350,149
Gas imbalance payable 112,023 112,023
Asset retirement obligation -
current (Note 1) 6,308 96,761
---------- ----------
Total current liabilities $ 483,309 $ 558,933
LONG-TERM LIABILITIES:
Accrued liability $ 122,896 $ 122,896
Asset retirement obligation
(Note 1) 749,239 744,174
---------- ----------
Total long-term liabilities $ 872,135 $ 867,070
PARTNERS' CAPITAL:
General Partner $ 2,058 $ 89,828
Limited Partners, issued and
outstanding, 41,839 units 4,880,512 5,108,183
---------- ----------
Total Partners' capital $4,882,570 $5,198,011
---------- ----------
$6,238,014 $6,624,014
========== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-6-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-E
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-E
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2006 AND 2005
(Unaudited)
2006 2005
---------- ----------
REVENUES:
Oil and gas sales $1,728,182 $1,848,691
Interest income 14,971 5,914
---------- ----------
$1,743,153 $1,854,605
COSTS AND EXPENSES:
Lease operating $ 298,035 $ 185,856
Production tax 118,206 118,026
Depreciation, depletion, and
amortization of oil and gas
properties 59,850 42,716
General and administrative
(Note 2) 146,518 143,668
---------- ----------
$ 622,609 $ 490,266
---------- ----------
NET INCOME $1,120,544 $1,364,339
========== ==========
GENERAL PARTNER - NET INCOME $ 174,215 $ 209,744
========== ==========
LIMITED PARTNERS - NET INCOME $ 946,329 $1,154,595
========== ==========
NET INCOME per unit $ 22.62 $ 27.60
========== ==========
UNITS OUTSTANDING 41,839 41,839
========== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-7-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-E
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-E
COMBINED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2006 AND 2005
(Unaudited)
2006 2005
------------ ------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $1,120,544 $1,364,339
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation, depletion, and
amortization of oil and gas
properties 59,850 42,716
Settlement of asset retirement
obligation ( 92,023) ( 272)
(Increase) decrease in accounts
receivable - oil and gas sales 645,458 ( 187,343)
Increase in accounts payable 27,027 14,693
Decrease in accrued liability -
other - ( 88,892)
---------- ----------
Net cash provided by operating
activities $1,760,856 $1,145,241
---------- ----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 32,100) ($ 11,686)
Proceeds from the sale of oil and
gas properties - 13,213
---------- ----------
Net cash provided (used) by investing
activities ($ 32,100) $ 1,527
---------- ----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($1,435,985) ($1,093,897)
---------- ----------
Net cash used by financing
activities ($1,435,985) ($1,093,897)
---------- ----------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $ 292,771 $ 52,871
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 1,838,920 1,579,268
---------- ----------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $2,131,691 $1,632,139
========== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-8-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-F
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-F
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
2006 2005
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 672,499 $ 684,976
Accounts receivable:
Oil and gas sales 385,299 544,225
---------- ----------
Total current assets $1,057,798 $1,229,201
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 954,851 967,086
DEFERRED CHARGE 302,265 302,265
---------- ----------
$2,314,914 $2,498,552
========== ==========
LIABILITIES AND PARTNERS' CAPITAL
CURRENT LIABILITIES:
Accounts payable $ 168,074 $ 118,863
Gas imbalance payable 36,173 36,173
Asset retirement obligation -
current (Note 1) 2,551 65,890
---------- ----------
Total current liabilities $ 206,798 $ 220,926
LONG-TERM LIABILITIES:
Accrued liability $ 114,225 $ 114,225
Asset retirement obligation
(Note 1) 330,324 328,418
---------- ----------
Total long-term liabilities $ 444,549 $ 442,643
PARTNERS' CAPITAL:
General Partner $ 16,337 $ 46,741
Limited Partners, issued and
outstanding, 14,321 units 1,647,230 1,788,242
---------- ----------
Total Partners' capital $1,663,567 $1,834,983
---------- ----------
$2,314,914 $2,498,552
========== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-9-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-F
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-F
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2006 AND 2005
(Unaudited)
2006 2005
-------- --------
REVENUES:
Oil and gas sales $596,427 $601,026
Interest income 5,310 2,045
-------- --------
$601,737 $603,071
COSTS AND EXPENSES:
Lease operating $148,228 $ 32,432
Production tax 37,841 36,984
Depreciation, depletion, and
amortization of oil and gas
properties 23,370 16,947
General and administrative
(Note 2) 65,871 63,614
-------- --------
$275,310 $149,977
-------- --------
NET INCOME $326,427 $453,094
======== ========
GENERAL PARTNER - NET INCOME $ 51,439 $ 70,030
======== ========
LIMITED PARTNERS - NET INCOME $274,988 $383,064
======== ========
NET INCOME per unit $ 19.20 $ 26.75
======== ========
UNITS OUTSTANDING 14,321 14,321
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-10-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-F
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-F
COMBINED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2006 AND 2005
(Unaudited)
2006 2005
---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $326,427 $453,094
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation, depletion, and
amortization of oil and gas
properties 23,370 16,947
Settlement of asset retirement
obligation ( 63,270) ( 136)
(Increase) decrease in accounts
receivable - oil and gas sales 158,926 ( 37,927)
Increase (decrease) in accounts
payable 56,103 ( 9,980)
Decrease in accrued liability -
other - ( 62,225)
-------- --------
Net cash provided by operating
activities $501,556 $359,773
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 16,190) ($ 5,580)
Proceeds from sale of oil and
gas properties - 5,113
-------- --------
Net cash used by investing
activities ($ 16,190) ($ 467)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($497,843) ($340,028)
-------- --------
Net cash used by financing
activities ($497,843) ($340,028)
-------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS ($ 12,477) $ 19,278
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 684,976 552,399
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $672,499 $571,677
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-11-
GEODYNE ENERGY INCOME PROGRAM I LIMITED PARTNERSHIPS
CONDENSED NOTES TO THE COMBINED FINANCIAL STATEMENTS
MARCH 31, 2006
(Unaudited)
1. ACCOUNTING POLICIES
-------------------
The combined balance sheets as of March 31, 2006, combined statements of
operations for the three months ended March 31, 2006 and 2005, and
combined statements of cash flows for the three months ended March 31,
2006 and 2005 have been prepared by Geodyne Resources, Inc., the General
Partner of the limited partnerships, without audit. Each limited
partnership is a general partner in the related Geodyne Energy Income
Production Partnership in which Geodyne Resources, Inc. serves as the
managing partner. Unless the context indicates otherwise, all references
to a "Partnership" or the "Partnerships" are references to the limited
partnership and its related production partnership, collectively, and all
references to the "General Partner" are references to the general partner
of the limited partnerships and the managing partner of the production
partnerships, collectively. 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 March 31, 2006, the combined results of operations for the
three months ended March 31, 2006 and 2005, and the combined cash flows
for the three months ended March 31, 2006 and 2005.
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, 2005. The
results of operations for the period ended March 31, 2006 are not
necessarily indicative of the results to be expected for the full year.
The Limited Partners' net income or loss per unit is based upon each
$1,000 initial capital contribution.
-12-
OIL AND GAS PROPERTIES
----------------------
The Partnerships follow the successful efforts method of accounting for
their oil and gas properties. Under the successful efforts method, the
Partnerships capitalize all property acquisition costs and development
costs incurred in connection with the further development of oil and gas
reserves. Property acquisition costs include costs incurred by the
Partnerships or the General Partner to acquire producing properties,
including related title insurance or examination costs, commissions,
engineering, legal and accounting fees, and similar costs directly related
to the acquisitions, plus an allocated portion of the General Partner's
property screening costs. The acquisition cost to the Partnerships of
properties acquired by the General Partner is adjusted to reflect the net
cash results of operations, including interest incurred to finance the
acquisition, for the period of time the properties are held by the General
Partner.
Depletion of the costs of producing oil and gas properties, amortization
of related intangible drilling and development costs, and depreciation of
tangible lease and well equipment are computed on the unit-of-production
method. The Partnerships' depletion, depreciation, and amortization
includes estimated dismantlement and abandonment costs and estimated
salvage value of the equipment.
When complete units of depreciable property are retired or sold, the asset
cost and related accumulated depreciation are eliminated with any gain or
loss (including the elimination of the asset retirement obligation)
reflected in income. When less than complete units of depreciable property
are retired or sold, the proceeds are credited to oil and gas properties.
ASSET RETIREMENT OBLIGATIONS
----------------------------
The Partnerships' wells must be properly plugged and abandoned after their
oil and gas reserves are exhausted. The Partnerships follow FAS No. 143,
"Accounting for Asset Retirement Obligations" in accounting for the future
expenditures that will be necessary to plug and abandon these wells. FAS
No. 143 requires the estimated plugging and abandonment obligations to be
recognized in the period in which they are incurred (i.e. when the well is
drilled or acquired) if a reasonable estimate of fair value can be made
and to be capitalized as part of the carrying amount of the well.
Estimated abandonment dates will be revised in the future based on changes
to related economic lives, which vary with product prices and production
costs. Estimated plugging costs may also be adjusted to reflect changing
industry experience. During the year ended December 31,
-13-
2005, the Partnerships' asset retirement obligations were revised upward
due to an increase in both the labor and rig costs associated with
plugging wells. Cash flows would not be affected until wells are actually
plugged and abandoned.
The asset retirement obligation will be adjusted upwards each quarter in
order to recognize accretion of the time-related discount factor. For the
three months ended March 31, 2006, the I-D, I-E, and I-F Partnerships
recognized approximately $1,000, $22,000, and $9,000, respectively, of an
increase in depreciation, depletion, and amortization expense, which was
comprised of accretion of the asset retirement obligation and depletion of
the increase in capitalized cost of oil and gas properties.
The components of the change in asset retirement obligations for the three
months ended March 31, 2006 and 2005 are as shown below.
I-D Partnership
---------------
Three Months Three Months
Ended Ended
3/31/2006 3/31/2005
----------- -----------
Total Asset Retirement
Obligation, January 1 $ 58,368 $ 31,101
Additions and revisions - 98
Settlements and disposals - ( 448)
Accretion expense 728 343
-------- --------
Total Asset Retirement
Obligation, End of Period $ 59,096 $ 31,094
======== ========
Asset Retirement Obligation -
Current $ 1,575 $ 2,483
Asset Retirement Obligation -
Long-Term 57,521 28,611
-14-
I-E Partnership
---------------
Three Months Three Months
Ended Ended
3/31/2006 3/31/2005
----------- -----------
Total Asset Retirement
Obligation, January 1 $840,935 $345,509
Additions and revisions - 493
Settlements and disposals ( 95,023) ( 2,922)
Accretion expense 9,635 3,002
-------- --------
Total Asset Retirement
Obligation, End of Period $755,547 $346,082
======== ========
Asset Retirement Obligation -
Current $ 6,308 $ 12,210
Asset Retirement Obligation -
Long-Term 749,239 333,872
I-F Partnership
---------------
Three Months Three Months
Ended Ended
3/31/2006 3/31/2005
----------- -----------
Total Asset Retirement
Obligation, January 1 $394,308 $164,771
Additions and revisions ( 600) 258
Settlements and disposals ( 65,318) ( 1,533)
Accretion expense 4,485 1,444
-------- --------
Total Asset Retirement
Obligation, End of Period $332,875 $164,940
======== ========
Asset Retirement Obligation -
Current $ 2,551 $ 5,555
Asset Retirement Obligation -
Long-Term 330,324 159,385
-15-
2. TRANSACTIONS WITH RELATED PARTIES
---------------------------------
The Partnerships' partnership agreements provide for reimbursement to the
General Partner for all direct general and administrative expenses and for
the general and administrative overhead applicable to the Partnerships
based on an allocation of actual costs incurred. During the three months
ended March 31, 2006, the following payments were made to the General
Partner or its affiliates by the Partnerships:
Direct General Administrative
Partnership and Administrative Overhead
----------- ------------------- ---------------
I-D $24,998 $ 19,986
I-E 30,298 116,220
I-F 26,091 39,780
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.
-16-
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
USE OF FORWARD-LOOKING STATEMENTS AND ESTIMATES
- -----------------------------------------------
This Quarterly Report contains certain forward-looking statements. The
words "anticipate", "believe", "expect", "plan", "intend", "estimate",
"project", "could", "may" and similar expressions are intended to identify
forward-looking statements. Such statements reflect management's current
views with respect to future events and financial performance. This
Quarterly Report also includes certain information, which is, or is based
upon, estimates and assumptions. Such estimates and assumptions are
management's efforts to accurately reflect the condition and operation of
the Partnerships.
Use of forward-looking statements and estimates and assumptions involve
risks and uncertainties which include, but are not limited to, the
volatility of oil and gas prices, the uncertainty of reserve information,
the operating risk associated with oil and gas properties (including the
risk of personal injury, death, property damage, damage to the well or
producing reservoir, environmental contamination, and other operating
risks), the prospect of changing tax and regulatory laws, the availability
and capacity of processing and transportation facilities, the general
economic climate, the supply and price of foreign imports of oil and gas,
the level of consumer product demand, and the price and availability of
alternative fuels. Should one or more of these risks or uncertainties
occur or should estimates or underlying assumptions prove incorrect,
actual conditions or results may vary materially and adversely from those
stated, anticipated, believed, estimated, and otherwise indicated.
GENERAL
- -------
The Partnerships are engaged in the business of acquiring and operating
producing oil and gas properties located in the continental United States.
In general, a Partnership acquired producing properties and did not engage
in development drilling or enhanced recovery projects, except as an
incidental part of the management of the producing properties acquired.
Therefore, the economic life of each Partnership, and its related
Production Partnership, is limited to the period of time required to fully
produce its acquired oil and gas reserves. The net proceeds from the oil
and gas operations are distributed to the Limited Partners and the General
Partner in accordance with the terms of the Partnerships' partnership
agreements.
-17-
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
----------- ------------------ ---------------
I-D March 4, 1986 $ 7,194,700
I-E September 10, 1986 41,839,400
I-F December 16, 1986 14,320,900
In general, the amount of funds available for acquisition of producing
properties was equal to the capital contributions of the Limited Partners,
less 15% for sales commissions and organization and management fees. All
of the Partnerships have fully invested their capital contributions.
Net proceeds from the operations less necessary operating capital are
distributed to the Limited Partners on a quarterly basis. Revenues and net
proceeds of a Partnership are largely dependent upon the volumes of oil
and gas sold and the prices received for such oil and gas. While the
General Partner cannot predict future pricing trends, it believes the
working capital available as of March 31, 2006 and the net revenue
generated from future operations will provide sufficient working capital
to meet current and future obligations.
Occasional expenditures for new wells or well recompletions, or workovers,
however, may reduce or eliminate cash available for a particular quarterly
cash distribution.
Pursuant to the terms of the Partnerships' partnership agreements (the
"Partnership Agreements"), the Partnerships would have terminated on
December 31, 1999. However, the Partnership Agreements provide that the
General Partner may extend the term of each Partnership for up to five
periods of two years each. The General Partner has extended the terms of
the Partnerships for their fourth two year extension period to December
31, 2007. As of the date of this Quarterly Report, the General Partner has
not determined whether to further extend the term of any Partnership.
-18-
CRITICAL ACCOUNTING POLICIES
- ----------------------------
The Partnerships follow the successful efforts method of accounting for
their oil and gas properties. Under the successful efforts method, the
Partnerships capitalize all property acquisition costs and development
costs incurred in connection with the further development of oil and gas
reserves. Property acquisition costs include costs incurred by the
Partnerships or the General Partner to acquire producing properties,
including related title insurance or examination costs, commissions,
engineering, legal and accounting fees, and similar costs directly related
to the acquisitions plus an allocated portion of the General Partner's
property screening costs. The acquisition cost to the Partnerships of the
properties acquired by the General Partner is adjusted to reflect the net
cash results of operations, including interest incurred to finance the
acquisition, for the period of time the properties are held by the General
Partner.
Depletion of the cost of producing oil and gas properties, amortization of
related intangible drilling and development costs, and depreciation of
tangible lease and well equipment are computed on the unit-of-production
method. The Partnerships' calculation of depreciation, depletion, and
amortization includes estimated dismantlement and abandonment costs and
estimated salvage value of the equipment. When complete units of
depreciable property are retired or sold, the asset cost and related
accumulated depreciation are eliminated with any gain or loss (including
the elimination of the asset retirement obligation) reflected in income.
When less than complete units of depreciable property are retired or sold,
the proceeds are credited to oil and gas properties.
The Partnerships evaluate the recoverability of the carrying costs of
their proved oil and gas properties for each oil and gas field (rather
than separately for each well). If the unamortized costs of oil and gas
properties within a field exceeds the expected undiscounted future cash
flows from such properties, the cost of the properties is written down to
fair value, which is determined by using the estimated discounted future
cash flows from the properties. The risk that the Partnerships will be
required to record impairment provisions in the future increases as oil
and gas prices decrease.
The Deferred Charge on the Balance Sheets represents costs deferred for
lease operating expenses incurred in connection with the Partnerships'
underproduced gas imbalance positions. Conversely, the Accrued Liability
represents charges accrued for lease operating expenses incurred in
connection with the Partnerships' overproduced gas imbalance positions.
The rate used in calculating the Deferred Charge and Accrued Liability is
the annual average production costs per Mcf.
-19-
The Partnerships' oil and condensate production is sold, title passed, and
revenue recognized at or near the Partnerships' wells under short-term
purchase contracts at prevailing prices in accordance with arrangements
which are customary in the oil and gas industry. Sales of gas applicable
to the Partnerships' interest in producing oil and gas leases are recorded
as revenue when the gas is metered and title transferred pursuant to the
gas sales contracts covering the Partnerships' interest in gas reserves.
During such times as a Partnership's sales of gas exceed its pro rata
ownership in a well, such sales are recorded as revenues unless total
sales from the well have exceeded the Partnership's share of estimated
total gas reserves underlying the property, at which time such excess is
recorded as a liability. The rates per Mcf used to calculate this
liability are based on the average gas price for which the Partnerships
are currently settling this liability. These amounts were recorded as gas
imbalance payables in accordance with the sales method. These gas
imbalance payables will be settled by either gas production by the
underproduced party in excess of current estimates of total gas reserves
for the well or by negotiated or contractual payment to the underproduced
party.
ASSET RETIREMENT OBLIGATIONS
- ----------------------------
The Partnerships' wells must be properly plugged and abandoned after their
oil and gas reserves are exhausted. The Partnerships follow FAS No. 143,
"Accounting for Asset Retirement Obligations" in accounting for the future
expenditures that will be necessary to plug and abandon these wells. FAS
No. 143 requires the estimated plugging and abandonment obligations to be
recognized in the period in which they are incurred (i.e. when the well is
drilled or acquired) if a reasonable estimate of fair value can be made
and to be capitalized as part of the carrying amount of the well.
NEW ACCOUNTING PRONOUNCEMENTS
- -----------------------------
The Partnerships are not aware of any recently issued accounting
pronouncements that would have an impact on the Partnerships' future
results of operations and financial position.
-20-
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.
I-D Partnership
---------------
Crude Natural
Oil Gas
(Barrels) (Mcf)
--------- -----------
Proved reserves, Dec. 31, 2005 71,529 1,559,316
Production ( 813) ( 31,170)
Extensions and discoveries 8 361
Revisions of previous
estimates ( 69) ( 22,575)
------ ---------
Proved reserves, March 31, 2006 70,655 1,505,932
====== =========
-21-
I-E Partnership
---------------
Crude Natural
Oil Gas
(Barrels) (Mcf)
--------- -----------
Proved reserves, Dec. 31, 2005 531,483 8,258,668
Production ( 9,312) ( 168,785)
Extensions and discoveries 31 1,712
Revisions of previous
estimates 2,178 ( 128,367)
------- ---------
Proved reserves, March 31, 2006 524,380 7,963,228
======= =========
I-F Partnership
---------------
Crude Natural
Oil Gas
(Barrels) (Mcf)
--------- -----------
Proved reserves, Dec. 31, 2005 250,616 2,453,345
Production ( 4,260) ( 47,679)
Extensions and discoveries 15 799
Revisions of previous
estimates 1,190 ( 54,758)
------- ---------
Proved reserves, March 31, 2006 247,561 2,351,707
======= =========
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 March 31, 2006 and December 31, 2005.
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 not escalated except in certain circumstances
where escalations were fixed and readily determinable in accordance with
applicable contract provisions. The table also indicates the oil and gas
prices in effect on the dates corresponding to the reserve valuations.
Changes in the oil and gas prices cause the
-22-
estimates of remaining economically recoverable reserves, as well as the
values placed on said reserves to fluctuate. 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 March 31, 2006. There can be no assurance that
the prices used in calculating the net present value of the Partnerships'
proved reserves at March 31, 2006 will actually be realized for such
production.
Net Present Value of Reserves
-----------------------------------------
Partnership 3/31/06 12/31/05
----------- ----------- ------------
I-D $ 5,343,136 $ 7,249,132
I-E 31,293,684 41,189,324
I-F 11,082,877 13,999,885
Oil and Gas Prices
-----------------------------------------
Pricing 3/31/06 12/31/05
----------- ----------- ------------
Oil (Bbl) $ 66.25 $ 61.06
Gas (Mcf) 7.18 10.08
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:
-23-
* 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;
* The competitiveness of alternative fuels;
* Weather conditions and the impact of weather-related
events;
* The availability of pipelines for transportation
* Domestic and foreign government regulations and taxes; and
* Market expectations.
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,
may increase, 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.
In addition to pricing, the level of net revenues is also 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. Despite this general
trend of declining production, several factors can cause the volumes of
oil and gas sold to increase, remain relatively constant, or decrease at
an even greater rate over a given period. These factors include, but are
not limited to:
* Geophysical conditions which cause an acceleration of the
decline in production;
* The shutting in of wells (or the opening of previously shut-in
wells) due to low oil and gas prices (or high oil and gas
prices), mechanical difficulties, loss of a market or
transportation, or performance of workovers, recompletions, or
other operations in the well;
* Prior period volume adjustments (either positive or negative)
made by the operators of the properties;
* Adjustments in ownership or rights to production in accordance
with agreements governing the operation or ownership of the
well (such as adjustments that occur at payout or due to gas
balancing); and
-24-
* Completion of enhanced recovery projects which increase
production for the well.
Many of these factors are very significant as related to a single well or
as related to many wells over a short period of time. However, due to the
large number of wells owned by the Partnerships, these factors are
generally not material as compared to the normal declines in production
experienced on all remaining wells.
I-D PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 2006 COMPARED TO THE THREE MONTHS ENDED MARCH
31, 2005.
Three Months Ended March 31,
----------------------------
2006 2005
-------- --------
Oil and gas sales $268,663 $293,043
Oil and gas production expenses $ 45,476 $ 55,947
Barrels produced 813 952
Mcf produced 31,170 41,416
Average price/Bbl $ 62.64 $ 47.80
Average price/Mcf $ 6.99 $ 5.98
As shown in the table above, total oil and gas sales decreased $24,000
(8.3%) for the three months ended March 31, 2006 as compared to the three
months ended March 31, 2005. Of this decrease, $7,000 and $61,000,
respectively, were related to decreases in volumes of oil and gas sold.
These decreases were partially offset by increases of $12,000 and $32,000,
respectively, related to increases in the average prices of oil and gas
sold. Volumes of oil and gas sold decreased 139 barrels and 10,246 Mcf,
respectively, for the three months ended March 31, 2006 as compared to the
three months ended March 31, 2005. The decrease in volumes of oil sold was
primarily due to normal declines in production. The decrease in volumes of
gas sold was primarily due to (i) normal declines in production, (ii)
positive prior period volume adjustments made by the operators on several
wells during the three months ended March 31, 2005, and (iii) the
shutting-in of one significant well due to production difficulties during
a portion of the three months ended March 31, 2006. As of the date of this
Quarterly Report, the shut-in well has returned to production.
Oil and gas production expenses (including lease operating expenses and
production taxes) decreased $10,000 for the three months ended March 31,
2006 as compared to the three months ended March 31, 2005. As a percentage
of oil and gas sales, these expenses decreased to 16.9% for the three
months ended March 31, 2006 from 19.1% for the three months ended March
31, 2005. This percentage decrease was primarily due to the dollar
decrease in oil and gas production expenses.
-25-
Depreciation, depletion, and amortization of oil and gas properties
increased $600 (9.4%) for the three months ended March 31, 2006 as
compared to the three months ended March 31, 2005. Of this increase (i)
$400 was due to the depletion of additional capitalized costs of oil and
gas properties as a result of the upward revision in the estimate of the
asset retirement obligations during late 2005 and (ii) $400 was due to
accretion of these additional asset retirement obligations. These
increases were partially offset by the decreases in volumes of oil and gas
sold. As a percentage of oil and gas sales, this expense increased to 2.5%
for the three months ended March 31, 2006 from 2.1% for the three months
ended March 31, 2005. This percentage increase was primarily due to (i)
the dollar increase in depreciation, depletion, and amortization of oil
and gas properties and (ii) the increases in the average prices of oil and
gas sold.
General and administrative expenses increased $2,000 (4.9%) for the three
months ended March 31, 2006 as compared to the three months ended March
31, 2005. As a percentage of oil and gas sales, these expenses increased
to 16.7% for the three months ended March 31, 2006 from 14.6% for the
three months ended March 31, 2005. This percentage increase was primarily
due to (i) the decrease in oil and gas sales and (ii) the dollar increase
in general and administrative expenses.
The Limited Partners have received cash distributions through March 31,
2006 totaling $18,052,175 or 250.91% of Limited Partners' capital
contributions.
I-E PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 2006 COMPARED TO THE THREE MONTHS ENDED MARCH
31, 2005.
Three Months Ended March 31,
----------------------------
2006 2005
---------- ----------
Oil and gas sales $1,728,182 $1,848,691
Oil and gas production expenses $ 416,241 $ 303,882
Barrels produced 9,312 10,723
Mcf produced 168,785 229,046
Average price/Bbl $ 60.02 $ 46.20
Average price/Mcf $ 6.93 $ 5.91
As shown in the table above, total oil and gas sales decreased $121,000
(6.5%) for the three months ended March 31, 2006 as compared to the three
months ended March 31, 2005. Of this decrease, $65,000 and $356,000,
respectively, were related to decreases in volumes of oil and gas sold.
These decreases were partially offset by increases of $128,000 and
$172,000, respectively, related to increases in the average prices of oil
and gas sold. Volumes of oil and gas sold decreased 1,411 barrels and
60,261 Mcf,
-26-
respectively, for the three months ended March 31, 2006 as compared to the
three months ended March 31, 2005. The decrease in volumes of oil sold was
primarily due to normal declines in production. The decrease in volumes of
gas sold was primarily due to (i) normal declines in production, (ii) the
shutting-in of one significant well during the three months ended March
31, 2006 due to mechanical problems, and (iii) positive prior period
volume adjustments made by the operators on several wells during the three
months ended March 31, 2005. As of the date of this Quarterly Report, the
shut-in well is expected to return to production in the first half of
2006.
Oil and gas production expenses (including lease operating expenses and
production taxes) increased $112,000 (37.0%) for the three months ended
March 31, 2006 as compared to the three months ended March 31, 2005. This
increase was primarily due to (i) a reversal during the three months ended
March 31, 2005 of approximately $89,000 of a charge previously accrued for
a judgment and (ii) workover expenses incurred on several wells during the
three months ended March 31, 2006. As a percentage of oil and gas sales,
these expenses increased to 24.1% for the three months ended March 31,
2006 from 16.4% for the three months ended March 31, 2005. This percentage
increase was primarily due to the dollar increase in oil and gas
production expenses.
Depreciation, depletion, and amortization of oil and gas properties
increased $17,000 (40.1%) for the three months ended March 31, 2006 as
compared to the three months ended March 31, 2005. Of this increase (i)
$11,000 was due to the depletion of additional capitalized costs of oil
and gas properties as a result of the upward revision in the estimate of
the asset retirement obligations during late 2005 and (ii) $6,000 was due
to accretion of these additional asset retirement obligations. This
increase was also due to (i) downward revisions in the estimates of
remaining gas reserves since March 31, 2005 and (ii) an increase in
depletable oil and gas properties during the three months ended March 31,
2006 primarily due to drilling activities in a large unitized property.
These increases were partially offset by the decreases in volumes of oil
and gas sold. As a percentage of oil and gas sales, this expense increased
to 3.5% for the three months ended March 31, 2006 from 2.3% for the three
months ended March 31, 2005. This percentage increase was primarily due to
the dollar increase in depreciation, depletion, and amortization of oil
and gas properties.
General and administrative expenses increased $3,000 (2.0%) for the three
months ended March 31, 2006 as compared to the three months ended March
31, 2005. As a percentage of oil and gas sales, these expenses increased
to 8.5% for the three months ended March 31, 2006 from 7.8% for the three
months ended March 31, 2005.
-27-
The Limited Partners have received cash distributions through March 31,
2006 totaling $76,116,552 or 181.93% of Limited Partners' capital
contributions.
I-F PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 2006 COMPARED TO THE THREE MONTHS ENDED MARCH
31, 2005.
Three Months Ended March 31,
----------------------------
2006 2005
-------- --------
Oil and gas sales $596,427 $601,026
Oil and gas production expenses $186,069 $ 69,416
Barrels produced 4,260 5,079
Mcf produced 47,679 61,912
Average price/Bbl $ 59.59 $ 46.01
Average price/Mcf $ 7.19 $ 5.93
As shown in the table above, total oil and gas sales remained relatively
constant for the three months ended March 31, 2006 and 2005. Decreases of
$38,000 and $85,000, respectively, related to decreases in volumes of oil
and gas sold were substantially offset by increases of $58,000 and
$60,000, respectively, related to increases in the average prices of oil
and gas sold. Volumes of oil and gas sold decreased 819 barrels and 14,233
Mcf, respectively, for the three months ended March 31, 2006 as compared
to the three months ended March 31, 2005. The decrease in volumes of oil
sold was primarily due to normal declines in production. The decrease in
volumes of gas sold was primarily due to (i) normal declines in
production, (ii) the shutting-in of one significant well during the three
months ended March 31, 2006 due to mechanical problems, and (iii) positive
prior period volume adjustments made by the operators on several wells
during the three months ended March 31, 2005. As of the date of this
Quarterly Report, the shut-in well is expected to return to production in
the first half of 2006.
Oil and gas production expenses (including lease operating expenses and
production taxes) increased $117,000 (168.0%) for the three months ended
March 31, 2006 as compared to the three months ended March 31, 2005. This
increase was primarily due to (i) a reversal during the three months ended
March 31, 2005 of approximately $62,000 of a charge previously accrued for
a judgment and (ii) workover expenses incurred on several wells during the
three months ended March 31, 2006. As a percentage of oil and gas sales,
these expenses increased to 31.2% for the three months ended March 31,
2006 from 11.5% for the three months ended March 31, 2005. This percentage
increase was primarily due to the dollar increase in oil and gas
production expenses.
-28-
Depreciation, depletion, and amortization of oil and gas properties
increased $6,000 (37.9%) for the three months ended March 31, 2006 as
compared to the three months ended March 31, 2005. Of this increase (i)
$4,000 was due to the depletion of additional capitalized costs of oil and
gas properties as a result of the upward revision in the estimate of the
asset retirement obligations during late 2005 and (ii) $2,000 was due to
accretion of these additional asset retirement obligations. This increase
was also due to (i) an increase in depletable oil and gas properties
during the three months ended March 31, 2006 primarily due to drilling
activities in a large unitized property and (ii) downward revisions in the
estimates of remaining gas reserves since March 31, 2005. These increases
were partially offset by the decreases in volumes of oil and gas sold. As
a percentage of oil and gas sales, this expense increased to 3.9% for the
three months ended March 31, 2006 from 2.8% for the three months ended
March 31, 2005. This percentage increase was primarily due to the dollar
increase in depreciation, depletion, and amortization of oil and gas
properties.
General and administrative expenses increased $2,000 (3.5%) for the three
months ended March 31, 2006 as compared to the three months ended March
31, 2005. As a percentage of oil and gas sales, these expenses increased
to 11.0% for the three months ended March 31, 2006 from 10.6% for the
three months ended March 31, 2005.
The Limited Partners have received cash distributions through March 31,
2006 totaling $24,030,664 or 167.80% of Limited Partners' capital
contributions.
-29-
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK
The Partnerships do not hold any market risk sensitive instruments.
ITEM 4. CONTROLS AND PROCEDURES
As of the end of this period covered by this report, the principal
executive officer and principal financial officer conducted an
evaluation of the Partnerships' disclosure controls and procedures
(as defined in Rules 13a-15(e) and 15d-15(e) under the Securities
and Exchange Act of 1934). Based on this evaluation, such officers
concluded that the Partnerships' disclosure controls and procedures
are effective to ensure that information required to be disclosed by
the Partnerships in reports filed under the Exchange Act is
recorded, processed, summarized, and reported accurately and within
the time periods specified in the Securities and Exchange Commission
rules and forms.
-30-
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS
31.1 Certification by Dennis R. Neill required by Rule 13a-14(a)/15d-14(a) for
the I-D Partnership.
31.2 Certification by Craig D. Loseke required by Rule 13a-14(a)/15d-14(a) for
the I-D Partnership.
31.3 Certification by Dennis R. Neill required by Rule 13a-14(a)/15d-14(a) for
the I-E Partnership.
31.4 Certification by Craig D. Loseke required by Rule 13a-14(a)/15d-14(a) for
the I-E Partnership.
31.5 Certification by Dennis R. Neill required by Rule 13a-14(a)/15d-14(a) for
the I-F Partnership.
31.6 Certification by Craig D. Loseke required by Rule 13a-14(a)/15d-14(a) for
the I-F Partnership.
32.1 Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002 for the I-D Partnership.
32.2 Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002 for the I-E Partnership.
32.3 Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002 for the I-F Partnership.
-31-
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-D
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-E
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-F
(Registrant)
BY: GEODYNE RESOURCES, INC.
General Partner
Date: May 12, 2006 By: /s/Dennis R. Neill
--------------------------------
(Signature)
Dennis R. Neill
President
Date: May 12, 2006 By: /s/Craig D. Loseke
--------------------------------
(Signature)
Craig D. Loseke
Chief Accounting Officer
-32-
INDEX TO EXHIBITS
-----------------
Exh.
No. Exhibit
- ---- -------
31.1 Certification by Dennis R. Neill required by Rule 13a-14(a)/15d-14(a)
for the Geodyne Energy Income Limited Partnership I-D.
31.2 Certification by Craig D. Loseke required by Rule 13a-14(a)/15d-14(a)
for the Geodyne Energy Income Limited Partnership I-D.
31.3 Certification by Dennis R. Neill required by Rule 13a-14(a)/15d-14(a)
for the Geodyne Energy Income Limited Partnership I-E.
31.4 Certification by Craig D. Loseke required by Rule 13a-14(a)/15d-14(a)
for the Geodyne Energy Income Limited Partnership I-E.
31.5 Certification by Dennis R. Neill required by Rule 13a-14(a)/15d-14(a)
for the Geodyne Energy Income Limited Partnership I-F.
31.6 Certification by Craig D. Loseke required by Rule 13a-14(a)/15d-14(a)
for the Geodyne Energy Income Limited Partnership I-F.
32.1 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 Energy
Income Limited Partnership I-D.
32.2 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 Energy
Income Limited Partnership I-E.
32.3 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 Energy
Income Limited Partnership I-F.
-33-