UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
Current Report
Pursuant to Section 13 or 15(d) of
the Securities Act of 1934
Date of Report (Date of earliest event reported): December 13, 2006
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-3
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-4
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(Exact name of Registrant as specified in its Charter)
Oklahoma P-3: 0-18306 P-3: 73-1336573
P-4: 0-18308 P-4: 73-1341929
- ---------------- ---------------- -------------------
(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation)
Two West Second Street, Tulsa, Oklahoma 74103
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (918) 583-1791
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the Registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
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ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS
(B) Pro forma financial information.
(1) Geodyne Institutional/Pension Energy Income Limited Partnership P-3
(a) Pro Forma Balance Sheet as of September 30, 2006.
(b) Pro Forma Statement of Operations for the nine months ended
September 30, 2006.
(c) Pro Forma Statement of Operations for the year ended December 31,
2005.
(d) Pro Forma Statement of Operations for the year ended December 31,
2004.
(e) Pro Forma Statement of Operations for the year ended December 31,
2003.
(2) Geodyne Institutional/Pension Energy Income Limited Partnership P-4
(a) Pro Forma Balance Sheet as of September 30, 2006.
(b) Pro Forma Statement of Operations for the nine months ended
September 30, 2006.
(c) Pro Forma Statement of Operations for the year ended December 31,
2005.
(d) Pro Forma Statement of Operations for the year ended December 31,
2004.
(e) Pro Forma Statement of Operations for the year ended December 31,
2003.
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UNAUDITED PRO FORMA FINANCIAL DATA
- ----------------------------------
The following unaudited pro forma balance sheet as of September 30, 2006,
unaudited pro forma statements of operations for the nine months ended September
30, 2006, and the unaudited pro forma statements of operations for the years
ended December 31, 2005, 2004 and 2003 give effect to the sale of producing
properties at an auction in December 2006 as described in ITEM 2 to Form 8-K
dated December 13, 2006 and filed December 29, 2006 and an October 2006 auction
described in a previous 8-K filing. The unaudited pro forma balance sheet is
presented as if the divestitures had occurred on September 30, 2006. The
unaudited pro forma statements of operations are presented as if the
divestitures had occurred on January 1, 2003. The unaudited pro forma financial
data is based on assumptions and includes adjustments as explained in the notes
to the unaudited pro forma financial statements. The actual recording of the
transactions could differ.
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GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-3
UNAUDITED PRO FORMA BALANCE SHEET
SEPTEMBER 30, 2006
ASSETS
Pro Forma Pro Forma
Adjustments Adjustments
October December
Historical Auction Auction Pro Forma
(Note 2a) (Note 2b)
---------- ----------- ----------- -----------
CURRENT ASSETS:
Cash and cash equivalents $ 832,577 $4,141,359 $537,366 $5,511,302
Accounts receivable:
Net Profits 94,817 - - 94,817
Assets held for sale 653,450 ( 154,791) ( 12,898) 485,761
---------- ---------- -------- ----------
Total current assets $1,580,844 $3,986,568 $524,468 $6,091,880
NET PROFITS INTERESTS, net
utilizing the successful
efforts method 558,415 - - 558,415
---------- ---------- -------- ----------
$2,139,259 $3,986,568 $524,468 $6,650,295
========== ========== ======== ==========
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GEODYNE INSTITIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-3
UNAUDITED PRO FORMA BALANCE SHEET
SEPTEMBER 30, 2006
PARTNERS' CAPITAL (DEFICIT)
Pro Forma Pro Forma
Adjustments Adjustments
October December
Historical Auction Auction Pro Forma
(Note 2a) (Note 2b)
---------- ------------ ----------- -----------
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 15,994) $ 398,657 $ 52,447 $ 435,110
Limited Partners, issued
and outstanding,
169,637 units 2,155,253 3,587,911 472,021 6,215,185
---------- ---------- -------- ----------
Total Partners' capital $2,139,259 $3,986,568 $524,468 $6,650,295
---------- ---------- -------- ----------
$2,139,259 $3,986,568 $524,468 $6,650,295
========== ========== ======== ==========
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GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-3
UNAUDITED PRO FORMA STATEMENT OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2006
Pro Forma Pro Forma
Adjustments Adjustments
October December
Historical Auction Auction Pro Forma
(Note 2c) (Note 2c)
---------- ----------- ------------ ----------
REVENUES:
Net Profits $908,323 $ - $ - $908,323
Interest income 20,150 - - 20,150
Gain on sale of Net
Profits Interests 28 - - 28
Other income 17,075 - - 17,075
-------- -------- ---------- --------
$945,576 $ - $ - $945,576
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 94,324 $ - $ - $ 94,324
Impairment provision 25,083 - - 25,083
General and administrative 165,606 - - 165,606
-------- -------- ---------- --------
$285,013 $ - $ - $285,013
-------- -------- ---------- --------
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INCOME FROM CONTINUING
OPERATIONS $660,563 $ - $ - $660,563
======== ======== ========== ========
GENERAL PARTNER - NET
INCOME FROM CONTINUING
OPERATIONS $ 74,788 $ - $ - $ 74,788
======== ======== ========== ========
LIMITED PARTNERS - NET
INCOME FROM CONTINUING
OPERATIONS $585,775 $ - $ - $585,775
======== ======== ========== ========
NET INCOME FROM CONTINUING
OPERATIONS PER UNIT $ 3.45 $ - $ - $ 3.45
======== ======== ========== ========
UNITS OUTSTANDING 169,637 169,637 169,637 169,637
======== ======== ========== ========
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GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-3
UNAUDITED PRO FORMA STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2005
Pro Forma Pro Forma
Adjustments Adjustments
October December
Historical Auction Auction Pro Forma
(Note 2c) (Note 2c)
---------- ----------- ------------ ----------
REVENUES:
Net Profits $3,059,312 ($417,770) ($114,142) $2,527,400
Interest income 13,401 - - 13,401
Gain on sale of Net
Profits Interests 440 - - 440
---------- -------- -------- ----------
$3,073,153 ($417,770) ($114,142) $2,541,241
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 118,326 ($ 17,296) ($ 2,068) $ 98,962
General and administrative 215,347 - - 215,347
---------- -------- -------- ----------
$ 333,673 ($ 17,296) ($ 2,068) $ 314,309
---------- -------- -------- ----------
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INCOME FROM CONTINUING
OPERATIONS $2,739,480 ($400,474) ($112,074) $2,226,932
========== ======== ======== ==========
GENERAL PARTNER - NET
INCOME FROM CONTINUING
OPERATIONS $ 283,257 ($ 41,604) ($ 11,394) $ 230,259
========== ======== ======== ==========
LIMITED PARTNERS - NET
INCOME FROM CONTINUING
OPERATIONS $2,456,223 ($358,870) ($100,680) $1,996,673
========== ======== ======== ==========
NET INCOME FROM CONTINUING
OPERATIONS PER UNIT $ 14.48 ($ 2.12) ($ 0.59) $ 11.77
========== ======== ======== ==========
UNITS OUTSTANDING 169,637 169,637 169,637 169,637
========== ======== ======== ==========
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GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-3
UNAUDITED PRO FORMA STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2004
Pro Forma Pro Forma
Adjustments Adjustments
October December
Historical Auction Auction Pro Forma
(Note 2c) (Note 2c)
---------- ----------- ------------ ----------
REVENUES:
Net Profits $2,186,949 ($276,078) ($44,971) $1,865,900
Interest income 4,406 - - 4,406
Gain on sale of Net
Profits Interests 22,514 - - 22,514
Other income 4,376 - - 4,376
---------- -------- ------- ----------
$2,218,245 ($276,078) ($44,971) $1,897,196
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 204,906 ($ 16,954) ($ 1,578) $ 186,374
General and administrative 209,719 - - 209,719
---------- -------- ------- ----------
$ 414,625 ($ 16,954) ($ 1,578) $ 396,093
---------- -------- ------- ----------
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INCOME FROM CONTINUING
OPERATIONS $1,803,620 ($259,124) ($43,393) $1,501,103
========== ======== ======= ==========
GENERAL PARTNER - NET
INCOME FROM CONTINUING
OPERATIONS $ 196,130 ($ 27,438) ($ 4,481) $ 164,211
========== ======== ======= ==========
LIMITED PARTNERS - NET
INCOME FROM CONTINUING
OPERATIONS $1,607,490 ($231,686) ($38,912) $1,336,892
========== ======== ======= ==========
NET INCOME FROM CONTINUING
OPERATIONS PER UNIT $ 9.48 ($ 1.37) ($ 0.23) $ 7.88
========== ======== ======= ==========
UNITS OUTSTANDING 169,637 169,637 169,637 169,637
========== ======== ======= ==========
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GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-3
UNAUDITED PRO FORMA STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2003
Pro Forma Pro Forma
Adjustments Adjustments
October December
Historical Auction Auction Pro Forma
(Note 2c) (Note 2c)
---------- ----------- ------------ ----------
REVENUES:
Net Profits $1,993,107 ($201,703) ($50,404) $1,741,000
Interest income 3,060 - - 3,060
Gain on sale of Net
Profits Interests 55,610 - - 55,610
---------- -------- ------- ----------
$2,051,777 ($201,703) ($50,404) $1,799,670
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 121,245 ($ 19,034) ($ 2,202) $ 100,009
General and administrative 211,602 - - 211,602
---------- -------- ------- ----------
$ 332,847 ($ 19,034) ($ 2,202) $ 311,611
---------- -------- ------- ----------
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INCOME FROM CONTINUING
OPERATIONS $1,718,930 ($182,669) ($48,202) $1,488,059
========== ======== ======= ==========
GENERAL PARTNER - NET
INCOME FROM CONTINUING
OPERATIONS $ 182,499 ($ 19,980) ($ 5,018) $ 157,501
========== ======== ======= ==========
LIMITED PARTNERS - NET
INCOME FROM CONTINUING
OPERATIONS $1,536,431 ($162,689) ($43,184) $1,330,558
========== ======== ======= ==========
NET INCOME FROM CONTINUING
OPERATIONS per Unit $ 9.06 ($ 0.96) ($ 0.25) $ 7.85
========== ======== ======= ==========
UNITS OUTSTANDING 169,637 169,637 169,637 169,637
========== ======== ======= ==========
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NOTE 1 - BASIS OF PRESENTATION
The Unaudited Pro Forma Balance Sheet as of September 30, 2006 is presented as
if the divestitures had occurred on September 30, 2006. The Unaudited Pro Forma
Statements of Operations for the years ended December 31, 2005, 2004 and 2003
and for the nine months ended September 30, 2006 are presented as if the
divestitures had occurred on January 1, 2003.
The Partnership follows the successful efforts method of accounting under which
proceeds from the sale of oil and gas properties are accounted for as gains or
losses net of their carrying costs and transaction expenses.
The Pro Forma Statements of Operations for the years ended December 31, 2005,
2004 and 2003, and for the nine months ended September 30, 2006, do not reflect
the estimated gain on the divestiture. Assuming the sales closed on September
30, 2006, an estimated non-recurring gain of $3,986,568 for the October auction
and on estimated non-recurring gain of $524,468 for the December auction would
have been recognized.
NOTE 2 - PRO FORMA ADJUSTMENTS
(a) Reflects net sales proceeds from the October auction of $4,141,359 for the
P-3 Partnership and the reversal of the Net Profits Interests and the
asset retirement obligations associated with the properties sold.
(b) Reflects net sales proceeds from the December auction of $537,366 for the
P-3 Partnership and the reversal of the Net Profits Interests and the
asset retirement obligations associated with the properties sold.
(c) Oil and gas sales, lease operating expenses, and production taxes are
adjusted to reflect the reversal of revenues and expenses attributable to
the sold properties. Depletion of Net Profits Interests is adjusted for
the reductions in depletion of Net Profits Interests and asset retirement
obligation accretion expenses attributable to the properties sold. These
adjustments were not necessary in the Unaudited Pro Forma Statements of
Operations for the nine months ended September 30, 2006 as the operating
results of the sold properties were already reflected as discontinued
operations.
-14-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-4
UNAUDITED PRO FORMA BALANCE SHEET
SEPTEMBER 30, 2006
ASSETS
Pro Forma
Adjustments
December
Auction
Historical (Note 2a) Pro Forma
---------- ----------- -----------
CURRENT ASSETS:
Cash and cash equivalents $ 485,233 $240,230 $ 725,463
Accounts receivable:
Net Profits 193,729 - 193,729
Assets held for sale 18,241 ( 7,624) 10,617
---------- -------- ----------
Total current assets $ 697,203 $232,606 $ 929,809
NET PROFITS INTERESTS, net
utilizing the successful
efforts method 308,901 - 308,901
---------- -------- ----------
$1,006,104 $232,606 $1,238,710
========== ======== ==========
-15-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-4
UNAUDITED PRO FORMA BALANCE SHEET
SEPTEMBER 30, 2006
PARTNERS' CAPITAL (DEFICIT)
Pro Forma
Adjustments
December
Historical Auction Pro Forma
(Note 2a)
---------- ------------ -----------
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 61,595) $ 23,261 ($ 38,334)
Limited Partners, issued
and outstanding,
126,306 units 1,067,699 209,345 1,277,044
---------- -------- ----------
Total Partners' capital $1,006,104 $232,606 $1,238,710
---------- -------- ----------
$1,006,104 $232,606 $1,238,710
========== ======== ==========
-16-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-4
UNAUDITED PRO FORMA STATEMENT OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2006
Pro Forma
Adjustments
December
Historical Auction Pro Forma
(Note 2b)
---------- ----------- -----------
REVENUES:
Net Profits $1,226,162 $ - $1,226,162
Interest income 12,326 - 12,326
---------- -------- ----------
$1,238,488 $ - $1,238,488
COSTS AND EXPENSES:
Depletion of
Net Profits Interests $ 75,406 $ - $ 75,406
Impairment provision 2,591 - 2,591
General and administrative 129,951 - 129,951
---------- -------- ----------
$ 207,948 $ - $ 207,948
---------- -------- ----------
-17-
INCOME FROM CONTINUING
OPERATIONS $1,030,540 $ - $1,030,540
========== ======== ==========
GENERAL PARTNER - NET
INCOME FROM CONTINUING
OPERATIONS $ 108,841 $ - $ 108,841
========== ======== ==========
LIMITED PARTNERS - NET
INCOME FROM CONTINUING
OPERATIONS $ 921,699 $ - $ 921,699
========== ======== ==========
NET INCOME FROM CONTINUING
OPERATIONS per Unit $ 7.30 $ - $ 7.30
========== ======== ==========
UNITS OUTSTANDING 126,306 126,306 126,306
========== ======== ==========
-18-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-4
UNAUDITED PRO FORMA STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2005
Pro Forma
Adjustments
December
Historical Auction Pro Forma
(Note 2b)
---------- ----------- ----------
REVENUES:
Net Profits $1,827,833 ($ 36,672) $1,791,161
Interest income 9,403 - 9,403
---------- -------- ----------
$1,837,236 ($ 36,672) $1,800,564
COSTS AND EXPENSES:
Depletion of
Net Profits Interests $ 83,298 ($ 1,854) $ 81,444
General and administrative 167,890 - 167,890
---------- -------- ----------
$ 251,188 ($ 1,854) $ 249,334
---------- -------- ----------
-19-
INCOME FROM CONTINUING
OPERATIONS $1,586,048 ($ 34,818) $1,551,230
========== ======== ==========
GENERAL PARTNER - NET
INCOME FROM CONTINUING
OPERATIONS $ 165,161 ($ 3,649) $ 161,512
========== ======== ==========
LIMITED PARTNERS - NET
INCOME FROM CONTINUING
OPERATIONS $1,420,887 ($ 31,169) $1,389,718
========== ======== ==========
NET INCOME FROM CONTINUING
OPERATIONS per Unit $ 11.25 ($ 0.25) $ 11.00
========== ======== ==========
UNITS OUTSTANDING 126,306 126,306 126,306
========== ======== ==========
-20-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-4
UNAUDITED PRO FORMA STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2004
Pro Forma
Adjustments
December
Historical Auction Pro Forma
(Note 2b)
---------- ----------- ----------
REVENUES:
Net Profits $1,667,188 ($14,942) $1,652,246
Interest income 3,147 - 3,147
Gain on sale of
Net Profits Interests 962 - 962
---------- ------- ----------
$1,671,297 ($14,942) $1,656,355
COSTS AND EXPENSES:
Depletion of
Net Profits Interests $ 78,779 ($ 1,256) $ 77,523
General and administrative 161,110 - 161,110
---------- ------- ----------
$ 239,889 ($ 1,256) $ 238,633
---------- ------- ----------
-21-
INCOME FROM CONTINUING
OPERATIONS $1,431,408 ($13,686) $1,417,722
========== ======= ==========
GENERAL PARTNER - NET
INCOME FROM CONTINUING
OPERATIONS $ 149,916 ($ 1,482) $ 148,434
========== ======= ==========
LIMITED PARTNERS - NET
INCOME FROM CONTINUING
OPERATIONS $1,281,492 ($12,204) $1,269,288
========== ======= ==========
NET INCOME FROM CONTINUING
OPERATIONS PER UNIT $ 10.15 ($ 0.10) $ 10.05
========== ======= ==========
UNITS OUTSTANDING 126,306 126,306 126,306
========== ======= ==========
-22-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-4
UNAUDITED PRO FORMA STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2003
Pro Forma
Adjustments
December
Historical Auction Pro Forma
(Note 2b)
---------- ----------- ----------
REVENUES:
Net Profits $1,573,059 ($16,395) $1,556,664
Interest income 2,788 - 2,788
---------- ------- ----------
$1,575,847 ($16,395) $1,559,452
COSTS AND EXPENSES:
Depletion of
Net Profits Interests $ 92,194 ($ 1,916) $ 90,278
General and administrative 160,974 - 160,974
---------- ------- ----------
$ 253,168 ($ 1,916) $ 251,252
---------- ------- ----------
-23-
INCOME FROM CONTINUING
OPERATIONS $1,322,679 ($14,479) $1,308,200
========== ======= ==========
GENERAL PARTNER - NET
INCOME FROM CONTINUING
OPERATIONS $ 140,287 ($ 1,620) $ 138,667
========== ======= ==========
LIMITED PARTNERS - NET
INCOME FROM CONTINUING
OPERATIONS $1,182,392 ($12,859) $1,169,533
========== ======= ==========
NET INCOME FROM CONTINUING
OPERATIONS PER UNIT $ 9.36 ($ 0.10) $ 9.26
========== ======= ==========
UNITS OUTSTANDING 126,306 126,306 126,306
========== ======= ==========
-24-
NOTE 1 - BASIS OF PRESENTATION
The Unaudited Pro Forma Balance Sheet as of September 30, 2006 is presented as
if the divestiture had occurred on September 30, 2006. The Unaudited Pro Forma
Statements of Operations for the years ended December 31, 2005, 2004 and 2003
and for the nine months ended September 30, 2006 are presented as if the
divestiture had occurred on January 1, 2003.
The Partnership follows the successful efforts method of accounting under which
proceeds from the sale of oil and gas properties are accounted for as gains or
losses net of their carrying costs and transaction expenses.
The Pro Forma Statements of Operations for the years ended December 31, 2005,
2004 and 2003, and for the nine months ended September 30, 2006, do not reflect
the estimated gain on the divestiture. Assuming the sale closed on September 30,
2006, an estimated non-recurring gain of $232,606 would have been recognized.
NOTE 2 - PRO FORMA ADJUSTMENTS
(a) Reflects net sales proceeds of $240,230 for the P-4 Partnership and the
reversal of the Net Profits Interests and the asset retirement obligations
associated with the properties sold.
(b) Oil and gas sales, lease operating expenses, and production taxes are
adjusted to reflect the reversal of revenues and expenses attributable to
the sold properties. Depletion of Net Profits Interests is adjusted for
the reductions in depletion of Net Profits Interests and asset retirement
obligation accretion expenses attributable to the properties sold. These
adjustments were not necessary in the Unaudited Pro Forma Statements of
Operations for the nine months ended September 30, 2006 as the operating
results of the sold properties were already reflected as discontinued
operations.
-25-
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 hereunto duly authorized.
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME
P-3 LIMITED PARTNERSHIP
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME
LIMITED PARTNERSHIP P-4
By: GEODYNE RESOURCES, INC.
General Partner
//s// Dennis R. Neill
-----------------------------
Dennis R. Neill
President
DATE: February 5, 2007
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