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): February 1, 2007
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-B
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(Exact name of Registrant as specified in its Charter)
Oklahoma 0-16405 73-1303341
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(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 Energy Income Limited Partnership II-B
(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 February 2007 as described in ITEM 2 to Form 8-K
dated February 1, 2007 and filed February 7, 2007. The unaudited pro forma
balance sheet is presented as if the divestiture had occurred on September 30,
2006. The unaudited pro forma statements of operations are presented as if the
divestiture 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 ENERGY INCOME LIMITED PARTNERSHIP II-B
UNAUDITED PRO FORMA BALANCE SHEET
SEPTEMBER 30, 2006
ASSETS
Pro Forma
Adjustments
February
2007
Historical Auction Pro Forma
(Note 2a)
---------- ----------- ----------
CURRENT ASSETS:
Cash and cash equivalents $1,234,017 $491,925 $1,725,942
Accounts receivable:
Oil and gas sales 778,910 - 778,910
Assets held for sale 226,155 ( 2,696) 223,459
---------- -------- ----------
Total current assets $2,239,082 $489,229 $2,728,311
NET OIL AND GAS PROPERTIES,
utilizing the successful
efforts method 1,308,507 - 1,308,507
DEFERRED CHARGE 248,928 - 248,928
---------- -------- ----------
$3,796,517 $489,229 $4,285,746
========== ======== ==========
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GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-B
UNAUDITED PRO FORMA BALANCE SHEET
SEPTEMBER 30, 2006
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Pro Forma
Adjustments
February
2007
Historical Auction Pro Forma
(Note 2a)
------------ ------------ ------------
CURRENT LIABILITIES:
Accounts payable $ 192,342 $ - $ 192,342
Gas imbalance payable 38,679 - 38,679
Asset retirement obligation -
current 11,980 - 11,980
Asset retirement obligation -
assets held for sale 146,136 ( 3,652) 142,484
Accounts payable of assets
held for sale 29,785 - 29,785
---------- ---------- ----------
Total current liabilities $ 418,922 ($ 3,652) $ 415,270
LONG-TERM LIABILITIES:
Accrued liability $ 95,318 $ - $ 95,318
Asset retirement
obligation 239,141 - 239,141
---------- ---------- ----------
Total long-term liabilities $ 334,459 $ - $ 334,459
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 223,917) $ 49,288 ($ 174,629)
Limited Partners, issued
and outstanding,
361,719 units 3,267,053 443,593 3,710,646
---------- ---------- ----------
Total Partners' capital $3,043,136 $ 492,881 $3,536,017
---------- ---------- ----------
$3,796,517 $ 489,229 $4,285,746
========== ========== ==========
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GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-B
UNAUDITED PRO FORMA STATEMENT OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2006
Pro Forma
Adjustments
February
2007
Historical Auction Pro Forma
(Note 2b)
---------- ----------- ----------
REVENUES:
Oil and gas sales $3,580,179 $ - $3,580,179
Interest income 33,046 - 33,046
---------- -------- ----------
$3,613,225 $ - $3,613,225
COSTS AND EXPENSES:
Lease operating $ 730,903 $ - $ 730,903
Production tax 207,127 - 207,127
Depreciation, depletion,
and amortization of oil
and gas properties 130,018 - 130,018
Impairment provision 6,569 - 6,569
General and administrative 324,567 - 324,567
---------- -------- ----------
$1,399,184 $ - $1,399,184
---------- -------- ----------
INCOME FROM CONTINUING
OPERATIONS $2,214,041 $ - $2,214,041
========== ======== ==========
GENERAL PARTNER - NET
INCOME FROM CONTINUING
OPERATIONS $ 230,392 $ - $ 230,392
========== ======== ==========
LIMITED PARTNERS - NET
INCOME FROM CONTINUING
OPERATIONS $1,983,649 $ - $1,983,649
========== ======== ==========
NET INCOME FROM CONTINUING
OPERATIONS per Unit $ 5.48 $ - $ 5.48
========== ======== ==========
UNITS OUTSTANDING 361,719 361,719 361,719
========== ======== ==========
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GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-B
UNAUDITED PRO FORMA STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2005
Pro Forma
Adjustments
February
2007
Historical Auction Pro Forma
(Note 2b)
---------- ----------- ----------
REVENUES:
Oil and gas sales $5,726,829 ($153,332) $5,573,497
Interest income 21,723 - 21,723
---------- -------- ----------
$5,748,552 ($153,332) $5,595,220
EXPENSES:
Lease operating $ 959,524 ($ 17,436) $ 942,088
Production tax 331,903 ( 10,907) 320,996
Depreciation, depletion,
and amortization of oil
and gas properties 316,205 ( 11,681) 304,524
General and administrative 427,005 - 427,005
---------- -------- ----------
$2,034,637 ($ 40,024) $1,994,613
---------- -------- ----------
INCOME FROM CONTINUING
OPERATIONS $3,713,915 ($113,308) $3,600,607
========== ======== ==========
GENERAL PARTNER - NET
INCOME FROM CONTINUING
OPERATIONS $ 397,678 ($ 12,382) $ 385,296
========== ======== ==========
LIMITED PARTNERS - NET
INCOME FROM CONTINUING
OPERATIONS $3,316,237 ($100,926) $3,215,311
========== ======== ==========
NET INCOME FROM CONTINUING
OPERATIONS per Unit $ 9.17 ($ 0.28) $ 8.89
========== ======== ==========
UNITS OUTSTANDING 361,719 361,719 361,719
========== ======== ==========
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GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-B
UNAUDITED PRO FORMA STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2004
Pro Forma
Adjustments
February
2007
Historical Auction Pro Forma
(Note 2b)
---------- ----------- ----------
REVENUES:
Oil and gas sales $4,385,735 ($118,642) $4,267,093
Interest income 6,980 - 6,980
Gain on sale of oil and
gas properties 32,405 - 32,405
Other income 1,353 - 1,353
---------- -------- ----------
$4,426,473 ($118,642) $4,307,831
EXPENSES:
Lease operating $ 886,104 ($ 14,733) $ 871,371
Production tax 254,136 ( 8,222) 245,914
Depreciation, depletion,
and amortization of oil
and gas properties 154,459 ( 1,171) 153,288
General and administrative 421,360 - 421,360
---------- -------- ----------
$1,716,059 ($ 24,126) $1,691,933
---------- -------- ----------
INCOME FROM CONTINUING
OPERATIONS $2,710,414 ($ 94,516) $2,615,898
========== ======== ==========
GENERAL PARTNER - NET
INCOME FROM CONTINUING
OPERATIONS $ 281,206 ($ 9,557) $ 271,649
========== ======== ==========
LIMITED PARTNERS - NET
INCOME FROM CONTINUING
OPERATIONS $2,429,208 ($ 84,959) $2,344,249
========== ======== ==========
NET INCOME FROM CONTINUING
OPERATIONS per Unit $ 6.72 ($ 0.23) $ 6.49
========== ======== ==========
UNITS OUTSTANDING 361,719 361,719 361,719
========== ======== ==========
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GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-B
UNAUDITED PRO FORMA STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2003
Pro Forma
Adjustments
February
2007
Historical Auction Pro Forma
(Note 2b)
---------- ----------- ----------
REVENUES:
Oil and gas sales $3,857,240 ($143,273) $3,713,967
Interest income 4,467 - 4,467
Gain on sale of oil and
gas properties 2,469 - 2,469
---------- -------- ----------
$3,864,176 ($143,273) $3,720,903
EXPENSES:
Lease operating $ 760,713 ($ 15,848) $ 744,865
Production tax 237,599 ( 9,819) 227,780
Depreciation, depletion,
and amortization of oil
and gas properties 154,363 ( 1,332) 153,031
General and administrative 424,644 - 424,644
---------- -------- ----------
$1,577,319 ($ 26,999) $1,550,320
---------- -------- ----------
INCOME FROM CONTINUING
OPERATIONS $2,286,857 ($116,274) $2,170,583
========== ======== ==========
GENERAL PARTNER - NET
INCOME FROM CONTINUING
OPERATIONS $ 242,132 ($ 11,747) $ 230,385
========== ======== ==========
LIMITED PARTNERS - NET
INCOME FROM CONTINUING
OPERATIONS $2,044,725 ($104,527) $1,940,198
========== ======== ==========
NET INCOME FROM CONTINUING
OPERATIONS per Unit $ 5.65 ($ 0.29) $ 5.36
========== ======== ==========
UNITS OUTSTANDING 361,719 361,719 361,719
========== ======== ==========
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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 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 sales closed on September
30, 2006, an estimated non-recurring gain of $492,881 would have been
recognized.
NOTE 2 - PRO FORMA ADJUSTMENTS
(a) Reflects net sales proceeds of $491,925 for the II-B Partnership and the
reversal of the net oil and gas properties 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. Depreciation, depletion, and amortization ("DD&A") is
adjusted for the reductions in DD&A 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.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-B
By: GEODYNE RESOURCES, INC.
General Partner
//s// Dennis R. Neill
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Dennis R. Neill
President
DATE: February 16, 2007
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