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 I-E
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(Exact name of Registrant as specified in its Charter)
Oklahoma 0-15832 73-1270110
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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 I-E
(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
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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 are 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 I-E
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 $1,860,898 $2,216,188 $4,077,086
Accounts receivable:
Oil and gas sales 682,219 - 682,219
Assets held for sale 1,526,190 ( 10,525) 1,515,665
---------- ---------- ----------
Total current assets $4,069,307 $2,205,663 $6,274,970
NET OIL AND GAS PROPERTIES,
utilizing the successful
efforts method 1,486,834 - 1,486,834
DEFERRED CHARGE 371,475 - 371,475
---------- ---------- ----------
$5,927,616 $2,205,663 $8,133,279
========== ========== ==========
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GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-E
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 $ 289,004 $ - $ 289,004
Gas imbalance payable 109,226 - 109,226
Asset retirement obligation -
current 14,220 - 14,220
Asset retirement obligation -
assets held for sale 213,055 ( 7,857) 205,198
Accounts payable of assets
held for sale 83,838 - 83,838
---------- ---------- ----------
Total current liabilities $ 709,343 ($ 7,857) $ 701,486
LONG-TERM LIABILITIES:
Accrued liability $ 118,444 $ - $ 118,444
Asset retirement
obligation 541,632 - 541,632
---------- ---------- ----------
Total long-term liabilities $ 660,076 $ - $ 660,076
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 10,361) $ 332,028 $ 321,667
Limited Partners, issued
and outstanding,
41,839 units 4,568,558 1,881,492 6,450,050
---------- ---------- ----------
Total Partners' capital $4,558,197 $2,213,520 $6,771,717
---------- ---------- ----------
$5,927,616 $2,205,663 $8,133,279
========== ========== ==========
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GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-E
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 $3,172,574 $ - $3,172,574
Interest income 46,046 - 46,046
Other income 2,775 - 2,775
--------- -------- ----------
$3,221,395 $ - $3,221,395
COSTS AND EXPENSES:
Lease operating $ 459,862 $ - $ 459,862
Production tax 193,117 - 193,117
Depreciation, depletion,
and amortization of oil
and gas properties 126,362 - 126,362
Impairment provision 42,554 - 42,554
General and administrative 388,581 - 388,581
---------- -------- ----------
$1,210,476 $ - $1,210,476
---------- -------- ----------
INCOME FROM CONTINUING
OPERATIONS $2,010,919 $ - $2,010,919
========== ======== ==========
GENERAL PARTNER - NET
INCOME FROM CONTINUING
OPERATIONS $ 318,379 $ - $ 318,379
========== ======== ==========
LIMITED PARTNERS - NET
INCOME FROM CONTINUING
OPERATIONS $1,692,540 $ - $1,692,540
========== ======== ==========
NET INCOME FROM CONTINUING
OPERATIONS per Unit $ 40.45 $ - $ 40.45
========== ======== ==========
UNITS OUTSTANDING 41,839 41,839 41,839
========== ======== ==========
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GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-E
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 $7,837,745 ($647,411) $7,190,334
Interest income 30,930 - 30,930
---------- -------- ----------
$7,868,675 ($647,411) $7,221,264
EXPENSES:
Lease operating $1,116,007 ($ 37,433) $1,078,574
Production tax 484,831 ( 42,920) 441,911
Depreciation, depletion,
and amortization of oil
and gas properties 369,878 ( 11,421) 358,457
General and administrative 512,262 - 512,262
---------- -------- ----------
$2,482,978 ($ 91,774) $2,391,204
---------- -------- ----------
INCOME FROM CONTINUING
OPERATIONS $5,385,697 ($555,637) $4,830,060
========== ======== ==========
GENERAL PARTNER - NET
INCOME FROM CONTINUING
OPERATIONS $ 854,998 ($ 84,944) $ 770,054
========== ======== ==========
LIMITED PARTNERS - NET
INCOME FROM CONTINUING
OPERATIONS $4,530,699 ($470,693) $4,060,006
========== ======== ==========
NET INCOME FROM CONTINUING
OPERATIONS per Unit $ 108.29 ($ 11.25) $ 97.04
========== ======== ==========
UNITS OUTSTANDING 41,839 41,839 41,839
========== ======== ==========
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GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-E
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 $5,947,643 ($550,592) $5,397,051
Interest income 10,251 - 10,251
Gain on sale of oil and
gas properties 8,993 - 8,993
---------- -------- ----------
$5,966,887 ($550,592) $5,416,295
EXPENSES:
Lease operating $1,029,623 ($ 54,768) $ 974,855
Production tax 374,490 ( 37,817) 336,673
Depreciation, depletion,
and amortization of oil
and gas properties 195,500 ( 3,242) 192,258
General and administrative 507,532 - 507,532
---------- -------- ----------
$2,107,145 ($ 95,827) $2,011,318
---------- -------- ----------
INCOME FROM CONTINUING
OPERATIONS $3,859,742 ($454,765) $3,404,977
========== ======== ==========
GENERAL PARTNER - NET
INCOME FROM CONTINUING
OPERATIONS $ 603,535 ($ 68,669) $ 534,866
========== ======== ==========
LIMITED PARTNERS - NET
INCOME FROM CONTINUING
OPERATIONS $3,256,207 ($386,096) $2,870,111
========== ======== ==========
NET INCOME FROM CONTINUING
OPERATIONS per Unit $ 77.83 ($ 9.23) $ 68.60
========== ======== ==========
UNITS OUTSTANDING 41,839 41,839 41,839
========== ======== ==========
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GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-E
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 $6,276,765 ($653,842) $5,622,923
Interest income 8,597 - 8,597
Gain on sale of oil and
gas properties 21,072 - 21,072
---------- -------- ----------
$6,306,434 ($653,842) $5,652,592
EXPENSES:
Lease operating $1,036,463 ($ 38,615) $ 997,848
Production tax 374,408 ( 44,865) 329,543
Depreciation, depletion,
and amortization of oil
and gas properties 486,390 ( 3,741) 482,649
General and administrative 512,062 - 512,062
---------- -------- ----------
$2,409,323 ($ 87,221) $2,322,102
---------- -------- ----------
INCOME FROM CONTINUING
OPERATIONS $3,897,111 ($566,621) $3,330,490
========== ======== ==========
GENERAL PARTNER - NET
INCOME FROM CONTINUING
OPERATIONS $ 651,372 ($ 85,517) $ 565,855
========== ======== ==========
LIMITED PARTNERS - NET
INCOME FROM CONTINUING
OPERATIONS $3,245,739 ($481,104) $2,764,635
========== ======== ==========
NET INCOME FROM CONTINUING
OPERATIONS per Unit $ 77.58 ($ 11.50) $ 66.08
========== ======== ==========
UNITS OUTSTANDING 41,839 41,839 41,839
========== ======== ==========
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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 $2,213,520 would have been
recognized.
NOTE 2 - PRO FORMA ADJUSTMENTS
(a) Reflects net sales proceeds of $2,216,188 for the I-E 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 I-E
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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