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 7, 2007
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-1 LIMITED PARTNERSHIP
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(Exact name of Registrant as specified in its Charter)
Texas 0-17800 73-1330245
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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 Institutional/Pension Energy Income P-1 Limited Partnership
(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 7, 2007 and filed February 13, 2007 and October and December 2006
auctions described in previous 8-K filings. 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 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 INSTITUTIONAL/PENSION ENERGY INCOME P-1 LIMITED PARTNERSHIP
UNAUDITED PRO FORMA BALANCE SHEET
SEPTEMBER 30, 2006
ASSETS
Pro Forma Pro Forma Pro Forma
Adjustments Adjustments Adjustments
October December February
2006 2006 2007
Historical Auction Auction Auction Pro Forma
(Note 2a) (Note 2b) (Note 2c)
---------- ----------- ----------- ----------- -----------
<s>
CURRENT ASSETS:
Cash and cash equivalents $ 575,129 $3,285,062 $322,460 $441,456 $4,624,107
Accounts receivable:
Net Profits 63,300 - - - 63,300
Assets held for sale 495,956 ( 119,434) ( 6,799) 1,396 371,119
---------- ---------- -------- -------- ----------
Total current assets $1,134,385 $3,165,628 $315,661 $442,852 $5,058,526
NET PROFITS INTERESTS, net
utilizing the successful
efforts method 323,566 - - - 323,566
---------- ---------- -------- -------- ----------
$1,457,951 $3,165,628 $315,661 $442,852 $5,382,092
========== ========== ======== ======== ==========
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GEODYNE INSTITIONAL/PENSION ENERGY INCOME P-1 LIMITED PARTNERSHIP
UNAUDITED PRO FORMA BALANCE SHEET
SEPTEMBER 30, 2006
PARTNERS' CAPITAL (DEFICIT)
Pro Forma Pro Forma Pro Forma
Adjustments Adjustments Adjustments
October December February
2006 2006 2007
Historical Auction Auction Auction Pro Forma
(Note 2a) (Note 2b) (Note 2c)
---------- ------------ ----------- ------------ -----------
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 35,427) $ 316,563 $ 31,566 $ 65,556 $378,258
Limited Partners, issued
and outstanding,
108,074 units 1,493,378 2,849,065 284,095 377,296 5,003,834
---------- ---------- -------- -------- ----------
Total Partners' capital $1,457,951 $3,165,628 $315,661 $442,852 $5,382,092
---------- ---------- -------- -------- ----------
$1,457,951 $3,165,628 $315,661 $442,852 $5,382,092
========== ========== ======== ======== ==========
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GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-1 LIMITED PARTNERSHIP
UNAUDITED PRO FORMA STATEMENT OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2006
Pro Forma Pro Forma Pro Forma
Adjustments Adjustments Adjustments
October December February
2006 2006 2007
Historical Auction Auction Auction Pro Forma
(Note 2d) (Note 2d) (Note 2d)
---------- ----------- ------------ ----------- ----------
REVENUES:
Net Profits $525,611 $ - $ - $ - $525,611
Interest income 13,555 - - - 13,555
Gain on sale of Net
Profits Interests 19 - - - 19
Other income 13,554 - - - 13,554
-------- -------- ---------- -------- --------
$552,739 $ - $ - $ - $552,739
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 59,500 $ - $ - $ - $ 59,500
Impairment provision 16,962 - - - 16,962
General and administrative 114,950 - - - 114,950
-------- -------- ---------- -------- --------
$191,412 $ - $ - $ - $191,412
-------- -------- ---------- -------- --------
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INCOME FROM CONTINUING
OPERATIONS $361,327 $ - $ - $ - $361,327
======== ======== ========== ======= ========
GENERAL PARTNER - NET
INCOME FROM CONTINUING
OPERATIONS $ 41,659 $ - $ - $ - $ 41,659
======== ======== ========== ======= ========
LIMITED PARTNERS - NET
INCOME FROM CONTINUING
OPERATIONS $319,668 $ - $ - $ - $319,668
======== ======== ========== ======= ========
NET INCOME FROM CONTINUING
OPERATIONS per Unit $ 2.96 $ - $ - $ - $ 2.96
======== ======== ========== ======= ========
UNITS OUTSTANDING 108,074 108,074 108,074 108,074 108,074
======== ======== ========== ======= ========
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GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-1 LIMITED PARTNERSHIP
UNAUDITED PRO FORMA STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2005
Pro Forma Pro Forma Pro Forma
Adjustments Adjustments Adjustments
October December February
2006 2006 2007
Historical Auction Auction Auction Pro Forma
(Note 2d) (Note 2d) (Note 2d)
---------- ----------- ------------ ------------ ----------
REVENUES:
Net Profits $2,108,629 ($331,445) ($74,542) ($117,350) $1,585,292
Interest income 8,941 - - - 8,941
Gain on sale of Net
Profits Interests 349 - - - 349
---------- -------- ------- -------- ----------
$2,117,919 ($331,445) ($74,542) ($117,350) $1,594,582
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 79,493 ($ 13,417) ($ 809) ($ 1,509) 63,758
General and administrative 148,028 - - - 148,028
---------- -------- ------- -------- ----------
$ 227,521 ($ 13,417) ($ 809) ($ 1,509) $211,786
---------- -------- ------- -------- ----------
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INCOME FROM CONTINUING
OPERATIONS $1,890,398 ($318,028) ($73,733) ($115,841) $1,382,796
========== ======== ======= ======== ==========
GENERAL PARTNER - NET
INCOME FROM CONTINUING
OPERATIONS $ 195,300 ($ 33,010) ($ 7,446) ($ 11,720) $ 143,124
========== ======== ======= ======== ==========
LIMITED PARTNERS - NET
INCOME FROM CONTINUING
OPERATIONS $1,695,098 ($285,018) ($66,287) ($104,121) $1,239,672
========== ======== ======= ======== ==========
NET INCOME FROM CONTINUING
OPERATIONS per Unit $ 15.68 ($ 2.64) ($ 0.61) ($ 0.96) $11.47
========== ======== ======= ======== ==========
UNITS OUTSTANDING 108,074 108,074 108,074 108,074 108,074
========== ======== ======= ======== ==========
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GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-1 LIMITED PARTNERSHIP
UNAUDITED PRO FORMA STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2004
Pro Forma Pro Forma Pro Forma
Adjustments Adjustments Adjustments
October December February
2006 2006 2007
Historical Auction Auction Auction Pro Forma
(Note 2d) (Note 2d) (Note 2d)
---------- ----------- ------------ ------------- ----------
REVENUES:
Net Profits $1,480,785 ($219,097) ($29,662) ($166,950) $1,065,076
Interest income 2,902 - - - 2,902
Gain on sale of Net
Profits Interests 17,563 - - - 17,563
Other income 3,474 - - - 3,474
---------- -------- ------- -------- ----------
$1,504,724 ($219,097) ($29,662) ($166,950) $1,089,015
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 67,699 ($ 13,066) ($ 689) ($ 530) $ 53,414
General and administrative 142,133 - - - 142,133
---------- -------- ------- -------- ----------
$ 209,832 ($ 13,066) ($ 689) ($ 530) $ 195,547
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INCOME FROM CONTINUING
OPERATIONS $1,294,892 ($206,031) ($28,973) ($166,420) $ 893,468
========== ======== ======= ======== ==========
GENERAL PARTNER - NET
INCOME FROM CONTINUING
OPERATIONS $ 133,520 ($ 21,779) ($ 2,959) ($ 16,690) $ 92,092
========== ======== ======= ======== ==========
LIMITED PARTNERS - NET
INCOME FROM CONTINUING
OPERATIONS $1,161,372 ($184,252) ($26,014) ($149,730) $ 801,376
========== ======== ======= ======== ==========
NET INCOME FROM CONTINUING
OPERATIONS per Unit $ 10.75 ($ 1.70) ($ 0.24) ($ 1.39) $ 7.42
========== ======== ======= ======== ==========
UNITS OUTSTANDING 108,074 108,074 108,074 108,074 108,074
========== ======== ======= ======== ==========
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GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-1 LIMITED PARTNERSHIP
UNAUDITED PRO FORMA STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2003
Pro Forma Pro Forma Pro Forma
Adjustments Adjustments Adjustments
October December February
2006 2006 2007
Historical Auction Auction Auction Pro Forma
(Note 2d) (Note 2d) (Note 2d)
---------- ----------- ------------ ------------ ----------
REVENUES:
Net Profits $1,370,158 ($160,121) ($32,825) ($166,899) $1,010,313
Interest income 2,110 - - - 2,110
Gain on sale of Net
Profits Interests 43,930 - - - 43,930
---------- -------- ------- -------- ----------
$1,416,198 ($160,121) ($32,825) ($166,899) $1,056,353
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 79,938 ($ 14,688) ($ 892) ($ 547) $ 63,811
General and administrative 143,103 - - - 143,103
---------- -------- ------- -------- ----------
$ 223,041 ($ 14,688) ($ 892) ($ 547) $ 206,914
---------- -------- ------- -------- ----------
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INCOME FROM CONTINUING
OPERATIONS $1,193,157 ($145,433) ($31,933) ($166,352) $ 849,439
========== ======== ======= ======== ==========
GENERAL PARTNER - NET
INCOME FROM CONTINUING
OPERATIONS $ 126,299 ($ 15,865) ($ 3,274) ($ 16,684) $ 90,476
========== ======== ======= ======== ==========
LIMITED PARTNERS - NET
INCOME FROM CONTINUING
OPERATIONS $1,066,858 ($129,568) ($28,659) ($149,668) $ 758,963
========== ======== ======= ======== ==========
NET INCOME FROM CONTINUING
OPERATIONS per Unit $ 9.87 ($ 1.20) ($ 0.27) ($ 1.38) $ 7.02
========== ======== ======= ======== ==========
UNITS OUTSTANDING 108,074 108,074 108,074 108,074 108,074
========== ======== ======= ======== ==========
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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 divestitures. Assuming the sales closed on September
30, 2006, an estimated non-recurring gain of $3,165,628 for the October 2006
auction, an estimated non-recurring gain of $315,661 for the December 2006
auction, and an estimated non-recurring gain of $442,852 for the February 2007
auction would have been recognized.
NOTE 2 - PRO FORMA ADJUSTMENTS
(a) Reflects net sales proceeds from the October 2006 auction of $3,285,062
for the P-1 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 2006 auction of $322,460 for
the P-1 Partnership and the reversal of the Net Profits Interests and the
asset retirement obligations associated with the properties sold.
(c) Reflects net sales proceeds from the February 2007 auction of $441,456 for
the P-1 Partnership and the reversal of the Net Profits Interests and the
asset retirement obligations associated with the properties sold.
(d) 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.
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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 INSTITUTIONAL/PENSION ENERGY INCOME
P-1 LIMITED PARTNERSHIP
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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