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 ENERGY INCOME LIMITED PARTNERSHIP II-G
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-H
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(Exact name of Registrant as specified in its Charter)
II-G: 0-17802 II-G: 73-1336572
Oklahoma II-H: 0-18305 II-H: 73-1342476
- ---------------- ---------------- -------------------
(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))
-1-
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS
(B) Pro forma financial information.
(1) Geodyne Energy Income Limited Partnership II-G
(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 Energy Income Limited Partnership II-H
(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-
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 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.
-3-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-G
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)
---------- ----------- ----------- ----------- -----------
CURRENT ASSETS:
Cash and cash equivalents $1,854,706 $9,290,910 $1,151,183 $1,247,539 $13,544,338
Accounts receivable:
Oil and gas sales 815,881 - - - 815,881
Assets held for sale 1,468,557 ( 362,890) ( 43,042) ( 44,142) 1,018,483
---------- ---------- ---------- ---------- -----------
Total current assets $4,139,144 $8,928,020 $1,108,141 $1,203,397 $15,378,702
NET OIL AND GAS PROPERTIES,
utilizing the successful
efforts method 1,368,474 - - - 1,368,474
DEFERRED CHARGE 65,048 - - - 65,048
---------- ---------- ---------- ---------- -----------
$5,572,666 $8,928,020 $1,108,141 $1,203,397 $16,812,224
========== ========== ========== ========== ===========
-4-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-G
UNAUDITED PRO FORMA BALANCE SHEET
SEPTEMBER 30, 2006
LIABILITIES AND 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)
---------- ------------ ------------ ------------ -----------
<s>
CURRENT LIABILITIES:
Accounts payable $ 78,801 $ - $ - $ - $ 78,801
Gas imbalance payable 10,572 - - - 10,572
Asset retirement obligation -
current 7,015 - - - 7,015
Asset retirement obligation -
assets held for sale 175,724 ( 9,467) ( 10,837) ( 49,258) 106,162
Accounts payable of assets
held for sale 75,065 - - - 75,065
---------- ---------- ---------- ---------- -----------
Total current liabilities $ 347,177 ($ 9,467) ($ 10,837) ($ 49,258) $ 277,615
LONG-TERM LIABILITIES:
Accrued liability $ 45,042 $ - $ - $ - $ 45,042
Asset retirement
obligation 256,672 - - - 256,672
---------- ---------- ---------- ---------- -----------
Total long-term liabilities $ 301,714 $ - $ - $ - $ 301,714
-5-
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 15,463) $ 893,749 $ 111,898 $ 125,265 $ 1,115,449
Limited Partners, issued
and outstanding,
372,189 units 4,939,238 8,043,738 1,007,080 1,127,390 15,117,446
---------- ---------- ---------- ---------- -----------
Total Partners' capital $4,923,775 $8,937,487 $1,118,978 $1,252,655 $16,232,895
---------- ---------- ---------- ---------- -----------
$5,572,666 $8,928,020 $1,108,141 $1,203,397 $16,812,224
========== ========== ========== ========== ===========
-6-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-G
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:
Oil and gas sales $2,584,373 $ - $ - $ - $2,584,373
Interest income 45,729 - - - 45,729
Gain on sale of oil and
gas properties 53 - - - 53
Other income 38,302 - - - 38,302
---------- -------- ---------- -------- ----------
$2,668,457 $ - $ - $ - $2,668,457
COSTS AND EXPENSES:
Lease operating $ 426,971 $ - $ - $ - $ 426,971
Production tax 167,319 - - - 167,319
Depreciation, depletion,
and amortization of oil
and gas properties 213,029 - - - 213,029
Impairment provision 54,129 - - - 54,129
General and administrative 332,336 - - - 332,336
---------- -------- ---------- -------- ----------
$1,193,784 $ - $ - $ - $1,193,784
---------- -------- ---------- -------- ----------
-7-
INCOME FROM CONTINUING
OPERATIONS $1,474,673 $ - $ - $ - $1,474,673
========== ======== ========== ======== ==========
GENERAL PARTNER - NET
INCOME FROM CONTINUING
OPERATIONS $ 166,939 $ - $ - $ - $ 166,939
========== ======== ========== ======== ==========
LIMITED PARTNERS - NET
INCOME FROM CONTINUING
OPERATIONS $1,307,734 $ - $ - $ - $1,307,734
========== ======== ========== ======== ==========
NET INCOME FROM CONTINUING
OPERATIONS per Unit $ 3.51 $ - $ - $ - $ 3.51
========== ======== ========== ======== ==========
UNITS OUTSTANDING 372,189 372,189 372,189 372,189 372,189
========== ======== ========== ======== ==========
-8-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-G
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)
---------- ------------- ------------ ------------ ------------
<c>
REVENUES:
Oil and gas sales $8,215,826 ($1,058,670) ($279,868) ($505,783) $6,371,505
Interest income 30,374 - - - 30,374
Gain on sale of oil and
gas properties 986 - - - 986
---------- ---------- -------- -------- ----------
$8,247,186 ($1,058,670) ($279,868) ($505,783) $6,402,865
EXPENSES:
Lease operating $ 903,789 ($ 68,982) ($ 9,146) ($165,399) $ 660,262
Production tax 511,883 ( 51,047) ( 21,702) ( 6,076) 433,058
Depreciation, depletion,
and amortization of oil
and gas properties 291,333 ( 39,526) ( 4,930) ( 4,259) 242,618
General and administrative 437,316 - - - 437,316
---------- ---------- -------- -------- ----------
$2,144,321 ($ 159,555) ($ 35,778) ($175,734) $1,773,254
---------- ---------- -------- -------- ----------
-9-
INCOME FROM CONTINUING
OPERATIONS $6,102,865 ($ 899,115) ($244,090) ($330,049) $4,629,611
========== ========== ======== ======== ==========
GENERAL PARTNER - NET
INCOME FROM CONTINUING
OPERATIONS $ 633,469 ($ 93,469) ($ 24,853) ($ 33,388) $ 481,759
========== ========== ======== ======== ==========
LIMITED PARTNERS - NET
INCOME FROM CONTINUING
OPERATIONS $5,469,396 ($ 805,646) ($219,237) ($296,661) $4,147,852
========== ========== ======== ======== ==========
NET INCOME FROM CONTINUING
OPERATIONS per Unit $ 14.70 ($ 2.16) ($ 0.59) ($ 0.80) $ 11.15
========== ========== ======== ======== ==========
UNITS OUTSTANDING 372,189 372,189 372,189 372,189 372,189
========== ========== ======== ======== ==========
-10-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-G
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:
Oil and gas sales $6,116,875 ($682,687) ($130,512) ($573,498) $4,730,178
Interest income 9,689 - - - 9,689
Gain on sale of oil and
gas properties 50,598 - - - 50,598
Other income 9,816 - - - 9,816
---------- -------- -------- -------- ----------
$6,186,978 ($682,687) ($130,512) ($573,498) $4,800,281
EXPENSES:
Lease operating $ 908,097 ($ 31,753) ($ 21,540) ($105,217) $ 749,587
Production tax 392,707 ( 33,286) ( 11,009) ( 27,470) 320,942
Depreciation, depletion,
and amortization of oil
and gas properties 472,405 ( 38,595) ( 3,697) ( 1,411) 428,702
General and administrative 432,673 - - - 432,673
---------- -------- -------- -------- ----------
$2,205,882 ($103,634) ($ 36,246) ($134,098) $1,931,904
---------- -------- -------- -------- ----------
-11-
INCOME FROM CONTINUING
OPERATIONS $3,981,096 ($579,053) ($ 94,266) ($439,400) $2,868,377
========== ======== ======== ======== ==========
GENERAL PARTNER - NET
INCOME FROM CONTINUING
OPERATIONS $ 434,649 ($ 61,379) ($ 9,759) ($ 44,067) $ 319,444
========== ======== ======== ======== ==========
LIMITED PARTNERS - NET
INCOME FROM CONTINUING
OPERATIONS $3,546,447 ($517,674) ($ 84,507) ($395,333) $2,548,933
========== ======== ======== ======== ==========
NET INCOME FROM CONTINUING
OPERATIONS per Unit $ 9.53 ($ 1.39) ($ 0.23) ($ 1.06) $ 6.85
========== ======== ======== ======== ==========
UNITS OUTSTANDING 372,189 372,189 372,189 372,189 372,189
========== ======== ======== ======== ==========
-12-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-G
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:
Oil and gas sales $5,605,691 ($565,480) ($136,344) ($570,833) $4,333,034
Interest income 6,983 - - - 6,983
Gain on sale of oil and
gas properties 123,707 - - - 123,707
---------- -------- -------- -------- ----------
$5,736,381 ($565,480) ($136,344) ($570,833) $4,463,724
EXPENSES:
Lease operating $ 867,617 ($ 89,089) ($ 16,023) ($103,837) $ 658,668
Production tax 353,554 ( 23,721) ( 11,115) ( 29,934) 288,784
Depreciation, depletion,
and amortization of oil
and gas properties 290,209 ( 43,389) ( 5,131) ( 1,473) 240,216
General and administrative 437,597 - - - 437,597
---------- -------- -------- -------- ----------
$1,948,977 ($156,199) ($ 32,269) ($135,244) $1,625,265
---------- -------- -------- -------- ----------
-13-
INCOME FROM CONTINUING
OPERATIONS $3,787,404 ($409,281) ($104,075) ($435,589) $2,838,459
========== ======== ======== ======== ==========
GENERAL PARTNER - NET
INCOME FROM CONTINUING
OPERATIONS $ 404,161 ($ 44,833) ($ 10,869) ($ 43,691) $ 304,768
========== ======== ======== ======== ==========
LIMITED PARTNERS - NET
INCOME FROM CONTINUING
OPERATIONS $3,383,243 ($364,448) ($ 93,206) ($391,898) $2,533,691
========== ======== ======== ======== ==========
NET INCOME FROM CONTINUING
OPERATIONS per Unit $ 9.09 ($ 0.98) ($ 0.25) ($ 1.05) $ 6.81
========== ======== ======== ======== ==========
UNITS OUTSTANDING 372,189 372,189 372,189 372,189 372,189
========== ======== ======== ======== ==========
-14-
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 $8,937,487 for the October 2006
auction, an estimated non-recurring gain of $1,118,978 for the December 2006
auction, and an estimated non-recurring gain of $1,252,655 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 $9,290,910
for the II-G Partnership and the reversal of the net oil and gas
properties and the asset retirement obligations associated with the
properties sold.
(b) Reflects net sales proceeds from the December 2006 auction of $1,151,183
for the II-G Partnership and the reversal of the net oil and gas
properties and the asset retirement obligations associated with the
properties sold.
(c) Reflects net sales proceeds from the February 2007 auction of $1,247,539
for the II-G Partnership and the reversal of the net oil and gas
properties 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. 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.
-15-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-H
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)
---------- ----------- ----------- ---------- -----------
CURRENT ASSETS:
Cash and cash equivalents $ 437,417 $2,152,247 $305,579 $288,545 $3,183,788
Accounts receivable:
Oil and gas sales 125,802 - - - 125,802
Assets held for sale 401,351 ( 83,148) ( 12,745) ( 10,195) 295,263
---------- ---------- -------- -------- ----------
Total current assets $ 964,570 $2,069,099 $292,834 $278,350 $3,604,853
NET OIL AND GAS PROPERTIES,
utilizing the successful
efforts method 333,775 - - - 333,775
DEFERRED CHARGE 16,716 - - - 16,716
---------- ---------- -------- -------- ----------
$1,315,061 $2,069,099 $292,834 $278,350 $3,955,344
========== ========== ======== ======== ==========
-16-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-H
UNAUDITED PRO FORMA BALANCE SHEET
SEPTEMBER 30, 2006
LIABILITIES AND 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)
---------- ------------ ------------ ------------ -----------
CURRENT LIABILITIES:
Accounts payable $ 18,002 $ - $ - $ - $ 18,002
Asset retirement obligation -
current 1,623 - - - 1,623
Asset retirement obligation -
assets held for sale 42,158 ( 2,190) ( 4,048) ( 11,359) 24,561
Accounts payable of assets
held for sale 18,741 - - - 18,741
---------- ---------- -------- -------- -----------
Total current liabilities $ 80,524 ($ 2,190) ($ 4,048) ($ 11,359) $ 62,927
LONG-TERM LIABILITIES:
Accrued liability $ 14,524 $ - $ - $ - $ 14,524
Asset retirement
obligation 63,359 - - - 63,359
---------- ---------- -------- -------- -----------
Total long-term liabilities $ 77,883 $ - $ - $ - $ 77,883
-17-
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 35,271) $ 207,128 $ 29,688 $ 28,971 $ 230,516
Limited Partners, issued
and outstanding,
91,711 units 1,191,925 1,864,161 267,194 260,738 3,584,018
---------- ---------- -------- -------- ----------
Total Partners' capital $1,156,654 $2,071,289 $296,882 $289,709 $3,814,534
---------- ---------- -------- -------- ----------
$1,315,061 $2,069,099 $292,834 $278,350 $3,955,344
========== ========== ======== ======== ==========
-18-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-H
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:
Oil and gas sales $626,607 $ - $ - $ - $626,607
Interest income 10,458 - - - 10,458
Gain on sale of oil and
gas properties 12 - - - 12
Other income 8,859 - - - 8,859
-------- -------- ---------- -------- --------
$645,936 $ - $ - $ - $645,936
COSTS AND EXPENSES:
Lease operating $103,193 $ - $ - $ - $103,193
Production tax 41,356 - - - 41,356
Depreciation, depletion,
and amortization of oil
and gas properties 50,669 - - - 50,669
Impairment provision 6,935 - - - 6,935
General and administrative 101,472 - - - 101,472
-------- -------- ---------- -------- --------
$303,625 $ - $ - $ - $303,625
-------- -------- ---------- -------- --------
-19-
INCOME FROM CONTINUING
OPERATIONS $342,311 $ - $ - $ - $342,311
======== ======== ========== ======== ========
GENERAL PARTNER - NET
INCOME FROM CONTINUING
OPERATIONS $ 38,370 $ - $ - $ - $ 38,370
======== ======== ========== ======== ========
LIMITED PARTNERS - NET
INCOME FROM CONTINUING
OPERATIONS $303,941 $ - $ - $ - $303,941
======== ======== ========== ======== ========
NET INCOME FROM CONTINUING
OPERATIONS per Unit $ 3.31 $ - $ - $ - $ 3.31
======== ======== ========== ======== ========
UNITS OUTSTANDING 91,711 91,711 91,711 91,711 91,711
======== ======== ========== ======== ========
-20-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-H
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:
Oil and gas sales $1,948,662 ($244,999) ($72,183) ($117,289) $1,514,191
Interest income 6,886 - - - 6,886
Gain on sale of oil and
gas properties 229 - - - 229
---------- -------- ------- -------- ----------
$1,955,777 ($244,999) ($72,183) ($117,289) $1,521,306
EXPENSES:
Lease operating $ 215,752 ($ 16,018) ($ 3,248) ($ 38,890) $ 157,596
Production tax 122,857 ( 11,762) ( 5,711) ( 1,390) 103,994
Depreciation, depletion,
and amortization of oil
and gas properties 69,028 ( 9,166) ( 1,517) ( 964) 57,381
General and administrative 130,034 - - - 130,034
---------- -------- ------- -------- ----------
$ 537,671 ($ 36,946) ($10,476) ($ 41,244) $ 449,005
---------- -------- ------- -------- ----------
-21-
INCOME FROM CONTINUING
OPERATIONS $1,418,106 ($208,053) ($61,707) ($ 76,045) $1,072,301
========== ======== ======= ======== ==========
GENERAL PARTNER - NET
INCOME FROM CONTINUING
OPERATIONS $ 147,335 ($ 21,630) ($ 6,307) ($ 7,691) $ 111,707
========== ======== ======= ======== ==========
LIMITED PARTNERS - NET
INCOME FROM CONTINUING
OPERATIONS $1,270,771 ($186,423) ($55,400) ($ 68,354) $ 960,594
========== ======== ======= ======== ==========
NET INCOME FROM CONTINUING
OPERATIONS per Unit $ 13.86 ($ 2.03) ($ 0.60) ($ 0.75) $ 10.48
========== ======== ======= ======== ==========
UNITS OUTSTANDING 91,711 91,711 91,711 91,711 91,711
========== ======== ======= ======== ==========
-22-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-H
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:
Oil and gas sales $1,460,050 ($157,847) ($35,621) ($132,674) $1,133,908
Interest income 2,181 - - - 2,181
Gain on sale of oil and
gas properties 11,749 - - - 11,749
Other income 2,270 - - - 2,270
---------- -------- ------- -------- ----------
$1,476,250 ($157,847) ($35,621) ($132,674) $1,150,108
EXPENSES:
Lease operating $ 219,811 ($ 7,345) ($ 7,681) ($ 24,335) $ 180,450
Production tax 94,648 ( 7,307) ( 3,056) ( 6,355) 77,930
Depreciation, depletion,
and amortization of oil
and gas properties 113,970 ( 8,135) ( 1,123) ( 326) 104,386
General and administrative 123,960 - - - 123,960
---------- -------- ------- -------- ----------
$ 552,389 ($ 22,787) ($11,860) ($ 31,016) $ 486,726
---------- -------- ------- -------- ----------
-23-
INCOME FROM CONTINUING
OPERATIONS $ 923,861 ($135,060) ($23,761) ($101,658) $ 663,382
========== ======== ======= ======== ==========
GENERAL PARTNER - NET
INCOME FROM CONTINUING
OPERATIONS $ 101,267 ($ 14,238) ($ 2,477) ($ 10,195) $ 74,357
========== ======== ======= ======== ==========
LIMITED PARTNERS - NET
INCOME FROM CONTINUING
OPERATIONS $ 822,594 ($120,822) ($21,284) ($ 91,463) $ 589,025
========== ======== ======= ======== ==========
NET INCOME FROM CONTINUING
OPERATIONS per Unit $ 8.97 ($ 1.32) ($ 0.23) ($ 1.00) $ 6.42
========== ======== ======= ======== ==========
UNITS OUTSTANDING 91,711 91,711 91,711 91,711 91,711
========== ======== ======= ======== ==========
-24-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-H
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:
Oil and gas sales $1,335,792 ($130,728) ($ 36,287) ($132,083) $1,036,694
Interest income 1,545 - - - 1,545
Gain on sale of oil and
gas properties 29,085 - - - 29,085
---------- -------- -------- -------- ----------
$1,366,422 ($130,728) ($ 36,287) ($132,083) $1,067,324
EXPENSES:
Lease operating $ 210,552 ($ 20,606) ($ 5,342) ($ 24,017) $ 160,587
Production tax 84,803 ( 5,533) ( 2,977) ( 6,929) 69,364
Depreciation, depletion,
and amortization of oil
and gas properties 68,778 ( 9,939) ( 1,560) ( 335) 56,944
General and administrative 124,953 - - - 124,953
---------- -------- -------- -------- ----------
$ 489,086 ($ 36,078) ($ 9,879) ($ 31,281) $ 411,848
---------- -------- -------- -------- ----------
-25-
INCOME FROM CONTINUING
OPERATIONS $ 877,336 ($ 94,650) ($ 26,408) ($100,802) $ 655,476
========== ======== ======== ======== ==========
GENERAL PARTNER - NET
INCOME FROM CONTINUING
OPERATIONS $ 93,769 ($ 10,360) ($ 2,781) ($ 10,110) $ 70,518
========== ======== ======== ======== ==========
LIMITED PARTNERS - NET
INCOME FROM CONTINUING
OPERATIONS $ 783,567 ($ 84,290) ($ 23,627) ($ 90,692) $ 584,958
========== ======== ======== ======== ==========
NET INCOME FROM CONTINUING
OPERATIONS per Unit $ 8.54 ($ 0.92) ($ 0.26) ($ 0.99) $ 6.37
========== ======== ======== ======== ==========
UNITS OUTSTANDING 91,711 91,711 91,711 91,711 91,711
========== ======== ======== ======== ==========
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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 $2,071,289 for the October 2006
auction, an estimated $296,882 for the December 2006 and an estimated
non-recurring gain of $289,709 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 $2,152,247
for the II-H Partnership and the reversal of the net oil and gas
properties and the asset retirement obligations associated with the
properties sold.
(b) Reflects net sales proceeds from the December 2006 auction of $305,579 for
the II-H Partnership and the reversal of the net oil and gas properties
and the asset retirement obligations associated with the properties sold.
(c) Reflects net sales proceeds from the February 2007 auction of $288,545 for
the II-H Partnership and the reversal of the net oil and gas properties
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. 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-G
GEODYNE ENERGY INCOME LIMITED
PARTNERSHIP II-H
By: GEODYNE RESOURCES, INC.
General Partner
//s// Dennis R. Neill
-----------------------------
Dennis R. Neill
President
DATE: February 16, 2007
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