SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                Current Report Pursuant to Section 13 or 15(d) of
                           The Securities Act of 1934


      Date of Report (Date of earliest event reported): February 23, 2007


      GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-7
      GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-8
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             (Exact name of Registrant as specified in its Articles)

                        P-7:  0-20265       P-7:    73-1367186
   Oklahoma             P-8:  0-20264       P-8:    73-1378683
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(State or other         (Commission         (I.R.S. Employer
jurisdiction of           File No.)          Identification)
incorporation or
organization)



                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 8:   OTHER EVENTS

      Year End  Values.  The General  Partner is  required  to provide  year-end
values of the Geodyne  Institutional/Pension  Energy Income Limited  Partnership
P-7 and Geodyne  Institutional/Pension  Energy Income  Limited  Partnership  P-8
(collectively, the "Partnerships") underlying properties to its limited partners
pursuant to the Partnerships' partnership agreements.  Attached is a form of the
letter dated February 23, 2007 to be sent to the limited partners correcting the
letter sent January 31, 2007 and a chart showing,  on a per unit basis, the 2006
restated Year-End Estimated Valuations for the Partnerships.

ITEM 9:     EXHIBITS

20.1     Form of letter to be sent to the limited partners of the P-7
         Partnership on or about February 23, 2007.

20.2     Form of letter to be sent to the limited partners of the P-8
         Partnership on or about February 23, 2007.

99.1     Chart showing on a per unit basis the 2006 Year-End Estimated
         Valuations for the Partnerships.

                                   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 LIMITED PARTNERSHIP P-7
                                    GEODYNE INSTITUTIONAL/PENSION ENERGY
                                    INCOME LIMITED PARTNERSHIP P-8

                                     By:  GEODYNE RESOURCES, INC.
                                     General Partner

                                    //s// Dennis R. Neill
                                    -----------------------------
                                    Dennis R. Neill
                                    President

DATE: February 23, 2007

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