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): September 25, 2007
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-F
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(Exact name of Registrant as specified in its Charter)
Oklahoma I-F: 0-15833 I-F: 73-1292669
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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) General - On February 5, 2007, Geodyne Resources, Inc. (the "General
Partner") mailed a notice to the limited partners announcing that the
Geodyne Energy Income Limited Partnership I-F (the "I-F Partnership") will
terminate at the end of its current term, December 31, 2007. Consequently,
the Partnership adopted the liquidation basis of accounting effective
February 5, 2007. The liquidation basis of accounting reports the net
assets of the Partnership at their net realizable value. Adjustments were
made to reduce all balance sheet categories into one line, "net assets of
Partnership in liquidation", which is an estimate of the net fair value of
all Partnership assets and liabilities. Cash, accounts receivable, and
accounts payable were valued at their historical cost, which approximates
fair value. Oil and gas properties were valued at their estimated net sales
price, which was estimated utilizing discounted cash flows based on strip
pricing as of June 30, 2007 at a discount rate of 10% for proved developed
producing reserves, 18% for proved developed non-producing reserves and 20%
for proved undeveloped reserves. An adjustment was made to the discounted
cash flows for the effects of gas balancing and asset retirement
obligations. A provision was also made to account for direct expenses that
will be incurred related to the sale of the oil and gas properties. The
allocation of the "net assets of Partnership in liquidation" to the General
Partner and limited partners was calculated using the current allocation of
income and expenses. The adoption of the liquidation basis of accounting on
February 5, 2007 resulted in an increase in the I-F Partnership's net
assets of $7,971,528 at June 30, 2007.
Pro forma unaudited financial information - A limited number of pro forma
adjustments are required to illustrate the effects of the September 12,
2007 Oil and Gas Clearinghouse auction (the "September Auction") on the
Combined Unaudited Statements of Net Assets of Partnership in Liquidation,
Combined Unaudited Statements of Changes in Net Assets of Partnership in
Liquidation, and Combined Unaudited Statements of Operations. The following
narrative description is furnished in lieu of the pro forma statements,
assuming the properties were sold on January 1, 2006.
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(1) I-F Partnership
(a) September 2007 Auction
The I-F Partnership's net fair value of its oil and gas
properties sold in the September Auction was $459,506 as of June
30, 2007. The net sales proceeds were approximately $281,000.
For the six months ended June 30, 2007, the I-F Partnership's
total revenues and operating expenses would have been reduced by
$70,134 and $33,740, respectively. Under liquidation accounting,
discontinued operations are no longer presented. Revenues and
expenses for the six months ended June 30, 2007 include all sold
properties. Revenues and expenses for the year ended December 31,
2006 include only the sold properties classified as continuing
operations at December 31, 2006.
For the year ended December 31, 2006, the I-F Partnership's Net
Income from Continuing Operations would have decreased by
$28,011, representing a reduction in oil and gas sales of
$52,920, a reduction in operating expenses of $23,090, a
reduction in depreciation, depletion, and amortization ("DD&A")
of oil and gas properties of $1,687, and a reduction in accretion
of the asset retirement obligation of $132.
(b) Cumulative Effect
The paragraphs below give effect to the sale of producing
properties at the September Auction and the July and August 2007
auctions described in previous 8-K filings. The following
narrative description is furnished in lieu of the pro forma
statements, assuming the properties were sold on January 1, 2006.
For the six months ended June 30, 2007, the I-F Partnership's
total revenues and operating expenses would have been reduced by
$522,189 and $219,716, respectively. Under liquidation
accounting, discontinued operations are no longer presented.
Revenues and expenses for the six months ended June 30, 2007
include all sold properties. Revenues and expenses for the year
ended December 31, 2006 include only the sold properties
classified as continuing operations at December 31, 2006.
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For the year ended December 31, 2006, the I-F Partnership's Net
Income from Continuing Operations would have decreased by
$293,155, representing a reduction in oil and gas sales of
$616,757, a reduction in operating expenses of $287,848, a
reduction in DD&A of oil and gas properties of $28,110, and a
reduction in accretion of the asset retirement obligation of
$7,644.
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-F
By: GEODYNE RESOURCES, INC.
General Partner
//s// Dennis R. Neill
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Dennis R. Neill
President
DATE: October 3, 2007