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 INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-4
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-6
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(Exact name of Registrant as specified in its Charter)
Oklahoma P-4: 0-18308 P-4: 73-1341929
P-6: 0-18937 P-6: 73-1357375
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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 institutional/Pension Energy Income Limited Partnership P-4 (the
"P-4 Partnership"), and the Geodyne Institutional/Pension Energy Income
Limited Partnership P-6 (the "P-6 Partnership") (collectively, the
"Partnerships") will terminate at the end of their current term, December
31, 2007. Consequently, the Partnerships adopted the liquidation basis of
accounting effective February 5, 2007. The liquidation basis of accounting
reports the net assets of the Partnerships 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, which may
change if a Partnership's distributions from the commencement of the
property investment period reach a yearly average equal to at least 12% of
the limited partners subscriptions. The adoption of the liquidation basis
of accounting on February 5, 2007 resulted in an increase in the
Partnerships' net assets as follows, at June 30, 2007:
P-4 $ 5,130,225
P-6 10,489,733
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) P-4 Partnership
(a) September 2007 Auction
The P-4 Partnership's net fair value of its Net Profits Interests
sold in the September Auction was $230,267 as of June 30, 2007.
The net sales proceeds were approximately $185,000.
For the six months ended June 30, 2007, the P-4 Partnership's
total revenues and operating expenses would have been reduced by
$16,443 and $439, 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 P-4 Partnership's Net
Income from Continuing Operations would have decreased by
$47,463, representing a reduction in Net Profits (including oil
and gas sales net of operating expenses) of $49,355, a reduction
in depletion of Net Profits Interests of $1,342, and a reduction
in accretion of the asset retirement obligation of $550.
(b) Cumulative Effect
The paragraphs below give effect to the sale of producing
properties at the September Auction and the July 2007 auction
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 P-4 Partnership's
total revenues and operating expenses would have been reduced by
$180,296 and $2,460 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 P-4 Partnership's Net
Income from Continuing Operations would have decreased by
$415,181, representing a reduction in Net Profits (including oil
and gas sales net of operating expenses) of $440,520, a reduction
in depletion of Net Profits Interests of $22,412, and a reduction
in accretion of the asset retirement obligation of $2,927.
(2) P-6 Partnership
(a) September 2007 Auction
The P-6 Partnership's net fair value of its Net Profits Interests
sold in the September Auction was $1,175,320 as of June 30, 2007.
The net sales proceeds were approximately $897,000.
For the six months ended June 30, 2007, the P-6 Partnership's
total revenues and operating expenses would have been reduced by
$9,770 and $3,893, 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 P-6 Partnership's Net
Income from Continuing Operations would have decreased by
$129,429, representing a reduction in Net Profits (including oil
and gas sales net of operating expenses) of $153,425, a reduction
in depletion of Net Profits Interests of $17,714, and a reduction
in accretion of the asset retirement obligation of $6,282.
(b) Cumulative Effect
The paragraphs below give effect to the sale of producing
properties at the September Auction, the July and August 2007
auctions described in previous 8-K filings, and other
miscellaneous property sales that occurred in May 2007. 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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For the six months ended June 30, 2007, the P-6 Partnership's
total revenues and operating expenses would have been reduced by
$406,688 and $13,797 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 P-6 Partnership's Net
Income from Continuing Operations would have decreased by
$744,293, representing a reduction in Net Profits (including oil
and gas sales net of operating expenses) of $1,001,341, a
reduction in depletion of Net Profits Interests of $245,622, and
a reduction in accretion of the asset retirement obligation of
$11,426.
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-4
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME
LIMITED PARTNERSHIP P-6
By: GEODYNE RESOURCES, INC.
General Partner
//s// Dennis R. Neill
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Dennis R. Neill
President
DATE: October 3, 2007
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