SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarter ended March 31, 1997
Commission File Number: P-7: 0-20265 P-8: 0-20264
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-7
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-8
-------------------------------------------------------------------
(Exact name of Registrant as specified in its Articles)
P-7: 73-1367186
Oklahoma P-8: 73-1378683
-------------------------------- ---------------------------------
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
Two West Second Street, Tulsa, Oklahoma 74103
-----------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (918) 583-1791
Indicate by check mark whether the Registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such
shorter period that the Registrant was required to file such reports)
and (2) has been subject to the filing requirements for the past 90
days.
Yes X No
---- ----
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-7
BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
1997 1996
---------- -----------
CURRENT ASSETS:
Cash and cash equivalents $ 601,419 $ 643,415
Accounts receivable:
Net Profits 285,035 364,612
---------- ----------
Total current assets $ 886,454 $1,008,027
NET PROFITS INTERESTS, net,
utilizing the successful
efforts method 5,682,919 7,321,103
---------- ----------
$6,569,373 $8,329,130
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 114,523) ($ 92,242)
Limited Partners, issued and
outstanding, 188,702 units 6,683,896 8,421,372
---------- ----------
Total Partners' capital $6,569,373 $8,329,130
---------- ----------
$6,569,373 $8,329,130
========== ==========
The accompanying condensed notes are an integral part of
these financial statements.
-2-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-7
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(Unaudited)
1997 1996
---------- --------
REVENUES:
Net Profits $ 661,119 $589,841
Interest income 5,056 1,919
Gain on sale of Net Profits
Interests - 4,771
---------- --------
$ 666,175 $596,531
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 246,456 $331,789
Impairment provision 1,474,823 -
General and administrative (Note 2) 61,609 61,458
---------- --------
$1,782,888 $393,247
---------- --------
NET INCOME (LOSS) ($1,116,713) $203,284
========== ========
GENERAL PARTNER - NET INCOME $ 12,763 $ 23,340
========== ========
LIMITED PARTNERS - NET INCOME (LOSS) ($1,129,476) $179,944
========== ========
NET INCOME (LOSS) per unit ($ 5.99) $ .95
========== ========
UNITS OUTSTANDING 188,702 188,702
========== ========
The accompanying condensed notes are an integral part of
these financial statements.
-3-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-7
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(Unaudited)
1997 1996
------------ ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) ($1,116,713) $203,284
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depletion of Net Profits
Interests 246,456 331,789
Impairment provision 1,474,823 -
Gain on sale of Net Profits
Interests - ( 4,771)
(Increase) decrease in accounts
receivable 79,577 ( 100,099)
---------- --------
Net cash provided by operating
activities $ 684,143 $430,203
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 83,095) ($ 66,975)
Proceeds from sale of Net Profits
Interests - 4,771
---------- --------
Net cash used by investing
activities ($ 83,095) ($ 62,204)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($ 643,044) ($328,917)
---------- --------
Net cash used by financing
activities ($ 643,044) ($328,917)
---------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS ($ 41,996) $ 39,082
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 643,415 270,118
---------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 601,419 $309,200
========== ========
The accompanying condensed notes are an integral part of
these financial statements.
-4-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-8
BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
1997 1996
----------- -----------
CURRENT ASSETS:
Cash and cash equivalents $ 483,018 $ 488,063
Accounts receivable:
Net Profits 20,423 88,232
---------- ----------
Total current assets $ 503,441 $ 576,295
NET PROFITS INTERESTS, net,
utilizing the successful
efforts method 2,976,394 4,151,147
---------- ----------
$3,479,835 $4,727,442
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 70,453) ($ 54,315)
Limited Partners, issued and
outstanding, 116,168 units 3,550,288 4,781,757
---------- ----------
Total Partners' capital $3,479,835 $4,727,442
---------- ----------
$3,479,835 $4,727,442
========== ==========
The accompanying condensed notes are an integral part of
these financial statements.
-5-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-8
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(Unaudited)
1997 1996
---------- --------
REVENUES:
Net Profits $ 452,858 $337,274
Interest and other income 3,941 1,457
Gain on sale of Net Profits
Interests - 2,442
---------- --------
$ 456,799 $341,173
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 174,330 $186,590
Impairment provision 1,052,542 -
General and administrative (Note 2) 37,918 37,806
---------- --------
$1,264,790 $224,396
---------- --------
NET INCOME (LOSS) ($ 807,991) $116,777
========== ========
GENERAL PARTNER - NET INCOME $ 8,478 $ 13,230
========== ========
LIMITED PARTNERS - NET INCOME (LOSS) ($ 816,469) $103,547
========== ========
NET INCOME (LOSS) per unit ($ 7.03) $ .89
========== ========
UNITS OUTSTANDING 116,168 116,168
========== ========
The accompanying condensed notes are an integral part of
these financial statements.
-6-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-8
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(Unaudited)
1997 1996
------------ ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) ($ 807,991) $116,777
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depletion of Net Profits
Interests 174,330 186,590
Impairment provision 1,052,542 -
Gain on sale of Net Profits
Interests - ( 2,442)
Decrease in accounts receivable 67,809 -
Decrease in accounts payable - ( 49,063)
---------- --------
Net cash provided by operating
activities $ 486,690 $251,862
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 52,119) ($ 37,364)
Proceeds from sale of Net Profits
Interests - 2,442
---------- --------
Net cash used by investing
activities ($ 52,119) ($ 34,922)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($ 439,616) ($251,709)
---------- --------
Net cash used by financing
activities ($ 439,616) ($251,709)
---------- --------
NET DECREASE IN CASH AND CASH
EQUIVALENTS ($ 5,045) ($ 34,769)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 488,063 208,319
---------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 483,018 $173,550
========== ========
The accompanying condensed notes are an integral part of
these financial statements.
-7-
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME PROGRAM II LIMITED
PARTNERSHIPS
CONDENSED NOTES TO THE FINANCIAL STATEMENTS
MARCH 31, 1997
(Unaudited)
1. ACCOUNTING POLICIES
-------------------
The balance sheets as of March 31, 1997, statements of operations
for the three months ended March 31, 1997 and 1996 and the
statements of cash flows for the three months ended March 31,
1997 and 1996 have been prepared by Geodyne Resources, Inc., the
general partner (the "General Partner") of the Geodyne
Institutional/Pension Energy Income Program II Limited
Partnerships (individually, the "P-7 Partnership" or the "P-8
Partnership", as the case may be, or, collectively, the
"Partnerships"), without audit. In the opinion of management the
financial statements referred to above include all necessary
adjustments, consisting of normal recurring adjustments, to
present fairly the financial position at March 31, 1997, the
results of operations for the three months ended March 31, 1997
and 1996 and cash flows for the three months ended March 31, 1997
and 1996.
Information and footnote disclosures normally included in
financial statements prepared in accordance with generally
accepted accounting principles have been condensed or omitted.
The accompanying interim financial statements should be read in
conjunction with the Partnerships' Annual Report on Form 10-K
filed for the year ended December 31, 1996. The results of
operations for the period ended March 31, 1997 are not
necessarily indicative of the results to be expected for the full
year.
As used in these financial statements, the Partnerships' net
profits and royalty interests in oil and gas sales are referred
to as "Net Profits" and the Partnerships' net profits and royalty
interests in oil and gas properties are referred to as "Net
Profits Interests". The working interests from which the
Partnerships' Net Profits Interests are carved are referred to as
"Working Interests".
The Limited Partners' net income or loss per unit is based upon
each $100 initial capital contribution.
NET PROFITS INTERESTS
---------------------
The Partnerships follow the successful efforts method of
accounting for their Net Profits Interests. Under the successful
efforts method, the Partnerships capitalize all acquisition
costs. Property acquisition costs include costs incurred by the
Partnerships or the General Partner to acquire a net profits
interest or other non-operating interest in producing properties,
including related title insurance or examination costs,
commissions, engineering, legal and accounting fees, and similar
costs directly related to the acquisitions, plus an allocated
portion of the General Partner's property screening costs. The
-8-
acquisition cost to the Partnerships of Net Profits Interests in
properties acquired by the General Partner is adjusted to reflect
the net cash results of operations, including interest incurred
to finance the acquisition, for the period of time the properties
are held by the General Partner prior to their transfer to the
Partnerships. Impairment of Net Profits Interests is recognized
based upon an individual property assessment.
Depletion of the costs of Net Profits Interests is computed on
the unit-of-production method. The Partnerships' depletion,
depreciation, and amortization includes dismantlement and
abandonment costs, net of estimated salvage value.
Effective October 1, 1995, the Partnerships adopted the
requirements of Statement of Financial Accounting Standards
("SFAS") No. 121, "Accounting for the Impairment of Long Lived
Assets and Assets Held for Disposal", which is intended to
establish more consistent accounting standards for measuring the
recoverability of long-lived assets. SFAS No. 121 requires
successful efforts companies, like the Partnerships, to evaluate
the recoverability of the carrying costs of their proved oil and
gas properties at the lowest level for which there are
identifiable cash flows that are largely independent of the cash
flows of other groups of oil and gas properties. With respect to
the Partnerships' oil and gas properties, this evaluation was
performed for each field, rather than for the Partnership's
properties as a whole as previously allowed by the Securities and
Exchange Commission ("SEC"). SFAS No. 121 provides that if the
unamortized costs of Net Profits Interests for each field exceed
the expected undiscounted future cash flows from such properties,
the cost of the properties is written down to fair value, which
is determined by using the discounted future cash flows from the
properties. Under the Partnerships' prior impairment policy if
the unamortized costs of Net Profits Interests as a whole
exceeded the estimated undiscounted future net revenues of the
properties, an impairment provision would be recorded for the
excess amount. The Partnerships recorded a non-cash charge
against earnings (impairment provision) during the first quarter
of 1997 pursuant to SFAS No. 121 as follows:
Partnership Amount
----------- ------------
P-7 $1,474,823
P-8 1,052,542
The risk that the Partnerships will be required to record such
impairment provisions in the future increases when oil and gas
prices are depressed.
2. TRANSACTIONS WITH RELATED PARTIES
---------------------------------
The Partnerships' Partnership Agreements provide for
reimbursement to the General Partner for all direct general and
administrative expenses and for the general and administrative
overhead applicable to the Partnerships based on an allocation of
actual costs incurred by the General Partner. During the three
months ended March 31, 1997 the following payments were made to
the General Partner or its affiliates by the Partnerships:
-9-
Direct General Administrative
Partnership and Administrative Overhead
----------- ------------------ --------------
P-7 $11,950 $49,659
P-8 7,348 30,570
Affiliates of the Partnerships operate certain of the
Partnerships' properties and their policy is to bill the
Partnerships for all customary charges and cost reimbursements
associated with their activities.
The Partnerships receive Net Profits distributions on a monthly
basis from affiliated partnerships managed by the General
Partner. These distributions are reflected as Revenue, "Net
Profits", in the accompanying statements of operations. The Net
Profits Receivable represents amounts due from these affiliated
partnerships.
-10-
ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
USE OF FORWARD-LOOKING STATEMENTS AND ESTIMATES
- -----------------------------------------------
This Quarterly Report contains certain forward-looking
statements. The words "anticipate," "believe," "expect," "plan,"
"intend," "estimate," "project," "could," "may," and similar
expressions are intended to identify forward-looking statements.
Such statements reflect management's current views with respect
to future events and financial performance. This Quarterly
Report also includes certain information, which is, or is based
upon, estimates and assumptions. Such estimates and assumptions
are management's efforts to accurately reflect the condition and
operation of the Partnerships.
Use of forward-looking statements and estimates and assumptions
involve risks and uncertainties which include, but are not
limited to, the volatility of oil and gas prices, the uncertainty
of reserve information, the operating risk associated with oil
and gas properties (including the risk of personal injury, death,
property damage, damage to the well or producing reservoir,
environmental contamination, and other operating risks), the
prospect of changing tax and regulatory laws, the availability
and capacity of processing and transportation facilities, the
general economic climate, the supply and price of foreign imports
of oil and gas, the level of consumer product demand, and the
price and availability of alternative fuels. Should one or more
of these risks or uncertainties occur or should estimates or
underlying assumptions prove incorrect, actual conditions or
results may vary materially and adversely from those stated,
anticipated, believed, estimated, or otherwise indicated.
GENERAL
- -------
The Partnerships were formed for the purpose of acquiring Net
Profits Interests located in the continental United States. In
general, each Partnership acquired passive interests in producing
properties and does not directly engage in development drilling
or enhanced recovery projects. Therefore, the economic life of
each Partnership is limited to the period of time required to
fully produce its acquired oil and gas reserves. A Net Profits
Interest entitles the Partnerships to a portion of the oil and
gas sales less operating and production expenses and development
costs generated by the owner of the underlying working interest
in the oil and gas properties. The net proceeds from the oil and
gas operations are distributed to the Limited Partners and
General Partner in accordance with the terms of the Partnerships'
Partnership Agreements.
LIQUIDITY AND CAPITAL RESOURCES
- -------------------------------
The Partnerships began operations and investors were assigned
their rights as Limited Partners, having made capital
contributions in the amounts and on the dates set forth below:
-11-
Limited
Date of Partner Capital
Partnership Activation Contributions
----------- ------------------ ---------------
P-7 February 28, 1992 $18,870,200
P-8 February 28, 1992 11,616,800
In general, the amount of funds available for acquisition of
producing properties was equal to the capital contributions of
the Limited Partners, less 15% for sales commissions and
organization and management fees. The Partnerships have fully
invested their capital contributions.
Net proceeds from the Partnerships' Net Profits Interests less
necessary operating capital are distributed to Limited Partners
on a quarterly basis. Revenues and net proceeds of a Partnership
are largely dependent upon the volumes of oil and gas sold and
the prices received for such oil and gas. While the General
Partner cannot predict future pricing trends, it believes the
working capital available as of March 31, 1997 and the net
revenue generated from future operations will provide sufficient
working capital to meet current and future obligations of the
Partnerships.
RESULTS OF OPERATIONS
- ---------------------
GENERAL DISCUSSION
The following general discussion should be read in conjunction
with the analysis of results of operations provided below. The
most important variable affecting the Partnerships' revenues is
the prices received for the sale of oil and gas. Predicting
future prices is very difficult. Substantially all of the
Partnerships' gas reserves are being sold in the "spot market".
Prices on the spot market are subject to wide seasonal and
regional pricing fluctuations due to the highly competitive
nature of the spot market. In addition, such spot market sales
are generally short-term in nature and are dependent upon the
obtaining of transportation services provided by pipelines.
Management is unable to predict whether future oil and gas prices
will (i) stabilize, (ii) increase, or (iii) decrease.
P-7 PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 1997 AS COMPARED TO THE THREE MONTHS
ENDED MARCH 31, 1996.
Three Months Ended March 31,
----------------------------
1997 1996
-------- --------
Net Profits $661,119 $589,841
Barrels produced 34,647 37,226
Mcf produced 145,037 178,811
Average price/Bbl $ 21.15 $ 18.29
Average price/Mcf $ 2.60 $ 1.82
As shown in the table above, Net Profits increased $71,278
-12-
(12.1%) for the three months ended March 31, 1997 as compared to
the three months ended March 31, 1996. Of this increase,
approximately $99,000 and $113,000, respectively, were related to
the increases in the average prices of oil and gas sold,
partially offset by decreases of approximately $47,000 and
$61,000, respectively, related to the decreases in volumes of oil
and gas sold and approximately $33,000 was related to an increase
in production expenses incurred by the owners of the Working
Interests. Volumes of oil and gas sold decreased 2,579 barrels
and 33,774 Mcf, respectively, for the three months ended March
31, 1997 as compared to the three months ended March 31, 1996.
The decrease in volumes of gas sold resulted primarily from (i)
normal declines in production due to diminished gas reserves on
two wells, (ii) a negative gas balancing adjustment made by the
operator on one well during the three months ended March 31,
1997, and (iii) the shutting-in of another well in order to
perform a workover during the three months ended March 31, 1997
in order to improve the recovery of reserves. The increase in
production expenses resulted primarily from workover expenses
incurred on one well during the three months ended March 31, 1997
in order to improve the recovery of reserves. Average oil and
gas prices increased to $21.15 per barrel and $2.60 per Mcf,
respectively, for the three months ended March 31, 1997 from
$18.29 per barrel and $1.82 per Mcf, respectively, for the three
months ended March 31, 1996.
Depletion of Net Profits Interests decreased $85,333 (25.7%) for
the three months ended March 31, 1997 as compared to the three
months ended March 31, 1996. This decrease resulted primarily
from (i) decreases in volumes of oil and gas sold during the
three months ended March 31, 1997 as compared to the three months
ended March 31, 1996 and (ii) upward revisions in the estimate of
remaining oil reserves at December 31, 1996. As a percentage of
Net Profits, this expense decreased to 37.3% for the three months
ended March 31, 1997 from 56.3% for the three months ended March
31, 1996. This decrease was primarily due to the dollar decrease
in depreciation, depletion, and amortization discussed above and
the increases in the average prices of oil and gas sold during
the three months ended March 31, 1997 as compared to the three
months ended March 31, 1996.
The P-7 Partnership recognized a non-cash charge against earnings
of $1,474,823 for the three months ended March 31, 1997. This
impairment provision was necessary due to the unamortized costs
of Net Profits Interests exceeding the undiscounted future net
revenues from such Net Profits Interests, in accordance with the
P-7 Partnership's adoption of SFAS No. 121. Of this amount,
$686,260 was related to the decline in oil and gas prices used to
determine the recoverability of oil and gas reserves at March 31,
1997 and $788,563 was related to impairment of unproved
properties. No similar charge was necessary during the three
months ended March 31, 1996.
General and administrative expenses remained relatively constant
for the three months ended March 31, 1997 as compared to the
three months ended March 31, 1996. As a percentage of Net
Profits, these expenses remained relatively constant at 9.3% for
the three months ended March 31, 1997 as compared to 10.4% the
three months ended March 31, 1996.
Cumulative cash distributions to the Limited Partners through
-13-
March 31, 1997 were $7,960,916 or 42.19% of Limited Partners'
capital contributions.
P-8 PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 1997 AS COMPARED TO THE THREE MONTHS
ENDED MARCH 31, 1996.
Three Months Ended March 31,
----------------------------
1997 1996
-------- --------
Net Profits $452,858 $337,274
Barrels produced 20,165 21,709
Mcf produced 112,487 102,985
Average price/Bbl $ 21.15 $ 18.26
Average price/Mcf $ 2.67 $ 1.98
As shown in the table above, Net Profits increased $115,584
(34.3%) for the three months ended March 31, 1997 as compared to
the three months ended March 31, 1996. Of this increase,
approximately $58,000 and $78,000, respectively, were related to
increases in the average prices of oil and gas sold and
approximately $19,000 was related to an increase in volumes of
gas sold, partially offset by a decrease of approximately $28,000
related to a decrease in volumes of oil sold and a decrease of
approximately $11,000 related to an increase in production
expenses incurred by the owners of the Working Interests.
Volumes of oil sold decreased 1,544 barrels, while volumes of gas
sold increased 9,502 Mcf for the three months ended March 31,
1997 as compared to the three months ended March 31, 1996. The
increase in production expenses resulted primarily from (i)
workover expenses incurred on one well during the three months
ended March 31, 1997 in order to improve the recovery of reserves
and (ii) an increase in production taxes associated with the
increase in Net Profits discussed above. Average oil and gas
prices increased to $21.15 per barrel and $2.67 per Mcf,
respectively, for the three months ended March 31, 1997 from
$18.26 per barrel and $1.98 per Mcf, respectively, for the three
months ended March 31, 1996.
Depletion of Net Profits Interests decreased $12,260 (6.6%) for
the three months ended March 31, 1997 as compared to the three
months ended March 31, 1996. This decrease resulted primarily
from upward revisions in the estimate of remaining oil reserves
at December 31, 1996. As a percentage of Net Profits, this
expense decreased to 38.5% for the three months ended March 31,
1997 from 55.3% for the three months ended March 31, 1996. This
decrease was primarily due to the increases in the average prices
of oil and gas sold during the three months ended March 31, 1997
as compared to the three months ended March 31, 1996.
The P-8 Partnership recognized a non-cash charge against earnings
of $1,052,542 for the three months ended March 31, 1997. This
impairment provision was necessary due to the unamortized costs
of Net Profits Interests exceeding the undiscounted future net
revenues from such Net Profits Interests, in accordance with the
P-8 Partnership's adoption of SFAS No. 121. Of this amount,
$650,465 was related to the decline in oil and gas prices used to
determine the recoverability of oil and gas reserves at March 31,
-14-
1997 and $402,077 was related to impairment of unproved
properties. No similar charge was necessary during the three
months ended March 31, 1996.
General and administrative expenses remained relatively constant
for the three months ended March 31, 1997 as compared to the
three months ended March 31, 1996. As a percentage of Net
Profits, these expenses decreased to 8.4% for the three months
ended March 31, 1997 from 11.2% for the three months ended March
31, 1996. This decrease was primarily due to the increase in Net
Profits discussed above.
Cumulative cash distributions to the Limited Partners through
March 31, 1997 were $4,810,583 or 41.41% of Limited Partners'
capital contributions.
-15-
PART II: OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits:
27.1 Financial Data Schedule containing summary
financial information extracted from the P-7
Partnership's financial statements as of March 31,
1997 and for the three months ended March 31,
1997, filed herewith.
27.2 Financial Data Schedule containing summary
financial information extracted from the P-8
Partnership's financial statements as of March 31,
1997 and for the three months ended March 31,
1997, filed herewith.
All other exhibits are omitted as inapplicable.
(b) Reports on Form 8-K:
Current Reports on Form 8-K filed during the first quarter
of 1997:
Date of event: January 24, 1997
Date filed with SEC: January 24, 1997
Items Included:
Item 5 - Other Events
Item 7 - Exhibits
-16-
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, thereunto duly authorized.
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME
LIMITED PARTNERSHIP P-7
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME
LIMITED PARTNERSHIP P-8
(Registrant)
By: GEODYNE RESOURCES, INC.
General Partner
Date: May 13, 1997 By: /s/Dennis R. Neill
-------------------------------
(Signature)
Dennis R. Neill
President
Date: May 13, 1997 By: /s/Patrick M. Hall
-------------------------------
(Signature)
Patrick M. Hall
Principal Accounting Officer
-17-
INDEX TO EXHIBITS
-----------------
NUMBER DESCRIPTION
- ------ -----------
27.1 Financial Data Schedule containing summary financial
information extracted from the Geodyne Institutional/Pension
Energy Income Limited Partnership P-7's financial statements
as of March 31, 1997 and for the three months ended March
31, 1997, filed herewith.
27.2 Financial Data Schedule containing summary financial
information extracted from the Geodyne Institutional/Pension
Energy Income Limited Partnership P-8's financial statements
as of March 31, 1997 and for the three months ended March
31, 1997, filed herewith.
All other exhibits are omitted as inapplicable.