U.S. Securities and Exchange Commission
Washington, D.C. 20549
Form 10-QSB
(Mark One)
[ X ] QUARTERLY REPORT PURSUANT SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2000
[ ] TRANSITION REPORT PURSUANT SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from _________ to _________
Commission file number 333-31681
Atlas-Energy for the Nineties-Public #6 Ltd.
(Name of small business issuer in its charter)
Pennsylvania 23-2888337
(State or other jurisdiction of (I.R.S. Employer identification No.)
incorporated or organization)
311 Rouser Road, Moon Township, Pennsylvania 15108
(Address of principal executive offices) (Zip Code)
Issuer's telephone (412) 262-2830
(Former name, former address and former fiscal year, if changed since last
report)
Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.
Yes X No
Transitional Small Business Disclosure Format (check one):
Yes X No
===============================================================================
PART I
Item 1. Financial Statements
The unaudited Financial Statements of Atlas-Energy for the Nineties-Public #6
Ltd. (the "Partnership") for the period January 1, 2000 to June 30, 2000.
Item 2. Description of Business
The Partnership has placed into production 44.45 net wells to the
Clinton/Medina formation in Mercer and Lawrence Counties, Pennsylvania. As of
June 30, 2000, all 44.45 net wells are in production. The first quarterly
distribution was on June 8, 1998 for natural gas production during January,
February and March, 1998.
Natural gas sales revenue for the three months was $336,857 which includes
landowner royalties. Expenses for this period include $75.00 per month per
well for administrative costs and $275.00 per month per well for pumpers
fees.
For the next twelve months management believes that the Partnership has
adequate capital. No other wells will be drilled and, therefore, no
additional funds will be required.
Although management does not anticipate that the Partnership will have to do
so, any additional funds which may be required will be obtained from
production revenues from Partnership wells or from borrowings by the
Partnership from Atlas or its affiliates, although Atlas is not contractually
committed to make such a loan. No borrowings will be obtained from third
parties.
PART II
Item 1. Legal Proceeding
None
Item 2. Changes in Securities
None
Item 3. Defaults Upon Senior Securities
None
Item 4. Submission of Matters to a Vote of Securities Holders
None
Item 5. Other Matters
None
Item 6. Reports on Form 8-K
The registrant filed no reports on Form 8-K during the last quarter
of the period covered by this report.
10-Aug-00
ATLAS-ENERGY FOR THE NINETIES--PUBLIC #6 LTD.
A PENNSYLVANIA LIMITED PARTNERSHIP
BALANCE SHEET
AS OF JUNE 30, 2000 and DECEMBER 31, 1999
JUNE 30
2000 December 31 Increase
(unaudited) 1999 (Decrease)
-------------------------------------------------------
ASSETS
CURRENT ASSETS
Cash $ 18,640 $ 14,662 $ 3,978
Accounts receivable 291,868 298,026 (6,158)
-------------------- ------------- --------------
TOTAL CURRENT ASSETS 310,508 312,688 (2,180)
Oil and gas drilling contracts/leases,net of accum. depl. & amort. 7,596,362 7,982,685 (386,323)
-------------------- ------------- --------------
TOTAL ASSETS $ 7,906,870 $ 8,295,373 $ (388,503)
=====================================================
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable $ 30,730 $ 14,775 $ 15,955
Partners' capital 7,876,140 8,280,598 (404,458)
-------------------- ------------- --------------
TOTAL LIABILITIES AND PARTNERS' CAPITAL $ 7,906,870 $ 8,295,373 $ (388,503)
=====================================================
The notes to Financial Statements are an integral part of this statement.
ATLAS-ENERGY FOR THE NINETIES--PUBLIC #6 LTD.
A PENNSYLVANIA LIMITED PARTNERSHIP
STATEMENT OF INCOME (Unaudited)
FOR THE SIX MONTHS ENDED JUNE 30, 2000 AND 1999
Six Months Ended Second Quarter Ended
June 30 June 30 June 30 June 30
REVENUE 2000 1999 2000 1999
------------------------------- --------------------------------
Natural gas sales $668,269 $754,372 $336,857 $354,973
Interest income 7,100 5,312 4,796 2,145
------------- ----------- ------------- ---------------
Total Revenue 675,369 759,684 341,653 357,118
EXPENSES
Well operating expense 97,176 96,320 44,989 46,743
Depletion and depreciation of oil and gas wells and leases 386,323 581,206 188,845 266,746
General and administrative fees 19,815 19,290 9,889 10,189
Professional fees 16,398 7,895 16,398 3,645
Other 543 798 362 501
------------- ----------- ------------- ---------------
Total Expenses 520,255 705,509 260,483 327,824
------------- ----------- ------------- ---------------
Net Earnings $ 155,114 $ 54,175 $ 81,170 $ 29,294
============= =========== ============= ===============
The notes to Financial Statements are an integral part of this statement.
ATLAS-ENERGY FOR THE NINETIES--PUBLIC #6 LTD.
A PENNSYLVANIA LIMITED PARTNERSHIP
STATEMENT OF CASH FLOWS (Unaudited)
FOR THE SIX MONTHS ENDED JUNE 30, 2000 AND 1999
Six Months Ended
June 30
Increase (Decrease) in Cash
2000 1999
-----------------------------------------
Cash flows from operating activities
Net Earnings $ 155,114 $54,175
Adjustments to reconcile net earnings to net cash
provided by operating activities:
Depletion and depreciation 386,323 581,206
Decrease in accounts receivable 6,158 135,995
Increase in accounts payable 15,955 706
---------- ----------
Cash provided by operating activities 563,550 772,082
Cash flows used in financing activities:
Distributions to Partners (559,572) (768,744)
---------- ----------
Net Increase in Cash 3,978 3,338
Cash at beginning of period 14,662 7,960
---------- ----------
Cash at end of period $18,640 $11,298
========== ==========
The notes to Financial Statements are an integral part of this statement.
ATLAS-ENERGY FOR THE NINETIES--PUBLIC #6 LTD.
A PENNSYLVANIA LIMITED PARTNERSHIP
STATEMENT OF CHANGES IN PARTNERS' CAPITAL ACCOUNTS (Unaudited)
FOR THE SIX MONTHS ENDED JUNE 30, 2000
MANAGING
GENERAL OTHER
PARTNER PARTNERS TOTAL
---------- ---------- ----------
BALANCE AT JANUARY 1, 2000 $331,143 $7,949,455 $8,280,598
Participation in revenue and expenses:
Net Production Revenues 142,773 428,319 571,092
Interest 1,775 5,325 7,100
Depletion and depreciation (73,423) (312,899) (386,322)
Other costs (9,189) (27,567) (36,756)
---------- ---------- ----------
Net Earnings 61,936 93,178 155,114
Distributions (139,893) (419,679) (559,572)
---------- ---------- ----------
BALANCE AT JUNE 30, 2000 $253,186 $7,622,954 $7,876,140
========== ========== ==========
The notes to Financial Statements are an integral part of this statement.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
ATLAS-ENERGY FOR THE NINETIES--PUBLIC #6 LTD.
A PENNSYLVANIA LIMITED PARTNERSHIP
1. INTERIM FINANCIAL STATEMENTS
The financial statements as of June 30, 2000 and for the six months
then ended have been prepared by the management of the Partnership without
audit, pursuant to the rules and regulations of the Securities and Exchange
Commission. Certain information and footnote disclosures normally included in
the financial statements prepared in accordance with generally accepted
accounting principles have been omitted pursuant to such rules and
regulations, although the partnership believes that the disclosures are
adequate to make the information presented not misleading. These financial
statements should be read in conjunction with the audited December 31, 1999
financial statements. In the opinion of management, all adjustments
(consisting of only normal recurring accruals) considered necessary for
presentation have been included.
2. SIGNIFICANT ACCOUNTING POLICIES
The Partnership uses the successful efforts method of accounting for
oil and gas activities. Costs to acquire mineral interests in oil and gas
properties and drill and equip wells are capitalized. Oil and gas properties
are periodically assessed and when unamortized costs exceed expected future
net cash flows, a loss is recognized by a charge to income.
Capitalized costs of oil and gas wells and leases are depreciated,
depleted and amortized by the unit of production method.
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
ATLAS-ENERGY FOR THE NINETIES-PUBLIC #6 LTD.
Management's discussion and analysis should be read in conjunction with the
financial statements and notes thereto.
RESULTS OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 2000
Natural gas sales revenue for the six months ended June 30, 2000 was down
$86,103 (11%) from the prior year due to lower gas production. Gas production
for the six months ended June 30, 2000 was 275,979 Mcf, down from 415,147 Mcf
in the prior year. The decrease in gas production results primarily from
normal well declines. Natural gas prices for the six months ended June 30,
2000 increased by $.69/Mcf to $2.76/Mcf.
QUARTER ENDED JUNE 30, 2000
Natural gas sales revenue for the quarter ended June 30, 2000 was down
$18,116 (5%) from the prior year's second quarter due to lower gas
production. Gas production for the quarter ended June 30, 2000 was 134,924
Mcf, down from 190,533 Mcf in the prior year's second quarter. The decrease
in gas production results primarily from normal well declines. Natural gas
prices for the quarter ended June 30, 2000 increased by $.72/Mcf to $2.85/Mcf.
FINANCIAL CONDITION
LIQUIDITY
The decrease in cash provided by operating activities and distributions to
partners during the six months ended June 30, 2000 results primarily from
lower cash received from sales of natural gas. The Partnership's working
capital decreased from $297,913 at December 31, 1999 to $279,780 at June 30,
2000. The decrease is attributable to distributions to partners, higher
accounts payable and normal declines in natural gas production from the
levels at the end of 1999, which result in lower receivables in connection
with sales of gas produced.
CAPITAL RESOURCES
There were no new material commitments for capital expenditures during the
period and the Partnership does not expect any in the foreseeable future.
SIGNATURES
In accordance with Section 13 or 15(d) of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
Atlas-Energy for the Nineties--Public #6 Ltd.
By (Signature and Title): Atlas Resources, Inc.,
Managing General Partner
By (Signature and Title): /s/ James R. O'Mara
James R. O'Mara
President, Chief Executive Officer and a Director
Date: August 14, 2000
In Accordance with the Exchange Act, this report has been signed by the
following persons on behalf of the registrant and in the capacities and on
the dates indicated.
By (Signature and Title): /s/ James R. O'Mara
James R. O'Mara
President, Chief Executive Officer and a Director
Date: August 14, 2000
By (Signature and Title): /S/ Tony C. Banks
Tony C. Banks
Vice President and Chief Financial Officer
Date: August 14, 2000