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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 September 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
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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 September 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
September 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 $365,733 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 drilling funds will be required.
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. Management does not anticipate that the Partnership will
need to borrow. 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.
The notes to Financial Statements are an integral part of this statement.
ATLAS-ENERGY FOR THE NINETIES--PUBLIC #6 LTD.
A PENNSYLVANIA LIMITED PARTNERSHIP
BALANCE SHEET
AS OF SEPTEMBER 30, 2000 and DECEMBER 31, 1999
SEPTEMBER 30
2000 December 31 Increase
(unaudited) 1999 (Decrease)
------------------------------------------------------
ASSETS
CURRENT ASSETS
Cash $ 22,623 $ 14,662 $ 7,961
Accounts receivable 319,165 298,026 21,139
------------------- ----------------- -------------
TOTAL CURRENT ASSETS 341,788 312,688 29,100
Oil and gas drilling contracts/leases,net of accum. depl. & amort. 7,423,484 7,982,685 (559,201)
------------------- ----------------- -------------
TOTAL ASSETS $ 7,765,272 $ 8,295,373 $ (530,101)
=================== ================= =============
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable $ 15,230 $ 14,775 $ 455
Partners' capital 7,750,042 8,280,598 (530,556)
------------------- ----------------- -------------
TOTAL LIABILITIES AND PARTNERS' CAPITAL $ 7,765,272 $ 8,295,373 $ (530,101)
=================== ================= =============
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 NINE MONTHS ENDED SEPTEMBER 30, 2000 AND 1999
Nine Months Ended Third Quarter Ended
September 30 September 30 September 30 September 30
REVENUE 2000 1999 2000 1999
------------------------------- -------------------------
Natural gas sales $1,034,002 $1,121,756 $365,733 $367,384
Interest income 14,433 7,200 7,332 1,888
------------- ------------ ------------- ----------
Total Revenue 1,048,435 1,128,956 373,065 369,272
EXPENSES
Well operating expense 143,744 140,900 46,568 44,580
Depletion and depreciation of oil and gas wells and leases 559,202 821,588 172,879 240,382
General and administrative fees 29,463 29,291 9,648 10,001
Professional fees 31,532 7,663 15,133 (232)
Other 1,864 1,198 1,321 400
------------- ------------ ------------- ----------
Total Expenses 765,805 1,000,640 245,549 295,131
------------- ------------ ------------- ----------
Net Earnings $ 282,630 $ 128,316 $127,516 $ 74,141
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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 NINE MONTHE ENDED SEPTEMBER 30, 2000 AND 1999
Nine Months Ended
September 30
INCREASE (DECREASE) IN CASH
2000 1999
------------------------------
Cash flows from operating activities
Net Earnings $ 282,630 $ 128,316
Adjustments to reconcile net earnings to net cash
provided by operating activities:
Depletion and depreciation 559,202 821,588
(Increase) Decrease in accounts receivable (21,139) 121,423
Increase (Decrease) in accounts payable 455 (7,724)
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Cash provided by operating activities 821,148 1,063,603
Cash flows used in financing activities:
Distributions to Partners (813,187) (1,063,779)
--------- -----------
Net Increase (Decrease) in Cash 7,961 (176)
Cash at beginning of period 14,662 7,960
--------- -----------
Cash at end of period $ 22,623 $ 7,784
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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 NINE MONTHS ENDED SEPTEMBER 30, 2000
MANAGING
GENERAL OTHER
PARTNER PARTNERS TOTAL
-------- ---------- ----------
BALANCE AT JANUARY 1, 2000 $331,143 $7,949,455 $8,280,598
Partners' capital contributions:
Participation in revenue and expenses:
Net Production Revenues 222,565 667,694 890,259
Interest 3,608 10,825 14,433
Depletion and depreciation (78,288) (480,914) (559,202)
Other costs (15,715) (47,144) (62,859)
-------- ---------- ----------
Net Earnings 132,170 150,461 282,631
Distributions (203,297) (609,890) (813,187)
-------- ---------- ----------
BALANCE AT SEPTEMBER 30, 2000 $260,016 $7,490,026 $7,750,042
======== ========== ==========
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 September 30, 2000 and for the three
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
NINE MONTHS ENDED SEPTEMBER 30, 2000
Natural gas sales revenue for the nine months ended September 30, 2000 was
down $87,754 (8%) due to declines in natural gas production. Gas production
for the nine months ended September 30, 2000 was 399,429 Mcf, down from
586,848 Mcf in the prior year. The decrease in gas production results
primarily from normal declines. Natural gas prices for the nine months ended
September 30, 2000 increased by $.78/Mcf to $2.96/Mcf.
QUARTER ENDED SEPTEMBER 30, 2000
Natural gas sales revenue for the quarter ended September 30, 2000 was down
$1,651 from the prior year's third quarter due to lower gas production. Gas
production for the quarter ended September 30, 2000 was 123,450 Mcf, down
from 171,701 Mcf in the prior year's third quarter. The decrease in gas
production results primarily from normal well declines. Natural gas prices
for the quarter ended September 30, 2000 increased by $.95/Mcf to $3.39/Mcf.
FINANCIAL CONDITION
LIQUIDITY
The decrease in cash provided by operating activities and distributions to
partners during the nine months ended September 30, 2000 results primarily
from lower cash received from sales of natural gas. The Partnership's working
capital increased from $297,913 at December 31, 1999 to $326,558 at September
30, 2000. The increase is attributable to higher accounts receivable compared
with December 31, 1999 due to higher prices for natural gas production.
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: November 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: November 14, 2000
By (Signature and Title): /S/ Tony C. Banks
Tony C. Banks
Vice President and Chief Financial Officer
Date: November 14, 2000