As filed with the Securities and Exchange Commission on September 12, 1997.
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
September 11, 1997 (June 30, 1997)
ENEX CONSOLIDATED PARTNERS, L.P.
(Exact name of registrant as specified in its charter)
New Jersey 000-22983 76-0508488
(State of other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
c/o Enex Resources Corporation, 800 Richmond Drive
Three Kingwood Place, Suite 200, Kingwood, Texas 77339
(Address of Principal Executive Offices)
Registrant's telephone number, including area code: (281) 358-8401
Not Applicable
(Former name or former address, if changed since last report)
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ENEX CONSOLIDATED PARTNERS, L.P.
TABLE OF CONTENTS
FOR
CURRENT REPORT ON FORM 8-K
Item 7. Financial Statements and Exhibits............................ 3
Signature ............................................................. 8
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Item 7. Financial Statements and Exhibits.
(a) Financial Statements of Businesses Acquired. On June 30, 1997, Enex
Consolidated Partners, L.P. acquired all the assets of the following limited
partnerships (the "Partnerships"):
PARTNERSHIP NAME FILE NUMBER
Enex Program I Partners, L.P. 0-14233
Enex Oil & Gas Income Program II-7, L.P. 0-14250
Enex Oil & Gas Income Program II-8, L.P. 0-14249
Enex Oil & Gas Income Program II-9, L.P. 0-15431
Enex Oil & Gas Income Program II-10, L.P. 0-15432
Enex Oil & Gas IncomeProgram III - Series 1, L.P. 0-15433
Enex Oil & Gas IncomeProgram III - Series 2, L.P. 0-15434
Enex Oil & Gas IncomeProgram III - Series 3, L.P. 0-16551
Enex Oil & Gas IncomeProgram III - Series 4, L.P. 0-16552
Enex Oil & Gas IncomeProgram III - Series 5, L.P. 0-16553
Enex Oil & Gas IncomeProgram III - Series 6, L.P. 0-16574
Enex Oil & Gas IncomeProgram III - Series 7, L.P. 0-17559
Enex Oil & Gas IncomeProgram III - Series 8, L.P. 0-17562
Enex Oil & Gas IncomeProgram IV - Series 1, L.P. 0-17561
Enex Oil & Gas IncomeProgram IV - Series 2, L.P. 0-17560
Enex Oil & Gas IncomeProgram IV - Series 4, L.P. 0-18321
Enex Oil & Gas IncomeProgram IV - Series 5, L.P. 0-18329
Enex Oil & Gas IncomeProgram IV - Series 6, L.P. 0-18326
Enex Oil & Gas IncomeProgram IV - Series 7, L.P. 0-18617
Enex Oil & Gas IncomeProgram V - Series 1, L.P. 0-18854
Enex Oil & Gas IncomeProgram V - Series 2, L.P. 33-34348-01
Enex Oil & Gas IncomeProgram V - Series 3, L.P. 33-34348-02
Enex Oil & Gas IncomeProgram V - Series 4, L.P. 33-34348-04
Enex Oil & Gas IncomeProgram V - Series 5, L.P. 33-34348-05
Enex Oil & Gas IncomeProgram VI - Series 1, L.P. 33-45253
Enex Income and Retirement Fund - Series 1, L.P. 0-16549
Enex Income and Retirement Fund - Series 2, L.P. 0-16550
Enex Income and Retirement Fund - Series 3, L.P. 0-16575
Enex 88-89 Income and Retirement Fund - Series 5, L.P. 0-18330
Enex 88-89 Income and Retirement Fund - Series 6, L.P. 0-18327
Enex 88-89 Income and Retirement Fund - Series 7, L.P. 0-18396
Enex 90-91 Income and Retirement Fund - Series 1, L.P. 0-18853
Enex 90-91 Income and Retirement Fund - Series 2, L.P. 0-19033
Enex 90-91 Income and Retirement Fund - Series 3, L.P. 0-19626
The financial statements required, with respect to the "Partnerships", pursuant
to subsection (a) of Item 7 hereby included by reference to the information in
the Annual Reports on Form 10-KSB, as amended, for each of the Partnerships, for
the year ended December 31, 1996 and their Quarterly Reports on Form 10-QSB, as
amended, for the quarter ended March 31, 1997.
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(b) Pro Forma Financial Information
ENEX CONSOLIDATED PARTNERS, L.P.
PROFORMA BALANCE SHEET
- -----------------------------------------------------------------------------
Historical
Combined Purchase Consolidated
June 30, Accounting June 30,
ASSETS 1997 Adjustments 1997
----------------- ----------------- -------------
CURRENT ASSETS:
Cash and cash equivalents $ 953,087 $ 953,087
Accounts receivable - oil & gas sales 1,281,421 1,281,421
Receivable from litigation settlement 280,050 280,050
Other current assets 33,502 33,502
----------------- ----------------- -------------
Total current assets 2,548,060 2,548,060
----------------- ----------------- ---------------
OIL & GAS PROPERTIES
(Successful efforts accounting method) - Proved
mineral interests and related equipment & facilities 133,443,999 $ (122,068,035)(1) 11,375,964
Less accumulated depreciation and depletion 120,717,075 (120,717,075)(1) -
----------------- ----------------- -------------
Property, net 12,726,924 (1,350,960) 11,375,964
----------------- ----------------- ---------------
TOTAL $ 15,274,984 $ (1,350,960) $ 13,924,024
================= ================= ===============
LIABILITIES AND PARTNERS' CAPITAL
CURRENT LIABILITIES:
Accounts payable $ 498,817 $ 498,817
Payable to general partner 1,856,358 $ (1,856,358)(2)
549,158 (4) 549,158
----------------- ----------------- -------------
Total current liabilities 2,355,175 (1,307,200) 1,047,975
----------------- ----------------- ---------------
LIMITED PARTNERS' CAPITAL SUBJECT
TO REDEMPTION 11,547,269 (1,350,960)(1)
1,856,358 (2)
1,372,540 (3)
(549,158)(4) 12,876,049
GENERAL PARTNER'S CAPITAL 1,372,540 (1,372,540)(3) -
----------------- ----------------- -------------
TOTAL $ 15,274,984 $ (4,030,700) $ 1,047,975
================= ================= ===============
See accompanying notes to financial statements.
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ENEX CONSOLIDATED PARTNERS, L.P.
COMBINED PRO FORMA STATEMENTS OF OPERATIONS
- ------------------------------------------------------------------------------
Assuming that the Consolidation occurred January 1, 1996 and January 1, 1997,
respectively.
Year Ended December 31, 1996 Six Months Ended June 30, 1997
--------------------------------------------- ------------------------------------------
Combined Adjusted Combined Adjusted
Historical Adjustments Pro Forma Historical Adjustments Pro Forma
------------- ------------ ------------- ------------- ---------- -----------
(unaudited)
REVENUES:
Oil and gas sales $ 11,296,811 $11,296,811 $ 5,200,270 $5,200,270
Gas plant sales 1,048,688 1,048,688 619,555 619,555
------------- ------------ ------------- ----------- ---------- ---------
Total revenues 12,345,499 12,345,499 5,819,825 5,819,825
------------- ------------ ------------- ------------- ---------- -----------
EXPENSES:
Depreciation and depletion 2,369,278 $ (182,198) (5) 2,187,080 1,048,413 $(103,678) (5) 944,735
Impairment of property 2,315,081 (2,315,081) (6) 0 - -
Lease operating expenses 3,616,133 3,616,133 1,743,841 1,743,841
Gas plant purchases 670,358 670,358 439,370 439,370
Production taxes 637,476 637,476 288,581 288,581
General and administrative:
Allocated from general partner 1,646,201 1,646,201 758,298 758,298
Direct expenses 329,800 329,800 58,349 58,349
------------- ------------ - ------------- ---------- -----------
Total expenses 11,584,327 (2,497,279) 9,087,048 4,336,852 (103,678) 4,233,174
------------- ------------ ------------- ------------- ---------- -----------
INCOME FROM OPERATIONS 761,172 2,497,279 3,258,451 1,482,973 103,678 1,586,651
------------- ------------ ------------- ------------- ---------- -----------
OTHER INCOME:
Gain on sale of property 5,940 5,940 5,940 5,940
Interest income - - 1,265 1,265
Other income - - 21,000 21,000
------------ ----------- -------------- ------------ ----------- ----------
Total other income 5,940 5,940 28,205 28,205
------------- ------------ ------------- ------------- ---------- -----------
NET INCOME $ 767,112 $ 2,497,279 $ 3,264,391 $ 1,511,178 $ 103,678 $1,614,856
============= ============ ============= ============= ========== ===========
See accompanying notes to financial statements.
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Notes to Pro Forma Financial Information
1.) Oil and gas property and accumulated depreciation and depletion have
been adjusted to reflect the fair market value of the property as
required under the purchase method of accounting for the consolidation.
2.) The payable to the general partner was converted into limited partner
units as prescribed by the Proxy/Prospectus Statement for the
consolidation dated April 7, 1997.
3.) The general partner's capital balance was converted into limited
partner units as prescribed by the Proxy/Prospectus Statement for the
consolidation dated April 7, 1997.
4.) The consolidation costs are recorded as a payable to the general
partner and a reduction in limited partner capital.
5.) Depreciation and depletion expense is adjusted for the purchase basis
of accounting adjustment of the oil and gas property.
6.) Impairment of property expense is eliminated in the Proforma Statement
of Operations as the oil and gas property would have been written down
to its fair market value utilizing the purchase basis of accounting
method for the consolidation.
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(c) Exhibits. The following material is filed as an exhibit to this Current
Report on Form 8-K:
Exhibit
Number Description of Exhibit
23 Consent of Independent Auditors.
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SIGNATURE
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.
ENEX CONSOLIDATED PARTNERS, L.P.
By: ENEX RESOURCES CORPORATION
General Partner
Date: September 11, 1997 By:/s/Gerald B. Eckley
Gerald B. Eckley
President
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