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 March 31, 1998 [ ] 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, 1998 to March 31, 1998 Item 2. Description of Business The Partnership has spudded approximately 44.45 net wells to the Clinton/Medina formation in Mercer and Lawrence Counties, Pennsylvania. As of March 31, 1998, 23.5 net wells are in production. The first quarterly distribution will be on June 8, 1998 for natural gas production during January, February and March, 1998. Net Production revenue for the three months was $130,776 which includes pumpers fees of $275.00 per month per well. Expenses for this period include $75.00 per month per well for administrative costs. 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. - ----------------------------------------------------------------------------- UNAUDITED FINANCIAL STATEMENTS ATLAS-ENERGY FOR THE NINETIES--PUBLIC #6 LTD. A PENNSYLVANIA LIMITED PARTNERSHIP CONSOLIDATED BALANCE SHEET (UNAUDITED) As of March 31, 1998 and December 31, 1997 BALANCE SHEET - (UNAUDITED) ASSETS 3/31/98 12/31/97 Increase (Decrease) - ----------------------------------------------------------------------------- Cash $ 181 $ 19,459 $ (19,278) Accounts receivable 130,776 18,076 112,700 ------- ------- --------- TOTAL CURRENT ASSETS 130,957 37,535 93,422 Oil and gas wells and leases 10,286,600 10,384,508 (97,908) Organizational and syndication costs 1,471,152 1,485,154 (14,002) ---------- ---------- ---------- TOTAL ASSETS $11,888,709 $11,907,197 $ (18,488) ========== ========== ========== LIABILITIES AND PARTNERS' CAPITAL Accounts payable $ 13,451 15,000 (1,549) Partners' capital 11,875,258 11,892,197 (16,939) ---------- ---------- --------- TOTAL LIABILITIES AND PARTNERS CAPITAL $11,888,709 $11,907,197 $(18,488) ========== ========== ========= - -------------------------------------------------------------------------- ATLAS-ENERGY FOR THE NINETIES--PUBLIC #6 LTD. A PENNSYLVANIA LIMITED PARTNERSHIP STATEMENT OF INCOME For the three months ended March 31, 1998 and 1997 Three Months Ended First Quarter Ended March 31, March 31, 1998 1997 1998 1997 ------------------ ------------------- REVENUE Natural gas sales $165,272 $ -0- $165,272 $ -0- Less direct operating costs: Royalty interest 20,708 -0- 20,708 -0- Other 13,788 -0- 13,788 -0- ---------- -------- --------- -------- 34,496 -0- 34,496 -0- ---------- -------- --------- -------- Net Production Revenues 130,776 -0- 130,776 -0- Interest Income 79 -0- 79 -0- ---------- -------- --------- -------- Total Revenue 130,855 -0- 130,855 -0- EXPENSES Depletion and depreciation of oil and gas wells and leases 97,908 -0- 97,908 -0- Amortization of organization and syndication costs 14,002 -0- 14,002 -0- General and administrat. fees 2,664 -0- 2,664 -0- Professional fees 10,153 -0- 10,153 -0- Other 529 -0- 529 -0- ---------- ------- ------- ------- Total Expenses 125,256 -0- 125,256 -0- ---------- ------- ------- ------- NET (LOSS) $ 5,599 $ -0- $ 5,599 $ -0- ========== ======== ========= ======== - ----------------------------------------------------------------------------- ATLAS-ENERGY FOR THE NINETIES--PUBLIC #6 LTD. A PENNSYLVANIA LIMITED PARTNERSHIP STATEMENT OF CASH FLOWS (UNAUDITED) For the three months ended March 31, 1998 and 1997 Three Months Ended March 31, 1998 1997 -------------------- Increase (Decrease) in Cash Cash flows from operating activities Net Income $ 5,599 $ -0- Adjustments to reconcile net income to net cash provided by operating activities: Depletion and depreciation 97,908 -0- Amortization 14,002 -0- (Increase) accounts receivable (112,700) -0- (Decrease) in accounts payable (1,549) -0- ----------- ---------- Net cash provided by operating activities 3,260 -0- Cash flows used in financing activities: Distributions to Partners (22,538) -0- ---------- --------- Net (Decrease) in Cash (19,278) -0- Cash at beginning of period 19,459 -0- ---------- --------- Cash at end of period $ 181 $ -0- ========== ========= - --------------------------------------------------------------------- ATLAS-ENERGY FOR THE NINETIES--PUBLIC #6 LTD. A PENNSYLVANIA LIMITED PARTNERSHIP STATEMENT OF CHANGES IN PARTNERS' CAPITAL ACCOUNTS For the three months ended March 31, 1998 MANAGING GENERAL OTHER PARTNER PARTNERS TOTAL BALANCE AT JANUARY 1, 1998 $1,968,637 $9,923,560 $11,892,197 Participation in revenue and expenses: Natural gas sales 32,694 98,082 130,776 Interest 20 59 79 Depletion and depreciation ( 4,524) ( 93,384) ( 97,908) Amortization ( 14,002) 0 (14,002) Other costs ( 3,336) ( 10,010) (13,346) ----------- ---------- -------- Net income (loss) 10,852 ( 5,253) 5,599 Distributions -0- ( 22,538) ( 22,538) ----------- ----------- ---------- BALANCE AT MARCH 31, 1998 $1,979,489 $9,895,769 $11,875,258 =========== ========== ========== - ----------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS (UNAUDITED) ATLAS-ENERGY FOR THE NINETIES--PUBLIC #6 LTD. A PENNSYLVANIA LIMITED PARTNERSHIP March 31, 1998 1. INTERIM FINANCIAL STATEMENTS The financial statements as of March 31, 1998 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 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, 1997 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, drill and equip wells and organizational and syndication costs 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, leases and organization and syndication costs are depreciated, depleted and amortized by the unit of production method. - ----------------------------------------------------------------------------- MANAGEMENT'S DISCUSSION AND ANALYSIS Management's discussion and analysis should be read in conjunction with the financial statements and notes thereto. Results of Operations - --------------------- Three Months (Quarter) Ended March 31, 1998 - ------------------------------------------- The Partnership commenced production in January, 1998. Net production revenue for the three months ended March 31, 1998 amounted to $130,776. The Partnership's net production revenue of $130,776 resulted from the production of 67,314 Mcf's at an average rate of $2.46/Mcf, net of operating costs. Financial Position - ------------------ Liquidity - --------- The partnership's working capital increased 421.4% from $22,535 at December 31, 1997 to $117,506 at March 31, 1998. The increase is attributable to the commencement of natural gas production which resulted in higher receivables for gas produced but not yet sold at the end of the reporting period. 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: March 31, 1998 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: March 31, 1998 By (Signature and Title): /S/ Tony C. Banks Tony C. Banks Vice President and Chief Financial Officer Date: March 31, 1998 - ------------------------------------------------------------------------