CONFORMED COPY
QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X] Quarterly Report Pursuant to Section 13 or 15(d) of
the Securities and Exchange Act of 1934
For the period ended September 30, 1996
or
[ ] Transition Report Pursuant to Section 13 of 15(d) of
the Securities and Exchange Act of 1934
For the transition period from to
Commission file number 033-70568
I.R.S. Employer Identification Number 55-0743002
PDC 1995-D LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)
103 East Main Street
Bridgeport, WV 26330
Telephone: (304) 842-6256
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 such
filing requirements for the past 90 days. Yes XX No
<PAGE>
PDC 1995-D LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)
INDEX
PART I - FINANCIAL INFORMATION Page No.
Item 1. Financial Statements
Balance Sheets September 30, 1996 and December 31, 1995 1
Statement of Operations -
Three Months and Nine Months Ended September 30, 1996 2
Statement of Partners' Equity -
Nine Months Ended September 30, 1996 3
Statement of Cash Flows -
Nine Months Ended September 30, 1996 4
Notes to Financial Statements 5
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 6
PART II OTHER INFORMATION
Item 1. Legal Proceedings 7
Item 6. Exhibits and Reports on Form 8-K 7
<PAGE>
PDC 1995-D LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)
Balance Sheets
September 30, 1996 and December 31, 1995
<TABLE>
<S> <S> <S>
Assets
1996 1995
(Unaudited)
Current assets:
Cash $ 6,847 $ 20,000
Accounts receivable - oil and gas revenues 225,137 -
Total current assets 231,984 20,000
Oil and gas properties, successful efforts method
Oil and gas properties 8,901,796 -
Unevaluated properties - 8,901,796
Less accumulated depreciation, depletion,
and amortization 257,014 -
8,644,782 8,901,796
$8,876,766 $8,921,796
Current Liabilities and Partners' Equity
Current liabilities:
Accrued expenses $ 682 $ 13,871
Total current liabilities 682 13,871
Partners' Equity 8,876,084 8,907,925
$8,876,766 $8,921,796
</TABLE>
See accompanying notes to financial statements.
-1-
<PAGE>
PDC 1995-D LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)
Statement of Operations
Three months and Nine Months ended September 30, 1996
(Unaudited)
<TABLE>
<S> <S> <S>
Three Months Ended Nine Months Ended
September 30, 1996 September 30, 1996
Revenues:
Sales of oil and gas $ 236,789 $ 489,438
Interest income 51 51
236,840 489,489
Expenses:
Lifting cost 34,231 75,660
Direct administrative cost - 15
Depreciation, depletion,
and amortization 149,690 257,014
183,921 332,689
Net income $ 52,919 $ 156,800
Net income per limited
and additional
general partner unit $ 104 $ 308
</TABLE>
See accompanying notes to financial statements.
-2-
<PAGE>
PDC 1995-D LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)
Statement of Partners' Equity
Nine months ended September 30, 1996
(Unaudited)
<TABLE>
<S> <S> <S> <S>
Limited and
additional Managing
general partners general partner Total
Balance, December 31, 1995 $7,126,340 $1,781,585 $8,907,925
Net income 125,440 31,360 156,800
Distributions to partners (150,913) (37,728) (188,641)
Balance,
September 30, 1996 $7,100,867 $1,775,217 $8,876,084
</TABLE>
See accompanying notes to financial statements.
-3-
<PAGE>
PDC 1995-D LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)
Statement of Cash Flows
Nine months ended September 30, 1996
(Unaudited)
<TABLE>
<S> <S>
Cash flows from operating activities:
Net income $ 156,800
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation, depletion, and amortization 257,014
Changes in operating assets and liabilities:
Increase in accounts receivable - oil and gas revenues (225,137)
Decrease in accrued expenses (13,189)
Net cash provided from operating activities 175,488
Cash flows from financing activities:
Distributions to partners (188,641)
Net cash used by financing activities (188,641)
Net decrease in cash (13,153)
Cash at beginning of period 20,000
Cash at end of period $ 6,847
</TABLE>
See accompanying notes to financial statements.
-4-<PAGE>
PDC 1995-D LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)
Notes to Financial Statements
(Unaudited)
1. Accounting Policies
Reference is hereby made to the Partnership's Annual Report on Form 10-K
for 1995, which contains a summary of major accounting policies followed by
the Partnership in the preparation of its financial statements. These
policies were also followed in preparing the quarterly report included
herein.
2. Basis of Presentation
The Management of the Partnership believes that all adjustments (consisting
of only normal recurring accruals) necessary to a fair statement of the
results of such periods have been made. The results of operations for the
nine months ended September 30, 1996 are not necessarily indicative of the
results to be expected for the full year.
3. Oil and Gas Properties
Oil and Gas Properties are reported on the successful efforts method.
-5-
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
Liquidity and Capital Resources
The Partnership was funded on December 29, 1995 with initial Limited
and Additional General Partner contributions of $8,157,071 and the Managing
General Partner contributed $1,784,359. Syndication and management fee
costs of $1,019,634 were incurred leaving available capital of $8,921,796
for Partnership activities.
The Partnership began exploration and development activities
subsequent to the funding of the Partnership and completed well drilling
activities by March 31, 1996. Forty-four wells have been drilled, of which
forty-two have been completed as producing wells.
Operations will be conducted with available funds and revenues
generated from oil and gas activities. No bank borrowings are anticipated.
The Partnership had net working capital at September 30, 1996 of
$231,302.
The Partnership's revenues from oil and gas will be affected by
changes in prices. As a result of changes in federal regulations, gas
prices are highly dependent on the balance between supply and demand. The
Partnership's gas sales prices are subject to increase and decrease based
on various market sensitive indices. Price levels of natural gas are
currently above seasonal averages, but are not predictable in the coming
year.
Results of Operations
Three Months Ended September 30, 1996
The Partnership turned into production eight wells in addition to the
thirty-four wells turned into production during the first two quarters of
1996. This makes all of Partnership's forty-two wells producing natural
gas as of September 30, 1996. While the Partnership experienced a modest
net income of $52,949, depreciation, depletion, and amortization is a non-
cash expense and therefore the Partnership distributed $159,021 to the
partners in the third quarter of 1996.
Nine Months Ended September 30, 1996
The Partnership began and completed exploration and development
activities during the first nine months of 1996. Oil and gas sales
commenced during the first quarter and cash distributions to the partners
commenced during the second quarter. All of the Partnership's forty-two
wells are producing and will all produce for the entire fourth quarter of
1996.
-6-
<PAGE>
CONFORMED COPY
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
None.
Item 6. Exhibits and Reports on Form 8-K
(a) None.
(b) No reports on Form 8-K have been filed during the quarter ended
September 30, 1996.
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.
PDC 1995-D Limited Partnership
(Registrant)
By its Managing General Partner
Petroleum Development Corporation
Date: November 11, 1996 /s/ Steven R. Williams
Steven R. Williams
President
Date: November 11, 1996 /s/ Dale G. Rettinger
Dale G. Rettinger
Executive Vice President
and Treasurer
-7-
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> SEP-30-1996
<CASH> 6,847
<SECURITIES> 0
<RECEIVABLES> 225,137
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 231,984
<PP&E> 8,901,796
<DEPRECIATION> 257,014
<TOTAL-ASSETS> 8,876,766
<CURRENT-LIABILITIES> 682
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 8,876,766
<SALES> 489,438
<TOTAL-REVENUES> 489,489
<CGS> 75,660
<TOTAL-COSTS> 332,689
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 156,800
<INCOME-TAX> 0
<INCOME-CONTINUING> 156,800
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 156,800
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
