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 June 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 June 30, 1996 and December 31, 1995 1
Statement of Operations -
Three Months and Six Months Ended June 30, 1996 2
Statement of Partners' Equity -
Six Months Ended June 30, 1996 3
Statement of Cash Flows -
Six Months Ended June 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
June 30, 1996 and December 31, 1995
<TABLE>
<S> <S> <S>
Assets
1996 1995
(Unaudited)
Current assets:
Cash $ 6,796 $ 20,000
Accounts receivable - oil and gas revenues 181,600 -
Total current assets 188,396 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 107,324 -
8,794,472 8,901,796
$8,982,868 $8,921,796
Current Liabilities and Partners' Equity
Current liabilities:
Accrued expenses $ 682 $ 13,871
Total current liabilities 682 13,871
Partners' Equity 8,982,186 8,907,925
$8,982,868 $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 Six Months ended June 30, 1996
(Unaudited)
<TABLE>
<S> <S> <S>
Three Months Six Months
Ended Ended
June 30, 1996 June 30, 1996
Revenues:
Sales of oil and gas $ 225,013 $ 252,649
Expenses:
Lifting cost 36,889 41,429
Direct administrative cost 15 15
Depreciation, depletion, and amortization 88,048 107,324
124,952 148,768
Net income $ 100,061 $ 103,881
Net income per limited and additional
general partner unit $ 197 $ 204
</TABLE>
See accompanying notes to financial statements.
-2-
<PAGE>
PDC 1995-D LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)
Statement of Partners' Equity
Six months ended June 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 83,105 20,776 103,881
Distributions to partners (23,696) (5,924) (29,620)
Balance, June 30, 1996 $7,185,749 $1,796,437 $8,982,186
</TABLE>
See accompanying notes to financial statements.
-3-
<PAGE>
PDC 1995-D LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)
Statement of Cash Flows
Six months ended June 30, 1996
(Unaudited)
<TABLE>
<S> <S>
Cash flows from operating activities:
Net income $ 103,881
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation, depletion, and amortization 107,324
Changes in operating assets and liabilities:
Increase in accounts receivable - oil and gas revenues (181,600)
Decrease in accrued expenses (13,189)
Net cash provided from operating activities 16,416
Cash flows from financing activities:
Distributions to partners (29,620)
Net cash used by financing activities (29,620)
Net decrease in cash (13,204)
Cash at beginning of period 20,000
Cash at end of period $ 6,796
</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
six months ended June 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 June 30, 1996 of $187,714.
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 June 30, 1996
The Partnership turned into production twenty-four wells in addition
to the ten wells turned into production during the first quarter. This
makes a total of thirty-four of the Partnership's forty-two productive
wells producing natural gas as of June 30, 1996. The remaining eight wells
are scheduled to be put into service during the third quarter of 1996. The
Partnership's first cash distribution commenced during the second quarter
of 1996.
Six Months Ended June 30, 1996
The Partnership began and completed exploration and development
activities during the first six months of 1996. Oil and gas sales
commenced during the first quarter and cash distributions to the partners
commenced during the second quarter.
-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
June 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: August 7, 1996 /s/ Steven R. Williams
Steven R. Williams
President
Date: August 7, 1996 /s/ Dale G. Rettinger
Dale G. Rettinger
Executive Vice President
and Treasurer
-7-
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<CASH> 6,796
<SECURITIES> 0
<RECEIVABLES> 181,600
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 188,396
<PP&E> 8,901,796
<DEPRECIATION> 107,324
<TOTAL-ASSETS> 8,982,868
<CURRENT-LIABILITIES> 682
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 8,982,868
<SALES> 252,649
<TOTAL-REVENUES> 252,649
<CGS> 41,429
<TOTAL-COSTS> 148,768
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 103,881
<INCOME-TAX> 0
<INCOME-CONTINUING> 103,881
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 103,881
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
