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 March 31, 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 March 31, 1996 and December 31, 1995 1
Statement of Operations -
Three Months Ended March 31, 1996 2
Statement of Partners' Equity - March 31, 1996 3
Statement of Cash Flows-
Three Months Ended March 31, 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
March 31, 1996 and December 31, 1995
Assets
1996 1995
(Unaudited)
Current assets:
Cash $ 18,950 20,000
Accounts receivable - oil and gas revenues 23,096 -
Total current assets 42,046 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 19,276 -
8,882,520 8,901,796
$8,924,566 8,921,796
Current Liabilities and Partners' Equity
Current liabilities:
Accrued expenses $ 12,821 13,871
Total current liabilities 12,821 13,871
Partners' Equity 8,911,745 8,907,925
$8,924,566 8,921,796
See accompanying notes to financial statements.
-1-
<PAGE>
PDC 1995-D LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)
Statement of Operations
Three months ended March 31, 1996
(Unaudited)
Revenues:
Sales of oil and gas $ 27,636
27,636
Expenses:
Lifting cost 4,540
Depreciation, depletion, and amortization 19,276
23,816
Net income $ 3,820
Net income per limited and additional
general partner unit $ 7
See accompanying notes to financial statements.
-2-
<PAGE>
PDC 1995-D LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)
Statement of Partners' Equity
Three months ended March 31, 1996
(Unaudited)
Limited and
additional Managing
general partners general partner Total
Balance, December 31, 1995 $7,126,340 $1,781,585 $8,907,925
Net income 3,056 764 3,820
Balance, March 31, 1996 $7,129,396 $1,782,349 $8,911,745
See accompanying notes to financial statements.
-3-
<PAGE>
PDC 1995-D LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)
Statement of Cash Flows
Three months ended March 31, 1996
(Unaudited)
Cash flows from operating activities:
Net income $ 3,820
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation, depletion, and amortization 19,276
Changes in operating assets and liabilities:
Increase in accounts receivable - oil and gas revenues (23,096)
Decrease in accrued expenses (1,050)
Net cash used by operating activities (1,050)
Cash flows from investing activities:
Expenditures for oil and gas properties -
Net cash used by investing activities -
Cash flows from financing activities:
Distributions to partners -
Net cash used by financing activities -
Net decrease in cash (1,050)
Cash at beginning of period 20,000
Cash at end of period $ 18,950
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
three months ended March 31, 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-three wells have been drilled, of
which forty-one 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 March 31, 1996 of $29,225.
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 high, but are not predictable in the coming year.
Results of Operations
The Partnership had natural gas sales during the first quarter of 1996
from ten of the Partnership's producing wells. As of May 10, 1996, sixteen
of the Partnership's forty-one productive wells were producing natural gas.
The remaining twenty-five are scheduled to go into production during the
remainder of the second quarter of 1996. Cash distributions to the
partners will commence during the second 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
March 31, 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: May 13, 1996 /s/ Steven R. Williams
Steven R. Williams
President
Date: May 13, 1996 /s/ Dale G. Rettinger
Dale G. Rettinger
Executive Vice President
and Treasurer
-7-
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<MULTIPLIER> 1
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<PERIOD-TYPE> 3-MOS
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<PERIOD-END> MAR-31-1996
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<INCOME-PRETAX> 3,820
<INCOME-TAX> 0
<INCOME-CONTINUING> 3,820
<DISCONTINUED> 0
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