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, 1997
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, 1997 and December 31, 1996 1
Statement of Operations -
Three Months and Nine Months Ended September 30, 1997 2
Statement of Partners' Equity -
Nine Months Ended September 30, 1997 3
Statement of Cash Flows -
Nine Months Ended September 30, 1997 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, 1997 and December 31, 1996
<TABLE>
<S> <S> <S>
Assets
1997 1996
(Unaudited)
Current assets:
Cash $ 1,696 $ 7,125
Accounts receivable - oil and gas revenues 165,705 267,719
Total current assets 167,401 274,844
Oil and gas properties, successful efforts method
Oil and gas properties 8,901,796 8,901,796
Less accumulated depreciation, depletion,
and amortization 1,029,713 508,314
7,872,083 8,393,482
$8,039,484 $8,668,326
Current Liabilities and Partners' Equity
Current liabilities:
Accrued expenses $ 9,270 $ 24,564
Total current liabilities 9,270 24,564
Partners' Equity 8,030,214 8,643,762
$8,039,484 $8,668,326
</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, 1997
(Unaudited)
<TABLE>
<S> <S> <S> <S> <S>
Three Months Ended Nine Months Ended
September 30, September 30,
1997 1996 1997 1996
Revenues:
Sales of oil and gas $227,343 $ 236,789 $823,655 $ 489,438
Interest income 533 51 2,947 51
227,876 236,840 826,602 489,489
Expenses:
Lifting cost 56,449 34,231 183,195 75,660
Direct administrative cost 28 - 55 15
Depreciation, depletion,
and amortization 163,710 149,690 521,399 257,014
220,187 183,921 704,649 332,689
Net income $ 7,689 $ 52,919 $121,953 $ 156,800
Net income per limited
and additional
general partner unit $ 18 $ 104 $ 242 $ 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, 1997
(Unaudited)
<TABLE>
<S> <S> <S> <S>
Limited and
additional Managing
general partners general partner Total
Balance, December 31, 1996 $6,915,009 $1,728,753 $8,643,762
Net income 98,682 23,271 121,953
Distributions to partners (589,681) (145,820) (735,501)
Balance, September 30, 1997 $6,424,010 $1,606,204 $8,030,214
</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, 1997 and 1996
(Unaudited)
<TABLE>
<S> <S> <S>
1997 1996
Cash flows from operating activities:
Net income $121,953 $ 156,800
Adjustments to reconcile net
income to net cash
provided by operating activities:
Depreciation, depletion, and
amortization 521,399 257,014
Changes in operating assets
and liabilities:
Increase (decrease) in accounts receivable -
oil and gas revenues 102,014 (225,137)
Decrease in accrued expenses (15,294) (13,189)
Net cash provided from
operating activities 730,072 175,488
Cash flows from financing activities:
Distributions to partners (735,501) (188,641)
Net cash used by
financing activities (735,500) (188,641)
Net decrease in cash (5,429) (13,153)
Cash at beginning of period 7,125 20,000
Cash at end of period $ 1,696 $ 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 1996, 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, 1997 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, 1997
of $158,131.
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.
Results of Operations
Three Months Ended September 30, 1997 and 1996
Revenues and expenses during the third quarter of 1997 include
natural gas sales and related expenses for all of the Partnership's
wells. During the same period in 1996 all of the wells were not yet
turned into line and producing for the entire quarter. While the
Partnership experienced net income of only $7,689, depreciation,
depletion, and amortization is a non-cash expense and therefore the
Partnership distributed $156,789 to the partners in the third quarter
of 1997.
Nine Months Ended September 30, 1997 and 1996
Revenues and expenses during the first nine quarter of 1997
include natural gas sales and related expenses for all of the
Partnership's wells. During the same period in 1996 all of the wells
were not yet turned into line and producing for the entire period.
While the Partnership experienced a modest net income of $121,953,
depreciation, depletion, and amortization is a non-cash expense and
therefore the Partnership distributed $735,501 to the partners during
the first nine months of 1997.
-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, 1997.
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 6, 1997 /s/ Steven R. Williams
Steven R. Williams
President
Date: November 6, 1997 /s/ Dale G. Rettinger
Dale G. Rettinger
Executive Vice President
and Treasurer
-7-
<PAGE>
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<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> SEP-30-1997
<CASH> 1,696
<SECURITIES> 0
<RECEIVABLES> 165,705
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 167,401
<PP&E> 8,901,796
<DEPRECIATION> 1,029,713
<TOTAL-ASSETS> 8,039,484
<CURRENT-LIABILITIES> 9,270
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 8,030,214
<SALES> 823,655
<TOTAL-REVENUES> 826,602
<CGS> 183,195
<TOTAL-COSTS> 704,649
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 121,953
<INCOME-TAX> 0
<INCOME-CONTINUING> 121,953
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 121,953
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
