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, 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 033-63635-04
I.R.S. Employer Identification Number 55-0751154
PDC 1996-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 1996-D LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)
INDEX
PART I - FINANCIAL INFORMATION Page No.
Item 1. Financial Statements
Balance Sheets June 30, 1997 and December 31, 1996 1
Statement of Operations - Three Months and
Six Months Ended June 30, 1997 2
Statement of Partners' Equity -
Six Months Ended June 30, 1997 3
Statement of Cash Flows-
Six Months Ended June 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 1996-D LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)
Balance Sheets
June 30, 1997 and December 31, 1996
<TABLE>
<S> <S> <S>
Assets
1997 1996
(Unaudited)
Current assets:
Cash $ 1,333 20,000
Accounts receivable - oil and gas revenues 249,964 -
Total current assets 251,297 20,000
Oil and gas properties, successful
efforts method
Oil and gas properties 16,620,628 -
Unevaluated properties - 16,620,628
Less accumulated depreciation, depletion,
and amortization 230,590 -
16,390,038 16,620,628
$16,641,335 16,640,628
Current Liabilities and Partners' Equity
Current liabilities:
Accrued expenses - 17,166
Total current liabilities - 17,166
Partners' Equity 16,641,335 16,623,462
$16,641,335 16,640,628
</TABLE>
See accompanying notes to financial statements.
-1-
<PAGE>
PDC 1996-D LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)
Statement of Operations
Three months and Six Months ended June 30, 1997
(Unaudited)
<TABLE>
<S> <S> <S>
Three Months Six Months
Ended Ended
June 30, 1997 June 30, 1997
Revenues:
Sales of oil and gas $284,265 $358,496
Interest income - -
284,265 358,496
Expenses:
Lifting cost 44,853 51,953
Direct administrative cost 1,501 1,501
Depreciation, depletion, and amortization 194,673 230,590
241,027 284,044
Net income $ 43,238 $ 74,452
Net income per limited and additional
general partner unit $ 45 $ 78
</TABLE>
See accompanying notes to financial statements.
-2-
<PAGE>
PDC 1996-D LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)
Statement of Partners' Equity
Six months ended June 30, 1997
(Unaudited)
<TABLE>
<S> <S> <S> <S>
Limited and
additional Managing
general partners general partner Total
Balance, December 31, 1996 $13,298,769 $3,324,693 $16,623,462
Net income 59,562 14,890 74,452
Distributions to partners (45,263) (11,316) (56,579)
Balance, June 30, 1997 $13,313,068 $3,328,267 $16,641,335
</TABLE>
See accompanying notes to financial statements.
-3-
<PAGE>
PDC 1996-D LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)
Statement of Cash Flows
Six months ended June 30, 1997
(Unaudited)
<TABLE>
<S> <S>
Cash flows from operating activities:
Net income $ 74,452
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation, depletion,
and amortization 230,590
Changes in operating assets
and liabilities:
Increase in accounts receivable - (249,964)
oil and gas revenues
Decrease in accrued expenses (17,166)
Net cash provided from
operating activities 37,912
Cash flows from financing activities:
Distributions to partners (56,579)
Net cash used by
financing activities (56,579)
Net change in cash (18,667)
Cash at beginning of period 20,000
Cash at end of period $ 1,333
</TABLE>
See accompanying notes to financial statements.
-4-<PAGE>
PDC 1996-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
six months ended June 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 31, 1996 with initial Limited
and Additional General Partner contributions of $15,301,726 and the
Managing General Partner contributed $3,328,126 in accordance with the
Agreement. Syndication and management fee costs of $1,989,224 were
incurred leaving available capital of $16,640,628 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, 1997. Eighty-four wells have been drilled, of
which seventy-nine 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, 1997 of $251,297.
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 June 30, 1997
The partnership turned into production thirty-five wells in addition
to the twenty-four wells turned into production during the first quarter.
This makes a total of fifty-nine of the Partnership's seventy-nine
productive wells producing natural gas as of June 30, 1997. The remaining
twenty wells are scheduled to be put into service during the third quarter
of 1997. The Partnership's first cash distribution commenced during the
second quarter of 1997.
Six Months Ended June 30, 1997
The Partnership began and completed exploration and development
activities during the first six months of 1997. 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, 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 1996-D Limited Partnership
(Registrant)
By its Managing General Partner
Petroleum Development Corporation
Date: August 13, 1997 /s/ Steven R. Williams
Steven R. Williams
President
Date: August 13, 1997 /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-31-1997
<PERIOD-END> JUN-30-1997
<CASH> 1,333
<SECURITIES> 0
<RECEIVABLES> 249,964
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 251,297
<PP&E> 16,620,628
<DEPRECIATION> 230,590
<TOTAL-ASSETS> 16,641,335
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 16,641,335
<SALES> 358,496
<TOTAL-REVENUES> 358,496
<CGS> 51,953
<TOTAL-COSTS> 284,044
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 74,452
<INCOME-TAX> 0
<INCOME-CONTINUING> 74,452
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 74,452
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
