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, 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 March 31, 1997 and December 31, 1996 1
Statement of Operations -
Three Months Ended March 31, 1997 2
Statement of Partners' Equity -
Three Months Ended March 31, 1997 3
Statement of Cash Flows-
Three Months Ended March 31, 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
March 31, 1997 and December 31, 1996
<TABLE>
<S> <S> <S>
Assets
1997 1996
(Unaudited)
Current assets:
Cash $ 20,000 20,000
Accounts receivable - oil and gas revenues 67,131 -
Total current assets 87,131 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 35,917 -
16,584,711 16,620,628
$16,671,842 16,640,628
Current Liabilities and Partners' Equity
Current liabilities:
Accrued expenses $ 17,166 17,166
Total current liabilities 17,166 17,166
Partners' Equity 16,654,676 16,623,462
$16,671,842 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 ended March 31, 1997
(Unaudited)
<TABLE>
<S> <S>
Revenues:
Sales of oil and gas $ 74,231
74,231
Expenses:
Lifting cost 7,100
Depreciation, depletion, and amortization 35,917
43,017
Net income $ 31,214
Net income per limited and additional
general partner unit $ 33
</TABLE>
See accompanying notes to financial statements.
-2-
<PAGE>
PDC 1996-D LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)
Statement of Partners' Equity
Three months ended March 31, 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 24,971 6,243 31,214
Balance, March 31, 1997 $13,323,740 $3,330,936 $16,654,676
</TABLE>
See accompanying notes to financial statements.
-3-
<PAGE>
PDC 1996-D LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)
Statement of Cash Flows
Three months ended March 31, 1997
(Unaudited)
<TABLE>
<S> <S>
Cash flows from operating activities:
Net income $ 31,214
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation, depletion, and amortization 35,917
Changes in operating assets and liabilities:
Increase in accounts receivable - oil and gas revenues (67,131)
Net cash provided from
(used by) operating activities -
Net change in cash -
Cash at beginning of period 20,000
Cash at end of period $ 20,000
</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
three months ended March 31, 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 March 31, 1997 of $69,965.
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
The Partnership had natural gas sales during the first quarter of 1997
from twenty-four of the Partnership's producing wells. As of May 12, 1997,
thirty-three of the Partnership's seventy-nine productive wells were
producing natural gas. The remaining forty-six wells are scheduled to go
into production during the remainder of the second and third quarters of
1997. Cash distributions to the partners will commence during the second
quarter 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
March 31, 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: May 14, 1997 /s/ Steven R. Williams
Steven R. Williams
President
Date: May 14, 1997 /s/ Dale G. Rettinger
Dale G. Rettinger
Executive Vice President
and Treasurer
-7-
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> MAR-31-1997
<CASH> 20,000
<SECURITIES> 0
<RECEIVABLES> 67,131
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 87,131
<PP&E> 16,620,628
<DEPRECIATION> 0
<TOTAL-ASSETS> 16,671,842
<CURRENT-LIABILITIES> 17,166
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 16,671,842
<SALES> 74,231
<TOTAL-REVENUES> 74,231
<CGS> 7,100
<TOTAL-COSTS> 43,017
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 31,214
<INCOME-TAX> 0
<INCOME-CONTINUING> 31,214
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 31,214
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
