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U.S. Securities and Exchange Commission
Washington, D.C. 20549
Form 10-QSB
(Mark One)
[ X ] QUARTERLY REPORT PURSUANT SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2000
[ ] TRANSITION REPORT PURSUANT SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from _________ to _________
Commission file number 333-31681
Atlas-Energy for the Nineties-Public #6 Ltd.
(Name of small business issuer in its charter)
Pennsylvania 23-2888337
(State or other jurisdiction of (I.R.S. Employer identification No.)
incorporated or organization)
311 Rouser Road, Moon Township, Pennsylvania 15108
(Address of principal executive offices) (Zip Code)
Issuer's telephone (412) 262-2830
(Former name, former address and former fiscal year, if changed since last
report)
Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 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 X No
Transitional Small Business Disclosure Format (check one):
Yes X No
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PART I
Item 1. Financial Statements
The unaudited Financial Statements of Atlas-Energy for the Nineties-Public #6
Ltd. (the "Partnership") for the period January 1, 2000 to March 31, 2000.
Item 2. Description of Business
The Partnership has placed into production 44.45 net wells to the
Clinton/Medina formation in Mercer and Lawrence Counties, Pennsylvania. As of
March 31, 2000, all 44.45 net wells are in production. The first quarterly
distribution was on June 8, 1998 for natural gas production during
January, February and March, 1998.
Natural gas sales revenue for the three months was $331,411 which includes
landowner royalties. Expenses for this period include $75.00 per month per
well for administrative costs and $275,000 per month per well for pumpers
fees.
For the next twelve months management believes that the Partnership has
adequate capital. No other wells will be drilled and, therefore, no additional
funds will be required.
Although management does not anticipate that the Partnership will have to do
so, any additional funds which may be required will be obtained from
production revenues from Partnership wells or from borrowings by the
Partnership from Atlas or its affiliates, although Atlas is not contractually
committed to make such a loan. No borrowings will be obtained from third
parties.
PART II
Item 1. Legal Proceeding
None
Item 2. Changes in Securities
None
Item 3. Defaults Upon Senior Securities
None
Item 4. Submission of Matters to a Vote of Securities Holders
None
Item 5. Other Matters
None
Item 6. Reports on Form 8-K
The registrant filed no reports on Form 8-K during the last quarter
of the period covered by this report.
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12-May-00
ATLAS-ENERGY FOR THE NINETIES--PUBLIC #6 LTD.
A PENNSYLVANIA LIMITED PARTNERSHIP
BALANCE SHEET
AS OF MARCH 31, 2000 and DECEMBER 31, 1999
<TABLE>
<CAPTION>
March 31
2000 December 31 Increase
(unaudited) 1999 (Decrease)
---------- ---------- ---------
<S> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash $ 22,799 $ 14,662 $ 8,137
Accounts receivables 279,224 298,026 (18,802)
---------- ---------- ---------
TOTAL CURRENT ASSETS 302,023 312,688 (10,665)
Oil and gas drilling contracts/leases, net of accum. depl. & amort 7,785,208 7,982,685 (197,477)
---------- ---------- ---------
TOTAL ASSETS $8,087,231 $8,295,373 $(208,142)
========== ========== =========
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable $ 20,836 $ 14,775 $ 6,061
Partners' capital 8,066,395 8,280,598 (214,203)
---------- ---------- ---------
TOTAL LIABILITIES AND PARTNERS' CAPITAL $8,087,231 $8,295,373 $(208,142)
========== ========== =========
</TABLE>
The notes to Financial Statements are an integral part of this statement.
<PAGE>
ATLAS-ENERGY FOR THE NINETIES--PUBLIC #6 LTD.
A PENNSYLVANIA LIMITED PARTNERSHIP
STATEMENT OF INCOME (Unaudited)
For the three months ended March 31, 2000 and 1999
<TABLE>
<CAPTION>
Three Months Ended
March 31,
REVENUE 2000 1999
- ------- -------- --------
<S> <C> <C>
Natural gas sales $331,412 $399,398
Interest income 2,304 3,167
-------- --------
Total Revenue 333,716 402,565
EXPENSES
- --------
Well operating expense 52,187 49,577
Depletion and depreciation of oil and gas wells and leases 197,478 314,459
General and administrative fees 9,926 9,101
Professional fees 0 4,250
Other 181 297
-------- --------
Total Expenses 259,772 377,684
-------- --------
Net Earnings $ 73,944 $ 24,881
======== ========
</TABLE>
The notes to Financial Statements are an integral part of this statement.
<PAGE>
ATLAS-ENERGY FOR THE NINETIES--PUBLIC #6 LTD.
A PENNSYLVANIA LIMITED PARTNERSHIP
STATEMENT OF CASH FLOWS (Unaudited)
For the three months ended March 31, 2000 and 1999
<TABLE>
<CAPTION>
Three Months Ended
March 31,
Increase (Decrease) in Cash ----------------------
--------------------------- 2000 1999
--------- ---------
<S> <C> <C>
Cash flows from operating activities
Net Earnings $ 73,944 $ 24,881
Adjustments to reconcile net earnings to net cash
provided by operating activities:
Depletion and depreciation 197,478 314,459
Decrease (Increase) in accounts receivable 18,802 94,405
Increase (Decrease) in accounts payable 6,061 4,007
--------- ---------
Cash provided by operating activities 296,286 437,752
Cash flows used in financing activities:
Distributions to Partners (288,148) (433,212)
--------- ---------
Net Increase in Cash 8,137 4,540
Cash at beginning of period 14,662 7,960
--------- ---------
Cash at end of period $ 22,799 $ 12,500
========= =========
</TABLE>
The notes to Financial Statements are an integral part of this statement.
<PAGE>
ATLAS-ENERGY FOR THE NINETIES--PUBLIC #6 LTD.
A PENNSYLVANIA LIMITED PARTNERSHIP
STATEMENT OF CHANGES IN PARTNERS' CAPITAL ACCOUNTS (Unaudited)
For the three months ended March 31, 2000
<TABLE>
<CAPTION>
MANAGING
GENERAL OTHER
PARTNER PARTNERS TOTAL
--------- ----------- -----------
<S> <C> <C> <C>
BALANCE AT JANUARY 1, 2000 $ 331,143 $ 7,949,455 $ 8,280,598
Participation in revenue and expenses:
Net Production Revenues 69,806 209,418 279,224
Interest 576 1,728 2,304
Depletion and depreciation (46,985) (150,492) (197,477)
Other costs (2,527) (7,580) (10,107)
--------- ----------- -----------
Net Earnings 20,870 53,074 73,944
Distributions (72,037) (216,111) (288,148)
--------- ----------- -----------
BALANCE AT March 31, 2000 $ 279,975 $ 7,786,418 $ 8,066,394
========= =========== ===========
</TABLE>
The notes to Financial Statements are an integral part of this statement.
<PAGE>
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
ATLAS-ENERGY FOR THE NINETIES--PUBLIC #6 LTD.
A PENNSYLVANIA LIMITED PARTNERSHIP
1. INTERIM FINANCIAL STATEMENTS
The financial statements as of March 31, 2000 and for the three months then
ended have been prepared by the management of the Partnership without audit,
pursuant to the rules and regulations of the Securities and Exchange Commission.
Certain information and footnote disclosures normally included in the financial
statements prepared in accordance with generally accepted accounting principles
have been omitted pursuant to such rules and regulations, although the
partnership believes that the disclosures are adequate to make the information
presented not misleading. These financial statements should be read in
conjunction with the audited December 31, 1999 financial statements. In the
opinion of management, all adjustments (consisting of only normal recurring
accruals) considered necessary for presentation have been included.
2. SIGNIFICANT ACCOUNTING POLICIES
The Partnership uses the successful efforts method of accounting for oil
and gas activities. Costs to acquire mineral interests in oil and gas properties
and drill and equip wells are capitalized. Oil and gas properties are
periodically assessed and when unamortized costs exceed expected future net cash
flows, a loss is recognized by a charge to income.
Capitalized costs of oil and gas wells and leases are depreciated, depleted
and amortized by the unit of production method.
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
ATLAS-ENERGY FOR THE NINETIES-PUBLIC #6 LTD.
Management's discussion and analysis should be read in conjunction with the
financial statements and notes thereto.
RESULTS OF OPERATIONS
THREE MONTHS ENDED MARCH 31, 2000
Natural gas sales revenue for the three months ended March 31, 2000 was down
$67,987 (17%) due to declines in natural gas production which decreased from
224,614 Mcf in the three months ended March 31, 1999 to 141,055 Mcf in the
current three months. The decrease in gas production results primarily from
normal declines in well production in the current three months. Natural gas
prices increased by $.66/Mcf to $2.68/Mcf during the current three months.
FINANCIAL CONDITION
LIQUIDITY
The decrease in cash provided by operating activities and distributions to
partners during the three months ended March 31, 2000 results primarily from
lower cash received from sales of natural gas. The Partnership's working
capital decreased 5.61% from $297,913 at December 31, 1999 to $281,186 at
March 31, 2000. The decrease is attributable to normal declines in natural
gas production from the levels at the end of 1999 which result in lower
receivables in connection with sales of gas produced.
CAPITAL RESOURCES
There were no new material commitments for capital expenditures during the
period and the Partnership does not expect any in the foreseeable future.
<PAGE>
SIGNATURES
In accordance with Section 13 or 15(d) of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
Atlas-Energy for the Nineties--Public #6 Ltd.
By (Signature and Title): Atlas Resources, Inc.,
Managing General Partner
By (Signature and Title): /s/ James R. O'Mara
James R. O'Mara
President, Chief Executive Officer and a Director
Date: May 15, 2000
In Accordance with the Exchange Act, this report has been signed by the
following persons on behalf of the registrant and in the capacities and on
the dates indicated.
By (Signature and Title): /s/ James R. O'Mara
James R. O'Mara
President, Chief Executive Officer and a Director
Date: May 15, 2000
By (Signature and Title): /S/ Tony C. Banks
Tony C. Banks
Vice President and Chief Financial Officer
Date: May 15, 2000
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-END> MAR-31-2000
<CASH> 22,799
<SECURITIES> 0
<RECEIVABLES> 279,224
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 302,023
<PP&E> 10,355,659
<DEPRECIATION> (2,570,452)
<TOTAL-ASSETS> 8,087,230
<CURRENT-LIABILITIES> 20,836
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 8,087,230
<SALES> 378,416
<TOTAL-REVENUES> 380,721
<CGS> 47,005
<TOTAL-COSTS> 47,005
<OTHER-EXPENSES> 259,772
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 73,944
<INCOME-TAX> 0
<INCOME-CONTINUING> 73,944
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 73,944
<EPS-BASIC> 0
<EPS-DILUTED> 0
</TABLE>
