<PAGE>
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 transistion period from___________ to ____________
Commission file number 333-62167
Atlas-Energy for the Nineties-Public #8 Ltd.
(Name of small business issuer in its charter)
Pennsylvania 25-1836294
(State or other jurisdiction of ( I.R.S. Employer identification No.)
incorporated or organization)
311 Rouser Road, Moon Township, Pennsylvania 15108
(Address of principle 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
<PAGE>
PART I
Item 1. Financial Statements
The unaudited Financial Statements of Atlas-Energy for the Nineties-Public #8
Ltd. (the "Partnership") for the period January 1, 2000 to March 31, 2000.
Item 2. Description of Business
The Partnership has spudded approximately 55 net wells to the Clinton/Medina
formation in Mercer and Lawrence Counties, Pennsylvania and Stark and
Trumbull Counties, Ohio. As of March 31, 2000, 30 net wells are in
production. The first quarterly distribution is expected to be in July 2000
for natural gas production during January, February, March and April, 2000.
Net Production revenue for the three months was $138,894 which includes
landowners royalties. Expenses for this period include $75.00 per month per
well for administrative costs and $275.00 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 Altas 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.
<PAGE>
12-May-00
ATLAS-ENERGY FOR THE NINETIES--PUBLIC #8 LTD.
A PENNSYLVANIA LIMITED PARTNERSHIP
BALANCE SHEET
AS OF MAR 31, 2000 and DECEMBER 31, 1999
<TABLE>
<CAPTION>
MAR 31
2000 December 31 Increase
(unaudited) 1999 (Decrease)
----------------------------------------------------
<S> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash $ -- $ -- $ --
Accounts receivable 123,865 0 123,865
---------------------------------------------------
TOTAL CURRENT ASSETS 123,865 0 123,865
Oil and Gas drilling contracts/leases,net of accum. depl. & amort. 12,490,034 12,573,810 (83,776)
---------------------------------------------------
TOTAL ASSETS $ 12,613,899 $ 12,573,810 $ 40,089
===================================================
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable $ 17,764 $ 15,003 $ 2,761
Partners' Capital 12,596,135 12,558,807 37,328
---------------------------------------------------
TOTAL LIABILITIES AND PARTNERS' CAPITAL $ 12,613,899 $ 12,573,810 $ 40,089
===================================================
</TABLE>
The notes to Financial Statements are an integral part of this statement.
<PAGE>
ATLAS-ENERGY FOR THE NINETIES--PUBLIC #8 LTD.
A PENNSYLVANIA LIMITED PARTNERSHIP
STATEMENT OF INCOME (Unaudited)
For the three months ended Mar 31, 2000 and 1999
<TABLE>
<CAPTION>
Three Months Ended
Mar 31,
REVENUE 2000 1999
- ------- ---------------------------------
<S> <C> <C>
Natural gas sales $138,894 $ 0
---------------- ----------------
Total Revenue 138,894 0
EXPENSES
- --------
Well Operating Expense 15,029 0
Depletion and depreciation of oil and gas wells and leases 83,776 0
General and administrative fees 2,761 0
---------------- ----------------
Total Expenses 101,566 --
---------------- ----------------
Net Earnings $ 37,328 $ --
================ ================
</TABLE>
The notes to Financial Statements are an integral part of this statement.
<PAGE>
ATLAS-ENERGY FOR THE NINETIES--PUBLIC #8 LTD.
A PENNSYLVANIA LIMITED PARTNERSHIP
STATEMENT OF CASH FLOWS (Unaudited)
For the three months ended Mar 31, 2000 and 1999
<TABLE>
<CAPTION>
THREE MONTHS ENDED
------------------
MAR 31,
-------
INCREASE (DECREASE) IN CASH
---------------------------
2000 1999
---------------------------------
<S> <C> <C>
Cash flows from operating activities
Net Earnings $ 37,328 $0
Adjustments to reconcile net earnings to net cash
provided by operating activities:
Depletion and depreciation 83,776 0
(Increase) in accounts receivable (123,865) 0
Increase in accounts payable 2,761 0
---------------- ----------------
Cash provided by operating activities 0 0
Cash flows used in financing activities:
Distributions to Partners 0 0
---------------- ----------------
Net Increase in Cash 0 0
Cash at beginning of period 0 0
---------------- ----------------
Cash at end of period $0 $0
=================================
</TABLE>
The notes to Financial Statements are an integral part of this statement.
<PAGE>
ATLAS-ENERGY FOR THE NINETIES--PUBLIC #8 LTD.
A PENNSYLVANIA LIMITED PARTNERSHIP
STATEMENT OF CHANGES IN PARTNERS' CAPITAL ACCOUNTS (Unaudited)
For the three months ended Mar 31, 2000
<TABLE>
<CAPTION>
MANAGING
GENERAL OTHER
PARTNER PARTNERS TOTAL
---------- ----------- -----------
<S> <C> <C> <C>
BALANCE AT JANUARY 1, 2000 $1,469,832 $11,088,975 $12,558,807
Participation in revenue and expenses:
Net Production Revenues 35,921 87,944 123,865
Depletion and depreciation (28,125) (55,651) (83,776)
Other costs (801) (1,960) (2,761)
---------- ----------- -----------
Net Earnings 6,995 30,333 37,328
Distributions 0 0 0
---------- ----------- -----------
BALANCE AT Mar 31, 2000 $1,476,827 $11,119,308 $12,596,135
==========================================
</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 #8 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 #8 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
The Partnership commenced production in January, 2000. Natural gas sales revenue
for the three months ended March 31, 2000 amounted to $138,894 based on gas
production of 59,840 Mcf. The average sales price for gas production during this
period was $2.65/Mcf.
FINANCIAL CONDITION
LIQUIDITY
There were no cash payments to the Partnership from the initial production from
the wells in this program during the three months ended March 31, 2000. The
Partnership's working capital increased from $(15,003) at December 31, 1999 to
$106,101 at March 31, 2000. The increase is attributable to the commencement of
natural gas production for new wells turned on-line during the current quarter,
which resulted in higher 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 #8 Ltd.
By (Signature and Title:) Atlas Resources, Inc.,
Managing General Partner
By (Signature and Title:) /s/ Tony C. Banks
Tony C. Banks
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/ Tony C. Banks
Tony C. Banks
President, Chief Executive Officer and a Director
Date: May 15, 2000
By: (Signature and Title:) /s/ William R. Seiler
William R. Seiler
Vice President, Chief Financial Officer, and Controller
Date: May 15, 2000
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
FINANCIAL STATEMENT OF ATLAS-ENERGY FOR THE NINETIES PUBLIC #8 L FINANCIAL DATA
STATEMENT FOR 1ST QUARTER 10-Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> MAR-31-2000
<CASH> 0
<SECURITIES> 0
<RECEIVABLES> 123865
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 123865
<PP&E> 125773810
<DEPRECIATION> (83776)
<TOTAL-ASSETS> 12613899
<CURRENT-LIABILITIES> 17764
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 12613899
<SALES> 158736
<TOTAL-REVENUES> 158736
<CGS> 19842
<TOTAL-COSTS> 19842
<OTHER-EXPENSES> 101566
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 37328
<INCOME-TAX> 0
<INCOME-CONTINUING> 37328
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 37328
<EPS-BASIC> 0
<EPS-DILUTED> 0
</TABLE>
