<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 September 30, 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 333-62167
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 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
<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 September 30,
2000.
Item 2. Description of Business
The Partnership has placed 54.66 net wells in production in the
Clinton/Medina formation in Mercer and Lawrence Counties, Pennsylvania and
Stark and Trumbull Counties, Ohio. As of September 30, 2000, all 54.66 net
wells are in production. The first quarterly distribution was made in June
2000 for natural gas production during January, February, March, 2000.
Net Production revenue for the three months was $871,243 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 drilling funds will be required.
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. Management does not anticipate that the Partnership will
need to borrow. No borrowings will be obtained from third parties.
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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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09-Nov-00
ATLAS-ENERGY FOR THE NINETIES--PUBLIC #8 LTD.
A PENNSYLVANIA LIMITED PARTNERSHIP
BALANCE SHEET
AS OF SEPTEMBER 30, 2000 & DECEMBER 31, 1999
<TABLE>
<CAPTION>
September 30,
2000 December 31, Increase
(unaudited) 1999 (Decrease)
--------------------------------------------------
<S> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash $ 14,512 $ - $ 14,512
Accounts receivable 792,015 792,015
--------------- ------------- -------------
TOTAL CURRENT ASSETS 806,527 0 806,527
Oil and Gas drilling contracts/leases,net of accum. depl. & amort. 11,751,563 12,573,810 (822,247)
--------------- ------------- -------------
TOTAL ASSETS $ 12,558,090 $ 12,573,810 $ (15,720)
=============== ============= =============
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable $ 23,429 $ 15,003 $ 8,426
Partners' Capital 12,534,661 12,558,807 (24,146)
--------------- ------------- -------------
TOTAL LIABILITIES AND PARTNERS' CAPITAL $ 12,558,090 $ 12,573,810 $ (15,720)
=============== ============= =============
</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 NINE MONTHS ENDED SEPTEMBER 30, 2000 & 1999
<TABLE>
<CAPTION>
NINE MONTHS ENDED THIRD QUARTER ENDED
SEPTEMBER 30, SEPTEMBER 30,
REVENUE 2000 1999 2000 1999
------- ----------------------------- -----------------------------
<S> <C> <C> <C> <C>
Natural gas sales $1,640,559 - $871,243 -
Interest Income 19,263 - (731) -
------------ ------------ ------------ ------------
Total Revenue 1,659,822 - 870,512 -
EXPENSES
---------
Well Operating Expense 156,788 - 79,196 -
Depletion and depreciation of oil and gas wells and leases 822,247 - 395,962 -
General and administrative fees 41,596 - 12,071 -
Miscellaneous 1,138 - 721 -
------------ ------------ ------------ ------------
Total Expenses 1,021,769 - 487,950 -
------------ ------------ ------------ ------------
Net Earnings $ 638,053 - $ 382,562 -
============ ============ ============ ============
</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 NINE MONTHS ENDED SEPTEMBER 30, 2000 & 1999
<TABLE>
<CAPTION>
NINE MONTHS ENDED
----------------------
SEPTEMBER 30,
----------------------
INCREASE (DECREASE) IN CASH
2000 1999
----------------------
<S> <C> <C>
Cash flows from operating activities
Net Earnings $ 638,053 $ -
Adjustments to reconcile net earnings to net cash
provided by operating activities:
Depletion and depreciation 822,247 -
(Increase) in accounts receivable (792,015) -
Increase in accounts payable 8,425 -
----------- ---------
Cash provided by operating activities 676,710 -
Cash flows used in financing activities:
Distributions to Partners (662,198) -
----------- ---------
Net Increase in Cash 14,512 -
Cash at beginning of period 0 -
----------- ---------
Cash at end of period $ 14,512 $ -
=========== =========
</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 nine months ended September 30, 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 430,294 1,053,477 1,483,771
Depletion and depreciation (254,112) (568,135) (822,247)
Other costs (Net) (6,807) (16,664) (23,471)
------------- ------------- -------------
Net Earnings 169,375 468,678 638,053
Distributions (192,038) (470,161) (662,199)
------------- ------------- -------------
BALANCE at SEPTEMBER 30, 2000 $ 1,447,169 $ 11,087,492 $ 12,534,661
============= ============= =============
</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 September 30, 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
NINE MONTHS ENDED SEPTEMBER 30, 2000
The Partnership commenced production in January, 2000. Natural gas sales
revenue for the nine months ended September 30, 2000 amounted to $1,640,559
based on gas production of 587,319 Mcf. The average sales price for gas
production during this period was $3.09/Mcf.
THREE MONTHS ENDED SEPTEMBER 30, 2000
Natural gas sales revenue for the three months ended September 30, 2000
amounted to $871,243 based on gas production of 282,830 Mcf. The average
sales price for gas production during this period was $3.36/Mcf.
FINANCIAL CONDITION
LIQUIDITY
The initial distribution to partners was made during the second quarter of
2000. The Partnership's working capital increased from $(15,003) at December
31, 1999 to $783,099 at September 30, 2000. The increase is attributable to
natural gas production 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: November 14, 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: November 14, 2000
By: (Signature and Title:) /s/ William R. Seiler
William R. Seiler
Vice President, Chief Financial Officer, and Controller
Date: November 14, 2000
