<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 June 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
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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 June 30, 2000.
Item 2. Description of Business
The Partnership has placed 118 net wells in production in the Clinton/Medina
formation in Mercer and Lawrence Counties, Pennsylvania and Stark and Trumbull
Counties, Ohio. As of June 30, 2000, all 118 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 $630,422 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 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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10-Aug-00
ATLAS-ENERGY FOR THE NINETIES--PUBLIC #8 LTD.
A PENNSYLVANIA LIMITED PARTNERSHIP
BALANCE SHEET
AS OF JUNE 30, 2000 & DECEMBER 31, 1999
<TABLE>
<CAPTION>
June 30,
2000 December 31, Increase
(unaudited) 1999 (Decrease)
-------------------------------------------
<S> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash $ 6,678 $ - $ 6,678
Accounts receivable 567,859 567,859
-------------------------------------------
TOTAL CURRENT ASSETS 574,537 0 574,537
Oil and Gas drilling contracts/leases,net of accum. depl. & amort. 12,147,526 12,573,810 (426,284)
-------------------------------------------
TOTAL ASSETS $ 12,722,063 $ 12,573,810 $ 148,253
===========================================
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable $ 28,869 $ 15,003 $ 13,866
Partners' Capital 12,693,194 12,558,807 134,387
-------------------------------------------
TOTAL LIABILITIES AND PARTNERS' CAPITAL $ 12,722,063 $ 12,573,810 $ 148,253
===========================================
</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 SIX MONTHS ENDED JUNE 30, 2000 & 1999
<TABLE>
<CAPTION>
SIX MONTHS ENDED SECOND QUARTER ENDED
JUNE 30, JUNE 30,
REVENUE 2000 1999 2000 1999
------- ------------------------- --------------------
<S> <C> <C> <C> <C>
Natural gas sales $769,316 $0 $630,422 $0
Interest Income 19,994 19,994
-------- -------- -------- --------
Total Revenue 789,310 0 650,416 0
EXPENSES
--------
Well Operating Expense 77,592 0 62,563 0
Depletion and depreciation of oil and gas wells and leases 426,285 0 342,509 0
General and administrative fees 29,526 0 26,764 0
Miscellaneous 417 - 417 -
-------- -------- -------- --------
Total Expenses 533,820 - 432,253 -
-------- -------- -------- --------
Net Earnings $255,490 - $218,163 -
======================= ===================
</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 SIX MONTHS ENDED JUNE 30, 2000 & 1999
<TABLE>
<CAPTION>
SIX MONTHS ENDED
----------------
June 30,
--------
Increase (Decrease) in Cash
---------------------------
2000 1999
----------------------
<S> <C> <C>
Cash flows from operating activities
Net Earnings $ 255,490 $ 0
Adjustments to reconcile net earnings
to net cash provided by operating activities:
Depletion and depreciation 426,285 0
(Increase) in accounts receivable (567,859) 0
Increase in accounts payable 13,866 0
--------- ---------
Cash provided by operating activities 127,782 0
Cash flows used in financing activities:
Distributions to Partners (121,104) 0
--------- ---------
Net Increase in Cash 6,678 0
Cash at beginning of period 0 0
--------- ---------
Cash at end of period $ 6,678 $ 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 six months ended June 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 200,600 491,124 691,724
Depletion and depreciation (139,283) (287,002) (426,285)
Other costs (Net) (2,885) (7,063) (9,948)
------------ ------------ ------------
Net Earnings 58,432 197,059 255,491
Distributions (35,121) (85,983) (121,104)
------------ ------------ ------------
BALANCE at JUNE 30, 2000 $1,493,143 $11,200,051 $12,693,194
============ ============ ============
</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 June 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
SIX MONTHS ENDED JUNE 30, 2000
The Partnership commenced production in January, 2000. Natural gas sales revenue
for the six months ended June 30, 2000 amounted to $769,316 based on gas
production of 304,489 Mcf. The average sales price for gas production during
this period was $2.82/Mcf.
THREE MONTHS ENDED JUNE 30, 2000
Natural gas sales revenue for the three months ended June 30, 2000 amounted to
$630,422 based on gas production of 244,649 Mcf. The average sales price for gas
production during this period was $2.87/Mcf.
FINANCIAL CONDITION
LIQUIDITY
There was one cash payment to the Partnership from the initial production from
the wells in this program and one distribution to investors during the three
months ended June 30, 2000. The Partnership's working capital increased from
$(15,003) at December 31, 1999 to $545,668 at June 30, 2000. The increase is
attributable to the commencement of natural gas production for new wells turned
on-line during the first half of the year, 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: August 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: August 14, 2000
By: (Signature and Title:) /s/ William R. Seiler
William R. Seiler
Vice President, Chief Financial Officer, and Controller
Date: August 14, 2000
