FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
{X} QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the Quarterly Period Ended June 30, 1996
OR
{ } TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
Commission file number 0-10267
C&K 1980 FUND-B, LTD.
(Exact name of registrant as specified in its charter)
Texas 76-0307698
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
7555 East Hampden Avenue, Suite 600
Denver, CO 80231
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 303-695-3600
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.
X
Yes No
The C&K 1980 Fund-B, Ltd. is a Texas limited partnership.
<PAGE>
INDEX TO FORM 10-Q
C&K 1980 Fund-B, Ltd.
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Balance Sheets
June 30, 1996 and December 31, 1995
Statements of Operations
Three months and six months ended June 30, 1996 and 1995
Statements of Changes in Partners' Capital
Six months ended June 30, 1996 and 1995
Statements of Cash Flows
Six months ended June 30, 1996 and 1995
Notes to the Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
Item 2. Changes in Securities
Item 3. Defaults upon Senior Securities
Item 4. Submission of Matters to a Vote of
Security Holders
Item 5. Other Information
Item 6. Exhibits and Reports on Form 8-K
SIGNATURE
<PAGE>
C&K 1980 FUND-B, LTD.
(A Texas Limited Partnership)
BALANCE SHEETS
(Unaudited)
ASSETS
June 30, December 31,
1996 1995
Current Assets:
Cash $ 259,539 $ 261,194
Receivable from General Partner 240,480 210,885
Total Current Assets 500,019 472,079
Oil and gas properties and equipment,
at cost, using the full cost
method of accounting 22,494,470 22,381,049
Less: Accumulated depreciation,
depletion and amortization (18,891,684) (18,562,098)
3,602,786 3,818,951
Total Assets $ 4,102,805 $ 4,291,030
LIABILITIES AND PARTNERS' CAPITAL
Accrued liabilities $ 6,446 $ 16,823
Partners' Capital
General Partner 934,708 1,000,751
Limited Partners 2,353,845 2,391,556
Combining adjustment 807,806 881,900
Total Partners Capital 4,096,359 4,274,207
Total Liabilities and
Partners' Capital $ 4,102,805 $ 4,291,030
The accompanying notes are an integral part of these financial statements.
<PAGE>
C&K 1980 FUND-B, LTD.
(A Texas Limited Partnership)
STATEMENTS OF OPERATIONS
(Unaudited)
Three months ended Six months ended
June 30, June 30,
1996 1995 1996 1995
Revenues:
Oil and gas sales $596,155 $474,897 $1,035,917 $857,360
Interest income 2,139 5,182 4,284 7,908
598,294 480,079 1,040,201 865,268
Expenses:
Lease operating 67,536 132,418 132,234 167,346
Production tax 39,165 27,817 65,434 49,625
Marketing deductions 39,023 68,136 91,318 124,590
Depreciation, depletion and
amortization 192,985 136,771 329,586 245,524
General and administrative 47,880 46,896 93,548 109,505
386,589 412,038 712,120 696,590
Net income $211,705 $ 68,041 $ 328,081 $168,678
Net income (loss) allocation:
General Partner $150,971 $ 63,767 $ 239,886 $145,922
Limited Partners 104,016 35,862 162,289 79,783
Combining adjustment (43,282) (31,588) (74,094) (57,027)
Net income $211,705 $ 68,041 $ 328,081 $168,678
Net income per limited
partnership unit
(1,210 outstanding) $ 85.96 $ 29.64 $ 134.12 $ 65.94
The accompanying notes are an integral part of these financial statements.
<PAGE>
C&K 1980 FUND-B, LTD.
(A Texas Limited Partnership)
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
(Unaudited)
Six months ended June 30, 1995
Combining
General Limited Adjustment
Partner Partners (Note 3) Total
Balance at January 1, 1995 $1,123,291 $2,816,513 $987,447 $4,927,251
Contributions 130,120 -- -- 130,120
Distributions (341,654) -- -- (341,654)
Net income (loss) 145,922 79,783 (57,027) 168,678
Balance at June 30, 1995 $1,057,679 $2,896,296 $930,420 $4,884,395
Six months ended June 30, 1996
Combining
General Limited Adjustment
Partner Partners (Note 3) Total
Balance at January 1, 1996 $1,000,751 $2,391,556 $881,900 $4,274,207
Contributions 133,697 -- -- 133,697
Distributions (439,626) (200,000) -- (639,626)
Net income (loss) 239,886 162,289 (74,094) 328,081
Balance at June 30, 1996 $ 934,708 $2,353,845 $807,806 $4,096,359
The accompanying notes are an integral part of these financial statements.
<PAGE>
C&K 1980 FUND-B, LTD.
(A Texas Limited Partnership)
STATEMENTS OF CASH FLOWS
(Unaudited)
Six months ended June 30,
1996 1995
Cash flows from operating activities:
Net income $ 328,081 $ 168,678
Adjustments to reconcile net income to
net cash provided by operating activities:
Depreciation, depletion and amortization 329,586 245,524
Changes in operating assets and liabilities:
Increase in receivable from
General Partner (29,595) (136,868)
(Decrease) increase in accrued
liabilities (10,377) 23
Net cash provided by operating activities 617,695 277,357
Cash flows from investing activities:
Additions to oil and gas properties
and equipment (113,421) (52,809)
Net cash used in investing activities (113,421) (52,809)
Cash flows from financing activities:
Distributions to General Partner (439,626) (341,654)
Contributions by General Partner 133,697 130,120
Distributions to Limited Partners (200,000) --
Net cash used in financing activities (505,929) (211,534)
Net (decrease) increase in cash (1,655) 13,014
Cash at beginning of period 261,194 473,041
Cash at end of period $ 259,539 $ 486,055
The accompanying notes are an integral part of these financial statements.
<PAGE>
C&K 1980 FUND-B, LTD.
(A Texas Limited Partnership)
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Organization
The C&K 1980 Fund-B, Ltd. (the "Partnership"), a Texas Limited
Partnership, was organized on January 29, 1980, to acquire, explore,
develop and operate onshore oil and gas properties in the United States and
commenced operations on October 15, 1980. Total initial Limited Partner
contributions were $6,050,000 including $100,000 contributed by C&K
Petroleum, Inc. ("C&K"), the initial General Partner. On August 25, 1981,
C&K requested the Limited Partners to pay an additional assessment of
$1,512,500, or 25% of their initial contributions. Of this amount, C&K
paid $157,500 for thirty-two Limited Partners who declined to pay their
share of the additional assessments.
C&K, after several corporate reorganizations beginning in September of
1984 and ending in December of 1991, was acquired by Ultramar Oil and Gas
Limited ( UOGL ), an indirect wholly-owned subsidiary of LASMO plc.
Effective November 18, 1992, UOGL was sold to Williams-Cody Limited
Liability Company, ( WCLLC ), a Wyoming limited liability company owned by
Williams Gas Management Company ("WGMan") and Cody Resources, Inc.
("CRI"). On January 1, 1993, UOGL changed its name to Williams-Cody, Inc.
("Williams-Cody").
Effective May 1, 1993, Cody Company, a wholly owned subsidiary of
The Gates Corporation, purchased the units of WCLLC owned by WGMan. As a
result of this acquisition, the unit holders of WCLLC are Cody Company and
its wholly owned subsidiary, Cody Resources, Inc. Subsequently, effective
May 15, 1993, the name of Williams-Cody, Inc. was changed to CODY ENERGY,
INC. ("CODY"), and the name of Williams-Cody Limited Liability Company was
changed to Gates-Cody Energy Company ("GCEC"), a Limited Liability
Company. CODY is the surviving corporation and, pursuant to the authority
provided in the Partnership Agreement, manages and controls the
Partnership's affairs and is responsible for the activities of the
Partnership.
Basis of Accounting
The accounts of the Partnership are maintained on the accrual basis in
accordance with accounting practices permitted for federal income tax
reporting purposes. In order to present the accompanying financial
statements on the basis of generally accepted accounting principles for
financial reporting purposes, adjustments have been made to account for oil
and gas properties under the full cost method of accounting.
Oil and Gas Properties
The Partnership uses the full cost method of accounting for oil and
gas properties in accordance with rules prescribed by the Securities and
Exchange Commission ("SEC"). Under this method, all costs incurred in
connection with the exploration for and development of oil and gas reserves
are capitalized. Such capitalized costs include lease acquisition,
geological and geophysical work, delay rentals, drilling, completing and
equipping oil and gas wells and other related costs together with costs
applicable to CODY's technical personnel directly engaged in evaluating and
maintaining oil and gas prospects and drilling oil and gas wells.
Maintenance and repairs are charged against income when incurred. Renewals
and betterments which extend the useful life of properties are capitalized.
The capitalized costs of all oil and gas properties are depleted on a
composite units-of-revenue method computed on a future gross revenue
basis. An additional depletion provision is made if the total capitalized
costs of oil and gas properties exceed the "capitalization ceiling"
which is calculated as the present value of future net revenues for
estimated production of the Partnership's proved oil and gas reserves as
furnished by independent petroleum engineers.
Future gross revenues have been estimated using rules prescribed by
the SEC. Under these rules, year-end prices are utilized in determining
future gross revenues.
Net Income (Loss) per Limited Partnership Unit
Net income (loss) per limited partnership unit is computed by
obtaining the Limited Partners net income (loss) (see Statements of
Changes in Partners' Capital) and dividing by the total limited partnership
units outstanding.
Contributions and Distributions
Contributions by the General Partner, as presented in the Statements
of Changes in Partners' Capital, represent amounts paid by the General
Partner for its allocated share of the Partnership's costs and expenses.
Distributions to the General Partner represent amounts collected by the
General Partner for its allocated share of the Partnership's revenues.
Distributions to Limited Partners represent periodic payments of available
cash, as determined in accordance with the terms of the Partnership
Agreement.
Receivable from the General Partner
The receivable from the General Partner consists of the Limited
Partners' share of proceeds from the sales of the Partnership's crude oil
and natural gas, net of related operating and general and administrative
expenses. The General Partner acts as the collection agent for the
Partnership's receivables and remits sales revenues collected in the period
received. The Partnership has no recourse against the General Partner for
amounts deemed uncollectible.
Revenue Recognition
The Partnership recognizes oil and gas revenues for only its ownership
percentage of total production under the entitlement method. Purchase,
sale and transportation of natural gas and crude oil are recognized upon
completion of the sale and when transported volumes are delivered.
Concentration of Credit Risk
Financial instruments which subject the Partnership to concentrations
of credit risk consist principally of trade receivables. The Partnership s
policy is to evaluate, prior to entering agreements, each purchaser s
financial condition. The Partnership sells to purchasers with different
geographic and economic characteristics. Trade receivables, which are
generally uncollateralized, are from oil and gas companies located
throughout the United States.
Use of Estimates
The preparation of the Partnership s financial statements in
conformity with generally accepted accounting principles necessarily
requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the balance sheet dates and the reported amounts
of revenues and expenses during the reporting periods. Actual results
could differ from those estimates.
Reclassifications
Certain amounts from prior years have been reclassified to be
consistent with the financial statements presentation for 1996. Such
reclassifications had no effect on net income.
NOTE 2 - GAS CONTRACT
Since June 1, 1993, Williams Gas Marketing has purchased all of the
Partnership's natural gas production under an agreement that calls for
market responsive prices which are tied to a published index. The
Partnership remains responsible for all costs related to production,
gathering, processing or severance of the gas prior to Delivery Point.
These costs have been recorded as marketing deductions in the financial
statements.
NOTE 3 - ALLOCATION OF PARTNERSHIP REVENUES, COSTS AND EXPENSES
The Partnership Agreement provides that revenues, costs and expenses
shall be allocated to the partners as follows:
Limited General
Partners Partner
REVENUES
Sale of Production . . . . . . . . . . . . . . . . 50% 50%
Sale of Equipment . . . . . . . . . . . . . . . . . 50 50
Interest Income . . . . . . . . . . . . . . . . . . 99 1
COSTS AND EXPENSES
Organization and Offering Expenses Other than
Sales Commissions . . . . . . . . . . . . . . . . 0 100
Leasehold Acquisition Costs . . . . . . . . . . . . 0 100
Subsequent Leasehold Acquisition Costs . . . . . . 50 50
Intangible Drilling Costs . . . . . . . . . . . . . 99 1
Tangible Drilling and Completion Costs Relating to
Commercially Productive Wells . . . . . . . . . . 0 100
Post-Completion Costs . . . . . . . . . . . . . . . 50 50
Operating Costs . . . . . . . . . . . . . . . . . . 50 50
Special Costs . . . . . . . . . . . . . . . . . . . 99 1
General and Administrative Expenses . . . . . . . . 50 50
The depreciation, depletion and amortization provision is calculated
based on discrete calculations utilizing the Partnership's and the
partners' share of the related capital costs and estimated future net
revenues. For financial statement purposes, each partner's depreciation,
depletion and amortization provision has been increased by the amount that
his share of unamortized costs exceeded the capitalization ceiling. At
June 30, 1996 and 1995, the net capitalized costs of the Partnership s oil
and gas properties did not exceed the capitalization ceiling.
The combining adjustment included in the partners capital of $807,806
and $930,420 at June 30, 1996 and 1995, respectively, represents the
difference resulting from computing the full cost ceiling test in prior
years on the total partnership basis, which is used for financial reporting
purposes, and the limited partners and general partner basis. The
adjustment is an allocation of partners capital and does not affect net
income.
NOTE 4 - PURCHASE OF LIMITED PARTNERS' INTERESTS
The Limited Partners may require the General Partner to purchase up to
ten percent of their interests annually. The purchase price is based on
the Limited Partners' proportionate share of the sum of (i) two-thirds of
the present worth of estimated future net revenues discounted at the prime
rate in effect on the applicable valuation date plus one percent, (ii) the
present value of the estimated salvage value of all production facilities
and tangible assets, and (iii) the net book value of all other assets and
liabilities.
In addition to the 20 units purchased by the General Partner for its
initial capital contribution, a total of 733.66 units had been purchased
from Limited Partners as of December 31, 1995. At January 1, 1996, the
General Partner calculated a purchase price of $1,552.25 per unit for
Limited Partners who paid the additional assessment ( assessed Limited
Partners ) and $1,241.80 per unit for Limited Partners who had not paid the
additional assessment ( nonassessed Limited Partners ). Within the
prescribed tender period, which ended June 30, 1996, eighteen Limited
Partners tendered 38.66667 assessed units and no unassessed units for a
total repurchase amount of $60,020.34.
NOTE 5 - SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES
The General Partner is reimbursed for administrative and overhead costs
incurred in conducting the business of the Partnership. Such
reimbursements have been the maximum allowed under the terms of the
Partnership Agreement and were $90,750 for each six month period ended June
30, 1996 and 1995.
The Partnership distributes to each Limited Partner his proportionate
share of cash funds credited to his capital account which is in excess of
the amounts necessary to meet such partners share of existing or future
obligations of the Partnership. No distributions were made to the Limited
Partners for the six month period ended June 30, 1995; however, $200,000
was distributed to the Limited Partners in May of 1996. During the first
six months of 1996 and 1995, the Partnership distributed $439,626 and
$341,654, respectively, to the General Partner for its allocated share of
net revenues, and the General Partner contributed $133,697 and $130,120,
respectively, for its allocated share of costs and expenses.
NOTE 6 - INCOME TAXES
Income taxes are not levied at the Partnership level, but rather on the
individual partners; therefore, no provision for liability for federal and
state income taxes has been reflected in the accompanying financial
statements. The tax returns, the qualification of the Partnership as a
partnership for tax purposes and the amount of the Partnership's income or
loss is subject to examination by federal and state tax authorities. If
such examinations result in changes with respect to the Partnership's
qualifications or in changes in the Partnership's income or loss, the tax
liability of the partners could be changed accordingly.
NOTE 7 - CONTINGENCIES
The General Partner is currently considering either transferring its
limited partner and general partnership interests in the Partnership,
withdrawing as general partner of the Partnership, or taking other actions
to reduce its responsibilities in the Partnership, which could lead to the
ultimate dissolution of the Partnership. This condition raises substantial
doubt about the Partnership's ability to continue as a going concern. As
long as CODY remains the General Partner of the Partnership, GCEC intends
to, if necessary, advance the funds required by the Partnership in excess
of those generated by operations through CODY. The accompanying financial
statements do not include any adjustments that might result from the
outcome of this uncertainty.
C&K 1980 FUND-B, LTD.
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
LIQUIDITY AND CAPITAL RESOURCES
Net cash provided by operating activities for the six months ended June
30, 1996 was $617,695, compared to $277,357 for the corresponding period in
1995. This increase resulted primarily from increased oil and gas revenues
and a decrease in the receivable from the General Partner.
Capital expenditures during the first six months of 1996 were $113,421,
primarily attributable to the drilling of the C. Montalvo well in the
Mestena Grande Field in Jim Hogg County, Texas. Capital expenditures
during the same period in 1995 were $52,809, primarily attributable to the
drilling of one well, which was unsuccessful. The Partnership has no
immediate plans for additional exploratory or developmental capital
programs, except those necessary to maintain well productivity for 1996.
During the first six months of 1996 and 1995, the Partnership
distributed $439,626 and $341,654, respectively, to the General Partner for
their share of net revenues. During these same periods, the General
Partner's contribution (allocated share of costs and expenses incurred) was
$133,697 and $130,120, respectively. A cash distribution of $200,000 was
made to the Limited Partners in May, 1996. The Limited Partners did not
receive a cash distribution during the first half of 1995.
The Partnership's financing requirements for operating expenses and
development capital are currently provided by revenues from its producing
operations. The Partnership does not consider long-term financing
arrangements, either with the General Partner or other sources, as
necessary at this time.
The Partnership cannot predict with any degree of certainty the prices
it will receive in the remainder of 1996 or in future years for its crude
oil and natural gas. The Partnership s financial condition, operating
results and liquidity will continue to be materially affected by any
significant fluctuations in sales prices. The Partnership's ability to
internally generate funds for capital expenditures will be similarly
affected.
RESULTS OF OPERATIONS
Three Months Ended June 30, 1996 vs. Three Months Ended June 30, 1995
Net income for the second quarter ended June 30, 1996 was $211,705, an
increase of $143,664 or 211% from net income of $68,041 reported for the
same period in 1995. This increase resulted primarily from increases in
natural gas production and sales prices for crude oil, natural gas and
plant products. The completion of the C. Montalvo well, which had first
production in March, 1996 contributed significantly to the increase in
natural gas production.
Crude oil and natural gas sales for the three months ended June 30,
1996 of $596,155 increased $121,258 or 26% compared to the same period in
1995. Crude oil production was 48 barrels per day, natural gas production
was 1,839 mcf per day, and plant products were 854 equivalent mcf per day
during this period, compared to the 1995 level of 55 barrels, 1,605 mcf,
and 1,308 equivalent mcf per day, respectively. In the second quarter of
1996, average sales prices increased for crude oil to $20.79 per barrel,
for natural gas to $2.02 per mcf, and for plant products to $2.16 per
equivalent mcf, compared to $18.49 per barrel, $1.49 per mcf and $1.39 per
equivalent mcf, respectively, in 1995. Interest income decreased $3,043 or
59% in the second quarter of 1996 compared to the corresponding period in
1995 due to a reduction in cash available for investment subsequent to a
third quarter 1995 cash distribution to the Limited Partners.
Lease operating expense for the three months ended June 30, 1996
decreased $64,882 or 49% compared to the same period in 1995. During the
second quarter of 1995, ad valorem tax accruals were adjusted to cover
expected property tax increases for the first six months of 1995. Property
taxes for 1996 were expected to be below 1995 levels. Production tax
expense for the second quarter of 1996 increased by $11,348 or 41% compared
to the second quarter of 1995, due primarily to the increase in oil and gas
revenues in 1996. Marketing deductions were $39,023 for the three months
ended June 30, 1996, a decrease of $29,113 or 43% compared to the same
period in 1995. The Partnership s transportation and marketing costs
decreased in 1996 due to a favorable change in gathering and transportation
rates provided by a new transporter, effective February 1, 1996.
Depreciation, depletion and amortization expense increased by $56,214 or
41% in 1996 compared to the same period in 1995 as a result of the
increased production in 1996. General and administrative expenses for the
three months ended June 30, 1996 increased by $984 or 2% compared to the
same period in 1995.
Six Months Ended June 30, 1996 vs. Six Months Ended June 30, 1995
Net income for the six months ended June 30, 1996 was $328,081, an
increase of $159,403 or 95% from net income of $168,678 reported for the
same period in 1995. This increase resulted mainly from increases in sales
prices for crude oil, natural gas and plant products.
Crude oil and natural gas revenue for the six months ended June 30,
1996 was $1,035,917, an increase of $178,557 or 21% compared to the same
period in 1995. Although sales prices increased for all products, declines
in production offset these increases. Crude oil production was 53 barrels
per day, natural gas production was 1,526 mcf per day and plant products
were 767 equivalent mcf per day during this period as compared to the 1995
level of 57 barrels, 1,580 mcf, and 904 equivalent mcf per day,
respectively, during this period. During the first half of 1996, the
average sales prices increased for crude oil to $19.33 per barrel, for
natural gas to $2.09 per mcf, and for plant products to $1.92 per
equivalent mcf, compared to $17.90 per barrel, $1.43 per mcf, and $1.62 per
equivalent mcf for plant products, respectively, in 1995. Interest income
decreased $3,624 or 46% in 1996 due to a reduction in cash available for
investment subsequent to a third quarter 1995 cash distribution to the
Limited Partners.
Lease operating expense for the six months ended June 30, 1996
decreased $35,112 or 21%, compared to the same period in 1995. This
decrease is primarily due to an expected decrease in ad valorem taxes for
1996, offset slightly by additional operating expenses incurred with the
completion of the C. Montalvo well. Production taxes for the first half of
1996 increased $15,809 or 32% compared to the first half of 1995, due
primarily to the increase in oil and gas revenues in 1996. Marketing
deductions were $91,318 for the six months ending June 30, 1996, a decrease
of $33,272 or 27% compared to the same period in 1995. The Partnership's
transportation and marketing costs decreased in 1996 due to a favorable
change in gathering and transportation rates provided by a new transporter,
effective February 1, 1996. Depreciation, depletion and amortization
expense increased by $84,062 or 34% compared to 1995 as a result of
increased revenue in 1996. General and administrative expenses for the six
months ended June 30, 1996 decreased $15,957 or 15% compared to the same
period in 1995, due primarily to a reduction in auditing and tax charges.
PART II - OTHER INFORMATION
C&K 1980 FUND-B, LTD.
Item 1. Legal Proceedings
None.
Item 2. Changes in Securities
None.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Submission of Matters to a Vote of Security Holders
Not applicable.
Item 5. Other Information
None.
Item 6. Exhibits and Reports on Form 8-K
None.
<PAGE>
SIGNATURE
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.
C&K 1980 Fund-B, Ltd.
(Registrant)
By: /s/ Dan R. Taylor
Dan R. Taylor
Vice President and Controller
CODY ENERGY, INC.
Successor General Partner
DATE: August 13, 1996
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 6-MOS
<FISCAL-YEAR-END> DEC-31-1996 DEC-31-1996
<PERIOD-START> APR-1-1996 JAN-1-1996
<PERIOD-END> JUN-30-1996 JUN-30-1996
<CASH> 259,539 259,539
<SECURITIES> 0 0
<RECEIVABLES> 240,480 240,480
<ALLOWANCES> 0 0
<INVENTORY> 0 0
<CURRENT-ASSETS> 500,019 500,019
<PP&E> 22,494,470 22,494,470
<DEPRECIATION> 18,891,684 18,891,684
<TOTAL-ASSETS> 4,102,805 4,102,805
<CURRENT-LIABILITIES> 6,446 6,446
<BONDS> 0 0
0 0
0 0
<COMMON> 0 0
<OTHER-SE> 0 0
<TOTAL-LIABILITY-AND-EQUITY> 4,102,805 4,102,805
<SALES> 596,155 1,035,917
<TOTAL-REVENUES> 598,294 1,040,201
<CGS> 0 0
<TOTAL-COSTS> 386,589 712,120
<OTHER-EXPENSES> 0 0
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 0 0
<INCOME-PRETAX> 211,705 328,081
<INCOME-TAX> 0 0
<INCOME-CONTINUING> 211,705 328,081
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 211,705 328,081
<EPS-PRIMARY> 0 0
<EPS-DILUTED> 0 0
</TABLE>
