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 September 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
September 30, 1996 and December 31, 1995
Statements of Operations
Three months and nine months ended September 30, 1996 and 1995
Statements of Changes in Partners' Capital
Nine months ended September 30, 1996 and 1995
Statements of Cash Flows
Nine months ended September 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
September 30, December 31,
1996 1995
Current Assets:
Cash $ 261,742 $ 261,194
Receivable from General Partner 429,039 210,885
Total Current Assets 690,781 472,079
Oil and gas properties and equipment,
at cost, using the full cost
method of accounting 22,494,518 22,381,049
Less: Accumulated depreciation,
depletion and amortization (19,070,482) (18,562,098)
3,424,036 3,818,951
Total Assets $ 4,114,817 $ 4,291,030
LIABILITIES AND PARTNERS' CAPITAL
Accrued liabilities $ 9,739 $ 16,823
Partners' Capital
General Partner 886,953 1,000,751
Limited Partners 2,450,409 2,391,556
Combining adjustment 767,716 881,900
Total Partners Capital 4,105,078 4,274,207
Total Liabilities and
Partners' Capital $ 4,114,817 $ 4,291,030
[FN]
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 Nine months ended
September 30, September 30,
1996 1995 1996 1995
Revenues:
Oil and gas sales $573,257 $350,464 $1,609,174 $1,207,824
Interest income 2,202 3,412 6,486 11,320
575,459 353,876 1,615,660 1,219,144
Expenses:
Lease operating 65,168 84,355 197,402 251,701
Production tax 36,416 19,689 101,850 69,314
Marketing deductions 48,324 56,540 139,642 181,130
Depreciation, depletion
and amortization 178,798 100,931 508,384 346,455
General and administrative 49,064 46,093 142,612 155,598
Total Expenses 377,770 307,608 1,089,890 1,004,198
Net income $197,689 $ 46,268 $ 525,770 $ 214,946
Net income (loss) allocation:
General Partner $141,215 $ 45,098 $ 381,101 $ 191,020
Limited Partners 96,564 24,480 258,853 104,263
Combining adjustment (40,090) (23,310) (114,184) (80,337)
Net income $197,689 $ 46,268 $ 525,770 $ 214,946
Net income per limited
partnership unit
(1,210 outstanding) $ 79.80 $ 20.23 $ 213.93 $ 86.17
[FN]
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)
Nine months ended September 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 194,645 -- -- 194,645
Distributions (478,807) (600,000) -- (1,078,807)
Net income (loss) 191,020 104,263 (80,337) 214,946
Balance at
September 30, 1995 $1,030,149 $2,320,776 $907,110 $4,258,035
Nine months ended September 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 189,007 -- -- 189,007
Distributions (683,906) (200,000) -- (883,906)
Net income (loss) 381,101 258,853 (114,184) 525,770
Balance at
September 30, 1996 $ 886,953 $2,450,409 $ 767,716 $4,105,078
[FN]
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)
Nine months ended
September 30,
1996 1995
Cash flows from operating activities:
Net income $ 525,770 $ 214,946
Adjustments to reconcile net income to
net cash provided by operating activities:
Depreciation, depletion and amortization 508,384 346,455
Changes in operating assets and liabilities:
(Increase) decrease in receivable from
General Partner (218,154) 27,775
(Decrease) increase in accrued liabilities (7,084) --
Net cash provided by operating activities 808,916 589,176
Cash flows from investing activities:
Additions to oil and gas properties
and equipment (113,469) (53,118)
Net cash used in investing activities (113,469) (53,118)
Cash flows from financing activities:
Distributions to General Partner (683,906) (478,807)
Contributions by General Partner 189,007 194,645
Distributions to Limited Partners (200,000) (600,000)
Net cash used in financing activities (694,899) (750,039)
Net (decrease) increase in cash 548 (213,981)
Cash at beginning of period 261,194 473,041
Cash at end of period $ 261,742 $ 259,060
[FN]
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
September 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 $767,716
and $907,110 at September 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 $136,125 for each nine month period ended
September 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. Distributions were made to the Limited
Partners for the nine month period ended September 30, 1996 in the amount
of $200,000; compared to $600,000 distributed to the Limited Partners for
the corresponding period in 1995. During the first nine months of 1996 and
1995, the Partnership distributed $683,906 and $478,807, respectively, to
the General Partner for its allocated share of net revenues, and the
General Partner contributed $189,007 and $194,645, 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.
<PAGE>
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/used in operating activities for the nine months
ended September 30, 1996 was $808,916, compared to $589,176 of net cash
used in the corresponding period in 1995. This increase resulted primarily
from higher oil and gas revenues.
Capital expenditures during the first nine months of 1996 were
$113,469, 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 $53,118, 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 nine months of 1996 and 1995, the Partnership
distributed $683,906 and $478,807, 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
$189,007 and $194,645, respectively. A cash distribution of $200,000 was
made to the Limited Partners in May of 1996 compared to $600,000
distributed to the Limited Partners in August of 1995. The lower cash
distribution to date in 1996 is due to the anticipated capital expenditures
for drilling in the fourth quarter.
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 September 30, 1996 vs. Three Months Ended September
30, 1995
Net income for the third quarter ended September 30, 1996 was $197,689,
an increase of $151,421 or 327% from net income of $46,268 reported for the
same period in 1995. This increase resulted primarily from increases in
natural gas and plant products 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 September
30, 1996 of $573,257 increased $222,793 or 64% compared to the same period
in 1995. Crude oil production was 53 barrels per day, natural gas
production was 1,651 mcf per day, and plant products were 882 equivalent
mcf per day during this period, compared to the 1995 level of 54 barrels,
1,438 mcf, and 700 equivalent mcf per day, respectively. In the third
quarter of 1996, average sales prices increased for crude oil to $20.75 per
barrel, for natural gas to $2.13 per mcf, and for plant products to $1.81
per equivalent mcf, compared to $16.22 per barrel, $1.42 per mcf and $1.27
per equivalent mcf, respectively, in 1995. Interest income decreased
$1,210 or 35% in the third 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 September 30, 1996
decreased $19,187 or 23% compared to the same period in 1995. During the
third quarter of 1995, ad valorem tax accruals were adjusted to cover
expected property tax increases for the first nine months of 1995.
Property taxes for 1996 were expected to be below 1995 levels. Production
tax expense for the third quarter of 1996 increased by $16,727 or 85%
compared to the third quarter of 1995, due primarily to the increase in oil
and gas revenues. Marketing deductions were $48,324 for the three months
ended September 30, 1996, a decrease of $8,216 or 15% 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 $77,867 or
77% 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 September 30, 1996 increased by $2,971 or 6% compared to
the same period in 1995.
Nine Months Ended September 30, 1996 vs. Nine Months Ended September 30,
1995
Net income for the nine months ended September 30, 1996 was $525,770,
an increase of $310,824 or 145% from net income of $214,946 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 sales for the nine months ended September 30,
1996 was $1,609,174, an increase of $401,350 or 33% compared to the same
period in 1995. This increase is due to the higher sales prices. Crude
oil production was 53 barrels per day, natural gas production was 1,568 mcf
per day and plant products were 805 equivalent mcf per day during this
period, compared to the 1995 level of 56 barrels, 1,532 mcf, and 835
equivalent mcf per day, respectively, during this period. In the third
quarter of 1996, average sales prices increased for crude oil to $20.75 per
barrel, for natural gas to $2.13 per mcf, and for plant products to $1.81
per equivalent mcf, compared to $16.22 per barrel, $1.42 per mcf, and $1.27
per equivalent mcf for plant products, respectively, in 1995. Interest
income decreased $4,834 or 43% 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 nine months ended September 30, 1996
decreased $54,299 or 22%, 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 nine
months of 1996 increased $32,536 or 47% compared to the first nine months
of 1995, due primarily to the increase in oil and gas revenues in 1996.
Marketing deductions were $139,642 for the nine months ending September 30,
1996, a decrease of $41,488 or 23% 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 $161,929 or 47% compared to 1995 as a
result of increased revenue in 1996. General and administrative expenses
for the nine months ended September 30, 1996 decreased $12,986 or 8%
compared to the same period in 1995, due primarily to a reduction in
auditing and tax charges.
<PAGE>
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 - Finance
CODY ENERGY, INC.
Successor General Partner
DATE: November 12, 1996
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 9-MOS
<FISCAL-YEAR-END> DEC-31-1996 DEC-31-1996
<PERIOD-START> JUL-1-1996 DEC-31-1996
<PERIOD-END> SEP-1-1996 JAN-1-1996
<CASH> 261,742 261,742
<SECURITIES> 0 0
<RECEIVABLES> 429,039 429,039
<ALLOWANCES> 0 0
<INVENTORY> 0 0
<CURRENT-ASSETS> 690,781 690,781
<PP&E> 22,494,518 22,494,518
<DEPRECIATION> 19,070,482 19,070,482
<TOTAL-ASSETS> 4,114,817 4,114,817
<CURRENT-LIABILITIES> 9,739 9,739
<BONDS> 0 0
0 0
0 0
<COMMON> 0 0
<OTHER-SE> 0 0
<TOTAL-LIABILITY-AND-EQUITY> 4,114,817 4,114,817
<SALES> 573,257 1,609,174
<TOTAL-REVENUES> 575,459 1,615,660
<CGS> 0 0
<TOTAL-COSTS> 377,770 1,089,890
<OTHER-EXPENSES> 0 0
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 0 0
<INCOME-PRETAX> 197,689 525,770
<INCOME-TAX> 0 0
<INCOME-CONTINUING> 197,689 525,770
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 197,689 525,770
<EPS-PRIMARY> 0 0
<EPS-DILUTED> 0 0
</TABLE>
