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Previous: GRAHAM FIELD HEALTH PRODUCTS INC, DEFR14A, 1996-05-09 |
Next: MAY DRILLING PARTNERSHIP 1983-2, 10-Q, 1996-05-09 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
MARK ONE
X QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 1996
TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission File Number 0-11311
MAY DRILLING PARTNERSHIP 1983-1
MAY LIMITED PARTNERSHIP 1983-1
(Exact name of registrant as specified in its charter)
75-1896224
TEXAS 75-1896223
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
4582 SOUTH ULSTER STREET PARKWAY
SUITE 1700
DENVER, COLORADO 80237
(Address of principal executive (Zip Code)
offices)
Registrant's telephone number, including area code:
(303) 850-7373
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.
Yes X No
<TABLE>
<CAPTION>
MAY DRILLING PARTNERSHIP 1983-1
BALANCE SHEETS
(In thousands)
March 31, December 31,
1996 1995
(Unaudited)
<S>
ASSETS
Investment in <C> <C>
May Limited Partnership 1983-1 $239 $207
=== ===
PARTNERS' CAPITAL
Partners' Capital $239 $207
=== ===
<F1>
NOTE: The statements of operations and cash flows for May
Drilling Partnership 1983-1 are not presented because
such information is equal to the limited partner's
share of such activity as presented in the May
Limited Partnership 1983-1 financial statements. The
May Drilling Partnership carries its investment in
May Limited Partnership 1983-1 on the equity method.
The May Limited Partnership 1983-1 financial
statements should be read in conjunction with these
balance sheets.
</TABLE>
<TABLE>
<CAPTION>
MAY LIMITED PARTNERSHIP 1983-1
BALANCE SHEETS
(In thousands)
March 31, December 31,
1996 1995
(Unaudited)
<S>
ASSETS
CURRENT ASSETS <C> <C>
Cash and cash equivalents $ 155 $ 115
Accrued oil and gas sales 62 52
Due from affiliate 24 8
------ ------
Total 241 175
------ ------
OIL AND GAS PROPERTIES, using the
full cost method of accounting 7,287 7,287
Less - Accumulated depletion (7,033) (7,022)
------ ------
Net oil and gas properties 254 265
------ ------
TOTAL ASSETS $ 495 $ 440
====== ======
LIABILITIES AND PARTNERS' CAPITAL
CURRENT LIABILITIES
Accounts payable and accrued
liabilities $ 16 $ 20
------ ------
Total 16 20
------ ------
PARTNERS' CAPITAL
General partner 240 213
Limited partner 239 207
------ ------
Total 479 420
------ ------
TOTAL LIABILITIES AND PARTNERS'
CAPITAL $ 495 $ 440
====== ======
</TABLE>
<TABLE>
<CAPTION>
MAY LIMITED PARTNERSHIP 1983-1
STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except for unit information)
For the Three Months
Ended March 31,
1996 1995
<S> <C> <C>
REVENUES
Oil revenue $ 9 $ 7
Gas revenue 91 46
Interest income 1 1
------ ------
Total 101 54
------ ------
COSTS AND EXPENSES
Lease operating 10 10
General and administrative 19 19
Depletion 11 13
Professional services and other 2 2
------ ------
Total 42 44
------ ------
NET INCOME $ 59 $ 10
====== ======
ALLOCATION OF NET INCOME:
General Partner $ 27 $ 10
====== ======
Limited Partner $ 32 $ -
====== =======
Per initial $1,000 limited
partner investment $ 6.79 $ -
====== =======
Weighted average initial $1,000
limited partner investment units
outstanding 4,713 4,713
====== ======
</TABLE>
<TABLE>
<CAPTION>
MAY LIMITED PARTNERSHIP 1983-1
STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
For the Three Months
Ended March 31,
1996 1995
<S> <C> <C>
OPERATING ACTIVITIES:
Net income $ 59 $ 10
Adjustment to reconcile net
income to net cash provided by
operating activities:
Depletion 11 13
------ -------
Cash from operations before
working capital changes 70 23
Changes in assets and liabilities
provided (used) cash:
Accrued oil and gas sales (10) 3
Due from affiliate (16) (10)
Accounts payable and accrued
liabilities (4) (9)
Payable to affiliate (2)
------ ------
Net cash provided by operating
activities 40 5
------ ------
INVESTING ACTIVITIES:
Additions to oil and gas
properties (8)
------ -------
Net cash used in investing
activities (8)
------ ------
FINANCING ACTIVITIES:
Distributions to partners (18)
------ ------
Net cash used in financing
activities (18)
------ ------
NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS 40 (21)
CASH AND CASH EQUIVALENTS:
Balance, beginning of period 115 96
------ ------
Balance, end of period $ 155 $ 75
====== ======
<F1>
The accompanying notes are an integral part
of the financial statements.
</TABLE>
MAY LIMITED PARTNERSHIP 1983-1
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
NOTE 1 - GENERAL
The financial statements presented are those of May Limited
Partnership 1983-1 (the "Partnership"). The interim financial
data are unaudited; however, in the opinion of the general
partner, the interim data include all adjustments, consisting
only of normal recurring adjustments, necessary for a fair
presentation of the results for the interim periods. These
financial statements should be read in conjunction with the
financial statements and notes thereto included in the
Partnership's December 31, 1995 Annual Report on Form 10-K.
NOTE 2 - LEGAL
In June 1993 and June 1995, a total of 15 lawsuits were filed
against the Partnership in the 15th Judicial District Court,
Lafayette Parish, Louisiana, Docket Nos. 93-2332-F through 93-
2345-F and 952601-3B, each styled Lamson Petroleum Corporation v.
Hallwood Petroleum, Inc. et al. The plaintiffs in the lawsuit
claim that they have an additional valid lease covering streets
and roads in the units of the A. L. Boudreaux #1 well, G. S.
Boudreaux #1 well, Paul Castille #1 well, Mary Guilbeau #1 well,
Evangeline Shrine Club #1 well and Duhon #1 well, which represent
approximately 3% to 4% of the limited partnership's interest in
these properties and are entitled to a portion of the production
from the wells since February 1990. The limited partnership has
not recognized revenue attributable to the contested leases since
January 1993. These revenues, totalling approximately $23,000 at
March 31, 1996, have been placed in escrow pending resolution of
the lawsuits. At this time, the Partnership believes that the
difference between the amount already in escrow as a result of
the litigation and the amount of any liability that may result
upon resolution of this matter will not be material.
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
LIQUIDITY AND CAPITAL RESOURCES
The Partnership generated $40,000 of cash flow from operating
activities and made no distributions during the three months
ended March 31, 1996. A distribution payable to partners of
record as of March 31, 1996 was declared in April 1996. The
distribution amount is $101,000, payable $58,000 to May Drilling
Partnership 1983-1 partners and $43,000 to the general partner.
Future distributions are dependent on future prices for the
Partnership's production and the production level of the
Partnership's remaining oil and gas reserves.
RESULTS OF OPERATIONS
FIRST QUARTER 1996 COMPARED TO FIRST QUARTER 1995
OIL REVENUE
Oil revenue increased $2,000 during the first quarter of 1996 as
compared with the same period during 1995 primarily due to an
increase in the average oil price from $17.63 per barrel in 1995
to $19.03 per barrel in 1996, combined with an increase in
production. Oil production increased 14% primarily due to
increased state allowable production limits.
GAS REVENUE
Gas revenue increased $45,000 during the first quarter of 1996 as
compared to the corresponding period in 1995 primarily as the
result of an increase in the average gas price from $1.66 per mcf
in 1995 to $3.28 mcf in 1996. Gas production remained consistent
at 28,000 mcf in 1995 and in 1996.
DEPLETION
Depletion expense decreased $2,000 during the first quarter of
1996 as compared to the corresponding period in 1995 as a result
of lower capitalized costs in 1996 as compared with 1995.
PART II - OTHER INFORMATION
ITEM 1 - LEGAL PROCEEDINGS
Reference is made to Item 8 - Note 3 of Form 10-K
for the year ended December 31, 1995 and Item 1 -
Note 2 of this Form 10-Q.
ITEM 2 - CHANGES IN SECURITIES
None.
ITEM 3 - DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None.
ITEM 5 - OTHER INFORMATION
None.
ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K
None.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the Partnerships have duly caused this report to be signed
on their behalf by the undersigned, thereunto duly authorized.
MAY DRILLING PARTNERSHIP 1983-1
MAY LIMITED PARTNERSHIP 1983-1
BY: EDP OPERATING, LTD.,
GENERAL PARTNER
BY: HALLWOOD G. P., INC.,
GENERAL PARTNER
Date: May 3, 1996 By: /s/Robert S. Pfeiffer
Robert S. Pfeiffer,
Vice President
(Principal Accounting Officer)<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from Form 10-Q
for the quarter ended March 31, 1996 for May Drilling Partnership 1983-1 and is
qualified in its entirety by reference to such Form 10-Q.
</LEGEND>
<CIK> 0000711308
<NAME> MAY DRILLING PARTNERSHIP 1983-1
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> MAR-31-1996
<CASH> 155
<SECURITIES> 0
<RECEIVABLES> 86
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 241
<PP&E> 7,287
<DEPRECIATION> 7,033
<TOTAL-ASSETS> 495
<CURRENT-LIABILITIES> 16
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 479
<TOTAL-LIABILITY-AND-EQUITY> 495
<SALES> 100
<TOTAL-REVENUES> 101
<CGS> 0
<TOTAL-COSTS> 42
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 59
<INCOME-TAX> 0
<INCOME-CONTINUING> 59
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 59
<EPS-PRIMARY> 6.79
<EPS-DILUTED> 6.79
</TABLE>
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