UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 10-Q
/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
For the transition period from _______ to _______
Commission File No. 2-75530A
PARKER & PARSLEY 82-1, LTD.
(Exact name of Registrant as specified in its charter)
Texas 75-1825545
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
303 West Wall, Suite 101,
Midland, Texas 79701
(Address of principal executive offices) (Zip code)
Registrant's Telephone Number, including area code: (915)683-4768
Not applicable
(Former name, former address and former fiscal year,
if changed since last report)
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 / /
Page 1 of 15 pages.
There are no exhibits.
<PAGE>
PARKER & PARSLEY 82-I, LTD.
(A Texas Limited Partnership)
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
BALANCE SHEETS
June 30, December 31,
1996 1995
------------ ------------
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents, including
interest bearing deposits of
$109,202 at June 30 and $82,469
at December 31 $ 109,702 $ 83,890
Accounts receivable - oil and gas
sales 67,864 62,586
----------- -----------
Total current assets 177,566 146,476
Oil and gas properties - at cost, based
on the successful efforts accounting
method 10,334,241 10,409,464
Accumulated depletion (8,949,688) (8,970,229)
----------- -----------
Net oil and gas properties 1,384,553 1,439,235
----------- -----------
$ 1,562,119 $ 1,585,711
=========== ===========
LIABILITIES AND PARTNERS' CAPITAL
Current liabilities:
Accounts payable - affiliate $ 28,904 $ 50,057
Partners' capital:
Limited partners (4,891 interests) 1,269,823 1,277,125
General partners 263,392 258,529
----------- -----------
1,533,215 1,535,654
----------- -----------
$ 1,562,119 $ 1,585,711
=========== ===========
The financial information included herein has been prepared by
management without audit by independent public accountants.
The accompanying notes are an integral part of these financial statements.
2
<PAGE>
PARKER & PARSLEY 82-I, 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 $ 182,540 $ 166,485 $ 351,858 $ 338,255
Interest income 1,327 1,652 2,322 2,973
Litigation settlement 43,618 - 43,618 -
--------- --------- --------- ---------
Total revenues 227,485 168,137 397,798 341,228
Costs and expenses:
Production costs 77,487 92,839 161,472 196,074
General and admin-
istrative expenses 5,924 2,664 11,254 8,576
Depletion 25,417 44,252 54,785 88,909
Loss on sale of asset - 249 - 249
Abandoned property
costs 2,236 - 2,236 -
--------- --------- --------- ---------
Total costs and
expenses 111,064 140,004 229,747 293,808
--------- --------- --------- ---------
Net income $ 116,421 $ 28,133 $ 168,051 $ 47,420
========= ========= ========= =========
Allocation of net income:
General partners $ 31,933 $ 13,671 $ 49,246 $ 25,192
========= ========= ========= =========
Limited partners $ 84,488 $ 14,462 $ 118,805 $ 22,228
========= ========= ========= =========
Net income per limited
partnership interest $ 17.27 $ 2.95 $ 24.29 $ 4.54
========= ========= ========= =========
Distributions per limited
partnership interest $ 19.02 $ 12.07 $ 25.78 $ 22.86
========= ========= ========= =========
The financial information included herein has been prepared by
management without audit by independent public accountants.
The accompanying notes are an integral part of these financial statements.
3
<PAGE>
PARKER & PARSLEY 82-I, LTD.
(A Texas Limited Partnership)
STATEMENTS OF PARTNERS' CAPITAL
(Unaudited)
General Limited
partners partners Total
---------- ---------- ----------
Balance at January 1, 1995 $ 286,129 $ 1,478,510 $ 1,764,639
Distributions (38,855) (111,814) (150,669)
Net income 25,192 22,228 47,420
---------- ---------- ----------
Balance at June 30, 1995 $ 272,466 $ 1,388,924 $ 1,661,390
========== ========== ==========
Balance at January 1, 1996 $ 258,529 $ 1,277,125 $ 1,535,654
Distributions (44,383) (126,107) (170,490)
Net income 49,246 118,805 168,051
---------- ---------- ----------
Balance at June 30, 1996 $ 263,392 $ 1,269,823 $ 1,533,215
========== ========== ==========
The financial information included herein has been prepared by
management without audit by independent public accountants.
The accompanying notes are an integral part of these financial statements.
4
<PAGE>
PARKER & PARSLEY 82-I, LTD.
(A Texas Limited Partnership)
STATEMENTS OF CASH FLOWS
(Unaudited)
Six months ended
June 30,
1996 1995
---------- ----------
Cash flows from operating activities:
Net income $ 168,051 $ 47,420
Adjustments to reconcile net income to
net cash provided by operating activities:
Depletion 54,785 88,909
Loss on sale of asset - 249
Changes in assets and liabilities:
(Increase) decrease in accounts receivable (5,278) 3,540
Increase (decrease) in accounts payable (22,009) 12,239
---------- ----------
Net cash provided by operating
activities 195,549 152,357
Cash flows from investing activities:
Deletions to oil and gas properties 753 -
Cash flows from financing activities:
Cash distributions to partners (170,490) (150,669)
---------- ----------
Net increase in cash and cash equivalents 25,812 1,688
Cash and cash equivalents at beginning
of period 83,890 101,573
---------- ----------
Cash and cash equivalents at end
of period $ 109,702 $ 103,261
========== ==========
The financial information included herein has been prepared by
management without audit by independent public accountants.
The accompanying notes are an integral part of these financial statements.
5
<PAGE>
PARKER & PARSLEY 82-I, LTD.
(A Texas Limited Partnership)
NOTES TO FINANCIAL STATEMENTS
June 30, 1996
(Unaudited)
NOTE 1.
Parker & Parsley 82-I, L.P. (the "Registrant") is a limited partnership
organized in 1982 under the laws of the State of Texas.
The Registrant engages primarily in oil and gas exploration, development and
production in Texas and New Mexico and is not involved in any industry segment
other than oil and gas.
NOTE 2.
In the opinion of management, the Registrant's unaudited financial statements as
of June 30, 1996 include all adjustments and accruals consisting only of normal
recurring accrual adjustments which are necessary for a fair presentation of the
results for the interim period. However, these interim results are not
necessarily indicative of results for a full year.
The financial statements should be read in conjunction with the financial
statements and the notes thereto contained in the Registrant's Report on Form
10-K for the year ended December 31, 1995, as filed with the Securities and
Exchange Commission, a copy of which is available upon request by writing to
Steven L. Beal, Senior Vice President, 303 West Wall, Suite 101, Midland, Texas
79701.
NOTE 3.
On May 25, 1993, a final settlement agreement was negotiated, drafted and
finally executed, ending litigation which had begun on September 5, 1989, when
the Registrant filed suit along with other parties against Dresser Industries,
Inc.; Titan Services, Inc.; BJ-Titan Services Company; BJ- Hughes Holding
Company; Hughes Tool Company; Baker Hughes Production Tools, Inc.; and Baker
Hughes Incorporated alleging that the defendants had intentionally failed to
provide the materials and services ordered and paid for by the Registrant and
other parties in connection with the fracturing and acidizing of 523 wells, and
then fraudulently concealed the shorting practice from Parker & Parsley
Development L.P. ("PPDLP"). The May 25, 1993 settlement agreement called for a
payment of $115 million in cash by the defendants, and Southmark, the
6
<PAGE>
Registrant, and the other plaintiffs indemnified the defendants against the
claims of Jack N. Price. The managing general partner received the funds,
deducted incurred legal expenses, accrued interest, determined the general
partner's portion of the funds and calculated any inter-partnership allocations.
On May 3, 1993, Jack N. Price, the attorney who represented Gary G. "Zeke"
Lancaster in the Federal Court lawsuit, filed suit in State Court in Beaumont
against all of the plaintiff partnerships, including the Registrant and others,
alleging his entitlement to 12% of the settlement proceeds. Price's lawsuit
claim for approximately $13.8 million is predicated on a purported contract
entered into with Southmark Corporation in August 1988 in which he allegedly
binds the Registrant and the other defendants, as well as Southmark. Although
PPDLP believes the lawsuit was without merit and has vigorously defended it,
PPDLP has held in reserve approximately 12.5% of the total settlement (the
"Reserve") pending final resolution of the litigation.
A distribution of $91,000,000 was made to the working interest owners, including
the Registrant, on July 30, 1993. The limited partners received their
distribution of $359,173, or $73.44 per limited partnership interest, in
September 1993. The allocation of the lawsuit settlement amount was based on the
original verdict entered on October 26, 1990. The allocation to the working
interest owners in each well (including the Registrant) was based on a ratio of
the relative amount of damages due to overcharges for services and materials
("Materials") and damages for loss of past and future production ("Production"),
each as determined in that initial judgment. Within the Registrant, damages for
Materials were allocated between the partners based on their original sharing
percentages for costs of acquiring and/or drilling of wells. Similarly, damages
related to Production were allocated to the partners in the Registrant based on
their respective share of revenues from the subject wells.
As a condition of the purchase by Parker & Parsley Petroleum Company of Parker &
Parsley Development Company ("PPDC"), which was merged into PPDLP on January 1,
1995, from its former parent in May 1989, PPDC's interest in the lawsuit and
subsequent settlement was retained by the former parent. Consequently, all of
PPDC's share of the settlement related to its separately held interests in the
wells and its partnership interests in the sponsored partnerships (except that
portion allocable to interests acquired by PPDC after May 1989) was paid to the
former parent.
On September 20, 1995, the Beaumont trial judge entered a summary judgment
against Southmark for the $13,790,000 contingent fee sought by Price, together
with prejudgment interest, and also awarded Price an additional $5,498,525 in
attorneys' fees. On January 22, 1996, the trial judge entered an interlocutory
7
<PAGE>
summary judgment against Dresser Industries and Baker Hughes for an amount to be
determined. Pursuant to their indemnity obligations, the Registrant, Southmark,
PPDLP and other original plaintiffs vigorously protected the rights of both
Dresser and Baker Hughes. Southmark vigorously pursued its appeal of the
judgment, and posted a supersedeas bond using the Reserve as collateral. On
April 29, 1996, all of the parties, including the Registrant and Southmark,
entered into a $7.4 million settlement with Price which fully and finally
resolves all of the litigation and disputes between the parties, including the
Registrant's indemnity obligations to Dresser and Baker Hughes.
Pursuant to the settlement agreement, all of the pending lawsuits and judgments
have been dismissed, the supersedeas bond released, and the Reserve released as
collateral. The managing general partner conducted an accounting of income and
expenses among the parties, and, on June 28, 1996, made a final $9.3 million
distribution to the working interest owners, including the Registrant and its
partners, resulting in a distribution of $34,033 to the limited partners, or
$6.96 per limited partnership interest. The distribution was allocated to the
limited partners using the same methodology as the original $91 million
distribution in 1993.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (1)
Results of Operations
Six months ended June 30, 1996 compared with six months ended June 30, 1995
Revenues:
The Registrant's oil and gas revenues increased to $351,858 from $338,255 for
the six months ended June 30, 1996 and 1995, respectively, an increase of 4%.
The increase in revenues resulted from higher average prices received per barrel
of oil and mcf of gas, offset by a 14% decrease in barrels of oil produced and
sold and a 6% decrease in mcf of gas produced and sold. For the six months ended
June 30, 1996, 11,623 barrels of oil were sold compared to 13,530 for the same
period in 1995, a decrease of 1,907 barrels. For the six months ended June 30,
1996, 48,201 mcf of gas were sold compared to 51,345 mcf for the same period in
1995, a decrease of 3,144 mcf. The decreases in production volumes were
primarily due to the decline characteristics of the Registrant's oil and gas
properties. Because of these characteristics, management expects a certain
amount of decline in production to continue in the future until the Registrant's
economically recoverable reserves are fully depleted.
8
<PAGE>
The average price received per barrel of oil increased $2.98, or 17%, from
$17.68 for the six months ended June 30, 1995 to $20.66 for the same period in
1996 while the average price received per mcf of gas increased 20% from $1.93
during the six months ended June 30, 1995 to $2.32 in 1996. The market price for
oil and gas has been extremely volatile in the past decade, and management
expects a certain amount of volatility to continue in the foreseeable future.
The Registrant may therefore sell its future oil and gas production at average
prices lower or higher than that received during the six months ended June 30,
1996.
Costs and Expenses:
Total costs and expenses decreased to $229,747 for the six months ended June 30,
1996 as compared to $293,808 for the same period in 1995, a decrease of $64,061,
or 22%. This decrease was due to declines in production costs, depletion and
loss on sale of asset, offset by increases in general and administrative
expenses ("G&A") and abandoned property costs.
Production costs were $161,472 for the six months ended June 30, 1996 and
$196,074 for the same period in 1995 resulting in a $34,602 decrease, or 18%,
primarily attributable to a reduction in well repair and maintenance costs.
G&A's components are independent accounting and engineering fees, computer
services, postage and managing general partner personnel costs. During this
period, G&A increased, in aggregate, 31% from $8,576 for the six months ended
June 30, 1995 to $11,254 for the same period in 1996.
Depletion was $54,785 for the six months ended June 30, 1996 compared to $88,909
for the same period in 1995. This represented a decrease in depletion of
$34,124, or 38%, primarily attributable to the adoption of the provisions of
Statement of Financial Accounting Standards No. 121, "Accounting for the
Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed Of"
("FAS 121") effective the fourth quarter of 1995 and the reduction of net
depletable basis resulting from the charge taken upon such adoption. Depletion
was computed property-by-property utilizing the unit-of-production method based
upon the dominant mineral produced, generally oil. Oil production decreased
1,907 barrels for the six months ended June 30, 1996 from the same period in
1995, while oil reserves of barrels were revised upward by 61,976 barrels, or
21%.
A loss of $249 from the sale of one fully depleted property was recognized
during the six months ended June 30, 1995, reflecting reimbursement of revenues
received after the effective date of sale. There were no property sales during
the six months ended June 30, 1996.
9
<PAGE>
Abandoned property costs for the six months ended June 30, 1996 were $2,236 to
plug and abandon one oil and gas well. There were no abandoned property costs
for the same period in 1995.
On May 25, 1993, a final settlement agreement was negotiated, drafted and
finally executed, ending litigation which had begun on September 5, 1989, when
the Registrant filed suit along with other parties against Dresser Industries,
Inc.; Titan Services, Inc.; BJ-Titan Services Company; BJ- Hughes Holding
Company; Hughes Tool Company; Baker Hughes Production Tools, Inc.; and Baker
Hughes Incorporated alleging that the defendants had intentionally failed to
provide the materials and services ordered and paid for by the Registrant and
other parties in connection with the fracturing and acidizing of 523 wells, and
then fraudulently concealed the shorting practice from PPDLP. The May 25, 1993
settlement agreement called for a payment of $115 million in cash by the
defendants, and Southmark, the Registrant, and the other plaintiffs indemnified
the defendants against the claims of Jack N. Price. The managing general partner
received the funds, deducted incurred legal expenses, accrued interest,
determined the general partner's portion of the funds and calculated any
inter-partnership allocations.
On May 3, 1993, Jack N. Price, the attorney who represented Gary G. "Zeke"
Lancaster in the Federal Court lawsuit, filed suit in State Court in Beaumont
against all of the plaintiff partnerships, including the Registrant and others,
alleging his entitlement to 12% of the settlement proceeds. Price's lawsuit
claim for approximately $13.8 million is predicated on a purported contract
entered into with Southmark Corporation in August 1988 in which he allegedly
binds the Registrant and the other defendants, as well as Southmark. Although
PPDLP believes the lawsuit was without merit and has vigorously defended it,
PPDLP has held in reserve approximately 12.5% of the total settlement (the
"Reserve") pending final resolution of the litigation.
A distribution of $91,000,000 was made to the working interest owners, including
the Registrant, on July 30, 1993. The limited partners received their
distribution of $359,173, or $73.44 per limited partnership interest, in
September 1993. The allocation of the lawsuit settlement amount was based on the
original verdict entered on October 26, 1990. The allocation to the working
interest owners in each well (including the Registrant) was based on a ratio of
the relative amount of damages due to overcharges for services and materials
("Materials") and damages for loss of past and future production ("Production"),
each as determined in that initial judgment. Within the Registrant, damages for
Materials were allocated between the partners based on their original sharing
percentages for costs of acquiring and/or drilling of wells. Similarly, damages
10
<PAGE>
related to Production were allocated to the partners in the Registrant based on
their respective share of revenues from the subject wells.
As a condition of the purchase by Parker & Parsley Petroleum Company of PPDC,
which was merged into PPDLP on January 1, 1995, from its former parent in May
1989, PPDC's interest in the lawsuit and subsequent settlement was retained by
the former parent. Consequently, all of PPDC's share of the settlement related
to its separately held interests in the wells and its partnership interests in
the sponsored partnerships (except that portion allocable to interests acquired
by PPDC after May 1989) was paid to the former parent.
On September 20, 1995, the Beaumont trial judge entered a summary judgment
against Southmark for the $13,790,000 contingent fee sought by Price, together
with prejudgment interest, and also awarded Price an additional $5,498,525 in
attorneys' fees. On January 22, 1996, the trial judge entered an interlocutory
summary judgment against Dresser Industries and Baker Hughes for an amount to be
determined. Pursuant to their indemnity obligations, the Registrant, Southmark,
PPDLP and other original plaintiffs vigorously protected the rights of both
Dresser and Baker Hughes. Southmark vigorously pursued its appeal of the
judgment, and posted a supersedeas bond using the Reserve as collateral. On
April 29, 1996, all of the parties, including the Registrant and Southmark,
entered into a $7.4 million settlement with Price which fully and finally
resolves all of the litigation and disputes between the parties, including the
Registrant's indemnity obligations to Dresser and Baker Hughes.
Pursuant to the settlement agreement, all of the pending lawsuits and judgments
have been dismissed, the supersedeas bond released, and the Reserve released as
collateral. The managing general partner conducted an accounting of income and
expenses among the parties, and, on June 28, 1996, made a final $9.3 million
distribution to the working interest owners, including the Registrant and its
partners, resulting in a distribution of $34,033 to the limited partners, or
$6.96 per limited partnership interest. The distribution was allocated to the
limited partners using the same methodology as the original $91 million
distribution in 1993.
Three months ended June 30, 1996 compared with three months ended June 30, 1995
Revenues:
The Registrant's oil and gas revenues increased to $182,540 from $166,485 for
the three months ended June 30, 1996 and 1995, respectively, an increase of 10%.
The increase resulted from higher average prices received per barrel of oil and
11
<PAGE>
mcf of gas, offset by a decrease in barrels of oil and mcf of gas produced and
sold. For the three months ended June 30, 1996, 5,417 barrels of oil were sold
compared to 6,874 for the same period in 1995, a decrease of 1,457 barrels, or
21%. For the three months ended June 30, 1996, 23,385 mcf of gas were sold
compared to 25,952 for the same period in 1995, a decrease of 2,567 mcf, or 10%.
The decreases in production volumes were primarily due to the decline
characteristics of the Registrant's oil and gas properties.
The average price received per barrel of oil increased $4.22, or 23%, from
$18.11 for the three months ended June 30, 1995 to $22.33 for the three months
ended June 30, 1996, while the average price received per mcf of gas increased
62% from $1.62 to $2.63 for the same period in 1995.
Costs and Expenses:
Total costs and expenses decreased to $111,064 for the three months ended June
30, 1996 as compared to $140,004 for the three months ended June 30, 1995, a
decrease of $28,940, or 21%. This decrease was due to declines in production
costs, depletion and loss on sale of asset, offset by an increase in G&A and
abandoned property costs.
Production costs were $77,487 for the three months ended June 30, 1996 and
$92,839 for the same period in 1995 resulting in a $15,352 decrease, or 17%.
This decrease was due to reductions in repair and maintenance costs.
G&A's components are independent accounting and engineering fees, computer
services, postage and managing general partner personnel costs. During this
period, G&A increased, in aggregate, from $2,664 for the three months ended June
30, 1995 to $5,924 for the same period in 1996.
Depletion was $25,417 for the three months ended June 30, 1996 compared to
$44,252 for the same period in 1995. This represented a decrease in depletion of
$18,835, or 43%, primarily attributable to the adoption of FAS 121 the fourth
quarter of 1995, as discussed previously. Oil production decreased 1,457 barrels
for the three months ended June 30, 1996 from the same period in 1995.
A loss of $249 from the sale of one fully depleted property was recognized
during the three months ended June 30, 1995, reflecting reimbursement of
revenues received after the effective date of sale. There were no property sales
during the same period in 1996.
Abandoned property costs were $2,236 for the three months ended June 30, 1996 to
plug and abandon one well. There were no abandoned property costs for the same
period in 1995.
12
<PAGE>
Liquidity and Capital Resources
Net Cash Provided by Operating Activities
Net cash provided by operating activities increased during the six months ended
June 30, 1996 $43,192 from the same period ended June 30, 1995. This increase
was primarily due to the receipt of proceeds from the litigation settlement
discussed in Note 3.
Net Cash Provided by Investing Activities
The Registrant received $753 in proceeds during the six months ended June 30,
1996 from the disposal of oil and gas equipment on active properties.
Net Cash Used in Financing Activities
Cash was sufficient for the six months ended June 30, 1996 to cover
distributions to the partners of $170,490 of which $126,107 was distributed to
the limited partners and $44,383 to the general partners. For the same period
ended June 30, 1995, cash was sufficient for distributions to the partners of
$150,669 of which $111,814 was distributed to the limited partners and $38,855
to the general partners.
Cash distributions to the partners of $170,490 for the six months ended June 30,
1996 included $34,033 to the limited partners and $9,585 to the general
partners, resulting from proceeds received in the litigation settlement as
discussed in Note 3.
It is expected that future net cash provided by operating activities will be
sufficient for any capital expenditures and any distributions. As the production
from the properties declines, distributions are also expected to decrease.
- ---------------
(1) "Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations" contains forward looking statements that involve
risks and uncertainties. Accordingly, no assurances can be given that the
actual events and results will not be materially different than the
anticipated results described in the forward looking statements.
13
<PAGE>
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
The Registrant is party to material litigation which is described in Note 3 of
Notes to Financial Statements above.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits - none
(b) Reports on Form 8-K - none
14
<PAGE>
PARKER & PARSLEY 82-1, LTD.
(A Texas Limited Partnership)
S I G N A T U R E S
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.
PARKER & PARSLEY 82-1, LTD.
By: Parker & Parsley Development L.P.,
Managing General Partner
By: Parker & Parsley Petroleum USA, Inc.
("PPUSA"), General Partner
Dated: August 8, 1996 By: /s/ Steven L. Beal
---------------------------------------
Steven L. Beal, Senior Vice
President and Chief Financial
Officer of PPUSA
15
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000714909
<NAME> 82I.TXT
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<CASH> 109,702
<SECURITIES> 0
<RECEIVABLES> 67,864
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 177,566
<PP&E> 10,334,241
<DEPRECIATION> 8,949,688
<TOTAL-ASSETS> 1,562,119
<CURRENT-LIABILITIES> 28,904
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 1,533,215
<TOTAL-LIABILITY-AND-EQUITY> 1,562,119
<SALES> 351,858
<TOTAL-REVENUES> 397,798
<CGS> 0
<TOTAL-COSTS> 229,747
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 168,051
<INCOME-TAX> 0
<INCOME-CONTINUING> 168,051
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 168,051
<EPS-PRIMARY> 24.29
<EPS-DILUTED> 0
</TABLE>
