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Previous: REALMARK PROPERTY INVESTORS LTD PARTNERSHIP III, NT 10-Q, 1997-05-12 |
Next: F&M BANCORP, DEF 14C, 1997-05-12 |
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, 1997
|_| TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission File Number 0-11313
MAY DRILLING PARTNERSHIP 1983-2
MAY LIMITED PARTNERSHIP 1983-2
(Exact name of registrant as specified in its charter)
75-1915688
Texas 75-1915682
(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 offices) (Zip Code)
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 |_|
Page 1 of 9
<PAGE>
<TABLE>
<CAPTION>
MAY DRILLING PARTNERSHIP 1983-2
BALANCE SHEETS
(Unaudited)
(In thousands)
March 31, December 31,
1997 1996
ASSETS
Investment in
<S> <C> <C>
May Limited Partnership 1983-2 $482 $397
=== ===
PARTNERS' CAPITAL
Partners' Capital $482 $397
=== ===
<FN>
NOTE: The statements of operations and cash flows for May Drilling
Partnership 1983-2 are not presented because such information is
equal to the limited partner's share of such activity as presented
in the May Limited Partnership 1983-2 financial statements. The May
Drilling Partnership carries its investment in May Limited
Partnership 1983-2 on the equity method. The May Limited Partnership
1983-2 financial statements should be read in conjunction with these
balance sheets.
</FN>
<FN>
The accompanying note is an integral part
of the financial statements.
</FN>
</TABLE>
-2-
<PAGE>
<TABLE>
<CAPTION>
MAY LIMITED PARTNERSHIP 1983-2
BALANCE SHEETS
(Unaudited)
(In thousands)
March 31, December 31,
1997 1996
ASSETS
CURRENT ASSETS
<S> <C> <C>
Cash and cash equivalents $ 270 $ 157
Accrued oil and gas sales 106 161
Due from affiliate 89
---------
Total 465 318
-------- --------
OIL AND GAS PROPERTIES, using the
full cost method of accounting 16,638 16,618
Less accumulated depletion (16,092) (16,072)
------ ------
Net oil and gas properties 546 546
-------- --------
TOTAL ASSETS $ 1,011 $ 864
======= ========
LIABILITIES AND PARTNERS' CAPITAL
CURRENT LIABILITIES
Accounts payable and accrued liabilities $ 15 $ 22
Due to affiliate 5
----------- ----------
Total 15 27
-------- ---------
PARTNERS' CAPITAL
General partner 514 440
Limited partner 482 397
-------- --------
Total 996 837
-------- --------
TOTAL LIABILITIES AND PARTNERS' CAPITAL $ 1,011 $ 864
======= ========
<FN>
The accompanying note is an integral part
of the financial statements.
</FN>
</TABLE>
-3-
<PAGE>
<TABLE>
<CAPTION>
MAY LIMITED PARTNERSHIP 1983-2
STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except for unit information)
For the Three Months Ended March 31,
1997 1996
REVENUES
<S> <C> <C>
Oil revenue $ 24 $ 26
Gas revenue 200 244
Interest income 2 2
---------- ----------
Total 226 272
-------- --------
COSTS AND EXPENSES
Lease operating 21 27
General and administrative 21 25
Depletion 20 26
Professional services and other 5 2
---------- ----------
Total 67 80
--------- ---------
NET INCOME $ 159 $ 192
======== ========
ALLOCATION OF NET INCOME:
General Partner $ 74 $ 85
--------- =========
Limited Partner $ 85 $ 107
========= ========
Per initial $1,000 limited
partner investment $ 8.05 $ 10.14
======== =======
Weighted average initial $1,000 limited
partner investment units outstanding 10,557 10,557
====== ======
<FN>
The accompanying note is an integral part
of the financial statements.
</FN>
</TABLE>
-4-
<PAGE>
<TABLE>
<CAPTION>
MAY LIMITED PARTNERSHIP 1983-2
STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
For the Three Months Ended March 31,
1997 1996
OPERATING ACTIVITIES:
<S> <C> <C>
Net income $ 159 $ 192
Adjustment to reconcile net income to
net cash provided by operating
activities:
Depletion 20 26
------- -------
Cash from operations before
working capital changes 179 218
Changes in assets and liabilities provided (used) cash:
Accrued oil and gas sales 55 (26)
Due from affiliate (89) (44)
Accounts payable and accrued liabilities (7) (6)
Due to affiliate (5)
--------
Net cash provided by operating
activities 133 142
------ ------
INVESTING ACTIVITIES:
Additions to oil and gas properties (20) (2)
------- --------
FINANCING ACTIVITIES:
Distributions to partners (86)
NET INCREASE IN CASH AND
CASH EQUIVALENTS 113 54
CASH AND CASH EQUIVALENTS:
Balance, beginning of period 157 148
------ ------
Balance, end of period $ 270 $ 202
====== ======
<FN>
The accompanying note is an integral part
of the financial statements.
</FN>
</TABLE>
-5-
<PAGE>
MAY LIMITED PARTNERSHIP 1983-2
NOTE TO FINANCIAL STATEMENTS
(Unaudited)
NOTE 1 - GENERAL
The financial statements presented are those of May Limited Partnership 1983-2
(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, 1996 Annual Report on Form 10-K.
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
---------------------------------------------------------------
RESULTS OF OPERATION
--------------------
Liquidity and Capital Resources
The Partnership generated $133,000 of cash flow from operating activities during
the three months ended March 31, 1997. A distribution payable to partners of
record as of March 31, 1997 was declared in April 1997. The distribution amount
is $260,000, payable $151,000 to May Drilling Partnership 1983-2 partners and
$109,000 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 1997 Compared to First Quarter 1996
Oil Revenue
Oil revenue decreased $2,000 in the first quarter of 1997 as compared to the
corresponding period in 1996 as the result of a decrease in oil production
partially offset by an increase in the average oil price. The average oil price
increased from $19.44 per barrel in 1996 to $22.64 per barrel in 1997. Oil
production decreased 22% primarily due to lower state allowable production
limits as well as normal production declines.
Gas Revenue
Gas revenue decreased $44,000 during the first quarter of 1997 as compared to
the corresponding period in 1996 as the result of a decrease in production
combined with a decrease in price. Gas production decreased 16% primarily due to
lower state allowable production limits and normal production declines. The
average gas price decreased from $3.20 per mcf in 1996 to $3.15 per mcf in 1997.
Lease Operating
Lease operating expense decreased $6,000 for the first quarter of 1997 as
compared to the corresponding period in 1996 primarily due to a decrease in
production taxes resulting from the decreased oil and gas production discussed
above.
General and Administrative
General and administrative expense decreased $4,000 during the first quarter of
1997 as compared to the first quarter of 1996 due to a decrease in the
allocation of overhead from the general partner.
-6-
<PAGE>
Depletion
Depletion expense decreased $6,000 during the first quarter of 1997 as compared
with the first quarter of 1996 as a result of a lower depletion rate during 1997
due to the decrease in oil and gas production discussed above.
Professional Services and Other
Professional services and other expense increased $3,000 during the first
quarter of 1997 as compared with the first quarter of 1996 primarily due to the
timing of these expenses.
-7-
<PAGE>
PART II - OTHER INFORMATION
ITEM 1 - LEGAL PROCEEDINGS
Reference is made to Item 8 - Note 4 of Form 10-K for the year
ended December 31, 1996.
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.
-8-
<PAGE>
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 1983-2
MAY LIMITED PARTNERSHIP 1983-2
By: EDP OPERATING, LTD.,
General Partner
By: HEPGP Ltd.,
General Partner
By: HALLWOOD G. P., INC.,
General Partner
Date: April 30, 1997 By: /s/Robert S. Pfeiffer
---------------------------- --------------------------
Robert S. Pfeiffer, Vice President
(Principal Accounting Officer)
-9-
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from Form 10-Q
for the quarter ended March 31, 1997 for May Limited Partnership 1983-2 and is
qualified in its entirety by reference to such Form 10-Q.
</LEGEND>
<CIK> 0000735552
<NAME> May Limited Partnership 1983-2
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> Dec-31-1997
<PERIOD-END> Mar-31-1997
<CASH> 270
<SECURITIES> 0
<RECEIVABLES> 195
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 465
<PP&E> 16,638
<DEPRECIATION> 16,092
<TOTAL-ASSETS> 1,011
<CURRENT-LIABILITIES> 15
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 996
<TOTAL-LIABILITY-AND-EQUITY> 1,011
<SALES> 224
<TOTAL-REVENUES> 226
<CGS> 0
<TOTAL-COSTS> 67
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 159
<INCOME-TAX> 0
<INCOME-CONTINUING> 159
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 159
<EPS-PRIMARY> 8.05
<EPS-DILUTED> 8.05
</TABLE>
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