<PAGE> 1
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, 1995, 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. 2-81398A
PARKER & PARSLEY 83-A, LTD.
(Exact name of Registrant as specified in its charter)
Texas 75-1891384
(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.
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PARKER & PARSLEY 83-A, LTD.
(A Texas Limited Partnership)
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
BALANCE SHEETS
June 30, December 31,
1995 1994
----------- -----------
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents, including
interest bearing deposits of
$340,208 at June 30 and $99,816 at
December 31 $ 340,458 $ 100,066
Accounts receivable - oil and gas sales 123,976 154,457
Accounts receivable - other 10,533 -
---------- ----------
Total current assets 474,967 254,523
Oil and gas properties - at cost, based
on the successful efforts accounting
method 18,543,654 19,215,522
Accumulated depletion (13,853,967) (14,084,473)
---------- ----------
Net oil and gas properties 4,689,687 5,131,049
---------- ----------
$ 5,164,654 $ 5,385,572
========== ==========
LIABILITIES AND PARTNERS' CAPITAL
Current liabilities:
Accounts payable - affiliate $ 85,569 $ 52,109
Partners' capital:
Limited partners (19,505 interests) 4,546,230 4,789,418
General partners 532,855 544,045
---------- ----------
5,079,085 5,333,463
---------- ----------
$ 5,164,654 $ 5,385,572
========== ==========
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 statements.
2
<PAGE> 3
PARKER & PARSLEY 83-A, LTD.
(A Texas Limited Partnership)
STATEMENTS OF OPERATIONS
(Unaudited)
Three months ended Six months ended
June 30, June 30,
1995 1994 1995 1994
---------- ---------- ---------- ----------
Revenues:
Oil and gas sales $ 356,986 $ 377,191 $ 737,881 $ 703,171
Interest income 2,624 1,126 4,418 1,994
Gain on sale of assets 162 - 162 -
--------- --------- --------- ---------
Total revenues 359,772 378,317 742,461 705,165
Costs and expenses:
Production costs 213,731 219,013 439,622 443,037
General and adminis-
trative expenses 10,710 11,323 23,285 24,002
Depletion 116,080 111,523 251,475 257,497
Abandoned property costs - - - 4,110
--------- --------- --------- ---------
Total costs and
expenses 340,521 341,859 714,382 728,646
--------- --------- --------- ---------
Net income (loss) $ 19,251 $ 36,458 $ 28,079 $ (23,481)
========= ========= ========= =========
Allocation of net
income (loss):
General partners $ 41,016 $ 25,845 $ 63,757 $ 34,035
========= ========= ========= =========
Limited partners $ (21,765) $ 10,613 $ (35,678) $ (57,516)
========= ========= ========= =========
Net income (loss) per
limited partnership
interest $ (1.12) $ .54 $ (1.83) $ (2.95)
========= ========= ========= =========
Distributions per limited
partnership interest $ 5.80 $ 4.31 $ 10.64 $ 9.21
========= ========= ========= =========
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 statements.
3
<PAGE> 4
PARKER & PARSLEY 83-A, LTD.
(A Texas Limited Partnership)
STATEMENTS OF PARTNERS' CAPITAL
(Unaudited)
General Limited
partners partners Total
----------- ----------- -----------
Balance at January 1, 1994 $ 644,718 $ 5,692,338 $ 6,337,056
Distributions (55,718) (179,731) (235,449)
Net income (loss) 34,035 (57,516) (23,481)
---------- ---------- ----------
Balance at June 30, 1994 $ 623,035 $ 5,455,091 $ 6,078,126
========== ========== ==========
Balance at January 1, 1995 $ 544,045 $ 4,789,418 $ 5,333,463
Distributions (74,947) (207,510) (282,457)
Net income (loss) 63,757 (35,678) 28,079
---------- ---------- ----------
Balance at June 30, 1995 $ 532,855 $ 4,546,230 $ 5,079,085
========== ========== ==========
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 statements.
4
<PAGE> 5
PARKER & PARSLEY 83-A, LTD.
(A Texas Limited Partnership)
STATEMENTS OF CASH FLOWS
(Unaudited)
Six months ended
June 30,
1995 1994
----------- -----------
Cash flows from operating activities:
Net income (loss) $ 28,079 $ (23,481)
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depletion 251,475 257,497
Gain on sale of assets (162) -
Changes in assets and liabilities:
(Increase) decrease in accounts receivable 30,481 (37,396)
Increase in accounts payable 33,460 32,400
---------- ----------
Net cash provided by operating
activities 343,333 229,020
Cash flows from investing activities:
Proceeds from sale of properties 180,619 -
Additions to oil and gas properties (1,103) -
---------- ----------
Net cash provided by investing
activities 179,516 -
Cash flows from financing activities:
Cash distributions to partners (282,457) (235,449)
---------- ----------
Net increase (decrease) in cash and
cash equivalents 240,392 (6,429)
Cash and cash equivalents at beginning
of period 100,066 119,491
---------- ----------
Cash and cash equivalents at end of period $ 340,458 $ 113,062
========= =========
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 statements.
5
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PARKER & PARSLEY 83-A, LTD.
(A Texas Limited Partnership)
NOTES TO FINANCIAL STATEMENTS
June 30, 1995
(Unaudited)
NOTE 1.
In the opinion of management, the unaudited financial statements as of
June 30, 1995 of Parker & Parsley 83-A, Ltd. (the "Registrant") 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, the results of operations for the six
months ended June 30, 1995 are not necessarily indicative of the results
for the full year ending December 31, 1995.
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, 1994, 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 2.
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 the managing general
partner, Parker & Parsley Development L.P. ("PPDLP") (see Item 2). The
May 25, 1993 settlement agreement called for a payment of $115 million
in cash by the defendants. 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. A distribution of $91,000,000 was made to
the working interest owners, including the Registrant, on July 30, 1993.
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The limited partners received their distribution of $6,894,930, or
$353.50 per limited partnership interest, in September 1993.
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 is without merit and intends to vigorously defend it, PPDLP
is holding in reserve approximately 12.5% of the total settlement
pending final resolution of the litigation by the court. Trial is
currently scheduled for April 1996 and, assuming a successful defense,
upon payment of the costs associated with the litigation, a second
distribution will be made consisting of the balance of the settlement
funds, including any accrued interest.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
The Registrant was formed July 1, 1983. The Registrant consisted of two
general partners at December 31, 1994, Parker & Parsley Development
Company ("PPDC") and P&P Employees 83-A, Ltd. ("EMPL"), a Texas limited
partnership whose general partner was PPDC and 1,354 limited partners.
On January 1, 1995, PPDLP, a Texas limited partnership, became the
managing general partner of the Registrant and EMPL, by acquiring the
rights and assuming the obligations of PPDC. PPDC was merged into PPDLP
on January 1, 1995. PPDLP's co-general partner is EMPL. PPDLP acquired
PPDC's rights and obligations as managing general partner of the
Registrant in connection with the merger of PPDC, P&P Producing, Inc.
and Spraberry Development Corporation into MidPar L.P., which survived
the merger with a change of name to PPDLP. The sole general partner of
PPDLP is Parker & Parsley Petroleum USA, Inc. PPDLP has the power and
authority to manage, control and administer all Registrant affairs. The
limited partners contributed $19,505,000 representing 19,505 interests
($1,000 per interest).
Since its formation, the Registrant invested $19,288,435 in various
prospects that were drilled in Texas. At June 30, 1995, the Registrant
had 61 producing oil wells; two wells were dry holes from previous
periods; three wells were sold, one in 1992 and two in 1995; and three
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wells were plugged and abandoned due to unprofitable operations, two in
1990 and one in 1993. The Registrant received interests in five
additional wells in 1993 due to the Registrant's back-in after payout
provision.
Results of Operations
Six months ended June 30, 1995 compared with six months ended
June 30, 1994
Revenues:
The Registrant's oil and gas revenues increased to $737,881 from
$703,171 for the six months ended June 30, 1995 and 1994, respectively,
an increase of 5%. The increase in revenues resulted from increases in
the average prices received per barrel of oil and mcf of gas, offset by
an 11% decrease in barrels of oil produced and sold and a slight
decrease in mcf of gas produced and sold. For the six months ended June
30, 1995, 30,747 barrels of oil were sold compared to 34,687 for the
same period in 1994, a decrease of 3,940 barrels. For the six months
ended June 30, 1995, 110,326 mcf of gas were sold compared to 110,741
for the same period in 1994, a decrease of 415 mcf. The decrease in
production volumes was 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.
The average price received per barrel of oil increased $2.62 from $14.89
for the six months ended June 30, 1994 to $17.51 for the same period in
1995 while the average price received per mcf of gas increased from
$1.68 during the six months ended June 30, 1994 to $1.81 in 1995. 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, 1995.
A gain on sale of assets of $162 was recognized in 1995 resulting from
proceeds of $180,619 received from the sale of two wells and a $10,533
receivable due the Registrant for post-closing adjustments from the sale,
offset by the write-off of remaining capitalized well costs of $190,990.
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Costs and Expenses:
Total costs and expenses decreased to $714,382 for the six months ended
June 30, 1995 as compared to $728,646 for the same period in 1994, a
decrease of $14,264, or 2%. This decrease was due to declines in
production costs, general and administrative expenses ("G&A"), depletion
and abandoned property costs.
Production costs were $439,622 for the six months ended June 30, 1995
and $443,037 for the same period in 1994 resulting in a $3,415 decrease.
The decrease was primarily due to a decline in ad valorem taxes.
G&A's components are independent accounting and engineering fees,
computer services, postage and managing general partner personnel costs.
During this period, G&A decreased, in aggregate, 3% from $24,002 for the
six months ended June 30, 1994 to $23,285 for the same period in 1995.
Abandoned property costs were $4,110 for the six months ended June 30,
1994. There were no expenses incurred for the same period in 1995.
Depletion was $251,475 for the six months ended June 30, 1995 compared
to $257,497 for the same period in 1994. This represented a decrease in
depletion of $6,022, or 2%. Depletion was calculated on a
property-by-property basis utilizing the unit-of-production method based
upon the dominant mineral produced, generally oil, and using oil prices
in effect at the end of the respective quarter. Oil production decreased
3,940 barrels for the six months ended June 30, 1995 from the same period
in 1994. Depletion expense for the six months ended June 30, 1995 was
calculated based on reserves computed utilizing an oil price of $16.19
per barrel. Comparatively, depletion expense for the three months ended
June 30, 1994 was calculated based on reserves computed utilizing an oil
price of $18.21 per barrel while depletion expense for the three months
ended March 31, 1994 was calculated based on reserves computed utilizing
an oil price of $12.71 per barrel.
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
9
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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. PPDLP received the funds, deducted incurred legal
expenses, accrued interest, determined the general partner's portion of
the funds and calculated any inter-partnership allocations. 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 $6,894,930, or $353.50 per limited
partnership interest, in September 1993.
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 is without merit and intends to vigorously defend it, PPDLP
is holding in reserve approximately 12.5% of the total settlement
pending final resolution of the litigation by the court. Trial is
currently scheduled for April 1996 and, assuming a successful defense,
upon payment of the costs associated with the litigation, a second
distribution will be made consisting of the balance of the settlement
funds, including any accrued interest.
Three months ended June 30, 1995 compared with three months ended
June 30, 1994
Revenues:
The Registrant's oil and gas revenues decreased to $356,986 from
$377,191 for the three months ended June 30, 1995 and 1994,
respectively, a decrease of 5%. The decrease in revenues resulted from
a 16% decrease in barrels of oil produced and sold, offset by an
increase in mcf of gas produced and sold and increases in the average
prices received per barrel of oil and mcf of gas. For the three months
ended June 30, 1995, 14,254 barrels of oil were sold compared to 16,945
for the same period in 1994, a decrease of 2,691 barrels. For the three
months ended June 30, 1995, 58,964 mcf of gas were sold compared to
57,177 for the same period in 1994, an increase of 1,787 mcf. The
decrease in oil production was primarily due to the decline
characteristics of the Registrant's oil and gas properties. The
increase in gas production was due to operational changes on several
wells.
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The average price received per barrel of oil increased $1.31 from $16.70
for the three months ended June 30, 1994 to $18.01 for the same period
in 1995 while the average price received per mcf of gas increased to
$1.70 for the three months ended June 30, 1995 from $1.65 in 1994.
Costs and Expenses:
Total costs and expenses decreased to $340,521 for the three months
ended June 30, 1995 as compared to $341,859 for the same period in 1994,
a decrease of $1,338. This decrease was due to declines in production
costs and G&A, offset by an increase in depletion.
Production costs were $213,731 for the three months ended June 30, 1995
and $219,013 for the same period in 1994 resulting in a $5,282 decrease,
or 2%. The decrease was a result of a decline in ad valorem taxes.
G&A's components are independent accounting and engineering fees,
computer services, postage and managing general partner personnel costs.
During this period, G&A decreased, in aggregate, 5% from $11,323 for the
three months ended June 30, 1994 to $10,710 for the same period in 1995.
Depletion was $116,080 for the three months ended June 30, 1995 compared
to $111,523 for the same period in 1994. This represented an increase
in depletion of $4,557, or 4%. Depletion was calculated on a
property-by-property basis utilizing the unit-of-production method based
upon the dominant mineral produced, generally oil, and using oil prices
in effect at the end of the respective quarter. Oil production decreased
2,691 barrels for the three months ended June 30, 1995 from the same period
in 1994. Depletion expense for the three months ended June 30, 1995 was
calculated based on reserves computed utilizing an oil price of $16.19
per barrel. Comparatively, depletion expense for the three months ended
June 30, 1994 was calculated based on reserves computed utilizing an oil
price of $18.21 per barrel.
A gain on sale of assets of $162 was recognized in 1995 resulting from
proceeds of $180,619 received from the sale of two wells and a $10,533
receivable due the Registrant for post-closing adjustments from the sale,
offset by the write-off of remaining capitalized well costs of $190,990.
Liquidity and Capital Resources
Net Cash Provided by Operating Activities
Net cash provided by operating activities increased to $343,333 during
the six months ended June 30, 1995, a $114,313 increase from the same
period ended June 30, 1994. This increase was due to an increase in oil
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and gas sales and a decrease in production costs, G&A and abandoned
property costs. The increase in oil and gas sales was due to increases
in the average prices received per barrel of oil and mcf of gas, offset
by a decline in barrels of oil and mcf of gas produced and sold. The
decrease in production costs was due to a decline in well repair and
maintenance costs. The decline in G&A was due to less allocated
expenses by the managing general partner. Abandoned property costs
declined as a result of no abandonment activity during the six months
ended June 30, 1995 as compared to the same period in 1994.
Net Cash Provided by Investing Activities
The Registrant's investment activities during the six months ended June
30, 1995 resulted in proceeds received of $180,619 from the sale of two
oil and gas wells and expenditures of $1,103 for additions to oil and
gas properties.
Net Cash Used in Financing Activities
Cash was sufficient for the six months ended June 30, 1995 to cover
distributions to the partners of $282,457 of which $207,510 was
distributed to the limited partners and $74,947 to the general partners.
For the same period ended June 30, 1994, cash was sufficient for
distributions to the partners of $235,449 of which $179,731 was
distributed to the limited partners and $55,718 to the general partners.
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.
Accounting Standard on Impairment of Long-Lived Assets
In March 1995, the Financial Accounting Standards Board issued Statement
of Financial Accounting Standards No. 121 - Accounting for Impairment of
Long-lived Assets and for Long-lived Assets to Be Disposed Of ("FAS
121") regarding the impairment of long-lived assets, identifiable
intangibles and goodwill related to those assets. FAS 121 is effective
for financial statements for fiscal years beginning after December 15,
1995, although earlier adoption is encouraged. The application of FAS
121 to oil and gas companies utilizing the successful efforts method
(such as the Registrant) will require periodic determination of whether
the book value of long-lived assets exceeds the future cash flows
expected to result from the use of such assets and, if so, will require
reduction of the carrying amount of the "impaired" assets to their
12
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estimated fair values. There is currently a great deal of uncertainty
as to how FAS 121 will apply to oil and gas companies using the
successful efforts method, including uncertainty regarding the
determination of expected future cash flows from the relevant assets
and, if an impairment is determined to exist, their estimated fair
value. There is also uncertainty regarding the level at which the test
might be applied. Given this uncertainty, the Registrant is currently
unable to estimate the effect that FAS 121 will have on the Registrant's
results of operations for the period in which it is adopted.
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
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. PPDLP received the funds, deducted incurred legal
expenses, accrued interest, determined the general partner's portion of
the funds and calculated any inter-partnership allocations. 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 $6,894,930, or $353.50 per limited
partnership interest, in September 1993.
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 is without merit and intends to vigorously defend it, PPDLP
is holding in reserve approximately 12.5% of the total settlement
13
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pending final resolution of the litigation by the court. Trial is
currently scheduled for April 1996 and, assuming a successful defense,
upon payment of the costs associated with the litigation, a second
distribution will be made consisting of the balance of the settlement
funds, including any accrued interest.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits - none
(b) Reports on Form 8-K - none
14
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PARKER & PARSLEY 83-A, 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 83-A, LTD.
By: Parker & Parsley Development L.P.,
Managing General Partner
By: Parker & Parsley Petroleum USA, Inc.
("PPUSA"), General Partner
Dated: August 9, 1995 By: /s/ Steven L. Beal
---------------------------------------
Steven L. Beal, Senior Vice
President and Chief Financial
Officer of PPUSA
15
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<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000743456
<NAME> 83A.FDS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<CASH> 340,458
<SECURITIES> 0
<RECEIVABLES> 134,509
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 474,967
<PP&E> 18,543,654
<DEPRECIATION> 13,853,967
<TOTAL-ASSETS> 5,164,654
<CURRENT-LIABILITIES> 85,569
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 5,079,085
<TOTAL-LIABILITY-AND-EQUITY> 5,164,654
<SALES> 737,881
<TOTAL-REVENUES> 742,461
<CGS> 0
<TOTAL-COSTS> 714,382
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 28,079
<INCOME-TAX> 0
<INCOME-CONTINUING> 28,079
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 28,079
<EPS-PRIMARY> (1.83)
<EPS-DILUTED> 0
</TABLE>
