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 September 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. 2-81398A
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 14 pages.
-There are no exhibits-
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PARKER & PARSLEY 83-A, LTD.
TABLE OF CONTENTS
Page
Part I. Financial Information
Item 1. Financial Statements
Balance Sheets as of September 30, 1996 and
December 31, 1995 .................................. 3
Statements of Operations for the three and nine
months ended September 30, 1996 and 1995............... 4
Statement of Partners' Capital for the nine months
ended September 30, 1996............................... 5
Statements of Cash Flows for the nine months ended
September 30, 1996 and 1995............................ 6
Notes to Financial Statements............................ 7
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations.................... 9
Part II. Other Information
Item 1. Legal Proceedings........................................ 13
Signatures............................................... 14
2
<PAGE>
PARKER & PARSLEY 83-A, LTD.
(A Texas Limited Partnership)
Part I. Financial Information
Item 1. Financial Statements
BALANCE SHEETS
September 30, December 31,
1996 1995
------------ ------------
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents, including interest
bearing deposits of $364,539 at September 30
and $371,563 at December 31 $ 365,039 $ 377,780
Accounts receivable - oil and gas sales 207,605 159,325
Accounts receivable - other - 3,695
----------- -----------
Total current assets 572,644 540,800
----------- -----------
Oil and gas properties - at cost, based on the
successful efforts accounting method 17,820,214 17,819,617
Accumulated depletion (13,736,154) (13,494,745)
----------- -----------
Net oil and gas properties 4,084,060 4,324,872
----------- -----------
$ 4,656,704 $ 4,865,672
=========== ===========
LIABILITIES AND PARTNERS' CAPITAL
Current liabilities:
Accounts payable - affiliate $ 69,207 $ 113,974
Partners' capital:
Limited partners (19,505 interests) 4,096,486 4,252,851
General partners 491,011 498,847
----------- -----------
4,587,497 4,751,698
----------- -----------
$ 4,656,704 $ 4,865,672
=========== ===========
The financial information included as of September 30, 1996 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 83-A, 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 $ 440,353 $ 347,593 $1,260,313 $1,085,474
Interest 4,960 5,417 13,660 9,835
Litigation settlement - - 852,211 -
Gain on sale of assets - 40,575 - 40,737
Salvage income from
equipment disposals - - 924 -
-------- -------- --------- -------
445,313 393,585 2,127,108 1,136,046
-------- -------- --------- ---------
Costs and expenses:
Oil and gas production 184,232 200,175 544,997 639,797
General and administrative 14,439 12,231 41,534 35,516
Depletion 73,611 125,539 241,409 377,014
-------- -------- --------- ---------
272,282 337,945 827,940 1,052,327
-------- -------- --------- ---------
Net income $ 173,031 $ 55,640 $1,299,168 $ 83,719
======== ======== ========= =========
Allocation of net income
(loss):
General partners $ 54,607 $ 27,660 $ 331,430 $ 91,417
======== ======== ========= =========
Limited partners $ 118,424 $ 27,980 $ 967,738 $ (7,698)
======== ======== ========= =========
Net income (loss) per limited
partnership interest $ 6.07 $ 1.44 $ 49.61 $ (.39)
======== ======== ========= =========
Distributions per limited
partnership interest $ 8.60 $ 5.20 $ 57.63 $ 15.84
======== ======== ========= =========
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 83-A, LTD.
(A Texas Limited Partnership)
STATEMENT OF PARTNERS' CAPITAL
(Unaudited)
General Limited
partners partners Total
---------- ----------- -----------
Balance at January 1, 1996 $ 498,847 $ 4,252,851 $ 4,751,698
Distributions (339,266) (1,124,103) (1,463,369)
Net income 331,430 967,738 1,299,168
--------- ---------- ----------
Balance at September 30, 1996 $ 491,011 $ 4,096,486 $ 4,587,497
========= ========== ==========
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 83-A, LTD.
(A Texas Limited Partnership)
STATEMENTS OF CASH FLOWS
(Unaudited)
Nine months ended
September 30,
1996 1995
----------- ----------
Cash flows from operating activities:
Net income $ 1,299,168 $ 83,719
Adjustments to reconcile net income to net
cash provided by operating activities:
Depletion 241,409 377,014
Gain on sale of assets - (40,737)
Salvage income from equipment disposals (924) -
Changes in assets and liabilities:
(Increase) decrease in accounts receivable (44,585) 20,389
Increase (decrease) in accounts payable (44,760) 39,267
---------- ---------
Net cash provided by operating activities 1,450,308 479,652
---------- ---------
Cash flows from investing activities:
Additions to oil and gas properties (604) (1,120)
Proceeds from salvage income on equipment
disposals 924 -
Proceeds from sale of assets - 180,619
---------- ---------
Net cash provided by investing activities 320 179,499
---------- ---------
Cash flows from financing activities:
Cash distributions to partners (1,463,369) (417,183)
---------- ---------
Net increase (decrease) in cash and cash
equivalents (12,741) 241,968
Cash and cash equivalents at beginning of period 377,780 100,066
---------- ---------
Cash and cash equivalents at end of period $ 365,039 $ 342,034
========== =========
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.
6
<PAGE>
PARKER & PARSLEY 83-A, LTD.
(A Texas Limited Partnership)
NOTES TO FINANCIAL STATEMENTS
September 30, 1996
(Unaudited)
Note 1.
Parker & Parsley 83-A, Ltd. (the "Registrant") is a limited partnership
organized in 1983 under the laws of the State of Texas.
The Registrant engages primarily in oil and gas development and production in
Texas 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 September 30, 1996 and for the three and nine months ended September 30, 1996
and 1995 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. These interim results are not necessarily
indicative of results for a full year.
Certain information and footnote disclosure normally included in financial
statements prepared in accordance with generally accepted accounting principles
have been condensed or omitted in this Form 10-Q pursuant to the rules and
regulations of the Securities and Exchange Commission. 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
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.
7
<PAGE>
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 $6,894,930, or $353.50 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
summary judgment against Dresser Industries and Baker Hughes for an amount yet
to be determined. Pursuant to their indemnity obligations, the Registrant,
Southmark, PPDLP and other original plaintiffs have vigorously protected the
rights of both Dresser and Baker Hughes. Southmark has vigorously pursued its
appeal of the judgment, and has 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. On June 28, 1996, a final distribution was made to the working
interest owners, including $669,535, or $34.33 per limited partnership interest
to the Registrant and its partners.
8
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations (1)
Results of Operations
Nine months ended September 30, 1996 compared with nine months ended September
30, 1995
Revenues:
The Registrant's oil and gas revenues increased to $1,260,313 from $1,085,474
for the nine months ended September 30, 1996 and 1995, respectively, an increase
of 16%. The increase in revenues resulted from higher average prices received
per barrel of oil and mcf of gas, offset by a 6% decrease in barrels of oil
produced and sold and an 8% decrease in mcf of gas produced and sold. For the
nine months ended September 30, 1996, 43,607 barrels of oil were sold compared
to 46,552 for the same period in 1995, a decrease of 2,945 barrels. For the nine
months ended September 30, 1996, 150,571 mcf of gas were sold compared to
164,421 for the same period in 1995, a decrease of 13,850 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 $3.73, or 22%, from
$17.14 for the nine months ended September 30, 1995 to $20.87 for the same
period in 1996 while the average price received per mcf of gas increased 33%
from $1.75 for the nine months ended September 30, 1995 to $2.33 for the same
period 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 nine months ended September 30, 1996.
A gain on sale of assets of $40,737 was recognized during the nine months ended
September 30, 1995 from the sale of five wells. The gain consisted of proceeds
received of $180,619 and proceeds receivable of $10,533 from the sale of two
wells, an additional proceeds receivable of $36,880 and a $3,695 receivable due
from the sale for post-closing adjustments from the sale of three wells, offset
by the write-off of remaining capitalized well costs of $190,990. There were no
sales for the nine months ended September 30, 1996.
Salvage income of $924 was received during the nine months ended September 30,
1996, from equipment credits received on two fully depleted wells. No equipment
credits were received for the same period in 1995.
Costs and Expenses:
Total costs and expenses decreased to $827,940 for the nine months ended
September 30, 1996 as compared to $1,052,327 for the same period in 1995, a
9
<PAGE>
decrease of $224,387, or 21%. This decrease was due to declines in production
costs and depletion, offset by an increase in general and administrative
expenses ("G&A").
Production costs were $544,997 for the nine months ended September 30, 1996 and
$639,797 for the same period in 1995 resulting in a $94,800 decrease, or 15%.
The decrease was attributable to less 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, 17% from $35,516 for the nine months ended
September 30, 1995 to $41,534 for the same period in 1996.
Depletion was $241,409 for the nine months ended September 30, 1996 compared to
$377,014 for the same period in 1995, representing a decrease of $135,605, or
36%. This decrease was primarily attributable to the following factors: (i) a
reduction in the Registrant's net depletable basis from charges taken in
accordance with 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"), (ii) a reduction in oil production of 2,945 barrels for the
nine months ended September 30, 1996 as compared to the same period in 1995, and
(iii) an increase in oil and gas reserves during the third quarter of 1996 as a
result of higher commodity prices.
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
10
<PAGE>
distribution of $6,894,930, or $353.50 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 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 yet
to be determined. Pursuant to their indemnity obligations, the Registrant,
Southmark, PPDLP and other original plaintiffs have vigorously protected the
rights of both Dresser and Baker Hughes. Southmark has vigorously pursued its
appeal of the judgment, and has 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. On June 28, 1996, a final distribution was made to the working
interest owners, including $669,535, or $34.33 per limited partnership interest
to the Registrant and its partners.
Three months ended September 30, 1996 compared with three months ended September
30, 1995
Revenues:
The Registrant's oil and gas revenues increased to $440,353 from $347,593 for
the three months ended September 30, 1996 and 1995 respectively, an increase of
27%. The increase in revenues resulted from higher average prices received per
barrel of oil and mcf of gas, offset by a 6% decline in barrels of oil produced
and sold and a 4% decline in mcf of gas produced and sold. For the three months
ended September 30, 1996, 14,846 barrels of oil were sold compared to 15,805 for
the same period in 1995, a decrease of 959 barrels. For the three months ended
September 30, 1996, 51,948 mcf of gas were sold compared to 54,095 for the same
11
<PAGE>
period in 1995, a decrease of 2,147 mcf. The decrease in production volumes was
primarily due to the decline characteristics of the Registrant's oil and gas
properties.
The average price received per barrel of oil increased $5.29, or 32%, from
$16.43 for the three months ended September 30, 1995 to $21.72 for the three
months ended September 30, 1996 while the average price received per mcf of gas
increased 39% from $1.63 for the three months ended September 30, 1995 to $2.27
for the same period in 1996.
A gain on sale of assets of $40,575 was recognized in 1995 resulting from
proceeds receivable of $36,880 and a $3,695 receivable due from the sale for
post-closing adjustments from the sale of three wells. There were no sales
during the three months ended September 30, 1996.
Costs and Expenses:
Total costs and expenses decreased to $272,282 for the three months ended
September 30, 1996 as compared to $337,945 for the same period in 1995, a
decrease of $65,663, or 19%. This decrease was due to declines in production
costs and depletion, offset by an increase in G&A.
Production costs were $184,232 for the three months ended September 30, 1996 and
$200,175 for the same period in 1995 resulting in a $15,943 decrease, or 8%. The
decrease was due to less 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, 18% from $12,231 for the three months ended
September 30, 1995 to $14,439 for the same period in 1996.
Depletion was $73,611 for the three months ended September 30, 1996 compared to
$125,539 for the same period in 1995, representing a decrease of $51,928, or
41%, primarily attributable to the following factors: (i) a reduction in the
Registrant's net depletable basis from charges taken in accordance with FAS 121,
(ii) a reduction in oil production of 959 barrels for the three months ended
September 30, 1996 as compared to the same period in 1995, and (iii) an increase
in oil and gas reserves during the third quarter of 1996 as a result of higher
commodity prices.
Liquidity and Capital Resources
Net Cash Provided by Operating Activities
Net cash provided by operating activities increased $970,656 during the nine
months ended September 30, 1996 compared to the same period in 1995. This
increase was primarily due to the receipt of proceeds from the litigation
settlement as discussed in Note 3, in addition to an increase in oil and gas
sales.
12
<PAGE>
Net Cash Provided by Investing Activities
The Registrant's investment activities during the nine months ended September
30, 1996 and 1995 included expenditures related to equipment replacement on
various oil and gas properties.
During the nine months ended September 30, 1996, proceeds of $924 were received
from the disposal of oil and gas equipment on two fully depleted properties. For
the same period in 1995, proceeds of $180,619 were received from the sale of two
oil and gas wells.
Net Cash Used in Financing Activities
Cash was sufficient for the nine months ended September 30, 1996 to cover
distributions to the partners of $1,463,369 of which $1,124,103 was distributed
to the limited partners and $339,266 to the general partners. For the same
period ended September 30, 1995, cash was sufficient for distributions to the
partners of $417,183 of which $308,935 was distributed to the limited partners
and $108,248 to the general partners.
Cash distributions to the partners of $1,463,369 for the nine months ended
September 30, 1996 included $669,535 to the limited partners and $182,676 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.
Part II. Other Information
Item 1. Legal Proceedings
During April 1996, the Registrant completed the settlement of a material
litigation to which it was a party. This litigation and settlement thereof is
described in Note 3 of Notes to Financial Statements above.
13
<PAGE>
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: November 12, 1996 By: /s/ Steven L. Beal
-----------------------------------------
Steven L. Beal, Senior Vice President
and Chief Financial Officer of PPUSA
14
<PAGE>
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<ARTICLE> 5
<CIK> 0000743456
<NAME> 83A.TXT
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> SEP-30-1996
<CASH> 365,039
<SECURITIES> 0
<RECEIVABLES> 207,605
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 572,644
<PP&E> 17,820,214
<DEPRECIATION> 13,736,154
<TOTAL-ASSETS> 4,656,704
<CURRENT-LIABILITIES> 69,207
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 4,587,497
<TOTAL-LIABILITY-AND-EQUITY> 4,656,704
<SALES> 1,260,313
<TOTAL-REVENUES> 2,127,108
<CGS> 0
<TOTAL-COSTS> 827,940
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 1,299,168
<INCOME-TAX> 0
<INCOME-CONTINUING> 1,299,168
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,299,168
<EPS-PRIMARY> 49.61
<EPS-DILUTED> 0
</TABLE>
