<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. 2-81398B
PARKER & PARSLEY 83-B, LTD.
(Exact name of Registrant as specified in its charter)
Texas 75-1907245
(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-B, 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 $226,530
at June 30 and $159,815 at December 31 $ 226,781 $ 160,065
Accounts receivable - oil and gas sales 182,631 191,818
----------- -----------
Total current assets 409,412 351,883
Oil and gas properties - at cost, based
on the successful efforts accounting
method 21,438,864 21,858,131
Accumulated depletion (14,406,803) (14,501,231)
----------- -----------
Net oil and gas properties 7,032,061 7,356,900
----------- -----------
$ 7,441,473 $ 7,708,783
=========== ===========
LIABILITIES AND PARTNERS' CAPITAL
Current liabilities:
Accounts payable - affiliate $ 75,936 $ 60,643
Partners' capital:
Limited partners (23,370 interests) 6,569,247 6,829,253
General partners 796,290 818,887
----------- -----------
7,365,537 7,648,140
----------- -----------
$ 7,441,473 $ 7,708,783
=========== ===========
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-B, 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 $ 489,533 $ 497,241 $ 958,488 $ 929,278
Interest income 3,416 1,332 6,010 2,334
Salvage income on
abandoned property 13,176 - 34,297 -
--------- --------- --------- ---------
Total revenues 506,125 498,573 998,795 931,612
Costs and expenses:
Production costs 194,328 283,147 471,905 550,229
General and adminis-
trative expenses 16,530 14,890 30,593 31,088
Depletion 162,929 138,651 328,295 354,117
Abandoned property
costs 6,769 - 19,380 -
--------- --------- --------- ---------
Total costs and
expenses 380,556 436,688 850,173 935,434
--------- --------- --------- ---------
Net income (loss) $ 125,569 $ 61,885 $ 148,622 $ (3,822)
========= ========= ========= =========
Allocation of net
income (loss):
General partners $ 54,933 $ 36,270 $ 84,622 $ 52,902
========= ========= ========= =========
Limited partners $ 70,636 $ 25,615 $ 64,000 $ (56,724)
========= ========= ========= =========
Net income (loss) per
limited partnership
interest $ 3.02 $ 1.09 $ 2.74 $ (2.43)
========= ========= ========= =========
Distributions per limited
partnership interest $ 7.50 $ 4.90 $ 13.86 $ 10.70
========= ========= ========= =========
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-B, LTD.
(A Texas Limited Partnership)
STATEMENTS OF PARTNERS' CAPITAL
(Unaudited)
General Limited
partners partners Total
----------- ----------- -----------
Balance at January 1, 1994 $ 904,243 $ 7,549,449 $ 8,453,692
Distributions (76,786) (250,114) (326,900)
Net income (loss) 52,902 (56,724) (3,822)
---------- ---------- ----------
Balance at June 30, 1994 $ 880,359 $ 7,242,611 $ 8,122,970
========== ========== ==========
Balance at January 1, 1995 $ 818,887 $ 6,829,253 $ 7,648,140
Distributions (107,219) (324,006) (431,225)
Net income 84,622 64,000 148,622
---------- ---------- ----------
Balance at June 30, 1995 $ 796,290 $ 6,569,247 $ 7,365,537
========== ========== ==========
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-B, 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) $ 148,622 $ (3,822)
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depletion 328,295 354,117
Salvage income on abandoned property (34,297) -
Changes in assets and liabilities:
(Increase) decrease in accounts receivable 9,187 (39,928)
Increase in accounts payable 15,293 43,786
--------- ---------
Net cash provided by operating
activities 467,100 354,153
Cash flows from investing activities:
Additions to oil and gas properties (3,456) (1,874)
Proceeds from equipment salvage on
abandoned property 34,297 -
--------- ---------
Net cash provided by (used in)
investing activities 30,841 (1,874)
Cash flows from financing activities:
Cash distributions to partners (431,225) (326,900)
--------- ---------
Net increase in cash and cash
equivalents 66,716 25,379
Cash and cash equivalents at beginning
of period 160,065 125,409
--------- ---------
Cash and cash equivalents at end
of period $ 226,781 $ 150,788
========= =========
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
<PAGE> 6
PARKER & PARSLEY 83-B, 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-B, 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
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to the working interest owners, including the Registrant, on July 30,
1993. The limited partners received their distribution of $11,250,167,
or $481.39 per limited partnership interest in 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 September 27, 1983. The general partners of
the Registrant at December 31, 1994 were Parker & Parsley Development
Company ("PPDC") and P&P Employees 83-B, Ltd. ("EMPL"), a Texas limited
partnership whose general partner was PPDC, and 1,523 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 $23,370,000 representing 23,370 interests
($1,000 per interest).
Since its formation, the Registrant invested $23,056,413 in various
prospects that were drilled in Texas. At June 30, 1995, the Registrant
had 47 producing oil and gas wells; three wells were sold in 1994 and
7
<PAGE> 8
nine wells were plugged and abandoned due to unprofitable operations;
one in 1985, one in 1987, two in 1989, one in 1990, two in 1991, one in
1993 and one in 1995. The Registrant received interests in eight
additional wells in 1993 due to the Registrant's back-in after payout
provisions.
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 $958,488 from
$929,278 for the six months ended June 30, 1995 and 1994, respectively,
an increase of 3%. The increase in revenues resulted from a 6% increase
in mcf of gas produced and sold and increases in the average prices
received for both oil and gas, offset by a 13% decrease in barrels of
oil produced and sold. For the six months ended June 30, 1995, 39,778
barrels of oil were sold compared to 45,951 for the same period in 1994,
a decrease of 6,173 barrels. For the six months ended June 30, 1995,
146,105 mcf of gas were sold compared to 137,716 for the same period in
1994, an increase of 8,389 mcf. The decrease in oil production was
primarily due to the decline characteristics of the Registrant's oil and
gas wells. The increase in gas production was due to operational
changes on several wells. Management expects a certain amount of
production decline in the future until the Registrant's economically
recoverable reserves are fully depleted.
The average price received per barrel of oil increased $2.63 from $15.02
for the six months ended June 30, 1994 to $17.65 for the same period in
1995 while the average price received per mcf of gas increased slightly
from $1.74 during the six months ended June 30, 1994 to $1.76 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.
Salvage income on abandoned property of $34,297 was recognized during
the six months ended June 30, 1995, resulting from proceeds received
from equipment credits on one fully depleted property. There were
abandoned property costs of $19,380 for the six months ended June 30,
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<PAGE> 9
1995 consisting of the expense to plug and abandon one previously
productive well. There were no abandoned property costs for the same
period in 1994.
Costs and Expenses:
Total costs and expenses decreased to $850,173 for the six months ended
June 30, 1995 as compared to $935,434 for the same period in 1994, a
decrease of $85,261, or 9%. This decrease was due to declines in
production costs, depletion and general and administrative expenses
("G&A"), offset by an increase in abandoned property costs.
Production costs were $471,905 for the six months ended June 30, 1995
and $550,229 for the same period in 1994 resulting in a $78,324
decrease, or 14%. The decrease was due to declines in well repair and
maintenance costs and 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 slightly from $31,088 for the six
months ended June 30, 1994 to $30,593 for the same period in 1995.
Depletion was $328,295 for the six months ended June 30, 1995 compared
to $354,117 for the same period in 1994. This represented a decrease in
depletion of $25,822, or 7%. 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
6,173 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 $16.38
per barrel. Comparatively, depletion expense for the three months ended
June 30, 1994 was calculated based on reserves computed utilizing an oil
price of $18.29 per barrel while depletion expense for the three months
ended March 31, 1994 was calculated based on reserves computed utilizing
an oil price of $12.79 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
9
<PAGE> 10
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 $11,250,167, or $481.39 per limited
partnership interest in 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 $489,533 from
$497,241 for the three months ended June 30, 1995 and 1994,
respectively. The decrease in revenues resulted from a 13% decrease in
barrels of oil produced and sold and a decrease in the average price
received per mcf of gas, offset by a 14% increase in mcf of gas produced
and sold and an increase in the average price received per barrel of
oil. For the three months ended June 30, 1995, 19,526 barrels of oil
were sold compared to 22,435 for the same period in 1994, a decrease of
2,909 barrels. For the three months ended June 30, 1995, 83,903 mcf of
gas were sold compared to 73,403 for the same period in 1994, an
increase of 10,500 mcf. The oil production decrease was primarily due
to the decline characteristics of the Registrant's oil wells. The
increase in gas production was due to operational changes on several
wells.
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<PAGE> 11
The average price received per barrel of oil increased $1.40 from $16.68
for the three months ended June 30, 1994 to $18.08 for the three months
ended June 30, 1995 while the average price received per mcf of gas
decreased from $1.68 during the three months ended June 30, 1994 to
$1.63 for the same period in 1995.
Salvage income on abandoned property of $13,176 was recognized during
the three months ended June 30, 1995, resulting from proceeds received
from equipment credits on one fully depleted property. There were
abandoned property costs of $6,769 for the three months ended June 30,
1995 consisting of the expense to plug and abandon one previously
productive well. There were no abandoned property costs for the same
period in 1994.
Costs and Expenses:
Total costs and expenses decreased to $380,556 for the three months
ended June 30, 1995 as compared to $436,688 for the same period in 1994,
a decrease of $56,132, or 13%. This decrease was due to a decline in
production costs, offset by increases in G&A, depletion and abandoned
property costs.
Production costs were $194,328 for the three months ended June 30, 1995
and $283,147 for the same period in 1994 resulting in an $88,819
decrease, or 31%. The decrease was due to declines in well repair and
maintenance costs and 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 increased, in aggregate, 11% from $14,890 for
the three months ended June 30, 1994 to $16,530 for the same period in
1995.
Depletion was $162,929 for the three months ended June 30, 1995 compared
to $138,651 for the same period in 1994. This represented an increase
in depletion of $24,278, or 18%. 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 2,909 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 $16.38 per barrel. Comparatively, depletion expense for the
three months ended June 30, 1994 was calculated based on reserves
computed utilizing an oil price of $18.29 per barrel.
11
<PAGE> 12
Liquidity and Capital Resources
Net Cash Provided by Operating Activities
Net cash provided by operating activities increased to $467,100 during
the six months ended June 30, 1995, a 32% increase from the same period
ended June 30, 1994. This increase was due to an increase in oil and
gas sales and a decrease in production costs and G&A, offset by an
increase in abandoned property costs. The increase in oil and gas sales
was due to increases in mcf of gas produced and sold and in the
average prices received for oil and gas. The decline in production
costs was due to less well repair and maintenance costs. The decline in
G&A was due to less allocated expenses by the managing general partner.
The increase in abandoned property costs was due to the plugging and
abandonment of one previously productive well.
Net Cash Provided by (Used in) Investing Activities
The Registrant's investments of $3,456 and $1,874 during the six months
ended June 30, 1995 and 1994, respectively, were for repair and
maintenance on various oil and gas properties.
Proceeds of $34,297 were received from the salvage of equipment on one
well abandoned during the six months ended June 30, 1995.
Net Cash Used in Financing Activities
Cash was sufficient for the six months ended June 30, 1995 to cover
distributions to the partners of $431,225 of which $324,006 was
distributed to the limited partners and $107,219 to the general
partners. For the same period ended June 30, 1994, cash was sufficient
for distributions to the partners of $326,900 of which $250,114 was
distributed to the limited partners and $76,786 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
12
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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
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 $11,250,167, or $481.39 per limited
partnership interest in 1993.
13
<PAGE> 14
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 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits - none
(b) Reports on Form 8-K - none
14
<PAGE> 15
PARKER & PARSLEY 83-B, 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-B, 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
<PAGE> 16
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000743457
<NAME> 83B.FDS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<CASH> 226,781
<SECURITIES> 0
<RECEIVABLES> 182,631
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 409,412
<PP&E> 21,438,864
<DEPRECIATION> 14,406,803
<TOTAL-ASSETS> 7,441,473
<CURRENT-LIABILITIES> 75,936
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 7,365,537
<TOTAL-LIABILITY-AND-EQUITY> 7,441,473
<SALES> 958,488
<TOTAL-REVENUES> 998,796
<CGS> 0
<TOTAL-COSTS> 850,174
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 148,622
<INCOME-TAX> 0
<INCOME-CONTINUING> 148,622
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 148,622
<EPS-PRIMARY> 2.74
<EPS-DILUTED> 0
</TABLE>
