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Previous: MCNEIL REAL ESTATE FUND XXIV LP, SC 14D9/A, 1996-11-08 |
Next: BILTMORE BANK CORP, PRE13E3/A, 1996-11-08 |
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 September 30, 1996
|_| TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission File Number 2-89194
MAY DRILLING PARTNERSHIP 1984-1
MAY LIMITED PARTNERSHIP 1984-1
(Exact name of registrant as specified in its charter)
75-1973664
Texas 75-1973661
(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 10
<PAGE>
<TABLE>
<CAPTION>
MAY DRILLING PARTNERSHIP 1984-1
BALANCE SHEETS
(Unaudited)
(In thousands)
September 30, December 31,
1996 1995
ASSETS
Investment in
<S> <C> <C>
May Limited Partnership 1984-1 $247 $177
=== ===
PARTNERS' CAPITAL
Partners' Capital $247 $177
=== ===
<FN>
NOTE: The statements of operations and cash flows for May Drilling
Partnership 1984-1 are not presented because such information is equal
to the limited partner's share of such activity as presented in the May
Limited Partnership 1984-1 financial statements. The May Drilling
Partnership carries its investment in May Limited Partnership 1984-1 on
the equity method. The May Limited Partnership 1984-1 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 1984-1
BALANCE SHEETS
(Unaudited)
(In thousands)
September 30, December 31,
1996 1995
ASSETS
CURRENT ASSETS
<S> <C> <C>
Cash and cash equivalents $ 256 $ 197
Accrued oil and gas sales 163 162
Due from affiliate 99 49
-------- --------
Total 518 408
------- -------
OIL AND GAS PROPERTIES, using the
full cost method of accounting 8,064 8,057
Less - Accumulated depletion (8,064) (8,057)
------ ------
Net oil and gas properties - -
---------- ---------
TOTAL ASSETS $ 518 $ 408
======= ======
LIABILITIES AND PARTNERS' CAPITAL
CURRENT LIABILITIES
Accounts payable and accrued liabilities $ 9 $ 15
--------- -------
Total 9 15
--------- -------
PARTNERS' CAPITAL
General partner 262 216
Limited partner 247 177
------- ------
Total 509 393
------- ------
TOTAL LIABILITIES AND PARTNERS' CAPITAL $ 518 $ 408
======= ======
<FN>
The accompanying note is an integral part
of the financial statements.
</FN>
</TABLE>
-3-
<PAGE>
<TABLE>
<CAPTION>
MAY LIMITED PARTNERSHIP 1984-1
STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except for unit information)
For the Three Months Ended
September 30,
---------------------------------
1996 1995
-------------- --------
REVENUES
<S> <C> <C>
Oil revenue $ 129 $ 89
Gas revenue 170 103
Interest income 2 2
-------- --------
Total 301 194
------ -------
COSTS AND EXPENSES
Lease operating 4 4
Production taxes 21 16
General and administrative 7 10
Depletion 7
Professional services and other 2 2
-------- --------
Total 41 32
------- -------
NET INCOME $ 260 $ 162
====== =======
ALLOCATION OF NET INCOME:
General Partner $ 98 $ 60
======= ========
Limited Partner $ 162 $ 102
====== ======
Per initial $1,000 limited partner investment $30.16 $18.99
===== =====
Weighted average initial $1,000 limited partner
investment units outstanding 5,371 5,371
===== ======
<FN>
The accompanying note is an integral part
of the financial statements.
</FN>
</TABLE>
-4-
<PAGE>
<TABLE>
<CAPTION>
MAY LIMITED PARTNERSHIP 1984-1
STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except for unit information)
For the Nine Months Ended
September 30,
---------------------------------
1996 1995
-------------- --------
REVENUES
<S> <C> <C>
Oil revenue $ 370 $ 253
Gas revenue 626 281
Interest income 8 8
---------- ----------
Total 1,004 542
------- --------
COSTS AND EXPENSES
Lease operating 14 14
Production taxes 63 43
General and administrative 28 32
Depletion 7 1
Professional services and other 7 7
---------- ----------
Total 119 97
-------- ---------
NET INCOME $ 885 $ 445
======== ========
ALLOCATION OF NET INCOME:
General Partner $ 331 $ 167
======== ========
Limited Partner $ 554 $ 278
======== ========
Per initial $1,000 limited partner investment $103.15 $ 51.76
====== =======
Weighted average initial $1,000 limited partner
investment units outstanding 5,371 5,371
======= =======
<FN>
The accompanying note is an integral part
of the financial statements.
</FN>
</TABLE>
-5-
<PAGE>
<TABLE>
<CAPTION>
MAY LIMITED PARTNERSHIP 1984-1
STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
For the Nine Months Ended
September 30,
1996 1995
OPERATING ACTIVITIES:
<S> <C> <C>
Net income $ 885 $ 445
Adjustment to reconcile net income to
net cash provided by operating activities:
Depletion 7 1
---------- ---------
Cash from operations before working
capital changes 892 446
Changes in assets and liabilities provided (used) cash:
Accrued oil and gas sales (1) 22
Due from affiliate (50) 5
Accounts payable and accrued liabilities (6) (2)
--------- ---------
Net cash provided by operating activities 835 471
-------- -------
INVESTING ACTIVITIES:
Additions to oil and gas properties (7) (1)
--------- ---------
Net cash used in investing activities (7) (1)
--------- ---------
FINANCING ACTIVITIES:
Distributions to partners (769) (457)
------- -------
Net cash used in financing activities (769) (457)
------- -------
NET INCREASE IN CASH AND
CASH EQUIVALENTS 59 13
CASH AND CASH EQUIVALENTS:
Balance, beginning of period 197 217
-------- -------
Balance, end of period $ 256 $ 230
======== =======
<FN>
The accompanying note is an integral part
of the financial statements.
</FN>
</TABLE>
-6-
<PAGE>
MAY LIMITED PARTNERSHIP 1984-1
NOTE TO FINANCIAL STATEMENTS
(Unaudited)
NOTE 1 - GENERAL
The financial statements presented are those of May Limited Partnership 1984-1
(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, 1995 Annual Report on Form 10-K.
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
---------------------------------------------------------------
RESULTS OF OPERATIONS
---------------------
Liquidity and Capital Resources
Cash provided by operating activities totaled $835,000 for the nine months ended
September 30, 1996 and $769,000 was distributed to partners. A distribution was
declared in October 1996. The distribution amount is $257,000, payable $162,000
to May Drilling Partnership 1984-1 partners and $95,000 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
Third Quarter 1996 Compared to the Third Quarter 1995
Oil Revenue
Oil revenue increased $40,000 during the third quarter of 1996 as compared to
the corresponding period in 1995 as the result of an increase in production
combined with an increase in the average oil price. Oil production increased 13%
on the Freddie Aker #1 due to an increase in the state allowable production
limits. The average oil price increased from $17.01 per barrel in 1995 to $21.86
per barrel in 1996.
Gas Revenue
Gas revenue increased $67,000 during the third quarter of 1996 as compared to
the corresponding period in 1995 due to an increase in the average gas price
combined with an 8% increase in production due to an increase in the state
allowable production limits. The average gas price increased from $1.77 per mcf
in 1995 to $2.70 per mcf in 1996.
Production Taxes
Production taxes increased $5,000 during the third quarter of 1996 as compared
to the corresponding period in 1995 due to increased production previously
discussed.
General and Administrative
General and administrative expense decreased $3,000 during the third quarter of
1996 as compared with the third quarter of 1995 as a result of a decrease in the
allocation of overhead from the general partner.
-7-
<PAGE>
Depletion
Depletion expense increased $7,000 during the third quarter of 1996 as compared
with the third quarter of 1995 due to an increase in capitalized costs during
1996.
Nine Months Ended September 30, 1996 Compared to the Nine Months Ended
September 30, 1995
The comparisons for the nine months ended September 30, 1996 and the nine months
ended September 30, 1995 are consistent with those discussed in the third
quarter 1996 compared to the third quarter 1995 except for the following:
Oil Revenue
Oil revenue increased $117,000 during the first nine months of 1996 as compared
with the same period in 1995 due to a 26% increase in production due to higher
state allowable production limits, combined with an increase in average oil
prices. Average oil prices increased from $17.70 per barrel during 1995 to
$20.53 per barrel during 1996.
Gas Revenue
Gas revenue increased $345,000 during the first nine months of 1996 as compared
with the same period during 1995 due to a 33% increase in production resulting
from higher state allowable production limits, combined with an increase in
average gas prices. The average gas price increased from $1.85 per mcf in 1995
to $3.09 per mcf in 1996.
-8-
<PAGE>
ITEM 1 - LEGAL PROCEEDINGS
Reference is made to Item 8 - Note 3 of Form 10-K for the year
ended December 31, 1995.
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.
-9-
<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 1984-1
MAY LIMITED PARTNERSHIP 1984-1
By: EDP OPERATING, LTD.,
General Partner
By: HALLWOOD G. P., INC.,
General Partner
Date: November 4, 1996 By: /s/Robert S. Pfeiffer
---------------------------------- -----------------------------
Robert S. Pfeiffer, Vice President
(Principal Accounting Officer)
Document: P:\DOC\84-1MQ.DOC
-10-
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from Form 10-Q
for the quarter ended September 30, 1996 for May Limited Partnership 1984-1 and
is qualified in its entirety by reference to such Form 10-Q.
</LEGEND>
<CIK> 0000757525
<NAME> May Limited Partnership 1984-1
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-mos
<FISCAL-YEAR-END> dec-31-1996
<PERIOD-END> sep-30-1996
<CASH> 256
<SECURITIES> 0
<RECEIVABLES> 262
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 518
<PP&E> 8,064
<DEPRECIATION> 8,064
<TOTAL-ASSETS> 518
<CURRENT-LIABILITIES> 9
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 509
<TOTAL-LIABILITY-AND-EQUITY> 518
<SALES> 996
<TOTAL-REVENUES> 1,004
<CGS> 0
<TOTAL-COSTS> 119
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 885
<INCOME-TAX> 0
<INCOME-CONTINUING> 885
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 885
<EPS-PRIMARY> 103.15
<EPS-DILUTED> 103.15
</TABLE>
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