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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-KSB/A
AMENDMENT II
(Mark One)
[X] ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]
For the fiscal year ended December 31, 1995
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from...............to...............
Commission file number 0-14233
ENEX PROGRAM I PARTNERS, L.P.
(Name of small business issuer in its charter)
New Jersey 76-0175128
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
800 Rockmead Drive
Three Kingwood Place
Kingwood, Texas 77339
(Address of principal executive offices) (Zip Code)
Issuer's telephone number, including area code: (713) 358-8401
Securities registered under Section 12(b) of the Exchange Act: None
Securities registered under Section 12(g) of the Exchange Act:
Limited Partnership Interest
Check whether the issuer (1) filed all reports required to be filed
by Section 13 or 15(d) of the Exchange Act during the past 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
Check if there is no disclosure of delinquent filers in response to
Item 405 of Regulation S-B is not contained in this form, and no disclosure will
be contained, to the best of the registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-KSB
or any amendment to this Form 10-KSB.[x]
State issuer's revenues for its most recent fiscal year. $2,862,275
State the aggregate market value of the voting stock held by
non-affiliates computed by reference to the price at which the stock was sold,
or the average bid and asked prices of such stock as of a specified date within
the past 60 days (See definition of affiliate in Rule 12b-2 of the Exchange
Act):
Not Applicable
Documents Incorporated By Reference:
None
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Company. "Passive income," however, does not include portfolio income (i.e.
dividend, interest, royalties, etc.). Although taxpayers generally may not
deduct losses or use tax credits derived from passive activities in an
amount greater than their income derived from such activities, if and to
the extent that the Company generates passive income, it will be available
to offset the limited partners' passive losses from other sources.
Partnerships with interests that are "publicly traded" are taxed as
corporations unless at least 90% of their income is "qualifying income." Passive
income or loss from Publicly traded partnerships that are not taxed as
corporations generally cannot be applied against passive income or less from
other sources. As stated in Item 5 of this Annual Report, there is no
established public trading market for the Company's limited partnership
interests. In addition, the Company derives more than 90% of its income from oil
and gas activities, which constitutes qualifying income within the meaning of
section 7704(d) of the Code. Therefore, the Company should not be affected by
the publicly traded partnership rules.
In order to prevent the adverse tax consequences that would affect the
limited partners if the Company's limited partnership interests were to become
publicly traded in the future, the general partner may, after final regulations
have been issued by the Internal Revenue Service, submit to a vote of limited
partners a proposal to amend the Company's agreement of limited partnership to
provide, among other things, (a) that Enex shall have the right to refuse to
recognize any transfer of limited partnership interests if it believes that such
transfer occurred on a secondary market or the substantial equivalent thereof;
and (b) that all assignors and assignees of the limited partnership interests
shall be required to represent to Enex that any transfer of limited partnership
interests did not, to the best of their knowledge, occur on a secondary market
or the substantial equivalent thereof.
Item 2. Description of Property
On December 31, 1985, the Partnerships transferred all of their assets to
the Company, subject to corresponding liabilities. These properties continue to
be operated by the Company as they were operated by the Partnerships. Presented
below is a brief description of the Company's property holdings, all of which
were transferred to it by the Partnerships.
CHOATE, OAK GROVE AND LEACOCK acquisitions. The Enex Oil and Gas Income
Program I - Series 1 and 2 Partnerships each owned (a) fifty percent of the
interest acquired from Choate Oil Co. in 254 wells, three-quarters of which are
oil wells and all but two of which are located in Oklahoma, and four gas plants,
of which three are in Oklahoma and one is in Michigan; (b) both a working and a
royalty interest in a gas unit in Oak Grove Field, Simpson County, Mississippi;
and (c) an interest in the Leacock 2-21 gas well in Otsego County, Michigan,
which feeds the Michigan gas plant. The Oak Grove and Leacock acquisitions were
retired in 1989 and 1992 respectively.
GRASS ISLAND acquisition. Series 1, 2 and 3 Partnerships owned working
interests, in 13 oil wells located in Calhoun County, Texas. The Grass Island
acquisition is operated by Petro Guard Co. The Company owns a 6.25% working
interest in the Grass Island acquisition.
SHELL acquisition. The Series 3 Partnership owned working interests in six
individual oil wells and two large Smackover oil units, and royalty interests in
one gas and nine oil wells in six counties in Mississippi acquired from Shell
Oil Company. The Shell acquisition is operated by eight different oil and gas
companies. The Company owns working interests ranging from 11.14% to 24.91%.
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SIGNATURES
In accordance with Section 13 or 15 (d) of the Exchange Act,
the registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
ENEX PROGRAM I PARTNERS, L.P.
By: ENEX RESOURCES CORPORATION
the General Partner
November 7, 1996 By: /s/ G. B. Eckley
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G. B. Eckley, President
In accordance with the Exchange Act, this report has been
signed below on November 7, 1996, by the following persons in the capacities
indicated.
ENEX RESOURCES CORPORATION General Partner
By: /s/ G. B. Eckley
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G. B. Eckley, President
/s/ G. B. Eckley
President, Chief Executive
------------------ Officer and Director
G. B. Eckley
/s/ R. E. Densford Vice President, Secretary, Treasurer,
Chief Financial Officer and Director
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R. E. Densford
/s/ James A. Klein Controller and Chief Accounting Officer
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James A. Klein
S-1
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