<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarter ended September 30, 1995
Commission File Number:
I-B: 0-14657 I-C: 0-14658 I-D: 1-15831 I-E: 0-15832 I-F: 0-15833
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-B
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-C
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-D
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-E
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-F
----------------------------------------------
I-B 73-1231998
I-C 73-1252536
I-D 73-1265223
I-E 73-1270116
Oklahoma I-F 73-1292669
---------------------------- ----------------------
(State or other jurisdiction (I.R.S. Employer Identification No.)
of incorporation or organization)
Two West Second Street, Tulsa, Oklahoma 74103
--------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (918) 583-1791
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 the filing requirements for the past 90
days.
Yes X No
---- ----
<PAGE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-B
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-B
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
September 30, December 31,
1995 1994
------------- ------------
CURRENT ASSETS:
Cash and cash equivalents . . . . . $ 23,525 $ 56,549
Accounts receivable:
Oil and gas sales, including $4,900 and
$4,750 due from related parties
(Note 2) 53,876 46,468
-------- ----------
Total current assets . . . . . . $ 77,401 $ 103,017
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method . . . . 718,531 903,058
DEFERRED CHARGE . . . . . . . . . . . . 100,273 120,243
-------- ----------
$896,205 $1,126,318
======== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable . . . . . . . . . . $ 9,529 $ 19,982
Gas imbalance payable . . . . . . . . 17,999 17,999
-------- ----------
Total current liabilities . . . . $ 27,528 $ 37,981
ACCRUED LIABILITY . . . . . . . . . . . $ 31,395 $ 37,647
PARTNERS' CAPITAL (DEFICIT):
General Partner and Managing Partner ($ 98,942) ($ 95,948)
Limited Partners, issued and outstanding,
11,958 units . . . . . . . . . . . 936,224 1,146,638
-------- ----------
Total Partners' capital . . . . . $837,282 $1,050,690
-------- ----------
$896,205 $1,126,318
======== ==========
The accompanying notes are an integral part of
these combined financial statements.
-2-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-B
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-B
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
(Unaudited)
1995 1994
----------- ----------
REVENUES:
Oil and gas sales, including $9,543 and
$7,780 of sales to related parties
(Note 2) $ 72,499 $171,692
Interest and other income . . . . . . 120 301
Gain on sale of oil and gas properties - 20
-------- --------
$ 72,619 $172,013
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . $ 31,957 $ 46,070
Production tax . . . . . . . . . . . 2,010 10,120
Depreciation, depletion, and amortization
of oil and gas properties . . . . . 61,105 192,822
General and administrative . . . . . 12,595 11,440
-------- --------
$107,667 $260,452
-------- --------
NET LOSS . . . . . . . . . . . . . . . ($ 35,048) ($ 88,439)
======== ========
GENERAL PARTNER AND MANAGING
PARTNER - NET INCOME . . . . . . . . $ 692 $ 3,291
======== ========
LIMITED PARTNERS - NET LOSS . . . . . . ($ 35,740) ($ 91,730)
======== ========
NET LOSS per unit . . . . . . . . . . . ($ 2.99) ($ 7.67)
======== ========
UNITS OUTSTANDING . . . . . . . . . . . 11,958 11,958
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-3-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-B
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-B
COMBINED STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
(Unaudited)
1995 1994
----------- ----------
REVENUES:
Oil and gas sales, including $35,613 and
$42,455 of sales to related parties
(Note 2) $253,424 $389,253
Interest and other income . . . . . . 504 703
Gain on sale of oil and gas properties 4,771 20
-------- --------
$258,699 $389,976
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . $107,591 $126,775
Production tax . . . . . . . . . . . 14,085 27,250
Depreciation, depletion, and amortization
of oil and gas properties . . . . . 192,039 448,976
General and administrative . . . . . 40,492 45,338
-------- --------
$354,207 $648,339
-------- --------
NET LOSS . . . . . . . . . . . . . . . ($ 95,508) ($258,363)
======== ========
GENERAL PARTNER AND MANAGING
PARTNER - NET INCOME . . . . . . . . $ 2,906 $ 5,041
======== ========
LIMITED PARTNERS - NET LOSS . . . . . . ($ 98,414) ($263,404)
======== ========
NET LOSS per unit . . . . . . . . . . . ($ 8.23) ($ 22.03)
======== ========
UNITS OUTSTANDING . . . . . . . . . . . 11,958 11,958
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-4-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-B
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-B
COMBINED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
(Unaudited)
1995 1994
--------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss . . . . . . . . . . . . . . ($ 95,508) ($258,363)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation, depletion, and amortization
of oil and gas properties . . . . 192,039 448,976
Gain on sale of oil and gas properties ( 4,771) ( 20)
(Increase) Decrease in accounts
receivable ( 7,408) 14,369
Decrease in deferred charge . . . . 19,970 -
Increase (Decrease) in accounts
payable ( 10,453) 1,812
Decrease in accrued liability . . . ( 6,252) -
-------- --------
Net cash provided by operating
activities $ 87,617 $206,774
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures . . . . . . . . ($ 7,695) ($ 13)
Proceeds from sale of oil and gas
properties 4,954 20
-------- --------
Net cash provided (used) by investing
activities . . . . . . . . . . . . ($ 2,741) $ 7
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions . . . . . . . . . ($117,900) ($156,000)
-------- --------
Net cash used by financing activities ($117,900) ($156,000)
-------- --------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS . . . . . . . . . . . . . ($ 33,024) $ 50,781
CASH AND CASH EQUIVALENTS AT BEGINNING OF
PERIOD 56,549 54,810
-------- --------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 23,525 $105,591
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-5-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-C
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-C
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
September 30, December 31,
1995 1994
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents . . . . . $112,466 $ 116,512
Accounts receivable:
Oil and gas sales, including $0 and
$2,078 due from related parties
(Note 2) 139,836 142,877
-------- ----------
Total current assets . . . . . . . $252,302 $ 259,389
NET OIL AND GAS PROPERTIES, utilizing the
successful efforts method . . . . . . 620,259 783,132
DEFERRED CHARGE . . . . . . . . . . . . 48,954 53,687
-------- ----------
$921,515 $1,096,208
======== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable . . . . . . . . . . $ 18,169 $ 21,359
Gas imbalance payable . . . . . . . . 2,369 2,369
-------- ----------
Total current liabilities . . . . $ 20,538 $ 23,728
ACCRUED LIABILITY . . . . . . . . . . . $ 17,245 $ 18,912
PARTNERS' CAPITAL (DEFICIT):
General Partner and Managing Partner ($ 65,775) ($ 63,764)
Limited Partners, issued and outstanding,
8,885 units . . . . . . . . . . . . 949,507 1,117,332
-------- ----------
Total Partners' capital . . . . . $883,732 $1,053,568
-------- ----------
$921,515 $1,096,208
======== ==========
The accompanying notes are an integral part of
these combined financial statements.
-6-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-C
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-C
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
(Unaudited)
1995 1994
--------- ----------
REVENUES:
Oil and gas sales, including $0 and
$3,687 of sales to related parties
(Note 2) $222,357 $268,856
Interest and other income . . . . . . 977 1,046
Gain on sale of oil and gas properties - 4
-------- --------
$223,334 $269,906
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . $ 55,458 $ 67,689
Production tax . . . . . . . . . . . 15,827 4,715
Depreciation, depletion, and amortization
of oil and gas properties . . . . . 55,857 87,660
General and administrative . . . . . 24,730 24,160
-------- --------
$151,872 $184,224
-------- --------
NET INCOME . . . . . . . . . . . . . . $ 71,462 $ 85,682
======== ========
GENERAL PARTNER AND MANAGING
PARTNER - NET INCOME . . . . . . . . $ 5,807 $ 7,791
======== ========
LIMITED PARTNERS - NET INCOME . . . . . $ 65,655 $ 77,891
======== ========
NET INCOME per unit . . . . . . . . . . $ 7.39 $ 8.77
======== ========
UNITS OUTSTANDING . . . . . . . . . . . 8,885 8,885
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-7-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-C
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-C
COMBINED STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
(Unaudited)
1995 1994
--------- ----------
REVENUES:
Oil and gas sales, including $3,654 and
$14,695 of sales to related parties
(Note 2) $615,805 $819,611
Interest and other income . . . . . . 2,999 2,284
Gain on sale of oil and gas properties 9,699 4
-------- --------
$628,503 $821,899
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . $163,909 $229,104
Production tax . . . . . . . . . . . 46,974 41,701
Depreciation, depletion, and amortization
of oil and gas properties . . . . . 162,761 279,340
General and administrative . . . . . 77,295 80,467
-------- --------
$450,939 $630,612
-------- --------
NET INCOME . . . . . . . . . . . . . . $177,564 $191,287
======== ========
GENERAL PARTNER AND MANAGING
PARTNER - NET INCOME . . . . . . . . $ 15,389 $ 20,738
======== ========
LIMITED PARTNERS - NET INCOME . . . . . $162,175 $170,549
======== ========
NET INCOME per unit . . . . . . . . . . $ 18.25 $ 19.20
======== ========
UNITS OUTSTANDING . . . . . . . . . . . 8,885 8,885
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-8-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-C
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-C
COMBINED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
(Unaudited)
1995 1994
-------- --------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income . . . . . . . . . . . . . $177,564 $191,287
Adjustments to reconcile net income to
net cash provided by operating
activities:
Depreciation, depletion, and amortiza-
tion of oil and gas properties . . 162,761 279,340
Gain on sale of oil and gas
properties. . . . . . . . . . . . . ( 9,699) ( 4)
Decrease in accounts receivable . . 3,041 17,744
Decrease in deferred charge . . . . 4,733 -
Increase (Decrease) in accounts
payable ( 3,190) 266
Decrease in accrued liability . . . ( 1,667) -
-------- --------
Net cash provided by operating
activities $333,543 $488,633
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of oil and gas
properties $ 9,811 $ 4
-------- --------
Net cash provided by investing
activities $ 9,811 $ 4
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions . . . . . . . . . ($347,400) ($410,000)
-------- --------
Net cash used by financing activities ($347,400) ($410,000)
-------- --------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS . . . . . . . . . . . . . ($ 4,046) $ 78,637
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD 116,512 87,702
-------- --------
CASH AND CASH EQUIVALENTS AT END
OF PERIOD $112,466 $166,339
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-9-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-D
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-D
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
September 30, December 31,
1995 1994
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents . . . . . . $ 233,833 $ 247,485
Accounts receivable:
Oil and gas sales, including $54,104
and $45,181 due from related
parties (Note 2) 196,607 213,580
---------- ----------
Total current assets . . . . . . $ 430,440 $ 461,065
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method . . . 1,067,823 1,274,781
DEFERRED CHARGE . . . . . . . . . . . . 94,114 97,856
---------- ----------
$1,592,377 $1,833,702
========== ==========
LIABILITIES AND PARTNERS' CAPITAL
CURRENT LIABILITIES:
Accounts payable . . . . . . . . . . $ 14,239 $ 36,349
Gas imbalance payable . . . . . . . . 77,340 77,340
---------- ----------
Total current liabilities . . . . $ 91,579 $ 113,689
ACCRUED LIABILITY . . . . . . . . . . . $ 39,632 $ 41,208
PARTNERS' CAPITAL:
General Partner and Managing Partner $ 6,384 $ 9,506
Limited Partners, issued and
outstanding, 7,195 units . . . . . . 1,454,782 1,669,299
---------- ----------
Total Partners' capital . . . . . $1,461,166 $1,678,805
---------- ----------
$1,592,377 $1,833,702
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-10-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-D
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-D
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
(Unaudited)
1995 1994
--------- ---------
REVENUES:
Oil and gas sales, including $85,917 and
$147,642 of sales to related parties
(Note 2) . . . . . . . . . . . . . $345,921 $459,440
Interest income . . . . . . . . . . . 1,862 3,502
Gain (Loss) on sale of oil and
gas properties ( 2,859) 862
-------- --------
$344,924 $463,804
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . $ 48,873 $ 46,529
Production tax . . . . . . . . . . . 25,846 32,128
Depreciation, depletion, and amortiza-
tion of oil and gas properties . . . . 81,909 164,201
General and administrative . . . . . 21,284 21,127
-------- --------
$177,912 $263,985
-------- --------
NET INCOME . . . . . . . . . . . . . . $167,012 $199,819
======== ========
GENERAL PARTNER AND MANAGING
PARTNER - NET INCOME . . . . . . . . $ 36,519 $ 52,961
======== ========
LIMITED PARTNERS - NET INCOME . . . . . $130,493 $146,858
======== ========
NET INCOME per unit . . . . . . . . . . $ 18.14 $ 20.41
======== ========
UNITS OUTSTANDING . . . . . . . . . . . 7,195 7,195
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-11-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-D
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-D
COMBINED STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
(Unaudited)
1995 1994
--------- ---------
REVENUES:
Oil and gas sales, including $261,003 and
$403,819 of sales to related parties
(Note 2) . . . . . . . . . . . . . $882,567 $1,328,869
Interest income . . . . . . . . . . . 5,917 8,312
Gain on sale of oil and gas properties 183 1,076
-------- ----------
$888,667 $1,338,257
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . $126,617 $ 171,852
Production tax . . . . . . . . . . . 66,758 87,825
Depreciation, depletion, and amortization
of oil and gas properties . . . . . 203,739 464,516
General and administrative . . . . . 69,192 70,410
-------- ----------
$466,306 $ 794,603
-------- ----------
NET INCOME . . . . . . . . . . . . . . $422,361 $ 543,654
======== ==========
GENERAL PARTNER AND MANAGING
PARTNER - NET INCOME . . . . . . . . $ 91,878 $ 146,580
======== ==========
LIMITED PARTNERS - NET INCOME . . . . . $330,483 $ 397,074
======== ==========
NET INCOME per unit . . . . . . . . . . $ 45.93 $ 55.19
======== ==========
UNITS OUTSTANDING . . . . . . . . . . . 7,195 7,195
======== ==========
The accompanying notes are an integral part of
these combined financial statements.
-12-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-D
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-D
COMBINED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
(Unaudited)
1995 1994
--------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income . . . . . . . . . . . . . $422,361 $543,654
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and amortiza-
tion of oil and gas properties . . . 203,739 464,516
Gain on sale of oil and gas
properties . . . . . . . . . . . . . ( 183) ( 1,076)
Decrease in accounts receivable . . 16,973 39,100
Decrease in deferred charge . . . . 3,742 -
Decrease in accounts payable . . . ( 22,110) ( 12,119)
Decrease in gas imbalance payable . - ( 55,862)
Decrease in accrued liability . . . ( 1,576) ( 3,969)
-------- --------
Net cash provided by operating
activities . . . . . . . . . . . . $622,946 $974,244
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures . . . . . . . . ($ 337) ($ 37,292)
Proceeds from sale of oil and
gas properties . . . . . . . . . . 3,739 1,076
-------- --------
Net cash provided (used) by investing
activities . . . . . . . . . . . . $ 3,402 ($ 36,216)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions . . . . . . . . . ($640,000) ($838,000)
-------- --------
Net cash used by financing activities ($640,000) ($838,000)
-------- --------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS . . . . . . . . . . . . . ($ 13,652) $100,028
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD 247,485 381,379
-------- --------
CASH AND CASH EQUIVALENTS AT END
OF PERIOD $233,833 $481,407
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-13-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-E
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-E
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
September 30, December 31,
1995 1994
----------- -----------
CURRENT ASSETS:
Cash and cash equivalents . . . . . $ 741,212 $ 679,615
Accounts receivable:
Oil and gas sales, including $311,457
and $307,819 due from related
parties (Note 2) 736,290 862,080
---------- -----------
Total current assets . . . . . . . $1,477,502 $ 1,541,695
NET OIL AND GAS PROPERTIES, utilizing the
successful efforts method . . . . . . 7,215,257 8,550,992
DEFERRED CHARGE . . . . . . . . . . . . 869,228 944,469
---------- -----------
$9,561,987 $11,037,156
========== ===========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable . . . . . . . . . . $ 113,345 $ 220,670
Gas imbalance payable . . . . . . . . 235,677 235,677
---------- -----------
Total current liabilities . . . . $ 349,022 $ 456,347
ACCRUED LIABILITY . . . . . . . . . . . $ 349,373 $ 379,615
PARTNERS' CAPITAL (DEFICIT):
General Partner and Managing Partner ($ 100,257) ($ 115,710)
Limited Partners, issued and
outstanding 41,839 units . . . .. 8,963,849 10,316,904
---------- -----------
Total Partners' capital . . . . . $8,863,592 $10,201,194
---------- -----------
$9,561,987 $11,037,156
========== ===========
The accompanying notes are an integral part of
these combined financial statements.
-14-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-E
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-E
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
(Unaudited)
1995 1994
---------- ----------
REVENUES:
Oil and gas sales, including $496,527
and $624,637 of sales to related
parties (Note 2) . . . . . . . . . $1,219,446 $1,693,405
Interest and other income . . . . . . 7,038 7,458
Gain (Loss) on sale of oil and
gas properties ( 9,402) 4,510
---------- ----------
$1,217,082 $1,705,373
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . $ 369,718 $ 336,555
Production tax . . . . . . . . . . . 84,001 117,117
Depreciation, depletion, and amortiza-
tion of oil and gas properties . . . 507,629 725,336
General and administrative . . . . . 123,189 121,648
---------- ----------
$1,084,537 $1,300,656
---------- ----------
NET INCOME . . . . . . . . . . . . . . $ 132,545 $ 404,717
========== ==========
GENERAL PARTNER AND MANAGING
PARTNER - NET INCOME . . . . . . . . $ 90,950 $ 105,752
========== ==========
LIMITED PARTNERS - NET INCOME . . . . . $ 41,595 $ 298,965
========== ==========
NET INCOME per unit . . . . . . . . . . $ .99 $ 7.15
========== ==========
UNITS OUTSTANDING . . . . . . . . . . . 41,839 41,839
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-15-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-E
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-E
COMBINED STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
(Unaudited)
1995 1994
---------- ----------
REVENUES:
Oil and gas sales, including $1,531,255
and $2,122,155 of sales to related
parties (Note 2) . . . . . . . . . .$3,454,191 $4,865,836
Interest and other income . . . . . . 20,634 18,361
Gain (Loss) on sale of oil and gas
properties ( 2,679) 11,584
---------- ----------
$3,472,146 $4,895,781
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . $1,033,208 $1,303,533
Production tax . . . . . . . . . . . 236,740 331,783
Depreciation, depletion, and amortiza-
tion of oil and gas properties . . . 1,352,868 2,092,139
General and administrative . . . . . 392,932 396,853
---------- ----------
$3,015,748 $4,124,308
---------- ----------
NET INCOME . . . . . . . . . . . . . . $ 456,398 $ 771,473
========== ==========
GENERAL PARTNER AND MANAGING
PARTNER - NET INCOME . . . . . . . . $ 224,453 $ 265,440
========== ==========
LIMITED PARTNERS - NET INCOME . . . . . $ 231,945 $ 506,033
========== ==========
NET INCOME per unit . . . . . . . . . . $ 5.54 $ 12.09
========== ==========
UNITS OUTSTANDING . . . . . . . . . . . 41,839 41,839
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-16-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-E
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-E
COMBINED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
(Unaudited)
1995 1994
--------- -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income . . . . . . . . . . . . . $ 456,398 $ 771,473
Adjustments to reconcile net income to
net cash provided by operating
activities:
Depreciation, depletion, and amortiza-
tion of oil and gas properties . . 1,352,868 2,092,139
(Gain) Loss on sale of oil and gas
properties . . . . . . . . . . . . 2,679 ( 11,584)
Decrease in accounts receivable . . 125,790 77,472
Decrease in deferred charge . . . . 75,241 -
Decrease in accounts payable . . . ( 107,325) ( 16,876)
Decrease in gas imbalance payable . - ( 179,470)
Decrease in accrued liability . . . ( 30,242) ( 4,507)
---------- ----------
Net cash provided by operating
activities $1,875,409 $2,728,647
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures . . . . . . . . ($ 42,003) ($ 139,986)
Proceeds from sale of oil and gas
properties . . . . . . . . . . . . 22,191 11,584
---------- ----------
Net cash used by investing
activities ($ 19,812) ($ 128,402)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions . . . . . . . . ($1,794,000) ($2,617,000)
---------- ----------
Net cash used by financing
activities ($1,794,000) ($2,617,000)
---------- ----------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS . . . . . . . . . . . . . $ 61,597 ($ 16,755)
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD 679,615 1,198,482
---------- ----------
CASH AND CASH EQUIVALENTS AT END
OF PERIOD $ 741,212 $1,181,727
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-17-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-F
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-F
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
September 30, December 31,
1995 1994
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents . . . . . . $ 237,549 $ 305,618
Accounts receivable:
Oil and gas sales, including $69,809
and $75,780 due from related
parties (Note 2) 279,675 343,004
---------- ----------
Total current assets . . . . . . $ 517,224 $ 648,622
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method . . . . 2,298,462 2,742,460
DEFERRED CHARGE . . . . . . . . . . . . 513,567 487,625
---------- ----------
$3,329,253 $3,878,707
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable . . . . . . . . . . $ 52,921 $ 78,569
Gas imbalance payable . . . . . . . . 88,480 88,480
---------- ----------
Total current liabilities . . . . $ 141,401 $ 167,049
ACCRUED LIABILITY . . . . . . . . . . . $ 67,277 $ 63,878
PARTNERS' CAPITAL (DEFICIT):
General Partner and Managing Partner $ 3,746 ($ 33,134)
Limited Partners, issued and outstand-
ing, 14,321 units . . . . . . . . . 3,116,829 3,680,914
---------- ----------
Total Partners' capital . . . . . $3,120,575 $3,647,780
---------- ----------
$3,329,253 $3,878,707
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-18-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-F
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-F
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
(Unaudited)
1995 1994
--------- ---------
REVENUES:
Oil and gas sales, including $116,247 and
$132,555 of sales to related parties
(Note 2) $455,507 $653,156
Interest and other income . . . . . . 1,997 3,525
Gain (Loss) on sale of oil and gas
properties ( 3,160) 2,183
-------- --------
$454,344 $658,864
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . $149,856 $161,363
Production tax . . . . . . . . . . . 31,008 45,175
Depreciation, depletion, and amortization
of oil and gas properties . . . . . 174,567 273,989
General and administrative . . . . . 42,278 41,874
-------- --------
$397,709 $522,401
-------- --------
NET INCOME . . . . . . . . . . . . . . $ 56,635 $136,463
======== ========
GENERAL PARTNER AND MANAGING
PARTNER - NET INCOME . . . . . . . . $ 32,935 $ 38,305
======== ========
LIMITED PARTNERS - NET INCOME . . . . . $ 23,700 $ 98,158
======== ========
NET INCOME per unit . . . . . . . . . . $ 1.65 $ 6.85
======== ========
UNITS OUTSTANDING . . . . . . . . . . . 14,321 14,321
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-19-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-F
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-F
COMBINED STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
(Unaudited)
1995 1994
--------- ---------
REVENUES:
Oil and gas sales, including $357,900
and $504,957 of sales to related
parties (Note 2) . . . . . . . . . . $1,285,238 $1,825,208
Interest and other income . . . . . . 6,922 8,214
Gain on sale of oil and gas
properties . . . . . . . . . . . . 2,360 6,279
---------- ----------
$1,294,520 $1,839,701
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . $ 442,270 $ 559,451
Production tax . . . . . . . . . . . 86,293 122,065
Depreciation, depletion, and amortiza-
tion of oil and gas properties . . . 464,692 784,796
General and administrative . . . . . 135,470 137,672
---------- ----------
$1,128,725 $1,603,984
---------- ----------
NET INCOME . . . . . . . . . . . . . . $ 165,795 $ 235,717
========== ==========
GENERAL PARTNER AND MANAGING
PARTNER - NET INCOME . . . . . . . . $ 114,880 $ 94,203
========== ==========
LIMITED PARTNERS - NET INCOME . . . . . $ 50,915 $ 141,514
========== ==========
NET INCOME per unit . . . . . . . . . . $ 3.56 $ 9.88
========== ==========
UNITS OUTSTANDING . . . . . . . . . . . 14,321 14,321
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-20-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-F
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-F
COMBINED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994
(Unaudited)
1995 1994
--------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income . . . . . . . . . . . . . $165,795 $235,717
Adjustments to reconcile net income to
net cash provided by operating
activities:
Depreciation, depletion, and amortiza-
tion of oil and gas properties . . 464,692 784,796
Gain on sale of oil and gas
properties . . . . . . . . . . . . ( 2,360) ( 6,279)
(Increase) Decrease in accounts
receivable 63,329 ( 44,131)
Increase in deferred charge . . . . ( 25,942) -
Decrease in accounts payable . . . ( 25,648) ( 18,683)
Decrease in gas imbalance payable . - ( 61,684)
Increase (Decrease) in accrued
liability 3,399 ( 2,345)
-------- --------
Net cash provided by operating
activities $643,265 $887,391
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures . . . . . . . . ($ 29,694) ($ 42,658)
Proceeds from sale of oil and gas
properties 11,360 6,279
-------- --------
Net cash used by investing activities ($ 18,334) ($ 36,379)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions . . . . . . . . . ($693,000) ($789,000)
-------- --------
Net cash used by financing activities ($693,000) ($789,000)
-------- --------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS . . . . . . . . . . . . . ($ 68,069) $ 62,012
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD . . . . . . . . . . . . . . 305,618 447,983
-------- --------
CASH AND CASH EQUIVALENTS AT END
OF PERIOD $237,549 $509,995
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-21-
<PAGE>
GEODYNE ENERGY INCOME I LIMITED PARTNERSHIPS
CONDENSED NOTES TO THE COMBINED FINANCIAL STATEMENTS
SEPTEMBER 30, 1995
(Unaudited)
1. ACCOUNTING POLICIES
-------------------
The combined balance sheets as of September 30, 1995, combined
statements of operations for the three and nine months ended September
30, 1995 and 1994 and combined statements of cash flows for the nine
months ended September 30, 1995 and 1994 have been prepared by Geodyne
Properties, Inc., ("Geodyne"), the General Partner of the Geodyne
Energy Income I Limited Partnerships (collectively, the
"Partnerships"), and are unaudited. In the opinion of management the
financial statements referred to above include all necessary
adjustments, consisting of normal recurring adjustments, to present
fairly the combined financial position at September 30, 1995, the
combined results of operations for the three and nine months ended
September 30, 1995 and 1994 and the combined cash flows for the nine
months ended September 30, 1995 and 1994.
Information and footnote disclosures normally included in
financial statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted. The
accompanying interim financial statements should be read in
conjunction with the Partnerships' Annual Report on Form 10-K filed
for the year ended December 31, 1994. The results of operations for
the period ended September 30, 1995 are not necessarily indicative of
the results to be expected for the full year.
The Limited Partners' net income or loss per unit is based upon
each $1,000 initial capital contribution.
OIL AND GAS PROPERTIES
----------------------
The Partnerships follow the successful efforts method of
accounting for their oil and gas properties. Under the successful
efforts method, the Partnerships capitalize all property acquisition
costs and development costs incurred in connection with the further
development of oil and gas reserves. Property acquisition costs
include costs incurred by the Partnerships or the General Partner to
acquire producing properties, including related title insurance or
examination costs, commissions, engineering, legal and accounting
fees, and similar costs directly related to the acquisitions. The
acquisition costs to the Partnerships of properties acquired by the
General Partner are adjusted to reflect the net cash results of
operations, including interest incurred to finance the acquisition,
for the period of time the properties are held by the General Partner
prior to their transfer to the Partnerships. Leasehold impairment is
recognized based upon an individual property assessment and
exploratory experience. Upon discovery of commercial reserves,
leasehold costs are transferred to producing properties.
Depletion of the costs of producing oil and gas properties,
amortization of related intangible drilling and development costs and
depreciation of tangible lease and well equipment are computed on the
unit-of-production method.
-22-
<PAGE>
When complete units of depreciable property are retired or sold,
the asset cost and related accumulated depreciation are eliminated
with any gain or loss reflected in income. When less than complete
units of depreciable property are retired or sold, the difference
between asset cost and salvage value is charged to accumulated
depreciation.
If net oil and gas properties exceed future net revenues, a
provision to reduce the carrying value of oil and gas properties will
be recorded for the excess amount.
2. TRANSACTIONS WITH RELATED PARTIES
---------------------------------
The Partnerships' Partnership Agreements provide for
reimbursement to the General Partner for all direct general and
administrative expenses and for the general and administrative
overhead applicable to the Partnerships based on an allocation of
actual costs incurred. During the nine months ended September 30,
1995 the following payments were made to the General Partner or its
affiliates by the Partnerships:
Direct General Administrative
Partnership and Administrative Overhead
----------- ------------------ --------------
I-B $ 6,553 $ 33,939
I-C 6,780 70,515
I-D 9,234 59,958
I-E 44,272 348,660
I-F 16,130 119,340
An affiliated company is the operator of certain of the
Partnerships' properties and its policy is to bill the Partnerships
for all customary charges and cost reimbursements associated with its
activities, together with any compressor rental, consulting, or other
services provided.
Gas Sales
--------------------------------------------
3 Months Ended 9 Months Ended
Partnership September 30, 1995 September 30, 1995
----------- ------------------- -------------------
I-B $ 9,543 $ 35,613
I-C 0 3,654
I-D 85,917 261,003
I-E 496,527 1,531,255
I-F 116,247 357,900
-23-
<PAGE>
Accrued Oil and Gas Sales
--------------------------------------------
As of As of
Partnership September 30, 1995 December 31, 1994
----------- ------------------- -----------------
I-B $ 4,900 $ 4,750
I-C 0 2,078
I-D 54,104 45,181
I-E 311,457 307,819
I-F 69,809 75,780
-24-
<PAGE>
ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
GENERAL
-------
The Partnerships were formed for the purpose of investing in
related production partnerships (the "Production Partnerships"). The
Production Partnerships are engaged in the business of acquiring and
operating producing oil and gas properties located in the continental
United States. In general, a Production Partnership acquired
producing properties and did not engage in development drilling or
enhanced recovery projects, except as an incidental part of the
management of the producing properties acquired. Therefore, the
economic life of each Partnership, and its related Production
Partnership, is limited to the period of time required to fully
produce its acquired oil and gas reserves. The net proceeds from the
oil and gas operations are distributed to the Limited Partners and the
General Partner in accordance with the terms of the Partnerships'
Partnership Agreements.
LIQUIDITY AND CAPITAL RESOURCES
-------------------------------
The Partnerships began operations and investors were assigned
their rights as Limited Partners, having made capital contributions in
the amounts and on the dates set forth below:
Limited
Date of Partner Capital
Partnership Activation Contributions
----------------------------- -----------------
I-B July 12, 1985 $11,957,700
I-C December 20, 1985 8,884,900
I-D March 4, 1986 7,194,700
I-E September 10, 1986 41,839,400
I-F December 16, 1986 14,320,900
In general, the amount of funds available for acquisition of
producing properties was equal to the capital contributions of the
Limited Partners, less 15% for sales commissions and organization and
management fees. All of the Partnerships have fully invested their
capital contributions.
Net proceeds from the operations less necessary operating capital
are distributed to the Limited Partners on a quarterly basis.
Revenues and net proceeds of a Partnership are largely dependent upon
the volumes of oil and gas sold and the prices received for such oil
and gas. Over the last several years, the domestic energy industry
and the Partnerships have contended with volatile, but generally low,
oil and gas prices. Over the last few years, the oil and gas market
appears to have moved from periods of relative stability in supply and
demand to excess supply or weakened demand. These trends have led to
the volatility in pricing and demand noted over the past years. While
the General Partner cannot predict future pricing trends, it believes
the working capital available as of September 30, 1995 and the net
revenue generated from future operations will provide sufficient
working capital to meet current and future obligations of the
Partnerships.
-25-
<PAGE>
RESULTS OF OPERATIONS
---------------------
An analysis of the change in net oil and gas operations (oil and
gas sales, less lease operating expenses and production taxes), is
presented in the tables within "Results of Operations". Generally,
the Production Partnerships' operations during the three and nine
months ended September 30, 1995 reflect a decrease in total revenues
compared to the same periods in 1994. Management believes this
decrease generally resulted from a number of factors including, but
not limited to, a decrease in production from certain significant
wells and decreases in the average natural gas sales prices. Refer to
"Liquidity and Capital Resources" above for a discussion of factors
impacting prices and production volumes.
I-B PARTNERSHIP
THREE MONTHS ENDED SEPTEMBER 30, 1995 AS COMPARED TO THE THREE
MONTHS ENDED SEPTEMBER 30, 1994.
Three months ended September 30,
---------------------------------
1995 1994
---- ----
Oil and gas sales $72,499 $171,692
Direct operating expenses $33,967 $ 56,190
Barrels produced 905 4,802
Mcf produced 41,638 53,298
Average price/Bbl $ 16.27 $ 15.31
Average price/Mcf $ 1.39 $ 1.84
Total oil and gas sales decreased 57.8% for the three months
ended September 30, 1995 as compared to the three months ended
September 30, 1994. As shown in the above table, this decrease was
due to decreases in the volumes of oil and natural gas sold and the
average price of natural gas sold, partially offset by an increase in
the average price of oil sold. Volumes of oil and natural gas sold
decreased 3,897 barrels and 11,660 Mcf, respectively, for the three
months ended September 30, 1995 as compared to the similar period in
1994. Volumes of oil and natural gas sold decreased primarily due to
an increase in production for the three months ended September 30,
1994 on one of the I-B Partnership's significant wells and a prior
period adjustment in the same period by a purchaser on a significant
well that started producing in 1994 due to a redrill. Natural gas
prices decreased to an average of $1.39 per Mcf for the three months
ended September 30, 1995 from an average of $1.84 per Mcf for the
three months ended September 30, 1994. Oil prices increased to an
average of $16.27 per barrel for the three months ended September 30,
1995 from an average of $15.31 per barrel for the three months ended
September 30, 1994.
Direct operating expenses (lease operating expenses and
production taxes) decreased $22,223 for the three months ended
September 30, 1995 as compared to the similar period in 1994. This
decrease was primarily due to the decrease in the volumes of oil and
natural gas sold. As a percentage of total revenues, these expenses
increased to 46.8% for the three months ended September 30, 1995 from
-26-
<PAGE>
32.7% for the three months ended September 30, 1994. This percentage
increase was primarily due to the decrease in the average price of
natural gas sold.
Depreciation, depletion, and amortization of oil and gas
properties decreased $131,717 for the three months ended September 30,
1995 as compared to the similar period in 1994. This decrease was
primarily due to the decrease in the volumes of oil and natural gas
sold and several properties in which the I-B Partnership owned an
interest having been significantly depleted, leaving a smaller basis
to deplete in the three months ended September 30, 1995. As a
percentage of total revenues, this expense decreased to 84.1% for the
three months ended September 30, 1995 from 112.1% for the three months
ended September 30, 1994. This decrease was primarily due to the
dollar decrease in depreciation, depletion, and amortization mentioned
above.
General and administrative expenses increased $1,155 for the
three months ended September 30, 1995 as compared to the similar
period in 1994 primarily due to an increase in printing and postage
fees. As a percentage of total revenues, these expenses increased to
17.3% for the three months ended September 30, 1995 from 6.7% for the
three months ended September 30, 1994. This increase expressed as a
percentage of total revenues was primarily due to a decrease in oil
and natural gas sales.
NINE MONTHS ENDED SEPTEMBER 30, 1995 AS COMPARED TO THE NINE
MONTHS ENDED SEPTEMBER 30, 1994.
Nine months ended September 30,
-------------------------------
1995 1994
---- ----
Oil and gas sales $253,424 $389,253
Direct operating expenses $121,676 $154,025
Barrels produced 3,991 7,610
Mcf produced 123,968 145,529
Average price/Bbl $ 16.78 $ 14.88
Average price/Mcf $ 1.50 $ 1.90
Total oil and gas sales decreased 34.9% for the nine months ended
September 30, 1995 as compared to the nine months ended September 30,
1994. As shown in the above table, this decrease was due to decreases
in the volumes of oil and natural gas sold and the average price of
natural gas sold, partially offset by an increase in the average price
of oil sold. Volumes of oil and natural gas sold decreased 3,619
barrels and 23,561 Mcf, respectively, for the nine months ended
September 30, 1995 as compared to the similar period in 1994. Volumes
of oil sold decreased primarily due to an increase in production on
two of the I-B Partnership's more significant wells, one of which was
a redrill, for the nine months ended September 30, 1994. Natural gas
prices decreased to an average of $1.50 per Mcf for the nine months
ended September 30, 1995 from an average of $1.90 per Mcf for the nine
months ended September 30, 1994. Oil prices increased to an average
of $16.78 per barrel for the nine months ended September 30, 1995 from
an average of $14.88 per barrel for the nine months ended September
30, 1994.
Direct operating expenses (lease operating expenses and
production taxes) decreased $32,349 for the nine months ended
September 30, 1995 as compared to the similar period in 1994. This
decrease was primarily due to the decrease in the volumes of oil and
-27-
<PAGE>
natural gas sold. As a percentage of total revenues, these expenses
increased to 47.0% for the nine months ended September 30, 1995 from
39.5% for the nine months ended September 30, 1994. This percentage
increase was primarily due to the decrease in the average price of
natural gas sold.
Depreciation, depletion, and amortization of oil and gas
properties decreased $256,937 for the nine months ended September 30,
1995 as compared to the similar period in 1994. This decrease was
primarily due to the decrease in the volumes of oil and natural gas
sold and several properties in which the I-B Partnership owned an
interest having been significantly depleted, leaving a smaller basis
to deplete in the nine months ended September 30, 1995. As a
percentage of total revenues, this expense decreased to 74.2% for the
nine months ended September 30, 1995 from 115.1% for the nine months
ended September 30, 1994. This decrease was primarily due to the
dollar decrease in depreciation, depletion, and amortization mentioned
above.
General and administrative expenses decreased $4,846 for the nine
months ended September 30, 1995 as compared to the similar period in
1994 primarily due to a decrease in accounting fees. As a percentage
of total revenues, these expenses increased to 15.7% for the nine
months ended September 30, 1995 from 11.6% for the nine months ended
September 30, 1994. This increase as a percentage of total revenues
was primarily due to the decrease in oil and natural gas sales.
The Limited Partners have received cash distributions through
September 30, 1995 totalling $6,331,527 or 52.95% of Limited Partners'
capital contributions.
I-C PARTNERSHIP
THREE MONTHS ENDED SEPTEMBER 30, 1995 AS COMPARED TO THE THREE
MONTHS ENDED SEPTEMBER 30, 1994.
Three months ended September 30,
--------------------------------
1995 1994
---- ----
Oil and gas sales $222,357 $268,856
Direct operating expenses $ 71,285 $ 72,404
Barrels produced 7,319 8,212
Mcf produced 51,842 57,414
Average price/Bbl $ 16.26 $ 17.80
Average price/Mcf $ 1.99 $ 2.14
Total oil and gas sales decreased 17.3% for the three months
ended September 30, 1995 as compared to the three months ended
September 30, 1994. As shown in the above table, this decrease was
due to decreases in the volumes and average prices of oil and natural
gas sold. Volumes of oil and natural gas sold decreased 893 barrels
and 5,572 Mcf, respectively, for the three months ended September 30,
1995 as compared to the similar period in 1994. Natural gas prices
decreased to an average of $1.99 per Mcf for the three months ended
September 30, 1995 from an average of $2.14 per Mcf for the three
months ended September 30, 1994. Oil prices decreased to an average
of $16.26 per barrel for the three months ended September 30, 1995
from an average of $17.80 per barrel for the three months ended
September 30, 1994.
-28-
<PAGE>
Direct operating expenses (lease operating expenses and
production taxes) remained relatively constant for the three months
ended September 30, 1995 as compared to the similar period in 1994.
As a percentage of total revenues, these expenses increased to 31.9%
for the three months ended September 30, 1995 from 26.8% for the three
months ended September 30, 1994. This percentage increase was
primarily due to the decreases in the average prices of oil and
natural gas sold.
Depreciation, depletion, and amortization of oil and gas
properties decreased $31,803 for the three months ended September 30,
1995 as compared to the similar period in 1994. This decrease was
primarily due to the decrease in the volumes of oil and natural gas
sold and upward revisions of previous reserve estimates. As a
percentage of total revenues, this expense decreased to 25.0% for the
three months ended September 30, 1995 from 32.5% for the three months
ended September 30, 1994. This percentage decrease was primarily due
to the upward revisions mentioned above, partially offset by the
decreases in the average prices of oil and natural gas sold.
General and administrative expenses remained relatively constant
for the three months ended September 30, 1995 as compared to the
similar period in 1994. As a percentage of total revenues, these
expenses increased to 11.1% for the three months ended September 30,
1995 as compared to 9.0% for the three months ended September 30, 1994
primarily due to a decrease in oil and natural gas sales.
NINE MONTHS ENDED SEPTEMBER 30, 1995 AS COMPARED TO THE NINE
MONTHS ENDED SEPTEMBER 30, 1994.
Nine months ended September 30,
-------------------------------
1995 1994
---- ----
Oil and gas sales $615,805 $819,611
Direct operating expenses $210,883 $270,805
Barrels produced 20,506 24,276
Mcf produced 155,983 194,312
Average price/Bbl $ 16.85 $ 15.69
Average price/Mcf $ 1.73 $ 2.26
Total oil and gas sales decreased 24.9% for the nine months ended
September 30, 1995 as compared to the nine months ended September 30,
1994. As shown in the above table, this decrease was due to decreases
in the volumes of oil and natural gas sold and the average price of
natural gas sold, partially offset by an increase in the average price
of oil sold. Volumes of oil and natural gas sold decreased 3,770
barrels and 38,329 Mcf, respectively, for the nine months ended
September 30, 1995 as compared to the similar period in 1994. Volumes
of natural gas sold decreased primarily due to one of the I-D
Partnership's more significant wells not producing at maximum capacity
due to a state imposed allowable for this well. Natural gas prices
decreased to an average of $1.73 per Mcf for the nine months ended
September 30, 1995 from an average of $2.26 per Mcf for the nine
months ended September 30, 1994. Oil prices increased to an average
of $16.85 per barrel for the nine months ended September 30, 1995 from
an average of $15.69 per barrel for the nine months ended September
30, 1994.
Direct operating expenses (lease operating expenses and
production taxes) decreased $59,922 for the nine months ended
September 30, 1995 as compared to the similar period in 1994. This
-29-
<PAGE>
decrease was primarily due to the decrease in the volumes of oil and
natural gas sold. As a percentage of total revenues, these expenses
remained relatively constant at 33.6% for the nine months ended
September 30, 1995 as compared to 32.9% for the nine months ended
September 30, 1994.
Depreciation, depletion, and amortization of oil and gas
properties decreased $116,579 for the nine months ended September 30,
1995 as compared to the similar period in 1994. This decrease was
primarily due to the decrease in the volumes of oil and natural gas
sold and upward revisions of previous reserve estimates. As a
percentage of total revenues, this expense decreased to 25.9% for the
nine months ended September 30, 1995 from 34.0% for the nine months
ended September 30, 1994. This decrease was primarily due to the
upward revisions mentioned above, partially offset by the decrease in
the average price of natural gas sold.
General and administrative expenses decreased $3,172 for the nine
months ended September 30, 1995 as compared to the similar period in
1994 primarily due to a decrease in accounting fees. As a percentage
of total revenues, these expenses increased to 12.3% for the nine
months ended September 30, 1995 from 9.8% for the nine months ended
September 30, 1994. This increase expressed as a percentage of total
revenues was primarily due to a decrease in oil and natural gas sales.
The Limited Partners have received cash distributions through
September 30, 1995 totalling $6,570,300 or 73.95% of Limited Partners'
capital contributions.
I-D PARTNERSHIP
THREE MONTHS ENDED SEPTEMBER 30, 1995 AS COMPARED TO THE THREE
MONTHS ENDED SEPTEMBER 30, 1994.
Three months ended September 30,
--------------------------------
1995 1994
---- ----
Oil and gas sales $345,921 $459,440
Direct operating expenses $ 74,719 $ 78,657
Barrels produced 5,574 7,829
Mcf produced 169,259 183,214
Average price/Bbl $ 15.02 $ 16.28
Average price/Mcf $ 1.55 $ 1.81
-30-
<PAGE>
Total oil and gas sales decreased 24.7% for the three months
ended September 30, 1995 as compared to the three months ended
September 30, 1994. As shown in the above table, this decrease was
due to decreases in the volumes and average prices of oil and natural
gas sold. Volumes of oil and natural gas sold decreased 2,255 barrels
and 13,955 Mcf, respectively, for the three months ended September 30,
1995 as compared to the similar period in 1994. Volumes of oil sold
decreased primarily due to one of the I-D Partnership's more
significant wells not producing at maximum capacity due to a state
imposed allowable for this well. Natural gas prices decreased to an
average of $1.55 per Mcf for the three months ended September 30, 1995
from an average of $1.81 per Mcf for the three months ended September
30, 1994. Oil prices decreased to an average of $15.02 per barrel for
the three months ended September 30, 1995 from an average of $16.28
per barrel for the three months ended September 30, 1994.
Direct operating expenses (lease operating expenses and
production taxes) decreased $3,938 for the three months ended
September 30, 1995 as compared to the similar period in 1994. This
decrease was primarily due to the decrease in the volumes of oil and
natural gas sold. As a percentage of total revenues, these expenses
increased to 21.7% for the three months ended September 30, 1995 from
17.0% for the three months ended September 30, 1994. This percentage
increase was due to the decreases in the average prices of oil and
natural gas sold.
Depreciation, depletion, and amortization of oil and gas
properties decreased $82,292 for the three months ended September 30,
1995 as compared to the similar period in 1994. This decrease was
primarily due to the decrease in the volumes of oil and natural gas
sold and upward revisions of previous reserve estimates. As a
percentage of total revenues, this expense decreased to 23.7% for the
three months ended September 30, 1995 from 35.4% for the three months
ended September 30, 1994. This percentage decrease was primarily due
to the upward revisions mentioned above, partially offset by the
decreases in the average prices of oil and natural gas sold.
General and administrative expenses remained relatively constant
for the three months ended September 30, 1995 as compared to the
similar period in 1994. As a percentage of total revenues, these
expenses remained relatively constant at 6.2% for the three months
ended September 30, 1995 as compared to 4.6% for the three months
ended September 30, 1994.
NINE MONTHS ENDED SEPTEMBER 30, 1995 AS COMPARED TO THE NINE
MONTHS ENDED SEPTEMBER 30, 1994.
Nine months ended September 30,
-------------------------------
1995 1994
---- ----
Oil and gas sales $882,567 $1,328,869
Direct operating expenses $193,375 $ 259,677
Barrels produced 15,478 20,245
Mcf produced 422,926 529,721
Average price/Bbl $ 16.33 $ 15.32
Average price/Mcf $ 1.49 $ 1.92
Total oil and gas sales decreased 33.6% for the nine months ended
September 30, 1995 as compared to the nine months ended September 30,
1994. As shown in the above table, this decrease was due to decreases
in the volumes of oil and natural gas sold and the average price of
-31-
<PAGE>
natural gas sold, partially offset by an increase in the average price
of oil sold. Volumes of oil and natural gas sold decreased 4,767
barrels and 106,795 Mcf, respectively, for the nine months ended
September 30, 1995 as compared to the similar period in 1994. Volumes
of oil sold decreased primarily due to one of the I-D Partnership's
more significant wells not producing at maximum capacity due to a
state imposed allowable for this well. Volumes of natural gas sold
decreased primarily due to one of the I-D Partnership's more
significant wells not producing at maximum capacity due to a state
imposed allowable for this well and a gas balancing adjustment.
Natural gas prices decreased to an average of $1.49 per Mcf for the
nine months ended September 30, 1995 from an average of $1.92 per Mcf
for the nine months ended September 30, 1994. Oil prices increased to
an average of $16.33 per barrel for the nine months ended September
30, 1995 from an average of $15.32 per barrel for the nine months
ended September 30, 1994.
Direct operating expenses (lease operating expenses and
production taxes) decreased $66,302 for the nine months ended
September 30, 1995 as compared to the similar period in 1994. This
decrease was primarily due to the decrease in the volumes of oil and
natural gas sold. As a percentage of total revenues, these expenses
increased to 21.8% for the nine months ended September 30, 1995 from
19.4% for the nine months ended September 30, 1994. This percentage
increase was primarily due to the decrease in the average price of
natural gas sold.
Depreciation, depletion, and amortization of oil and gas
properties decreased $260,777 for the nine months ended September 30,
1995 as compared to the similar period in 1994. This decrease was
primarily due to the decrease in the volumes of oil and natural gas
sold and upward revisions of previous reserve estimates. As a
percentage of total revenues, this expense decreased to 22.9% for the
nine months ended September 30, 1995 from 34.7% for the nine months
ended September 30, 1994. This decrease was primarily due to the
upward revisions mentioned above, partially offset by the decrease in
the average price of natural gas sold.
General and administrative expenses remained relatively constant
for the nine months ended September 30, 1995 as compared to the
similar period in 1994. As a percentage of total revenues, these
expenses increased to 7.8% for the nine months ended September 30,
1995 from 5.3% for the nine months ended September 30, 1994. This
increase as a percentage of total revenues was primarily due to the
decrease in oil and natural gas sales.
The Limited Partners have received cash distributions through
September 30, 1995 totalling $10,604,175 or 147.39% of Limited
Partners' capital contributions.
I-E PARTNERSHIP
THREE MONTHS ENDED SEPTEMBER 30, 1995 AS COMPARED TO THE THREE
MONTHS ENDED SEPTEMBER 30, 1994.
Three months ended September 30,
--------------------------------
1995 1994
---- ----
Oil and gas sales $1,219,446 $1,693,405
Direct operating expenses $ 453,719 $ 453,672
Barrels produced 21,803 37,065
Mcf produced 661,781 669,417
Average price/Bbl $ 15.04 $ 16.04
Average price/Mcf $ 1.35 $ 1.64
-32-
<PAGE>
Total oil and gas sales decreased 28.0% for the three months
ended September 30, 1995 as compared to the three months ended
September 30, 1994. As shown in the above table, this decrease was
due to decreases in the volumes and average prices of oil and natural
gas sold. Volumes of oil and natural gas sold decreased 15,262
barrels and 7,636 Mcf, respectively, for the three months ended
September 30, 1995 as compared to the similar period in 1994. Volumes
of oil sold decreased primarily due to (i) positive prior period
adjustments during the three months ended September 30, 1994, (ii) the
sale of one of the I-E Partnership's significant wells and (iii)
normal declines in production on several of the I-E Partnership's
wells during the three months ended September 30, 1995. Natural gas
prices decreased to an average of $1.35 per Mcf for the three months
ended September 30, 1995 from an average of $1.64 per Mcf for the
three months ended September 30, 1994. Oil prices decreased to an
average of $15.04 per barrel for the three months ended September 30,
1995 from an average of $16.04 per barrel for the three months ended
September 30, 1994.
Direct operating expenses (lease operating expenses and
production taxes) remained relatively constant for the three months
ended September 30, 1995 as compared to the similar period in 1994.
As a percentage of total revenues, these expenses increased to 37.3%
for the three months ended September 30, 1995 from 26.6% for the three
months ended September 30, 1994. This percentage increase was
primarily due to the decreases in the average prices of oil and
natural gas
sold.
Depreciation, depletion, and amortization of oil and gas
properties decreased $217,707 for the three months ended September 30,
1995 as compared to the similar period in 1994. This decrease was
primarily due to the decrease in the volumes of oil and natural gas
sold and upward revisions of previous reserve estimates. As a
percentage of total revenues, this expense remained relatively
constant at 41.7% for the three months ended September 30, 1995 as
compared to 42.5% for the three months ended September 30, 1994 due to
the offsetting effects of the dollar decrease in depreciation,
depletion, and amortization and the decreases in the average prices of
oil and natural gas sold.
General and administrative expenses remained relatively constant
for the three months ended September 30, 1995 as compared to the three
months ended September 30, 1994. As a percentage of total revenues,
these expenses increased to 10.1% for the three months ended September
30, 1995 from 7.1% for the three months ended September 30, 1994.
This increase expressed as a percentage of total revenues was
primarily due to a decrease in oil and natural gas sales.
-33-
<PAGE>
NINE MONTHS ENDED SEPTEMBER 30, 1995 AS COMPARED TO THE NINE MONTHS
ENDED SEPTEMBER 30, 1994.
Nine months ended September 30,
-------------------------------
1995 1994
---- ----
Oil and gas sales $3,454,191 $4,865,836
Direct operating expenses $1,269,948 $1,635,316
Barrels produced 66,117 89,358
Mcf produced 1,797,135 2,036,154
Average price/Bbl $ 16.12 $ 14.96
Average price/Mcf $ 1.33 $ 1.73
Total oil and gas sales decreased 29.0% for the nine months ended
September 30, 1995 as compared to the nine months ended September 30,
1994. As shown in the above table, this decrease was due to decreases
in the volumes of oil and natural gas sold and the average price of
natural gas sold, partially offset by an increase in the average price
of oil sold. Volumes of oil and natural gas sold decreased 23,241
barrels and 239,019 Mcf, respectively, for the nine months ended
September 30, 1995 as compared to the similar period in 1994. Volumes
of oil sold decreased primarily due to (i) positive prior period
adjustments during the nine months ended September 30, 1994, (ii) the
sale of one of the I-E Partnership's significant wells and (iii)
normal declines in production on several of the I-E Partnership's
wells during the nine months ended September 30, 1995. Natural gas
prices decreased to an average of $1.33 per Mcf for the nine months
ended September 30, 1995 from an average of $1.73 per Mcf for the nine
months ended September 30, 1994. Oil prices increased to an average
of $16.12 per barrel for the nine months ended September 30, 1995 from
an average of $14.96 per barrel for the nine months ended September
30, 1994.
Direct operating expenses (lease operating expenses and
production taxes) decreased $365,368 for the nine months ended
September 30, 1995 as compared to the similar period in 1994. This
decrease was primarily due to decreases in (i) the volumes of oil and
natural gas sold, (ii) repairs, (iii) ad valorem taxes and (iv)
workover expenses for the nine months ended September 30, 1995 as
compared to the nine months ended September 30, 1994. As a percentage
of total revenues, these expenses increased to 36.6% for the nine
months ended September 30, 1995 from 33.4% for the nine months ended
September 30, 1994. This percentage increase was primarily due to the
decrease in the average price of natural gas sold.
Depreciation, depletion, and amortization of oil and gas
properties decreased $739,271 for the nine months ended September 30,
1995 as compared to the similar period in 1994. This decrease was
primarily due to the decrease in the volumes of oil and natural gas
sold and upward revisions of previous reserve estimates. As a
percentage of total revenues, this expense decreased to 39.0% for the
nine months ended September 30, 1995 from 42.7% for the nine months
ended September 30, 1994. This decrease was primarily due to the
upward revisions mentioned above, partially offset by the decrease in
the average price of natural gas sold.
General and administrative expenses remained relatively constant
for the nine months ended September 30, 1995 as compared to the
-34-
<PAGE>
similar period in 1994. As a percentage of total revenues, these
expenses increased to 11.3% for the nine months ended September 30,
1995 from 8.1% for the nine months ended September 30, 1994. This
increase as a percentage of total revenues was primarily due to the
decrease in oil and natural gas sales.
The Limited Partners have received cash distributions through
September 30, 1995 totalling $42,868,552 or 102.46% of Limited
Partners' capital contributions.
I-F PARTNERSHIP
THREE MONTHS ENDED SEPTEMBER 30, 1995 AS COMPARED TO THE THREE
MONTHS ENDED SEPTEMBER 30, 1994.
Three months ended September 30,
--------------------------------
1995 1994
---- ----
Oil and gas sales $455,507 $653,156
Direct operating expenses $180,864 $206,538
Barrels produced 10,720 19,277
Mcf produced 209,864 205,419
Average price/Bbl $ 15.21 $ 16.02
Average price/Mcf $ 1.39 $ 1.68
Total oil and gas sales decreased 30.3% for the three months
ended September 30, 1995 as compared to the three months ended
September 30, 1994. As shown in the above table, this decrease was
due to the decrease in the volumes of oil sold and average prices of
oil and natural gas sold, partially offset by the increase in the
volumes of natural gas sold. Volumes of oil sold decreased 8,557
barrels and volumes of natural gas sold increased 4,445 Mcf for the
three months ended September 30, 1995 as compared to the similar
period in 1994. Volumes of oil sold decreased primarily due to (i)
positive prior period adjustments during the three months ended
September 30, 1994, (ii) the sale of one of the I-E Partnership's
significant wells and (iii) normal declines in production on several
of the I-F Partnership's wells during the three months ended September
30, 1995 compared to the three months ended September 30, 1994.
Natural gas prices decreased to an average of $1.39 per Mcf for the
three months ended September 30, 1995 from an average of $1.68 per Mcf
for the three months ended September 30, 1994. Oil prices decreased
to an average of $15.21 per barrel for the three months ended
September 30, 1995 from an average of $16.02 per barrel for the three
months ended September 30, 1994.
Direct operating expenses (lease operating expenses and
production taxes) decreased $25,674 for the three months ended
September 30, 1995 as compared to the similar period in 1994. This
decrease was primarily due to the decrease in the volumes of oil sold.
As a percentage of total revenues, these expenses increased to 39.8%
for the three months ended September 30, 1995 from 31.3% for the three
months ended September 30, 1994. This percentage increase was
primarily due to the decreases in the average prices of oil and
natural gas sold.
Depreciation, depletion, and amortization of oil and gas
properties decreased $99,422 for the three months ended September 30,
1995 as compared to the similar period in 1994. This decrease was
primarily due to the decrease in the volumes of oil sold and upward
revisions of previous reserve estimates. As a percentage of total
-35-
<PAGE>
revenues, this expense decreased to 38.4% for the three months ended
September 30, 1995 from 41.6% for the three months ended September 30,
1994. This percentage decrease was primarily due to the upward
revisions mentioned above, partially offset by the decreases in the
average prices of oil and natural gas sold.
General and administrative expenses remained relatively constant
for the three months ended September 30, 1995 as compared to the
similar period in 1994. As a percentage of total revenues, these
expenses increased to 9.3% for the three months ended September 30,
1995 from 6.4% for the three months ended September 30, 1994. This
increase expressed as a percentage of total revenues was primarily due
to a decrease in oil and natural gas sales.
NINE MONTHS ENDED SEPTEMBER 30, 1995 AS COMPARED TO THE NINE
MONTHS ENDED SEPTEMBER 30, 1994.
Nine months ended September 30,
-------------------------------
1995 1994
---- ----
Oil and gas sales $1,285,238 $1,825,208
Direct operating expenses $ 528,563 $ 681,516
Barrels produced 32,914 45,450
Mcf produced 532,396 646,983
Average price/Bbl $ 16.17 $ 15.01
Average price/Mcf $ 1.41 $ 1.77
Total oil and gas sales decreased 29.6% for the nine months ended
September 30, 1995 as compared to the nine months ended September 30,
1994. As shown in the above table, this decrease was due to decreases
in the volumes of oil and natural gas sold and the average price of
natural gas sold, partially offset by an increase in the average price
of oil sold. Volumes of oil and natural gas sold decreased 12,536
barrels and 114,587 Mcf, respectively, for the nine months ended
September 30, 1995 as compared to the similar period in 1994. Volumes
of oil sold decreased primarily due to (i) positive prior period
adjustments during the nine months ended September 30, 1994, (ii) the
sale of one of the I-F Partnership's significant wells and (iii) a
normal decline in production on several of the I-F Partnership's wells
during the nine months ended September 30, 1995 compared to the nine
months ended September 30, 1994. Volumes of natural gas sold
decreased primarily due to (i) a significant well watering out which
impaired its production capabilities, (ii) a gas balancing adjustment
and (iii) and normal declines in production on several of the I-F
Partnership's wells. Natural gas prices decreased to an average of
$1.41 per Mcf for the nine months ended September 30, 1995 from an
average of $1.77 per Mcf for the nine months ended September 30, 1994.
Oil prices increased to an average of $16.17 per barrel for the nine
months ended September 30, 1995 from an average of $15.01 per barrel
for the nine months ended September 30, 1994.
Direct operating expenses (lease operating expenses and
production taxes) decreased $152,953 for the nine months ended
September 30, 1995 as compared to the similar period in 1994. This
decrease was primarily due to the decrease in the volumes of oil and
natural gas sold. As a percentage of total revenues, these expenses
increased to 40.8% for the nine months ended September 30, 1995 from
37.0% for the nine months ended September 30, 1994. This percentage
increase was primarily due to the decrease in the average price of
natural gas sold.
-36-
<PAGE>
Depreciation, depletion, and amortization of oil and gas
properties decreased $320,104 for the nine months ended September 30,
1995 as compared to the similar period in 1994. This decrease was
primarily due to the decrease in the volumes of oil and natural gas
sold and upward revisions of previous reserve estimates. As a
percentage of total revenues, this expense decreased to 35.9% for the
nine months ended September 30, 1995 from 42.7% for the nine months
ended September 30, 1994. This decrease was primarily due to the
upward revisions mentioned above, partially offset by the decrease in
the average price of natural gas sold.
General and administrative expenses remained relatively constant
for the nine months ended September 30, 1995 as compared to the
similar period in 1994. As a percentage of total revenues, these
expenses increased to 10.5% for the nine months ended September 30,
1995 from 7.5% for the nine months ended September 30, 1994. This
increase as a percentage of total revenues was primarily due to the
decrease in oil and natural gas sales.
The Limited Partners have received cash distributions through
September 30, 1995 totalling $14,448,664 or 100.89% of Limited
Partners' capital contributions.
-37-
<PAGE>
PART II: OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
None
(b) Reports on Form 8-K
None
-38-
<PAGE>
SIGNATURES
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.
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-B
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-C
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-D
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-E
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-F
(Registrant)
By: GEODYNE PROPERTIES, INC.
General Partner
Date: November 9, 1995 By: /s/Dennis R. Neill
----------------------------
(Signature)
Dennis R. Neill
Senior Vice President
and Director
Date: November 9, 1995 By: /s/Drew S. Phillips
----------------------------
(Signature)
Drew S. Phillips
Vice President - Controller
Principal Accounting Officer
-39-
<PAGE>
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<PERIOD-START> JAN-01-1995
<PERIOD-END> SEP-30-1995
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<RECEIVABLES> 53,876
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<CURRENT-ASSETS> 77,401
<PP&E> 7,433,568
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<TOTAL-ASSETS> 896,205
<CURRENT-LIABILITIES> 27,528
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<OTHER-SE> 837,282
<TOTAL-LIABILITY-AND-EQUITY> 896,205
<SALES> 253,424
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<TABLE> <S> <C>
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<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> SEP-30-1995
<CASH> 112,466
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<RECEIVABLES> 139,836
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<OTHER-SE> 883,732
<TOTAL-LIABILITY-AND-EQUITY> 921,515
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<TABLE> <S> <C>
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<PERIOD-TYPE> 9-MOS
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<PERIOD-START> JAN-01-1995
<PERIOD-END> SEP-30-1995
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<SECURITIES> 0
<RECEIVABLES> 196,607
<ALLOWANCES> 0
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<CURRENT-ASSETS> 430,440
<PP&E> 5,746,966
<DEPRECIATION> (4,679,143)
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<CURRENT-LIABILITIES> 91,579
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<OTHER-SE> 1,461,166
<TOTAL-LIABILITY-AND-EQUITY> 1,592,377
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<PERIOD-START> JAN-01-1995
<PERIOD-END> SEP-30-1995
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<RECEIVABLES> 736,290
<ALLOWANCES> 0
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<CURRENT-ASSETS> 1,477,502
<PP&E> 32,305,906
<DEPRECIATION> (25,090,649)
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</TABLE>
