<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 June 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
June 30, December 31,
1995 1994
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents . . . . . $ 25,656 $ 56,549
Accounts receivable:
Oil and gas sales, including $6,615 and
$4,750 due from related parties
(Note 2) 58,888 46,468
---------- ----------
Total current assets . . . . . . $ 84,544 $ 103,017
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method . . . . 779,738 903,058
DEFERRED CHARGE . . . . . . . . . . . . 106,788 120,243
---------- ----------
$ 971,070 $1,126,318
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable . . . . . . . . . . $ 9,406 $ 19,982
Gas imbalance payable . . . . . . . . 17,999 17,999
---------- ----------
Total current liabilities . . . . $ 27,405 $ 37,981
ACCRUED LIABILITY . . . . . . . . . . . $ 33,435 $ 37,647
PARTNERS' CAPITAL (DEFICIT):
General Partner and Managing Partner ($ 97,734) ($ 95,948)
Limited Partners, issued and outstanding,
11,958 units . . . . . . . . . . . 1,007,964 1,146,638
---------- ----------
Total Partners' capital . . . . . $ 910,230 $1,050,690
---------- ----------
$ 971,070 $1,126,318
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-B
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-B
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 1995 AND 1994
(Unaudited)
1995 1994
----------- ----------
REVENUES:
Oil and gas sales, including $9,297 and
$12,509 of sales to related parties (Note 2) $77,550 $ 99,962
Interest and other income . . . . . . . . . . 129 210
Gain on sale of oil and gas properties . . . 2,252 -
------- --------
$79,931 $100,172
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . . . . . $33,661 $ 35,794
Production tax . . . . . . . . . . . . . . . 4,351 9,132
Depreciation, depletion, and amortization
of oil and gas properties . . . . . . . . . 34,011 122,661
General and administrative . . . . . . . . . 14,693 13,251
------- --------
$86,716 $180,838
------- --------
NET LOSS . . . . . . . . . . . . . . . . . . . ($ 6,785) ($ 80,666)
======= ========
GENERAL PARTNER AND MANAGING
PARTNER - NET INCOME . . . . . . . . . . . . $ 1,021 $ 873
======= ========
LIMITED PARTNERS - NET LOSS . . . . . . . . . . ($ 7,806) ($ 81,539)
======= ========
NET LOSS per unit . . . . . . . . . . . . . . . ($ .65) ($ 6.82)
======= ========
UNITS OUTSTANDING . . . . . . . . . . . . . . . 11,958 11,958
======= ========
The accompanying notes are an integral part of
these combined financial statements.
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-B
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-B
COMBINED STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 AND 1994
(Unaudited)
1995 1994
----------- ----------
REVENUES:
Oil and gas sales, including $26,070 and
$34,675 of sales to related parties (Note 2) $180,925 $217,561
Interest and other income . . . . . . . . . . 384 402
Gain on sale of oil and gas properties . . . 4,771 -
-------- --------
$186,080 $217,963
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . . . . . $ 75,634 $ 80,705
Production tax . . . . . . . . . . . . . . . 12,075 17,130
Depreciation, depletion, and amortization
of oil and gas properties . . . . . . . . . 130,934 256,154
General and administrative . . . . . . . . . 27,897 33,898
-------- --------
$246,540 $387,887
-------- --------
NET LOSS . . . . . . . . . . . . . . . . . . . ($ 60,460) ($169,924)
======== ========
GENERAL PARTNER AND MANAGING
PARTNER - NET INCOME . . . . . . . . . . . . $ 2,214 $ 1,750
======== ========
LIMITED PARTNERS - NET LOSS . . . . . . . . . . ($ 62,674) ($171,674)
======== ========
NET LOSS per unit . . . . . . . . . . . . . . . ($ 5.24) ($ 14.36)
======== ========
UNITS OUTSTANDING . . . . . . . . . . . . . . . 11,958 11,958
======== ========
The accompanying notes are an integral part of
these combined financial statements.
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-B
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-B
COMBINED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 AND 1994
(Unaudited)
1995 1994
--------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss . . . . . . . . . . . . . . . . . . ($ 60,460) ($169,924)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation, depletion, and amortization
of oil and gas properties . . . . . . . . 130,934 256,154
Gain on sale of oil and gas properties . . ( 4,771) -
(Increase) Decrease in accounts receivable ( 12,420) 8,252
Decrease in deferred charge . . . . . . . . 13,455 -
Increase (Decrease) in accounts payable . . ( 10,576) 1,203
Decrease in accrued liability . . . . . . . ( 4,212) -
-------- --------
Net cash provided by operating activities . . $ 51,950 $ 95,685
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures . . . . . . . . . . . . ($ 7,797) ($ 14)
Proceeds from sale of oil and gas properties 4,954 -
-------- --------
Net cash used by investing activities . . . . ($ 2,843) ($ 14)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions . . . . . . . . . . . . . ($ 80,000) ($104,500)
-------- --------
Net cash used by financing activities . . . . ($ 80,000) ($104,500)
-------- --------
NET DECREASE IN CASH AND CASH EQUIVALENTS . . . ($ 30,893) ($ 8,829)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 56,549 54,810
-------- --------
CASH AND CASH EQUIVALENTS AT END OF PERIOD . . $ 25,656 $ 45,981
======== ========
The accompanying notes are an integral part of
these combined financial statements.
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-C
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-C
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
June 30, December 31,
1995 1994
--------- ------------
CURRENT ASSETS:
Cash and cash equivalents . . . . . . . . . $104,794 $ 116,512
Accounts receivable:
Oil and gas sales, including $637 and
$2,078 due from related parties (Note 2) 129,294 142,877
-------- ----------
Total current assets . . . . . . . . . . $234,088 $ 259,389
NET OIL AND GAS PROPERTIES, utilizing the
successful efforts method . . . . . . . . . . 676,134 783,132
DEFERRED CHARGE . . . . . . . . . . . . . . . . 47,658 53,687
-------- ----------
$957,880 $1,096,208
======== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable . . . . . . . . . . . . . . $ 15,953 $ 21,359
Gas imbalance payable . . . . . . . . . . . . 2,369 2,369
-------- ----------
Total current liabilities . . . . . . . . $ 18,322 $ 23,728
ACCRUED LIABILITY . . . . . . . . . . . . . . . $ 16,788 $ 18,912
PARTNERS' CAPITAL (DEFICIT):
General Partner and Managing Partner . . . . ($ 66,083) ($ 63,764)
Limited Partners, issued and outstanding,
8,885 units . . . . . . . . . . . . . . . . 988,853 1,117,332
-------- ----------
Total Partners' capital . . . . . . . . . $922,770 $1,053,568
-------- ----------
$957,880 $1,096,208
======== ==========
The accompanying notes are an integral part of
these combined financial statements.
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-C
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-C
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 1995 AND 1994
(Unaudited)
1995 1994
--------- ----------
REVENUES:
Oil and gas sales, including $1,242 and
$4,331 of sales to related parties (Note 2) $181,970 $259,847
Interest and other income . . . . . . . . . . 1,070 832
Gain on sale of oil and gas properties . . . 9,699 -
-------- --------
$192,739 $260,679
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . . . . . $ 50,628 $ 83,091
Production tax . . . . . . . . . . . . . . . 14,351 17,063
Depreciation, depletion, and amortization
of oil and gas properties . . . . . . . . . 48,947 88,231
General and administrative . . . . . . . . . 27,082 25,074
-------- --------
$141,008 $213,459
-------- --------
NET INCOME . . . . . . . . . . . . . . . . . . $ 51,731 $ 47,220
======== ========
GENERAL PARTNER AND MANAGING
PARTNER - NET INCOME . . . . . . . . . . . . $ 4,544 $ 5,890
======== ========
LIMITED PARTNERS - NET INCOME . . . . . . . . . $ 47,187 $ 41,330
======== ========
NET INCOME per unit . . . . . . . . . . . . . . $ 5.31 $ 4.65
======== ========
UNITS OUTSTANDING . . . . . . . . . . . . . . . 8,885 8,885
======== ========
The accompanying notes are an integral part of
these combined financial statements.
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-C
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-C
COMBINED STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 AND 1994
(Unaudited)
1995 1994
--------- ----------
REVENUES:
Oil and gas sales, including $3,654 and
$11,006 of sales to related parties (Note 2) $393,448 $550,755
Interest and other income . . . . . . . . . . 2,022 1,238
Gain on sale of oil and gas properties . . . 9,699 -
-------- --------
$405,169 $551,993
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . . . . . $108,451 $161,415
Production tax . . . . . . . . . . . . . . . 31,147 36,986
Depreciation, depletion, and amortization
of oil and gas properties . . . . . . . . . 106,904 191,680
General and administrative . . . . . . . . . 52,565 56,307
-------- --------
$299,067 $446,388
-------- --------
NET INCOME . . . . . . . . . . . . . . . . . . $106,102 $105,605
======== ========
GENERAL PARTNER AND MANAGING
PARTNER - NET INCOME . . . . . . . . . . . . $ 9,581 $ 12,947
======== ========
LIMITED PARTNERS - NET INCOME . . . . . . . . . $ 96,521 $ 92,658
======== ========
NET INCOME per unit . . . . . . . . . . . . . . $ 10.86 $ 10.43
======== ========
UNITS OUTSTANDING . . . . . . . . . . . . . . . 8,885 8,885
======== ========
The accompanying notes are an integral part of
these combined financial statements.
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-C
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-C
COMBINED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 AND 1994
(Unaudited)
1995 1994
-------- --------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income . . . . . . . . . . . . . . . . . $106,102 $105,605
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation, depletion, and amortization
of oil and gas properties . . . . . . . . 106,904 191,680
Gain on sale of oil and gas properties . . ( 9,699) -
Decrease in accounts receivable . . . . . . 13,583 25,358
Decrease in deferred charge . . . . . . . . 6,029 -
Increase (Decrease) in accounts payable . . ( 5,406) 1,495
Decrease in accrued liability . . . . . . . ( 2,124) -
-------- --------
Net cash provided by operating activities . . $215,389 $324,138
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of oil and gas properties $ 9,793 $ -
-------- --------
Net cash provided by investing activities . . $ 9,793 $ -
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions . . . . . . . . . . . . . ($236,900) ($242,000)
-------- --------
Net cash used by financing activities . . . . ($236,900) ($242,000)
-------- --------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS . . . . . . . . . . . . . . . . . ($ 11,718) $ 82,138
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 116,512 87,702
-------- --------
CASH AND CASH EQUIVALENTS AT END OF PERIOD . . $104,794 $169,840
======== ========
The accompanying notes are an integral part of
these combined financial statements.
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-D
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-D
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
June 30, December 31,
1995 1994
---------- ------------
CURRENT ASSETS:
Cash and cash equivalents . . . . . . . . . . $ 169,957 $ 247,485
Accounts receivable:
Oil and gas sales, including $59,060 and
$45,181 due from related parties (Note 2) 177,832 213,580
---------- ----------
Total current assets . . . . . . . . . $ 347,789 $ 461,065
NET OIL AND GAS PROPERTIES, utilizing the
successful efforts method . . . . . . . . . 1,152,323 1,274,781
DEFERRED CHARGE . . . . . . . . . . . . . . . . 105,563 97,856
---------- ----------
$1,605,675 $1,833,702
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable . . . . . . . . . . . . . . $ 13,728 $ 36,349
Gas imbalance payable . . . . . . . . . . . . 77,340 77,340
---------- ----------
Total current liabilities . . . . . . . . $ 91,068 $ 113,689
ACCRUED LIABILITY . . . . . . . . . . . . . . . $ 44,453 $ 41,208
PARTNERS' CAPITAL (DEFICIT):
General Partner and Managing Partner . . . . ($ 4,135) $ 9,506
Limited Partners, issued and outstanding,
7,195 units . . . . . . . . . . . . . . . . 1,474,289 1,669,299
---------- ----------
Total Partners' capital . . . . . . . . . $1,470,154 $1,678,805
---------- ----------
$1,605,675 $1,833,702
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-D
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-D
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 1995 AND 1994
(Unaudited)
1995 1994
--------- ---------
REVENUES:
Oil and gas sales, including $86,329 and
$124,685 of sales to related parties
(Note 2) . . . . . . . . . . . . . . . . . $234,004 $412,650
Interest income . . . . . . . . . . . . . . . 2,049 3,038
Gain on sale of oil and gas properties . . . 1,433 214
-------- --------
$237,486 $415,902
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . . . . . $ 40,071 $ 57,246
Production tax . . . . . . . . . . . . . . . 17,799 26,377
Depreciation, depletion, and amortization
of oil and gas properties . . . . . . . . . 51,465 147,393
General and administrative . . . . . . . . . 25,519 22,187
-------- --------
$134,854 $253,203
-------- --------
NET INCOME . . . . . . . . . . . . . . . . . . $102,632 $162,699
======== ========
GENERAL PARTNER AND MANAGING
PARTNER - NET INCOME . . . . . . . . . . . . $ 22,600 $ 45,040
======== ========
LIMITED PARTNERS - NET INCOME . . . . . . . . . $ 80,032 $117,659
======== ========
NET INCOME per unit . . . . . . . . . . . . . . $ 11.12 $ 16.36
======== ========
UNITS OUTSTANDING . . . . . . . . . . . . . . . 7,195 7,195
======== ========
The accompanying notes are an integral part of
these combined financial statements.
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-D
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-D
COMBINED STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 AND 1994
(Unaudited)
1995 1994
--------- ---------
REVENUES:
Oil and gas sales, including $175,086 and
$256,177 of sales to related parties
(Note 2) . . . . . . . . . . . . . . . . . $536,646 $869,429
Interest income . . . . . . . . . . . . . . . 4,055 4,810
Gain on sale of oil and gas properties . . . 3,042 214
-------- --------
$543,743 $874,453
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . . . . . $ 77,744 $125,323
Production tax . . . . . . . . . . . . . . . 40,912 55,697
Depreciation, depletion, and amortization
of oil and gas properties . . . . . . . . . 121,830 300,315
General and administrative . . . . . . . . . 47,908 49,283
-------- --------
$288,394 $530,618
-------- --------
NET INCOME . . . . . . . . . . . . . . . . . . $255,349 $343,835
======== ========
GENERAL PARTNER AND MANAGING
PARTNER - NET INCOME . . . . . . . . . . . . $ 55,359 $ 93,619
======== ========
LIMITED PARTNERS - NET INCOME . . . . . . . . . $199,990 $250,216
======== ========
NET INCOME per unit . . . . . . . . . . . . . . $ 27.80 $ 34.78
======== ========
UNITS OUTSTANDING . . . . . . . . . . . . . . . 7,195 7,195
======== ========
The accompanying notes are an integral part of
these combined financial statements.
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-D
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-D
COMBINED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 AND 1994
(Unaudited)
1995 1994
--------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income . . . . . . . . . . . . . . . . . $255,349 $343,835
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation, depletion, and amortization
of oil and gas properties . . . . . . . . 121,830 300,315
Gain on sale of oil and gas properties . . ( 3,042) ( 214)
Decrease in accounts receivable . . . . . . 35,748 48,327
Increase in deferred charge . . . . . . . . ( 7,707) -
Decrease in accounts payable . . . . . . . ( 22,621) ( 9,763)
Increase (Decrease) in accrued liability . 3,245 ( 3,969)
Decrease in gas imbalance payable . . . . . - ( 55,862)
-------- --------
Net cash provided by operating activities . . $382,802 $622,669
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures . . . . . . . . . . . . $ - ($ 31,879)
Proceeds from sale of oil and gas properties 3,670 214
-------- --------
Net cash provided (used) by investing
activities . . . . . . . . . . . . . . . . $ 3,670 ($ 31,665)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions . . . . . . . . . . . . . ($464,000) ($485,000)
-------- --------
Net cash used by financing activities . . . . ($464,000) ($485,000)
-------- --------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS . . . . . . . . . . . . . . . . . ($ 77,528) $106,004
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 247,485 381,379
-------- --------
CASH AND CASH EQUIVALENTS AT END OF PERIOD . . $169,957 $487,383
======== ========
The accompanying notes are an integral part of
these combined financial statements.
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-E
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-E
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
June 30, December 31,
1995 1994
----------- -------------
CURRENT ASSETS:
Cash and cash equivalents . . . . . . . . . $ 620,055 $ 679,615
Accounts receivable:
Oil and gas sales, including $347,714 and
$307,819 due from related parties (Note 2) 741,243 862,080
----------- -----------
Total current assets . . . . . . . . . . $ 1,361,298 $ 1,541,695
NET OIL AND GAS PROPERTIES, utilizing the
successful efforts method . . . . . . . . . . 7,730,685 8,550,992
DEFERRED CHARGE . . . . . . . . . . . . . . . . 978,296 944,469
----------- -----------
$10,070,279 $11,037,156
=========== ===========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable . . . . . . . . . . . . . . $ 119,344 $ 220,670
Gas imbalance payable . . . . . . . . . . . . 235,677 235,677
----------- -----------
Total current liabilities . . . . . . . . $ 355,021 $ 456,347
ACCRUED LIABILITY . . . . . . . . . . . . . . . $ 393,211 $ 379,615
PARTNERS' CAPITAL (DEFICIT):
General Partner and Managing Partner . . . . ($ 125,207) ($ 115,710)
Limited Partners, issued and outstanding
41,839 units . . . . . . . . . . . . . . . 9,447,254 10,316,904
----------- -----------
Total Partners' capital . . . . . . . . . $ 9,322,047 $10,201,194
----------- -----------
$10,070,279 $11,037,156
=========== ===========
The accompanying notes are an integral part of
these combined financial statements.
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-E
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-E
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 1995 AND 1994
(Unaudited)
1995 1994
---------- ----------
REVENUES:
Oil and gas sales, including $506,209 and
$765,982 of sales to related parties
(Note 2) . . . . . . . . . . . . . . . . . $1,028,988 $1,571,630
Interest and other income . . . . . . . . . . 7,335 5,930
Gain (Loss) on sale of oil and gas properties ( 4,298) 6,044
---------- ----------
$1,032,025 $1,583,604
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . . . . . $ 319,483 $ 433,396
Production tax . . . . . . . . . . . . . . . 71,015 108,554
Depreciation, depletion, and amortization
of oil and gas properties . . . . . . . . . 378,880 699,699
General and administrative . . . . . . . . . 140,848 123,759
---------- ----------
$ 910,226 $1,365,408
---------- ----------
NET INCOME . . . . . . . . . . . . . . . . . . $ 121,799 $ 218,196
========== ==========
GENERAL PARTNER AND MANAGING
PARTNER - NET INCOME . . . . . . . . . . . . $ 71,313 $ 84,793
========== ==========
LIMITED PARTNERS - NET INCOME . . . . . . . . . $ 50,486 $ 133,403
========== ==========
NET INCOME per unit . . . . . . . . . . . . . . $ 1.21 $ 3.19
========== ==========
UNITS OUTSTANDING . . . . . . . . . . . . . . . 41,839 41,839
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-E
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-E
COMBINED STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 AND 1994
(Unaudited)
1995 1994
---------- ----------
REVENUES:
Oil and gas sales, including $1,034,728 and
$1,497,518 of sales to related parties
(Note 2) . . . . . . . . . . . . . . . . . $2,234,745 $3,172,431
Interest and other income . . . . . . . . . . 13,596 10,903
Gain on sale of oil and gas properties . . . 6,723 7,074
---------- ----------
$2,255,064 $3,190,408
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . . . . . $ 663,490 $ 966,978
Production tax . . . . . . . . . . . . . . . 152,739 214,666
Depreciation, depletion, and amortization
of oil and gas properties . . . . . . . . . 845,239 1,366,803
General and administrative . . . . . . . . . 269,743 275,205
---------- ----------
$1,931,211 $2,823,652
---------- ----------
NET INCOME . . . . . . . . . . . . . . . . . . $ 323,853 $ 366,756
========== ==========
GENERAL PARTNER AND MANAGING
PARTNER - NET INCOME . . . . . . . . . . . . $ 133,503 $ 159,688
========== ==========
LIMITED PARTNERS - NET INCOME . . . . . . . . . $ 190,350 $ 207,068
========== ==========
NET INCOME per unit . . . . . . . . . . . . . . $ 4.55 $ 4.95
========== ==========
UNITS OUTSTANDING . . . . . . . . . . . . . . . 41,839 41,839
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-E
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-E
COMBINED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 AND 1994
(Unaudited)
1995 1994
--------- -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income . . . . . . . . . . . . . . . . . $ 323,853 $ 366,756
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation, depletion, and amortization
of oil and gas properties . . . . . . . . 845,239 1,366,803
Gain on sale of oil and gas properties . . ( 6,723) ( 7,074)
Decrease in accounts receivable . . . . . . 120,837 114,104
Increase in deferred charge . . . . . . . . ( 33,827) -
Decrease in accounts payable . . . . . . . ( 101,326) ( 451)
Increase (Decrease) in accrued liability . 13,596 ( 4,507)
Decrease in gas imbalance payable . . . . . - ( 179,470)
---------- ----------
Net cash provided by operating activities . . $1,161,649 $1,656,161
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures . . . . . . . . . . . . ($ 38,912) ($ 119,364)
Proceeds from sale of oil and gas properties 20,703 7,074
---------- ----------
Net cash used by investing activities . . . . ($ 18,209) ($ 112,290)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions . . . . . . . . . . . . . ($1,203,000) ($1,778,000)
---------- ----------
Net cash used by financing activities . . . . ($1,203,000) ($1,778,000)
---------- ----------
NET DECREASE IN CASH AND CASH EQUIVALENTS . . . ($ 59,560) ($ 234,129)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 679,615 1,198,482
---------- ----------
CASH AND CASH EQUIVALENTS AT END OF PERIOD . . $ 620,055 $ 964,353
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-F
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-F
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
June 30, December 31,
1995 1994
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents . . . . . . . . . . $ 178,077 $ 305,618
Accounts receivable:
Oil and gas sales, including $82,590 and
$75,780 due from related parties (Note 2) 282,145 343,004
---------- ----------
Total current assets . . . . . . . . . $ 460,222 $ 648,622
NET OIL AND GAS PROPERTIES, utilizing the
successful efforts method . . . . . . . . . . 2,475,365 2,742,460
DEFERRED CHARGE . . . . . . . . . . . . . . . . 513,567 487,625
---------- ----------
$3,449,154 $3,878,707
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable . . . . . . . . . . . . . . $ 47,457 $ 78,569
Gas imbalance payable . . . . . . . . . . . . 88,480 88,480
---------- ----------
Total current liabilities . . . . . . . . $ 135,937 $ 167,049
ACCRUED LIABILITY . . . . . . . . . . . . . . . $ 67,277 $ 63,878
PARTNERS' CAPITAL (DEFICIT):
General Partner and Managing Partner . . . . ($ 2,189) ($ 33,134)
Limited Partners, issued and outstanding,
14,321 units . . . . . . . . . . . . . . . 3,248,129 3,680,914
---------- ----------
Total Partners' capital . . . . . . . . . $3,245,940 $3,647,780
---------- ----------
$3,449,154 $3,878,707
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-F
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-F
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 1995 AND 1994
(Unaudited)
1995 1994
--------- ---------
REVENUES:
Oil and gas sales, including $119,465 and
$206,215 of sales to related parties (Note 2) $380,968 $592,844
Interest and other income . . . . . . . . . . 2,323 2,756
Gain (loss) on sale of oil and gas properties ( 566) 3,375
-------- --------
$382,725 $598,975
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . . . . . $126,139 $187,121
Production tax . . . . . . . . . . . . . . . 26,402 40,039
Depreciation, depletion, and amortization
of oil and gas properties . . . . . . . . . 128,031 264,423
General and administrative . . . . . . . . . 48,935 43,086
-------- --------
$329,507 $534,669
-------- --------
NET INCOME . . . . . . . . . . . . . . . . . . $ 53,218 $ 64,306
======== ========
GENERAL PARTNER AND MANAGING
PARTNER - NET INCOME . . . . . . . . . . . . $ 25,907 $ 30,229
======== ========
LIMITED PARTNERS - NET INCOME . . . . . . . . . $ 27,311 $ 34,077
======== ========
NET INCOME per unit . . . . . . . . . . . . . . $ 1.91 $ 2.38
======== ========
UNITS OUTSTANDING . . . . . . . . . . . . . . . 14,321 14,321
======== ========
The accompanying notes are an integral part of
these combined financial statements.
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-F
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-F
COMBINED STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 AND 1994
(Unaudited)
1995 1994
--------- ---------
REVENUES:
Oil and gas sales, including $241,653 and
$372,402 of sales to related parties (Note 2) $829,731 $1,172,052
Interest and other income . . . . . . . . . . 4,925 4,689
Gain on sale of oil and gas properties . . . 5,520 4,096
-------- ----------
$840,176 $1,180,837
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . . . . . $292,414 $ 398,088
Production tax . . . . . . . . . . . . . . . 55,285 76,890
Depreciation, depletion, and amortization
of oil and gas properties . . . . . . . . . 290,125 510,807
General and administrative . . . . . . . . . 93,192 95,798
-------- ----------
$731,016 $1,081,583
-------- ----------
NET INCOME . . . . . . . . . . . . . . . . . . $109,160 $ 99,254
======== ==========
GENERAL PARTNER AND MANAGING
PARTNER - NET INCOME . . . . . . . . . . . . $ 81,945 $ 55,898
======== ==========
LIMITED PARTNERS - NET INCOME . . . . . . . . . $ 27,215 $ 43,356
======== ==========
NET INCOME per unit . . . . . . . . . . . . . . $ 1.90 $ 3.03
======== ==========
UNITS OUTSTANDING . . . . . . . . . . . . . . . 14,321 14,321
======== ==========
The accompanying notes are an integral part of
these combined financial statements.
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-F
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-F
COMBINED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 AND 1994
(Unaudited)
1995 1994
--------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income . . . . . . . . . . . . . . . . . $109,160 $ 99,254
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation, depletion, and amortization
of oil and gas properties . . . . . . . . 290,125 510,807
Gain on sale of oil and gas properties . . ( 5,520) ( 4,096)
(Increase) Decrease in accounts receivable 60,859 ( 1,014)
Increase in deferred charge . . . . . . . . ( 25,942) -
Decrease in accounts payable . . . . . . . ( 31,112) ( 13,733)
Increase (Decrease) in accrued liability . 3,399 ( 2,345)
Decrease in gas imbalance payable . . . . . - ( 61,684)
-------- --------
Net cash provided by operating activities . . $400,969 $527,189
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures . . . . . . . . . . . . ($ 28,368) ($ 35,320)
Proceeds from sale of oil and gas properties 10,858 4,096
-------- --------
Net cash used by investing activities . . . . ($ 17,510) ($ 31,224)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions . . . . . . . . . . . . . ($511,000) ($495,000)
-------- --------
Net cash used by financing activities . . . . ($511,000) ($495,000)
-------- --------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS . . . . . . . . . . . . . . . . . ($127,541) $ 965
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 305,618 447,983
-------- --------
CASH AND CASH EQUIVALENTS AT END OF PERIOD . . $178,077 $448,948
======== ========
The accompanying notes are an integral part of
these combined financial statements.
<PAGE>
GEODYNE ENERGY INCOME I LIMITED PARTNERSHIPS
CONDENSED NOTES TO THE COMBINED FINANCIAL STATEMENTS
JUNE 30, 1995
(Unaudited)
1. ACCOUNTING POLICIES
-------------------
The combined balance sheets as of June 30, 1995, combined statements of
operations for the three and six months ended June 30, 1995 and 1994 and
combined statements of cash flows for the six months ended June 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 June 30, 1995, the
combined results of operations for the three and six months ended June 30,
1995 and 1994 and the combined cash flows for the six months ended June 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 June 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, amortiza-
tion of related intangible drilling and development costs and depreciation of
tangible lease and well equipment are computed on the unit-of-production method.
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 recorded by the Partnerships exceed
the estimated undiscounted future net revenues of the properties, a provision
to reduce the carrying value of oil and gas properties will be recorded for
the excess amount.
<PAGE>
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
six months ended June 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 $ 5,271 $ 22,626
I-C 5,555 47,010
I-D 7,936 39,972
I-E 37,303 232,440
I-F 13,632 79,560
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.
The Partnerships sell gas at market prices to Premier Gas Company
("Premier"), an affiliate of the General Partner, and Premier may then
resell such gas to third parties at market prices. The following is a
summary of these sales and the amount of the Partnerships' accrued oil and
gas sales due from Premier as of June 30, 1995 and December 31, 1994:
Gas Sales
-----------------------------------------------------
3 Months Ended 6 Months Ended
June 30, 1995 June 30, 1995
Partnership -------------- ---------------
-----------
I-B $ 9,297 $ 26,070
I-C 1,242 3,654
I-D 86,329 175,086
I-E 506,209 1,034,728
I-F 119,465 241,653
Accrued Oil and Gas Sales
--------------------------------------------------
As of As of
Partnership June 30, 1995 December 31, 1994
----------- --------------- ------------------
I-B $ 6,615 $ 4,750
I-C 637 2,078
I-D 59,060 45,181
I-E 347,714 307,819
I-F 82,590 75,780
<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 June 30, 1995 and the net
revenue generated from future operations will provide sufficient working
capital to meet current and future obligations of the Partnerships.
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 six months ended June 30, 1995 reflect
a decrease in total revenues compared to the same period in 1994. Management
<PAGE>
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 JUNE 30, 1995 AS COMPARED TO THE THREE MONTHS ENDED
JUNE 30, 1994.
Three months ended June 30,
----------------------------
1995 1994
---- ----
Oil and gas sales $77,550 $99,962
Direct operating expenses $38,012 $44,926
Barrels produced 1,356 1,473
Mcf produced 38,059 43,395
Average price/Bbl $ 17.60 $ 15.23
Average price/Mcf $ 1.41 $ 1.79
Total oil and gas sales decreased 22.4% for the three months ended
June 30, 1995 as compared to the three months ended June 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 117 barrels and 5,336 Mcf, respectively,
for the three months ended June 30, 1995 as compared to the similar
period in 1994. Natural gas prices decreased to an average of $1.41 per Mcf
for the three months ended June 30, 1995 from an average of $1.79 per Mcf
for the three months ended June 30, 1994. Oil prices increased to an
average of $17.60 per barrel for the three months ended June 30, 1995
from an average of $15.23 per barrel for the three months ended June 30, 1994.
Direct operating expenses (lease operating expenses and production
taxes) decreased $6,914 for the three months ended June 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 47.6% for the three months ended
June 30, 1995 from 44.8% for the three months ended June 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 $88,650 for the three months ended June 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 mentioned above and several prop-
erties in which the I-B Partnership owned an interest having been signifi-
cantly depleted, leaving a smaller basis to deplete in the three months
ended June 30, 1995. As a percentage of total revenues, this expense
decreased to 42.6% for the three months ended June 30, 1995 from 122.5% for
the three months ended June 30, 1994. This decrease was primarily due to the
dollar decrease mentioned above.
General and administrative expenses increased $1,442 for the three
months ended June 30, 1995 as compared to the similar period in 1994. As
a percentage of total revenues, these expenses increased to 18.4% for the
three months ended June 30, 1995 from 13.2% for the three months ended
<PAGE>
June 30, 1994. This increase expressed in dollars and as a percentage of
total revenues was primarily due to an increase in professional fees.
SIX MONTHS ENDED JUNE 30, 1995 AS COMPARED TO THE SIX MONTHS ENDED
JUNE 30, 1994.
Six months ended June 30,
----------------------------
1995 1994
---- ----
Oil and gas sales $180,925 $217,561
Direct operating expenses $ 87,709 $ 97,835
Barrels produced 3,086 2,808
Mcf produced 82,330 92,231
Average price/Bbl $ 16.93 $ 14.14
Average price/Mcf $ 1.56 $ 1.93
Total oil and gas sales decreased 16.8% for the six months ended
June 30, 1995 as compared to the six months ended June 30, 1994. As shown in
the above table, this decrease was due to the decrease in the volumes and
average price of natural gas sold, partially offset by an increase in the
volumes and average price of oil sold. Volumes of oil sold increased 278
barrels and volumes of natural gas sold decreased 9,901 Mcf for the six
months ended June 30, 1995 as compared to the similar period in 1994.
Natural gas prices decreased to an average of $1.56 per Mcf for the six
months ended June 30, 1995 from an average of $1.93 per Mcf for the six
months ended June 30, 1994. Oil prices increased to an average of $16.93
per barrel for the six months ended June 30, 1995 from an average of $14.14
per barrel for the six months ended June 30, 1994.
Direct operating expenses (lease operating expenses and production
taxes) decreased $10,126 for the six months ended June 30, 1995 as compared to
the similar period in 1994. This decrease was primarily due to a decrease
in the volumes of natural gas sold. As a percentage of total revenues,
these expenses increased to 47.1% for the six months ended June 30, 1995
from 44.9% for the six months ended June 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 $125,220 for the six months ended June 30, 1995 as compared to the
similar period in 1994. This decrease was primarily due to the decrease
in equivalent units of production and several properties in which the I-B
Partnership owned an interest having been significantly depleted, leaving a
smaller basis to deplete in the six months ended June 30, 1995. As a
percentage of total revenues, this expense decreased to 70.4% for the six
months ended June 30, 1995 from 117.5% for the six months ended June 30,
1994. This decrease was primarily due to the dollar decrease mentioned above.
General and administrative expenses decreased $6,001 for the six months
ended June 30, 1995 as compared to the similar period in 1994 primarily due
to a decrease in audit and printing and postage fees. As a percentage of
total revenues, these expenses remained relatively constant at 15.0% for
the six months ended June 30, 1995 as compared to 15.6% for the six months
ended June 30, 1994.
The Limited Partners have received cash distributions through
June 30, 1995 totalling $6,295,527 or 52.65% of Limited Partners' capital
contributions.
<PAGE>
I-C PARTNERSHIP
THREE MONTHS ENDED JUNE 30, 1995 AS COMPARED TO THE THREE MONTHS ENDED
JUNE 30, 1994.
Three months ended June 30,
----------------------------
1995 1994
---- ----
Oil and gas sales $181,970 $259,847
Direct operating expenses $ 64,979 $100,154
Barrels produced 6,073 7,295
Mcf produced 47,473 63,610
Average price/Bbl $ 17.73 $ 16.10
Average price/Mcf $ 1.57 $ 2.24
Total oil and gas sales decreased 30.0% for the three months ended
June 30, 1995 as compared to the three months ended June 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 1,222 barrels and 16,137 Mcf, respectively, for
the three months ended June 30, 1995 as compared to the similar period in
1994. The decrease in volumes of natural gas sold was primarily due to a
normal decline in production on one of the I-C Partnership's more significant
wells. Natural gas prices decreased to an average of $1.57 per Mcf for the
three months ended June 30, 1995 from an average of $2.24 per Mcf for the
three months ended June 30, 1994. Oil prices increased to an average of
$17.73 per barrel for the three months ended June 30, 1995 from an average of
$16.10 per barrel for the three months ended June 30, 1994.
Direct operating expenses (lease operating expenses and production
taxes) decreased $35,175 for the three months ended June 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 workover
expenses on certain wells during the three months ended June 30, 1994
with no similar expenses during the three months ended June 30, 1995.
As a percentage of total revenues, these expenses decreased to 33.7% for
the three months ended June 30, 1995 from 38.4% for the three months ended
June 30, 1994. This percentage decrease was primarily due to the
decrease in workover expenses as mentioned above, partially offset by the
decrease in the average price of natural gas sold.
Depreciation, depletion, and amortization of oil and gas properties
decreased $39,284 for the three months ended June 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 25.4% for the six months ended June 30, 1995 from
33.8% for the three months ended June 30, 1994. This percentage
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 increased $2,008 for the three
months ended June 30, 1995 as compared to the similar period in 1994. As a
percentage of total revenues, these expenses increased to 14.1% for the
three months ended June 30, 1995 from 9.6% for the three months ended
June 30, 1994. This increase expressed in dollars and as a percentage of
total revenues was primarily due to an increase in professional fees.
<PAGE>
SIX MONTHS ENDED JUNE 30, 1995 AS COMPARED TO THE SIX MONTHS ENDED
JUNE 30, 1994.
Six months ended June 30,
----------------------------
1995 1994
---- ----
Oil and gas sales $393,448 $550,755
Direct operating expenses $139,598 $198,401
Barrels produced 13,187 16,064
Mcf produced 104,141 136,898
Average price/Bbl $ 17.18 $ 14.62
Average price/Mcf $ 1.60 $ 2.31
Total oil and gas sales decreased 28.6% for the six months ended
June 30, 1995 as compared to the six months ended June 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 2,877 barrels and 32,757 Mcf,
respectively, for the six months ended June 30, 1995 as compared to the
similar period in 1994. The decrease in the volumes of oil and natural
gas sold was primarily due to a normal decline in production on one of the
I-C Partnership's more significant wells. Natural gas prices decreased
to an average of $1.60 per Mcf for the six months ended June 30, 1995 from an
average of $2.31 per Mcf for the six months ended June 30, 1994. Oil
prices increased to an average of $17.18 per barrel for the six months
ended June 30, 1995 from an average of $14.62 per barrel for the six months
ended June 30, 1994.
Direct operating expenses (lease operating expenses and production
taxes) decreased $58,803 for the six months ended June 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 remained relatively constant at 34.5%
for the six months ended June 30, 1995 as compared to 35.9% for the six
months ended June 30, 1994.
Depreciation, depletion, and amortization of oil and gas properties
decreased $84,776 for the six months ended June 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 26.4% for the six months ended June 30, 1995 from
34.7% for the six months ended June 30, 1994. This percentage
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 $3,742 for the six months
ended June 30, 1995 as compared to the similar period in 1994 primarily due to
a decrease in audit and printing and postage fees. As a percentage of
total revenues, these expenses increased to 13.0% for the six months ended
June 30, 1995 from 10.2% for the six months ended June 30, 1994. This
increase as a percentage of total revenues was primarily due to the decrease
in the average price of natural gas sold.
The Limited Partners have received cash distributions through June 30,
1995 totalling $6,465,300 or 72.77% of Limited Partners' capital contributions.
I-D PARTNERSHIP
THREE MONTHS ENDED JUNE 30, 1995 AS COMPARED TO THE THREE MONTHS ENDED
JUNE 30, 1994.
Three months ended June 30,
----------------------------
1995 1994
---- ----
Oil and gas sales $234,004 $412,650
Direct operating expenses $ 57,870 $ 83,623
Barrels produced 4,764 5,866
Mcf produced 106,367 171,431
Average price/Bbl $ 17.55 $ 15.98
Average price/Mcf $ 1.41 $ 1.86
Total oil and gas sales decreased 43.3% for the three months ended
June 30, 1995 as compared to the three months ended June 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 1,102 barrels and 65,064 Mcf,
respectively, for the three months ended June 30, 1995 as compared to the
similar period in 1994. The decrease in the volumes of oil sold was primarily
due to a normal decline in production on one of the I-D Partnership's more
significant wells. The decrease in the volumes of natural gas sold was
primarily due to a gas balancing adjustment made on one of the I-D
Partnership's wells coupled with a normal decline in production on several
wells. Natural gas prices decreased to an average of $1.41 per Mcf for
the three months ended June 30, 1995 from an average of $1.86 per Mcf for
the three months ended June 30, 1994. Oil prices increased to an average
of $17.55 per barrel for the three months ended June 30, 1995 from an
average of $15.98 per barrel for the three months ended June 30, 1994.
Direct operating expenses (lease operating expenses and production
taxes) decreased $25,753 for the three months ended June 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 24.4% for the
three months ended June 30, 1995 from 20.1% for the three months ended
June 30, 1994. This percentage increase was primarily due to a decrease in
the average price of natural gas sold.
Depreciation, depletion, and amortization of oil and gas properties
decreased $95,928 for the three months ended June 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 21.7% for the three months ended June 30, 1995 from
35.4% for the three months ended June 30, 1994. This percentage
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 increased $3,332 for the three
months ended June 30, 1995 as compared to the similar period in 1994. As
a percentage of total revenues, these expenses increased to 10.7% for the
three months ended June 30, 1995 from 5.3% for the three months ended
June 30, 1994. This increase expressed in dollars and as a percentage of
total revenues was primarily due to an increase in professional fees.
SIX MONTHS ENDED JUNE 30, 1995 AS COMPARED TO THE SIX MONTHS ENDED
JUNE 30, 1994.
Six months ended June 30,
----------------------------
1995 1994
---- ----
Oil and gas sales $536,646 $869,429
Direct operating expenses $118,656 $181,020
Barrels produced 9,904 12,416
Mcf produced 253,667 346,507
Average price/Bbl $ 17.06 $ 14.71
Average price/Mcf $ 1.45 $ 1.98
<PAGE>
Total oil and gas sales decreased 38.3% for the six months ended June 30,
1995 as compared to the six months ended June 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 2,512 barrels and 92,840 Mcf, respective-
ly, for the six months ended June 30, 1995 as compared to the similar
period in 1994. The decrease in the volumes of oil sold was primarily due
to a normal decline in production on one of the I-D Partnership's more
significant wells. The decrease in the volumes of natural gas sold was
primarily due to a gas balancing adjustment made on one of the I-D
Partnership's wells coupled with a normal decline in production on several
wells. Natural gas prices decreased to an average of $1.45 per Mcf for
the six months ended June 30, 1995 from an average of $1.98 per Mcf for the
six months ended June 30, 1994. Oil prices increased to an average of
$17.06 per barrel for the six months ended June 30, 1995 from an average of
$14.71 per barrel for the six months ended
June 30, 1994.
Direct operating expenses (lease operating expenses and production
taxes) decreased $62,364 for the six months ended June 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 remained relatively constant at 21.8%
for the six months ended June 30, 1995 as compared to 20.7% for the six
months ended June 30, 1994.
Depreciation, depletion, and amortization of oil and gas properties
decreased $178,485 for the six months ended June 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 22.4% for the six months ended June 30, 1995 from
34.3% for the six months ended June 30, 1994. This percentage
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 $1,375 for the six months
ended June 30, 1995 as compared to the similar period in 1994 primarily due
to a decrease in audit and printing and postage fees. As a percentage of
total revenues, these expenses increased to 8.8% for the six months ended
June 30, 1995 from 5.6% for the six months ended June 30, 1994. This
increase as a percentage of total revenues was primarily due to the decrease
in the average price of natural gas sold.
The Limited Partners have received cash distributions through
June 30, 1995 totalling $10,454,175 or 145.30% of Limited Partners' capital
contributions.
I-E PARTNERSHIP
THREE MONTHS ENDED JUNE 30, 1995 AS COMPARED TO THE THREE MONTHS ENDED
JUNE 30, 1994.
Three months ended June 30,
----------------------------
1995 1994
---- ----
Oil and gas sales $1,028,988 $1,571,630
Direct operating expenses $ 390,498 $ 541,950
Barrels produced 21,342 26,750
Mcf produced 516,930 699,785
Average price/Bbl $ 16.89 $ 15.26
Average price/Mcf $ 1.29 $ 1.66
Total oil and gas sales decreased 34.5% for the three months ended
June 30, 1995 as compared to the three months ended June 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 5,408 barrels and
<PAGE>
182,855 Mcf, respectively, for the three months ended June 30, 1995 as
compared to the similar period in 1994. The decrease in the volumes of
natural gas sold was primarily due to a gas balancing adjustment made on
one of the I-E Partnership's wells coupled with a normal decline in
production on several wells. Natural gas prices decreased to an average of
$1.29 per Mcf for the three months ended June 30, 1995 from an average of
$1.66 per Mcf for the three months ended June 30, 1994. Oil prices
increased to an average of $16.89 per barrel for the three months ended
June 30, 1995 from an average of $15.26 per barrel for the three
months ended June 30, 1994.
Direct operating expenses (lease operating expenses and production
taxes) decreased $151,452 for the three months ended June 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 37.8% for the
three months ended June 30, 1995 from 34.2% for the three months ended
June 30, 1994. This percentage increase was primarily due to a decrease in
the average price of natural gas sold.
Depreciation, depletion, and amortization of oil and gas properties
decreased $320,819 for the three months ended June 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 36.7% for the three months ended June 30, 1995 from
44.2% for the three months ended June 30, 1994. This percentage
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 increased $17,089 for the three
months ended June 30, 1995 as compared to the similar period in 1994. As a
percentage of total revenues, these expenses increased to 13.6% for the
three months ended June 30, 1995 from 7.8% for the three months ended
June 30, 1994. This increase expressed in dollars and as a percentage of
total revenues was primarily due to an increase in professional fees.
SIX MONTHS ENDED JUNE 30, 1995 AS COMPARED TO THE SIX MONTHS ENDED
JUNE 30, 1994.
Six months ended June 30,
--------------------------
1995 1994
---- ----
Oil and gas sales $2,234,745 $3,172,431
Direct operating expenses $ 816,229 $1,181,644
Barrels produced 44,314 52,293
Mcf produced 1,135,354 1,366,737
Average price/Bbl $ 16.65 $ 14.19
Average price/Mcf $ 1.32 $ 1.78
Total oil and gas sales decreased 29.6% for the six months ended June 30,
1995 as compared to the six months ended June 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 7,979 barrels and 231,383 Mcf, respective-
ly, for the six months ended June 30, 1995 as compared to the similar
period in 1994. The decrease in the volumes of natural gas sold was
primarily due to a gas balancing adjustment made on one of the I-E
Partnership's wells coupled with a normal decline in production on several
wells. Natural gas prices decreased to an average of $1.32 per Mcf for the
six months ended June 30, 1995 from an average of $1.78 per Mcf for the six
months ended June 30, 1994. Oil prices increased to an average of $16.65
per barrel for the six months ended June 30, 1995 from an average of
$14.19 per barrel for the six months ended June 30, 1994.
<PAGE>
Direct operating expenses (lease operating expenses and production
taxes) decreased $365,415 for the six months ended June 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 decreases in workover
expenses during the six months ended June 30, 1995. As a percentage of
total revenues, these expenses remained relatively constant at 36.2% for
the six months ended June 30, 1995 compared to 37.0% for the six months
ended June 30, 1994.
Depreciation, depletion, and amortization of oil and gas properties
decreased $521,564 for the six months ended June 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 37.5% for the six months ended June 30,1995 from
42.8% for the six months ended June 30, 1994. This percentage
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 $5,462 for the six months
ended June 30, 1995 as compared to the similar period in 1994 primarily due to
a decrease in audit and reserve study fees. As a percentage of total
revenues, these expenses increased to 12.0% for the six months ended June 30,
1995 from 8.6% for the six months ended June 30, 1994. This increase as
a percentage of total revenues was primarily due to the decrease in the
average price of natural gas sold.
The Limited Partners have received cash distributions through June 30,
1995 totalling $42,343,552 or 101.21% of Limited Partners' capital
contributions.
I-F PARTNERSHIP
THREE MONTHS ENDED JUNE 30, 1995 AS COMPARED TO THE THREE MONTHS ENDED
JUNE 30, 1994.
Three months ended June 30,
----------------------------
1995 1994
---- ----
Oil and gas sales $380,968 $592,844
Direct operating expenses $152,541 $227,160
Barrels produced 10,655 12,903
Mcf produced 137,169 232,453
Average price/Bbl $ 16.87 $ 15.30
Average price/Mcf $ 1.47 $ 1.70
Total oil and gas sales decreased 35.7% for the three months ended
June 30, 1995 as compared to the three months ended June 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 2,248 barrels and 95,284 Mcf,
respectively, for the three months ended June 30, 1995 as compared to the
similar period in 1994. The decrease in the volumes of natural gas sold was
primarily due to a gas balancing adjustment made on one of the I-F
Partnership's wells coupled with a normal decline in production on several
wells. Natural gas prices decreased to an average of $1.47 per Mcf for the
three months ended June 30, 1995 from an average of $1.70 per Mcf for the
three months ended June 30, 1994. Oil prices increased to an average of
$16.87 per barrel for the three months ended June 30, 1995 from an average
of $15.30 per barrel for the three months ended June 30, 1994.
Direct operating expenses (lease operating expenses and production
taxes) decreased $74,619 for the three months ended June 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 remained relatively constant
<PAGE>
constant at 39.9% for the three months ended June 30, 1995 compared to
37.9% for the three months ended June 30, 1994.
Depreciation, depletion, and amortization of oil and gas properties
decreased $136,392 for the three months ended June 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 33.5% for the three months ended June 30, 1995 from
44.1% for the three months ended June 30, 1994. This percentage
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 increased $5,849 for the three
months ended June 30, 1995 as compared to the similar period in 1994. As a
percentage of total revenues, these expenses increased to 12.8% for the
three months ended June 30, 1995 from 7.2% for the three months ended
June 30, 1994. This increase expressed in dollars and as a percentage of
total revenues was primarily due to an increase in professional fees.
SIX MONTHS ENDED JUNE 30, 1995 AS COMPARED TO THE SIX MONTHS ENDED
JUNE 30, 1994.
Six months ended June 30,
----------------------------
1995 1994
---- ----
Oil and gas sales $829,731 $1,172,052
Direct operating expenses $347,699 $ 474,978
Barrels produced 22,194 26,173
Mcf produced 322,532 441,564
Average price/Bbl $ 16.63 $ 14.26
Average price/Mcf $ 1.43 $ 1.81
Total oil and gas sales decreased 29.2% for the six months ended June 30,
1995 as compared to the six months ended June 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 3,979 barrels and 119,032 Mcf, respective-
ly, for the six months ended June 30, 1995 as compared to the similar
period in 1994. The decrease in the volumes of natural gas sold was
primarily due to a gas balancing adjustment made on one of the I-F
Partnership's wells coupled with a normal decline in production on several
wells. Natural gas prices decreased to an average of $1.43 per Mcf for the
six months ended June 30, 1995 from an average of $1.81 per Mcf for the
six months ended June 30, 1994. Oil prices increased to an average of
$16.63 per barrel for the six months ended June 30, 1995 from an average of
$14.26 per barrel for the six months ended June 30, 1994.
Direct operating expenses (lease operating expenses and production
taxes) decreased $127,279 for the six months ended June 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 remained relatively constant at 41.4%
for the six months ended June 30, 1995 compared to 40.2% for the six
months ended June 30, 1994.
Depreciation, depletion, and amortization of oil and gas properties
decreased $220,682 for the six months ended June 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 34.5% for the six months ended June 30, 1995 from
43.3% for the six months ended June 30, 1994. This percentage decrease
<PAGE>
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 $2,606 for the six months
ended June 30, 1995 as compared to the similar period in 1994 primarily due
to a decrease in audit and reserve study fees. As a percentage of total
revenues, these expenses increased to 11.1% for the six months ended
June 30, 1995 from 8.1% for the six months ended June 30, 1994. This
increase as a percentage of total revenues was primarily due to the
decrease in the average price of natural gas sold.
The Limited Partners have received cash distributions through
June 30, 1995 totalling $14,293,664 or 99.81% of Limited Partners' capital
contributions.
<PAGE>
PART II: OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
On November 23 and 25, 1994, Geodyne Resources, Inc.
("Resources"), PaineWebber Incorporated ("PaineWebber"), and certain other
parties were named as defendants in two related lawsuits alleging
misrepresentations made to induce investments in the Partnerships and
asserting causes of action for common law fraud and deceit and unjust
enrichment (Romine v. PaineWebber, Inc. et al., Case No. 94-CIV-8558,
U.S. District Court, Southern District of New York and Romine v.
PaineWebber, Inc. et al., Case No. 94-132844, Supreme Court of the State
of New York, County of New York). The federal court case was later
consolidated with other similar actions (to which Resources is not a
party) under the title In Re: PaineWebber Limited Partnerships'
Litigation and was certified as a class action on May 30, 1995. A class
action notice was mailed on June 7, 1995 to all members of the class. The
federal court action also alleges violations of 18 U.S.C. Sec. 1962(c)
and the Securities Exchange Act of 1934. Compensatory and punitive
damages, interest, and costs have been requested in both matters.
PaineWebber has agreed to indemnify Resources with respect to all claims
asserted by the plaintiff in the lawsuits pursuant to that certain
Indemnification Agreement dated November 24, 1992 by and between PaineWebber
and Samson Investment Company, the parent of Resources (the "Indemnifica-
tion Agreement"). The amended complaint in the federal action no
longer asserts any claim directly against Resources. As a result of
the Indemnification Agreement, Resources does not believe that it will be
required to pay any damages or expenses in this matter.
Except for the foregoing, to the knowledge of Geodyne,
neither the Partnerships nor their properties are subject to any litiga-
tion, the results of which would have a material effect on the Partner-
ships' or Geodyne's financial condition or operation.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
None
(b) Reports on Form 8-K
None
<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: August 7, 1995 By: /s/Dennis R. Neill
-----------------------
(Signature)
Dennis R. Neill
Senior Vice President
and Director
Date: August 7, 1995 By: /s/Drew S. Phillips
------------------------
(Signature)
Drew S. Phillips
Vice President - Controller
Principal Accounting Officer
<PAGE>
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<PERIOD-START> JAN-01-1995
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<OTHER-SE> 910,230
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<PERIOD-TYPE> 6-MOS
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<PERIOD-START> JAN-01-1995
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<RECEIVABLES> 177,832
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<INVENTORY> 0
<CURRENT-ASSETS> 347,789
<PP&E> 5,783,151
<DEPRECIATION> (4,630,828)
<TOTAL-ASSETS> 1,605,675
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<OTHER-SE> 1,470,154
<TOTAL-LIABILITY-AND-EQUITY> 1,605,675
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<NAME> GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-F
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