<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, 1997
Commission File Number:
I-B: 0-14657 I-C: 0-14658 I-D: 0-15831
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 73-1270110
Oklahoma I-F 73-1292669
--------------------------- -------------------------------
(State or other jurisdiction (I.R.S. Employer Identification
of incorporation or Number)
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>
<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,
1997 1996
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 43,020 $ 13,805
Accounts receivable:
Oil and gas sales 50,890 54,636
-------- --------
Total current assets $ 93,910 $ 68,441
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 373,581 419,346
DEFERRED CHARGE 121,350 121,350
-------- --------
$588,841 $609,137
======== ========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 8,784 $ 17,298
Gas imbalance payable 4,982 4,982
-------- --------
Total current liabilities $ 13,766 $ 22,280
ACCRUED LIABILITY $ 31,110 $ 31,110
PARTNERS' CAPITAL (DEFICIT):
General Partner ($103,183) ($102,526)
Limited Partners, issued and
outstanding, 11,958 units 647,148 658,273
-------- --------
Total Partners' capital $543,965 $555,747
-------- --------
$588,841 $609,137
======== ========
The accompanying condensed notes are an integral part of
these combined financial statements.
-2-
<PAGE>
<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, 1997 AND 1996
(Unaudited)
1997 1996
-------- --------
REVENUES:
Oil and gas sales $109,096 $54,273
Interest income 206 109
-------- -------
$109,302 $54,382
COSTS AND EXPENSES:
Lease operating $ 30,214 $59,183
Production tax 7,398 2,679
Depreciation, depletion, and
amortization of oil and gas
properties 15,336 13,642
General and administrative (Note 2) 17,673 15,566
-------- -------
$ 70,621 $91,070
-------- -------
NET INCOME (LOSS) $ 38,681 ($36,688)
======== =======
GENERAL PARTNER - NET INCOME (LOSS) $ 2,537 ($ 1,294)
======== =======
LIMITED PARTNERS - NET INCOME
(LOSS) $ 36,144 ($35,394)
======== =======
NET INCOME (LOSS) per unit $ 3.02 ($ 2.96)
======== =======
UNITS OUTSTANDING 11,958 11,958
======== =======
The accompanying condensed notes are an integral part of
these combined financial statements.
-3-
<PAGE>
<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, 1997 AND 1996
(Unaudited)
1997 1996
-------- --------
REVENUES:
Oil and gas sales $191,538 $140,401
Interest income 300 239
-------- --------
$191,838 $140,640
COSTS AND EXPENSES:
Lease operating $ 48,509 $ 85,618
Production tax 12,880 7,920
Depreciation, depletion, and
amortization of oil and gas
properties 28,262 34,767
Impairment provision 19,726 -
General and administrative (Note 2) 36,377 34,274
-------- --------
$145,754 $162,579
-------- --------
NET INCOME (LOSS) $ 46,084 ($ 21,939)
======== ========
GENERAL PARTNER - NET INCOME $ 4,209 $ 282
======== ========
LIMITED PARTNERS - NET INCOME
(LOSS) $ 41,875 ($ 22,221)
======== ========
NET INCOME (LOSS) per unit $ 3.50 ($ 1.86)
======== ========
UNITS OUTSTANDING 11,958 11,958
======== ========
The accompanying condensed notes are an integral part of
these combined financial statements.
-4-
<PAGE>
<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, 1997 AND 1996
(Unaudited)
1997 1996
--------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $46,084 ($21,939)
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depreciation, depletion, and
amortization of oil and gas
properties 28,262 34,767
Impairment provision 19,726 -
Decrease in accounts receivable -
General Partner - 4,074
Increase in accounts payable -
General Partner - 10,000
(Increase) decrease in accounts
receivable - oil and gas sales 3,746 ( 2,890)
Increase (decrease) in accounts
payable ( 8,514) 3,436
------- -------
Net cash provided by operating
activities $89,304 $27,448
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 2,223) $ -
------- -------
Net cash used by investing
activities ($ 2,223) $ -
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($57,866) ($49,758)
------- -------
Net cash used by financing
activities ($57,866) ($49,758)
------- -------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS $29,215 ($22,310)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 13,805 25,001
------- -------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $43,020 $ 2,691
======= =======
The accompanying condensed notes are an integral part of
these combined financial statements.
-5-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-C
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-C
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
June 30, December 31,
1997 1996
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents $127,047 $218,437
Accounts receivable:
General Partner (Note 2) - 14,922
Oil and gas sales 111,291 163,306
-------- --------
Total current assets $238,338 $396,665
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 361,545 317,923
DEFERRED CHARGE 66,882 66,882
-------- --------
$666,765 $781,470
======== ========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $102,198 $ 16,894
-------- --------
Total current liabilities $102,198 $ 16,894
ACCRUED LIABILITY $ 12,386 $ 12,386
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 91,069) ($ 85,499)
Limited Partners, issued and
outstanding, 8,885 units 643,250 837,689
-------- --------
Total Partners' capital $552,181 $752,190
-------- --------
$666,765 $781,470
======== ========
The accompanying condensed notes are an integral part of
these combined financial statements.
-6-
<PAGE>
<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, 1997 AND 1996
(Unaudited)
1997 1996
-------- --------
REVENUES:
Oil and gas sales $206,408 $352,665
Interest income 1,258 1,577
Loss on sale of oil and gas
properties ( 4,907) -
-------- --------
$202,759 $354,242
COSTS AND EXPENSES:
Lease operating $ 83,502 $ 53,344
Production tax 10,948 17,910
Depreciation, depletion, and
amortization of oil and gas
properties 10,730 39,863
General and administrative (Note 2) 28,076 26,703
-------- --------
$133,256 $137,820
-------- --------
NET INCOME $ 69,503 $216,422
======== ========
GENERAL PARTNER - NET INCOME $ 3,841 $ 12,337
======== ========
LIMITED PARTNERS - NET INCOME $ 65,662 $204,085
======== ========
NET INCOME per unit $ 7.39 $ 22.97
======== ========
UNITS OUTSTANDING 8,885 8,885
======== ========
The accompanying condensed notes are an integral part of
these combined financial statements.
-7-
<PAGE>
<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, 1997 AND 1996
(Unaudited)
1997 1996
-------- --------
REVENUES:
Oil and gas sales $471,975 $618,004
Interest income 2,788 2,687
Loss on sale of oil and gas
properties ( 4,362) -
-------- --------
$470,401 $620,691
COSTS AND EXPENSES:
Lease operating $124,517 $ 96,862
Production tax 26,599 35,054
Depreciation, depletion, and
amortization of oil and gas
properties 23,286 77,920
Impairment provision 4,679 -
General and administrative (Note 2) 57,067 55,748
-------- --------
$236,148 $265,584
-------- --------
NET INCOME $234,253 $355,107
======== ========
GENERAL PARTNER - NET INCOME $ 12,692 $ 20,738
======== ========
LIMITED PARTNERS - NET INCOME $221,561 $334,369
======== ========
NET INCOME per unit $ 24.94 $ 37.63
======== ========
UNITS OUTSTANDING 8,885 8,885
======== ========
The accompanying condensed notes are an integral part of
these combined financial statements.
-8-
<PAGE>
<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, 1997 AND 1996
(Unaudited)
1997 1996
--------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $234,253 $355,107
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 23,286 77,920
Impairment provision 4,679 -
Loss on sale of oil and gas
properties 4,362 -
Decrease in accounts receivable -
General Partner 14,922 18,104
(Increase) decrease in accounts
receivable - oil and gas sales 52,015 ( 3,218)
Increase (decrease) in accounts
payable 85,304 ( 799)
-------- --------
Net cash provided by operating
activities $418,821 $447,114
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 81,949) $ -
Proceeds from sale of oil and
gas properties 6,000 -
-------- --------
Net cash used by investing
activities ($ 75,949) $ -
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($434,262) ($316,504)
-------- --------
Net cash used by financing
activities ($434,262) ($316,504)
-------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS ($ 91,390) $130,610
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 218,437 115,815
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $127,047 $246,425
======== ========
The accompanying condensed notes are an integral part of
these combined financial statements.
-9-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-D
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-D
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
June 30, December 31,
1997 1996
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 278,029 $ 344,951
Accounts receivable:
General Partner (Note 2) 13,234 -
Oil and gas sales 190,843 306,857
---------- ----------
Total current assets $ 482,106 $ 651,808
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 733,683 855,240
DEFERRED CHARGE 98,015 98,015
---------- ----------
$1,313,804 $1,605,063
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 13,705 $ 15,285
Gas imbalance payable 36,687 36,687
---------- ----------
Total current liabilities $ 50,392 $ 51,972
ACCRUED LIABILITY $ 16,816 $ 16,816
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 20,454) ($ 4,248)
Limited Partners, issued and
outstanding, 7,195 units 1,267,050 1,540,523
---------- ----------
Total Partners' capital $1,246,596 $1,536,275
---------- ----------
$1,313,804 $1,605,063
========== ==========
The accompanying condensed notes are an integral part of
these combined financial statements.
-10-
<PAGE>
<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, 1997 AND 1996
(Unaudited)
1997 1996
-------- ----------
REVENUES:
Oil and gas sales $332,197 $474,502
Interest income 2,743 2,297
Gain on sale of oil and gas
properties 15,824 358
-------- --------
$350,764 $477,157
COSTS AND EXPENSES:
Lease operating $ 48,093 $ 35,729
Production tax 19,814 26,640
Depreciation, depletion, and
amortization of oil and gas
properties 28,574 50,172
General and administrative (Note 2) 24,880 23,419
-------- --------
$121,361 $135,960
-------- --------
NET INCOME $229,403 $341,197
======== ========
GENERAL PARTNER - NET INCOME $ 37,999 $ 57,859
======== ========
LIMITED PARTNERS - NET INCOME $191,404 $283,338
======== ========
NET INCOME per unit $ 26.60 $ 39.38
======== ========
UNITS OUTSTANDING 7,195 7,195
======== ========
The accompanying condensed notes are an integral part of
these combined financial statements.
-11-
<PAGE>
<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, 1997 AND 1996
(Unaudited)
1997 1996
-------- ----------
REVENUES:
Oil and gas sales $805,114 $881,138
Interest income 5,387 4,254
Gain on sale of oil and gas
properties 15,824 158
-------- --------
$826,325 $885,550
COSTS AND EXPENSES:
Lease operating $ 77,334 $ 77,000
Production tax 50,712 55,146
Depreciation, depletion, and
amortization of oil and gas
properties 60,287 98,729
Impairment provision 61,790 -
General and administrative (Note 2) 49,367 47,987
-------- --------
$299,490 $278,862
-------- --------
NET INCOME $526,835 $606,688
======== ========
GENERAL PARTNER - NET INCOME $ 95,308 $104,187
======== ========
LIMITED PARTNERS - NET INCOME $431,527 $502,501
======== ========
NET INCOME per unit $ 59.98 $ 69.84
======== ========
UNITS OUTSTANDING 7,195 7,195
======== ========
The accompanying condensed notes are an integral part of
these combined financial statements.
-12-
<PAGE>
<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, 1997 AND 1996
(Unaudited)
1997 1996
---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $526,835 $606,688
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 60,287 98,729
Impairment provision 61,790 -
Gain on sale of oil and gas
properties ( 15,824) ( 158)
Increase in accounts receivable -
General Partner ( 13,234) -
(Increase) decrease in accounts
receivable - oil and gas sales 116,014 ( 22,463)
Decrease in accounts payable ( 1,580) ( 17,531)
-------- --------
Net cash provided by operating
activities $734,288 $665,265
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 934) $ -
Proceeds from sale of oil and
gas properties 16,238 1,659
-------- --------
Net cash provided by investing
activities $ 15,304 $ 1,659
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($816,514) ($555,347)
-------- --------
Net cash used by financing
activities ($816,514) ($555,347)
-------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS ($ 66,922) $111,577
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 344,951 245,666
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $278,029 $357,243
======== ========
The accompanying condensed notes are an integral part of
these combined financial statements.
-13-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-E
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-E
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
June 30, December 31,
1997 1996
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 880,791 $ 894,887
Accounts receivable:
General Partner (Note 2) 42,533 -
Oil and gas sales 863,053 1,233,074
---------- ----------
Total current assets $1,786,377 $2,127,961
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 4,980,760 5,621,729
DEFERRED CHARGE 822,824 822,824
---------- ----------
$7,589,961 $8,572,514
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 98,638 $ 118,262
Gas imbalance payable 124,200 124,200
---------- ----------
Total current liabilities $ 222,838 $ 242,462
ACCRUED LIABILITY $ 142,663 $ 142,663
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 163,505) ($ 113,140)
Limited Partners, issued and
outstanding, 41,839 units 7,387,965 8,300,529
---------- ----------
Total Partners' capital $7,224,460 $8,187,389
---------- ----------
$7,589,961 $8,572,514
========== ==========
The accompanying condensed notes are an integral part of
these combined financial statements.
-14-
<PAGE>
<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, 1997 AND 1996
(Unaudited)
1997 1996
---------- ----------
REVENUES:
Oil and gas sales $1,459,697 $1,341,817
Interest income 9,045 5,809
Gain on sale of oil and gas
properties 62,609 1,544
---------- ----------
$1,531,351 $1,349,170
COSTS AND EXPENSES:
Lease operating $ 336,136 $ 282,788
Production tax 96,141 88,669
Depreciation, depletion, and
amortization of oil and gas
properties 201,890 241,730
General and administrative (Note 2) 140,236 131,130
---------- ----------
$ 774,403 $ 744,317
---------- ----------
NET INCOME $ 756,948 $ 604,853
========== ==========
GENERAL PARTNER - NET INCOME $ 140,450 $ 123,699
========== ==========
LIMITED PARTNERS - NET INCOME $ 616,498 $ 481,154
========== ==========
NET INCOME per unit $ 14.74 $ 11.50
========== ==========
UNITS OUTSTANDING 41,839 41,839
========== ==========
The accompanying condensed notes are an integral part of
these combined financial statements.
-15-
<PAGE>
<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, 1997 AND 1996
(Unaudited)
1997 1996
---------- ----------
REVENUES:
Oil and gas sales $3,211,446 $2,747,225
Interest income 16,924 11,365
Gain on sale of oil and gas
properties 62,609 3,059
---------- ----------
$3,290,979 $2,761,649
COSTS AND EXPENSES:
Lease operating $ 594,466 $ 572,744
Production tax 217,165 180,898
Depreciation, depletion, and
amortization of oil and gas
properties 399,583 494,935
Impairment provision 291,690 -
General and administrative (Note 2) 282,574 273,175
---------- ----------
$1,785,478 $1,521,752
---------- ----------
NET INCOME $1,505,501 $1,239,897
========== ==========
GENERAL PARTNER - NET INCOME $ 320,065 $ 253,571
========== ==========
LIMITED PARTNERS - NET INCOME $1,185,436 $ 986,326
========== ==========
NET INCOME per unit $ 28.33 $ 23.57
========== ==========
UNITS OUTSTANDING 41,839 41,839
========== ==========
The accompanying condensed notes are an integral part of
these combined financial statements.
-16-
<PAGE>
<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, 1997 AND 1996
(Unaudited)
1997 1996
----------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $1,505,501 $1,239,897
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 399,583 494,935
Impairment provision 291,690 -
Gain on sale of oil and gas
properties ( 62,609) ( 3,059)
Increase in accounts receivable -
General Partner ( 42,533) -
(Increase) decrease in accounts
receivable - oil and gas sales 370,021 ( 108,419)
Decrease in accounts payable ( 19,624) ( 74,758)
---------- ----------
Net cash provided by operating
activities $2,442,029 $1,548,596
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 68,233) $ -
Proceeds from sale of oil and
gas properties 80,538 5,776
---------- ----------
Net cash provided by investing
activities $ 12,305 $ 5,776
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($2,468,430) ($1,440,302)
---------- ----------
Net cash used by financing
activities ($2,468,430) ($1,440,302)
---------- ----------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS ($ 14,096) $ 114,070
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 894,887 734,316
---------- ----------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 880,791 $ 848,386
========== ==========
The accompanying condensed notes are an integral part of
these combined financial statements.
-17-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-F
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-F
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
June 30, December 31,
1997 1996
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 281,597 $ 339,064
Accounts receivable:
General Partner (Note 2) 35,198 -
Oil and gas sales 316,642 431,888
---------- ----------
Total current assets $ 633,437 $ 770,952
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 1,518,879 1,746,830
DEFERRED CHARGE 465,201 465,201
---------- ----------
$2,617,517 $2,982,983
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 47,072 $ 47,364
Gas imbalance payable 45,279 45,279
---------- ----------
Total current liabilities $ 92,351 $ 92,643
ACCRUED LIABILITY $ 103,790 $ 103,790
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 72,002) ($ 59,110)
Limited Partners, issued and
outstanding, 14,321 units 2,493,378 2,845,660
---------- ----------
Total Partners' capital $2,421,376 $2,786,550
---------- ----------
$2,617,517 $2,982,983
========== ==========
The accompanying condensed notes are an integral part of
these combined financial statements.
-18-
<PAGE>
<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, 1997 AND 1996
(Unaudited)
1997 1996
-------- ---------
REVENUES:
Oil and gas sales $528,523 $415,160
Interest income 2,837 1,519
Gain on sale of oil and
gas properties 46,356 720
-------- --------
$577,716 $417,399
COSTS AND EXPENSES:
Lease operating $170,574 $130,466
Production tax 33,387 30,399
Depreciation, depletion, and
amortization of oil and gas
properties 63,335 80,693
General and administrative (Note 2) 48,548 45,564
-------- --------
$315,844 $287,122
-------- --------
NET INCOME $261,872 $130,277
======== ========
GENERAL PARTNER - NET INCOME $ 47,722 $ 30,611
======== ========
LIMITED PARTNERS - NET INCOME $214,150 $ 99,666
======== ========
NET INCOME per unit $ 14.95 $ 6.96
======== ========
UNITS OUTSTANDING 14,321 14,321
======== ========
The accompanying condensed notes are an integral part of
these combined financial statements.
-19-
<PAGE>
<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, 1997 AND 1996
(Unaudited)
1997 1996
---------- ---------
REVENUES:
Oil and gas sales $1,128,873 $920,516
Interest income 5,714 3,428
Gain on sale of oil and
gas properties 46,356 720
---------- --------
$1,180,943 $924,664
COSTS AND EXPENSES:
Lease operating $ 299,049 $265,419
Production tax 73,194 61,724
Depreciation, depletion, and
amortization of oil and gas
properties 126,646 162,716
Impairment provision 114,631 -
General and administrative (Note 2) 97,259 94,281
---------- --------
$ 710,779 $584,140
---------- --------
NET INCOME $ 470,164 $340,524
========== ========
GENERAL PARTNER - NET INCOME $ 103,446 $ 73,345
========== ========
LIMITED PARTNERS - NET INCOME $ 366,718 $267,179
========== ========
NET INCOME per unit $ 25.61 $ 18.66
========== ========
UNITS OUTSTANDING 14,321 14,321
========== ========
The accompanying condensed notes are an integral part of
these combined financial statements.
-20-
<PAGE>
<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, 1997 AND 1996
(Unaudited)
1997 1996
---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $470,164 $340,524
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 126,646 162,716
Impairment provision 114,631 -
Gain on sale of oil and gas
properties ( 46,356) ( 720)
Increase in accounts receivable -
General Partner ( 35,198) -
Decrease in accounts receivable -
oil and gas sales 115,246 27,750
Decrease in accounts payable ( 292) ( 18,590)
-------- --------
Net cash provided by operating
activities $744,841 $511,680
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 24,997) ($ 61)
Proceeds from sale of oil and
gas properties 58,027 720
-------- --------
Net cash provided by investing
activities $ 33,030 $ 659
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($835,338) ($541,960)
-------- --------
Net cash used by financing
activities ($835,338) ($541,960)
-------- --------
NET DECREASE IN CASH AND CASH
EQUIVALENTS ($ 57,467) ($ 29,621)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 339,064 272,653
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $281,597 $243,032
======== ========
The accompanying condensed notes are an integral part of
these combined financial statements.
-21-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME I LIMITED PARTNERSHIPS
CONDENSED NOTES TO THE COMBINED FINANCIAL STATEMENTS
JUNE 30, 1997
(Unaudited)
1. ACCOUNTING POLICIES
-------------------
The combined balance sheets as of June 30, 1997, combined
statements of operations for the three and six months ended June
30, 1997 and 1996 and combined statements of cash flows for the
six months ended June 30, 1997 and 1996 have been prepared by
Geodyne Resources, Inc., the general partner of the limited
partnerships, without audit. Each limited partnership is a
general partner in the related Geodyne Energy Income Production
Partnership in which Geodyne Resources, Inc. serves as the
managing partner. Unless the context indicates otherwise, all
references to a "Partnership" or the "Partnerships" are
references to the limited partnership and its related production
partnership, collectively, and all references to the "General
Partner" are references to the general partner of the limited
partnerships and the managing partner of the production
partnerships, collectively. 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, 1997,
the combined results of operations for the three and six months
ended June 30, 1997 and 1996 and the combined cash flows for the
six months ended June 30, 1997 and 1996.
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, 1996. The results of
operations for the period ended June 30, 1997 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, plus an
allocated portion, of the General Partner's property screening
costs. The acquisition cost to the Partnerships of properties
acquired by the General Partner are adjusted to reflect the net
cash results of operations, including interest incurred to
-22-
<PAGE>
<PAGE>
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. The Partnerships'
depletion, depreciation, and amortization includes estimated
dismantlement and abandonment costs, net of estimated salvage
value.
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.
Statement of Financial Accounting Standards ("SFAS") No. 121,
"Accounting for the Impairment of Long Lived Assets and Assets
Held for Disposal", requires successful efforts companies, like
the Partnerships, to evaluate the recoverability of the carrying
costs of their proved oil and gas properties at the lowest level
for which there are identifiable cash flows that are largely
independent of the cash flows of other groups of oil and gas
properties. With respect to the Partnerships' oil and gas
properties, this evaluation was performed for each field. SFAS
No. 121 provides that if the unamortized costs of oil and gas
properties for each field exceed the expected undiscounted future
cash flows from such properties, the cost of the properties is
written down to fair value, which is determined by using the
discounted future cash flows from the properties. The
Partnerships recorded a non-cash charge against earnings
(impairment provision) during the six months ended June 30, 1997
pursuant to SFAS No. 121 as follows:
Partnership Amount
----------- ------------
I-B $ 19,726
I-C 4,679
I-D 61,790
I-E 291,690
I-F 114,631
The risk that the Partnerships will be required to record such
impairment provisions in the future increases when oil and gas
prices are depressed.
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, 1997
-23-
<PAGE>
<PAGE>
the following payments were made to the General Partner or its
affiliates by the Partnerships:
Direct General Administrative
Partnership and Administrative Overhead
----------- ------------------ --------------
I-B $13,751 $ 22,626
I-C 10,773 46,294
I-D 9,395 39,972
I-E 50,134 232,440
I-F 20,699 79,560
Affiliates of the Partnerships operate certain of the
Partnerships' properties and their policy is to bill the
Partnerships for all customary charges and cost reimbursements
associated with their activities.
The I-C Partnership recorded a receivable from the General
Partner at December 31, 1996 in the amount of $14,452 for
proceeds due to the I-C Partnership from the sale of oil and gas
properties during the fourth quarter of 1996. Subsequent to
December 31, 1996 such receivable was collected by the I-C
Partnership. The I-C Partnership also recorded a receivable from
the General Partner at December 31, 1996 in the amount of $470
due to indirect general and administrative expenses during the
fourth quarter of 1996 exceeding the reimbursable indirect limit
imposed by the Advisory Agreement. Such receivable was collected
by the I-C Partnership during the first quarter of 1997.
The receivable at June 30, 1997 for the I-D, I-E, and I-F
Partnerships represents proceeds due to such Partnerships for the
sale of oil and gas properties during the second quarter of 1997.
Subsequent to June 30, 1997 such receivable was collected by the
I-D, I-E, and I-F Partnerships.
-24-
<PAGE>
<PAGE>
ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
USE OF FORWARD-LOOKING STATEMENTS AND ESTIMATES
- -----------------------------------------------
This Quarterly Report contains certain forward-looking
statements. The words "anticipate," "believe," "expect," "plan,"
"intend," "estimate," "project," "could," "may," and similar
expressions are intended to identify forward-looking statements.
Such statements reflect management's current views with respect
to future events and financial performance. This Quarterly
Report also includes certain information, which is, or is based
upon, estimates and assumptions. Such estimates and assumptions
are management's efforts to accurately reflect the condition and
operation of the Partnerships.
Use of forward-looking statements and estimates and assumptions
involve risks and uncertainties which include, but are not
limited to, the volatility of oil and gas prices, the uncertainty
of reserve information, the operating risk associated with oil
and gas properties (including the risk of personal injury, death,
property damage, damage to the well or producing reservoir,
environmental contamination, and other operating risks), the
prospect of changing tax and regulatory laws, the availability
and capacity of processing and transportation facilities, the
general economic climate, the supply and price of foreign imports
of oil and gas, the level of consumer product demand, and the
price and availability of alternative fuels. Should one or more
of these risks or uncertainties occur or should estimates or
underlying assumptions prove incorrect, actual conditions or
results may vary materially and adversely from those stated,
anticipated, believed, estimated, or otherwise indicated.
GENERAL
- -------
The Partnerships are engaged in the business of acquiring and
operating producing oil and gas properties located in the
continental United States. In general, a 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:
-25-
<PAGE>
<PAGE>
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. While the General Partner cannot predict
future pricing trends, it believes the working capital available
as of June 30, 1997 and the net revenue generated from future
operations will provide sufficient working capital to meet
current and future obligations of the Partnerships.
The Partnerships' cash flows for the second quarter of 1997
included proceeds from the sale of oil and gas properties during
the three months ended June 30, 1997. These proceeds will be
reflected, as applicable, in the Partnerships' cash distributions
to be paid in mid-August 1997. It is possible that the Partner-
ships' repurchase values and future cash distributions could
decline as a result of the dispostion of these properties. On
the other hand, the General Partner believes there will be bene-
ficial operating efficiencies related to the Partnerships'
remaining properties. This is primarily due to the fact that the
properties sold generally bore a higher ratio of operating
expenses as compared to reserves than the Partnerships' remaining
properties.
RESULTS OF OPERATIONS
- ---------------------
GENERAL DISCUSSION
The following general discussion should be read in conjunction
with the analysis of results of operations provided below. The
most important variable affecting the Partnerships' revenues is
the prices received for the sale of oil and gas. Predicting
future prices is very difficult. Substantially all of the
Partnerships' gas reserves are being sold in the "spot market".
Prices on the spot market are subject to wide seasonal and
regional pricing fluctuations due to the highly competitive
nature of the spot market. In addition, such spot market sales
are generally short-term in nature and are dependent upon the
obtaining of transportation services provided by pipelines.
Management is unable to predict whether future oil and gas prices
will (i) stabilize, (ii) increase, or (iii) decrease.
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 Partnerships' operations during the six months
ended June 30, 1997 reflect an increase in total oil and gas
sales compared to the same periods in 1996. Management believes
this increase generally resulted from increases in the average
oil and gas sales prices received by the Partnerships. 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, 1997 AS COMPARED TO THE THREE MONTHS
ENDED JUNE 30, 1996.
-26-
<PAGE>
<PAGE>
Three Months Ended June 30,
---------------------------
1997 1996
-------- -------
Oil and gas sales $109,096 $54,273
Oil and gas production expenses $ 37,612 $61,862
Barrels produced 527 616
Mcf produced 37,735 22,045
Average price/Bbl $ 18.83 $ 19.66
Average price/Mcf $ 2.63 $ 1.91
As shown in the table above, total oil and gas sales increased
$54,823 (101.0%) for the three months ended June 30, 1997 as
compared to the three months ended June 30, 1996. Of this
increase, approximately $30,000 and $27,000, respectively, were
related to increases in both the volumes and average price of gas
sold. Volumes of oil sold decreased 89 barrels, while volumes of
gas sold increased 15,690 Mcf for the three months ended June 30,
1997 as compared to the three months ended June 30, 1996. The
increase in volumes of gas sold resulted primarily from positive
prior period volume adjustments made by the purchasers on three
wells during the three months ended June 30, 1997. Average oil
prices decreased to $18.83 per barrel for the three months ended
June 30, 1997 from $19.66 per barrel for the three months ended
June 30, 1996. Average gas prices increased to $2.63 per Mcf for
the three months ended June 30, 1997 from $1.91 per Mcf for the
three months ended June 30, 1996.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $24,250 (39.2%) for the
three months ended June 30, 1997 as compared to the three months
ended June 30, 1996. This decrease resulted primarily from (i)
the sale of one well during the three months ended June 30, 1996
and (ii) workover expenses incurred on three wells during the
three months ended June 30, 1996 in order to improve the recovery
of reserves, partially offset by an increase in volumes of gas
sold for the three months ended June 30, 1997 as compared to the
three months ended June 30, 1996. As a percentage of oil and gas
sales, these expenses decreased to 34.5% for the three months
ended June 30, 1997 from 114.0% for the three months ended June
30, 1996. This percentage decrease was primarily due to the
dollar decrease in production expenses discussed above and the
increase in the average price of gas sold during the three months
ended June 30, 1997 as compared to the three months ended June
30, 1996.
Depreciation, depletion, and amortization of oil and gas
properties increased $1,694 (12.4%) for the three months ended
June 30, 1997 as compared to the three months ended June 30,
1996. This increase resulted primarily from an increase in
volumes of gas sold during the three months ended June 30, 1997
as compared to the three months ended June 30, 1996, partially
offset by an upward revision in the estimate of remaining gas
reserves at December 31, 1996. As a percentage of oil and gas
sales, this expense decreased to 14.1% for the three months ended
June 30, 1997 from 25.1% for the three months ended June 30,
1996. This percentage decrease was primarily due to the increase
in the average price of gas sold during the three months ended
June 30, 1997 as compared to the three months ended June 30,
1996.
-27-
<PAGE>
<PAGE>
General and administrative expenses increased $2,107 (13.5%) for
the three months ended June 30, 1997 as compared to the three
months ended June 30, 1996. This increase resulted primarily
from an increase in professional fees and printing and postage
expenses during the three months ended June 30, 1997 as compared
to the three months ended June 30, 1996. As a percentage of oil
and gas sales, these expenses decreased to 16.2% for the three
months ended June 30, 1997 from 28.7% for the three months ended
June 30, 1996. This percentage decrease was primarily due to the
increase in oil and gas sales discussed above.
SIX MONTHS ENDED JUNE 30, 1997 AS COMPARED TO THE SIX MONTHS
ENDED JUNE 30, 1996.
Six Months Ended June 30,
-------------------------
1997 1996
-------- --------
Oil and gas sales $191,538 $140,401
Oil and gas production expenses $ 61,389 $ 93,538
Barrels produced 1,113 1,313
Mcf produced 68,688 57,722
Average price/Bbl $ 20.01 $ 19.11
Average price/Mcf $ 2.46 $ 2.00
As shown in the table above, total oil and gas sales increased
$51,137 (36.4%) for the six months ended June 30, 1997 as
compared to the six months ended June 30, 1996. Of this
increase, approximately $22,000 and $32,000, respectively, were
related to increases in both the volumes and average price of gas
sold. Volumes of oil sold decreased 200 barrels, while volumes
of gas sold increased 10,966 Mcf for the six months ended June
30, 1997 as compared to the six months ended June 30, 1996. The
increase in volumes of gas sold resulted primarily from positive
prior period volume adjustments made by the purchasers on three
wells during the six months ended June 30, 1997. Average oil and
gas prices increased to $20.01 per barrel and $2.46 per Mcf,
respectively, for the six months ended June 30, 1997 from $19.11
per barrel and $2.00 per Mcf, respectively, for the six months
ended June 30, 1996.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $32,149 (34.4%) for the
six months ended June 30, 1997 as compared to the six months
ended June 30, 1996. This decrease resulted primarily from (i)
the sale of one well during the six months ended June 30, 1996
and (ii) workover expenses incurred on four wells during the six
months ended June 30, 1996 in order to improve the recovery of
reserves, partially offset by an increase in volumes of gas sold
for the six months ended June 30, 1997 as compared to the six
months ended June 30, 1996. As a percentage of oil and gas
sales, these expenses decreased to 32.1% for the six months ended
June 30, 1997 from 66.6% for the six months ended June 30, 1996.
This percentage decrease was primarily due to the dollar decrease
in production expenses discussed above and the increases in the
average prices of oil and gas sold during the six months ended
June 30, 1997 as compared to the six months ended June 30, 1996.
-28-
<PAGE>
<PAGE>
Depreciation, depletion, and amortization of oil and gas
properties decreased $6,505 (18.7%) for the six months ended June
30, 1997 as compared to the six months ended June 30, 1996. This
decrease resulted primarily from an upward revision in the
estimate of remaining gas reserves at December 31, 1996. As a
percentage of oil and gas sales, this expense decreased to 14.8%
for the six months ended June 30, 1997 from 24.8% for the six
months ended June 30, 1996. This percentage decrease was
primarily due to the increases in the average prices of oil and
gas sold during the six months ended June 30, 1997 as compared to
the six months ended June 30, 1996.
The I-B Partnership recognized a non-cash charge against earnings
of $19,726 for the six months ended June 30, 1997. This
impairment provision was necessary due to the unamortized costs
of oil and gas properties exceeding the expected undiscounted
future net revenues from such oil and gas properties, in
accordance with the I-B Partnership s adoption of SFAS No. 121.
Of this amount, $17,233 was related to the decline in oil and gas
prices used to determine the recoverability of oil and gas
reserves at March 31, 1997 and $2,493 was related to impairment
of unproved properties. No similar charge was necessary during
the six months ended June 30, 1996.
General and administrative expenses increased $2,103 (6.1%) for
the six months ended June 30, 1997 as compared to the six months
ended June 30, 1996. This increase resulted primarily from an
increase in professional fees and miscellaneous expenses during
the six months ended June 30, 1997 as compared to the six months
ended June 30, 1996. As a percentage of oil and gas sales, these
expenses decreased to 19.0% for the six months ended June 30,
1997 from 24.4% for the six months ended June 30, 1996. This
percentage decrease was primarily due to the increase in oil and
gas sales discussed above.
The Limited Partners have received cash distributions through
June 30, 1997 totaling $6,483,527 or 54.22% of Limited Partners'
capital contributions.
I-C PARTNERSHIP
THREE MONTHS ENDED JUNE 30, 1997 AS COMPARED TO THE THREE MONTHS
ENDED JUNE 30, 1996.
Three Months Ended June 30,
---------------------------
1997 1996
-------- --------
Oil and gas sales $206,408 $352,665
Oil and gas production expenses $ 94,450 $ 71,254
Barrels produced 5,288 7,086
Mcf produced 40,614 68,730
Average price/Bbl $ 18.78 $ 19.15
Average price/Mcf $ 2.64 $ 3.16
As shown in the table above, total oil and gas sales decreased
$146,257 (41.5%) for the three months ended June 30, 1997 as
compared to the three months ended June 30, 1996. Of this
decrease, approximately $34,000 and $89,000, respectively, were
related to decreases in volumes of oil and gas sold and
-29-
<PAGE>
<PAGE>
approximately $21,000 was related to the decrease in the average
price of gas sold. Volumes of oil and gas sold decreased 1,798
barrels and 28,116 Mcf, respectively, for the three months ended
June 30, 1997 as compared to the three months ended June 30,
1996. The decrease in volumes of oil and gas sold resulted
primarily from the shutting-in of one well due to a workover
during the three months ended June 30, 1997 in order to improve
the recovery of reserves. Average oil and gas prices decreased
to $18.78 per barrel and $2.64 per Mcf, respectively, for the
three months ended June 30, 1997 from $19.15 per barrel and $3.16
per Mcf, respectively, for the three months ended June 30, 1996.
Oil and gas production expenses (including lease operating
expenses and production taxes) increased $23,196 (32.6%) for the
three months ended June 30, 1997 as compared to the three months
ended June 30, 1996. This increase resulted primarily from (i)
workover expenses incurred on three wells during the three months
ended June 30, 1997 in order to improve the recovery of reserves
and (ii) an increase in general repair and maintenance expenses
incurred on one well during the three months ended June 30, 1997
as compared to the three months ended June 30, 1996, partially
offset by (i) decreases in volumes of oil and gas sold during the
three months ended June 30, 1997 as compared to the three months
ended June 30, 1996 and (ii) a decrease in production taxes
associated with the decrease in oil and gas sales discussed
above. As a percentage of oil and gas sales, these expenses
increased to 45.8% for the three months ended June 30, 1997 from
20.2% for the three months ended June 30, 1996. This percentage
increase was primarily due to the increase in production expenses
discussed above and the decrease in the average prices of oil and
gas sold during the three months ended June 30, 1997 as compared
to the three months ended June 30, 1996.
Depreciation, depletion, and amortization of oil and gas
properties decreased $29,133 (73.1%) for the three months ended
June 30, 1997 as compared to the three months ended June 30,
1996. This decrease resulted primarily from (i) upward revisions
in the estimates of remaining oil and gas reserves at December
31, 1996 and (ii) decreases in volumes of oil and gas sold during
the three months ended June 30, 1997 as compared to the three
months ended June 30, 1996. As a percentage of oil and gas
sales, this expense decreased to 5.2% for the three months ended
June 30, 1997 from 11.3% for the three months ended June 30,
1996. This percentage decrease was primarily due to the dollar
decrease in depreciation, depletion, and amortization discussed
above.
General and administrative expenses increased $1,373 (5.1%) for
the three months ended June 30, 1997 as compared to the three
months ended June 30, 1996. This increase resulted primarily
from an increase in professional fees and printing and postage
expenses during the three months ended June 30, 1997 as compared
to the three months ended June 30, 1996. As a percentage of oil
and gas sales, these expenses increased to 13.6% for the three
months ended June 30, 1997 from 7.6% for the three months ended
June 30, 1996. This percentage increase was primarily due to the
decrease in oil and gas sales discussed above.
SIX MONTHS ENDED JUNE 30, 1997 AS COMPARED TO THE SIX MONTHS
ENDED JUNE 30, 1996.
-30-
<PAGE>
<PAGE>
Six Months Ended June 30,
-------------------------
1997 1996
-------- --------
Oil and gas sales $471,975 $618,004
Oil and gas production expenses $151,116 $131,916
Barrels produced 11,222 15,034
Mcf produced 89,654 127,246
Average price/Bbl $ 19.94 $ 18.52
Average price/Mcf $ 2.77 $ 2.67
As shown in the table above, total oil and gas sales decreased
$146,029 (23.6%) for the six months ended June 30, 1997 as
compared to the six months ended June 30, 1996. Of this
decrease, approximately $71,000 and $100,000, respectively, were
related to decreases in volumes of oil and gas sold, partially
offset by increases of approximately $16,000 and $9,000,
respectively, related to increases in the average prices of oil
and gas sold. Volumes of oil and gas sold decreased 3,812
barrels and 37,592 Mcf, respectively, for the six months ended
June 30, 1997 as compared to the six months ended June 30, 1996.
The decrease in volumes of oil and gas sold resulted primarily
from the shutting-in of one well due to a workover during the six
months ended June 30, 1997 in order to improve the recovery of
reserves. Average oil and gas prices increased to $19.94 per
barrel and $2.77 per Mcf, respectively, for the six months ended
June 30, 1997 from $18.52 per barrel and $2.67 per Mcf,
respectively, for the six months ended June 30, 1996.
Oil and gas production expenses (including lease operating
expenses and production taxes) increased $19,200 (14.6%) for the
six months ended June 30, 1997 as compared to the six months
ended June 30, 1996. This increase resulted primarily from
workover expenses incurred on three wells during the six months
ended June 30, 1997 in order to improve the recovery of reserves,
partially offset by (i) decreases in volumes of oil and gas sold
during the six months ended June 30, 1997 as compared to the six
months ended June 30, 1996 and (ii) a decrease in production
taxes associated with the decrease in oil and gas sales discussed
above. As a percentage of oil and gas sales, these expenses
increased to 32.0% for the six months ended June 30, 1997 from
21.3% for the six months ended June 30, 1996. This percentage
increase was primarily due to the dollar increase in production
expenses discussed above.
Depreciation, depletion, and amortization of oil and gas
properties decreased $54,634 (70.1%) for the six months ended
June 30, 1997 as compared to the six months ended June 30, 1996.
This decrease resulted primarily from (i) upward revisions in the
estimates of remaining oil and gas reserves at December 31, 1996
and (ii) the decrease in volumes of oil and gas sold during the
six months ended June 30, 1997 as compared to the six months
ended June 30, 1996. As a percentage of oil and gas sales, this
expense decreased to 4.9% for the six months ended June 30, 1997
from 12.6% for the six months ended June 30, 1996. This
percentage decrease was primarily due to the dollar decrease in
depreciation, depletion and amortization discussed above.
The I-C Partnership recognized a non-cash charge against earnings
of $4,679 for the six months ended June 30, 1997. This
impairment provision was necessary due to the unamortized costs
-31-
<PAGE>
<PAGE>
of oil and gas properties exceeding the expected undiscounted
future net revenues from such oil and gas properties, in
accordance with the I-C Partnership s adoption of SFAS No. 121.
No similar charge was necessary during the six months ended June
30, 1996.
General and administrative expenses remained relatively constant
for the six months ended June 30, 1997 as compared to the six
months ended June 30, 1996. As a percentage of oil and gas
sales, these expenses increased to 12.1% for the six months ended
June 30, 1997 from 9.0% for the six months ended June 30, 1996.
This percentage increase was primarily due to the decrease in oil
and gas sales discussed above.
The Limited Partners have received cash distributions through
June 30, 1997 totaling $7,754,300 or 87.28% of Limited Partners'
capital contributions.
I-D PARTNERSHIP
THREE MONTHS ENDED JUNE 30, 1997 AS COMPARED TO THE THREE MONTHS
ENDED JUNE 30, 1996.
Three Months Ended June 30,
---------------------------
1997 1996
-------- --------
Oil and gas sales $332,197 $474,502
Oil and gas production expenses $ 67,907 $ 62,369
Barrels produced 3,700 5,544
Mcf produced 124,332 148,076
Average price/Bbl $ 17.98 $ 19.02
Average price/Mcf $ 2.14 $ 2.49
As shown in the table above, total oil and gas sales decreased
$142,305 (30.0%) for the three months ended June 30, 1997 as
compared to the three months ended June 30, 1996. Of this
decrease, approximately $35,000 and $59,000, respectively, were
related to decreases in volumes of oil and gas sold and
approximately $43,000 was related to the decrease in the average
price of gas sold. Volumes of oil and gas sold decreased 1,844
barrels and 23,744 Mcf, respectively, for the three months ended
June 30, 1997 as compared to the three months ended June 30,
1996. The decrease in volumes of oil and gas sold resulted
primarily from the shutting-in of one well due to a workover
during the three months ended June 30, 1997 in order to improve
the recovery of reserves. Average oil and gas prices decreased
to $17.98 per barrel and $2.14 per Mcf, respectively, for the
three months ended June 30, 1997 from $19.02 per barrel and $2.49
per Mcf, respectively, for the three months ended June 30, 1996.
Oil and gas production expenses (including lease operating
expenses and production taxes) increased $5,538 (8.9%) for the
three months ended June 30, 1997 as compared to the three months
ended June 30, 1996. This increase resulted primarily from (i)
workover expenses incurred on one well during the three months
ended June 30, 1997 in order to improve the recovery of reserves
and (ii) a prior period adjustment made by the operator on
another well for ad valorem taxes during the three months ended
June 30, 1997, partially offset by (i) decreases in volumes of
oil and gas sold during the three months ended June 30, 1997 as
-32-
<PAGE>
<PAGE>
compared to the three months ended June 30, 1996 and (ii) a
decrease in production taxes associated with the decrease in oil
and gas sales discussed above. As a percentage of oil and gas
sales, these expenses increased to 20.4% for the three months
ended June 30, 1997 from 13.1% for the three months ended June
30, 1996. This percentage increase was primarily due to the
decreases in the average prices of oil and gas sold during the
three months ended June 30, 1997 as compared to the three months
ended June 30, 1996.
Depreciation, depletion, and amortization of oil and gas
properties decreased $21,598 (43.1%) for the three months ended
June 30, 1997 as compared to the three months ended June 30,
1996. This decrease resulted primarily from (i) upward revisions
in the estimates of remaining oil and gas reserves at December
31, 1996 and (ii) decreases in volumes of oil and gas sold for
the three months ended June 30, 1997 as compared to the three
months ended June 30, 1996. As a percentage of oil and gas
sales, this expense decreased to 8.6% for the three months ended
June 30, 1997 from 10.6% for the three months ended June 30,
1996. This percentage decrease was primarily due to the dollar
decrease in depreciation, depletion, and amortization discussed
above.
General and administrative expenses increased $1,461 (6.2%) for
the three months ended June 30, 1997 as compared to the three
months ended June 30, 1996. This increase resulted primarily
from an increase in professional fees during the three months
ended June 30, 1997 as compared to the three months ended June
30, 1996. As a percentage of oil and gas sales, these expenses
increased to 7.5% for the three months ended June 30, 1997 from
4.9% for the three months ended June 30, 1996. This percentage
increase was primarily due to the decrease in oil and gas sales
discussed above.
SIX MONTHS ENDED JUNE 30, 1997 AS COMPARED TO THE SIX MONTHS
ENDED JUNE 30, 1996.
Six Months Ended June 30,
-------------------------
1997 1996
-------- --------
Oil and gas sales $805,114 $881,138
Oil and gas production expenses $128,046 $132,146
Barrels produced 8,519 12,111
Mcf produced 258,049 284,181
Average price/Bbl $ 20.66 $ 18.74
Average price/Mcf $ 2.44 $ 2.30
As shown in the table above, total oil and gas sales decreased
$76,024 (8.6%) for the six months ended June 30, 1997 as compared
to the six months ended June 30, 1996. Of this decrease,
approximately $67,000 and $60,000, respectively, were related to
decreases in volumes of oil and gas sold, partially offset by
increases of approximately $16,000 and $36,000, respectively,
related to increases in the average prices of oil and gas sold.
Volumes of oil and gas sold decreased 3,592 barrels and 26,132
Mcf, respectively, for the six months ended June 30, 1997 as
compared to the six months ended June 30, 1996. The decrease in
volumes of oil and gas sold resulted primarily from the shutting-
in of one well due to a workover during the six months ended June
-33-
<PAGE>
<PAGE>
30, 1997 in order to improve the recovery of reserves. Average
oil and gas prices increased to $20.66 per barrel and $2.44 per
Mcf, respectively, for the six months ended June 30, 1997 from
$18.74 per barrel and $2.30 per Mcf, respectively, for the six
months ended June 30, 1996.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $4,100 (3.1%) for the
six months ended June 30, 1997 as compared to the six months
ended June 30, 1996. This decrease resulted primarily from a
decrease in production taxes associated with the decrease in oil
and gas sales discussed above. As a percentage of oil and gas
sales, these expenses remained relatively constant at 15.9% for
the six months ended June 30, 1997 and 15.0% for the six months
ended June 30, 1996.
Depreciation, depletion, and amortization of oil and gas
properties decreased $38,442 (38.9%) for the six months ended
June 30, 1997 as compared to the six months ended June 30, 1996.
This decrease resulted primarily from (i) upward revisions in the
estimates of remaining oil and gas reserves at December 31, 1996
and (ii) decreases in volumes of oil and gas sold during the six
months ended June 30, 1997 as compared to the six months ended
June 30, 1996. As a percentage of oil and gas sales, this
expense decreased to 7.5% for the six months ended June 30, 1997
from 11.2% for the six months ended June 30, 1996. This
percentage decrease was primarily due to the dollar decrease in
depreciation, depletion and amortization discussed above and the
increases in the average prices of oil and gas sold during the
six months ended June 30, 1997 as compared to the six months
ended June 30, 1996.
The I-D Partnership recognized a non-cash charge against earnings
of $61,790 for the six months ended June 30, 1997. This
impairment provision was necessary due to the unamortized costs
of oil and gas properties exceeding the expected undiscounted
future net revenues from such oil and gas properties, in
accordance with the I-D Partnership s adoption of SFAS No. 121.
Of this amount, $12,290 was related to the decline in oil and gas
prices used to determine the recoverability of oil and gas
reserves at March 31, 1997 and $49,500 was related to impairment
of unproved properties. No similar charge was necessary during
the six months ended June 30, 1996.
General and administrative expenses remained relatively constant
for the six months ended June 30, 1997 as compared to the six
months ended June 30, 1996. As a percentage of oil and gas
sales, these expenses remained relatively constant at 6.1% for
the six months ended June 30, 1997 and 5.4% for the six months
ended June 30, 1996.
The Limited Partners have received cash distributions through
June 30, 1997 totaling $12,524,175 or 174.08% of Limited
Partners' capital contributions.
I-E PARTNERSHIP
THREE MONTHS ENDED JUNE 30, 1997 AS COMPARED TO THE THREE MONTHS
ENDED JUNE 30, 1996.
-34-
<PAGE>
<PAGE>
Three Months Ended June 30,
---------------------------
1997 1996
---------- -----------
Oil and gas sales $1,459,697 $1,341,817
Oil and gas production expenses $ 432,277 $ 371,457
Barrels produced 20,166 17,640
Mcf produced 516,555 519,320
Average price/Bbl $ 18.39 $ 18.63
Average price/Mcf $ 2.11 $ 1.95
As shown in the table above, total oil and gas sales increased
$117,880 (8.8%) for the three months ended June 30, 1997 as
compared to the three months ended June 30, 1996. Of this
increase, approximately $47,000 and $83,000, respectively, were
related to increases in volumes of oil sold and the average price
of gas sold, partially offset by decreases of approximately
$5,000 and $5,000, respectively, related to decreases in the
volumes of oil sold and the average price of gas sold. Volumes
of oil sold increased 2,526 barrels, while volumes of gas sold
decreased 2,765 Mcf for the three months ended June 30, 1997 as
compared to the three months ended June 30, 1996. Average oil
prices decreased to $18.39 per barrel for the three months ended
June 30, 1997 from $18.63 per barrel for the three months ended
June 30, 1996. Average gas prices increased to $2.11 per Mcf for
the three months ended June 30, 1997 from $1.95 per Mcf for the
three months ended June 30, 1996.
Oil and gas production expenses (including lease operating
expenses and production taxes) increased $60,820 (16.4%) for the
three months ended June 30, 1997 as compared to the three months
ended June 30, 1996. This increase resulted primarily from (i)
recompletion expenses incurred on one well and workover expenses
incurred on another well during the three months ended June 30,
1997 in order to improve the recovery of reserves and (ii) an
increase in production taxes associated with the increase in oil
and gas sales discussed above. As a percentage of oil and gas
sales, these expenses remained relatively constant at 29.6% for
the three months ended June 30, 1997 and 27.7% for the three
months ended June 30, 1996.
Depreciation, depletion, and amortization of oil and gas
properties decreased $39,840 (16.5%) for the three months ended
June 30, 1997 as compared to the three months ended June 30,
1996. This decrease resulted primarily from upward revisions in
the estimates of remaining oil and gas reserves at December 31,
1996. As a percentage of oil and gas sales, this expense
decreased to 13.8% for the three months ended June 30, 1997 from
18.0% for the three months ended June 30, 1996. This percentage
decrease was primarily due to the increase in the average price
of gas sold during the three months ended June 30, 1997 as
compared to the three months ended June 30, 1996.
General and administrative expenses increased $9,106 (6.9%) for
the three months ended June 30, 1997 as compared to the three
months ended June 30, 1996. This increase resulted primarily
from an increase in professional fees and printing and postage
expenses during the three months ended June 30, 1997 as compared
to the three months ended June 30, 1996. As a percentage of oil
and gas sales, these expenses remained relatively constant at
-35-
<PAGE>
<PAGE>
9.6% for the three months ended June 30, 1997 and 9.8% for the
three months ended June 30, 1996.
SIX MONTHS ENDED JUNE 30, 1997 AS COMPARED TO THE SIX MONTHS
ENDED JUNE 30, 1996.
Six Months Ended June 30,
-------------------------
1997 1996
---------- ----------
Oil and gas sales $3,211,446 $2,747,225
Oil and gas production expenses $ 811,631 $ 753,642
Barrels produced 39,108 37,573
Mcf produced 1,027,197 1,054,563
Average price/Bbl $ 20.63 $ 18.52
Average price/Mcf $ 2.34 $ 1.95
As shown in the table above, total oil and gas sales increased
$464,221 (16.9%) for the six months ended June 30, 1997 as
compared to the six months ended June 30, 1996. Of this
increase, approximately $82,000 and $401,000, respectively, were
related to increases in the average prices of oil and gas sold
and approximately $28,000 was related to the increase in the
average price of oil sold, partially offset by a decrease of
approximately $53,000 related to the decrease in volumes of gas
sold. Volumes of oil sold increased 1,535 barrels, while volumes
of gas sold decreased 27,366 Mcf for the six months ended June
30, 1997 as compared to the six months ended June 30, 1996.
Average oil and gas prices increased to $20.63 per barrel and
$2.34 per Mcf, respectively, for the six months ended June 30,
1997 from $18.52 per barrel and $1.95 per Mcf, respectively, for
the six months ended June 30, 1996.
Oil and gas production expenses (including lease operating
expenses and production taxes) increased $57,989 (7.7%) for the
six months ended June 30, 1997 as compared to the six months
ended June 30, 1996. This increase resulted primarily from (i)
recompletion expenses incurred on one well and workover expenses
incurred on another well during the six months ended June 30,
1997 in order to improve the recovery of reserves and (ii) an
increase in production taxes associated with the increase in oil
and gas sales discussed above. As a percentage of oil and gas
sales, these expenses decreased to 25.3% for the six months ended
June 30, 1997 from 27.4% for the six months ended June 30, 1996.
This percentage decrease was primarily due to the increases in
the average prices of oil and gas sold during the six months
ended June 30, 1997 as compared to the six months ended June 30,
1996.
Depreciation, depletion, and amortization of oil and gas
properties decreased $95,352 (19.3%) for the six months ended
June 30, 1997 as compared to the six months ended June 30, 1996.
This decrease resulted primarily from (i) upward revisions in the
estimates of remaining oil and gas reserves at December 31, 1996
and (ii) decreases in volumes of gas sold during the six months
ended June 30, 1997 as compared to the six months ended June 30,
1996. As a percentage of oil and gas sales, this expense
decreased to 12.4% for the six months ended June 30, 1997 from
18.0% for the six months ended June 30, 1996. This percentage
decrease was primarily due to the increases in the average prices
-36-
<PAGE>
<PAGE>
of oil and gas sold during the six months ended June 30, 1997 as
compared to the six months ended June 30, 1996.
The I-E Partnership recognized a non-cash charge against earnings
of $291,690 for the six months ended June 30, 1997. This
impairment provision was necessary due to the unamortized costs
of oil and gas properties exceeding the expected undiscounted
future net revenues from such oil and gas properties, in
accordance with the I-E Partnership s adoption of SFAS No. 121.
Of this amount, $59,728 was related to the decline in oil and gas
prices used to determine the recoverability of oil and gas
reserves at March 31, 1997 and $231,962 was related to impairment
of unproved properties. No similar charge was necessary during
the six months ended June 30, 1996.
General and administrative expenses remained relatively constant
for the six months ended June 30, 1997 as compared to the six
months ended June 30, 1996. As a percentage of oil and gas
sales, these expenses decreased to 8.8% for the six months ended
June 30, 1997 from 9.9% for the six months ended June 30, 1996.
This percentage decrease was primarily due to the increase in oil
and gas sales discussed above.
The Limited Partners have received cash distributions through
June 30, 1997 totaling $48,374,552 or 115.62% of Limited
Partners' capital contributions.
I-F PARTNERSHIP
THREE MONTHS ENDED JUNE 30, 1997 AS COMPARED TO THE THREE MONTHS
ENDED JUNE 30, 1996.
Three Months Ended June 30,
---------------------------
1997 1996
-------- --------
Oil and gas sales $528,523 $415,160
Oil and gas production expenses $203,961 $160,865
Barrels produced 9,760 8,659
Mcf produced 145,741 129,464
Average price/Bbl $ 18.21 $ 18.44
Average price/Mcf $ 2.41 $ 1.97
As shown in the table above, total oil and gas sales increased
$113,363 (27.3%) for the three months ended June 30, 1997 as
compared to the three months ended June 30, 1996. Of this
increase, approximately $20,000 and $32,000, respectively, were
related to increases in volumes of oil and gas sold and
approximately $64,000 was related to an increase in the average
price of gas sold. Volumes of oil and gas sold increased 1,101
barrels and 16,277 Mcf, respectively, for the three months ended
June 30, 1997 as compared to the three months ended June 30,
1996. Average oil prices decreased to $18.21 per barrel for the
three months ended June 30, 1997 from $18.44 per barrel for the
three months ended June 30, 1996. Average gas prices increased
to $2.41 per Mcf for the three months ended June 30, 1997 from
$1.97 per Mcf for the three months ended June 30, 1996.
Oil and gas production expenses (including lease operating
expenses and production taxes) increased $43,096 (26.8%) for the
three months ended June 30, 1997 as compared to the three months
-37-
<PAGE>
<PAGE>
ended June 30, 1996. This increase resulted primarily from (i)
recompletion expenses incurred on one well and workover expenses
incurred on another well during the three months ended June 30,
1997 in order to improve the recovery of reserves and (ii) the
increases in volumes of oil and gas sold during the three months
ended June 30, 1997 as compared to the three months ended June
30, 1996. As a percentage of oil and gas sales, these expenses
remained relatively constant at 38.6% for the three months ended
June 30, 1997 and 38.7% for the three months ended June 30, 1996.
Depreciation, depletion, and amortization of oil and gas
properties decreased $17,358 (21.5%) for the three months ended
June 30, 1997 as compared to the three months ended June 30,
1996. This decrease resulted primarily from upward revisions in
the estimates of remaining oil and gas reserves at December 31,
1996. As a percentage of oil and gas sales, this expense
decreased to 12.0% for the three months ended June 30, 1997 from
19.4% for the three months ended June 30, 1996. This percentage
decrease was primarily due to the increase in the average price
of gas sold during the three months ended June 30, 1997 as
compared to the three months ended June 30, 1996.
General and administrative expenses increased $2,984 (6.6%) for
the three months ended June 30, 1997 as compared to the three
months ended June 30, 1996. This increase resulted primarily
from an increase in professional fees and printing and postage
expenses during the three months ended June 30, 1997 as compared
to the three months ended June 30, 1996. As a percentage of oil
and gas sales, these expenses decreased to 9.2% for the three
months ended June 30, 1997 from 11.0% for the three months ended
June 30, 1996. This percentage decrease was primarily due to the
increase in oil and gas sales discussed above.
SIX MONTHS ENDED JUNE 30, 1997 AS COMPARED TO THE SIX MONTHS
ENDED JUNE 30, 1996.
Six Months Ended June 30,
-------------------------
1997 1996
---------- --------
Oil and gas sales $1,128,873 $920,516
Oil and gas production expenses $ 372,243 $327,143
Barrels produced 19,522 18,667
Mcf produced 291,400 284,325
Average price/Bbl $ 20.65 $ 18.44
Average price/Mcf $ 2.49 $ 2.03
As shown in the table above, total oil and gas sales increased
$208,357 (22.6%) for the six months ended June 30, 1997 as
compared to the six months ended June 30, 1996. Of this
increase, approximately $43,000 and $134,000, respectively, were
related to increases in the average prices of oil and gas sold
and approximately $16,000 and $14,000, respectively, were related
to increases in volumes of oil and gas sold. Volumes of oil and
gas sold increased 855 barrels and 7,075 Mcf, respectively, for
the six months ended June 30, 1997 as compared to the six months
ended June 30, 1996. Average oil and gas prices increased to
$20.65 per barrel and $2.49 per Mcf, respectively, for the six
months ended June 30, 1997 from $18.44 per barrel and $2.03 per
Mcf, respectively, for the six months ended June 30, 1996.
-38-
<PAGE>
<PAGE>
Oil and gas production expenses (including lease operating
expenses and production taxes) increased $45,100 (13.8%) for the
six months ended June 30, 1997 as compared to the six months
ended June 30, 1996. This increase resulted primarily from (i)
recompletion expenses incurred on one well and workover expenses
incurred on another well during the six months ended June 30,
1997 in order to improve the recovery of reserves, (ii) the
increases in volumes of oil and gas sold during the six months
ended June 30, 1997 as compared to the six months ended June 30,
1996 and (iii) an increase in production taxes associated with
the increase in oil and gas sales discussed above. As a
percentage of oil and gas sales, these expenses decreased to
33.0% for the six months ended June 30, 1997 from 35.5% for the
six months ended June 30, 1996. This percentage decrease was
primarily due to the increases in the average prices of oil and
gas sold during the six months ended June 30, 1997 as compared to
the six months ended June 30, 1996.
Depreciation, depletion, and amortization of oil and gas
properties decreased $36,070 (22.2%) for the six months ended
June 30, 1997 as compared to the six months ended June 30, 1996.
This decrease resulted primarily from upward revisions in the
estimates of remaining oil and gas reserves at December 31, 1996.
As a percentage of oil and gas sales, this expense decreased to
11.2% for the six months ended June 30, 1997 from 17.7% for the
six months ended June 30, 1996. This percentage decrease was
primarily due to the increases in the average prices of oil and
gas sold during the six months ended June 30, 1997 as compared to
the six months ended June 30, 1996.
The I-F Partnership recognized a non-cash charge against earnings
of $114,631 for the six months ended June 30, 1997. This
impairment provision was necessary due to the unamortized costs
of oil and gas properties exceeding the expected undiscounted
future net revenues from such oil and gas properties, in
accordance with the I-F Partnership s adoption of SFAS No. 121.
Of this amount, $20,908 was related to the decline in oil and gas
prices used to determine the recoverability of oil and gas
reserves at March 31, 1997 and $93,723 was related to impairment
of unproved properties. No similar charge was necessary during
the six months ended June 30, 1996.
General and administrative expenses remained relatively constant
for the six months ended June 30, 1997 as compared to the six
months ended June 30, 1996. As a percentage of oil and gas
sales, these expenses decreased to 8.6% for the six months ended
June 30, 1997 from 10.2% for the six months ended June 30, 1996.
This percentage decrease was primarily due to the increase in oil
and gas sales discussed above.
The Limited Partners have received cash distributions through
June 30, 1997 totaling $16,308,664 or 113.88% of Limited
Partners' capital contributions.
-39-
<PAGE>
<PAGE>
PART II: OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
As further described in the Partnerships' Annual Report on Form
10-K for the year ended December 31, 1996 (the "Form 10-K") the
Partnerships are included in the subject matter of a class action
lawsuit entitled "In Re: PaineWebber Limited Partnerships'
Litigation", Case No. 94-CIV-8558, U.S. District Court, Southern
District of New York. On July 30, 1997, the United States Court
of Appeals for the Second Circuit issued an opinion affirming the
terms of the federal district court's order confirming the
settlement of this lawsuit. The terms of said settlement are
described in the Form 10-K.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits:
27.1 Financial Data Schedule containing summary financial
information extracted from the I-B Partnership's
financial statements as of June 30, 1997 and for the
six months ended June 30, 1997, filed herewith.
27.2 Financial Data Schedule containing summary financial
information extracted from the I-C Partnership's
financial statements as of June 30, 1997 and for the
six months ended June 30, 1997, filed herewith.
27.3 Financial Data Schedule containing summary financial
information extracted from the I-D Partnership's
financial statements as of June 30, 1997 and for the
six months ended June 30, 1997, filed herewith.
27.4 Financial Data Schedule containing summary financial
information extracted from the I-E Partnership's
financial statements as of June 30, 1997 and for the
six months ended June 30, 1997, filed herewith.
27.5 Financial Data Schedule containing summary financial
information extracted from the I-F Partnership's
financial statements as of June 30, 1997 and for the
six months ended June 30, 1997, filed herewith.
All other exhibits are omitted as inapplicable.
(b) Reports on Form 8-K:
None.
-40-
<PAGE>
<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 RESOURCES, INC.
General Partner
Date: August 12, 1997 By: /s/Dennis R. Neill
--------------------------------------
(Signature)
Dennis R. Neill
President
Date: August 12, 1997 By: /s/Patrick M. Hall
--------------------------------------
(Signature)
Patrick M. Hall
Principal Accounting Officer
-41-
<PAGE>
<PAGE>
INDEX TO EXHIBITS
-----------------
NUMBER DESCRIPTION
- ------ -----------------
27.1 Financial Data Schedule containing summary financial
information extracted from the Geodyne Energy Income Limited
Partnership I-B's financial statements as of June 30, 1997
and for the six months ended June 30, 1997, filed herewith.
27.2 Financial Data Schedule containing summary financial
information extracted from the Geodyne Energy Income Limited
Partnership I-C's financial statements as of June 30, 1997
and for the six months ended June 30, 1997, filed herewith.
27.3 Financial Data Schedule containing summary financial
information extracted from the Geodyne Energy Income Limited
Partnership I-D's financial statements as of June 30, 1997
and for the six months ended June 30, 1997, filed herewith.
27.4 Financial Data Schedule containing summary financial
information extracted from the Geodyne Energy Income Limited
Partnership I-E's financial statements as of June 30, 1997
and for the six months ended June 30, 1997, filed herewith.
27.5 Financial Data Schedule containing summary financial
information extracted from the Geodyne Energy Income Limited
Partnership I-F's financial statements as of June 30, 1997
and for the six months ended June 30, 1997, filed herewith.
All other exhibits are omitted as inapplicable.
-45-
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000780200
<NAME> GEODYNE ENERGY INCOME LTD PARTNERSHIP I-B
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<CASH> 43,020
<SECURITIES> 0
<RECEIVABLES> 50,890
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 93,910
<PP&E> 7,014,077
<DEPRECIATION> 6,640,496
<TOTAL-ASSETS> 588,841
<CURRENT-LIABILITIES> 13,766
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 543,965
<TOTAL-LIABILITY-AND-EQUITY> 588,841
<SALES> 191,538
<TOTAL-REVENUES> 191,838
<CGS> 0
<TOTAL-COSTS> 145,754
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 46,084
<INCOME-TAX> 0
<INCOME-CONTINUING> 46,084
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 46,084
<EPS-PRIMARY> 3.50
<EPS-DILUTED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000791067
<NAME> GEODYNE ENERGY INCOME LTD PARTNERSHIP I-C
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<CASH> 127,047
<SECURITIES> 0
<RECEIVABLES> 111,291
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 238,338
<PP&E> 3,738,984
<DEPRECIATION> 3,377,439
<TOTAL-ASSETS> 666,765
<CURRENT-LIABILITIES> 102,198
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 552,181
<TOTAL-LIABILITY-AND-EQUITY> 666,765
<SALES> 471,975
<TOTAL-REVENUES> 470,401
<CGS> 0
<TOTAL-COSTS> 236,148
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 234,253
<INCOME-TAX> 0
<INCOME-CONTINUING> 234,253
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 234,253
<EPS-PRIMARY> 24.94
<EPS-DILUTED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000799178
<NAME> GEODYNE ENERGY INCOME LTD PARTNERSHIP I-D
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<CASH> 278,029
<SECURITIES> 0
<RECEIVABLES> 204,077
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 482,106
<PP&E> 4,870,647
<DEPRECIATION> 4,136,964
<TOTAL-ASSETS> 1,313,804
<CURRENT-LIABILITIES> 50,392
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 1,246,596
<TOTAL-LIABILITY-AND-EQUITY> 1,313,804
<SALES> 805,114
<TOTAL-REVENUES> 826,325
<CGS> 0
<TOTAL-COSTS> 299,490
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 526,835
<INCOME-TAX> 0
<INCOME-CONTINUING> 526,835
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 526,835
<EPS-PRIMARY> 59.98
<EPS-DILUTED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000806613
<NAME> GEODYNE ENERGY INCOME LTD PARTNERSHIP I-E
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<CASH> 880,791
<SECURITIES> 0
<RECEIVABLES> 905,586
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 1,786,377
<PP&E> 27,648,032
<DEPRECIATION> 22,667,272
<TOTAL-ASSETS> 7,589,961
<CURRENT-LIABILITIES> 222,838
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 7,224,460
<TOTAL-LIABILITY-AND-EQUITY> 7,589,961
<SALES> 3,211,446
<TOTAL-REVENUES> 3,290,979
<CGS> 0
<TOTAL-COSTS> 1,785,478
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 1,505,501
<INCOME-TAX> 0
<INCOME-CONTINUING> 1,505,501
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,505,501
<EPS-PRIMARY> 28.33
<EPS-DILUTED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000811031
<NAME> GEODYNE ENERGY INCOME LTD PARTNERSHIP I-F
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<CASH> 281,597
<SECURITIES> 0
<RECEIVABLES> 351,840
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 633,437
<PP&E> 8,214,631
<DEPRECIATION> 6,695,752
<TOTAL-ASSETS> 2,617,517
<CURRENT-LIABILITIES> 92,351
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 2,421,376
<TOTAL-LIABILITY-AND-EQUITY> 2,617,517
<SALES> 1,128,873
<TOTAL-REVENUES> 1,180,943
<CGS> 0
<TOTAL-COSTS> 710,779
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 470,164
<INCOME-TAX> 0
<INCOME-CONTINUING> 470,164
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 470,164
<EPS-PRIMARY> 25.61
<EPS-DILUTED> 0
</TABLE>
