<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 March 31, 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
----- -----
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<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
March 31, December 31,
1997 1996
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 48,684 $ 13,805
Accounts receivable:
Oil and gas sales 36,484 54,636
-------- --------
Total current assets $ 85,168 $ 68,441
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 388,917 419,346
DEFERRED CHARGE 121,350 121,350
-------- --------
$595,435 $609,137
======== ========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 8,730 $ 17,298
Gas imbalance payable 4,982 4,982
-------- --------
Total current liabilities $ 13,712 $ 22,280
ACCRUED LIABILITY $ 31,110 $ 31,110
PARTNERS' CAPITAL (DEFICIT):
General Partner ($103,391) ($102,526)
Limited Partners, issued and
outstanding, 11,958 units 654,004 658,273
-------- --------
Total Partners' capital $550,613 $555,747
-------- --------
$595,435 $609,137
======== ========
The accompanying condensed notes are an integral part of
these combined financial statements.
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GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-B
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-B
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(Unaudited)
1997 1996
------- --------
REVENUES:
Oil and gas sales $82,442 $ 86,128
Interest income 94 130
------- --------
$82,536 $ 86,258
COSTS AND EXPENSES:
Lease operating $18,295 $ 26,435
Production tax 5,482 5,241
Depreciation, depletion, and
amortization of oil and gas
properties 12,926 21,125
Impairment provision 19,726 -
General and administrative (Note 2) 18,704 18,708
------- --------
$75,133 $ 71,509
------- --------
NET INCOME $ 7,403 $ 14,749
======= ========
GENERAL PARTNER - NET INCOME $ 1,672 $ 1,576
======= ========
LIMITED PARTNERS - NET INCOME $ 5,731 $ 13,173
======= ========
NET INCOME per unit $ .48 $ 1.10
======= ========
UNITS OUTSTANDING 11,958 11,958
======= ========
The accompanying condensed notes are an integral part of
these combined financial statements.
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GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-B
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-B
COMBINED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(Unaudited)
1997 1996
--------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 7,403 $14,749
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 12,926 21,125
Impairment provision 19,726 -
Decrease in accounts receivable -
General Partner - 3,771
(Increase) decrease in accounts
receivable - oil and gas sales 18,152 ( 26,534)
Increase (decrease) in accounts
payable ( 8,568) 1,274
------- -------
Net cash provided by operating
activities $49,639 $14,385
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 2,223) $ -
------- -------
Net cash used by investing
activities ($ 2,223) $ -
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($12,537) ($24,169)
------- -------
Net cash used by financing
activities ($12,537) ($24,169)
------- -------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS $34,879 ($ 9,784)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 13,805 25,001
------- -------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $48,684 $15,217
======= =======
The accompanying condensed notes are an integral part of
these combined financial statements.
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GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-C
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-C
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
1997 1996
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents $198,441 $218,437
Accounts receivable:
General Partner (Note 2) 1,000 14,922
Oil and gas sales 147,205 163,306
-------- --------
Total current assets $346,646 $396,665
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 300,243 317,923
DEFERRED CHARGE 66,882 66,882
-------- --------
$713,771 $781,470
======== ========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 13,440 $ 16,894
-------- --------
Total current liabilities $ 13,440 $ 16,894
ACCRUED LIABILITY $ 12,386 $ 12,386
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 87,644) ($ 85,499)
Limited Partners, issued and
outstanding, 8,885 units 775,589 837,689
-------- --------
Total Partners' capital $687,945 $752,190
-------- --------
$713,771 $781,470
======== ========
The accompanying condensed notes are an integral part of
these combined financial statements.
-5-
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<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-C
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-C
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(Unaudited)
1997 1996
-------- --------
REVENUES:
Oil and gas sales $265,567 $265,339
Interest income 1,530 1,110
Gain on sale of oil and gas
properties 545 -
-------- --------
$267,642 $266,449
COSTS AND EXPENSES:
Lease operating $ 41,015 $ 43,518
Production tax 15,651 17,144
Depreciation, depletion, and
amortization of oil and gas
properties 12,556 38,057
Impairment provision 4,679 -
General and administrative (Note 2) 28,991 29,045
-------- --------
$102,892 $127,764
-------- --------
NET INCOME $164,750 $138,685
======== ========
GENERAL PARTNER - NET INCOME $ 8,850 $ 8,401
======== ========
LIMITED PARTNERS - NET INCOME $155,900 $130,284
======== ========
NET INCOME per unit $ 17.55 $ 14.66
======== ========
UNITS OUTSTANDING 8,885 8,885
======== ========
The accompanying condensed notes are an integral part of
these combined financial statements.
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GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-C
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-C
COMBINED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(Unaudited)
1997 1996
--------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $164,750 $138,685
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 12,556 38,057
Impairment provision 4,679 -
Gain on sale of oil and gas
properties ( 545) -
Decrease in accounts receivable -
General Partner 13,922 18,104
(Increase) decrease in accounts
receivable - oil and gas sales 16,101 ( 4,066)
Decrease in accounts payable ( 3,454) ( 3,314)
-------- --------
Net cash provided by operating
activities $208,009 $187,466
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 10) $ -
Proceeds from sale of oil and
gas properties 1,000 -
-------- --------
Net cash provided by investing
activities $ 990 $ -
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($228,995) ($132,061)
-------- --------
Net cash used by financing
activities ($228,995) ($132,061)
-------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS ($ 19,996) $ 55,405
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 218,437 115,815
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $198,441 $171,220
======== ========
The accompanying condensed notes are an integral part of
these combined financial statements.
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GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-D
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-D
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
1997 1996
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 423,192 $ 344,951
Accounts receivable:
General Partner (Note 2) 395 -
Oil and gas sales 235,002 306,857
---------- ----------
Total current assets $ 658,589 $ 651,808
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 761,310 855,240
DEFERRED CHARGE 98,015 98,015
---------- ----------
$1,517,914 $1,605,063
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 12,057 $ 15,285
Gas imbalance payable 36,687 36,687
---------- ----------
Total current liabilities $ 48,744 $ 51,972
ACCRUED LIABILITY $ 16,816 $ 16,816
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 15,292) ($ 4,248)
Limited Partners, issued and
outstanding, 7,195 units 1,467,646 1,540,523
---------- ----------
Total Partners' capital $1,452,354 $1,536,275
---------- ----------
$1,517,914 $1,605,063
========== ==========
The accompanying condensed notes are an integral part of
these combined financial statements.
-8-
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GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-D
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-D
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(Unaudited)
1997 1996
-------- ----------
REVENUES:
Oil and gas sales $472,917 $406,636
Interest income 2,644 1,957
Loss on sale of oil and gas
properties - ( 200)
-------- --------
$475,561 $408,393
COSTS AND EXPENSES:
Lease operating $ 29,241 $ 41,271
Production tax 30,898 28,506
Depreciation, depletion, and
amortization of oil and gas
properties 31,713 48,557
Impairment provision 61,790 -
General and administrative (Note 2) 24,487 24,568
-------- --------
$178,129 $142,902
-------- --------
NET INCOME $297,432 $265,491
======== ========
GENERAL PARTNER - NET INCOME $ 57,309 $ 46,328
======== ========
LIMITED PARTNERS - NET INCOME $240,123 $219,163
======== ========
NET INCOME per unit $ 33.37 $ 30.46
======== ========
UNITS OUTSTANDING 7,195 7,195
======== ========
The accompanying condensed notes are an integral part of
these combined financial statements.
-9-
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GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-D
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-D
COMBINED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(Unaudited)
1997 1996
---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $297,432 $265,491
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 31,713 48,557
Impairment provision 61,790 -
Loss on sale of oil and gas
properties - 200
Increase in accounts receivable -
General Partner ( 395) -
(Increase) decrease in accounts
receivable - oil and gas sales 71,855 ( 26,656)
Decrease in accounts payable ( 3,228) ( 19,062)
-------- --------
Net cash provided by operating
activities $459,167 $268,530
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of oil and
gas properties $ 427 $ 1,236
-------- --------
Net cash provided by investing
activities $ 427 $ 1,236
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($381,353) ($265,128)
-------- --------
Net cash used by financing
activities ($381,353) ($265,128)
-------- --------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $ 78,241 $ 4,638
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 344,951 245,666
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $423,192 $250,304
======== ========
The accompanying condensed notes are an integral part of
these combined financial statements.
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<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-E
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-E
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
1997 1996
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents $1,421,311 $ 894,887
Accounts receivable:
General Partner (Note 2) 1,270 -
Oil and gas sales 859,179 1,233,074
---------- ----------
Total current assets $2,281,760 $2,127,961
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 5,176,202 5,621,729
DEFERRED CHARGE 822,824 822,824
---------- ----------
$8,280,786 $8,572,514
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 97,283 $ 118,262
Gas imbalance payable 124,200 124,200
---------- ----------
Total current liabilities $ 221,483 $ 242,462
ACCRUED LIABILITY $ 142,663 $ 142,663
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 169,827) ($ 113,140)
Limited Partners, issued and
outstanding, 41,839 units 8,086,467 8,300,529
---------- ----------
Total Partners' capital $7,916,640 $8,187,389
---------- ----------
$8,280,786 $8,572,514
========== ==========
The accompanying condensed notes are an integral part of
these combined financial statements.
-11-
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<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-E
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-E
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(Unaudited)
1997 1996
---------- ----------
REVENUES:
Oil and gas sales $1,751,749 $1,405,408
Interest income 7,879 5,556
Gain on sale of oil and gas
properties - 1,515
---------- ----------
$1,759,628 $1,412,479
COSTS AND EXPENSES:
Lease operating $ 258,330 $ 289,956
Production tax 121,024 92,229
Depreciation, depletion, and
amortization of oil and gas
properties 197,693 253,205
Impairment provision 291,690 -
General and administrative (Note 2) 142,338 142,045
---------- ----------
$1,011,075 $ 777,435
---------- ----------
NET INCOME $ 748,553 $ 635,044
========== ==========
GENERAL PARTNER - NET INCOME $ 179,615 $ 129,872
========== ==========
LIMITED PARTNERS - NET INCOME $ 568,938 $ 505,172
========== ==========
NET INCOME per unit $ 13.60 $ 12.07
========== ==========
UNITS OUTSTANDING 41,839 41,839
========== ==========
The accompanying condensed notes are an integral part of
these combined financial statements.
-12-
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GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-E
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-E
COMBINED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(Unaudited)
1997 1996
----------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 748,553 $635,044
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 197,693 253,205
Impairment provision 291,690 -
Gain on sale of oil and gas
properties - ( 1,515)
Increase in accounts receivable -
General Partner ( 1,270) -
(Increase) decrease in accounts
receivable - oil and gas sales 373,895 ( 147,355)
Decrease in accounts payable ( 20,979) ( 90,798)
---------- --------
Net cash provided by operating
activities $1,589,582 $648,581
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 45,188) $ -
Proceeds from sale of oil and
gas properties 1,332 3,667
---------- --------
Net cash provided (used) by
investing activities ($ 43,856) $ 3,667
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($1,019,302) ($750,934)
---------- --------
Net cash used by financing
activities ($1,019,302) ($750,934)
---------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS $ 526,424 ($ 98,686)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 894,887 734,316
---------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $1,421,311 $635,630
========== ========
The accompanying condensed notes are an integral part of
these combined financial statements.
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GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-F
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-F
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
1997 1996
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 477,561 $ 339,064
Accounts receivable:
General Partner (Note 2) 437 -
Oil and gas sales 297,600 431,888
---------- ----------
Total current assets $ 775,598 $ 770,952
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 1,582,672 1,746,830
DEFERRED CHARGE 465,201 465,201
---------- ----------
$2,823,471 $2,982,983
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 44,387 $ 47,364
Gas imbalance payable 45,279 45,279
---------- ----------
Total current liabilities $ 89,666 $ 92,643
ACCRUED LIABILITY $ 103,790 $ 103,790
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 80,213) ($ 59,110)
Limited Partners, issued and
outstanding, 14,321 units 2,710,228 2,845,660
---------- ----------
Total Partners' capital $2,630,015 $2,786,550
---------- ----------
$2,823,471 $2,982,983
========== ==========
The accompanying condensed notes are an integral part of
these combined financial statements.
-14-
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GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-F
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-F
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(Unaudited)
1997 1996
-------- ---------
REVENUES:
Oil and gas sales $600,350 $505,356
Interest income 2,877 1,909
-------- --------
$603,227 $507,265
COSTS AND EXPENSES:
Lease operating $128,475 $134,953
Production tax 39,807 31,325
Depreciation, depletion, and
amortization of oil and gas
properties 63,311 82,023
Impairment provision 114,631 -
General and administrative (Note 2) 48,711 48,717
-------- --------
$394,935 $297,018
-------- --------
NET INCOME $208,292 $210,247
======== ========
GENERAL PARTNER - NET INCOME $ 55,724 $ 42,734
======== ========
LIMITED PARTNERS - NET INCOME $152,568 $167,513
======== ========
NET INCOME per unit $ 10.65 $ 11.70
======== ========
UNITS OUTSTANDING 14,321 14,321
======== ========
The accompanying condensed notes are an integral part of
these combined financial statements.
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GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-F
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-F
COMBINED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(Unaudited)
1997 1996
---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $208,292 $210,247
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 63,311 82,023
Impairment provision 114,631 -
Increase in accounts receivable -
General Partner ( 437) -
(Increase) decrease in accounts
receivable - oil and gas sales 134,288 ( 62,577)
Decrease in accounts payable ( 2,977) ( 26,485)
-------- --------
Net cash provided by operating
activities $517,108 $203,208
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 14,221) ($ 209)
Proceeds from sale of oil and
gas properties 437 -
-------- --------
Net cash used by investing
activities ($ 13,784) ($ 209)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($364,827) ($283,808)
-------- --------
Net cash used by financing
activities ($364,827) ($283,808)
-------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS $138,497 ($ 80,809)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 339,064 272,653
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $477,561 $191,844
======== ========
The accompanying condensed notes are an integral part of
these combined financial statements.
-16-
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GEODYNE ENERGY INCOME I LIMITED PARTNERSHIPS
CONDENSED NOTES TO THE COMBINED FINANCIAL STATEMENTS
MARCH 31, 1997
(Unaudited)
1. ACCOUNTING POLICIES
-------------------
The combined balance sheets as of March 31, 1997, combined
statements of operations for the three months ended March 31,
1997 and 1996 and combined statements of cash flows for the three
months ended March 31, 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 March 31, 1997,
the combined results of operations for the three months ended
March 31, 1997 and 1996 and the combined cash flows for the three
months ended March 31, 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 March 31, 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
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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 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.
Effective October 1, 1995, the Partnerships adopted the
requirements of Statement of Financial Accounting Standards
("SFAS") No. 121, "Accounting for the Impairment of Long Lived
Assets and Assets Held for Disposal", which is intended to
establish more consistent accounting standards for measuring the
recoverability of long-lived assets. SFAS No. 121 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, rather than for the Partnership's
properties as a whole as previously allowed by the Securities and
Exchange Commission ("SEC"). 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. Under the Partnerships' prior impairment policy if
the net oil and gas properties taken as a whole exceeded the
estimated undiscounted future net revenues of the properties, an
impairment provision would be recorded for the excess amount.
The Partnerships recorded a non-cash charge against earnings
(impairment provision) during the first quarter of 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.
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<PAGE>
<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 three months ended March 31,
1997 the following payments were made to the General Partner or
its affiliates by the Partnerships:
Direct General Administrative
Partnership and Administrative Overhead
----------- ------------------ --------------
I-B $ 7,391 $ 11,313
I-C 5,486 23,505
I-D 4,501 19,986
I-E 26,118 116,220
I-F 8,931 39,780
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. 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 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 March 31, 1997 for the I-C, I-D, I-E, and I-F
Partnerships represents proceeds due to such Partnerships for the
sale of oil and gas properties. Subsequent to March 31, 1997
such receivable was collected by the I-C, I-D, I-E, and I-F
Partnerships.
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<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:
Limited
Date of Partner Capital
Partnership Activation Contributions
----------- ------------------ ---------------
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<PAGE>
<PAGE>
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 March 31, 1997 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
- ---------------------
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 three months
ended March 31, 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 MARCH 31, 1997 AS COMPARED TO THE THREE MONTHS
ENDED MARCH 31, 1996.
Three months ended March 31,
----------------------------
1997 1996
------- -------
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<PAGE>
<PAGE>
Oil and gas sales $82,442 $86,128
Oil and gas production expenses $23,777 $31,676
Barrels produced 586 697
Mcf produced 30,953 35,677
Average price/Bbl $ 21.07 $ 18.62
Average price/Mcf $ 2.26 $ 2.05
As shown in the table above, total oil and gas sales decreased
$3,686 (4.3%) for the three months ended March 31, 1997 as
compared to the three months ended March 31, 1996. Of this
decrease approximately $2,000 and $10,000, respectively, were
related to decreases in volumes of oil and gas sold, partially
offset by increases of approximately $1,000 and $7,000,
respectively, related to increases in the average prices of oil
and gas sold. Volumes of oil and gas sold decreased 111 barrels
and 4,724 Mcf, respectively, for the three months ended March 31,
1997 as compared to the three months ended March 31, 1996. The
decrease in volumes of oil sold resulted primarily from the
shutting-in of one well during the three months ended March 31,
1997 in order to increase production capabilities. Average oil
and gas prices increased to $21.07 per barrel and $2.26 per Mcf,
respectively, for the three months ended March 31, 1997 from
$18.62 per barrel and $2.05 per Mcf, respectively, for the three
months ended March 31, 1996.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $7,899 (24.9%) for the
three months ended March 31, 1997 as compared to the three months
ended March 31, 1996. This decrease resulted primarily from (i)
the decreases in volumes of oil and gas sold during the three
months ended March 31, 1997 as compared to the three months ended
March 31, 1996 and (ii) a decrease in production expenses due to
the abandonment of one well during the three months ended March
31, 1997. As a percentage of oil and gas sales, these expenses
decreased to 28.8% for the three months ended March 31, 1997 from
36.8% for the three months ended March 31, 1996. This percentage
decrease was primarily due to the increases in the average prices
of oil and gas sold during the three months ended March 31, 1997
as compared to the three months ended March 31, 1996.
Depreciation, depletion, and amortization of oil and gas
properties decreased $8,199 (38.8%) for the three months ended
March 31, 1997 as compared to the three months ended March 31,
1996. This decrease resulted primarily from (i) an upward
revision in the estimate of remaining gas reserves at December
31, 1996 and (ii) the decreases in volumes of oil and gas sold
during the three months ended March 31, 1997 as compared to the
three months ended March 31, 1996. As a percentage of oil and
gas sales, this expense decreased to 15.7% for the three months
ended March 31, 1997 from 24.5% for the three months ended March
31, 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 three months ended March 31, 1997 as
compared to the three months ended March 31, 1996.
The I-B Partnership recognized a non-cash charge against earnings
of $19,726 for the three months ended March 31, 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
-22-
<PAGE>
<PAGE>
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 three months ended March 31, 1996.
General and administrative expenses remained relatively constant
for the three months ended March 31, 1997 as compared to the
three months ended March 31, 1996. As a percentage of oil and
gas sales, these expenses remained relatively constant at 22.7%
for the three months ended March 31, 1997 as compared to 21.7%
for the three months ended March 31, 1996.
The Limited Partners have received cash distributions through
March 31, 1997 totaling $6,440,527 or 53.86% of Limited Partners'
capital contributions.
I-C PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 1997 AS COMPARED TO THE THREE MONTHS
ENDED MARCH 31, 1996.
Three months ended March 31,
----------------------------
1997 1996
-------- --------
Oil and gas sales $265,567 $265,339
Oil and gas production expenses $ 56,666 $ 60,662
Barrels produced 5,934 7,948
Mcf produced 49,040 58,516
Average price/Bbl $ 20.97 $ 17.95
Average price/Mcf $ 2.88 $ 2.10
As shown in the table above, total oil and gas sales remained
relatively constant for the three months ended March 31, 1997 as
compared to the three months ended March 31, 1996. Any increases
related to increases in the average prices of oil and gas sold
were offset by decreases related to the decreases in volumes of
oil and gas sold. Volumes of oil and gas sold decreased 2,014
barrels and 9,476 Mcf, respectively, for the three months ended
March 31, 1997 as compared to the three months ended March 31,
1996. The decrease in volumes of oil sold resulted primarily
from (i) the shutting-in of one well during the three months
ended March 31, 1997 due to mechanical difficulties and (ii) the
normal decline in production due to diminished oil reserves on
another well. The decrease in volumes of gas sold resulted
primarily from the normal decline in production due to diminished
gas reserves on one well. Average oil and gas prices increased
to $20.97 per barrel and $2.88 per Mcf, respectively, for the
three months ended March 31, 1997 from $17.95 per barrel and
$2.10 per Mcf, respectively, for the three months ended March 31,
1996.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $3,996 (6.6%) for the
three months ended March 31, 1997 as compared to the three months
ended March 31, 1996. This decrease resulted primarily from the
decrease in volumes of oil and gas sold during the three months
ended March 31, 1997 as compared to the three months ended March
-23-
<PAGE>
<PAGE>
31, 1996, partially offset by an increase primarily resulting
from (i) workover expenses incurred on one well during the three
months ended March 31, 1997 in order to improve the recovery of
reserves and (ii) an increase in general repairs and maintenance
expenses incurred on two wells during the three months ended
March 31, 1997 as compared to the three months ended March 31,
1996. As a percentage of oil and gas sales, these expenses
remained relatively constant at 21.3% for the three months ended
March 31, 1997 as compared to 22.9% for the three months ended
March 31, 1996.
Depreciation, depletion, and amortization of oil and gas
properties decreased $25,501 (67.0%) for the three months ended
March 31, 1997 as compared to the three months ended March 31,
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 decreases in volumes of oil and gas sold
during the three months ended March 31, 1997 as compared to the
three months ended March 31, 1996. As a percentage of oil and
gas sales, this expense decreased to 4.7% for the three months
ended March 31, 1997 from 14.3% for the three months ended March
31, 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 three months ended March 31, 1997 as
compared to the three months ended March 31, 1996.
The I-C Partnership recognized a non-cash charge against earnings
of $4,679 for the three months ended March 31, 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-C Partnership's adoption of SFAS No. 121.
No similar charge was necessary during the three months ended
March 31, 1996.
General and administrative expenses remained relatively constant
for the three months ended March 31, 1997 as compared to the
three months ended March 31, 1996. As a percentage of oil and
gas sales, these expenses remained constant at 10.9% for the
three months ended March 31, 1997 and 1996.
The Limited Partners have received cash distributions through
March 31, 1997 totaling $7,556,300 or 85.05% of Limited Partners'
capital contributions.
I-D PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 1997 AS COMPARED TO THE THREE MONTHS
ENDED MARCH 31, 1996.
Three months ended March 31,
----------------------------
1997 1996
-------- --------
Oil and gas sales $472,917 $406,636
Oil and gas production expenses $ 60,139 $ 69,777
Barrels produced 4,819 6,567
Mcf produced 133,717 136,105
Average price/Bbl $ 22.71 $ 18.50
Average price/Mcf $ 2.72 $ 2.10
-24-
<PAGE>
<PAGE>
As shown in the table above, total oil and gas sales increased
$66,281 (16.3%) for the three months ended March 31, 1997 as
compared to the three months ended March 31, 1996. Of this
increase, approximately $20,000 and $83,000, respectively, were
related to increases in the average prices of oil and gas sold,
partially offset by a decrease of approximately $32,000 related
to a decrease in volumes of oil sold. Volumes of oil and gas
sold decreased 1,748 barrels and 2,388 Mcf, respectively, for the
three months ended March 31, 1997 as compared to the three months
ended March 31, 1996. The decrease in volumes of oil sold
resulted primarily from (i) the sale of one well during 1996 and
(ii) the normal decline in production due to diminished oil
reserves on another well. Average oil and gas prices increased
to $22.71 per barrel and $2.72 per Mcf, respectively, for the
three months ended March 31, 1997 from $18.50 per barrel and
$2.10 per Mcf, respectively, for the three months ended March 31,
1996.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $9,638 (13.8%) for the
three months ended March 31, 1997 as compared to the three months
ended March 31, 1996. This decrease resulted primarily from (i)
workover expenses incurred on one well during the three months
ended March 31, 1996 in order to improve the recovery of
reserves, (ii) the sale of one well during 1996, and (iii) the
decrease in volumes of oil sold, partially offset by 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 12.7% for the three months ended
March 31, 1997 from 17.2% for the three months ended March 31,
1996. This percentage decrease was primarily due to the
increases in the average prices of oil and gas sold during the
three months ended March 31, 1997 as compared to the three months
ended March 31, 1996.
Depreciation, depletion, and amortization of oil and gas
properties decreased $16,844 (34.7%) for the three months ended
March 31, 1997 as compared to the three months ended March 31,
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 decreases in volumes of oil and gas sold
during the three months ended March 31, 1997 as compared to the
three months ended March 31, 1996. As a percentage of oil and
gas sales, this expense decreased to 6.7% for the three months
ended March 31, 1997 from 11.9% for the three months ended March
31, 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 three months ended March 31, 1997 as
compared to the three months ended March 31, 1996.
The I-D Partnership recognized a non-cash charge against earnings
of $61,790 for the three months ended March 31, 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
-25-
<PAGE>
<PAGE>
of unproved properties. No similar charge was necessary during
the three months ended March 31, 1996.
General and administrative expenses remained relatively constant
for the three months ended March 31, 1997 as compared to the
three months ended March 31, 1996. As a percentage of oil and
gas sales, these expenses remained relatively constant at 5.2%
for the three months ended March 31, 1997 as compared to 6.0% for
the three months ended March 31, 1996.
The Limited Partners have received cash distributions through
March 31, 1997 totaling $12,132,175 or 168.63% of Limited
Partners' capital contributions.
I-E PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 1997 AS COMPARED TO THE THREE MONTHS
ENDED MARCH 31, 1996.
Three months ended March 31,
----------------------------
1997 1996
---------- ----------
Oil and gas sales $1,751,749 $1,405,408
Oil and gas production expenses $ 379,354 $ 382,185
Barrels produced 18,942 19,933
Mcf produced 510,642 535,243
Average price/Bbl $ 23.01 $ 18.42
Average price/Mcf $ 2.58 $ 1.94
As shown in the table above, total oil and gas sales increased
$346,341 (24.6%) for the three months ended March 31, 1997 as
compared to the three months ended March 31, 1996. Of this
increase, approximately $87,000 and $327,000, respectively, were
related to increases in the average prices of oil and gas sold,
partially offset by a decrease of approximately $48,000 related
to a decrease in volumes of gas sold. Volumes of oil and gas
sold decreased 991 barrels and 24,601 Mcf, respectively, for the
three months ended March 31, 1997 as compared to the three months
ended March 31, 1996. Average oil and gas prices increased to
$23.01 per barrel and $2.58 per Mcf, respectively, for the three
months ended March 31, 1997 from $18.42 per barrel and $1.94 per
Mcf, respectively, for the three months ended March 31, 1996.
Oil and gas production expenses (including lease operating
expenses and production taxes) remained relatively constant for
the three months ended March 31, 1997 as compared to the three
months ended March 31, 1996. As a percentage of oil and gas
sales, these expenses decreased to 21.7% for the three months
ended March 31, 1997 from 27.2% for the three months ended March
31, 1996. This percentage decrease was primarily due to the
increases in the average prices of oil and gas sold during the
three months ended March 31, 1997 as compared to the three months
ended March 31, 1996.
Depreciation, depletion, and amortization of oil and gas
properties decreased $55,512 (21.9%) for the three months ended
March 31, 1997 as compared to the three months ended March 31,
1996. This decrease resulted primarily from (i) upward revisions
in the estimates of remaining oil and gas reserves at December
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<PAGE>
<PAGE>
31, 1996 and (ii) the decreases in volumes of oil and gas sold
during the three months ended March 31, 1997 as compared to the
three months ended March 31, 1996. As a percentage of oil and
gas sales, this expense decreased to 11.3% for the three months
ended March 31, 1997 from 18.0% for the three months ended March
31, 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 three months ended March 31, 1997 as
compared to the three months ended March 31, 1996.
The I-E Partnership recognized a non-cash charge against earnings
of $291,690 for the three months ended March 31, 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 three months ended March 31, 1996.
General and administrative expenses remained relatively constant
for the three months ended March 31, 1997 as compared to the
three months ended March 31, 1996. As a percentage of oil and
gas sales, these expenses decreased to 8.1% for the three months
ended March 31, 1997 from 10.1% for the three months ended March
31, 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
March 31, 1997 totaling $47,059,552 or 112.48% of Limited
Partners' capital contributions.
I-F PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 1997 AS COMPARED TO THE THREE MONTHS
ENDED MARCH 31, 1996.
Three months ended March 31,
----------------------------
1997 1996
-------- --------
Oil and gas sales $600,350 $505,356
Oil and gas production expenses $168,282 $166,278
Barrels produced 9,762 10,008
Mcf produced 145,659 154,861
Average price/Bbl $ 23.09 $ 18.44
Average price/Mcf $ 2.57 $ 2.07
As shown in the table above, total oil and gas sales increased
$94,994 (18.8%) for the three months ended March 31, 1997 as
compared to the three months ended March 31, 1996. Of this
increase, approximately $45,000 and $73,000, respectively, were
related to increases in the average prices of oil and gas sold,
partially offset by a decrease of approximately $19,000 related
to a decrease in volumes of gas sold. Volumes of oil and gas
sold decreased 246 barrels and 9,202 Mcf, respectively, for the
three months ended March 31, 1997 as compared to the three months
ended March 31, 1996. Average oil and gas prices increased to
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<PAGE>
<PAGE>
$23.09 per barrel and $2.57 per Mcf, respectively, for the three
months ended March 31, 1997 from $18.44 per barrel and $2.07 per
Mcf, respectively, for the three months ended March 31, 1996.
Oil and gas production expenses (including lease operating
expenses and production taxes) remained relatively constant for
the three months ended March 31, 1997 as compared to the three
months ended March 31, 1996. As a percentage of oil and gas
sales, these expenses decreased to 28.0% for the three months
ended March 31, 1997 from 32.9% for the three months ended March
31, 1996. This percentage decrease was primarily due to the
increases in the average prices of oil and gas sold during the
three months ended March 31, 1997 as compared to the three months
ended March 31, 1996.
Depreciation, depletion, and amortization of oil and gas
properties decreased $18,712 (22.8%) for the three months ended
March 31, 1997 as compared to the three months ended March 31,
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 decreases in volumes of oil and gas sold
during the three months ended March 31, 1997 as compared to the
three months ended March 31, 1996. As a percentage of oil and
gas sales, this expense decreased to 10.5% for the three months
ended March 31, 1997 from 16.2% for the three months ended March
31, 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 three months ended March 31, 1997 as
compared to the three months ended March 31, 1996.
The I-F Partnership recognized a non-cash charge against earnings
of $114,631 for the three months ended March 31, 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 three months ended March 31, 1996.
General and administrative expenses remained relatively constant
for the three months ended March 31, 1997 as compared to the
three months ended March 31, 1996. As a percentage of oil and
gas sales, these expenses remained relatively constant at 8.1%
for the three months ended March 31, 1997 as compared to 9.6% for
the three months ended March 31, 1996.
The Limited Partners have received cash distributions through
March 31, 1997 totaling $15,877,664 or 110.87% of Limited
Partners' capital contributions.
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<PAGE>
<PAGE>
PART II: OTHER INFORMATION
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 March 31, 1997 and for the
three months ended March 31, 1997, filed herewith.
27.2 Financial Data Schedule containing summary financial
information extracted from the I-C Partnership's
financial statements as of March 31, 1997 and for the
three months ended March 31, 1997, filed herewith.
27.3 Financial Data Schedule containing summary financial
information extracted from the I-D Partnership's
financial statements as of March 31, 1997 and for the
three months ended March 31, 1997, filed herewith.
27.4 Financial Data Schedule containing summary financial
information extracted from the I-E Partnership's
financial statements as of March 31, 1997 and for the
three months ended March 31, 1997, filed herewith.
27.5 Financial Data Schedule containing summary financial
information extracted from the I-F Partnership's
financial statements as of March 31, 1997 and for the
three months ended March 31, 1997, filed herewith.
All other exhibits are omitted as inapplicable.
(b) Reports on Form 8-K:
Current Reports on Form 8-K filed during first quarter of
1997:
Date of event: January 24, 1997
Date filed with SEC: January 24, 1997
Items Included:
Item 5 - Other Events
Item 7 - Exhibits
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<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: May 13, 1997 By: /s/Dennis R. Neill
--------------------------------------
(Signature)
Dennis R. Neill
President
Date: May 13, 1997 By: /s/Patrick M. Hall
--------------------------------------
(Signature)
Patrick M. Hall
Principal Accounting Officer
-30-
<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 March 31, 1997
and for the three months ended March 31, 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 March 31, 1997
and for the three months ended March 31, 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 March 31, 1997
and for the three months ended March 31, 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 March 31, 1997
and for the three months ended March 31, 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 March 31, 1997
and for the three months ended March 31, 1997, filed
herewith.
All other exhibits are omitted as inapplicable.
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000780200
<NAME> GEODYNE ENERGY INCOME LTD PARTNERSHIP I-B
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<CASH> 48,684
<SECURITIES> 0
<RECEIVABLES> 36,484
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 85,168
<PP&E> 7,014,076
<DEPRECIATION> 6,625,159
<TOTAL-ASSETS> 595,435
<CURRENT-LIABILITIES> 13,712
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 550,613
<TOTAL-LIABILITY-AND-EQUITY> 595,435
<SALES> 82,442
<TOTAL-REVENUES> 82,536
<CGS> 0
<TOTAL-COSTS> 75,133
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 7,403
<INCOME-TAX> 0
<INCOME-CONTINUING> 7,403
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 7,403
<EPS-PRIMARY> 0.48
<EPS-DILUTED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000791067
<NAME> GEODYNE ENERGY INCOME LTD PARTNERSHIP I-C
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<CASH> 198,441
<SECURITIES> 0
<RECEIVABLES> 148,205
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 346,646
<PP&E> 3,904,788
<DEPRECIATION> 3,604,545
<TOTAL-ASSETS> 713,771
<CURRENT-LIABILITIES> 13,440
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 687,945
<TOTAL-LIABILITY-AND-EQUITY> 713,771
<SALES> 265,567
<TOTAL-REVENUES> 267,642
<CGS> 0
<TOTAL-COSTS> 102,892
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 164,750
<INCOME-TAX> 0
<INCOME-CONTINUING> 164,750
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 164,750
<EPS-PRIMARY> 17.55
<EPS-DILUTED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000799178
<NAME> GEODYNE ENERGY INCOME LTD PARTNERSHIP I-D
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<CASH> 423,192
<SECURITIES> 0
<RECEIVABLES> 235,397
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 658,589
<PP&E> 4,942,151
<DEPRECIATION> 4,180,841
<TOTAL-ASSETS> 1,517,914
<CURRENT-LIABILITIES> 48,744
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 1,452,354
<TOTAL-LIABILITY-AND-EQUITY> 1,517,914
<SALES> 472,917
<TOTAL-REVENUES> 475,561
<CGS> 0
<TOTAL-COSTS> 178,129
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 297,432
<INCOME-TAX> 0
<INCOME-CONTINUING> 297,432
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 297,432
<EPS-PRIMARY> 33.37
<EPS-DILUTED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000806613
<NAME> GEODYNE ENERGY INCOME LTD PARTNERSHIP I-E
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<CASH> 1,421,311
<SECURITIES> 0
<RECEIVABLES> 860,449
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 2,281,760
<PP&E> 27,948,191
<DEPRECIATION> 22,771,989
<TOTAL-ASSETS> 8,280,786
<CURRENT-LIABILITIES> 221,483
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 7,916,640
<TOTAL-LIABILITY-AND-EQUITY> 8,280,786
<SALES> 1,751,749
<TOTAL-REVENUES> 1,759,628
<CGS> 0
<TOTAL-COSTS> 1,011,075
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 748,553
<INCOME-TAX> 0
<INCOME-CONTINUING> 748,553
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 748,553
<EPS-PRIMARY> 13.60
<EPS-DILUTED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000811031
<NAME> GEODYNE ENERGY INCOME LTD PARTNERSHIP I-F
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<CASH> 477,561
<SECURITIES> 0
<RECEIVABLES> 298,037
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 775,598
<PP&E> 8,308,445
<DEPRECIATION> 6,725,773
<TOTAL-ASSETS> 2,823,471
<CURRENT-LIABILITIES> 89,666
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 2,630,015
<TOTAL-LIABILITY-AND-EQUITY> 2,823,471
<SALES> 600,350
<TOTAL-REVENUES> 603,227
<CGS> 0
<TOTAL-COSTS> 394,935
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 208,292
<INCOME-TAX> 0
<INCOME-CONTINUING> 208,292
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 208,292
<EPS-PRIMARY> 10.65
<EPS-DILUTED> 0
</TABLE>
