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FORM 10-K405
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1996
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
---------------------------------------------
(Exact name of Registrant as specified in its Articles)
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 of (I.R.S. Employer
incorporation or organization) Identification No.)
Two West Second Street, Tulsa, Oklahoma 74103
---------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (918) 583-1791
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act:
Depositary Units in Geodyne Energy Income Limited Partnerships I-B
through I-F
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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Indicate by check mark if disclosure of delinquent filers
pursuant to Item 405 of Regulation S-K (Sec. 229.405 of this chapter)
is not contained herein, and will not be contained, to the best of
registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K405 or any
amendment to this Form 10-K405.
X Disclosure is not contained herein.
-----
Disclosure is contained herein.
-----
The Registrants are limited partnerships and there is no public
market for trading in the partnership interests.
DOCUMENTS INCORPORATED BY REFERENCE: None
ii
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FORM 10-K405
TABLE OF CONTENTS
PART I . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
ITEM 1. BUSINESS . . . . . . . . . . . . . . . . . . . . . 1
ITEM 2. PROPERTIES . . . . . . . . . . . . . . . . . . . . 7
ITEM 3. LEGAL PROCEEDINGS . . . . . . . . . . . . . . . . 18
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF LIMITED
PARTNERS . . . . . . . . . . . . . . . . . . . . . 21
PART II . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
ITEM 5. MARKET FOR UNITS AND RELATED LIMITED PARTNER
MATTERS . . . . . . . . . . . . . . . . . . . . . 22
ITEM 6. SELECTED FINANCIAL DATA . . . . . . . . . . . . . 25
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS . . . . . . . 30
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA . . . 54
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
ACCOUNTING AND FINANCIAL DISCLOSURE . . . . . . . 54
PART III . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54
ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE GENERAL
PARTNER . . . . . . . . . . . . . . . . . . . . . 54
ITEM 11. EXECUTIVE COMPENSATION . . . . . . . . . . . . . . 55
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
AND MANAGEMENT . . . . . . . . . . . . . . . . . . 63
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS . . 64
PART IV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND
REPORTS ON FORM 8-K . . . . . . . . . . . . . . . 67
SIGNATURES . . . . . . . . . . . . . . . . . . . . . . . . . 71
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PART I
ITEM 1. BUSINESS
General
The Geodyne Energy Income Limited Partnership I-B (the "I-B
Partnership"), Geodyne Energy Income Limited Partnership I-C (the "I-C
Partnership"), Geodyne Energy Income Limited Partnership I-D (the "I-D
Partnership"), Geodyne Energy Income Limited Partnership I-E (the "I-E
Partnership"), and Geodyne Energy Income Limited Partnership I-F (the
"I-F Partnership") (collectively, the "Partnerships") are limited
partnerships formed under the Oklahoma Revised Uniform Limited
Partnership Act. Each Partnership is composed of public investors as
limited partners (the "Limited Partners") and Geodyne Resources, Inc.
("Geodyne"), a Delaware corporation, as the general partner. The
Partnerships commenced operations on the dates set forth below:
Date of
Partnership Activation
----------- ------------------
I-B July 12, 1985
I-C December 20, 1985
I-D March 4, 1986
I-E September 10, 1986
I-F December 16, 1986
Immediately following activation, each Partnership invested as a
general partner in a separate Oklahoma general partnership which
actually conducts the Partnerships' production operations. Geodyne
serves as managing partner of such general partnerships. Unless the
context indicates otherwise, all references to any single Partnership
or all of the Partnerships in this Annual Report on Form 10-K ("Annual
Report") are references to the Partnership and its related general
partnership, collectively. In addition, unless the context indicates
otherwise, all references to the "General Partner" in this Annual
Report are references to Geodyne as the general partner of the
Partnerships, and as the managing partner of the related general
partnerships.
The General Partner currently serves as general partner of 29
limited partnerships, including the Partnerships. The General Partner
is a wholly-owned subsidiary of Samson Investment Company. Samson
Investment Company and its various corporate subsidiaries, including
the General Partner (collectively, the "Samson Companies"), are
engaged in the production and development of and exploration for oil
and gas reserves and the acquisition and operation of producing
properties. At December 31, 1996, the Samson Companies owned
interests in approximately 16,000 oil and gas wells located in 19
1
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states of the United States and Canada, Venezuela, and Russia.
At December 31, 1996, the Samson Companies operated approximately
2,600 oil and gas wells located in 15 states of the United States and
Canada, Venezuela, and Russia.
The Partnerships are currently engaged in the business of owning
interests in producing oil and gas properties located in the
continental United States. The Partnerships may also engage to a
limited extent in development drilling on producing oil and gas
properties as required for the prudent management of the Partnerships.
As limited partnerships, the Partnerships have no officers,
directors, or employees. They rely instead on the personnel of the
General Partner and the other Samson Companies. As of March 15, 1997,
the Samson Companies employed approximately 780 persons. No employees
are covered by collective bargaining agreements, and management
believes that the Samson Companies provide a sound employee relations
environment. For information regarding the executive officers of the
General Partner, see "Item 10. Directors and Executive Officers of the
General Partner."
The General Partner's and the Partnerships' principal place of
business is located at Samson Plaza, Two West Second Street, Tulsa,
Oklahoma 74103, and their telephone number is (918) 583-1791 or (800)
283-1791.
Funding
Although the partnership agreement (the "Partnership Agreement")
for each Partnership permits each Partnership to incur borrowings,
operations and expenses are currently funded out of each Partnership's
revenues from oil and gas sales. The General Partner may, but is not
required to, advance funds to a Partnership for the same purposes for
which Partnership borrowings are authorized.
Principal Products Produced and Services Rendered
The Partnerships' sole business is the production of, and related
incidental development of, oil and gas. The Partnerships do not
refine or otherwise process crude oil and condensate. The
Partnerships do not hold any patents, trademarks, licenses, or
concessions and are not a party to any government contracts. The
Partnerships have no backlog of orders and do not participate in
research and development activities. The Partnerships are not
presently encountering shortages of oilfield tubular goods,
compressors, production material, or other equipment.
2
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Competition and Marketing
The domestic oil and gas industry is highly competitive, with a
large number of companies and individuals engaged in the exploration
and development of oil and gas properties. The ability of the
Partnerships to produce and market oil and gas profitably depends on a
number of factors that are beyond the control of the Partnerships.
These factors include worldwide political instability (especially in
oil-producing regions), United Nations export embargoes, the supply
and price of foreign imports of oil and gas, the level of consumer
product demand (which can be heavily influenced by weather patterns),
government regulations and taxes, the price and availability of
alternative fuels, the overall economic environment, and the
availability and capacity of transportation and processing facilities.
The effect of these factors on future oil and gas industry trends
cannot be accurately predicted or anticipated.
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. Concerning past trends, average yearly
wellhead gas prices in the United States have been relatively volatile
for a number of years. For the past ten years, such prices have
generally been in the $1.40 to $2.00 per Mcf range, significantly
below prices received in the early 1980s. Average gas prices in the
latter part of 1996 and January 1997, however, were somewhat higher
than those yearly averages. It is not known whether this was a short-
term trend or an indicator of potentially higher average gas prices on
a longer-term basis.
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. Spot
prices for the Partnerships' gas increased from approximately $2.00
per Mcf at December 31, 1995 to approximately $3.57 per Mcf at
December 31, 1996. Such prices were on an MMBTU basis and differ from
the prices actually received by the Partnerships due to transportation
and marketing costs, BTU adjustments, and regional price and quality
differences.
Due to global consumption and supply trends over the last several
months, oil prices have recently been higher than the yearly average
prices of the late to mid-1980s and early 1990s. It is not known
whether this trend will continue. Prices for the Partnerships' oil
increased from approximately $18.50 per barrel at December 31, 1995 to
approximately $23.75 per barrel at December 31, 1996.
3
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Future prices for both oil and gas will likely be different from
(and may be lower than) the prices in effect on December 31, 1996.
Primarily due to heating season demand, year-end prices in many past
years have tended to be higher, and in some cases significantly
higher, than the yearly average price actually received by the
Partnerships for at least the following year. In particular, it
should be noted that December 31, 1996 prices were much higher than
year-end prices for the last several years and substantially higher
than the average prices received in each of the last several years.
It is not possible to predict whether the December 1996 pricing level
is indicative of a new trend toward higher energy prices or a short-
term deviation from the recent history of low to moderate prices;
therefore, management is unable to predict whether future oil and gas
prices will (i) stabilize, (ii) increase, or (iii) decrease.
Significant Customers
The following customers accounted for ten percent or more of the
Partnerships' oil and gas sales during the year ended December 31,
1996:
Partnership Customer Percentage
----------- -------- ----------
I-B Parker & Parsley Development
Company 22.7%
Byrd Operating Company 11.6%
El Paso Energy Marketing
Company ("El Paso") 10.0%
I-C Hallwood Petroleum ("Hallwood") 42.8%
Conoco, Inc. ("Conoco") 25.2%
Koch Oil Company 18.3%
I-D Hallwood 31.8%
El Paso 27.9%
Conoco 23.1%
I-E El Paso 49.4%
I-F El Paso 31.9%
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In the event of interruption of purchases by one or more of the
Partnerships' significant customers or the cessation or material
change in availability of open access transportation by the
Partnerships' pipeline transporters, the Partnerships may encounter
difficulty in marketing their gas and in maintaining historic sales
levels. Management does not expect any of its open access
transporters to seek authorization to terminate their transportation
services. Even if the services were terminated, management believes
that alternatives would be available whereby the Partnerships would be
able to continue to market their gas.
The Partnerships' principal customers for crude oil production
are refiners and other companies which have pipeline facilities near
the producing properties of the Partnerships. In the event pipeline
facilities are not conveniently available to production areas, crude
oil is usually trucked by purchasers to storage facilities.
Oil, Gas, and Environmental Control Regulations
Regulation of Production Operations -- The production of oil and
gas is subject to extensive federal and state laws and regulations
governing a wide variety of matters, including the drilling and
spacing of wells, allowable rates of production, prevention of waste
and pollution, and protection of the environment. In addition to the
direct costs borne in complying with such regulations, operations and
revenues may be impacted to the extent that certain regulations limit
oil and gas production to below economic levels.
Regulation of Sales and Transportation of Oil and Gas -- Sales of
crude oil and condensate are made by the Partnerships at market prices
and are not subject to price controls. The sale of gas may be subject
to both federal and state laws and regulations, including, but not
limited to, the Natural Gas Act of 1938 (the "NGA"), the Natural Gas
Policy Act of 1978 (the "NGPA"), and regulations promulgated by the
Federal Energy Regulatory Commission (the "FERC") under the NGA, the
NGPA, and other statutes. The provisions of the NGA and the NGPA, as
well as the regulations thereunder, are complex and affect all who
produce, resell, transport, or purchase gas, including the Partner-
ships. Although virtually all of the Partnerships' gas production is
not subject to price regulation, the NGA, NGPA, and FERC regulations
affect the availability of gas transportation services and the ability
of gas consumers to continue to purchase or use gas at current levels.
Accordingly, such regulations may have a material effect on the
Partnerships' operations and projections of future oil and gas
production and revenues.
5
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Future Legislation -- Legislation affecting the oil and gas
industry is under constant review for amendment or expansion. Because
such laws and regulations are frequently amended or reinterpreted,
management is unable to predict what additional energy legislation may
be proposed or enacted or the future cost and impact of complying with
existing or future regulations.
Regulation of the Environment -- The Partnerships' operations are
subject to numerous laws and regulations governing the discharge of
materials into the environment or otherwise relating to environmental
protection. Compliance with such laws and regulations, together with
any penalties resulting from noncompliance therewith, may increase the
cost of the Partnerships' operations or may affect the Partnerships'
ability to complete, in a timely fashion, existing or future
activities. Management anticipates that various local, state, and
federal environmental control agencies will have an increasing impact
on oil and gas operations.
Insurance Coverage
The Partnerships are subject to all of the risks inherent in the
exploration for and production of oil and gas, including blowouts,
pollution, fires, and other casualties. The Partnerships maintain
insurance coverage as is customary for entities of a similar size
engaged in operations similar to that of the Partnerships, but losses
can occur from uninsurable risks or in amounts in excess of existing
insurance coverage. The occurrence of an event which is not fully
covered by insurance could have a material adverse effect on the
Partnerships' financial position and results of operations.
6
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ITEM 2. PROPERTIES
Well Statistics
The following table sets forth the number of productive wells of
the Partnerships as of December 31, 1996.
Well Statistics(1)
As of December 31, 1996
P/ship Number of Gross Wells(2) Number of Net Wells(3)
- ------ ------------------------- ---------------------------
Total Oil Gas N/A(4) Total Oil Gas N/A(4)
----- ----- ----- ------ ----- ----- ----- ------
I-B 96 3 82 11 4.05 .32 3.34 .39
I-C 107 18 77 12 7.78 6.37 1.12 .29
I-D 550 7 534 9 4.30 .16 4.00 .14
I-E 819 208 595 16 33.66 10.31 22.18 1.17
I-F 805 208 585 12 15.53 4.70 10.16 .67
- ----------
(1) The designation of a well as an oil well or gas well is made by
the General Partner based on the relative amount of oil and gas
reserves for the well. Regardless of a well's oil or gas
designation, it may produce oil, gas, or both oil and gas.
(2) As used in this Annual Report, "gross well" refers to a well in
which a working interest is owned, accordingly, the number of
gross wells is the total number of wells in which a working
interest is owned.
(3) As used in this Annual Report, "net well" refers to the sum of
the fractional working interests owned in gross wells expressed
as whole numbers and fractions thereof. For example, a 15%
leasehold interest in a well represents one gross well, but 0.15
net well.
(4) Wells which have not been designated as oil or gas.
Drilling Activities
The Partnerships did not participate in any drilling activities
during the year ended December 31, 1996.
7
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Oil and Gas Production, Revenue, and Price History
The following tables set forth certain historical information
concerning the oil (including condensates) and gas production, net of
all royalties, overriding royalties, and other third party interests,
of the Partnerships, revenues attributable to such production, and
certain price and cost information. As used in the following tables,
direct operating expenses include lease operating expenses and
production taxes. In addition, gas production is converted to oil
equivalents at the rate of six Mcf per barrel, representing the
estimated relative energy content of gas and oil, which rate is not
necessarily indicative of the relationship of oil and gas prices. The
respective prices of oil and gas are affected by market and other
factors in addition to relative energy content.
8
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Net Production Data
I-B Partnership
---------------
Year Ended December 31,
----------------------------
1996 1995 1994
-------- -------- --------
Production:
Oil (Bbls) 2,297 4,628 9,132
Gas (Mcf) 150,543 150,238 172,201
Oil and gas sales:
Oil $ 48,565 $ 77,717 $137,768
Gas 315,487 176,333 315,253
------- ------- -------
Total $364,052 $254,050 $453,021
======= ======= =======
Total direct operating
expenses $131,335 $161,109 $146,403
======= ======= =======
Direct operating expenses
as a percentage of oil
and gas sales 36.1% 63.4% 32.3%
Average sales price:
Per barrel of oil $21.14 $16.79 $15.09
Per Mcf of gas 2.10 1.17 1.83
Direct operating expenses
per equivalent Bbl of
oil $ 4.80 $ 5.43 $ 3.87
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Net Production Data
I-C Partnership
---------------
Year Ended December 31,
----------------------------------
1996 1995 1994
---------- -------- ----------
Production:
Oil (Bbls) 27,537 27,843 32,302
Gas (Mcf) 226,820 207,207 250,469
Oil and gas sales:
Oil $ 554,281 $464,952 $ 506,801
Gas 626,815 343,483 535,829
--------- ------- ---------
Total $1,181,096 $808,435 $1,042,630
========= ======= =========
Total direct operating
expenses $ 241,698 $275,197 $ 333,243
========= ======= =========
Direct operating expenses
as a percentage of oil
and gas sales 20.5% 34.0% 32.0%
Average sales price:
Per barrel of oil $20.13 $16.70 $15.69
Per Mcf of gas 2.76 1.66 2.14
Direct operating expenses
per equivalent Bbl of
oil $ 3.70 $ 4.41 $ 4.50
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Net Production Data
I-D Partnership
---------------
Year Ended December 31,
----------------------------------
1996 1995 1994
---------- ---------- ----------
Production:
Oil (Bbls) 21,291 22,427 26,369
Gas (Mcf) 577,657 577,969 701,737
Oil and gas sales:
Oil $ 429,150 $ 368,704 $ 407,008
Gas 1,383,418 868,715 1,331,307
--------- --------- ---------
Total $1,812,568 $1,237,419 $1,738,315
========= ========= =========
Total direct operating
expenses $ 290,848 $ 236,591 $ 349,023
========= ========= =========
Direct operating expenses
as a percentage of oil
and gas sales 16.0% 19.1% 20.1%
Average sales price:
Per barrel of oil $20.16 $16.44 $15.44
Per Mcf of gas 2.39 1.50 1.90
Direct operating expenses
per equivalent Bbl of
oil $ 2.47 $ 1.99 $ 2.44
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Net Production Data
I-E Partnership
---------------
Year Ended December 31,
----------------------------------
1996 1995 1994
---------- ---------- ----------
Production:
Oil (Bbls) 70,998 89,117 109,508
Gas (Mcf) 2,206,082 2,412,342 2,808,160
Oil and gas sales:
Oil $1,407,716 $1,490,590 $1,657,672
Gas 4,598,715 3,287,291 4,797,586
--------- --------- ---------
Total $6,006,431 $4,777,881 $6,455,258
========= ========= =========
Total direct operating
expenses $1,706,319 $1,481,529 $2,072,679
========= ========= =========
Direct operating expenses
as a percentage of oil
and gas sales 28.4% 31.0% 32.1%
Average sales price:
Per barrel of oil $19.83 $16.73 $15.14
Per Mcf of gas 2.08 1.36 1.71
Direct operating expenses
per equivalent Bbl of
oil $ 3.89 $ 3.02 $ 3.59
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Net Production Data
I-F Partnership
---------------
Year Ended December 31,
----------------------------------
1996 1995 1994
---------- ---------- ----------
Production:
Oil (Bbls) 35,577 45,101 54,874
Gas (Mcf) 652,692 711,486 910,692
Oil and gas sales:
Oil $ 704,023 $ 749,300 $ 834,006
Gas 1,417,313 1,013,669 1,568,047
--------- --------- ---------
Total $2,121,336 $1,762,969 $2,402,053
========= ========= =========
Total direct operating
expenses $ 758,392 $ 695,041 $ 772,812
========= ========= =========
Direct operating expenses
as a percentage of oil
and gas sales 35.8% 39.4% 32.2%
Average sales price:
Per barrel of oil $19.79 $16.61 $15.20
Per Mcf of gas 2.17 1.42 1.72
Direct operating expenses
per equivalent Bbl of
oil $ 5.25 $ 4.25 $ 3.74
Proved Reserves and Net Present Value
The following table sets forth each Partnership's estimated
proved oil and gas reserves and net present value therefrom as of
December 31, 1996. The schedule of quantities of proved oil and gas
reserves was prepared by the General Partner in accordance with the
rules prescribed by the Securities and Exchange Commission (the
"SEC"). Certain reserve information was reviewed by Ryder Scott
Company Petroleum Engineers ("Ryder Scott"), an independent petroleum
engineering firm. As used throughout this Annual Report, "proved
reserves" refers to those estimated quantities of crude oil, gas, and
gas liquids which geological and engineering data demonstrate with
reasonable certainty to be recoverable in future years from known oil
and gas reservoirs under existing economic and operating conditions.
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Net present value represents estimated future gross cash flow
from the production and sale of proved reserves, net of estimated oil
and gas production costs (including production taxes, ad valorem
taxes, and operating expenses) and estimated future development costs,
discounted at 10% per annum. Net present value attributable to the
Partnerships' proved reserves was calculated on the basis of current
costs and prices at December 31, 1996. Such prices were not escalated
except in certain circumstances where escalations were fixed and
readily determinable in accordance with applicable contract
provisions. The prices used in calculating the net present value
attributable to the Partnerships' proved reserves do not necessarily
reflect market prices for oil and gas production subsequent to
December 31, 1996. Furthermore, gas prices at December 31, 1996 were
much higher than the price used for determining the Partnerships' net
present value of proved reserves for the year ended December 31, 1995
and substantially higher than the average prices received by the
Partnerships in each of the last several years. There can be no
assurance that the prices used in calculating the net present value of
the Partnerships' proved reserves at December 31, 1996 will actually
be realized for such production.
The process of estimating oil and gas reserves is complex,
requiring significant subjective decisions in the evaluation of
available geological, engineering, and economic data for each
reservoir. The data for a given reservoir may change substantially
over time as a result of, among other things, additional development
activity, production history, and viability of production under
varying economic conditions; consequently, it is reasonably possible
that material revisions to existing reserve estimates may occur in the
near future. Although every reasonable effort has been made to ensure
that the reserve estimates reported herein represent the most accurate
assessment possible, the significance of the subjective decisions
required and variances in available data for various reservoirs make
these estimates generally less precise than other estimates presented
in connection with financial statement disclosures.
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Proved Reserves and
Net Present Values
From Proved Reserves
As of December 31, 1996(1)
I-B Partnership:
- ---------------
Estimated proved reserves:
Gas (Mcf) 909,845
Oil and liquids (Bbls) 12,903
Net present value (discounted at 10% per annum) $ 1,959,674
I-C Partnership:
- ---------------
Estimated proved reserves:
Gas (Mcf) 802,910
Oil and liquids (Bbls) 121,233
Net present value (discounted at 10% per annum) $ 2,500,225
I-D Partnership:
- ---------------
Estimated proved reserves:
Gas (Mcf) 2,297,923
Oil and liquids (Bbls) 55,577
Net present value (discounted at 10% per annum) $ 5,541,043
I-E Partnership:
- ---------------
Estimated proved reserves:
Gas (Mcf) 11,752,987
Oil and liquids (Bbls) 520,835
Net present value (discounted at 10% per annum) $27,183,228
I-F Partnership:
- ---------------
Estimated proved reserves:
Gas (Mcf) 3,556,285
Oil and liquids (Bbls) 269,162
Net present value (discounted at 10% per annum) $ 9,080,407
- ----------
(1) Includes certain gas balancing adjustments which cause the gas
volumes and net present values to differ from the reserve reports
prepared by the General Partner and reviewed by Ryder Scott.
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No estimates of the proved reserves of the Partnerships
comparable to those included herein have been included in reports to
any federal agency other than the SEC. Additional information
relating to the Partnerships' proved reserves is contained in Note 4
to the Partnerships' financial statements, included in Item 8 of this
Annual Report.
Significant Properties
The following table sets forth the basins in which the
Partnerships own a significant amount of properties. The table
contains the following information for each significant basin: (i)
the number of gross and net wells, (ii) the number of wells in which
only a non-working interest is owned, (iii) the Partnership's total
number of wells, (iv) the number and percentage of wells operated by
the Partnership's affiliates, (v) estimated proved oil reserves, (vi)
estimated proved gas reserves, and (vii) the present value (discounted
at 10% per annum) of estimated future net cash flow.
The Anadarko Basin is located in western Oklahoma and the Texas
Panhandle, while the Gulf Coast Basin is located in southern Louisiana
and southeast Texas. The Mid-Gulf Coast Basin is located in southern
Alabama and Mississippi, while the Permian Basin straddles west Texas
and southeast New Mexico. The Williston Basin is located in North
Dakota, South Dakota, and eastern Montana.
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<TABLE>
<CAPTION>
Significant Properties
----------------------
Wells
Operated by
Affiliates Oil Gas
Gross Net Other Total ------------ Reserves Reserves Present
Basin Wells Wells Wells(1) Wells Number % (Bbl) (Mcf) Value
- ------------------ ------ ------- ------ ------ ------ ---- -------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
I-B Partnership:
Mid-Gulf Coast 13 .41 - 13 - -% 4,708 419,425 951,235
Gulf Coast 14 1.01 7 21 1 5% 6,128 153,575 418,741
Permian 68 2.61 1 69 2 3% 1,825 331,189 573,972
I-C Partnership:
Gulf Coast 11 .28 5 16 - -% 17,010 211,596 1,019,969
Anadarko 8 4.59 1 9 7 78% 37,236 432,522 858,563
Williston 2 1.50 - 2 2 100% 62,485 7,393 311,203
I-D Partnership:
Anadarko 100 2.60 59 159 21 13% 12,284 1,105,646 2,320,767
Permian 408 .66 6 414 - -% 20,388 688,792 1,517,722
Gulf Coast 3 .16 - 3 - -% 18,069 247,129 1,135,795
I-E Partnership:
Anadarko 147 14.40 58 205 26 13% 77,014 5,139,992 10,969,610
Gulf Coast 187 8.80 - 187 - -% 152,646 1,036,217 3,034,853
Permian 423 4.73 3 426 9 2% 155,768 4,143,883 9,385,930
I-F Partnership:
Anadarko 147 6.70 58 205 26 13% 38,567 2,271,421 4,885,711
Gulf Coast 187 3.48 - 187 - -% 54,073 400,306 1,163,713
Permian 409 2.25 - 409 9 2% 87,238 152,165 958,637
- ---------------------
(1) Wells in which only a non-working interest is owned.
</TABLE>
17
<PAGE>
<PAGE>
Title to Oil and Gas Properties
Management believes that the Partnerships have satisfactory title
to their oil and gas properties. Record title to all of the
Partnerships' properties is held by either the Partnerships or Geodyne
Nominee Corporation, an affiliate of the General Partner.
Title to the Partnerships' properties is subject to customary
royalty, overriding royalty, carried, working, and other similar
interests and contractual arrangements customary in the oil and gas
industry, to liens for current taxes not yet due, and to other
encumbrances. Management believes that such burdens do not materially
detract from the value of such properties or from the Partnerships'
interest therein or materially interfere with their use in the
operation of the Partnerships' business.
ITEM 3. LEGAL PROCEEDINGS
On November 23 and 25, 1994, Geodyne, PaineWebber Incorporated
("PaineWebber"), and certain other parties were named as defendants in
two related lawsuits alleging misrepresentations made to induce
investments in the Partnerships' units of limited partnership interest
("Units") and asserting causes of action for common law fraud and
deceit and unjust enrichment (Romine v. PaineWebber, Inc., et al, Case
No. 94-CIV-8558, U. S. District Court, Southern District of New York
and Romine v. PaineWebber, Inc., et al, Case No. 94-132844, Supreme
Court of the State of New York, County of New York). The federal
court case was later consolidated with other similar actions (to which
Geodyne is not a party) under the title In Re: PaineWebber Limited
Partnerships' Litigation and was certified as a class action on May
30, 1995 (the "PaineWebber Partnership Class Action"). A class action
notice was mailed on June 7, 1995 to all members of the class. The
PaineWebber Partnership Class Action also alleges violations of 18
U.S.C. Section 1962(c) and the Securities Exchange Act of 1934.
Compensatory and punitive damages, interest, and costs have been
requested in both matters. The amended complaint in the PaineWebber
Partnership Class Action no longer asserts any claim directly against
Geodyne.
18
<PAGE>
<PAGE>
On January 18, 1996, PaineWebber issued a press release
indicating that it had reached settlement agreements to settle with
(i) the plaintiffs in the pending PaineWebber Partnership Class Action
and another class action matter involving certain other partnerships
sponsored by Geodyne, (ii) the SEC, and (iii) various state securities
regulators. On that date, PaineWebber paid $125 million into an
interest bearing account as part of a memorandum of understanding in
connection with the proposed settlement (the "Settlement Fund"). The
Settlement Fund applies to claims related to both the Partnerships and
certain other investment programs sold by PaineWebber. In addition,
PaineWebber agreed to a SEC administrative order creating a capped $40
million fund (the "SEC Claims Fund"), which is to be distributed to
eligible Limited Partners by an independent administrator (the "Claims
Administrator"); a civil penalty of $5 million leveled by the SEC; and
payments aggregating $5 million to state securities administrators.
Such settlement is not an obligation of either the Partnerships or
Geodyne and, accordingly, would not affect the financial statements of
the Partnerships.
In connection with the PaineWebber Partnership Class Action, on
July 17, 1996 the federal court entered a preliminary order regarding
the settlement proceedings referred to above. Pursuant to that order,
plaintiffs' counsel mailed to class members the Class Settlement
Notice (the "Notice") and Proof of Claim. Eligible class members are
generally those who purchased their Units through PaineWebber on or
before December 31, 1992 and who have not (i) previously opted out of
the Class, (ii) previously released PaineWebber, or (iii) finally
adjudicated their claims against PaineWebber.
Plaintiffs' counsel will be responsible for allocating payments
from the $125 million Settlement Fund previously funded by PaineWebber
among eligible Limited Partners and investors in other unrelated
PaineWebber partnerships in accordance with the settlement. The
amount and date of any payment will vary depending upon many factors
set forth in the Notice. According to the Notice, since the I-D, I-E,
and I-F Partnerships have already achieved "payout," substantially all
of the Limited Partners in those Partnerships will not be entitled to
payments under the Settlement Fund. It is currently expected that
payments from the Settlement Fund will be made some time in 1997.
19
<PAGE>
<PAGE>
In addition, eligible Limited Partners in the Partnerships,
except for the I-D, I-E, and I-F Partnerships, who held their Units on
June 3, 1996 may be entitled to certain additional payments from an
escrow fund to which PaineWebber will make payments through May 30,
2001 if spot market oil and natural gas prices as reported by the New
York Mercantile Exchange fall below certain thresholds set forth in
the Notice (the "Pricing Guarantee"). The threshold prices used in
the Pricing Guarantee are $18.00 per barrel of oil and $1.80 per Mcf
of gas. Under the Notice, PaineWebber payments, if any, made pursuant
to the Pricing Guarantee will be paid to Limited Partners of record on
June 30, 1996 irrespective of whether they subsequently sell/dispose
of their Units to third parties. The Pricing Guarantee does NOT
attach to the Units as an attribute of ownership in the Partnerships
and is not an obligation of either Geodyne or the Partnerships.
A look back provision is also included in the settlement which
may provide additional funds as of January 1, 2001 for eligible
Limited Partners. Class members who sold their Units prior to June
30, 1996 will not be eligible for payments, if any, under the Pricing
Guarantee or the look back provision.
Eligible Limited Partners were required to timely execute and
return a proof of claim by January 17, 1997 in order to participate in
the settlement.
In connection with the SEC Claims Fund, on April 17, 1996,
PaineWebber mailed a Notice and Claim Form to each Limited Partner who
purchased Units in the Partnerships through PaineWebber from January
1, 1986 to December 31, 1992. Limited Partners are not eligible to
participate in the claims process if they (i) previously reached a
settlement with PaineWebber or (ii) had their direct investment claim
resolved by a court or in arbitration. Participation in the claims
process is optional, and does not prevent a Limited Partner from
pursuing any other remedy against PaineWebber that may be available.
Limited Partners had until October 22, 1996 to complete the claim form
and return it to the Claims Administrator. The determination of
whether a Limited Partner is entitled to a recovery under the SEC
Claims Fund will be based on whether or not the Claims Administrator
determines that the Limited Partner's investment in the Partnerships
was suitable for him at the time of purchase. In addition, if the
Limited Partner has opted out of the PaineWebber Partnership Class
Action and has not already settled with PaineWebber or has had a claim
resolved by a court or in arbitration, the Claims Administrator will
also consider allegations that misrepresentations were made in
connection with the sale of the Units.
On March 20, 1997 the settlement described above was confirmed by
the federal court.
20
<PAGE>
<PAGE>
To the knowledge of the General Partner, neither the General
Partner nor the Partnerships or their properties are subject to any
litigation, the results of which would have a material effect on the
Partnerships' or the General Partner's financial condition or
operations.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF LIMITED PARTNERS
There were no matters submitted to a vote of the Limited Partners
of any Partnership during 1996.
21
<PAGE>
<PAGE>
PART II
ITEM 5. MARKET FOR UNITS AND RELATED LIMITED PARTNER MATTERS
As of February 28, 1997, the number of Units outstanding and the
approximate number of Limited Partners of record in the Partnerships
were as follows:
Number of
Number of Limited
Partnership Units Partners
----------- --------- ------------
I-B 11,958 861
I-C 8,885 788
I-D 7,195 771
I-E 41,839 2,949
I-F 14,321 949
Units were initially sold for a price of $1,000. The Units are
not traded on any exchange and there is no public trading market for
them. The General Partner is aware of certain transfers of Units
between unrelated parties, some of which are facilitated by secondary
trading firms and matching services. However, the General Partner
believes that these transfers have been limited and sporadic in number
and volume. Other than trades facilitated by certain secondary
trading firms and matching services, no organized trading market for
Units exists and none is expected to develop. Due to the nature of
these transactions, the General Partner has no verifiable information
regarding prices at which Units have been transferred. Further, a
transferee may not become a substitute Limited Partner without the
consent of the General Partner.
Pursuant to the terms of the Partnership Agreements, the General
Partner is obligated to annually issue a repurchase offer which is
based on the estimated future net revenues from the Partnerships'
reserves and is calculated pursuant to the terms of the Partnership
Agreements. Such repurchase offer is recalculated monthly in order to
reflect cash distributions to the Limited Partners and extraordinary
events. The following table sets forth the General Partner's
repurchase offer per Unit as of the periods indicated. For purpose of
this Annual Report, a Unit represents an initial subscription of
$1,000 to a Partnership.
22
<PAGE>
<PAGE>
Repurchase Offer Prices
-----------------------
1995 1996 1997
---------------------- ---------------------- ----
1st 2nd 3rd 4th 1st 2nd 3rd 4th 1st
P/ship Qtr. Qtr. Qtr. Qtr. Qtr. Qtr. Qtr. Qtr. Qtr.
- ------ ---- ---- ---- ---- ---- ---- ---- ---- ----
I-B $ 64 $ 52 $ 49 $ 47 $ 45 $ 43 $ 52 $ 51 $ 50
I-C 22 104 92 80 68 49 55 38 13
I-D 120 238 217 192 165 133 182 138 94
I-E 170 178 166 153 139 126 184 160 141
I-F 147 170 160 147 132 117 169 148 127
The Partnership Agreements also provide for a right of
presentment ("Right of Presentment") whereby the General Partner is
required, upon request, to purchase up to 10% of a Partnership's
outstanding Units at a price calculated pursuant to the terms of the
Partnership Agreements and based on the liquidation value of the
limited partnership interest, with a reduction for 70% of cash
distributions that have been received prior to the transfer of the
partnership interest. The following table sets forth the Right of
Presentment price per Unit as of the periods indicated.
Right of Presentment Prices
---------------------------
1995 1996 1997
---------------------- ---------------------- ----
1st 2nd 3rd 4th 1st 2nd 3rd 4th 1st
P/ship Qtr. Qtr. Qtr. Qtr. Qtr. Qtr. Qtr. Qtr. Qtr.
- ------ ---- ---- ---- ---- ---- ---- ---- ---- ----
I-B $ 77 $ 76 $ 55 $ 54 $ 53 $ 51 $ 56 $ 55 $ 55
I-C 50 41 106 98 90 76 74 62 45
I-D 178 159 244 227 208 186 215 184 153
I-E 206 196 184 175 166 156 203 186 173
I-F 181 170 178 169 158 148 188 173 159
23
<PAGE>
<PAGE>
Cash Distributions
Cash distributions are primarily dependent upon a Partnership's
cash receipts from the sale of oil and gas production and cash
requirements of the Partnership. Distributable cash is determined by
the General Partner at the end of each calendar quarter and
distributed to the Limited Partners within 45 days after the end of
the quarter. Distributions are restricted to cash on hand less
amounts required to be retained out of such cash as determined in the
sole judgment of the General Partner to pay costs, expenses, or other
Partnership obligations whether accrued or anticipated to accrue. In
certain instances, the General Partner may not distribute the full
amount of cash receipts which might otherwise be available for
distribution in an effort to equalize or stabilize the amounts of
quarterly distributions. Any available amounts not distributed are
invested and the interest or income thereon is for the accounts of the
Limited Partners.
The following is a summary of cash distributions paid to the
Limited Partners for the years ended December 31, 1995 and 1996 and
the first quarter of 1997:
Cash Distributions
------------------
1995
------------------------------
1st 2nd 3rd 4th
P/ship Qtr. Qtr. Qtr. Qtr.
------ ------ ------ ------ ------
I-B $ 4.43 $ 1.92 $ 3.01 $ 1.76
I-C 12.38 12.94 11.82 11.82
I-D 27.10 27.80 20.85 25.02
I-E 11.35 13.98 12.55 13.27
I-F 16.76 15.36 10.82 12.57
1996 1997
--------------------------------- ---------
1st 2nd 3rd 4th 1st
P/ship Qtr. Qtr. Qtr. Qtr. Qtr.
------ ------ ------ ------ --------- ---------
I-B $ 1.84 $ 2.01 $ 1.76 $ .92 $ .84
I-C 12.27 19.13 26.22 17.00(1) 24.54(1)
I-D 26.41 32.11 41.56 43.78(1) 43.50(1)
I-E 13.10 13.27 17.66 24.16(1) 18.71(1)
I-F 14.87 14.80 15.50 21.93(1) 20.11(1)
- --------------------------
(1) Includes proceeds from the sale of oil and gas properties.
24
<PAGE>
<PAGE>
ITEM 6. SELECTED FINANCIAL DATA
The following tables present selected financial data for the
Partnerships. This data should be read in conjunction with the
financial statements of the Partnerships, and the respective notes
thereto, included elsewhere in this Annual Report. See "Item 8.
Financial Statements and Supplementary Data."
<TABLE>
<CAPTION>
Selected Financial Data
I-B Partnership
---------------
1996 1995 1994 1993 1992
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Oil and Gas Sales $364,052 $254,050 $ 453,021 $ 451,266 $ 435,684
Net Income (Loss):
Limited Partners 99,324 ( 376,689) ( 53,126) ( 295,280) ( 884,741)
General Partner 7,877 ( 1,776) 9,616 6,284 ( 574)
Total 107,201 ( 378,465) ( 43,510) ( 288,996) ( 885,315)
Limited Partners' Net
Income (Loss) per Unit 8.31 ( 31.50) ( 4.44) ( 24.69) ( 73.99)
Limited Partners' Cash
Distributions per
Unit 6.53 11.12 20.82 13.54 7.50
Total Assets 609,137 648,040 1,126,318 1,400,428 1,834,185
Partners' Capital
(Deficit):
Limited Partners 658,273 636,949 1,146,638 1,448,764 1,905,917
General Partner ( 102,526) ( 104,724) ( 95,948) ( 93,546) ( 89,918)
Number of Units
Outstanding 11,958 11,958 11,958 11,958 11,958
</TABLE>
25
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
Selected Financial Data
I-C Partnership
---------------
1996 1995 1994 1993 1992
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Oil and Gas Sales $1,181,096 $808,435 $1,042,630 $1,032,753 $1,106,139
Net Income:
Limited Partners 699,745 118,612 321,969 257,176 329,584
General Partner 38,944 20,456 27,850 27,641 33,063
Total 738,689 139,068 349,819 284,817 362,647
Limited Partners' Net
Income per Unit 78.76 13.35 36.24 28.94 37.09
Limited Partners' Cash
Distributions per
Unit 74.62 48.96 61.34 74.27 65.00
Total Assets 781,470 780,070 1,096,208 1,313,037 1,704,607
Partners' Capital
(Deficit):
Limited Partners 837,689 800,944 1,117,332 1,340,363 1,743,099
General Partner ( 85,499) ( 66,308) ( 63,764) ( 63,314) ( 54,895)
Number of Units
Outstanding 8,885 8,885 8,885 8,885 8,885
26
<PAGE>
<PAGE>
</TABLE>
<TABLE>
<CAPTION>
Selected Financial Data
I-D Partnership
---------------
1996 1995 1994 1993 1992
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Oil and Gas Sales $1,812,568 $1,237,419 $1,738,315 $1,422,035 $1,711,390
Net Income:
Limited Partners 1,114,924 516,300 780,423 406,159 519,794
General Partner 219,180 135,487 193,738 148,907 189,164
Total 1,334,104 651,787 974,161 555,066 708,958
Limited Partners' Net
Income per Unit 154.96 71.76 108.47 56.45 72.24
Limited Partners' Cash
Distributions per
Unit 143.86 100.77 139.69 146.60 110.00
Total Assets 1,605,063 1,594,441 1,833,702 2,315,093 2,888,157
Partners' Capital
(Deficit):
Limited Partners 1,540,523 1,460,599 1,669,299 1,893,876 2,542,453
General Partner ( 4,248) 17,993 9,506 ( 4,232) 27,421
Number of Units
Outstanding 7,195 7,195 7,195 7,195 7,195
</TABLE>
27
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
Selected Financial Data
I-E Partnership
---------------
1996 1995 1994 1993 1992
------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Oil and Gas Sales $6,006,431 $4,777,881 $ 6,455,258 $ 5,714,015 $ 7,035,934
Net Income:
Limited Partners 2,660,067 316,558 1,400,859 461,455 692,734
General Partner 602,481 368,023 369,587 284,492 392,712
Total 3,262,548 684,581 1,770,446 745,947 1,085,446
Limited Partners' Net
Income per Unit 63.58 7.57 33.48 11.03 16.56
Limited Partners' Cash
Distributions per
Unit 68.19 51.15 73.03 89.88 65.00
Total Assets 8,572,514 8,957,340 11,037,156 13,464,874 15,843,325
Partners' Capital
(Deficit):
Limited Partners 8,300,529 8,493,462 10,316,904 11,971,045 15,270,170
General Partner ( 113,140) ( 54,687) ( 115,710) ( 145,297) ( 66,309)
Number of Units
Outstanding 41,839 41,839 41,839 41,839 41,839
</TABLE>
28
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
Selected Financial Data
I-F Partnership
---------------
1996 1995 1994 1993 1992
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Oil and Gas Sales $2,121,336 $1,762,969 $2,402,053 $1,992,506 $2,546,778
Net Income:
Limited Partners 883,367 37,379 540,094 65,189 57,528
General Partner 198,724 117,455 138,915 83,769 124,856
Total 1,082,091 154,834 679,009 148,958 182,384
Limited Partners' Net
Income per Unit 61.68 2.61 37.71 4.55 4.02
Limited Partners' Cash
Distributions per
Unit 67.10 55.51 71.91 68.31 60.00
Total Assets 2,982,983 3,124,394 3,878,707 4,681,419 5,493,320
Partners' Capital
(Deficit):
Limited Partners 2,845,660 2,923,293 3,680,914 4,170,820 5,083,655
General Partner ( 59,110) ( 25,679) ( 33,134) ( 58,049) ( 33,008)
Number of Units
Outstanding 14,321 14,321 14,321 14,321 14,321
</TABLE>
29
<PAGE>
<PAGE>
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Use of Forward-Looking Statements and Estimates
This Annual 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 Annual 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 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. Concerning past trends, average yearly wellhead gas
prices in the United States have been relatively volatile for a number
of years. For the past ten years, such prices have generally been in
the $1.40 to $2.00 per Mcf range, significantly below prices received
in the early 1980s. Average gas prices in the latter part of 1996 and
January 1997, however, were somewhat higher than those yearly
averages. It is not known whether this was a short-term trend or an
indicator of potentially higher average gas prices on a longer-term
basis.
30
<PAGE>
<PAGE>
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. Spot
prices for the Partnerships' gas increased from approximately $2.00
per Mcf at December 31, 1995 to approximately $3.57 per Mcf at
December 31, 1996. Such prices were on an MMBTU basis and differ from
the prices actually received by the Partnerships due to transportation
and marketing costs, BTU adjustments, and regional price and quality
differences.
Due to global consumption and supply trends over the last several
months, oil prices have recently been higher than the yearly average
prices of the late to mid-1980s and early 1990s. It is not known
whether this trend will continue. Prices for the Partnerships' oil
increased from approximately $18.50 per barrel at December 31, 1995 to
approximately $23.75 per barrel at December 31, 1996.
Future prices for both oil and gas will likely be different from
(and may be lower than) the prices in effect on December 31, 1996.
Primarily due to heating season demand, year-end prices in many past
years have tended to be higher, and in some cases significantly
higher, than the yearly average price actually received by the
Partnerships for at least the following year. In particular, it
should be noted that December 31, 1996 prices were much higher than
year-end prices for the last several years and substantially higher
than the average prices received in each of the last several years.
It is not possible to predict whether the December 1996 pricing level
is indicative of a new trend toward higher energy prices or a short-
term deviation from the recent history of low to moderate prices;
therefore, management is unable to predict whether future oil and gas
prices will (i) stabilize, (ii) increase, or (iii) decrease.
Results of Operations
An analysis of the change in net oil and gas operations (oil and
gas sales, less lease operating expenses and production taxes) is
presented in the tables following "Results of Operations" under the
heading "Average Sales Prices, Production Volumes, and Average
Production Costs."
31
<PAGE>
<PAGE>
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 for each
field, rather than for the Partnerships' properties as a whole as
previously allowed by the SEC. See Note 1 to the Partnerships'
financial statements, included in Item 8 of this Annual Report for a
further description of this impairment policy. As a result of the
Partnerships' adoption of SFAS No. 121, the Partnerships recorded a
non-cash charge against earnings (impairment provision) during the
fourth quarter of 1995 as follows:
Partnership Amount
----------- ------
I-B $125,159
I-C 155,698
I-D 19,510
I-E 748,728
I-F 258,913
No such charge was recorded for any Partnership during the year ended
December 31, 1996 under SFAS No. 121 or during the year ended December
31, 1994 pursuant to the Partnerships' prior impairment policy.
Subsequent to December 31, 1996, the oil and gas industry has
seen a drop in oil and gas prices. This drop is a function of the
cyclical nature of oil and gas prices as discussed under the heading
"Competition and Marketing" in Item 1 of this Annual Report. The
Partnerships' reserves were determined at December 31, 1996 using oil
and gas prices of $23.75 per barrel and $3.57 per Mcf, respectively.
As of the date of this Annual Report, oil and gas prices received by
the Partnerships have decreased to approximately $19.00 per barrel and
$1.60 per Mcf, respectively (the "Filing Date Prices"). If the Filing
Date Prices, as opposed to December 31, 1996 prices, were used in
calculating the standardized measure of discounted future net cash
flows of the Partnerships' proved oil and gas reserves as of December
31, 1996, as contained in Note 4 to the Partnerships' financial
statements included in Item 8 of this Annual Report, the value
assigned to the Partnerships' oil and gas reserves would have been
significantly lower. In addition, using the Filing Date Prices to
determine the recoverability of oil and gas reserves would have
required impairment provisions of the following approximate amounts at
December 31, 1996:
32
<PAGE>
<PAGE>
Partnership Amount
----------- -------
I-B $19,000
I-C 5,000
I-D 13,000
I-E 60,000
I-F 21,000
If the Filing Date Prices are in effect on March 31, 1997, the above
impairment provisions will be reflected in the Partnerships' financial
statements as of March 31, 1997. Impairment provisions do not impact
the Partnerships cash flows from operating activities; however, they
do impact the amount of General Partner and Limited Partner capital.
The risk that the Partnerships will be required to record further
impairment provisions in the future, beyond those noted above,
increases when oil and gas prices are depressed. Accordingly, the I-D
Partnership has one field in which it is reasonably possible that an
impairment provision will be recorded in the near term if gas prices
decrease below the Filing Date Prices.
I-B Partnership
---------------
Year Ended December 31, 1996 Compared
to Year Ended December 31, 1995
-------------------------------------
Total oil and gas sales increased $110,002 (43.3%) for the year
ended December 31, 1996 as compared to the year ended December 31,
1995. Of this increase, approximately $140,000 was related to an
increase in the average price of gas sold, partially offset by a
decrease of approximately $39,000 related to a decrease in volumes of
oil sold. Volumes of oil sold decreased 2,331 barrels, while volumes
of gas sold increased 305 Mcf for the year ended December 31, 1996 as
compared to the year ended December 31, 1995. The decrease in volumes
of oil sold resulted primarily from (i) the shutting-in of two wells
during the year ended December 31, 1996 in order to increase
production capabilities and (ii) normal declines in production due to
diminished oil reserves on three wells. Average oil and gas prices
increased to $21.14 per barrel and $2.10 per Mcf, respectively, for
the year ended December 31, 1996 from $16.79 per barrel and $1.17 per
Mcf, respectively, for the year ended December 31, 1995.
33
<PAGE>
<PAGE>
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $29,774 (18.5%) for the year
ended December 31, 1996 as compared to the year ended December 31,
1995. This decrease resulted primarily from (i) the decreases in
volumes of oil sold during the year ended December 31, 1996 as
compared to the year ended December 31, 1995 and (ii) workover
expenses incurred on one well during the year ended December 31, 1995,
partially offset by workover expenses incurred on another well during
the year ended December 31, 1996. Workover expenses are incurred in
order to improve the recovery of reserves on a particular well. As a
percentage of oil and gas sales, these expenses decreased to 36.1% for
the year ended December 31, 1996 from 63.4% for the year ended
December 31, 1995. This percentage decrease was primarily due to the
decrease in workover expenses discussed above and increases in the
average prices of oil and gas sold during the year ended December 31,
1996 as compared to the year ended December 31, 1995.
Depreciation, depletion, and amortization of oil and gas
properties decreased $240,187 (79.1%) for the year ended December 31,
1996 as compared to the year ended December 31, 1995. Approximately
three-fourths of this decrease was related to five significant wells
which were fully depleted in 1995 due to a lack of remaining reserves.
The remaining portion of this decrease resulted primarily from (i) an
upward revision in the estimate of remaining gas reserves at December
31, 1996, (ii) the decrease in volumes of oil sold during the year
ended December 31, 1996 as compared to the year ended December 31,
1995, and (iii) a decrease in capitalized costs due to an impairment
provision recognized in the fourth quarter of 1995. As a percentage
of oil and gas sales, this expense decreased to 17.4% for the year
ended December 31, 1996 from 119.5% for the year ended December 31,
1995. 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
year ended December 31, 1996 as compared to the year ended December
31, 1995.
As set forth under "Results of Operations" above, the I-B
Partnership recognized a non-cash charge against earnings of $125,159
for the year ended December 31, 1995. 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. No similar charge was necessary during the year
ended December 31, 1996.
34
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<PAGE>
General and administrative expenses increased $14,995 (31.2%) for
the year ended December 31, 1996 as compared to the year ended
December 31, 1995. This increase resulted primarily from an increase
in both professional fees and printing and postage expenses during the
year ended December 31, 1996 as compared to the year ended December
31, 1995. As a percentage of oil and gas sales, these expenses
decreased to 17.3% for the year ended December 31, 1996 from 18.9% for
the year ended December 31, 1995. This percentage decrease was
primarily due to the increase in oil and gas sales discussed above.
The Limited Partners in the I-B Partnership received cash
distributions through December 31, 1996 of $6,430,527 or 53.78% of
Limited Partner capital contributions.
Year Ended December 31, 1995 Compared
to Year Ended December 31, 1994
-------------------------------------
Total oil and gas sales decreased $198,971 (43.9%) for the year
ended December 31, 1995 as compared to the year ended December 31,
1994. Of this decrease, approximately $68,000 and $40,000,
respectively, were related to decreases in volumes of oil and gas sold
and approximately $99,000 was related to a decrease in the average
price of gas sold. Volumes of oil and gas sold decreased 4,504
barrels and 21,963 Mcf, respectively, for the year ended December 31,
1995 as compared to the year ended December 31, 1994. The decrease in
volumes of oil sold resulted primarily from (i) one significant well
being shut-in during the year ended December 31, 1995 in order to
increase the well's production capabilities and (ii) a period of
increased production on another significant well during the year ended
December 31, 1994 due to a redrill. Average gas prices decreased to
$1.17 per Mcf for the year ended December 31, 1995 from $1.83 per Mcf
for the year ended December 31, 1994. Average oil prices increased to
$16.79 per barrel for the year ended December 31, 1995 from $15.09
per barrel for the year ended December 31, 1994.
Oil and gas production expenses (lease operating expenses and
production taxes) increased $14,706 (10.0%) for the year ended
December 31, 1995 as compared to the year ended December 31, 1994.
This increase was primarily due to a lease operating expense
adjustment recognized during the year ended December 31, 1994
associated with changes in estimates by the third party operator of
gas balancing positions on certain wells, partially offset by the
decreases in volumes of oil and gas sold during the year ended
December 31, 1995 as compared to the year ended December 31, 1994. As
a percentage of oil and gas sales, these expenses increased to 63.4%
for the year ended December 31, 1995 from 32.3% for the year ended
December 31, 1994. This percentage increase was primarily due to the
35
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<PAGE>
decrease in the average price of gas sold during the year ended
December 31, 1995 as compared to the year ended December 31, 1994.
Depreciation, depletion, and amortization of oil and gas
properties increased $8,726 (3.0%) for the year ended December 31,
1995 as compared to the year ended December 31, 1994. This increase
was primarily due to downward reserve revisions at December 31, 1995
on several properties, partially offset by decreases in the volumes of
oil and gas sold during the year ended December 31, 1995 as compared
to the year ended December 31, 1994. As a percentage of oil and gas
sales, this expense increased to 119.5% for the year ended December
31, 1995 from 65.1% for the year ended December 31, 1994. This
percentage increase was primarily due to the dollar increase in
depreciation, depletion, and amortization discussed above and the
decrease in the average price of gas sold during the year ended
December 31, 1995 as compared to the year ended December 31, 1994.
As set forth under "Results of Operations" above, the I-B
Partnership recognized a non-cash charge against earnings of $125,159
for the year ended December 31, 1995. 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 on October 1, 1995. No similar charge was necessary
during the year ended December 31, 1994 under the I-B Partnership's
prior impairment policy.
General and administrative expenses decreased $8,748 (15.4%) for
the year ended December 31, 1995 as compared to the year ended
December 31, 1994. This decrease was primarily due to a decrease in
both professional fees and printing and postage expenses during the
year ended December 31, 1995 as compared to the year ended December
31, 1994. As a percentage of oil and gas sales, these expenses
increased to 18.9% for the year ended December 31, 1995 from 12.6% for
the year ended December 31, 1994. This percentage increase was
primarily a result of the decrease in oil and gas sales during the
year ended December 31, 1995 as compared to the year ended December
31, 1994.
36
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<PAGE>
I-C Partnership
---------------
Year Ended December 31, 1996 Compared
to Year Ended December 31, 1995
-------------------------------------
Total oil and gas sales increased $372,661 (46.1%) for the year
ended December 31, 1996 as compared to the year ended December 31,
1995. Of this increase, approximately $94,000 and $250,000,
respectively, were related to increases in the average prices of oil
and gas sold and approximately $33,000 was related to an increase in
volumes of gas sold. Volumes of oil sold decreased 306 barrels, while
volumes of gas sold increased 19,613 Mcf for the year ended December
31, 1996 as compared to the year ended December 31, 1995. Average oil
and gas prices increased to $20.13 per barrel and $2.76 per Mcf,
respectively, for the year ended December 31, 1996 from $16.70 per
barrel and $1.66 per Mcf, respectively, for the year ended December
31, 1995.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $33,499 (12.2%) for the year
ended December 31, 1996 as compared to the year ended December 31,
1995. This decrease resulted primarily from (i) a decrease in
workover expenses during the year ended December 31, 1996 as compared
to the year ended December 31, 1995 and (ii) a decrease in production
expenses due to the sale of several wells during the year ended
December 31, 1996. These decreases were partially offset by (i) an
increase in production taxes associated with the increase in oil and
gas sales discussed above and (ii) higher general repair and
maintenance expenses incurred on one well during the year ended
December 31, 1996 as compared to the year ended December 31, 1995. As
a percentage of oil and gas sales, these expenses decreased to 20.5%
for the year ended December 31, 1996 from 34.0% for the year ended
December 31, 1995. This percentage decrease was primarily due to the
dollar decrease in workover expenses discussed above and the increases
in the average prices of oil and gas sold during the year ended
December 31, 1996 as compared to the year ended December 31, 1995.
Depreciation, depletion, and amortization of oil and gas
properties decreased $123,500 (67.9%) for the year ended December 31,
1996 as compared to the year ended December 31, 1995. Approximately
one-fourth of this decrease was related to two significant wells which
were fully depleted in 1995 due to a lack of remaining reserves. The
remaining portion of this decrease resulted primarily from (i) upward
revisions in the estimates of remaining oil and gas reserves at
December 31, 1996 and (ii) a decrease in capitalized costs due to an
impairment provision recognized in the fourth quarter of 1995. As a
percentage of oil and gas sales, this expense decreased to 4.9% for
the year ended December 31, 1996 from 22.5% for the year ended
December 31, 1995.
37
<PAGE>
<PAGE>
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 year
ended December 31, 1996 as compared to the year ended December 31,
1995.
As set forth under "Results of Operations" above, the I-C
Partnership recognized a non-cash charge against earnings of $155,698
for the year ended December 31, 1995. 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 year
ended December 31, 1996.
General and administrative expenses increased $6,564 (6.5%) for
the year ended December 31, 1996 as compared to the year ended
December 31, 1995. This increase resulted primarily from an increase
in both professional fees and printing and postage expenses during the
year ended December 31, 1996 as compared to the year ended December
31, 1995. As a percentage of oil and gas sales, these expenses
decreased to 9.1% for the year ended December 31, 1996 from 12.4% for
the year ended December 31, 1995. This percentage decrease was
primarily due to the increase in oil and gas sales discussed above.
The Limited Partners in the I-C Partnership received cash
distributions through December 31, 1996 of $7,338,300 or 82.59% of
Limited Partner capital contributions.
Year Ended December 31, 1995 Compared
to Year Ended December 31, 1994
-------------------------------------
Total oil and gas sales decreased $234,195 (22.5%) for the year
ended December 31, 1995 as compared to the year ended December 31,
1994. Of this decrease, approximately $70,000 and $93,000,
respectively, were related to decreases in volumes of oil and gas sold
and approximately $99,000 was related to a decrease in the average
price of gas sold, partially offset by an increase of approximately
$28,000 related to an increase in the average price of oil sold.
Volumes of oil and gas sold decreased 4,459 barrels and 43,262 Mcf,
respectively, for the year ended December 31, 1995 as compared to the
year ended December 31, 1994. The decrease in volumes of gas sold
resulted primarily from (i) one significant well being shut-in during
1995, (ii) another significant well not producing at maximum capacity
during 1995 as compared to 1994 due to state-imposed allowable
restrictions, and (iii) the sale of two significant wells during the
year ended December 31, 1995. Average gas prices decreased to $1.66
per Mcf for the year ended December 31, 1995 from $2.14 per Mcf for
the year ended December 31, 1994.
38
<PAGE>
<PAGE>
Average oil prices increased to $16.70 per barrel for the year ended
December 31, 1995 from $15.69 per barrel for the year ended December
31, 1994.
Oil and gas production expenses (lease operating expenses and
production taxes) decreased $58,046 (17.4%) for the year ended
December 31, 1995 as compared to the year ended December 31, 1994.
This decrease was primarily due to workover expenses incurred on two
wells during the year ended December 31, 1994 and decreases in the
volumes of oil and gas sold during the year ended December 31, 1995 as
compared to the year ended December 31, 1994. As a percentage of oil
and gas sales, these expenses increased to 34.0% for the year ended
December 31, 1995 from 32.0% for the year ended December 31, 1994.
This percentage increase was primarily due to the decrease in the
average price of gas sold during the year ended December 31, 1995 as
compared to the year ended December 31, 1994.
Depreciation, depletion, and amortization of oil and gas
properties decreased $77,108 (29.8%) for the year ended December 31,
1995 as compared to the year ended December 31, 1994. This decrease
was primarily due to an upward revision in reserve estimates at
December 31, 1995 and decreases in the volumes of oil and gas sold
during the year ended December 31, 1995 as compared to the year ended
December 31, 1994. As a percentage of oil and gas sales, this expense
decreased to 22.5% for the year ended December 31, 1995 from 24.8% for
the year ended December 31, 1994. This percentage decrease was
primarily due to the upward revision in reserve estimates discussed
above, partially offset by the decrease in the average price of gas
sold during the year ended December 31, 1995 as compared to the year
ended December 31, 1994.
As set forth under "Results of Operations" above, the I-C
Partnership recognized a non-cash charge against earnings of $155,698
for the year ended December 31, 1995. 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 on October 1, 1995. No similar charge was necessary
during the year ended December 31, 1994 under the I-C Partnership's
prior impairment policy.
General and administrative expenses remained relatively constant
for the year ended December 31, 1995 as compared to the year ended
December 31, 1994. As a percentage of oil and gas sales, these
expenses increased to 12.4% for the year ended December 31, 1995 from
10.0% for the year ended December 31, 1994. This percentage increase
resulted primarily from the decrease in oil and gas sales during the
year ended December 31, 1995 as compared to the year ended December
31, 1994.
39
<PAGE>
<PAGE>
I-D Partnership
---------------
Year Ended December 31, 1996 Compared
to Year Ended December 31, 1995
-------------------------------------
Total oil and gas sales increased $575,149 (46.5%) for the year
ended December 31, 1996 as compared to the year ended December 31,
1995. Of this increase, approximately $79,000 and $514,000,
respectively, were related to increases in the average prices of oil
and gas sold. Volumes of oil and gas sold decreased 1,136 barrels and
312 Mcf, respectively, for the year ended December 31, 1996 as
compared to the year ended December 31, 1995. Average oil and gas
prices increased to $20.16 per barrel and $2.39 per Mcf, respectively,
for the year ended December 31, 1996 from $16.44 per barrel and $1.50
per Mcf, respectively, for the year ended December 31, 1995.
Oil and gas production expenses (including lease operating
expenses and production taxes) increased $54,257 (22.9%) for the year
ended December 31, 1996 as compared to the year ended December 31,
1995. This increase resulted primarily from (i) an increase in
production taxes associated with the increase in oil and gas sales
discussed above, (ii) a lease operating expense adjustment recognized
during the year ended December 31, 1996 associated with changes in
estimates by third party operators of gas balancing positions on
certain wells, and (iii) higher general repairs and maintenance
expenses incurred on one well during the year ended December 31, 1996
as compared to the year ended December 31, 1995, partially offset by a
decrease in production expenses due to the sale of one well during the
year ended December 31, 1996. As a percentage of oil and gas sales,
these expenses decreased to 16.0% for the year ended December 31, 1996
from 19.1% for the year ended December 31, 1995. This percentage
decrease was primarily due to the increases in the average prices of
oil and gas sold during the year ended December 31, 1996 as compared
to the year ended December 31, 1995, partially offset by the dollar
increase in production expenses associated with the lease operating
expense adjustment discussed above.
Depreciation, depletion, and amortization of oil and gas
properties decreased $101,447 (40.6%) for the year ended December 31,
1996 as compared to the year ended December 31, 1995. Approximately
40% of this decrease was related to two significant wells which were
fully depleted in 1995 due to a lack of remaining reserves. The
remaining portion of 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 8.2% for the year ended December 31, 1996 from 20.2% for
the year ended December 31, 1995. This percentage decrease was
primarily due to the dollar decrease in depreciation, depletion, and
40
<PAGE>
<PAGE>
amortization discussed above and the increases in the average
prices of oil and gas sold during the year ended December 31, 1996
as compared to the year ended December 31, 1995.
As set forth under "Results of Operations" above, the I-D
Partnership recognized a non-cash charge against earnings of $19,510
for the year ended December 31, 1995. 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. No similar charge was necessary during the year
ended December 31, 1996.
General and administrative expenses remained relatively constant
for the year ended December 31, 1996 as compared to the year ended
December 31, 1995. As a percentage of oil and gas sales, these
expenses decreased to 5.1% for the year ended December 31, 1996 from
7.2% for the year ended December 31, 1995. This percentage decrease
was primarily due to the increase in oil and gas sales discussed
above.
The Limited Partners in the I-D Partnership received cash
distributions through December 31, 1996 of $11,819,175 or 164.28% of
Limited Partner capital contributions.
Year Ended December 31, 1995 Compared
to Year Ended December 31, 1994
-------------------------------------
Total oil and gas sales decreased $500,896 (28.8%) for the year
ended December 31, 1995 as compared to the year ended December 31,
1994. Of this decrease, approximately $61,000 and $235,000,
respectively, were related to decreases in volumes of oil and gas sold
and approximately $231,000 was related to a decrease in the average
price of gas sold, partially offset by an increase of approximately
$22,000 related to an increase in the average price of oil sold.
Volumes of oil and gas sold decreased 3,942 barrels and 123,768 Mcf,
respectively, for the year ended December 31, 1995 as compared to the
year ended December 31, 1994. The decrease in volumes of oil sold
resulted primarily from one significant well not producing at maximum
capacity during 1995 due to state-imposed allowable restrictions and
normal declines in production on another significant well during the
year ended December 31, 1995. The decrease in the volumes of gas sold
resulted primarily from (i) one significant well not producing at
maximum capacity during 1995 due to state-imposed allowable
restrictions, (ii) negative volume adjustments made during the year
ended December 31, 1995 by a purchaser related to gas sold in prior
periods, and (iii) positive volume adjustments made during the year
ended December 31, 1994 by a purchaser related to gas sold in prior
41
<PAGE>
<PAGE>
periods. Average gas prices decreased to $1.50 per Mcf for the year
ended December 31, 1995 from $1.90 per Mcf for the year ended December
31, 1994. Average oil prices increased to $16.44 per barrel for the
year ended December 31, 1995 from $15.44 per barrel for the year ended
December 31, 1994.
Oil and gas production expenses (lease operating expenses and
production taxes) decreased $112,432 (32.2%) for the year ended
December 31, 1995 as compared to the year ended December 31, 1994.
This decrease was primarily due to workover expenses on one well
incurred during the year ended December 31, 1994 and the decreases in
the volumes of oil and gas sold during the year ended December 31,
1995 as compared to the year ended December 31, 1994. As a percentage
of oil and gas sales, these expenses remained relatively constant for
the year ended December 31, 1995 as compared to the year ended
December 31, 1994.
Depreciation, depletion, and amortization of oil and gas
properties decreased $90,184 (26.5%) for the year ended December 31,
1995 as compared to the year ended December 31, 1994. This decrease
was primarily due to the decreases in volumes of oil and gas sold
discussed above and upward revisions of previous reserve estimates at
December 31, 1995. As a percentage of oil and gas sales, this expense
increased to 20.2% for the year ended December 31, 1995 from 19.6% for
the year ended December 31, 1994. This percentage increase was
primarily due to the decrease in the average price of gas sold during
the year ended December 31, 1995 as compared to the year ended
December 31, 1994.
As set forth under "Results of Operations" above, the I-D
Partnership recognized a non-cash charge against earnings of $19,510
for the year ended December 31, 1995. 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 on October 1, 1995. No similar charge was necessary
during the year ended December 31, 1994 under the I-D Partnership's
prior impairment policy.
General and administrative expenses remained relatively constant
for the year ended December 31, 1995 as compared to the year ended
December 31, 1994. As a percentage of oil and gas sales, these
expenses increased to 7.2% for the year ended December 31, 1995 from
5.2% for the year ended December 31, 1994. This percentage increase
was primarily due to the decrease in oil and gas sales during the year
ended December 31, 1995 as compared to the year ended December 31,
1994.
42
<PAGE>
<PAGE>
I-E Partnership
---------------
Year Ended December 31, 1996 Compared
to Year Ended December 31, 1995
-------------------------------------
Total oil and gas sales increased $1,228,550 (25.7%) for the year
ended December 31, 1996 as compared to the year ended December 31,
1995. Of this increase, approximately $220,000 and $1,588,000,
respectively, were related to increases in the average prices of oil
and gas sold, partially offset by decreases of approximately $303,000
and $281,000, respectively, related to decreases in volumes of oil and
gas sold. Volumes of oil and gas sold decreased 18,119 barrels and
206,260 Mcf, respectively, for the year ended December 31, 1996 as
compared to the year ended December 31, 1995. The decrease in the
volumes of oil sold resulted primarily from (i) the sale of two
significant oil producing wells during the year ended December 31,
1996, (ii) an ownership adjustment on one well during the year ended
December 31, 1996, (iii) the shutting-in of one well during the year
ended December 31, 1996 due to mechanical difficulties, (iv) the
shutting-in of another well during a portion of the year ended
December 31, 1996 in order to increase production capabilities, and
(v) normal declines in production due to diminished oil reserves on
several wells. Average oil and gas prices increased to $19.83 per
barrel and $2.08 per Mcf, respectively, for the year ended December
31, 1996 from $16.73 per barrel and $1.36 per Mcf, respectively, for
the year ended December 31, 1995.
Oil and gas production expenses (including lease operating
expenses and production taxes) increased $224,790 (15.2%) for the year
ended December 31, 1996 as compared to the year ended December 31,
1995. This increase resulted primarily from (i) an increase in
production taxes associated with the increase in oil and gas sales
discussed above and (ii) a lease operating expense adjustment
recognized during the year ended December 31, 1996 associated with
changes in estimates by third party operators of gas balancing
positions on certain wells. As a percentage of oil and gas sales,
these expenses decreased to 28.4% for the year ended December 31, 1996
from 31.0% for the year ended December 31, 1995. This percentage
decrease was primarily due to the increases in the average prices of
oil and gas sold during the year ended December 31, 1996 as compared
to the year ended December 31, 1995, partially offset by the dollar
increase in production expenses associated with the lease operating
expense adjustment discussed above.
43
<PAGE>
<PAGE>
Depreciation, depletion, and amortization of oil and gas
properties decreased $543,031 (39.2%) for the year ended December 31,
1996 as compared to the year ended December 31, 1995. This decrease
resulted primarily from (i) upward revisions in the estimates of
remaining oil and gas reserves at December 31, 1996, (ii) the
decreases in volumes of oil and gas sold during the year ended
December 31, 1996 as compared to the year ended December 31, 1995, and
(iii) a decrease in capitalized costs due to an impairment provision
recognized in the fourth quarter of 1995. As a percentage of oil and
gas sales, this expense decreased to 14.0% for the year ended December
31, 1996 from 29.0% for the year ended December 31, 1995. 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 year
ended December 31, 1996 as compared to the year ended December 31,
1995.
As set forth under "Results of Operations" above, the I-E
Partnership recognized a non-cash charge against earnings of $748,728
for the year ended December 31, 1995. 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. No similar charge was necessary during the year
ended December 31, 1996.
General and administrative expenses remained relatively constant
for the year ended December 31, 1996 as compared to the year ended
December 31, 1995. As a percentage of oil and gas sales, these
expenses decreased to 8.8% for the year ended December 31, 1996 from
10.7% for the year ended December 31, 1995. This percentage decrease
was primarily due to the increase in oil and gas sales discussed
above.
The Limited Partners in the I-E Partnership received cash
distributions through December 31, 1996 of $46,276,552 or 110.61% of
Limited Partner capital contributions.
44
<PAGE>
<PAGE>
Year Ended December 31, 1995 Compared
to Year Ended December 31, 1994
-------------------------------------
Total oil and gas sales decreased $1,677,377 (26.0%) for the year
ended December 31, 1995 as compared to the year ended December 31,
1994. Of this decrease, approximately $309,000 and $677,000,
respectively, were related to decreases in volumes of oil and gas sold
and approximately $844,000 was related to a decrease in the average
price of gas sold, partially offset by an increase of $142,000 related
to an increase in the average price of oil sold. Volumes of oil and
gas sold decreased 20,391 barrels and 395,818 Mcf, respectively, for
the year ended December 31, 1995 as compared to the year ended
December 31, 1994. The decrease in volumes of oil sold resulted
primarily from (i) one well being shut-in during a portion of the year
ended December 31, 1995 in order to increase the well's production
capabilities, (ii) positive volume adjustments on two wells made
during the year ended December 31, 1994 by a purchaser related to oil
sold in prior periods, and (iii) normal declines in production on
several wells during the year ended December 31, 1995. Average gas
prices decreased to $1.36 per Mcf for the year ended December 31, 1995
from $1.71 per Mcf for the year ended December 31, 1994. Average oil
prices increased to $16.73 per barrel for the year ended December 31,
1995 from $15.14 per barrel for the year ended December 31, 1994.
Oil and gas production expenses (lease operating expenses and
production taxes) decreased $591,150 (28.5%) for the year ended
December 31, 1995 as compared to the year ended December 31, 1994.
This decrease was primarily due to workover expenses on several wells
incurred during the year ended December 31, 1994 and decreases in the
volumes of oil and gas sold during the year ended December 31, 1995 as
compared to the year ended December 31, 1994. As a percentage of oil
and gas sales, these expenses remained relatively constant for the
year ended December 31, 1995 as compared to the year ended December
31, 1994.
Depreciation, depletion, and amortization of oil and gas
properties decreased $754,112 (35.2%) for the year ended December 31,
1995 as compared to the year ended December 31, 1994. This decrease
was primarily due to the decreases in volumes of oil and gas sold
during the year ended December 31, 1995 as compared to the year ended
December 31, 1994 and upward revisions of previous reserve estimates
at December 31, 1995. As a percentage of oil and gas sales, this
expense decreased to 29.0% for the year ended December 31, 1995 from
33.1% for the year ended December 31, 1994. This percentage decrease
was primarily due to the upward reserve revisions mentioned above,
partially offset by the decrease in the average price of gas sold
during the year ended December 31, 1995 as compared to the year ended
December 31, 1994.
45
<PAGE>
<PAGE>
As set forth under "Results of Operations" above, the I-E
Partnership recognized a non-cash charge against earnings of $748,728
for the year ended December 31, 1995. 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 on October 1, 1995. No similar charge was necessary
during the year ended December 31, 1994 under the I-E Partnership's
prior impairment policy.
General and administrative expenses remained relatively constant
for the year ended December 31, 1995 as compared to the year ended
December 31, 1994. As a percentage of oil and gas sales, these
expenses increased to 10.7% for the year ended December 31, 1995 from
8.0% for the year ended December 31, 1994. This percentage increase
was primarily due to the decrease in oil and gas sales during the year
ended December 31, 1995 as compared to the year ended December 31,
1994.
I-F Partnership
---------------
Year Ended December 31, 1996 Compared
to Year Ended December 31, 1995
-------------------------------------
Total oil and gas sales increased $358,367 (20.3%) for the year
ended December 31, 1996 as compared to the year ended December 31,
1995. Of this increase, approximately $113,000 and $490,000,
respectively, were related to increases in the average prices of oil
and gas sold, partially offset by decreases of approximately $158,000
and $83,000, respectively, related to decreases in volumes of oil and
gas sold. Volumes of oil and gas sold decreased 9,524 barrels and
58,794 Mcf, respectively, for the year ended December 31, 1996 as
compared to the year ended December 31, 1995. The decrease in volumes
of oil sold resulted primarily from (i) the sale of two significant
oil producing wells during the year ended December 31, 1996, (ii) an
ownership adjustment on one well during the year ended December 31,
1996, (iii) the shutting-in of one well during the year ended December
31, 1996 due to mechanical difficulties, (iv) the shutting-in of
another well during a portion of the year ended December 31, 1996 in
order to increase production capabilities, and (v) the normal declines
in production due to diminished oil reserves on several wells.
Average oil and gas prices increased to $19.79 per barrel and $2.17
per Mcf, respectively, for the year ended December 31, 1996 from
$16.61 per barrel and $1.42 per Mcf, respectively, for the year ended
December 31, 1995.
46
<PAGE>
<PAGE>
Oil and gas production expenses (including lease operating
expenses and production taxes) increased $63,351 (9.1%) for the year
ended December 31, 1996 as compared to the year ended December 31,
1995. This increase resulted primarily from (i) an increase in
production taxes associated with the increase in oil and gas sales
discussed above and (ii) a lease operating expense adjustment
recognized during the year ended December 31, 1996 associated with
changes in estimates by third party operators of gas balancing
positions on certain wells. These increases were partially offset by
(i) workover expenses incurred on several wells during the year ended
December 31, 1995, (ii) a decrease in production expenses due to the
sale of one well during the year ended December 31, 1996, and (iii)
decreases in volumes of oil and gas sold during the year ended
December 31, 1996 as compared to the year ended December 31, 1995. As
a percentage of oil and gas sales, these expenses decreased to 35.8%
for the year ended December 31, 1996 from 39.4% for the year ended
December 31, 1995. This percentage decrease was primarily due to the
increases in the average prices of oil and gas sold during the year
ended December 31, 1996 as compared to the year ended December 31,
1995, partially offset by the dollar increases associated with the
lease operating adjustment discussed above.
Depreciation, depletion, and amortization of oil and gas
properties decreased $221,767 (45.0%) for the year ended December 31,
1996 as compared to the year ended December 31, 1995. Approximately
one-fourth of this decrease was related to two significant wells which
were fully depleted in 1995 due to a lack of remaining reserves. The
remaining portion of this decrease resulted primarily from (i) upward
revisions in the estimates of remaining oil and gas reserves at
December 31, 1996, (ii) the decreases in volumes of oil and gas sold
during the year ended December 31, 1996 as compared to the year ended
December 31, 1995, and (iii) a decrease in capitalized costs due to an
impairment provision recognized in the fourth quarter of 1995. As a
percentage of oil and gas sales, this expense decreased to 12.8% for
the year ended December 31, 1996 from 27.9% for the year ended
December 31, 1995. 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 year ended December 31, 1996 as compared to the year ended
December 31, 1995.
As set forth under "Results of Operations" above, the I-F
Partnership recognized a non-cash charge against earnings of $258,913
for the year ended December 31, 1995. 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. No similar charge was necessary during the year
ended December 31, 1996.
47
<PAGE>
<PAGE>
General and administrative expenses remained relatively constant
for the year ended December 31, 1996 as compared to the year ended
December 31, 1995. As a percentage of oil and gas sales, these
expenses decreased to 8.6% for the year ended December 31, 1996 from
10.0% for the year ended December 31, 1995. This percentage decrease
was primarily due to the increase in oil and gas sales discussed
above.
The Limited Partners in the I-F Partnership received cash
distributions through December 31, 1996 of $15,589,664 or 108.86% of
Limited Partner capital contributions.
Year Ended December 31, 1995 Compared
to Year Ended December 31, 1994
-------------------------------------
Total oil and gas sales decreased $639,084 (26.6%) for the year
ended December 31, 1995 as compared to the year ended December 31,
1994. Of this decrease, approximately $149,000 and $343,000,
respectively, were related to decreases in volumes of oil and gas sold
and approximately $213,000 was related to a decrease in the average
price of gas sold, partially offset by an increase of approximately
$64,000 related to an increase in the average price of oil sold.
Volumes of oil and gas sold decreased 9,773 barrels and 199,206 Mcf,
respectively, for the year ended December 31, 1995 as compared to the
year ended December 31, 1994. The decrease in volumes of oil sold
resulted primarily from (i) one well being shut-in during a portion of
the year ended December 31, 1995 in order to increase the well's
production capabilities, (ii) positive volume adjustments on two wells
made during the year ended December 31, 1994 by a purchaser related to
oil sold in prior periods, and (iii) normal declines in production on
several wells. The decrease in the volumes of gas sold resulted
primarily from (i) negative volume adjustments made by the purchaser
on one well during the year ended December 31, 1995, (ii) positive
volume adjustments made by the purchaser on another well during the
year ended December 31, 1994 related to gas sold in prior periods, and
(iii) normal declines in production on several wells. Average gas
prices decreased to $1.42 per Mcf for the year ended December 31, 1995
from $1.72 per Mcf for the year ended December 31, 1994. Average oil
prices increased to $16.61 per barrel for the year ended December 31,
1995 from $15.20 per barrel for the year ended December 31, 1994.
48
<PAGE>
<PAGE>
Oil and gas production expenses (lease operating expenses and
production taxes) decreased $77,771 (10.1%) for the year ended
December 31, 1995 as compared to the year ended December 31, 1994.
This decrease was primarily due to workover expenses on several wells
incurred during the year ended December 31, 1994 and the decreases in
the volumes of oil and gas sold during the year ended December 31,
1995 as compared to the year ended December 31, 1994. As a percentage
of oil and gas sales, these expenses increased to 39.4% for the year
ended December 31, 1995 from 32.2% for the year ended December 31,
1994. This percentage increase was primarily due to the decrease in
the average price of gas sold during the year ended December 31, 1995
as compared to the year ended December 31, 1994.
Depreciation, depletion, and amortization of oil and gas
properties decreased $296,299 (37.6%) for the year ended December 31,
1995 as compared to the year ended December 31, 1994. This decrease
was primarily due to decreases in volumes of oil and gas sold during
the year ended December 31, 1995 as compared to the year ended
December 31, 1994 and upward revisions of previous reserve estimates
at December 31, 1995. As a percentage of oil and gas sales, this
expense decreased to 27.9% for the year ended December 31, 1995 from
32.8% for the year ended December 31, 1994. This percentage decrease
was primarily due to the upward reserve revisions mentioned above,
partially offset by the decrease in the average price of gas sold
during the year ended December 31, 1995 as compared to the year ended
December 31, 1994.
As set forth under "Results of Operations" above, the I-F
Partnership recognized a non-cash charge against earnings of $258,913
for the year ended December 31, 1995. This impairment provision was
necessary due to the unamortized costs of oil and gas properties
exceeding the expected undiscounted future net revenues from such oil
and gas properties, in accordance with the I-F Partnership's adoption
of SFAS No. 121 on October 1, 1995. No similar charge was necessary
during the year ended December 31, 1994 under the I-F Partnership's
prior impairment policy.
General and administrative expenses remained relatively constant
for the year ended December 31, 1995 as compared to the year ended
December 31, 1994. As a percentage of oil and gas sales, these
expenses increased to 10.0% for the year ended December 31, 1995 from
7.4% for the year ended December 31, 1994. This percentage increase
was primarily due to the decrease in oil and gas sales during the year
ended December 31, 1995 as compared to the year ended December 31,
1994.
49
<PAGE>
<PAGE>
Average Sales Prices, Production Volumes and Average Production
Costs
The following is a comparison of the annual average oil and gas
sales prices, production volumes, and average production costs (lease
operating expenses and production taxes) per equivalent unit (one
barrel of oil or six Mcf of gas) for the years ended December 31,
1996, 1995, and 1994. These factors comprise the change in net oil
and gas operations discussed in the "Results of Operations" section
above.
1996 Compared to 1995
---------------------
Average Sales Prices
- ---------------------------------------------------------------
P/ship 1996 1995 % Change
- ------ ---------------- ---------------- ----------
Oil Gas Oil Gas
($/Bbl) ($/Mcf) ($/Bbl) ($/Mcf) Oil Gas
------- ------- ------- ------- --- -----
I-B $21.14 $2.10 $16.79 $1.17 26% 79%
I-C 20.13 2.76 16.70 1.66 21% 66%
I-D 20.16 2.39 16.44 1.50 23% 59%
I-E 19.83 2.08 16.73 1.36 19% 53%
I-F 19.79 2.17 16.61 1.42 19% 53%
Production Volumes
- ---------------------------------------------------------------
P/ship 1996 1995 % Change
- -------- ------------------ ------------------ -------------
Oil Gas Oil Gas Oil Gas
(Bbls) (Mcf) (Bbls) (Mcf) (Bbls) (Mcf)
------- --------- ------- --------- ------ -----
I-B 2,297 150,543 4,628 150,238 (50%) - %
I-C 27,537 226,820 27,843 207,207 ( 1%) 9%
I-D 21,291 577,657 22,427 577,969 ( 5%) - %
I-E 70,998 2,206,082 89,117 2,412,342 (20%) (9%)
I-F 35,577 652,692 45,101 711,486 (21%) (8%)
50
<PAGE>
<PAGE>
Average Production Costs per
Equivalent Barrel of Oil
---------------------------------
P/ship 1996 1995 % Change
------ ----- ----- --------
I-B $4.80 $5.43 (12%)
I-C 3.70 4.41 (16%)
I-D 2.47 1.99 24%
I-E 3.89 3.02 29%
I-F 5.25 4.25 24%
1995 Compared to 1994
---------------------
Average Sales Prices
- ---------------------------------------------------------------
P/ship 1995 1994 % Change
- ------ ---------------- ---------------- ----------
Oil Gas Oil Gas
($/Bbl) ($/Mcf) ($/Bbl) ($/Mcf) Oil Gas
------- ------- ------- ------- --- -----
I-B $16.79 $1.17 $15.09 $1.83 11% (36%)
I-C 16.70 1.66 15.69 2.14 6% (22%)
I-D 16.44 1.50 15.44 1.90 7% (21%)
I-E 16.73 1.36 15.14 1.71 11% (20%)
I-F 16.61 1.42 15.20 1.72 9% (17%)
Production Volumes
- ---------------------------------------------------------------
P/ship 1995 1994 % Change
- -------- ------------------ ------------------ -------------
Oil Gas Oil Gas Oil Gas
(Bbls) (Mcf) (Bbls) (Mcf) (Bbls) (Mcf)
------- --------- ------- --------- ------ -----
I-B 4,628 150,238 9,132 172,201 (49%) (13%)
I-C 27,843 207,207 32,302 250,469 (14%) (17%)
I-D 22,427 577,969 26,369 701,737 (15%) (18%)
I-E 89,117 2,412,342 109,508 2,808,160 (19%) (14%)
I-F 45,101 711,486 54,874 910,692 (18%) (22%)
51
<PAGE>
<PAGE>
Average Production Costs per
Equivalent Barrel of Oil
---------------------------------
P/ship 1995 1994 % Change
------ ----- ----- --------
I-B $5.43 $3.87 40%
I-C 4.41 4.50 ( 2%)
I-D 1.99 2.44 (18%)
I-E 3.02 3.59 (16%)
I-F 4.25 3.74 14%
Liquidity and Capital Resources
Net proceeds from operations less necessary operating capital are
distributed to the Limited Partners on a quarterly basis. See "Item
5. Market for Units and Related Limited Partner Matters." The net
proceeds from production are not reinvested in productive assets,
except to the extent that producing wells are improved, or where
methods are employed to permit more efficient recovery of reserves,
thereby resulting in a positive economic impact. Assuming production
levels for the year ended December 31, 1996, the Partnerships' proved
reserve quantities at December 31, 1996 would have the following
lives:
Partnership Gas-Years Oil-Years
----------- --------- ---------
I-B 6.0 5.6
I-C 3.5 4.4
I-D 4.0 2.6
I-E 5.3 7.3
I-F 5.4 7.6
The Partnerships' available capital from the Limited Partners'
subscriptions has been spent on oil and gas properties and there
should be no further material capital resource commitments in the
future. The Partnerships have no debt commitments. Cash for
operational purposes will be provided by current oil and gas
production.
52
<PAGE>
<PAGE>
The Samson Companies are currently in the process of evaluating
certain oil and gas properties owned by the Partnerships and other
entities of the Samson Companies. As a result of such evaluation, it
is expected that certain of these properties will be placed in bid
packages and offered for sale during the first half of 1997. It is
likely that the Partnerships will have an interest in some of the
properties being sold. It is currently estimated that the value of
such sales, as a percentage of total proved reserves of any
Partnership, will range from 1% to 20%.
The decision to accept any offer for the purchase of a property
owned by one or more Partnerships will be made by the General Partner
after giving due consideration to the offer price and the General
Partner's estimate of both the property's remaining proved reserves
and future operating costs. Net proceeds from the sale of any such
properties will be distributed to the Partnerships and will be
included in the calculation of the Partnerships' cash distributions
for the quarter immediately following the Partnerships' receipt of the
proceeds.
Following completion of any sale, the Partnerships' quantity of
proved reserves will be reduced. It is also possible that the
Partnerships' repurchase values and future cash distributions could
decline as a result of a reduction of the Partnerships' reserve base.
On the other hand, the General Partner believes there will be
beneficial operating efficiencies related to the Partnerships'
remaining properties. This is primarily due to the fact that the
properties being considered for sale are more likely to bear a higher
ratio of operating expenses as compared to reserves than the
properties not being considered for sale. The net effect of such
property sales is difficult to predict as of the date of this Annual
Report.
There can be no assurance as to the amount of the Partnerships'
future cash distributions. The Partnerships' ability to make cash
distributions depends primarily upon the level of available cash flow
generated by the Partnerships' operating activities, which will be
affected (either positively or negatively) by many factors beyond the
control of the Partnerships, including the price of and demand for oil
and gas and other market and economic conditions. Even if prices and
costs remain stable, the amount of cash available for distributions
will decline over time (as the volume of production from producing
properties declines) since the Partnerships are not replacing
production through acquisitions of producing properties and drilling.
If the Partnerships sell any of their properties as discussed above,
the Partnerships' quantity of proved reserves will be reduced;
therefore, it is possible that the Partnerships' future cash
distributions could decline as a result of a reduction of the
Partnerships' reserve base.
53
<PAGE>
<PAGE>
Inflation and Changing Prices
Prices obtained for oil and gas production depend upon numerous
factors, including the extent of domestic and foreign production,
foreign imports of oil, market demand, domestic and foreign economic
conditions in general, and governmental regulations and tax laws. The
general level of inflation in the economy did not have a material
effect on the operations of the Partnerships in 1996. Oil and gas
prices have fluctuated during recent years and generally have not
followed the same pattern as inflation. See "Item 2. Properties - Oil
and Gas Production, Revenue, and Price History."
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
The financial statements and supplementary data are indexed in
Item 14 hereof.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING
AND FINANCIAL DISCLOSURE
None.
PART III
ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE GENERAL PARTNER
The Partnerships have no directors or executive officers. The
following individuals are directors and executive officers of the
General Partner. The business address of such director and executive
officers is Two West Second Street, Tulsa, Oklahoma 74103.
Name Age Position with Geodyne
---------------- --- --------------------------------
Dennis R. Neill 45 President and Director
Judy K. Fox 46 Secretary
The director will hold office until the next annual meeting of
shareholders of Geodyne and until his successor has been duly elected
and qualified. All executive officers serve at the discretion of the
Board of Directors.
54
<PAGE>
<PAGE>
Dennis R. Neill joined the Samson Companies in 1981, was named
Senior Vice President and Director of Geodyne on March 3, 1993, and
was named President of Geodyne on June 30, 1996. Prior to joining the
Samson Companies, he was associated with a Tulsa law firm, Conner and
Winters, where his principal practice was in the securities area. He
received a Bachelor of Arts degree in political science from Oklahoma
State University and a Juris Doctorate degree from the University of
Texas. Mr. Neill also serves as Senior Vice President of Samson
Investment Company; President and Director of Samson Properties
Incorporated, Samson Hydrocarbons Company, Dyco Petroleum Corporation,
Geodyne Depositary Company, Geodyne Institutional Depositary Company,
Geodyne Nominee Corporation, Berry Gas Company, Circle L Drilling
Company, and Compression, Inc.; and President and Chairman of the
Board of Directors of Samson Securities Company.
Judy K. Fox joined the Samson Companies in 1990 and was named
Secretary of Geodyne on June 30, 1996. Prior to joining the Samson
Companies, she served as Gas Contract Manager for Ely Energy Company.
Ms. Fox is also Secretary of Berry Gas Company, Circle L Drilling
Company, Compression, Inc., Dyco Petroleum Corporation, Geodyne
Depositary Company, Geodyne Institutional Depositary Company, Geodyne
Nominee Corporation, Samson Hydrocarbons Company, and Samson
Properties Incorporated.
ITEM 11. EXECUTIVE COMPENSATION
The General Partner and its affiliates are reimbursed for actual
general and administrative costs and operating costs incurred and
attributable to the conduct of the business affairs and operations of
the Partnerships, computed on a cost basis, determined in accordance
with generally accepted accounting principles. Such reimbursed costs
and expenses allocated to the Partnerships include office rent,
secretarial, employee compensation and benefits, travel and
communication costs, fees for professional services, and other items
generally classified as general or administrative expense. The amount
of general and administrative expense allocated to the General Partner
and its affiliates which was charged to each Partnership for the years
ended December 31, 1996, 1995, and 1994 is set forth in the table
below.
Partnership 1996 1995 1994
----------- -------- -------- --------
I-B $ 45,252 $ 41,178 $ 45,246
I-C 93,550 93,550 94,020
I-D 79,944 79,944 79,944
I-E 464,880 464,880 464,880
I-F 159,120 159,120 159,120
55
<PAGE>
<PAGE>
None of the officers or directors of the General Partner receive
compensation directly from the Partnerships. The Partnerships
reimburse the General Partner or its affiliates for that portion of
such officers' and directors' salaries and expenses attributable to
time devoted by such individuals to the Partnerships' activities. The
following tables indicate the approximate amount of general and
administrative expense reimbursement attributable to the salaries of
the directors, officers, and employees of the General Partner and its
affiliates for the years ended December 31, 1996, 1995, and 1994:
56
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
Salary Reimbursement
I-B Partnership
---------------
Three Years Ended December 31, 1996
Long Term Compensation
-------------------------------
Annual Compensation Awards Payouts
------------------------- --------------------- -------
Securi-
Other ties All
Name Annual Restricted Under- Other
and Compen- Stock lying LTIP Compen-
Principal Salary Bonus sation Award(s) Options/ Payouts sation
Position Year ($) ($) ($) ($) SARs(#) ($) ($)
- --------------- ---- ------- ------- ------- ---------- -------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
C. Philip
Tholen,
President,
Chief Executive
Officer(1)(2) 1994 - - - - - - -
1995 - - - - - - -
1996 - - - - - - -
Dennis R. Neill,
President(2)(3) 1996 - - - - - - -
All Executive
Officers,
Directors,
and Employees
as a group(4) 1994 $23,980 - - - - - -
1995 $22,483 - - - - - -
1996 $26,472 - - - - - -
- ----------
(1) Mr. Tholen served as President and Chief Executive Officer of Geodyne until July 1, 1996.
(2) The general and administrative expenses paid by the I-B Partnership and attributable to
salary reimbursements do not include any salary or other compensation attributable to Mr.
Tholen or Mr. Neill.
(3) Mr. Neill became President of Geodyne on July 1, 1996.
(4) No officer or director of Geodyne or its affiliates provides full-time services to the I-B
Partnership and no individual's salary or other compensation reimbursement from the I-B
Partnership equals or exceeds $100,000 per annum.
</TABLE>
57
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
Salary Reimbursement
I-C Partnership
---------------
Three Years Ended December 31, 1996
Long Term Compensation
-------------------------------
Annual Compensation Awards Payouts
------------------------- --------------------- -------
Securi-
Other ties All
Name Annual Restricted Under- Other
and Compen- Stock lying LTIP Compen-
Principal Salary Bonus sation Award(s) Options/ Payouts sation
Position Year ($) ($) ($) ($) SARs(#) ($) ($)
- --------------- ---- ------- ------- ------- ---------- -------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
C. Philip
Tholen,
President,
Chief Executive
Officer(1)(2) 1994 - - - - - - -
1995 - - - - - - -
1996 - - - - - - -
Dennis R. Neill,
President(2)(3) 1996 - - - - - - -
All Executive
Officers,
Directors,
and Employees
as a group(4) 1994 $49,831 - - - - - -
1995 $51,078 - - - - - -
1996 $54,727 - - - - - -
- ----------
(1) Mr. Tholen served as President and Chief Executive Officer of Geodyne until July 1, 1996.
(2) The general and administrative expenses paid by the I-C Partnership and attributable to
salary reimbursements do not include any salary or other compensation attributable to Mr.
Tholen or Mr. Neill.
(3) Mr. Neill became President of Geodyne on July 1, 1996.
(4) No officer or director of Geodyne or its affiliates provides full-time services to the I-C
Partnership and no individual's salary or other compensation reimbursement from the I-C
Partnership equals or exceeds $100,000 per annum.
</TABLE>
58
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
Salary Reimbursement
I-D Partnership
---------------
Three Years Ended December 31, 1996
Long Term Compensation
-------------------------------
Annual Compensation Awards Payouts
------------------------- --------------------- -------
Securi-
Other ties All
Name Annual Restricted Under- Other
and Compen- Stock lying LTIP Compen-
Principal Salary Bonus sation Award(s) Options/ Payouts sation
Position Year ($) ($) ($) ($) SARs(#) ($) ($)
- --------------- ---- ------- ------- ------- ---------- -------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
C. Philip
Tholen,
President,
Chief Executive
Officer(1)(2) 1994 - - - - - - -
1995 - - - - - - -
1996 - - - - - - -
Dennis R. Neill,
President(2)(3) 1996 - - - - - - -
All Executive
Officers,
Directors,
and Employees
as a group(4) 1994 $42,370 - - - - - -
1995 $43,649 - - - - - -
1996 $46,767 - - - - - -
- ----------
(1) Mr. Tholen served as President and Chief Executive Officer of Geodyne until July 1, 1996.
(2) The general and administrative expenses paid by the I-D Partnership and attributable to
salary reimbursements do not include any salary or other compensation attributable to Mr.
Tholen or Mr. Neill.
(3) Mr. Neill became President of Geodyne on July 1, 1996.
(4) No officer or director of Geodyne or its affiliates provides full-time services to the I-D
Partnership and no individual's salary or other compensation reimbursement from the I-D
Partnership equals or exceeds $100,000 per annum.
</TABLE>
59
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
Salary Reimbursement
I-E Partnership
---------------
Three Years Ended December 31, 1996
Long Term Compensation
-------------------------------
Annual Compensation Awards Payouts
------------------------- --------------------- -------
Securi-
Other ties All
Name Annual Restricted Under- Other
and Compen- Stock lying LTIP Compen-
Principal Salary Bonus sation Award(s) Options/ Payouts sation
Position Year ($) ($) ($) ($) SARs(#) ($) ($)
- --------------- ---- ------- ------- ------- ---------- -------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
C. Philip
Tholen,
President,
Chief Executive
Officer(1)(2) 1994 - - - - - - -
1995 - - - - - - -
1996 - - - - - - -
Dennis R. Neill,
President(2)(3) 1996 - - - - - - -
All Executive
Officers,
Directors,
and Employees
as a group(4) 1994 $246,386 - - - - - -
1995 $253,824 - - - - - -
1996 $271,955 - - - - - -
- ----------
(1) Mr. Tholen served as President and Chief Executive Officer of Geodyne until July 1, 1996.
(2) The general and administrative expenses paid by the I-E Partnership and attributable to
salary reimbursements do not include any salary or other compensation attributable to Mr.
Tholen or Mr. Neill.
(3) Mr. Neill became President of Geodyne on July 1, 1996.
(4) No officer or director of Geodyne or its affiliates provides full-time services to the I-E
Partnership and no individual's salary or other compensation reimbursement from the I-E
Partnership equals or exceeds $100,000 per annum.
</TABLE>
60
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
Salary Reimbursement
I-F Partnership
---------------
Three Years Ended December 31, 1996
Long Term Compensation
-------------------------------
Annual Compensation Awards Payouts
------------------------- --------------------- -------
Securi-
Other ties All
Name Annual Restricted Under- Other
and Compen- Stock lying LTIP Compen-
Principal Salary Bonus sation Award(s) Options/ Payouts sation
Position Year ($) ($) ($) ($) SARs(#) ($) ($)
- --------------- ---- ------- ------- ------- ---------- -------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
C. Philip
Tholen,
President,
Chief Executive
Officer(1)(2) 1994 - - - - - - -
1995 - - - - - - -
1996 - - - - - - -
Dennis R. Neill,
President(2)(3) 1996 - - - - - - -
All Executive
Officers,
Directors,
and Employees
as a group(4) 1994 $84,334 - - - - - -
1995 $86,880 - - - - - -
1996 $93,085 - - - - - -
- ----------
(1) Mr. Tholen served as President and Chief Executive Officer of Geodyne until July 1, 1996.
(2) The general and administrative expenses paid by the I-F Partnership and attributable to
salary reimbursements do not include any salary or other compensation attributable to Mr.
Tholen or Mr. Neill.
(3) Mr. Neill became President of Geodyne on July 1, 1996.
(4) No officer or director of Geodyne or its affiliates provides full-time services to the I-F
Partnership and no individual's salary or other compensation reimbursement from the I-F
Partnership equals or exceeds $100,000 per annum.
</TABLE>
61
<PAGE>
<PAGE>
During 1994 and 1995 El Paso, an affiliate of the Partnerships
until December 6, 1995, purchased a portion of the Partnerships' gas
at market prices and resold such gas at market prices directly to end-
users and local distribution companies. The table below summarizes
the dollar amount of gas sold by the Partnerships to El Paso for the
years ended December 31, 1995 and 1994.
Partnership 1995 1994
----------- ---------- ----------
I-B $ 43,625 $ 53,394
I-C 2,521 17,173
I-D 362,560 437,754
I-E 2,099,338 2,420,656
I-F 481,355 574,321
After December 6, 1995 the Partnerships' gas was marketed by the
General Partner and its affiliates, who were reimbursed for such
activities as general and administrative expenses. See "Item 13.
Certain Relationships and Related Transactions."
Affiliates of the Partnerships serve as operator of some of the
Partnerships' wells. The General Partner contracts with such
affiliates for services as operator of the wells. As operator, such
affiliates are compensated at rates provided in the operating
agreements in effect and charged to all parties to such agreement.
Such compensation may occur both prior and subsequent to the
commencement of commercial marketing of production of oil or gas. The
dollar amount of such compensation paid by the Partnerships to the
affiliates is impossible to quantify as of the date of this Annual
Report.
In addition to the compensation/reimbursements noted above,
during the three years ended December 31, 1996, the Samson Companies
were in the business of supplying field and drilling equipment and
services to affiliated and unaffiliated parties in the industry.
These companies may have provided equipment and services for wells in
which the Partnerships have an interest. These equipment and services
were provided at prices or rates equal to or less than those normally
charged in the same or comparable geographic area by unaffiliated
persons or companies dealing at arm's length. The operators of these
wells billed the Partnerships for a portion of such costs based upon
the Partnerships' interest in the well.
62
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<PAGE>
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT
The following table provides information as to the beneficial
ownership of the Units as of February 28 1997 by (i) each beneficial
owner of more than five percent of the issued and outstanding Units,
(ii) the directors and officers of the General Partner, and (iii) the
General Partner and its affiliates. The address of each of such
persons is Samson Plaza, Two West Second Street, Tulsa, Oklahoma
74103.
Number of Units
Beneficially
Owned (Percent
Beneficial Owner of Outstanding)
- ------------------------------------ ------------------
I-B Partnership:
- ---------------
Samson Resources Company 2,454.7 (20.5%)
All affiliates, directors,
and officers of the General
Partner as a group and
the General Partner (4 persons) 2,454.7 (20.5%)
I-C Partnership:
- ---------------
Samson Resources Company 881.8 ( 9.9%)
All affiliates, directors,
and officers of the General
Partner as a group and
the General Partner (4 persons) 881.8 ( 9.9%)
I-D Partnership:
- ---------------
Samson Resources Company 692.6 ( 9.6%)
All affiliates, directors,
and officers of the General
Partner as a group and
the General Partner (4 persons) 692.6 ( 9.6%)
63
<PAGE>
<PAGE>
I-E Partnership:
- ---------------
Samson Resources Company 5,836.5 (13.9%)
All affiliates, directors,
and officers of the General
Partner as a group and
the General Partner (4 persons) 5,836.5 (13.9%)
I-F Partnership:
- ---------------
Samson Resources Company 2,225.6 (15.5%)
All affiliates, directors,
and officers of the General
Partner as a group and
the General Partner (4 persons) 2,225.6 (15.5%)
Section 16(a) Beneficial Ownership Reporting Compliance
To the knowledge of the Partnerships and the General Partner,
there were no officers, directors, or ten percent owners who were
delinquent filers of reports required under Section 16 of the
Securities Exchange Act of 1934.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
The General Partner and certain of its affiliates engage in oil
and gas activities independently of the Partnerships which result in
conflicts of interest that cannot be totally eliminated. The
allocation of acquisition and drilling opportunities and the nature of
the compensation arrangements between the Partnerships and the General
Partner also create potential conflicts of interest. An affiliate of
the Partnerships owns some of the Partnerships' Units and therefore
has an identity of interest with other Limited Partners with respect
to the operations of the Partnerships.
In order to attempt to assure limited liability for Limited
Partners as well as an orderly conduct of business, management of the
Partnerships is exercised solely by the General Partner. The
Partnership Agreements grant the General Partner broad discretionary
authority with respect to the Partnerships' participation in drilling
prospects and expenditure and control of funds, including borrowings.
These provisions are similar to those contained in prospectuses and
partnership agreements for other public oil and gas partnerships.
Broad discretion as to general management of the Partnerships involves
circumstances where the General Partner has conflicts of interest and
64
<PAGE>
<PAGE>
where it must allocate costs and expenses, or opportunities, among
the Partnerships and other competing interests.
The General Partner does not devote all of its time, efforts, and
personnel exclusively to the Partnerships. Furthermore, the
Partnerships do not have any employees, but instead rely on the
personnel of the Samson Companies. The Partnerships thus compete with
the Samson Companies (including other currently sponsored oil and gas
partnerships) for the time and resources of such personnel. The
Samson Companies devote such time and personnel to the management of
the Partnerships as are indicated by the circumstances and as are con-
sistent with the General Partner's fiduciary duties.
As a result of Samson Investment Company's ("Samson") acquisition
of the General Partner and its affiliates, Samson, PaineWebber, and
the General Partner and certain of its affiliates entered into an
advisory agreement which relates primarily to the Partnerships.
PaineWebber served as the dealer manager of the original offering of
Units. The Advisory Agreement became effective on March 3, 1993 and
will expire on March 3, 1998. The Advisory Agreement provides that:
(i) Samson and the General Partner will comply, and will cause the
Partnerships to comply, with provisions of the Partnership Agreements
(including all restrictions, prohibitions, and other provisions of
such agreements concerning transactions in which Samson or its
affiliates purchase or sell properties from or to, or render services
to, the Partnerships and the terms of such agreements relating to
farmouts of oil and gas properties), and Samson will cause the General
Partner to comply with all applicable fiduciary duties; (ii) Samson
will review periodically with PaineWebber on a retrospective basis the
general operations and performance of the Partnerships and the terms
of any material transaction by a Partnership, including any
transaction that involves participation by the Samson Companies; and
(iii) Samson will review with PaineWebber on a prospective basis, and
will allow PaineWebber to advise Samson and to comment on, (A) any
General Partner-initiated amendment to a Partnership Agreement which
requires a vote of the Limited Partners of such Partnership and (B)
any proposal initiated by the General Partner or any of its affiliates
that would involve a reorganization, merger, or consolidation of a
Partnership, a sale of all or substantially all of the assets of a
Partnership (including a roll-up or corporate stock exchange), the
liquidation or dissolution of a Partnership, or the exchange of cash,
securities, or other assets for all or any outstanding Units.
65
<PAGE>
<PAGE>
In addition, the Advisory Agreement provides, among other things,
that: (i) Samson will cause the General Partner to offer to repurchase
Units at a price to be calculated in accordance with certain
guidelines and to be paid in cash or a combination of cash and certain
securities, all subject to certain limitations and restrictions; (ii)
Samson will provide PaineWebber certain information relating to the
Partnerships and the Limited Partners; (iii) Samson and the General
Partner will maintain an "800" investor services telephone number;
(iv) Samson and the General Partner will take certain actions with
respect to oil and gas properties held by nominees, insurance
maintained by the Partnerships, approval as to transfers of interests
in the Partnerships, and the selection of independent reserve
engineers; (v) Samson and the General Partner acknowledge the standing
of PaineWebber to institute actions, subject to certain limitations,
in connection with the Advisory Agreement on behalf of the Limited
Partners; and (vi) if Samson proposes a consolidation, merger, or
exchange offer involving any limited partnership managed by Samson, it
will propose to include all of the Partnerships in such transaction or
provide a statement to PaineWebber as to the reasons why some or all
of the Partnerships are not included in such transaction.
Pursuant to the Advisory Agreement, the General Partner has
agreed to reimburse PaineWebber for all reasonable expenses incurred
by it in connection with the matters contemplated by the Advisory
Agreement, and Samson has agreed to indemnify PaineWebber and certain
related parties from certain liabilities incurred in connection with
the Advisory Agreement.
Affiliates of the Partnerships are solely responsible for the
negotiation, administration, and enforcement of oil and gas sales
agreements covering the Partnerships' leasehold interests. Because
affiliates of the Partnerships who provide services to the
Partnerships have fiduciary or other duties to other members of the
Samson Companies, contract amendments and negotiating positions taken
by them in their effort to enforce contracts with purchasers may not
necessarily represent the positions that the Partnerships would take
if they were to administer their own contracts without involvement
with other members of the Samson Companies. On the other hand,
management believes that the Partnerships' negotiating strength and
contractual positions have been enhanced by virtue of their
affiliation with the Samson Companies. For a description of certain
of the relationships and related transactions see "Item 11. Executive
Compensation."
66
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<PAGE>
PART IV
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM
8-K
(a) Financial Statements, Financial Statement Schedules, and
Exhibits.
(1) Financial Statements: The following financial
statements for the
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
as of December 31, 1996 and 1995 and for each of the
three years in the period ended December 31, 1996 are
filed as part of this report:
Report of Independent Accountants
Combined Balance Sheets
Combined Statements of Operations
Combined Statements of Changes in
Partners' Capital (Deficit)
Combined Statements of Cash Flows
Notes to Combined Financial Statements
(2) Financial Statement Schedules:
None.
(3) Exhibits:
4.1 The Certificate and Agreements of Limited
Partnership for the following Partnerships have
been previously filed with the SEC as Exhibit 2.1
to Form 8-A filed by each Partnership on the dates
shown below and are hereby incorporated by refer-
ence.
Partnership Filing Date File No.
----------- ------------ --------
I-B May 23, 1986 0-14657
I-C May 23, 1986 0-14658
I-D May 5, 1987 0-15831
I-E May 5, 1987 0-15832
I-F May 5, 1987 0-15833
67
<PAGE>
<PAGE>
4.2 Advisory Agreement dated as of November 24, 1992
between Samson, PaineWebber, Geodyne Resources,
Geodyne Properties, Inc., Geodyne Production
Company, and Geodyne Energy Company filed as
Exhibit 28.3 to Registrant's Current Report on
Form 8-K on December 24, 1992 and is hereby
incorporated by reference.
4.3 Second Amendment to Amended and Restated Agreement
and Certificate of Limited Partnership of Geodyne
Energy Income Limited Partnership I-B, filed as
Exhibit 4.1 to Registrant's Current Report on Form
8-K dated August 2, 1993 filed with the SEC on
August 10, 1993 and is hereby incorporated by
reference.
4.4 Second Amendment to Amended and Restated Agreement
and Certificate of Limited Partnership of Geodyne
Energy Income Limited Partnership I-C, filed as
Exhibit 4.2 to Registrant's Current Report on Form
8-K dated August 2, 1993 filed with the SEC on
August 10, 1993 and is hereby incorporated by
reference.
4.5 Second Amendment to Amended and Restated Agreement
and Certificate of Limited Partnership of Geodyne
Energy Income Limited Partnership I-D, filed as
Exhibit 4.3 to Registrant's Current Report on Form
8-K dated August 2, 1993 filed with the SEC on
August 10, 1993 and is hereby incorporated by
reference.
4.6 Second Amendment to Amended and Restated Agreement
and Certificate of Limited Partnership of Geodyne
Energy Income Limited Partnership I-E, filed as
Exhibit 4.4 to Registrant's Current Report on Form
8-K dated August 2, 1993 filed with the SEC on
August 10, 1993 and is hereby incorporated by
reference.
68
<PAGE>
<PAGE>
4.7 Second Amendment to Amended and Restated Agreement
and Certificate of Limited Partnership of Geodyne
Energy Income Limited Partnership I-F, filed as
Exhibit 4.5 to Registrant's Current Report on Form
8-K dated August 2, 1993 filed with the SEC on
August 10, 1993 and is hereby incorporated by
reference.
* 23.1 Consent of Ryder Scott Company Petroleum Engineers
for Geodyne Energy Income Limited Partnership I-B.
* 23.2 Consent of Ryder Scott Company Petroleum Engineers
for Geodyne Energy Income Limited Partnership I-C.
* 23.3 Consent of Ryder Scott Company Petroleum Engineers
for Geodyne Energy Income Limited Partnership I-D.
* 23.4 Consent of Ryder Scott Company Petroleum Engineers
for Geodyne Energy Income Limited Partnership I-E.
* 23.5 Consent of Ryder Scott Company Petroleum Engineers
for Geodyne Energy Income Limited Partnership I-F.
* 27.1 Financial Data Schedule containing summary
financial information extracted from the Geodyne
Energy Income Limited Partnership I-B's financial
statements as of December 31, 1996 and for the
year ended December 31, 1996.
* 27.2 Financial Data Schedule containing summary
financial information extracted from the Geodyne
Energy Income Limited Partnership I-C's financial
statements as of December 31, 1996 and for the
year ended December 31, 1996.
* 27.3 Financial Data Schedule containing summary
financial information extracted from the Geodyne
Energy Income Limited Partnership I-D's financial
statements as of December 31, 1996 and for the
year ended December 31, 1996.
69
<PAGE>
<PAGE>
* 27.4 Financial Data Schedule containing summary
financial information extracted from the Geodyne
Energy Income Limited Partnership I-E's financial
statements as of December 31, 1996 and for the
year ended December 31, 1996.
* 27.5 Financial Data Schedule containing summary
financial information extracted from the Geodyne
Energy Income Limited Partnership I-F's financial
statements as of December 31, 1996 and for the
year ended December 31, 1996.
All other Exhibits are omitted as inapplicable.
----------------------
*Filed herewith.
(b) Reports on Form 8-K for the fourth quarter of 1996:
None.
70
<PAGE>
<PAGE>
SIGNATURES
Pursuant to the requirements of Sections 13 or 15(d) 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 organized.
GEODYNE ENERGY INCOME LIMITED
PARTNERSHIP I-B
By: GEODYNE RESOURCES, INC.
General Partner
March 27, 1997
By: /s/Dennis R. Neill
------------------------------
Dennis R. Neill
President
Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf
of the registrant and in the capacities on the dates indicated.
By: /s/Dennis R. Neill President and March 27, 1997
------------------- Director (Principal
Dennis R. Neill Executive Officer)
/s/Patrick M. Hall (Principal March 27, 1997
------------------- Financial and
Patrick M. Hall Accounting Officer)
/s/Judy K. Fox Secretary March 27, 1997
-------------------
Judy K. Fox
71
<PAGE>
<PAGE>
SIGNATURES
Pursuant to the requirements of Sections 13 or 15(d) 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 organized.
GEODYNE ENERGY INCOME LIMITED
PARTNERSHIP I-C
By: GEODYNE RESOURCES, INC.
General Partner
March 27, 1997
By: /s/Dennis R. Neill
------------------------------
Dennis R. Neill
President
Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf
of the registrant and in the capacities on the dates indicated.
By: /s/Dennis R. Neill President and March 27, 1997
------------------- Director (Principal
Dennis R. Neill Executive Officer)
/s/Patrick M. Hall (Principal March 27, 1997
------------------- Financial and
Patrick M. Hall Accounting Officer)
/s/Judy K. Fox Secretary March 27, 1997
-------------------
Judy K. Fox
72
<PAGE>
<PAGE>
SIGNATURES
Pursuant to the requirements of Sections 13 or 15(d) 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 organized.
GEODYNE ENERGY INCOME LIMITED
PARTNERSHIP I-D
By: GEODYNE RESOURCES, INC.
General Partner
March 27, 1997
By: /s/Dennis R. Neill
------------------------------
Dennis R. Neill
President
Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf
of the registrant and in the capacities on the dates indicated.
By: /s/Dennis R. Neill President and March 27, 1997
------------------- Director (Principal
Dennis R. Neill Executive Officer)
/s/Patrick M. Hall (Principal March 27, 1997
------------------- Financial and
Patrick M. Hall Accounting Officer)
/s/Judy K. Fox Secretary March 27, 1997
-------------------
Judy K. Fox
73
<PAGE>
<PAGE>
SIGNATURES
Pursuant to the requirements of Sections 13 or 15(d) 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 organized.
GEODYNE ENERGY INCOME LIMITED
PARTNERSHIP I-E
By: GEODYNE RESOURCES, INC.
General Partner
March 27, 1997
By: /s/Dennis R. Neill
------------------------------
Dennis R. Neill
President
Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf
of the registrant and in the capacities on the dates indicated.
By: /s/Dennis R. Neill President and March 27, 1997
------------------- Director (Principal
Dennis R. Neill Executive Officer)
/s/Patrick M. Hall (Principal March 27, 1997
------------------- Financial and
Patrick M. Hall Accounting Officer)
/s/Judy K. Fox Secretary March 27, 1997
-------------------
Judy K. Fox
74
<PAGE>
<PAGE>
SIGNATURES
Pursuant to the requirements of Sections 13 or 15(d) 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 organized.
GEODYNE ENERGY INCOME LIMITED
PARTNERSHIP I-F
By: GEODYNE RESOURCES, INC.
General Partner
March 27, 1997
By: /s/Dennis R. Neill
------------------------------
Dennis R. Neill
President
Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf
of the registrant and in the capacities on the dates indicated.
By: /s/Dennis R. Neill President and March 27, 1997
------------------- Director (Principal
Dennis R. Neill Executive Officer)
/s/Patrick M. Hall (Principal March 27, 1997
------------------- Financial and
Patrick M. Hall Accounting Officer)
/s/Judy K. Fox Secretary March 27, 1997
-------------------
Judy K. Fox
75
<PAGE>
<PAGE>
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
REPORT OF INDEPENDENT ACCOUNTANTS
TO THE PARTNERS
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-B
GEODYNE PRODUCTION PARTNERSHIP I-B
We have audited the combined balance sheets of the Geodyne Energy
Income Limited Partnership I-B, an Oklahoma limited partnership, and
Geodyne Production Partnership I-B, an Oklahoma general partnership,
as of December 31, 1996 and 1995 and the related combined statements
of operations, changes in partners' capital (deficit), and cash flows
for the years ended December 31, 1996, 1995, and 1994. These
financial statements are the responsibility of the Partnerships'
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the combined financial statements referred to
above present fairly, in all material respects, the combined financial
position of the Geodyne Energy Income Limited Partnership I-B and
Geodyne Production Partnership I-B at December 31, 1996 and 1995 and
the combined results of their operations and cash flows for the years
ended December 31, 1996, 1995, and 1994, in conformity with generally
accepted accounting principles.
As discussed in Note 1 to the financial statements, the Geodyne
Energy Income Limited Partnership I-B and Geodyne Production
Partnership I-B changed their method of accounting for impairment of
their oil and gas properties as of October 1, 1995.
COOPERS & LYBRAND L.L.P.
Tulsa, Oklahoma
March 26, 1997
F-1
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-B
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-B
Combined Balance Sheets
December 31, 1996 and 1995
ASSETS
------
1996 1995
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 13,805 $ 25,001
Accounts receivable:
General Partner - 4,074
Oil and gas sales, including
$5,872 due from related
parties at 1995 54,636 38,453
------- -------
Total current assets $ 68,441 $ 67,528
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 419,346 482,234
DEFERRED CHARGE 121,350 98,278
------- -------
$609,137 $648,040
======= =======
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
-------------------------------------------
CURRENT LIABILITIES:
Accounts payable $ 17,298 $ 7,659
Gas imbalance payable 4,982 73,983
------- -------
Total current liabilities $ 22,280 $ 81,642
ACCRUED LIABILITY $ 31,110 $ 34,173
PARTNERS' CAPITAL (DEFICIT):
General Partner ($102,526) ($104,724)
Limited Partners, issued and
outstanding, 11,958 Units 658,273 636,949
------- -------
Total Partners' capital $555,747 $532,225
------- -------
$609,137 $648,040
======= =======
The accompanying notes are an integral
part of these combined financial statements.
F-2
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-B
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-B
Combined Statements of Operations
For the Years Ended December 31, 1996, 1995, and 1994
1996 1995 1994
---------- ---------- ----------
REVENUES:
Oil and gas sales, including
$43,625 and $53,394
of sales to related
parties in 1995 and 1994 $364,052 $254,050 $453,021
Interest income 327 614 1,527
Gain on sale of oil and
gas properties 598 4,772 -
------- ------- -------
$364,977 $259,436 $454,548
COSTS AND EXPENSES:
Lease operating $112,778 $143,112 $113,509
Production tax 18,557 17,997 32,894
Depreciation, depletion,
and amortization of oil
and gas properties 63,333 303,520 294,794
Impairment provision - 125,159 -
General and administrative 63,108 48,113 56,861
------- ------- -------
$257,776 $637,901 $498,058
------- ------- -------
NET INCOME (LOSS) $107,201 ($378,465) ($ 43,510)
======= ======= =======
GENERAL PARTNER -
NET INCOME (LOSS) $ 7,877 ($ 1,776) $ 9,616
======= ======= =======
LIMITED PARTNERS - NET
INCOME (LOSS) $ 99,324 ($376,689) ($ 53,126)
======= ======= =======
NET INCOME (LOSS) per Unit $ 8.31 ($ 31.50) ($ 4.44)
======= ======= =======
UNITS OUTSTANDING 11,958 11,958 11,958
======= ======= =======
The accompanying notes are an integral
part of these combined financial statements.
F-3
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-B
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-B
Combined Statements of Changes in Partners' Capital (Deficit)
For the Years Ended December 31, 1996, 1995, and 1994
Limited General
Partners Partner Total
------------ --------- ------------
Balance, Dec. 31, 1993 $1,448,764 ($ 93,564) $1,355,200
Net income (loss) ( 53,126) 9,616 ( 43,510)
Cash distributions ( 249,000) ( 12,000) ( 261,000)
--------- ------- ---------
Balance, Dec. 31, 1994 $1,146,638 ($ 95,948) $1,050,690
Net loss ( 376,689) ( 1,776) ( 378,465)
Cash distributions ( 133,000) ( 7,000) ( 140,000)
--------- ------- ---------
Balance, Dec. 31, 1995 $ 636,949 ($104,724) $ 532,225
Net income 99,324 7,877 107,201
Cash distributions ( 78,000) ( 5,679) ( 83,679)
--------- ------- ---------
Balance, Dec. 31, 1996 $ 658,273 ($102,526) $ 555,747
========= ======= =========
The accompanying notes are an integral
part of these combined financial statements.
F-4
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-B
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-B
Combined Statements of Cash Flows
For the Years Ended December 31, 1996, 1995, and 1994
1996 1995 1994
---------- ---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $107,201 ($378,465) ($ 43,510)
Adjustments to reconcile net
income (loss) to net cash
provided by operating activities:
Depreciation, depletion, and
amortization of oil and gas
properties 63,333 303,520 294,794
Impairment provision - 125,159 -
Gain on sale of oil
and gas properties ( 598) ( 4,772) -
(Increase) decrease in
accounts receivable
-General Partner 4,074 ( 4,074) -
(Increase) decrease in
accounts receivable
- oil and gas sales ( 16,183) 8,015 28,913
(Increase) decrease in
deferred charge ( 23,072) 21,965 ( 47,865)
Increase (decrease) in
accounts payable 9,639 ( 12,323) 7,390
Increase (decrease) in
gas imbalance payable ( 69,001) 55,984 17,999
Increase (decrease) in
accrued liability ( 3,063) ( 3,474) 5,011
------- ------- -------
Net cash provided by operating
activities $ 72,330 $111,535 $262,732
------- ------- -------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 445) ($ 8,037) ($ 13)
Proceeds from sale of oil and
gas properties 598 4,954 20
------- ------- -------
Net cash provided (used) by
investing activities $ 153 ($ 3,083) $ 7
------- ------- -------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($ 83,679) ($140,000) ($261,000)
------- ------- -------
Net cash used by financing
activities ($ 83,679) ($140,000) ($261,000)
------- ------- -------
NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS ($ 11,196) ($ 31,548) $ 1,739
F-5
<PAGE>
<PAGE>
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 25,001 56,549 54,810
------- ------- -------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 13,805 $ 25,001 $ 56,549
======= ======= =======
The accompanying notes are an integral
part of these combined financial statements.
F-6
<PAGE>
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
TO THE PARTNERS
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-C
GEODYNE PRODUCTION PARTNERSHIP I-C
We have audited the combined balance sheets of the Geodyne Energy
Income Limited Partnership I-C, an Oklahoma limited partnership, and
Geodyne Production Partnership I-C, an Oklahoma general partnership,
as of December 31, 1996 and 1995 and the related combined statements
of operations, changes in partners' capital (deficit), and cash flows
for the years ended December 31, 1996, 1995, and 1994. These
financial statements are the responsibility of the Partnerships'
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the combined financial statements referred to
above present fairly, in all material respects, the combined financial
position of the Geodyne Energy Income Limited Partnership I-C and
Geodyne Production Partnership I-C at December 31, 1996 and 1995 and
the combined results of their operations and cash flows for the years
ended December 31, 1996, 1995, and 1994, in conformity with generally
accepted accounting principles.
As discussed in Note 1 to the financial statements, the Geodyne
Energy Income Limited Partnership I-C and Geodyne Production
Partnership I-C changed their method of accounting for impairment of
their oil and gas properties as of October 1, 1995.
COOPERS & LYBRAND L.L.P.
Tulsa, Oklahoma
March 26, 1997
F-7
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-C
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-C
Combined Balance Sheets
December 31, 1996 and 1995
ASSETS
------
1996 1995
--------- ---------
CURRENT ASSETS:
Cash and cash equivalents $218,437 $115,815
Accounts receivable:
General Partner 14,922 18,104
Oil and gas sales 163,306 161,572
------- -------
Total current assets $396,665 $295,491
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method $317,923 $445,122
DEFERRED CHARGE 66,882 39,457
------- -------
$781,470 $780,070
======= =======
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
-------------------------------------------
CURRENT LIABILITIES:
Accounts payable $ 16,894 $ 16,781
Gas imbalance payable - 13,021
------- -------
Total current liabilities $ 16,894 $ 29,802
ACCRUED LIABILITY $ 12,386 $ 15,632
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 85,499) ($ 66,308)
Limited Partners, issued and
outstanding, 8,885 Units 837,689 800,944
------- -------
Total Partners' capital $752,190 $734,636
------- -------
$781,470 $780,070
======= =======
The accompanying notes are an integral
part of these combined financial statements.
F-8
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-C
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-C
Combined Statements of Operations
For the Years Ended December 31, 1996, 1995, and 1994
1996 1995 1994
---------- ---------- ----------
REVENUES:
Oil and gas sales, including
$2,521 and $17,173
of sales to related
parties in 1995 and 1994 $1,181,096 $808,435 $1,042,630
Interest income 6,501 4,052 3,606
Gain (loss)on sale of
oil and gas properties ( 41,696) 39,926 -
Other income - - 189
--------- -------- ---------
$1,145,901 $852,413 $1,046,425
COSTS AND EXPENSES:
Lease operating $ 172,009 $219,066 $ 272,832
Production tax 69,689 56,131 60,411
Depreciation, depletion,
and amortization of oil
and gas properties 58,370 181,870 258,978
Impairment provision - 155,698 -
General and administrative 107,144 100,580 104,385
--------- ------- ---------
$ 407,212 $713,345 $ 696,606
--------- ------- ---------
NET INCOME $ 738,689 $139,068 $ 349,819
========= ======= =========
GENERAL PARTNER - NET INCOME $ 38,944 $ 20,456 $ 27,850
========= ======= =========
LIMITED PARTNERS - NET INCOME $ 699,745 $118,612 $ 321,969
========= ======= =========
NET INCOME per Unit $ 78.76 $ 13.35 $ 36.24
========= ======= =========
UNITS OUTSTANDING 8,885 8,885 8,885
========= ======= =========
The accompanying notes are an integral
part of these combined financial statements.
F-9
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-C
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-C
Combined Statements of Changes in Partners' Capital (Deficit)
For the Years Ended December 31, 1996, 1995, and 1994
Limited General
Partners Partner Total
------------ --------- ------------
Balance, Dec. 31, 1993 $1,340,363 ( 63,314) $1,277,049
Net income 321,969 27,850 349,819
Cash distributions ( 545,000) ( 28,300) ( 573,300)
--------- ------ ---------
Balance, Dec. 31, 1994 $1,117,332 ($63,764) $1,053,568
Net income 118,612 20,456 139,068
Cash distributions ( 435,000) ( 23,000) ( 458,000)
--------- ------ ---------
Balance, Dec. 31, 1995 $ 800,944 ($66,308) $ 734,636
Net income 699,745 38,944 738,689
Cash distributions ( 663,000) ( 58,135) ( 721,135)
--------- ------ ---------
Balance, Dec. 31, 1996 $ 837,689 ($85,499) $ 752,190
========= ====== =========
The accompanying notes are an integral
part of these combined financial statements.
F-10
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-C
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-C
Combined Statements of Cash Flows
For the Years Ended December 31, 1996, 1995, and 1994
1996 1995 1994
---------- ---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $738,689 $139,068 $349,819
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation, depletion, and
amortization of oil and gas
properties 58,370 181,870 258,978
Impairment provision - 155,698 -
(Gain) loss on sale of oil
and gas properties 41,696 ( 39,926) -
(Increase) decrease in
accounts receivable
-General Partner 3,182 ( 18,104) -
(Increase) decrease in
accounts receivable
-oil and gas sales ( 1,734) ( 18,695) 22,563
(Increase) decrease in
deferred charge ( 27,425) 14,230 ( 18,785)
Increase (decrease) in
accounts payable 113 ( 4,578) ( 4,072)
Increase (decrease)in gas
imbalance payable ( 13,021) 10,652 2,369
Increase (decrease) in
accrued liability ( 3,246) ( 3,280) 8,355
------- ------- -------
Net cash provided by operating
activities $796,624 $416,935 $619,227
------- ------- -------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 1,039) $ - ($ 17,121)
Proceeds from sale of oil and
gas properties 28,172 40,368 4
------- ------- -------
Net cash provided (used) by
investing activities $ 27,133 $ 40,368 ($ 17,117)
------- ------- -------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($721,135) ($458,000) ($573,300)
------- ------- -------
Net cash used by financing
activities ($721,135) ($458,000) ($573,300)
------- ------- -------
NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS $102,622 ($ 697) $ 28,810
F-11
<PAGE>
<PAGE>
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 115,815 116,512 87,702
------- ------- -------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $218,437 $115,815 $116,512
======= ======= =======
The accompanying notes are an integral
part of these combined financial statements.
F-12
<PAGE>
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
TO THE PARTNERS
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-D
GEODYNE PRODUCTION PARTNERSHIP I-D
We have audited the combined balance sheets of the Geodyne Energy
Income Limited Partnership I-D, an Oklahoma limited partnership, and
Geodyne Production Partnership I-D, an Oklahoma general partnership,
as of December 31, 1996 and 1995 and the related combined statements
of operations, changes in partners' capital (deficit), and cash flows
for the years ended December 31, 1996, 1995, and 1994. These
financial statements are the responsibility of the Partnerships'
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the combined financial statements referred to
above present fairly, in all material respects, the combined financial
position of the Geodyne Energy Income Limited Partnership I-D and
Geodyne Production Partnership I-D at December 31, 1996 and 1995 and
the combined results of their operations and cash flows for the years
ended December 31, 1996, 1995, and 1994, in conformity with generally
accepted accounting principles.
As discussed in Note 1 to the financial statements, the Geodyne
Energy Income Limited Partnership I-D and Geodyne Production
Partnership I-D changed their method of accounting for impairment of
their oil and gas properties as of October 1, 1995.
COOPERS & LYBRAND L.L.P.
Tulsa, Oklahoma
March 26, 1997
F-13
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-D
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-D
Combined Balance Sheets
December 31, 1996 and 1995
ASSETS
------
1996 1995
----------- ----------
CURRENT ASSETS:
Cash and cash equivalents $ 344,951 $ 245,666
Accounts receivable:
Oil and gas sales, including
$65,811 due from related
parties at 1995 306,857 224,856
--------- ---------
Total current assets $ 651,808 $ 470,522
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 855,240 1,010,429
DEFERRED CHARGE 98,015 113,490
--------- ---------
$1,605,063 $1,594,441
========= =========
LIABILITIES AND PARTNERS' CAPITAL
---------------------------------
CURRENT LIABILITIES:
Accounts payable $ 15,285 $ 30,749
Gas imbalance payable 36,687 67,130
--------- ---------
Total current liabilities $ 51,972 $ 97,879
ACCRUED LIABILITY $ 16,816 $ 17,970
PARTNERS' CAPITAL:
General Partner ($ 4,248) $ 17,993
Limited Partners, issued and
outstanding, 7,195 Units 1,540,523 1,460,599
--------- ---------
Total Partners' capital $1,536,275 $1,478,592
--------- ---------
$1,605,063 $1,594,441
========= =========
The accompanying notes are an integral
part of these combined financial statements.
F-14
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-D
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-D
Combined Statements of Operations
For the Years Ended December 31, 1996, 1995, and 1994
1996 1995 1994
----------- ---------- ----------
REVENUES:
Oil and gas sales, including
$362,560 and $437,754
of sales to related
parties in 1995 and 1994 $1,812,568 $1,237,419 $1,738,315
Interest income 11,473 8,358 12,843
Gain on sale of oil and
gas properties 41,516 1,377 2,993
Other income - - 123
--------- --------- ---------
$1,865,557 $1,247,154 $1,754,274
COSTS AND EXPENSES:
Lease operating $ 175,311 $ 144,541 $ 245,671
Production tax 115,537 92,050 103,352
Depreciation, depletion,
and amortization of oil
and gas properties 148,467 249,914 340,098
Impairment provision - 19,510 -
General and administrative 92,138 89,352 90,992
--------- --------- ---------
$ 531,453 $ 595,367 $ 780,113
--------- --------- ---------
NET INCOME $1,334,104 $ 651,787 $ 974,161
========= ========= =========
GENERAL PARTNER -
NET INCOME $ 219,180 $ 135,487 $ 193,738
========= ========= =========
LIMITED PARTNERS - NET INCOME $1,114,924 $ 516,300 $ 780,423
========= ========= =========
NET INCOME per Unit $ 154.96 $ 71.76 $ 108.47
========= ========= =========
UNITS OUTSTANDING 7,195 7,195 7,195
========= ========= =========
The accompanying notes are an integral
part of these combined financial statements.
F-15
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-D
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-D
Combined Statements of Changes in Partners' Capital (Deficit)
For the Years Ended December 31, 1996, 1995, and 1994
Limited General
Partners Partner Total
------------ ---------- ------------
Balance, Dec. 31, 1993 $1,893,876 ( 4,232) $1,889,644
Net income 780,423 193,738 974,161
Cash distributions ( 1,005,000) ( 180,000) ( 1,185,000)
--------- ------- ---------
Balance, Dec. 31, 1994 $1,669,299 $ 9,506 $1,678,805
Net income 516,300 135,487 651,787
Cash distributions ( 725,000) ( 127,000) ( 852,000)
--------- ------- ---------
Balance, Dec. 31, 1995 $1,460,599 $ 17,993 $1,478,592
Net income 1,114,924 219,180 1,334,104
Cash distributions ( 1,035,000) ( 241,421) ( 1,276,421)
--------- ------- ---------
Balance, Dec. 31, 1996 $1,540,523 ($ 4,248) $1,536,275
========= ======= =========
The accompanying notes are an integral
part of these combined financial statements.
F-16
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-D
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-D
Combined Statements of Cash Flows
For the Years Ended December 31, 1996, 1995, and 1994
1996 1995 1994
------------ ------------ ------------
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income $1,334,104 $651,787 $ 974,161
Adjustments to reconcile
net income to net cash
provided by operating
activities:
Depreciation, depletion,
and amortization of oil
and gas properties 148,467 249,914 340,098
Impairment provision - 19,510 -
Gain on sale of oil and
gas properties ( 41,516) ( 1,377) ( 2,993)
(Increase) decrease in
accounts receivable ( 82,001) ( 11,276) 46,746
(Increase) decrease in
deferred charge 15,475 ( 15,634) 16,147
Decrease in accounts
payable ( 15,464) ( 5,600) ( 19,466)
Decrease in gas
imbalance payable ( 30,443) ( 10,210) ( 261,883)
Increase (decrease) in
accrued liability ( 1,154) ( 23,238) 10,797
--------- ------- ---------
Net cash provided by
operating activities $1,327,468 $853,876 $1,103,607
--------- ------- ---------
CASH FLOWS FROM INVESTING
ACTIVITIES:
Capital expenditures ($ 10,930) ($ 7,434) ($ 58,268)
Proceeds from sale of
oil and gas properties 59,168 3,739 5,767
--------- ------- ---------
Net cash provided (used)
by investing activities $ 48,238 ($ 3,695) ($ 52,501)
--------- ------- ---------
CASH FLOWS FROM FINANCING
ACTIVITIES:
Cash distributions ($1,276,421) ($852,000) ($1,185,000)
--------- ------- ---------
Net cash used by financing
activities ($1,276,421) ($852,000) ($1,185,000)
--------- ------- ---------
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS $ 99,285 ($ 1,819) ($ 133,894)
F-17
<PAGE>
<PAGE>
CASH AND CASH EQUIVALENTS
AT BEGINNING OF PERIOD 245,666 247,485 381,379
--------- ------- ---------
CASH AND CASH EQUIVALENTS
AT END OF PERIOD $ 344,951 $245,666 $ 247,485
========= ======= =========
The accompanying notes are an integral
part of these combined financial statements.
F-18
<PAGE>
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
TO THE PARTNERS
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-E
GEODYNE PRODUCTION PARTNERSHIP I-E
We have audited the combined balance sheets of the Geodyne Energy
Income Limited Partnership I-E, an Oklahoma limited partnership, and
Geodyne Production Partnership I-E, an Oklahoma general partnership,
as of December 31, 1996 and 1995 and the related combined statements
of operations, changes in partners' capital (deficit), and cash flows
for the years ended December 31, 1996, 1995, and 1994. These
financial statements are the responsibility of the Partnerships'
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the combined financial statements referred to
above present fairly, in all material respects, the combined financial
position of the Geodyne Energy Income Limited Partnership I-E and
Geodyne Production Partnership I-E at December 31, 1996 and 1995 and
the combined results of their operations and cash flows for the years
ended December 31, 1996, 1995, and 1994, in conformity with generally
accepted accounting principles.
As discussed in Note 1 to the financial statements, the Geodyne
Energy Income Limited Partnership I-E and Geodyne Production
Partnership I-E changed their method of accounting for impairment of
their oil and gas properties as of October 1, 1995.
COOPERS & LYBRAND L.L.P.
Tulsa, Oklahoma
March 26, 1997
F-19
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-E
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-E
Combined Balance Sheets
December 31, 1996 and 1995
ASSETS
------
1996 1995
------------- -------------
CURRENT ASSETS:
Cash and cash equivalents $ 894,887 $ 734,316
Accounts receivable:
Oil and gas sales, including
$373,412 due from related
parties at 1995 1,233,074 775,771
--------- ---------
Total current assets $2,127,961 $1,510,087
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 5,621,729 6,504,506
DEFERRED CHARGE 822,824 942,747
--------- ---------
$8,572,514 $8,957,340
========= =========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
-------------------------------------------
CURRENT LIABILITIES:
Accounts payable $ 118,262 $ 172,888
Gas imbalance payable 124,200 210,231
--------- ---------
Total current liabilities $ 242,462 $ 383,119
ACCRUED LIABILITY $ 142,663 $ 135,446
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 113,140) ($ 54,687)
Limited Partners, issued and
outstanding, 41,839 Units 8,300,529 8,493,462
--------- ---------
Total Partners' capital $8,187,389 $8,438,775
--------- ---------
$8,572,514 $8,957,340
========= =========
The accompanying notes are an integral
part of these combined financial statements.
F-20
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-E
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-E
Combined Statements of Operations
For the Years Ended December 31, 1996, 1995, and 1994
1996 1995 1994
---------- ---------- ----------
REVENUES:
Oil and gas sales, including
$2,099,338 and $2,420,656
of sales to related
parties in 1995 and 1994 $6,006,431 $4,777,881 $6,455,258
Interest income 35,005 28,581 31,102
Gain on sale of oil and
gas properties 296,937 3,843 11,697
Other income - - 370
--------- --------- ---------
$6,338,373 $4,810,305 $6,498,427
COSTS AND EXPENSES:
Lease operating $1,303,281 $1,161,941 $1,691,839
Production tax 403,038 319,588 380,840
Depreciation, depletion,
and amortization of oil
and gas properties 842,214 1,385,245 2,139,357
Impairment provision - 748,728 -
General and administrative 527,292 510,222 515,945
--------- --------- ---------
$3,075,825 $4,125,724 $4,727,981
--------- --------- ---------
NET INCOME $3,262,548 $ 684,581 $1,770,446
========= ========= =========
GENERAL PARTNER -
NET INCOME $ 602,481 $ 368,023 $ 369,587
========= ========= =========
LIMITED PARTNERS - NET INCOME $2,660,067 $ 316,558 $1,400,859
========= ========= =========
NET INCOME per Unit $ 63.58 $ 7.57 $ 33.48
========= ========= =========
UNITS OUTSTANDING 41,839 41,839 41,839
========= ========= =========
The accompanying notes are an integral
part of these combined financial statements.
F-21
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-E
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-E
Combined Statements of Changes in Partners' Capital (Deficit)
For the Years Ended December 31, 1996, 1995, and 1994
Limited General
Partners Partner Total
------------- ---------- -------------
Balance, Dec. 31, 1993 $11,971,045 ($145,297) $11,825,748
Net income 1,400,859 369,587 1,770,446
Cash distributions ( 3,055,000) ( 340,000) ( 3,395,000)
---------- ------- ----------
Balance, Dec. 31, 1994 $10,316,904 ($115,710) $10,201,194
Net income 316,558 368,023 684,581
Cash distributions ( 2,140,000) ( 307,000) ( 2,447,000)
---------- ------- ----------
Balance, Dec. 31, 1995 $ 8,493,462 ($ 54,687) $ 8,438,775
Net Income 2,660,067 602,481 3,262,548
Cash distributions ( 2,853,000) ( 660,934) ( 3,513,934)
---------- ------- ----------
Balance, Dec. 31, 1996 $ 8,300,529 ($113,140) $ 8,187,389
========== ======= ==========
The accompanying notes are an integral
part of these combined financial statements.
F-22
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-E
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-E
Combined Statements of Cash Flows
For the Years Ended December 31, 1996, 1995, and 1994
1996 1995 1994
------------ ------------ ------------
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income $3,262,548 $ 684,581 $1,770,446
Adjustments to reconcile
net income to net cash
provided by operating
activities:
Depreciation, depletion,
and amortization of oil
and gas properties 842,214 1,385,245 2,139,357
Impairment provision - 748,728 -
Gain on sale of oil and
gas properties ( 296,937) ( 3,843) ( 11,697)
Increase (decrease) in
accounts receivable ( 457,303) 86,309 139,913
(Increase) decrease in
deferred charge 119,923 1,722 ( 191,260)
Decrease in accounts
payable ( 54,626) ( 47,782) ( 21,367)
Decrease in gas
imbalance payable ( 86,031) ( 25,446) ( 982,416)
Increase (decrease) in
accrued liability 7,217 ( 244,169) 200,619
--------- --------- ---------
Net cash provided by
operating activities $3,337,005 $2,585,345 $3,043,595
--------- --------- ---------
CASH FLOWS FROM INVESTING
ACTIVITIES:
Capital expenditures ($ 55,490) ($ 105,852) ($ 197,394)
Proceeds from sale of
oil and gas properties 392,990 22,208 29,932
--------- --------- ---------
Net cash provided (used)
by investing activities $ 337,500 ($ 83,644) ($ 167,462)
--------- --------- ---------
CASH FLOWS FROM FINANCING
ACTIVITIES:
Cash distributions ($3,513,934) ($2,447,000) ($3,395,000)
--------- --------- ---------
Net cash used by financing
activities ($3,513,934) ($2,447,000) ($3,395,000)
--------- --------- ---------
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS $ 160,571 $ 54,701 ($ 518,867)
F-23
<PAGE>
<PAGE>
CASH AND CASH EQUIVALENTS
AT BEGINNING OF PERIOD 734,316 679,615 1,198,482
--------- --------- ---------
CASH AND CASH EQUIVALENTS
AT END OF PERIOD $ 894,887 $ 734,316 $ 679,615
========= ========= =========
The accompanying notes are an integral
part of these combined financial statements.
F-24
<PAGE>
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
TO THE PARTNERS
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-F
GEODYNE PRODUCTION PARTNERSHIP I-F
We have audited the combined balance sheets of the Geodyne Energy
Income Limited Partnership I-F, an Oklahoma limited partnership, and
Geodyne Production Partnership I-F, an Oklahoma general partnership,
as of December 31, 1996 and 1995 and the related combined statements
of operations, changes in partners' capital (deficit), and cash flows
for the years ended December 31, 1996, 1995, and 1994. These
financial statements are the responsibility of the Partnerships'
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the combined financial statements referred to
above present fairly, in all material respects, the combined financial
position of the Geodyne Energy Income Limited Partnership I-F and
Geodyne Production Partnership I-F at December 31, 1996 and 1995 and
the combined results of their operations and cash flows for the years
ended December 31, 1996, 1995, and 1994, in conformity with generally
accepted accounting principles.
As discussed in Note 1 to the financial statements, the Geodyne
Energy Income Limited Partnership I-F and Geodyne Production
Partnership I-F changed their method of accounting for impairment of
their oil and gas properties as of October 1, 1995.
COOPERS & LYBRAND L.L.P.
Tulsa, Oklahoma
March 26, 1997
F-25
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-F
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-F
Combined Balance Sheets
December 31, 1996 and 1995
ASSETS
------
1996 1995
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 339,064 $ 272,653
Accounts receivable:
Oil and gas sales, including
$78,769 due from related
parties at 1995 431,888 274,349
--------- ---------
Total current assets $ 770,952 $ 547,002
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 1,746,830 2,038,534
DEFERRED CHARGE 465,201 538,858
--------- ---------
$2,982,983 $3,124,394
========= =========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
-------------------------------------------
CURRENT LIABILITIES:
Accounts payable $ 47,364 $ 64,142
Gas imbalance payable 45,279 83,203
--------- ---------
Total current liabilities $ 92,643 $ 147,345
ACCRUED LIABILITY $ 103,790 $ 79,435
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 59,110) ($ 25,679)
Limited Partners, issued and
outstanding, 14,321 Units 2,845,660 2,923,293
--------- ---------
Total Partners' capital $2,786,550 $2,897,614
--------- ---------
$2,982,983 $3,124,394
========= =========
The accompanying notes are an integral
part of these combined financial statements.
F-26
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-F
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-F
Combined Statements of Operations
For the Years Ended December 31, 1996, 1995, and 1994
1996 1995 1994
---------- ---------- ----------
REVENUES:
Oil and gas sales, including
$481,355 and $574,321
of sales to related
parties in 1995 and 1994 $2,121,336 $1,762,969 $2,402,053
Interest income 12,228 9,438 13,530
Gain on sale of oil and
gas properties 160,187 4,726 3,563
Other income - - 123
--------- --------- ---------
$2,293,751 $1,777,133 $2,419,269
COSTS AND EXPENSES:
Lease operating $ 622,452 $ 579,433 $ 629,878
Production tax 135,940 115,608 142,934
Depreciation, depletion,
and amortization of oil
and gas properties 270,978 492,745 789,044
Impairment provision - 258,913 -
General and administrative 182,290 175,600 178,404
--------- --------- ---------
$1,211,660 $1,622,299 $1,740,260
--------- --------- ---------
NET INCOME $1,082,091 $ 154,834 $ 679,009
========= ========= =========
GENERAL PARTNER -
NET INCOME $ 198,724 $ 117,455 $ 138,915
========= ========= =========
LIMITED PARTNERS - NET INCOME $ 883,367 $ 37,379 $ 540,094
========= ========= =========
NET INCOME per Unit $ 61.68 $ 2.61 $ 37.71
========= ========= =========
UNITS OUTSTANDING 14,321 14,321 14,321
========= ========= =========
The accompanying notes are an integral
part of these combined financial statements.
F-27
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-F
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-F
Combined Statements of Changes in Partners' Capital (Deficit)
For the Years Ended December 31, 1996, 1995, and 1994
Limited General
Partners Partner Total
------------ ---------- ------------
Balance, Dec. 31, 1993 $4,170,820 ($ 58,049) $4,112,771
Net income 540,094 138,915 679,009
Cash distributions ( 1,030,000) ( 114,000) ( 1,144,000)
--------- ------- ---------
Balance, Dec. 31, 1994 $3,680,914 ($ 33,134) $3,647,780
Net income 37,379 117,455 154,834
Cash distributions ( 795,000) ( 110,000) ( 905,000)
--------- ------- ---------
Balance, Dec. 31, 1995 $2,923,293 ($ 25,679) $2,897,614
Net income 883,367 198,724 1,082,091
Cash distributions ( 961,000) ( 232,155) ( 1,193,155)
--------- ------- ---------
Balance, Dec. 31, 1996 $2,845,660 ($ 59,110) $2,786,550
========= ======= =========
The accompanying notes are an integral
part of these combined financial statements.
F-28
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-F
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-F
Combined Statements of Cash Flows
For the Years Ended December 31, 1996, 1995, and 1994
1996 1995 1994
------------ ------------ ------------
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net income $1,082,091 $ 154,834 $ 679,009
Adjustments to reconcile
net income to net cash
provided by operating
activities:
Depreciation, depletion,
and amortization of oil
and gas properties 270,978 492,745 789,044
Impairment provision - 258,913 -
Gain on sale of oil
and gas properties ( 160,187) ( 4,726) ( 3,563)
(Increase) decrease in
accounts receivable ( 157,539) 68,655 ( 5,061)
(Increase) decrease in
deferred charge 73,657 ( 51,233) ( 49,945)
Decrease in accounts
payable ( 16,778) ( 14,427) ( 31,963)
Decrease in gas
imbalance payable ( 37,924) ( 5,277) ( 291,636)
Increase (decrease) in
accrued liability 24,355 15,557 ( 14,122)
--------- --------- ---------
Net cash provided by
operating activities $1,078,653 $ 915,041 $1,071,763
--------- --------- ---------
CASH FLOWS FROM INVESTING
ACTIVITIES:
Capital expenditures ($ 27,863) ($ 54,383) ($ 83,883)
Proceeds from sale of
oil and gas properties 208,776 11,377 13,755
--------- --------- ---------
Net cash provided (used)
by investing activities $ 180,913 ($ 43,006) ($ 70,128)
--------- --------- ---------
CASH FLOWS FROM FINANCING
ACTIVITIES:
Cash distributions ($1,193,155) ($ 905,000) ($1,144,000)
--------- --------- ---------
Net cash used by financing
activities ($1,193,155) ($ 905,000) ($1,144,000)
--------- --------- ---------
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS $ 66,411 ($ 32,965) ($ 142,365)
F-29
<PAGE>
<PAGE>
CASH AND CASH EQUIVALENTS
AT BEGINNING OF PERIOD 272,653 305,618 447,983
--------- --------- ---------
CASH AND CASH EQUIVALENTS
AT END OF PERIOD $ 339,064 $ 272,653 $ 305,618
========= ========= =========
The accompanying notes are an integral
part of these combined financial statements.
F-30
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME PROGRAM I LIMITED PARTNERSHIPS
Notes to the Combined Financial Statements
For the Years Ended December 31, 1996, 1995, and 1994
1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Organization and Nature of Operations
The Geodyne Energy Income Limited Partnerships (the "Partner-
ships") were formed pursuant to a public offering of depositary units
("Units"). Upon formation, investors became limited partners (the
"Limited Partners") and held Units issued by each Partnership.
Geodyne Resources, Inc. is the general partner of the Partnerships.
Each Partnership is a general partner in the related Geodyne Energy
Income Production Partnership (collectively, the "Production
Partnership") in which Geodyne Resources, Inc. serves as the managing
partner. Limited Partner capital contributions were contributed to
the related Production Partnerships for investment in producing oil
and gas properties. The Partnerships were activated on the following
dates with the following Limited Partner capital contributions:
Limited
Partner
Date of 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
For purposes of these financial statements, the Partnerships and
Production Partnerships are collectively referred to as the
"Partnerships" and the general partner and managing partner are
collectively referred to as the "General Partner." An affiliate of
the General Partner owned the following Units at December 31, 1996:
Number of Percent of
Partnership Units Owned Outstanding Units
----------- ----------- -----------------
I-B 2,446.7 20.5%
I-C 881.5 9.9%
I-D 692.3 9.6%
I-E 5,784.8 13.8%
I-F 2,214.6 15.5%
F-31
<PAGE>
<PAGE>
The Partnerships' sole business is the development and production
of oil and gas.
Allocation of Costs and Revenues
The combination of the allocation provisions in each Partner-
ship's limited partnership agreement and each Production Partnership's
partnership agreement (collectively, the "Partnership Agreement")
results in allocations of costs and income between the Limited
Partners and General Partner as follows:
Before Payout After Payout
------------------ ------------------
General Limited General Limited
Partner Partners Partner Partners
-------- -------- -------- --------
Costs(1)
- ------------------------
Sales commissions, pay-
ment for organization
and offering costs
and management fee 1% 99% - -
Property acquisition
costs 1% 99% 1% 99%
Identified development
drilling 1% 99% 1% 99%
Development drilling 10% 90% 15% 85%
General and administra-
tive costs, direct
administrative costs
and operating costs(2) 10% 90% 15% 85%
Income(1)
- ------------------------
Temporary investments of
Limited Partners'
capital contributions 1% 99% 1% 99%
Income from oil and gas
production(2) 10% 90% 15% 85%
Sale of producing pro-
perties (2) 10% 90% 15% 85%
All other income 10% 90% 15% 85%
- ----------
F-32
<PAGE>
<PAGE>
(1) The allocations in the table result generally from the combined
effect of the allocation provisions in the Partnership
Agreements. For example, the costs incurred in development
drilling are allocated 90.9091% to the limited partnership and
9.0909% to the managing partner. The 90.9091% portion of these
costs allocated to the limited partnership, when passed through
the limited partnership, is further allocated 99% to the limited
partners and 1% to the general partner. In this manner the
Limited Partners are allocated 90% of such costs and the General
Partner is allocated 10% of such costs.
(2) Distributions of cash and the above allocation of income and
costs of the General Partner are subject to subordination during
the first two twelve-month "allocation periods". The first
twelve-month "allocation period" commenced on the last day of the
first full fiscal quarter after the earlier of (i) the date on
which 90% of a limited partnership's capital contribution to a
Production Partnership has been expended or (ii) two years after
activation of a Production Partnership. The second twelve-month
"allocation period" commenced at the end of the first allocation
period. To the extent that the amount of cash distributed in the
allocation periods is insufficient to permit the Limited Partners
to receive a 15% cumulative (but not compounded) twelve-month
return on their capital contributions, up to one-half of the
managing partners' share of distributable cash after each such
allocation period, and a corresponding amount of their allocable
share of income and costs, shall thereafter be allocated to
permit the Limited Partners to receive, to the extent available,
the aggregate amount of such deficiency. After the allocation
periods, the managing partner may recoup amounts previously
allocated to the Limited Partners pursuant to this subordination
provision to the extent income is otherwise sufficient to permit
Limited Partners to receive at least a 15% cumulative (but not
compounded) twelve-month return since the commencement of the
allocation periods.
Currently, the I-B and I-C Partnerships are subject to
subordination as discussed above, as the Limited Partners did not
receive a 15% cumulative cash distribution; therefore, one-half of the
General Partner's income and costs for those Partnerships are being
allocated to the Limited Partners.
The I-D Partnership achieved payout late in 1991. Beginning with
1992, operations for the I-D Partnership were allocated using the
after payout percentages set forth in the table. The I-E and I-F
Partnerships achieved payout during the second quarter of 1995.
Beginning with the second quarter of 1995, operations for the I-E and
I-F Partnerships were allocated using the after payout percentages.
F-33
<PAGE>
<PAGE>
Basis of Presentation
These financial statements reflect the combined accounts of each
Partnership after the elimination of all inter-partnership
transactions and balances.
Cash and Cash Equivalents
The Partnerships consider all highly liquid investments with a
maturity of three months or less when purchased to be cash
equivalents. Cash equivalents are not insured, which cause the
Partnerships to be subject to risk.
Credit Risk
Accrued oil and gas sales which are due from a variety of oil and
gas purchasers subject the Partnerships to a concentration of credit
risk. Some of these purchasers are discussed in Note 3 - Major
Customers. Subsequent to year-end, all oil and gas sales accrued as
of December 31, 1996 have been collected.
Receivable from General Partner
The I-B Partnership recorded a receivable from the General
Partner at December 31, 1995 in the amount of $4,074 due to indirect
general and administrative expenses paid to the General Partner in
1995 exceeding the reimbursable indirect limit imposed by the advisory
agreement between Samson Investment Company, PaineWebber Incorporated,
and Geodyne (the "Advisory Agreement"). Such receivable was repaid by
the General Partner during the first four months of 1996. The I-C
Partnership recorded receivables from the General Partner at December
31, 1995 in the amount of $470 due to indirect general and
administrative expenses exceeding the reimbursable indirect limit
imposed by the Advisory Agreement and $17,634 due to the sale of oil
and gas properties late in the fourth quarter of 1995. Such
receivables were collected by the I-C Partnership during the first
quarter of 1996.
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 will be collected by the I-C Partnership during the first
quarter of 1997.
F-34
<PAGE>
<PAGE>
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 is adjusted to reflect the net cash results of
operations, including interest incurred to finance the acquisition,
for the period of time the properties are held by the General Partner.
Leasehold impairment of unproved properties 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 cost 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
units-of-production method. The Partnerships' depletion,
depreciation, and amortization includes dismantlement and abandonment
costs, net of estimated salvage value. The depreciation, depletion,
and amortization rates per equivalent barrel of oil produced during
the years ended December 31, 1996, 1995, and 1994 were as follows:
Partnership 1996 1995 1994
----------- ------ ------ ------
I-B $2.31 $10.23 $ 7.79
I-C .89 2.92 3.50
I-D 1.26 2.10 2.37
I-E 1.92 2.82 3.70
I-F 1.88 3.01 3.82
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 or credited to
accumulated depreciation.
F-35
<PAGE>
<PAGE>
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 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. As a
result of the Partnerships' adoption of SFAS No. 121, the Partnerships
recorded a non-cash charge against earnings (impairment provision)
during the fourth quarter of 1995 as follows:
Partnership 1995
----------- --------
I-B $125,159
I-C 155,698
I-D 19,510
I-E 748,728
I-F 258,913
No such charge was recorded for any Partnership during the year ended
December 31, 1996 under SFAS No. 121 or during the year ended December
31, 1994 pursuant to the Partnerships' prior impairment policy.
Subsequent to December 31, 1996, the oil and gas industry has
seen a drop in oil and gas prices. The Partnerships' reserves were
determined at December 31, 1996 using oil and gas prices of $23.75 per
barrel and $3.57 per Mcf, respectively. As of the date of this Annual
Report on Form 10-K, oil and gas prices received by the Partnerships
have decreased to approximately $19.00 per barrel and $1.60 per Mcf,
respectively (the "Filing Date Prices"). If the Filing Date Prices,
as opposed to December 31, 1996 prices, were used to determine the
recoverability of the Partnerships' oil and gas reserves, impairment
provisions of the following approximate amounts would have been
required at December 31, 1996:
F-36
<PAGE>
<PAGE>
Partnership Amount
----------- -------
I-B $19,000
I-C 5,000
I-D 13,000
I-E 60,000
I-F 21,000
If the Filing Date Prices are in effect on March 31, 1997, the above
impairment provisions will be reflected in the Partnerships' financial
statements as of March 31, 1997. Impairment provisions do not impact
the Partnerships' cash flows from operating activities; however, they
do impact the amount of General Partner and Limited Partner capital.
The risk that the Partnerships will be required to record further
impairment provisions in the future, beyond those noted above,
increases when oil and gas prices are depressed. Accordingly, I-D
Partnership has one field in which it is reasonably possible that an
impairment provision will be recorded in the near term if gas prices
decrease below the Filing Date Prices.
Deferred Charge
The Deferred Charge represents costs deferred for lease operating
expenses incurred in connection with the Partnerships' underproduced
gas imbalance positions. At December 31, 1996 and 1995, cumulative
total gas sales volumes for underproduced wells were less than the
Partnerships' pro-rata share of total gas production from these wells
by the following amounts:
1996 1995
------------------- -------------------
Partnership Mcf Amount Mcf Amount
----------- --------- -------- --------- --------
I-B 131,516 $121,350 118,479 $ 98,278
I-C 74,846 66,882 39,284 39,457
I-D 351,688 98,015 357,675 113,490
I-E 1,543,471 822,824 1,619,284 942,747
I-F 578,968 465,201 623,318 538,858
F-37
<PAGE>
<PAGE>
Accrued Liability
The Accrued Liability represents charges accrued for lease
operating expenses incurred in connection with the Partnerships'
overproduced gas imbalance positions. At December 31, 1996 and 1995,
cumulative total gas sales volumes for overproduced wells exceeded the
Partnerships' pro-rata share of total gas production from these wells
by the following amounts:
1996 1995
----------------- -----------------
Partnership Mcf Amount Mcf Amount
----------- ------- -------- ------- --------
I-B 33,716 $ 31,110 41,197 $ 34,173
I-C 13,861 12,386 15,564 15,632
I-D 60,338 16,816 56,635 17,970
I-E 267,610 142,663 232,645 135,446
I-F 129,172 103,790 91,886 79,435
Oil and Gas Sales and Gas Imbalance Payable
The Partnerships' oil and condensate production is sold, title
passed, and revenue recognized at or near the Partnerships' wells
under short-term purchase contracts at prevailing prices in accordance
with arrangements which are customary in the oil industry. Sales of
gas applicable to the Partnerships' interest in producing oil and gas
leases are recorded as revenue when the gas is metered and title
transferred pursuant to the gas sales contracts covering the
Partnerships' interest in gas reserves. During such times as a
Partnership's sales of gas exceed its pro rata ownership in a well,
such sales are recorded as revenue unless total sales from the well
have exceeded the Partnership's share of estimated total gas reserves
underlying the property, at which time such excess is recorded as a
liability. At December 31, 1996 and 1995 total sales exceeded the
Partnerships' share of estimated total gas reserves as follows:
1996 1995
----------------- -------------------
Partnership Mcf Amount Mcf Amount
----------- ------- -------- ------- ----------
I-B 3,321 $ 4,982 35,063 $ 73,983
I-C - - 6,543 13,021
I-D 24,458 36,687 34,603 67,130
I-E 82,800 124,200 108,928 210,231
I-F 30,186 45,279 42,235 83,203
F-38
<PAGE>
<PAGE>
These amounts were recorded as gas imbalance payables in accordance
with the sales method.
General and Administrative Overhead
The General Partner and its affiliates are reimbursed for actual
general and administrative costs incurred and attributable to the
conduct of the business affairs and operations of the Partnerships.
Use of Estimates in Financial Statements
The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities and disclosure of contingent assets and liabilities at
the date of the financial statements and the reported amounts of
revenues and expenses during the reporting period. Actual results
could differ from those estimates. Further, the deferred charge, the
gas imbalance payable, and the accrued liability all involve estimates
which could materially differ from the actual amounts ultimately
realized or incurred in the near term. Oil and gas reserves (see Note
4) also involve significant estimates which could materially differ
from the actual amounts ultimately realized.
Income Taxes
Income or loss for income tax purposes is includable in the
income tax returns of the partners. Accordingly, no recognition has
been given to income taxes in these financial statements.
2. TRANSACTIONS WITH RELATED PARTIES
The Partnerships reimburse the General Partner for the general
and administrative overhead applicable to the Partnerships, based on
an allocation of actual costs incurred. The following is a summary of
payments made to the General Partner or its affiliates by the
Partnerships for general and administrative costs for the years ended
December 31, 1996, 1995, and 1994:
F-39
<PAGE>
<PAGE>
Partnership 1996 1995 1994
----------- -------- -------- --------
I-B $ 45,252 $ 41,178 $ 45,246
I-C 93,550 93,550 94,020
I-D 79,944 79,944 79,944
I-E 464,880 464,880 464,880
I-F 159,120 159,120 159,120
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
these activities, together with any compressor rentals, consulting, or
other services provided.
During 1994 and 1995 the Partnerships sold gas at market prices
to El Paso Energy Marketing Company, formerly known as Premier Gas
Company ("El Paso"). El Paso, like other similar gas marketing firms,
then resold such gas to third parties at market prices. El Paso was
an affiliate of the Partnerships until December 6, 1995. The
following table summarizes the total amount of the Partnerships' sales
to El Paso during 1995 and 1994:
Partnership 1995 1994
----------- ---------- ----------
I-B $ 43,625 $ 53,394
I-C 2,521 17,173
I-D 362,560 437,754
I-E 2,099,338 2,420,656
I-F 481,355 574,321
The following table summarizes the amount of the Partnerships' accrued
oil and gas sales due from El Paso at December 31, 1995:
Partnership 1995
----------- --------
I-B $ 5,872
I-C -
I-D 65,811
I-E 373,412
I-F 78,769
F-40
<PAGE>
<PAGE>
3. MAJOR CUSTOMERS
The following table sets forth purchasers who individually
accounted for more than ten percent of the Partnerships' combined oil
and gas sales for the years ended December 31, 1996, 1995, and 1994:
Partnership Purchaser Percentage
----------- --------------------- -----------------------
1996 1995 1994
----- ----- -----
I-B Parker & Parsley
Development Company 22.7% - % - %
Byrd Operating Company 11.6% - % - %
Apache Corporation - % 22.5% 21.3%
El Paso 10.0% 17.2% 11.8%
Staley Operating Co. - % 16.0% 17.9%
Gemini Exploration - % - % 15.9%
Mosbacher Exploration - % - % 11.2%
I-C Hallwood Petroleum
("Hallwood") 42.8% 31.0% 36.2%
Conoco, Inc. ("Conoco") 25.2% 26.4% - %
Koch Oil Company 18.3% - % - %
National Cooperative
Refinery Association - % 10.9% - %
I-D Hallwood 31.8% 22.5% 26.7%
El Paso 27.9% 29.3% 25.2%
Conoco 23.1% 23.0% 11.5%
I-E El Paso 49.4% 43.9% 37.5%
I-F El Paso 31.9% 27.3% 23.9%
F-41
<PAGE>
<PAGE>
In the event of interruption of purchases by one or more of these
significant customers or the cessation or material change in
availability of open-access transportation by the Partnerships'
pipeline transporters, the Partnerships may encounter difficulty in
marketing their gas and in maintaining historic sales levels.
Alternative purchasers or transporters may not be readily available.
4. SUPPLEMENTAL OIL AND GAS INFORMATION
The following supplemental information regarding the oil and
gas activities of the Partnerships is presented pursuant to the
disclosure requirements promulgated by the SEC.
Capitalized Costs
Capitalized costs and accumulated depreciation, depletion,
amortization, and valuation allowance at December 31, 1996 and 1995
were as follows:
I-B Partnership
---------------
1996 1995
------------ ------------
Proved properties $7,009,360 $7,431,417
Unproved properties,
not subject to
depreciation,
depletion, and
amortization 2,493 2,493
--------- ---------
$7,011,853 $7,433,910
Less accumulated
depreciation,
depletion, amorti-
zation, and valua-
tion allowance ( 6,592,507) ( 6,951,676)
--------- ---------
Net oil and gas
properties $ 419,346 $ 482,234
========= =========
F-42
<PAGE>
<PAGE>
I-C Partnership
---------------
1996 1995
------------ ------------
Proved properties $3,904,778 $5,102,395
Unproved properties,
not subject to
depreciation,
depletion, and
amortization 455 455
--------- ---------
$3,905,233 $5,102,850
Less accumulated
depreciation,
depletion, amorti-
zation, and valua-
tion allowance ( 3,587,310) ( 4,657,728)
--------- ---------
Net oil and gas
properties $ 317,923 $ 445,122
========= =========
I-D Partnership
---------------
1996 1995
------------ ------------
Proved properties $4,892,664 $ 5,700,272
Unproved properties,
not subject to
depreciation,
depletion, and
amortization 49,914 49,914
--------- ----------
$4,942,578 $ 5,750,186
Less accumulated
depreciation,
depletion, amorti-
zation, and valua-
tion allowance ( 4,087,338) ( 4,739,757)
--------- ----------
Net oil and gas
properties $ 855,240 $ 1,010,429
========= ==========
F-43
<PAGE>
<PAGE>
I-E Partnership
---------------
1996 1995
------------ -------------
Proved properties $27,671,041 $32,071,642
Unproved properties,
not subject to
depreciation,
depletion, and
amortization 233,294 233,294
---------- ----------
$27,904,335 $32,304,936
Less accumulated
depreciation,
depletion, amorti-
zation, and valua-
tion allowance ( 22,282,606) ( 25,800,430)
---------- ----------
Net oil and gas
properties $ 5,621,729 $ 6,504,506
========== ==========
I-F Partnership
---------------
1996 1995
------------ -------------
Proved properties $8,205,960 $9,770,819
Unproved properties,
not subject to
depreciation,
depletion, and
amortization 88,701 88,701
--------- ----------
$8,294,661 $9,859,520
Less accumulated
depreciation,
depletion, amorti-
zation, and valua-
tion allowance ( 6,547,831) ( 7,820,986)
--------- ----------
Net oil and gas
properties $1,746,830 $2,038,534
========= ==========
F-44
<PAGE>
<PAGE>
Costs Incurred
The Partnerships incurred no costs in connection with oil and gas
acquisition or exploration activities during the years ended December
31, 1996, 1995, and 1994. Costs incurred by the Partnerships in
connection with their oil and gas property development activities for
the years ended December 31, 1996, 1995, and 1994 were as follows:
Partnership 1996 1995 1994
----------- ------- -------- --------
I-B $ 445 $ 8,037 $ 13
I-C 1,039 - 17,121
I-D 10,930 7,434 58,268
I-E 55,490 105,852 197,394
I-F 27,863 54,383 83,883
Quantities of Proved Oil and Gas Reserves - Unaudited
The following tables summarize changes in net quantities of the
Partnerships' proved reserves, all of which are located in the United
States, for the periods indicated. The proved reserves at December
31, 1996, 1995, and 1994 were estimated by petroleum engineers
employed by affiliates of the Partnerships. Certain reserve
information was reviewed by Ryder Scott Company Petroleum Engineers,
an independent petroleum engineering firm.
F-45
<PAGE>
<PAGE>
I-B Partnership
---------------
Crude Natural
Oil Gas
(Barrels) (Mcf)
--------- -----------
Proved reserves, Dec. 31, 1993 26,746 1,465,307
Production ( 9,132) ( 172,201)
Sales of minerals in
place - -
Revisions of previous
estimates 7,651 ( 231,302)
------ ---------
Proved reserves, Dec. 31, 1994 25,265 1,061,804
Production ( 4,628) ( 150,238)
Sales of minerals in
place ( 33) ( 8,103)
Extensions and discoveries 156 23,443
Revisions of previous
estimates ( 797) ( 24,686)
------ ---------
Proved reserves, Dec. 31, 1995 19,963 902,220
Production ( 2,297) ( 150,543)
Sales of minerals in
place - -
Revisions of previous
estimates ( 4,763) 158,168
------ ---------
Proved reserves, Dec. 31, 1996 12,903 909,845
====== =========
PROVED DEVELOPED RESERVES:
December 31, 1994 25,265 1,061,804
====== =========
December 31, 1995 19,963 902,220
====== =========
December 31, 1996 12,903 909,845
====== =========
F-46
<PAGE>
<PAGE>
I-C Partnership
---------------
Crude Natural
Oil Gas
(Barrels) (Mcf)
--------- ---------
Proved reserves, Dec. 31, 1993 64,913 773,566
Production ( 32,302) (250,469)
Sales of minerals in
place - -
Revisions of previous
estimates 62,826 444,465
------- -------
Proved reserves, Dec. 31, 1994 95,437 967,562
Production ( 27,843) (207,207)
Sales of minerals in
place ( 363) ( 14,708)
Extensions and discoveries 29 4,374
Revisions of previous
estimates 41,535 ( 9,961)
------- -------
Proved reserves, Dec. 31, 1995 108,795 740,060
Production ( 27,537) (226,820)
Sales of minerals in
place ( 4,934) ( 51,035)
Revisions of previous
estimates 44,909 340,705
------- -------
Proved reserves, Dec. 31, 1996 121,233 802,910
======= =======
PROVED DEVELOPED RESERVES:
December 31, 1994 95,437 967,562
======= =======
December 31, 1995 108,795 740,060
======= =======
December 31, 1996 121,233 802,910
======= =======
F-47
<PAGE>
<PAGE>
I-D Partnership
---------------
Crude Natural
Oil Gas
(Barrels) (Mcf)
--------- -----------
Proved reserves, Dec. 31, 1993 49,608 2,584,553
Production (26,369) ( 701,737)
Sales of minerals in
place ( 6) ( 654)
Revisions of previous
estimates 48,224 699,937
------ ---------
Proved reserves, Dec. 31, 1994 71,457 2,582,099
Production (22,427) ( 577,969)
Sales of minerals in
place ( 6) ( 2,087)
Extensions and discoveries 140 9,656
Revisions of previous
estimates 3,810 388,141
------ ---------
Proved reserves, Dec. 31, 1995 52,974 2,399,840
Production (21,291) ( 577,657)
Sales of minerals in
place ( 4,935) ( 29,621)
Extensions and discoveries 123 5,646
Revisions of previous
estimates 28,706 499,715
------ ---------
Proved reserves, Dec. 31, 1996 55,577 2,297,923
====== =========
PROVED DEVELOPED RESERVES:
December 31, 1994 71,457 2,573,976
====== =========
December 31, 1995 52,974 2,399,840
====== =========
December 31, 1996 55,219 2,276,438
====== =========
F-48
<PAGE>
<PAGE>
I-E Partnership
---------------
Crude Natural
Oil Gas
(Barrels) (Mcf)
--------- ------------
Proved reserves, Dec. 31, 1993 478,825 13,888,769
Production (109,508) ( 2,808,160)
Sales of minerals in
place ( 877) 4,287
Revisions of previous
estimates 116,978 1,632,333
------- ----------
Proved reserves, Dec. 31, 1994 485,418 12,717,229
Production ( 89,117) ( 2,412,342)
Sales of minerals in
place ( 65) ( 12,013)
Extensions and discoveries 10,358 66,844
Revisions of previous
estimates 86,214 2,321,612
------- ----------
Proved reserves, Dec. 31, 1995 492,808 12,681,330
Production ( 70,998) ( 2,206,082)
Sales of minerals in
place ( 24,754) ( 278,884)
Extensions and discoveries 778 73,593
Revisions of previous
estimates 123,001 1,483,030
------- ----------
Proved reserves, Dec. 31, 1996 520,835 11,752,987
======= ==========
PROVED DEVELOPED RESERVES:
December 31, 1994 485,418 12,668,722
======= ==========
December 31, 1995 492,808 12,681,330
======= ==========
December 31, 1996 519,687 11,683,935
======= ==========
F-49
<PAGE>
<PAGE>
I-F Partnership
---------------
Crude Natural
Oil Gas
(Barrels) (Mcf)
--------- -----------
Proved reserves, Dec. 31, 1993 235,378 3,953,204
Production ( 54,874) ( 910,692)
Sales of minerals in
place ( 64) ( 1,249)
Revisions of previous
estimates 54,822 894,574
------- ---------
Proved reserves, Dec. 31, 1994 235,262 3,935,837
Production ( 45,101) ( 711,486)
Sales of minerals in
place ( 33) ( 5,373)
Extensions and discoveries 7,063 36,456
Revisions of previous
estimates 49,360 578,157
------- ---------
Proved reserves, Dec. 31, 1995 246,551 3,833,591
Production ( 35,577) ( 652,692)
Sales of minerals in
place ( 12,337) ( 132,134)
Extensions and discoveries 399 26,335
Revisions of previous
estimates 70,126 481,185
------- ---------
Proved reserves, Dec. 31, 1996 269,162 3,556,285
======= =========
PROVED DEVELOPED RESERVES:
December 31, 1994 235,262 3,911,177
======= =========
December 31, 1995 246,551 3,833,591
======= =========
December 31, 1996 268,768 3,532,534
======= =========
F-50
<PAGE>
<PAGE>
Standardized Measure of Discounted Future Net Cash Flows of
Proved Oil and Gas Reserves - Unaudited
The following tables set forth each of the Partnerships'
estimated future net cash flows as of December 31, 1996 relating to
proved oil and gas reserves based on the standardized measure as pre-
scribed in SFAS No. 69:
Partnership
---------------------------
I-B I-C
------------ -------------
Future cash inflows $3,830,507 $6,022,311
Future production and
development costs ( 957,855) ( 2,363,791)
--------- ---------
Future net cash
flows $2,872,652 $3,658,520
10% discount to
reflect timing of
cash flows ( 912,978) ( 1,158,295)
--------- ---------
Standardized measure
of discounted
future net cash
flows $1,959,674 $2,500,225
========= =========
F-51
<PAGE>
<PAGE>
Partnership
---------------------------
I-D I-E
------------ -------------
Future cash inflows $9,538,599 $53,886,640
Future production and
development costs ( 1,851,827) ( 13,780,762)
--------- ----------
Future net cash
flows $7,686,772 $40,105,878
10% discount to
reflect timing of
cash flows ( 2,145,729) ( 12,922,650)
--------- ----------
Standardized measure
of discounted
future net cash
flows $5,541,043 $27,183,228
========= ==========
I-F Partnership
---------------
Future cash inflows $19,229,636
Future production and
development costs ( 5,769,981)
----------
Future net cash
flows $13,459,655
10% discount to
reflect timing of
cash flows ( 4,379,248)
----------
Standardized measure
of discounted
future net cash
flows $ 9,080,407
==========
F-52
<PAGE>
<PAGE>
The process of estimating oil and gas reserves is complex, requiring
significant subjective decisions in the evaluation of available
geological, engineering, and economic data for each reservoir. The
data for a given reservoir may change substantially over time as a
result of, among other things, additional development activity,
production history, and viability of production under varying economic
conditions; consequently, it is reasonably possible that material
revisions to existing reserve estimates may occur in the near future.
Although every reasonable effort has been made to ensure that the
reserve estimates reported herein represent the most accurate
assessment possible, the significance of the subjective decisions
required and variances in available data for various reservoirs make
these estimates generally less precise than other estimates presented
in connection with financial statement disclosures. The Partnerships'
reserves were determined at December 31, 1996 using oil and gas prices
of $23.75 per barrel and $3.57 per Mcf, respectively. As of the date
of this Annual Report, oil and gas prices received by the Partnerships
had decreased to approximately $19.00 per barrel and $1.60 per Mcf,
respectively. If such prices, as opposed to December 31, 1996 prices,
were used in calculating the standardized measure of discounted future
net cash flows of the Partnerships' proved oil and gas reserves as of
December 31, 1996, such decrease would have had a significant effect
on the value of the reserves disclosed herein.
F-53
<PAGE>
<PAGE>
INDEX TO EXHIBITS
-----------------
Number Description
- ------ -----------
4.1 The Certificate and Agreements of Limited Partnership for
the following Geodyne Energy Income Limited Partnerships
have been previously filed with the SEC as Exhibit 2.1 to
Form 8-A filed by each Limited Partnership on the dates
shown below and are hereby incorporated by reference.
Partnership Filing Date File No.
----------- ------------ --------
I-B May 23, 1986 0-14657
I-C May 23, 1986 0-14658
I-D May 5, 1987 0-15831
I-E May 5, 1987 0-15832
I-F May 5, 1987 0-15833
4.2 Advisory Agreement dated as of November 24, 1992 between
Samson, PaineWebber, Geodyne Resources, Geodyne Properties,
Inc., Geodyne Production Company, and Geodyne Energy Company
filed as Exhibit 28.3 to Registrant's Current Report on Form
8-K on December 24, 1992 and is hereby incorporated by
reference.
4.3 Second Amendment to Amended and Restated Agreement and
Certificate of Limited Partnership of Geodyne Energy Income
Limited Partnership I-B, filed as Exhibit 4.1 to
Registrant's Current Report on Form 8-K dated August 2, 1993
filed with the SEC on August 10, 1993 and is hereby
incorporated by reference.
4.4 Second Amendment to Amended and Restated Agreement and
Certificate of Limited Partnership of Geodyne Energy Income
Limited Partnership I-C, filed as Exhibit 4.2 to
Registrant's Current Report on Form 8-K dated August 2, 1993
filed with the SEC on August 10, 1993 and is hereby
incorporated by reference.
4.5 Second Amendment to Amended and Restated Agreement and
Certificate of Limited Partnership of Geodyne Energy Income
Limited Partnership I-D, filed as Exhibit 4.3 to
Registrant's Current Report on Form 8-K dated August 2, 1993
filed with the SEC on August 10, 1993 and is hereby
incorporated by reference.
F-54
<PAGE>
<PAGE>
4.6 Second Amendment to Amended and Restated Agreement and
Certificate of Limited Partnership of Geodyne Energy Income
Limited Partnership I-E, filed as Exhibit 4.4 to
Registrant's Current Report on Form 8-K dated August 2, 1993
filed with the SEC on August 10, 1993 and is hereby
incorporated by reference.
4.7 Second Amendment to Amended and Restated Agreement and
Certificate of Limited Partnership of Geodyne Energy Income
Limited Partnership I-F, filed as Exhibit 4.5 to
Registrant's Current Report on Form 8-K dated August 2, 1993
filed with the SEC on August 10, 1993 and is hereby
incorporated by reference.
*23.1 Consent of Ryder Scott Company Petroleum Engineers for
Geodyne Energy Income Limited Partnership I-B.
*23.2 Consent of Ryder Scott Company Petroleum Engineers for
Geodyne Energy Income Limited Partnership I-C.
*23.3 Consent of Ryder Scott Company Petroleum Engineers for
Geodyne Energy Income Limited Partnership I-D.
*23.4 Consent of Ryder Scott Company Petroleum Engineers for
Geodyne Energy Income Limited Partnership I-E.
*23.5 Consent of Ryder Scott Company Petroleum Engineers for
Geodyne Energy Income Limited Partnership I-F.
*27.1 Financial Data Schedule containing summary financial
information extracted from the Geodyne Energy Income Limited
Partnership I-B's financial statements as of December 31,
1996 and for the year ended December 31, 1996.
*27.2 Financial Data Schedule containing summary financial
information extracted from the Geodyne Energy Income Limited
Partnership I-C's financial statements as of December 31,
1996 and for the year ended December 31, 1996.
*27.3 Financial Data Schedule containing summary financial
information extracted from the Geodyne Energy Income Limited
Partnership I-D's financial statements as of December 31,
1996 and for the year ended December 31, 1996.
F-55
<PAGE>
<PAGE>
*27.4 Financial Data Schedule containing summary financial
information extracted from the Geodyne Energy Income Limited
Partnership I-E's financial statements as of December 31,
1996 and for the year ended December 31, 1996.
*27.5 Financial Data Schedule containing summary financial
information extracted from the Geodyne Energy Income Limited
Partnership I-F's financial statements as of December 31,
1996 and for the year ended December 31, 1996.
All other Exhibits are omitted as inapplicable.
----------
* Filed herewith.
F-56
<PAGE>
<PAGE>
RYDER SCOTT COMPANY Fax (713) 651-0849
PETROLEUM ENGINEERS Phone (713) 651-9191
1100 Louisiana Suite 3800 Houston, Texas 77002-5218
CONSENT OF PETROLEUM ENGINEERING FIRM
We consent to the reference to our name included in this Annual
Report on Form 10-K for the year ended December 31, 1996, for Geodyne
Energy Income Limited Partnership I-B.
RYDER SCOTT COMPANY
PETROLEUM ENGINEERS
Houston, Texas
February 7, 1997
<PAGE>
<PAGE>
RYDER SCOTT COMPANY Fax (713) 651-0849
PETROLEUM ENGINEERS Phone (713) 651-9191
1100 Louisiana Suite 3800 Houston, Texas 77002-5218
CONSENT OF PETROLEUM ENGINEERING FIRM
We consent to the reference to our name included in this Annual
Report on Form 10-K for the year ended December 31, 1996, for Geodyne
Energy Income Limited Partnership I-C.
RYDER SCOTT COMPANY
PETROLEUM ENGINEERS
Houston, Texas
February 7, 1997
<PAGE>
<PAGE>
RYDER SCOTT COMPANY Fax (713) 651-0849
PETROLEUM ENGINEERS Phone (713) 651-9191
1100 Louisiana Suite 3800 Houston, Texas 77002-5218
CONSENT OF PETROLEUM ENGINEERING FIRM
We consent to the reference to our name included in this Annual
Report on Form 10-K for the year ended December 31, 1996, for Geodyne
Energy Income Limited Partnership I-D.
RYDER SCOTT COMPANY
PETROLEUM ENGINEERS
Houston, Texas
February 7, 1997
<PAGE>
<PAGE>
RYDER SCOTT COMPANY Fax (713) 651-0849
PETROLEUM ENGINEERS Phone (713) 651-9191
1100 Louisiana Suite 3800 Houston, Texas 77002-5218
CONSENT OF PETROLEUM ENGINEERING FIRM
We consent to the reference to our name included in this Annual
Report on Form 10-K for the year ended December 31, 1996, for Geodyne
Energy Income Limited Partnership I-E.
RYDER SCOTT COMPANY
PETROLEUM ENGINEERS
Houston, Texas
February 7, 1997
<PAGE>
<PAGE>
RYDER SCOTT COMPANY Fax (713) 651-0849
PETROLEUM ENGINEERS Phone (713) 651-9191
1100 Louisiana Suite 3800 Houston, Texas 77002-5218
CONSENT OF PETROLEUM ENGINEERING FIRM
We consent to the reference to our name included in this Annual
Report on Form 10-K for the year ended December 31, 1996, for Geodyne
Energy Income Limited Partnership I-F.
RYDER SCOTT COMPANY
PETROLEUM ENGINEERS
Houston, Texas
February 7, 1997
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000780200
<NAME> GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-B
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
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<SECURITIES> 0
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<CURRENT-ASSETS> 68,441
<PP&E> 7,011,853
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<TOTAL-ASSETS> 609,137
<CURRENT-LIABILITIES> 22,280
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 555,747
<TOTAL-LIABILITY-AND-EQUITY> 609,137
<SALES> 364,052
<TOTAL-REVENUES> 364,977
<CGS> 0
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<OTHER-EXPENSES> 0
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<INCOME-CONTINUING> 107,201
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<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 107,201
<EPS-PRIMARY> 8.31
<EPS-DILUTED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000791067
<NAME> GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-C
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<CASH> 218,437
<SECURITIES> 0
<RECEIVABLES> 178,228
<ALLOWANCES> 0
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<CURRENT-ASSETS> 396,665
<PP&E> 3,905,233
<DEPRECIATION> 3,587,310
<TOTAL-ASSETS> 781,470
<CURRENT-LIABILITIES> 16,894
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 752,190
<TOTAL-LIABILITY-AND-EQUITY> 781,470
<SALES> 1,181,096
<TOTAL-REVENUES> 1,145,901
<CGS> 0
<TOTAL-COSTS> 407,212
<OTHER-EXPENSES> 0
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<INCOME-PRETAX> 738,689
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000799178
<NAME> GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-D
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<CASH> 344,951
<SECURITIES> 0
<RECEIVABLES> 306,857
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 651,808
<PP&E> 4,942,578
<DEPRECIATION> 4,087,338
<TOTAL-ASSETS> 1,605,063
<CURRENT-LIABILITIES> 51,972
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 1,536,275
<TOTAL-LIABILITY-AND-EQUITY> 1,605,063
<SALES> 1,812,568
<TOTAL-REVENUES> 1,865,557
<CGS> 0
<TOTAL-COSTS> 531,453
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 1,334,104
<INCOME-TAX> 0
<INCOME-CONTINUING> 1,334,104
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,334,104
<EPS-PRIMARY> 154.96
<EPS-DILUTED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000806613
<NAME> GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-E
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<CASH> 894,887
<SECURITIES> 0
<RECEIVABLES> 1,233,074
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 2,127,961
<PP&E> 27,904,335
<DEPRECIATION> 22,282,606
<TOTAL-ASSETS> 8,572,514
<CURRENT-LIABILITIES> 242,462
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 8,187,389
<TOTAL-LIABILITY-AND-EQUITY> 8,572,514
<SALES> 6,006,431
<TOTAL-REVENUES> 6,338,373
<CGS> 0
<TOTAL-COSTS> 3,075,825
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 3,262,548
<INCOME-TAX> 0
<INCOME-CONTINUING> 3,262,548
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 3,262,548
<EPS-PRIMARY> 63.58
<EPS-DILUTED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
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<NAME> GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-F
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<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
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<SECURITIES> 0
<RECEIVABLES> 431,888
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<CURRENT-ASSETS> 770,952
<PP&E> 8,294,661
<DEPRECIATION> 6,547,831
<TOTAL-ASSETS> 2,982,983
<CURRENT-LIABILITIES> 92,643
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 2,786,550
<TOTAL-LIABILITY-AND-EQUITY> 2,982,983
<SALES> 2,121,336
<TOTAL-REVENUES> 2,293,751
<CGS> 0
<TOTAL-COSTS> 1,211,660
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 1,082,091
<INCOME-TAX> 0
<INCOME-CONTINUING> 1,082,091
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,082,091
<EPS-PRIMARY> 61.68
<EPS-DILUTED> 0
</TABLE>
