UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 10-Q
/x/ Quarterly Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the quarterly period ended September 30, 1995, or
/ / Transition Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the transition period from _______ to _______
Commission File No. 33-3353B
PARKER & PARSLEY 86-B, LTD.
(Exact name of Registrant as specified in its charter)
Texas 75-2140235
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
303 West Wall, Suite 101,
Midland, Texas 79701
(Address of principal executive offices) (Zip code)
Registrant's Telephone Number, including area code: (915)683-4768
Not applicable
(Former name, former address and former fiscal year,
if changed since last report)
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
such filing requirements for the past 90 days.
Yes /x/ No / /
Page 1 of 13 pages.
There are no exhibits.
<PAGE>
PARKER & PARSLEY 86-B, LTD.
(A Texas Limited Partnership)
Part I. Financial Information
Item 1. Financial Statements
BALANCE SHEETS
September 30, December 31,
1995 1994
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents, including interest
bearing deposits of $165,653 at September 30
and $141,462 at December 31 $ 184,000 $ 141,681
Accounts receivable - oil and gas sales 154,955 184,109
---------- ----------
Total current assets 338,955 325,790
Oil and gas properties - at cost, based on the
successful efforts accounting method 14,168,696 14,129,225
Accumulated depletion (9,333,741) (8,958,142)
---------- ----------
Net oil and gas properties 4,834,955 5,171,083
---------- ----------
$ 5,173,910 $ 5,496,873
========== ==========
LIABILITIES AND PARTNERS' CAPITAL
Current liabilities:
Accounts payable - affiliate $ 122,330 $ 90,443
Partners' capital:
Limited partners (17,208 interests) 5,002,341 5,353,642
Managing general partner 49,239 52,788
---------- ----------
5,051,580 5,406,430
---------- ----------
$ 5,173,910 $ 5,496,873
========== ==========
The financial information included as of September 30, 1995 has been
prepared by management without audit by independent public accountants.
The accompanying notes are an integral part of these statements.
2
<PAGE>
PARKER & PARSLEY 86-B, LTD.
(A Texas Limited Partnership)
STATEMENTS OF OPERATIONS
(Unaudited)
Three months ended Nine months ended
September 30, September 30,
1995 1994 1995 1994
Revenues:
Oil and gas sales $ 339,278 $ 417,556 $1,121,134 $1,198,632
Interest income 3,476 1,965 8,859 3,748
Salvage income from
abandoned property 125 - 3,991 -
--------- --------- --------- ---------
Total revenues 342,879 419,521 1,133,984 1,202,380
Costs and expenses:
Production costs 186,906 196,961 583,009 600,469
General and administrative
expenses 10,196 12,527 33,652 35,959
Depletion 114,128 147,976 375,599 514,916
Abandoned property costs - - 1,658 -
---------- -------- --------- ---------
Total costs and expenses 311,230 357,464 993,918 1,151,344
---------- -------- --------- ---------
Net income $ 31,649 $ 62,057 $ 140,066 $ 51,036
========== ======== ========= =========
Allocation of net income:
Managing general partner $ 317 $ 620 $ 1,401 $ 510
========== ======== ========= =========
Limited partners $ 31,332 $ 61,437 $ 138,665 $ 50,526
========== ======== ========== ==========
Net income per limited
partnership interest $ 1.82 $ 3.57 $ 8.06 $ 2.94
========== ======== ========= =========
Distributions per limited
partnership interest $ 9.79 $ 10.10 $ 28.47 $ 29.25
========== ======== ========== =========
The financial information included herein has been prepared by
management without audit by independent public accountants.
The accompanying notes are an integral part of these statements.
3
<PAGE>
PARKER & PARSLEY 86-B, LTD.
(A Texas Limited Partnership)
STATEMENTS OF PARTNERS' CAPITAL
(Unaudited)
Managing
general Limited
partner partners Total
Balance at January 1, 1994 $ 59,287 $5,996,978 $6,056,265
Distributions (5,084) (503,308) (508,392)
Net income 510 50,526 51,036
--------- --------- ---------
Balance at September 30, 1994 $ 54,713 $5,544,196 $5,598,909
========= ========= =========
Balance at January 1, 1995 $ 52,788 $5,353,642 $5,406,430
Distributions (4,950) (489,966) (494,916)
Net income 1,401 138,665 140,066
--------- --------- ---------
Balance at September 30, 1995 $ 49,239 $5,002,341 $5,051,580
========= ========= =========
The financial information included herein has been prepared by
management without audit by independent public accountants.
The accompanying notes are an integral part of these statements.
4
<PAGE>
PARKER & PARSLEY 86-B, LTD.
(A Texas Limited Partnership)
STATEMENTS OF CASH FLOWS
(Unaudited)
Nine months ended
September 30,
1995 1994
Cash flows from operating activities:
Net income $ 140,066 $ 51,036
Adjustments to reconcile net income to net
cash provided by operating activities:
Depletion 375,599 514,916
Salvage income from abandoned property (3,991) -
Changes in assets and liabilities:
(Increase) decrease in accounts receivable 29,154 (3,370)
Increase in accounts payable 33,392 30,125
--------- ---------
Net cash provided by operating activities 574,220 592,707
Cash flows from investing activities:
Additions to oil and gas properties (40,976) (3,740)
Proceeds from equipment salvage on abandoned
property 3,991 -
--------- ---------
Net cash used in investing activities (36,985) (3,740)
Cash flows from financing activities:
Cash distributions to partners (494,916) (508,392)
--------- ---------
Net increase in cash and cash equivalents 42,319 80,575
Cash and cash equivalents at beginning of period 141,681 104,318
--------- ---------
Cash and cash equivalents at end of period $ 184,000 $ 184,893
========= =========
The financial information included herein has been prepared by
management without audit by independent public accountants.
The accompanying notes are an integral part of these statements.
5
<PAGE>
PARKER & PARSLEY 86-B, LTD.
(A Texas Limited Partnership)
NOTES FINANCIAL STATEMENTS
September 30, 1995
(Unaudited)
NOTE 1.
In the opinion of management, the unaudited financial statements as of September
30, 1995 of Parker & Parsley 86-B, Ltd. (the "Registrant") include all
adjustments and accruals consisting only of normal recurring accrual adjustments
which are necessary for a fair presentation of the results for the interim
period. However, the results of operations for the nine months ended September
30, 1995 are not necessarily indicative of the results for the full year ending
December 31, 1995.
The financial statements should be read in conjunction with the financial
statements and the notes thereto contained in the Registrant's Report on Form
10-K for the year ended December 31, 1994, as filed with the Securities and
Exchange Commission, a copy of which is available upon request by writing to
Steven L. Beal, Senior Vice President, 303 West Wall, Suite 101, Midland, Texas
79701.
NOTE 2.
On May 25, 1993, a final settlement agreement was negotiated, drafted and
finally executed, ending litigation which had begun on September 5, 1989, when
the Registrant filed suit along with other parties against Dresser Industries,
Inc.; Titan Services, Inc.; BJ-Titan Services Company; BJ-Hughes Holding
Company; Hughes Tool Company; Baker Hughes Production Tools, Inc.; and Baker
Hughes Incorporated alleging that the defendants had intentionally failed to
provide the materials and services ordered and paid for by the Registrant and
other parties in connection with the fracturing and acidizing of 523 wells, and
then fraudulently concealed the shorting practice from the managing general
partner, Parker & Parsley Development L.P. ("PPDLP") (see Item 2). The May 25,
1993 settlement agreement called for a payment of $115 million in cash by the
defendants. The managing general partner received the funds, deducted incurred
legal expenses, accrued interest, determined the general partner's portion of
the funds and calculated any inter- partnership allocations. A distribution of
$91,000,000 was made to the working interest owners, including the Registrant,
on July 30, 1993. The limited partners received their distribution of
$5,500,648, or $319.66 per limited partnership interest, in September 1993.
On May 3, 1993, Jack N. Price, the attorney who represented Gary G. "Zeke"
Lancaster in the Federal Court lawsuit, filed suit in State Court in Beaumont
against all of the plaintiff partnerships, including the Registrant and others,
alleging his entitlement to 12% of the settlement proceeds. Price's lawsuit
claim for approximately $13.8 million is predicated on a purported contract
entered into with Southmark Corporation in August 1988, in which he allegedly
binds the Registrant and the other defendants, as well as Southmark. On
September 20, 1995, the
6
<PAGE>
Beaumont trial judge entered a summary judgment against Southmark for the
$13,790,000 contingent fee sought by Price, together with prejudgment interest,
and also awarded Price an additional $5,498,525 in attorneys' fees. Southmark
intends to vigorously pursue appeal of the judgment. The summary judgment did
not give Price any relief against the Registrant, and although PPDLP believes
the lawsuit is without merit and intends to vigorously defend it, PPDLP is
holding in reserve approximately 12.5% of the total settlement pending final
resolution of the litigation by the court. Trial against the Registrant is
currently scheduled for April 1996.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
The Registrant was formed October 29, 1986. The managing general partner of the
Registrant at December 31, 1994 was Parker & Parsley Development Company
("PPDC") which was merged into PPDLP on January 1, 1995. On January 1, 1995,
PPDLP, a Texas limited partnership, became the sole managing general partner of
the Registrant, by acquiring the rights and assuming the obligations of PPDC.
PPDLP acquired PPDC's rights and obligations as managing general partner of the
Registrant in connection with the merger of PPDC, P&P Producing, Inc. and
Spraberry Development Corporation into MidPar LP., which survived the merger
with a change of name to PPDLP. The sole general partner of PPDLP is Parker &
Parsley Petroleum USA, Inc. PPDLP has the power and authority to manage, control
and administer all Registrant affairs. The limited partners contributed
$17,208,000 representing 17,208 interests ($1,000 per interest) sold to a total
of 1,466 limited partners.
Since its formation, the Registrant invested $14,337,007 in various prospects
that were drilled in Texas. At September 30, 1995, the Registrant had 53
producing oil and gas wells. On August 1, 1990, the Registrant sold its interest
in one well. Two wells have been abandoned due to uneconomical operations; one
well in 1995 and one in a prior year. The Registrant received interests in one
additional producing oil and gas well in 1993 due to the Registrant's back-in
after payout.
RESULTS OF OPERATIONS
Nine months ended September 30, 1995 compared with nine months ended
September 30, 1994
REVENUES:
The Registrant's oil and gas revenues decreased to $1,121,134 from $1,198,632
for the nine months ended September 30, 1995 and 1994, respectively, a decrease
of 6%. The decrease in revenues resulted from a 12% decrease in barrels of oil
produced and sold and a 14% decrease in mcf of gas produced and sold, offset by
increases in the average price received per barrel of oil and mcf of gas. For
the nine months ended September 30, 1995, 46,809 barrels of oil were sold
compared to 53,158 for the same period in 1994, a decrease of 6,349 barrels. For
the nine months ended September 30, 1995, 182,989 mcf of gas were sold compared
to 212,143 for the same period in 1994, a decrease of 29,154 mcf. The decreases
were due to the decline character istics of the Registrant's oil and gas
properties. Because of these characteristics, management
7
<PAGE>
expects a certain amount of decline in production to continue in the future
until the Registrant's economically recoverable reserves are fully depleted.
The average price received per barrel of oil increased $1.50, or 9%, from $15.82
for the nine months ended September 30, 1994 to $17.32 for the same period in
1995 while the average price received per mcf of gas increased from $1.69 for
the nine months ended September 30, 1994 to $1.70 for the same period in 1995.
The market price for oil and gas has been extremely volatile in the past decade,
and management expects a certain amount of volatility to continue in the
foreseeable future. The Registrant may therefore sell its future oil and gas
production at average prices lower or higher than that received during the nine
months ended September 30, 1995.
Salvage income of $3,991 received during the nine months ended September 30,
1995 consisted of equipment credits received on one fully depleted abandoned
well. There was no salvage income for the same period ended September 30, 1994.
Abandoned property costs of $1,658 were incurred on one well during the nine
months ended September 30, 1995 compared to no abandonment activity for the same
period in 1994.
COSTS AND EXPENSES:
Total costs and expenses decreased to $993,918 for the nine months ended
September 30, 1995 as compared to $1,151,344 for the same period in 1994, a
decrease of $157,426, or 14%. This decrease was due to declines in production
costs, general and administrative expenses ("G&A") and depletion, offset by an
increase in abandoned property costs.
Production costs were $583,009 for the nine months ended September 30, 1995 and
$600,469 for the same period in 1994, resulting in a $17,460 decrease, or 3%.
The decrease was due to declines in well repair and maintenance costs and
production and ad valorem taxes.
G&A's components are independent accounting and engineering fees, computer
services, postage and managing general partner personnel costs. During this
period, G&A decreased, in aggregate, 6% from $35,959 for the nine months ended
September 30, 1994 to $33,652 for the same period in 1995. The Partnership
agreement limits G&A to 3% of gross oil and gas revenues.
Depletion was $375,599 for the nine months ended September 30, 1995 compared to
$514,916 for the same period in 1994. This represented a decrease in depletion
of $139,317, or 27%. Depletion was computed quarterly on a property-by-property
basis utilizing the unit-of-production method based upon the dominant mineral
produced, generally oil. Oil production decreased 6,349 barrels for the nine
months ended September 30, 1995 from the same period in 1994. Depletion expense
for the nine months ended September 30, 1995 was calculated based on reserves
computed utilizing an oil price of $16.46 per barrel. Comparatively, depletion
expense for the three months ended September 30, 1994 and June 30, 1994 was
calculated based on reserves computed utilizing an oil price of $18.39 per
barrel while depletion expense for the three months ended March 31, 1994 was
calculated based on reserves computed utilizing an oil price of $12.90 per
barrel.
8
<PAGE>
On May 25, 1993, a final settlement agreement was negotiated, drafted and
finally executed, ending litigation which had begun on September 5, 1989, when
the Registrant filed suit along with other parties against Dresser Industries,
Inc.; Titan Services, Inc.; BJ-Titan Services Company; BJ-Hughes Holding
Company; Hughes Tool Company; Baker Hughes Production Tools, Inc.; and Baker
Hughes Incorporated alleging that the defendants had intentionally failed to
provide the materials and services ordered and paid for by the Registrant and
other parties in connection with the fracturing and acidizing of 523 wells, and
then fraudulently concealed the shorting practice from PPDLP. The May 25, 1993
settlement agreement called for a payment of $115 million in cash by the
defendants. The managing general partner received the funds, deducted incurred
legal expenses, accrued interest, determined the general partner's portion of
the funds and calculated any inter-partnership allocations. A distribution of
$91,000,000 was made to the working interest owners, including the Registrant,
on July 30, 1993. The limited partners received their distribu tion of
$5,500,648, or $319.66 per limited partnership interest, in September 1993.
On May 3, 1993, Jack N. Price, the attorney who represented Gary G. "Zeke"
Lancaster in the Federal Court lawsuit, filed suit in State Court in Beaumont
against all of the plaintiff partnerships, including the Registrant and others,
alleging his entitlement to 12% of the settlement proceeds. Price's lawsuit
claim for approximately $13.8 million is predicated on a purported contract
entered into with Southmark Corporation in August 1988, in which he allegedly
binds the Registrant and the other defendants, as well as Southmark. On
September 20, 1995, the Beaumont trial judge entered a summary judgment against
Southmark for the $13,790,000 contingent fee sought by Price, together with
prejudgment interest, and also awarded Price an additional $5,498,525 in
attorneys' fees. Southmark intends to vigorously pursue appeal of the judgment.
The summary judgment did not give Price any relief against the Registrant, and
although PPDLP believes the lawsuit is without merit and intends to vigorously
defend it, PPDLP is holding in reserve approximately 12.5% of the total
settlement pending final resolution of the litigation by the court. Trial
against the Registrant is currently scheduled for April 1996.
Three months ended September 30, 1995 compared with three months ended
September 30, 1994
REVENUES:
The Registrant's oil and gas revenues decreased to $339,278 from $417,556 for
the three months ended September 30, 1995 and 1994, respectively, a decrease of
19%. The decrease in revenues resulted from a 14% decrease in barrels of oil
produced and sold, a 15% decrease in mcf of gas produced and sold and declines
in the average prices received per barrel of oil and mcf of gas. For the three
months ended September 30, 1995, 14,659 barrels of oil were sold compared to
16,990 for the same period in 1994, a decrease of 2,331 barrels. For the three
months ended September 30, 1995, 64,019 mcf of gas were sold compared to 75,682
for the same period in 1994, a decrease of 11,663 mcf. The decreases were due to
the decline characteristics of the Registrant's oil and gas properties.
9
<PAGE>
The average price received per barrel of oil decreased $.87, or 5%, from $17.36
for the three months ended September 30, 1994 to $16.49 for the same period in
1995 while the average price received per mcf of gas decreased 6% from $1.62
during the three months ended September 30, 1994 to $1.52 in 1995.
COSTS AND EXPENSES:
Total costs and expenses decreased to $311,230 for the three months ended
September 30, 1995 as compared to $357,464 for the same period in 1994, a
decrease of $46,234, or 13%. This decrease was due to declines in production
costs, G&A and depletion.
Production costs were $186,906 for the three months ended September 30, 1995 and
$196,961 for the same period in 1994, resulting in a $10,055 decrease, or 5%.
The decrease primarily resulted from a reduction in well repair and maintenance
costs.
G&A's components are independent accounting and engineering fees, computer
services, postage and managing general partner personnel costs. During this
period, G&A decreased in aggregate, 19% from $12,527 for the three months ended
September 30, 1994 to $10,196 for the same period in 1995.
Depletion was $114,128 for the three months ended September 30, 1995 compared to
$147,976 for the same period in 1994. This represented a decrease in depletion
of $33,848, or 23%. Oil production decreased 2,331 barrels for the three months
ended September 30, 1995 from the same period in 1994. Depletion expense for the
three months ended September 30, 1995 was calculated based on reserves computed
utilizing an oil price of $16.46 per barrel while depletion expense for the
three months ended September 30, 1994 was calculated based on reserves computed
utilizing an oil price of $18.39 per barrel.
LIQUIDITY AND CAPITAL RESOURCES
NET CASH PROVIDED BY OPERATING ACTIVITIES
Net cash provided by operating activities decreased to $574,220 during the nine
months ended September 30, 1995, an $18,487 decrease from the same period ended
September 30, 1994. This decrease was due to a decline in oil and gas sales,
offset by a decrease in production costs. The decline in oil and gas sales was
due to a decline in barrels of oil and mcf of gas produced and sold, offset by
increases in the average prices received for oil and gas. The decrease in
production costs was due to declines in well repair and maintenance costs.
NET CASH USED IN INVESTING ACTIVITIES
The Registrant's investing activities during the nine months ended September 30,
1995 included additions to oil and gas properties related to a capitalized
workover on one well.
Proceeds of $3,991 were received during the nine months ended September 30, 1995
from equipment credits received on one fully depleted abandoned well.
10
<PAGE>
NET CASH USED IN FINANCING ACTIVITIES
Cash was sufficient for the nine months ended September 30, 1995 to cover
distributions to the partners of $494,916 of which $489,966 was distributed to
the limited partners and $4,950 to the managing general partner. For the same
period ended September 30, 1994, cash was sufficient for distributions to the
partners of $508,392 of which $503,308 was distributed to the limited partners
and $5,084 to the managing general partner.
It is expected that future net cash provided by operating activities will be
sufficient for any capital expenditures and any distributions. As the production
from the properties declines, distributions are also expected to decrease.
ACCOUNTING STANDARD ON IMPAIRMENT OF LONG-LIVED ASSETS
In March 1995, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards No. 121 - Accounting for Impairment of Long-lived
Assets and for Long-lived Assets to Be Disposed Of ("FAS 121") regarding the
impairment of long-lived assets, identifiable intangibles and goodwill related
to those assets. FAS 121 is effective for financial statements for fiscal years
beginning after December 15, 1995, although earlier adoption is encouraged. The
application of FAS 121 to oil and gas companies utilizing the successful efforts
method (such as the Registrant) will require periodic determination of whether
the book value of long-lived assets exceeds the future cash flows expected to
result from the use of such assets and, if so, will require reduction of the
carrying amount of the "impaired" assets to their estimated fair values. There
is currently a great deal of uncertainty as to how FAS 121 will apply to oil and
gas companies using the successful efforts method, including uncertainty
regarding the determination of expected future cash flows from the relevant
assets and, if an impairment is determined to exist, their estimated fair value.
There is also uncertainty regarding the level at which the test might be
applied. Given this uncertainty, the Registrant is currently unable to estimate
the effect that FAS 121 will have on the Registrant's results of operations for
the period in which it is adopted.
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
On May 25, 1993, a final settlement agreement was negotiated, drafted and
finally executed, ending litigation which had begun on September 5, 1989, when
the Registrant filed suit along with other parties against Dresser Industries,
Inc.; Titan Services, Inc.; BJ-Titan Services Company; BJ-Hughes Holding
Company; Hughes Tool Company; Baker Hughes Production Tools, Inc.; and Baker
Hughes Incorporated alleging that the defendants had intentionally failed to
provide the materials and services ordered and paid for by the Registrant and
other parties in connection with the fracturing and acidizing of 523 wells, and
then fraudulently concealed the shorting practice from PPDLP. The May 25, 1993
settlement agreement called for a payment of $115 million in cash by the
defendants. The managing general partner received the funds, deducted incurred
legal expenses, accrued interest, determined the general partner's portion of
the funds and calculated any inter-partnership allocations. A distribution of
$91,000,000 was made to the working interest
11
<PAGE>
owners, including the Registrant, on July 30, 1993. The limited partners
received their distribu tion of $5,500,648, or $319.66 per limited partnership
interest, in September 1993.
On May 3, 1993, Jack N. Price, the attorney who represented Gary G. "Zeke"
Lancaster in the Federal Court lawsuit, filed suit in State Court in Beaumont
against all of the plaintiff partnerships, including the Registrant and others,
alleging his entitlement to 12% of the settlement proceeds. Price's lawsuit
claim for approximately $13.8 million is predicated on a purported contract
entered into with Southmark Corporation in August 1988, in which he allegedly
binds the Registrant and the other defendants, as well as Southmark. On
September 20, 1995, the Beaumont trial judge entered a summary judgment against
Southmark for the $13,790,000 contingent fee sought by Price, together with
prejudgment interest, and also awarded Price an additional $5,498,525 in
attorneys' fees. Southmark intends to vigorously pursue appeal of the judgment.
The summary judgment did not give Price any relief against the Registrant, and
although PPDLP believes the lawsuit is without merit and intends to vigorously
defend it, PPDLP is holding in reserve approximately 12.5% of the total
settlement pending final resolution of the litigation by the court. Trial
against the Registrant is currently scheduled for April 1996.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits - none
(b) Reports on Form 8-K - none
12
<PAGE>
PARKER & PARSLEY 86-B, LTD.
(A Texas Limited Partnership)
S I G N A T U R E S
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
PARKER & PARSLEY 86-B, LTD.
By: Parker & Parsley Development L.P.,
Managing General Partner
By: Parker & Parsley Petroleum USA, Inc.
("PPUSA"), General Partner
Dated: November 9, 1995 By: /s/ Steven L. Beal
---------------------------------------
Steven L. Beal, Senior Vice President
and Chief Financial Officer of PPUSA
13
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000789790
<NAME> 86B.TXT
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> SEP-30-1995
<CASH> 184,000
<SECURITIES> 0
<RECEIVABLES> 154,955
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 338,955
<PP&E> 14,168,696
<DEPRECIATION> 9,333,741
<TOTAL-ASSETS> 5,173,910
<CURRENT-LIABILITIES> 122,330
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 5,051,580
<TOTAL-LIABILITY-AND-EQUITY> 5,173,910
<SALES> 1,121,134
<TOTAL-REVENUES> 1,133,984
<CGS> 0
<TOTAL-COSTS> 993,918
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 140,066
<INCOME-TAX> 0
<INCOME-CONTINUING> 140,066
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 140,066
<EPS-PRIMARY> 8.06
<EPS-DILUTED> 0
</TABLE>
