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. 2-99079A
PARKER & PARSLEY 85-A, LTD.
(Exact name of Registrant as specified in its charter)
Texas 75-2064518
(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 85-A, 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 $32,928 at September 30
and $26,047 at December 31 $ 33,055 $ 26,174
Accounts receivable - oil and gas sales 59,562 66,583
--------- ---------
Total current assets 92,617 92,757
Oil and gas properties - at cost, based on the
successful efforts accounting method 8,380,032 8,332,721
Accumulated depletion (6,928,639) (6,766,511)
--------- ---------
Net oil and gas properties 1,451,393 1,566,210
$1,544,010 $1,658,967
========= =========
LIABILITIES AND PARTNERS' CAPITAL
Current liabilities:
Accounts payable - affiliate $ 50,794 $ 44,109
Partners' capital:
Limited partners (9,613 interests) 1,478,273 1,598,699
Managing general partner 14,943 16,159
--------- ---------
1,493,216 1,614,858
$1,544,010 $1,658,967
========= =========
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 85-A, 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 $ 133,961 $ 153,060 $ 437,777 $ 443,455
Interest income 1,001 466 2,843 889
Salvage income from equipment
disposals - - 27,471 -
-------- -------- -------- --------
Total revenues 134,962 153,526 468,091 444,344
Costs and expenses:
Production costs 82,438 95,020 244,156 303,429
General and administrative
expenses 4,019 4,592 13,133 13,304
Depletion 57,962 42,803 162,128 136,985
-------- -------- -------- --------
Total costs and expenses 144,419 142,415 419,417 453,718
-------- -------- -------- --------
Net income (loss) $ (9,457) $ 11,111 $ 48,674 $ (9,374)
======== ======== ======== ========
Allocation of net income (loss):
Managing general partner $ (94) $ 112 $ 487 $ (93)
======== ======== ======== ========
Limited partners $ (9,363) $ 10,999 $ 48,187 $ (9,281)
======== ======== ======== ========
Net income (loss) per limited
partnership interest $ (.98) $ 1.14 $ 5.01 $ (.97)
======== ======== ======== ========
Distributions per limited
partnership interest $ 4.49 $ 5.05 $ 17.54 $ 13.68
======== ======== ======== ========
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 85-A, LTD.
(A Texas Limited Partnership)
STATEMENTS OF PARTNERS' CAPITAL
(Unaudited)
Managing
general Limited
partner partners Total
Balance at January 1, 1994 $ 22,313 $ 2,207,979 $ 2,230,292
Distributions (1,328) (131,510) (132,838)
Net loss (93) (9,281) (9,374)
--------- ---------- ----------
Balance at September 30, 1994 $ 20,892 $ 2,067,188 $ 2,088,080
========= ========== ==========
Balance at January 1, 1995 $ 16,159 $ 1,598,699 $ 1,614,858
Distributions (1,703) (168,613) (170,316)
Net income 487 48,187 48,674
--------- ---------- ----------
Balance at September 30, 1995 $ 14,943 $ 1,478,273 $ 1,493,216
========= ========== ==========
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 85-A, LTD.
(A Texas Limited Partnership)
STATEMENTS OF CASH FLOWS
(Unaudited)
Nine months ended
September 30,
1995 1994
Cash flows from operating activities:
Net income (loss) $ 48,674 $ (9,374)
Adjustments to reconcile net income (loss) to
net cash provided by operating activities:
Salvage income from equipment disposals (27,471) -
Depletion 162,128 136,985
Changes in assets and liabilities:
Decrease in accounts receivable 7,021 299
Increase in accounts payable 6,883 5,620
--------- ---------
Net cash provided by operating activities 197,235 133,530
Cash flows from investing activities:
Additions to oil and gas properties (47,509) (4,202)
Proceeds from salvage income on equipment
disposals 27,471 -
--------- ---------
Net cash used in investing activities (20,038) (4,202)
Cash flows from financing activities:
Cash distributions to partners (170,316) (132,838)
--------- ---------
Net increase (decrease) in cash and cash
equivalents 6,881 (3,510)
Cash and cash equivalents at beginning of period 26,174 37,434
--------- ---------
Cash and cash equivalents at end of period $ 33,055 $ 33,924
========= =========
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 85-A, LTD.
(A Texas Limited Partnership)
NOTES TO 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 85-A, 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 $330,598,
or $34.39 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
6
<PAGE>
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 26, 1985. 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
$9,613,000 representing 9,613 interests ($1,000 per interest) sold to a total of
828 limited partners.
Since its formation, the Registrant invested $8,380,032 in various prospects
that were drilled in Texas. At September 30, 1995, the Registrant had 24
producing oil and gas wells with one well plugged and abandoned during 1989. The
Registrant received an additional interest in one oil and gas well in 1993 due
to the Registrant's back-in after payout provision.
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 $437,777 from $443,455 for
the nine months ended September 30, 1995 and 1994, respectively, a decrease of
$5,678. The decrease in revenues resulted from a 10% decrease in barrels of oil
produced and sold and a slight decline in the average price received per mcf of
gas, offset by a 3% increase in the mcf of gas produced and sold and a 9%
increase in the average price received per barrel of oil. For the nine months
ended September 30, 1995, 18,405 barrels of oil were sold compared to 20,508 for
the same period in 1994, a decrease of 2,103 barrels. For the nine months ended
September 30, 1995, 71,093 mcf of gas were sold compared to 69,155 for the same
period in 1994, an increase of 1,938 mcf. The decrease in oil production was
primarily due to the decline characteristics of the Registrant's oil and gas
properties. The increase in gas production was primarily the result of
operational changes on several wells. Management expects a certain amount of
decline in production in the future until the Registrant's economically
recoverable reserves are fully depleted.
7
<PAGE>
The average price received per barrel of oil increased 9% from $15.81 for the
nine months ended September 30, 1994 to $17.22 for the same period in 1995 while
the average price received per mcf of gas decreased from $1.72 during the nine
months ended September 30, 1994 to $1.70 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 $27,471 received from equipment disposals for the nine months
ended September 30, 1995 consisted of equipment credits received on one fully
depleted well.
COSTS AND EXPENSES:
Total costs and expenses decreased to $419,417 for the nine months ended
September 30, 1995 as compared to $453,718 for the same period in 1994, a
decrease of $34,301, or 8%. This decrease was due to declines in production
costs and general and administrative expenses ("G&A"), offset by an increase in
depletion.
Production costs were $244,156 for the nine months ended September 30, 1995 and
$303,429 for the same period in 1994 resulting in a $59,273 decrease, or 20%.
The decrease was primarily attributable to 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, $171 from $13,304 for the nine months ended
September 30, 1995 to $13,133 for the same period in 1995. The Partnership
agreement limits G&A to 3% of gross oil and gas revenues.
Depletion was $162,128 for the nine months ended September 30, 1995 compared to
$136,985 for the same period in 1994. This represented an increase in depletion
of $25,143, or 18%. 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 2,103 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 $16.35 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 $18.26 per
barrel while depletion expense for the three months ended March 31, 1994 was
calculated based on reserves computed utilizing an oil price of $12.76 per
barrel.
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
8
<PAGE>
the defendants. PPDLP 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 $330,598, or $34.39 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 $133,962 from $153,060 for
the three months ended September 30, 1995 and 1994, respectively, a decrease of
12%. The decrease in revenues resulted from a 13% decrease in barrels of oil
produced and sold and declines in the average prices received per barrel of oil
and mcf of gas, offset by a 17% increase in the mcf of gas produced and sold.
For the three months ended September 30, 1995, 5,810 barrels of oil were sold
compared to 6,712 for the same period in 1994, a decrease of 902 barrels. For
the three months ended September 30, 1995, 25,557 mcf of gas were sold compared
to 21,896 for the same period in 1994, an increase of 3,661 mcf. The decrease in
oil production was due to the decline characteristics of the Registrant's oil
and gas properties. The increase in gas production was primarily the result of
operational changes on several wells.
The average price received per barrel of oil decreased $.92, or 5%, from $17.39
for the three months ended September 30, 1994 to $16.47 for the same period in
1995, while the average price received per mcf of gas decreased 10% from $1.66
for the three months ended September 30, 1994 to $1.50 for the same period in
1995.
COSTS AND EXPENSES:
Total costs and expenses increased to $144,419 for the three months ended
September 30, 1995 as compared to $142,415 for the same period in 1994, an
increase of $2,004. This increase was due to an increase in depletion, offset by
decreases in G&A and production costs.
9
<PAGE>
Production costs were $82,438 for the three months ended September 30, 1995 and
$95,020 for the same period in 1994 resulting in a $12,582 decrease, or 13%. The
decrease was primarily attributable to less well repair and maintenance costs,
offset by an increase in 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, 12%, from $4,592 for the three months ended
September 30, 1994 to $4,019 for the same period in 1995.
Depletion was $57,962 for the three months ended September 30, 1995 compared to
$42,803 for the same period in 1994. This represented an increase in depletion
of $15,159, or 35%. 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 902 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 $16.35 per barrel while depletion expense for
the three months ended September 30, 1994 was calculated based on reserves
computed utilizing an oil price of $18.26 per barrel.
LIQUIDITY AND CAPITAL RESOURCES
NET CASH PROVIDED BY OPERATING ACTIVITIES
Net cash provided by operating activities increased to $197,235 during the nine
months ended September 30, 1995, a $63,705 increase from the same period ended
September 30, 1994. This increase was due to an increase in oil and gas sales
and a decline in production costs. The increase in oil and gas sales was due to
an increase in the mcf of gas produced and sold and an increase in the average
price received per barrel of oil, offset by declines in the barrels of oil
produced and sold and in the average price received per mcf of gas. Production
costs decreased due to less well repair and maintenance costs.
NET CASH USED IN INVESTING ACTIVITIES
The Registrant's investing activities during the nine months ended September 30,
1995 and 1994 included $47,509 and $4,202, respectively, for expenditures
related to repair and maintenance activity on various oil and gas properties.
Proceeds from salvage income of $27,471 were received during the nine months
ended September 30, 1995 from equipment credits on one fully depleted well.
NET CASH USED IN FINANCING ACTIVITIES
Cash was sufficient for the nine months ended September 30, 1995 to cover
distributions to the partners of $170,316 of which $168,613 was distributed to
the limited partners and $1,703 to the managing general partner. For the same
period ended September 30, 1994, cash was sufficient for distributions to the
partners of $132,838 of which $131,510 was distributed to the limited partners
and $1,328 to the managing general partner.
10
<PAGE>
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 owners, including the Registrant,
on July 30, 1993. The limited partners received their distribution of $330,598,
or $34.39 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
11
<PAGE>
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 85-A, 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 85-A, 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> 0000791230
<NAME> 85A.TXT
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> SEP-30-1995
<CASH> 33,055
<SECURITIES> 0
<RECEIVABLES> 59,562
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 92,617
<PP&E> 8,380,032
<DEPRECIATION> 6,928,639
<TOTAL-ASSETS> 1,544,010
<CURRENT-LIABILITIES> 50,794
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 1,493,216
<TOTAL-LIABILITY-AND-EQUITY> 1,544,010
<SALES> 437,777
<TOTAL-REVENUES> 468,091
<CGS> 0
<TOTAL-COSTS> 419,417
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 48,674
<INCOME-TAX> 0
<INCOME-CONTINUING> 48,674
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 48,674
<EPS-PRIMARY> 5.01
<EPS-DILUTED> 0
</TABLE>
