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 June 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 14 pages.
There are no exhibits.
<PAGE> 2
PARKER & PARSLEY 85-A, LTD.
(A Texas Limited Partnership)
Part I. Financial Information
Item 1. Financial Statements
BALANCE SHEETS
June 30, December 31,
1995 1994
------------ ------------
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents, including
interest bearing deposits of $58,075
at June 30 and $26,047 at December 31 $ 58,202 $ 26,174
Accounts receivable - oil and gas sales 65,848 66,583
----------- -----------
Total current assets 124,050 92,757
Oil and gas properties - at cost, based
on the successful efforts accounting
method 8,359,407 8,332,721
Accumulated depletion (6,870,677) (6,766,511)
----------- -----------
Net oil and gas properties 1,488,730 1,566,210
----------- -----------
$ 1,612,780 $ 1,658,967
=========== ===========
LIABILITIES AND PARTNERS' CAPITAL
Current liabilities:
Accounts payable - affiliate $ 66,505 $ 44,109
Partners' capital:
Limited partners (9,613 interests) 1,530,801 1,598,699
Managing general partner 15,474 16,159
----------- -----------
1,546,275 1,614,858
----------- -----------
$ 1,612,780 $ 1,658,967
=========== ===========
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.
2
<PAGE> 3
PARKER & PARSLEY 85-A, LTD.
(A Texas Limited Partnership)
STATEMENTS OF OPERATIONS
(Unaudited)
Three months ended Six months ended
June 30, June 30,
1995 1994 1995 1994
---------- ---------- ---------- ----------
Revenues:
Oil and gas sales $ 148,756 $ 159,278 $ 303,816 $ 290,395
Interest income 1,231 289 1,842 423
Salvage income from
equipment disposals - - 27,471 -
--------- --------- --------- ---------
Total revenues 149,987 159,567 333,129 290,818
Costs and expenses:
Production costs 81,582 106,493 161,718 208,409
General and adminis-
trative expenses 4,462 4,779 9,114 8,712
Depletion 60,972 41,821 104,166 94,182
--------- --------- --------- ---------
Total costs and
expenses 147,016 153,093 274,998 311,303
--------- --------- --------- ---------
Net income (loss) $ 2,971 $ 6,474 $ 58,131 $ (20,485)
========= ========= ========= =========
Allocation of net
income (loss):
Managing general
partner $ 29 $ 65 $ 581 $ (205)
========= ========= ========= =========
Limited partners $ 2,942 $ 6,409 $ 57,550 $ (20,280)
========= ========= ========= =========
Net income (loss) per
limited partnership
interest $ .31 $ .67 $ 5.99 $ (2.11)
========= ========= ========= =========
Distributions per
limited partnership
interest $ 7.53 $ 4.59 $ 13.05 $ 8.63
========= ========= ========= =========
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> 4
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 (837) (82,965) (83,802)
Net loss (205) (20,280) (20,485)
---------- ---------- ----------
Balance at June 30, 1994 $ 21,271 $ 2,104,734 $ 2,126,005
========== ========== ==========
Balance at January 1, 1995 $ 16,159 $ 1,598,699 $ 1,614,858
Distributions (1,266) (125,448) (126,714)
Net income 581 57,550 58,131
---------- ---------- ----------
Balance at June 30, 1995 $ 15,474 $ 1,530,801 $ 1,546,275
========== ========== ==========
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> 5
PARKER & PARSLEY 85-A, LTD.
(A Texas Limited Partnership)
STATEMENTS OF CASH FLOWS
(Unaudited)
Six months ended
June 30,
1995 1994
---------- ----------
Cash flows from operating activities:
Net income (loss) $ 58,131 $ (20,485)
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Salvage income from equipment disposals (27,471) -
Depletion 104,166 94,182
Changes in assets and liabilities:
(Increase) decrease in accounts
receivable 735 (11,934)
Increase in accounts payable 6,518 12,075
--------- ---------
Net cash provided by operating
activities 142,079 73,838
Cash flows from investing activities:
Additions to oil and gas properties (10,808) (2,553)
Proceeds from salvage income on
equipment disposals 27,471 -
--------- ---------
Net cash provided by (used in)
investing activities 16,663 (2,553)
Cash flows from financing activities:
Cash distributions to partners (126,714) (83,802)
--------- ---------
Net increase (decrease) in cash and
cash equivalents 32,028 (12,517)
Cash and cash equivalents at beginning
of period 26,174 37,434
--------- ---------
Cash and cash equivalents at end
of period $ 58,202 $ 24,917
========= =========
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> 6
PARKER & PARSLEY 85-A, LTD.
(A Texas Limited Partnership)
NOTES TO FINANCIAL STATEMENTS
June 30, 1995
(Unaudited)
NOTE 1.
In the opinion of management, the unaudited financial statements as of
June 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 six
months ended June 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. 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,
6
<PAGE> 7
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. 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 is
currently scheduled for April 1996 and, assuming a successful defense,
upon payment of the costs associated with the litigation, a second
distribution will be made consisting of the balance of the settlement
funds, including any accrued interest.
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"). 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. PPDC was merged into PPDLP on January 1, 1995. 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 L.P., 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 $8,386,878 in various
prospects that were drilled in Texas. At June 30, 1995, the Registrant
had 24 producing oil 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.
7
<PAGE> 8
Results of Operations
Six months ended June 30, 1995 compared with six months ended
June 30, 1994
Revenues:
The Registrant's oil and gas revenues increased to $303,816 from
$290,395 for the six months ended June 30, 1995 and 1994, respectively,
an increase of 5%. The increase in revenues resulted from increases in
the average prices received per barrel of oil and mcf of gas, offset by
a 9% decrease in barrels of oil produced and sold and a 4% decrease in
mcf of gas produced and sold. For the six months ended June 30, 1995,
12,595 barrels of oil were sold compared to 13,796 for the same period
in 1994, a decrease of 1,201 barrels. For the six months ended June 30,
1995, 45,536 mcf of gas were sold compared to 47,259 for the same period
in 1994, a decrease of 1,723 mcf. The decreases in production volumes
were primarily due to the decline characteristics of the Registrant's
oil and gas properties. Because of these characteristics, management
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 $2.52 from $15.04
for the six months ended June 30, 1994 to $17.56 for the same period in
1995 while the average price received per mcf of gas increased from
$1.75 during the six months ended June 30, 1994 to $1.82 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 six months ended June 30, 1995.
Salvage income of $27,471 received from equipment disposals for the six
months ended June 30, 1995 consisted of equipment credits received on
one fully depleted well.
Costs and Expenses:
Total costs and expenses decreased to $274,998 for the six months ended
June 30, 1995 as compared to $311,303 for the same period in 1994, a
decrease of $36,305, or 12%. This decrease was due to declines in
production costs, offset by an increase in general and administrative
expenses ("G&A") and depletion.
8
<PAGE> 9
Production costs were $161,718 for the six months ended June 30, 1995
and $208,409 for the same period in 1994 resulting in a $46,691
decrease, or 22%. The decrease was primarily due to less well repair
and maintenance costs and lower 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 increased, in aggregate, 5% from $8,712 for the
six months ended June 30, 1994 to $9,114 for the same period in 1995.
The Partnership agreement limits G&A to 3% of gross oil and gas
revenues.
Depletion was $104,166 for the six months ended June 30, 1995 compared
to $94,182 for the same period in 1994. This represented an increase in
depletion of $9,984, or 11%. Depletion was calculated on a
property-by-property basis utilizing the unit-of-production method based
upon the dominant mineral produced, generally oil, and using oil prices
in effect at the end of the respective quarter. Oil production decreased
1,201 barrels for the six months ended June 30, 1995 from the same period
in 1994. Depletion expense for the six months ended June 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
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 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.
9
<PAGE> 10
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. 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 is
currently scheduled for April 1996 and, assuming a successful defense,
upon payment of the costs associated with the litigation, a second
distribution will be made consisting of the balance of the settlement
funds, including any accrued interest.
Three months ended June 30, 1995 compared with three months ended
June 30, 1994
Revenues:
The Registrant's oil and gas revenues decreased to $148,756 from
$159,278 for the three months ended June 30, 1995 and 1994,
respectively, a decrease of 7%. The decline in revenues resulted from a
14% decrease in barrels of oil produced and sold and a decrease in the
average price received per mcf of gas, offset by an increase in the
average price received per barrel of oil. For the three months ended
June 30, 1995, 6,097 barrels of oil were sold compared to 7,121 for the
same period in 1994, a decrease of 1,024 barrels. For the three months
ended June 30, 1995, 24,104 mcf of gas were sold compared to 24,167 for
the same period in 1994. The decrease in oil and gas produced and sold
was due to the decline characteristics of the Registrant's oil and gas
properties.
The average price received per barrel of oil increased $1.42 from $16.59
for the three months ended June 30, 1994 to $18.01 for the same period
in 1995 while the average price received per mcf of gas decreased from
$1.70 during the three months ended June 30, 1994 to $1.62 for the same
period in 1995.
Costs and Expenses:
Total costs and expenses decreased to $147,016 for the three months
ended June 30, 1995 as compared to $153,093 for the same period in 1994,
a decrease of $6,077, or 4%. This decrease was due to declines in
production costs and G&A, offset by an increase in depletion.
10
<PAGE> 11
Production costs were $81,582 for the three months ended June 30, 1995
and $106,493 for the same period in 1994 resulting in a $24,911
decrease, or 23%. The decrease was primarily due to less well repair
and maintenance costs and lower 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, 7% from $4,779 for the
three months ended June 30, 1994 to $4,462 for the same period in 1995.
Depletion was $60,972 for the three months ended June 30, 1995 compared
to $41,821 for the same period in 1994. This represented an increase in
depletion of $19,151, or 46%. Depletion was calculated on a
property-by-property basis utilizing the unit-of-production method based
upon the dominant mineral produced, generally oil, and using oil prices
in effect at the end of the respective quarter. Oil production decreased
1,024 barrels for the three months ended June 30, 1995 from the same period
in 1994. Depletion expense for the three months ended June 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
June 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 $142,079 for the
six months ended June 30, 1995, a $68,241 increase from the same period
ended June 30, 1994. This increase was due to an increase in oil and
gas sales and decreases in production costs and G&A. The increase in
oil and gas sales was due to an increase in the average prices received
per barrel of oil and mcf of gas. Production costs decreased primarily
due to less well repair and maintenance costs. The reduction in G&A was
due to less expense being allocated by the managing general partner.
Net Cash Provided by (Used in) Investing Activities
The Registrant's investing activities during the six months ended June
30, 1995 and 1994, respectively, included $10,808 and $2,553 for
expenditures related to repair and maintenance activity on various oil
and gas properties.
Proceeds from salvage income on equipment credits of $27,471 were
received on one fully depleted well during the six months ended June 30,
1995.
11
<PAGE> 12
Net Cash Used in Financing Activities
Cash was sufficient for the six months ended June 30, 1995 to cover
distributions to the partners of $126,714 of which $125,448 was
distributed to the limited partners and $1,266 to the managing general
partner. For the same period ended June 30, 1994, cash was sufficient
for distributions to the partners of $83,802 of which $82,965 was
distributed to the limited partners and $837 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
12
<PAGE> 13
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. 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. 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 is
currently scheduled for April 1996 and, assuming a successful defense,
upon payment of the costs associated with the litigation, a second
distribution will be made consisting of the balance of the settlement
funds, including any accrued interest.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits - none
(b) Reports on Form 8-K - none
13
<PAGE> 14
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: August 8, 1995 By: /s/ Steven L. Beal
---------------------------------------
Steven L. Beal, Senior Vice
President and Chief Financial
Officer of PPUSA
14
<PAGE> 15
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000791230
<NAME> 85A.FDS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<CASH> 58,202
<SECURITIES> 0
<RECEIVABLES> 65,848
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 124,050
<PP&E> 8,359,407
<DEPRECIATION> 6,870,677
<TOTAL-ASSETS> 1,612,780
<CURRENT-LIABILITIES> 66,505
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 1,546,275
<TOTAL-LIABILITY-AND-EQUITY> 1,612,780
<SALES> 303,816
<TOTAL-REVENUES> 333,129
<CGS> 0
<TOTAL-COSTS> 274,998
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 58,131
<INCOME-TAX> 0
<INCOME-CONTINUING> 58,131
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 58,131
<EPS-PRIMARY> 5.99
<EPS-DILUTED> 0
</TABLE>
