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Previous: CENTURY FINANCIAL CORP, 10-Q, 1996-11-12 |
Next: PARTICIPATING INCOME PROPERTIES II LP, 10-Q, 1996-11-12 |
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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-KSB/A
AMENDMENT II
(Mark One)
[X] ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]
For the fiscal year ended December 31, 1995
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from...............to...............
Commission file number 0-16549
ENEX INCOME AND RETIREMENT
FUND - Series 1, L.P.
(Name of small business issuer in its charter)
New Jersey 76-0222813
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
800 Rockmead Drive
Three Kingwood Place
Kingwood, Texas 77339
(Address of principal executive offices) (Zip Code)
Issuer's telephone number, including area code: (713) 358-8401
Securities registered under Section 12(b) of the Exchange Act: None
Securities registered under Section 12(g) of the Exchange Act:
Limited Partnership Interest
Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 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
Check if there is no disclosure of delinquent filers in response to
Item 405 of Regulation S-B is not contained in this form, and no disclosure will
be contained, to the best of the registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-KSB
or any amendment to this Form 10-KSB.[x]
State issuer's revenues for its most recent fiscal year. $ 74,029
State the aggregate market value of the voting stock held by
non-affiliates computed by reference to the price at which the stock was sold,
or the average bid and asked prices of such stock as of a specified date within
the past 60 days (See definition of affiliate in Rule 12b-2 of the Exchange
Act):
Not Applicable
Documents Incorporated By Reference:
None
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<PAGE>
Partnerships with interests that are "publicly traded" are taxed as
corporations unless at least 90% of their income is "qualifying income." Passive
income or loss from Publicly traded partnerships that are not taxed as
corporations generally cannot be applied against passive income or less from
other sources. As stated in Item 5 of this Annual Report, there is no
established public trading market for the Company's limited partnership
interests. In addition, the Company derives more than 90% of its income from oil
and gas activities, which constitutes qualifying income within the meaning of
section 7704(d) of the Code. Therefore, the Company should not be affected by
the publicly traded partnership rules.
Item 2. Description of Property
Presented below is a summary of the Company's property
acquisitions.
LARTO LAKE acquisition. The Company acquired net profits royalty
interests in twelve wells in Catahoula Parish, Louisiana, effective July 1987,
for $354,706. The Larto Lake acquisition is operated by Ambrit Energy
Corporation. The Company owns net profits royalty interests ranging from 11.07%
to 15.82% in the wells in the Larto Lake acquisition at December 31, 1995.
SHANA acquisition. Effective January 1, 1988, net profits royalty
interests in 33 oil and gas wells located in various counties in Texas and
Louisiana, were purchased for $200,900. The Shana acquisition is operated by
thirteen different oil and gas production companies. Effective January 1, 1993
the Company sold a portion of its interest in the Shana acquisition for $10,260.
The sale resulted in a net gain of $8,950 to the Company. Effective July 1,
1995, the Company sold its interests in the Garcia 1, 2 & 5 wells in the Shana
acquisition to Mueller Engineering Corp. for $20,000. A $15,286 gain was
recognized on the sale. The Company owns net profits royalty interests ranging
from 0.159% to 3.394% in the wells in the Shana acquisition at December 31,
1995.
DEAL acquisition. Overriding royalty interests in 453 wells located
in 19 counties in Texas, New Mexico and Oklahoma, of which the majority are in
Sutton County, Texas, were acquired in March 1988 for a purchase price of
$276,750 from James F. and Dorothy Deal. The property is operated by Enron Oil
and Gas Company and American Exploration Corporation. The Company owns
overriding royalty interests ranging from .02% to .17% in the wells in the Deal
acquisition at December 31, 1995.
PECAN ISLAND acquisition. Royalty interests in 3 gas wells were
acquired from Naomi Morel Kiern effective May 1988 for a purchase price of
$205,200. These wells are located in North Pecan Island Field in Vermillion
Parish, Louisiana. The Pecan Island acquisition is operated by Exxon
Corporation. The Company owns a 1.21% royalty interest in the wells in the Pecan
Island acquisition at December 31, 1995.
CORINNE acquisition. The Company acquired royalty interests in 16
wells in Corinne Field, Monroe County, Mississippi, effective July 1, 1988, from
Lehndorff of Dallas, Texas, for $146,960. The Corinne acquisition is operated by
Samson Resources Corp. The Company owns royalty interests ranging from 0.01% to
0.82% in the wells in the Corinne acquisition at December 31, 1995.
Purchase price as used above is defined as the actual contract
price plus finders' fees, if applicable. Miscellaneous acquisition expenses,
subsequent capital additions, etc. are not included.
I-3
<PAGE>
SIGNATURES
In accordance with Section 13 or 15 (d) of the Exchange Act,
the registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
ENEX INCOME AND RETIREMENT FUND -
SERIES 1, L.P.
By: ENEX RESOURCES CORPORATION
the General Partner
November 7, 1996 By: /s/ G. B. Eckley
--------------------
G. B. Eckley, President
In accordance with the Exchange Act, this report has been
signed below on November 7, 1996, by the following persons in the capacities
indicated.
ENEX RESOURCES CORPORATION
By: /s/ G. B. Eckley General Partner
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G. B. Eckley, President
/s/ G. B. Eckley
President, Chief Executive
------------------ Officer and Director
G. B. Eckley
/s/ R. E. Densford Vice President, Secretary, Treasurer,
Chief Financial Officer and Director
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R. E. Densford
/s/ James A. Klein Controller and Chief Accounting Officer
-----------------
James A. Klein
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