<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarter ended June 30, 1995
Commission File Number:
II-A: 0-16388 II-C: 0-16981 II-E: 0-17320 II-G: 0-17802
II-B: 0-16405 II-D: 0-16980 II-F: 0-17799 II-H: 0-18305
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-A
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-B
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-C
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-D
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-E
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-F
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-G
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-H
-----------------------------------------------------
(Exact name of Registrant as specified in its Articles)
II-A 73-1295505
II-B 73-1303341
II-C 73-1308986
II-D 73-1329761
II-E 73-1324751
II-F 73-1330632
II-G 73-1336572
Oklahoma II-H 73-1342476
------------------------------ -----------------------------
(State or other jurisdiction (I.R.S. Employer Identification No.)
of incorporation or organization)
Two West Second Street, Tulsa, Oklahoma 74103
-------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (918) 583-1791
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 ___
<PAGE>
<PAGE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-A
GEODYNE PRODUCTION PARTNERSHIP II-A
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
June 30, December 31,
1995 1994
----------- -------------
CURRENT ASSETS:
Cash and cash equivalents . . . . . $ 389,625 $ 793,694
Accounts receivable:
Oil and gas sales, including $122,379
and $107,036 due from related
parties (Note 2) 760,060 829,056
----------- -----------
Total current assets . . . . . . $ 1,149,685 $ 1,622,750
NET OIL AND GAS PROPERTIES, utilizing the
successful efforts method . . . . . . 8,909,298 10,069,976
DEFERRED CHARGE . . . . . . . . . . . . 1,266,588 980,772
----------- -----------
$11,325,571 $12,673,498
=========== ===========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable . . . . . . . . . . $ 187,764 $ 289,391
Gas imbalance payable . . . . . . . . 217,949 217,949
----------- -----------
Total current liabilities . . . . $ 405,713 $ 507,340
ACCRUED LIABILITY . . . . . . . . . . . $ 514,849 $ 398,669
PARTNERS' CAPITAL (DEFICIT):
General Partner and Managing Partner ($ 317,312) ($ 297,741)
Unit Holders, issued and outstanding,
484,283 units . . . . . . . . . . . 10,722,321 12,065,230
----------- -----------
Total Partners' capital . . . . . $10,405,009 $11,767,489
----------- -----------
$11,325,571 $12,673,498
=========== ===========
The accompanying notes are an integral part of
these combined financial statements.
-2-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-A
GEODYNE PRODUCTION PARTNERSHIP II-A
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 1995 AND 1994
(Unaudited)
1995 1994
---------- ----------
REVENUES:
Oil and gas sales, including $180,025
and $370,129 to related parties
(Note 2) $1,082,118 $1,554,373
Interest income . . . . . . . . . . . 4,819 6,181
Gain on sale of oil and gas properties 3,668 7,503
---------- ----------
$1,090,605 $1,568,057
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . $ 341,223 $ 588,332
Production tax . . . . . . . . . . . 61,430 102,417
Depreciation, depletion, and amortization
of oil and gas properties . . . . . 525,959 984,546
General and administrative . . . . . 203,680 136,058
---------- ----------
$1,132,292 $1,811,353
---------- ----------
NET LOSS . . . . . . . . . . . . . . . ($ 41,687) ($ 243,296)
========== ==========
GENERAL PARTNER AND MANAGING PARTNER -
NET INCOME . . . . . . . . . . . . . $ 18,954 $ 27,217
========== ==========
UNIT HOLDERS - NET LOSS . . . . . . . ($ 60,641) ($ 270,513)
========== ==========
NET LOSS per unit . . . . . . . . . . . ($ .13) ($ .56)
========== ==========
UNITS OUTSTANDING . . . . . . . . . . . 484,283 484,283
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-3-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-A
GEODYNE PRODUCTION PARTNERSHIP II-A
COMBINED STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 AND 1994
(Unaudited)
1995 1994
---------- ----------
REVENUES:
Oil and gas sales, including $374,247
and $717,274 to related parties
(Note 2) $2,329,011 $3,191,819
Interest income . . . . . . . . . . . 10,705 10,586
Gain on sale of oil and gas properties 11,753 10,425
---------- ----------
$2,351,469 $3,212,830
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . $ 817,016 $1,148,406
Production tax . . . . . . . . . . . 141,308 200,659
Depreciation, depletion, and amortization
of oil and gas properties . . . . . 1,195,064 1,965,134
General and administrative . . . . . 345,561 303,877
---------- ----------
$2,498,949 $3,618,076
---------- ----------
NET LOSS . . . . . . . . . . . . . . ($ 147,480) ($ 405,246)
========== ==========
GENERAL PARTNER AND MANAGING PARTNER -
NET INCOME . . . . . . . . . . . . . $ 40,429 $ 58,343
========== ==========
UNIT HOLDERS - NET LOSS . . . . . . . ($ 187,909) ($ 463,589)
========== ==========
NET LOSS per unit . . . . . . . . . . . ($ .39) ($ .96)
========== ==========
UNITS OUTSTANDING . . . . . . . . . . . 484,283 484,283
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-4-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-A
GEODYNE PRODUCTION PARTNERSHIP II-A
COMBINED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 AND 1994
(Unaudited)
1995 1994
---------- -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss . . . . . . . . . . . . . . ($ 147,480) ($ 405,246)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation, depletion, and amortization
of oil and gas properties . . . . 1,195,064 1,965,134
Gain on sale of oil and gas properties ( 11,753) ( 10,425)
(Increase) Decrease in accounts receivable 68,996 ( 2,654)
Increase in deferred charge . . . . ( 285,816) -
Decrease in accounts payable . . . ( 101,627) ( 52,316)
Decrease in gas imbalance payable . - ( 155,260)
Increase (Decrease) in accrued liability 116,180 ( 7,076)
---------- ----------
Net cash provided by operating activities $ 833,564 $1,332,157
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures . . . . . . . . ($ 45,064) ($ 144,967)
Proceeds from sale of oil and gas properties 22,431 10,425
---------- ----------
Net cash used by investing activities ($ 22,633) ($ 134,542)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions . . . . . . . . . ($1,215,000) ($1,317,000)
---------- ----------
Net cash used by financing activities ($1,215,000) ($1,317,000)
---------- ----------
NET DECREASE IN CASH AND CASH EQUIVALENTS ($ 404,069) ($119,385)
CASH AND CASH EQUIVALENTS AT BEGINNING OF
PERIOD 793,694 1,046,726
---------- ----------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 389,625 $ 927,341
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-5-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-B
GEODYNE PRODUCTION PARTNERSHIP II-B
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
June 30, December 31,
1995 1994
---------- ------------
CURRENT ASSETS:
Cash and cash equivalents . . . . . $ 201,296 $ 623,450
Accounts receivable:
Oil and gas sales, including $38,166
and $64,669 due from related parties
(Note 2) 593,556 572,547
---------- ----------
Total current assets . . . . . . $ 794,852 $1,195,997
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method . . . . 5,881,815 6,932,761
DEFERRED CHARGE . . . . . . . . . . . . 216,063 173,300
---------- ----------
$6,892,730 $8,302,058
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable . . . . . . . . . . $ 152,912 $ 222,404
Gas imbalance payable . . . . . . . . 18,793 18,793
---------- ----------
Total current liabilities . . . . $ 171,705 $ 241,197
ACCRUED LIABILITY . . . . . . . . . . . $ 460,423 $ 369,296
PARTNERS' CAPITAL (DEFICIT):
General Partner and Managing Partner ($ 251,076) ($ 222,879)
Unit Holders, issued and outstanding,
361,719 units . . . . . . . . . . . 6,511,678 7,914,444
---------- ----------
Total Partners' capital . . . . . $6,260,602 $7,691,565
---------- ----------
$6,892,730 $8,302,058
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-6-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-B
GEODYNE PRODUCTION PARTNERSHIP II-B
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 1995 AND 1994
(Unaudited)
1995 1994
----------- ------------
REVENUES:
Oil and gas sales, including $57,603
and $129,258 to related parties
(Note 2) $ 880,759 $1,135,105
Interest income . . . . . . . . . . . 3,425 3,761
Gain on sale of oil and gas properties 1,713 19,554
---------- ----------
$ 885,897 $1,158,420
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . $ 444,431 $ 464,346
Production tax . . . . . . . . . . . 59,182 80,358
Depreciation, depletion, and amortization
of oil and gas properties . . . . . 506,895 731,644
General and administrative . . . . . 196,620 101,912
---------- ----------
$1,207,128 $1,378,260
---------- ----------
NET LOSS . . . . . . . . . . . . . . ($ 321,231) ($ 219,840)
========== ==========
GENERAL PARTNER AND MANAGING PARTNER -
NET INCOME . . . . . . . . . . . . . $ 4,214 $ 18,274
========== ==========
UNIT HOLDERS - NET LOSS . . . . . . . . ($ 325,445) ($ 238,114)
========== ==========
NET LOSS per unit . . . . . . . . . . . ($ .90) ($ .66)
========== ==========
UNITS OUTSTANDING . . . . . . . . . . . 361,719 361,719
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-7-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-B
GEODYNE PRODUCTION PARTNERSHIP II-B
COMBINED STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 AND 1994
(Unaudited)
1995 1994
----------- ------------
REVENUES:
Oil and gas sales, including $138,216
and $344,572 to related parties
(Note 2) $1,819,822 $2,402,099
Interest income . . . . . . . . . . . 7,837 6,343
Gain (Loss) on sale of oil and gas
properties ( 18,772) 22,942
---------- ----------
$1,808,887 $2,431,384
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . $ 798,636 $ 840,943
Production tax . . . . . . . . . . . 114,145 156,921
Depreciation, depletion, and amortiza-
tion of oil and gas properties . . . 1,087,527 1,511,230
General and administrative . . . . . 302,542 227,467
---------- ----------
$2,302,850 $2,736,561
---------- ----------
NET LOSS . . . . . . . . . . . . . . ($ 493,963) ($ 305,177)
========== ==========
GENERAL PARTNER AND MANAGING PARTNER -
NET INCOME . . . . . . . . . . . . . $ 18,803 $ 45,190
========== ==========
UNIT HOLDERS - NET LOSS . . . . . . . . ($ 512,766) ($ 350,367)
========== ==========
NET LOSS per unit . . . . . . . . . . . ($ 1.42) ($ .97)
========== ==========
UNITS OUTSTANDING . . . . . . . . . . . 361,719 361,719
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-8-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-B
GEODYNE PRODUCTION PARTNERSHIP II-B
COMBINED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 AND 1994
(Unaudited)
1995 1994
---------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss . . . . . . . . . . . . . . ($ 493,963) ($ 305,177)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation, depletion, and amortization
of oil and gas properties . . . . 1,087,527 1,511,230
(Gain) Loss on sale of oil and gas
properties . . . . . . . . . . . . 18,772 ( 22,942)
(Increase) Decrease in accounts
receivable ( 21,009) 54,986
Increase in deferred charge . . . . ( 42,763) -
Decrease in accounts payable . . . ( 69,492) ( 50,962)
Increase in accrued liability . . . 91,127 -
---------- ----------
Net cash provided by operating activities $ 570,199 $1,187,135
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures . . . . . . . . ($ 70,758) ($ 92,261)
Proceeds from sale of oil and gas
properties 15,405 26,352
---------- ----------
Net cash used by investing activities ($ 55,353) ($ 65,909)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions . . . . . . . . . ($ 937,000) ($1,053,000)
---------- ----------
Net cash used by financing activities ($ 937,000) ($1,053,000)
---------- ----------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS . . . . . . . . . . . . . ($ 422,154) $ 68,226
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD 623,450 597,221
---------- ----------
CASH AND CASH EQUIVALENTS AT END OF
PERIOD $ 201,296 $ 665,447
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-9-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-C
GEODYNE PRODUCTION PARTNERSHIP II-C
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
June 30, December 31,
1995 1994
---------- ------------
CURRENT ASSETS:
Cash and cash equivalents . . . . . $ 143,100 $ 380,901
Accounts receivable:
Oil and gas sales, including $28,754
and $41,709 due from related parties
(Note 2) 258,804 288,238
---------- ----------
Total current assets . . . . . . $ 401,904 $ 669,139
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method . . . . 2,913,472 3,411,988
DEFERRED CHARGE . . . . . . . . . . . . 274,266 210,793
---------- ----------
$3,589,642 $4,291,920
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable . . . . . . . . . . $ 64,452 $ 56,341
Gas imbalance payable . . . . . . . . 42,677 104,939
---------- ----------
Total current liabilities . . . . $ 107,129 $ 161,280
ACCRUED LIABILITY . . . . . . . . . . . $ 159,427 $ 122,531
PARTNERS' CAPITAL (DEFICIT):
General Partner and Managing Partner ($ 97,459) ($ 84,153)
Unit Holders, issued and outstanding,
154,621 units . . . . . . . . . . . 3,420,545 4,092,262
---------- ----------
Total Partners' capital . . . . . $3,323,086 $4,008,109
---------- ----------
$3,589,642 $4,291,920
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-10-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-C
GEODYNE PRODUCTION PARTNERSHIP II-C
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 1995 AND 1994
(Unaudited)
1995 1994
----------- ------------
REVENUES:
Oil and gas sales, including $42,821 and
$91,387 to related parties (Note 2) $401,126 $587,733
Interest income . . . . . . . . . . . 2,160 2,241
Gain on sale of oil and gas properties 3,307 3,232
-------- --------
$406,593 $593,206
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . $140,720 $187,453
Production tax . . . . . . . . . . . 30,236 44,058
Depreciation, depletion, and amortization
of oil and gas properties . . . . . 237,385 344,690
General and administrative . . . . . 86,146 44,195
-------- --------
$494,487 $620,396
-------- --------
NET LOSS . . . . . . . . . . . . . . . ($ 87,894) ($ 27,190)
======== ========
GENERAL PARTNER AND MANAGING PARTNER -
NET INCOME . . . . . . . . . . . . . $ 5,101 $ 12,428
======== ========
UNIT HOLDERS - NET LOSS . . . . . . . . ($ 92,995) ($ 39,618)
======== ========
NET LOSS per unit . . . . . . . . . . . ($ .60) ($ .26)
======== ========
UNITS OUTSTANDING . . . . . . . . . . . 154,621 154,621
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-11-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-C
GEODYNE PRODUCTION PARTNERSHIP II-C
COMBINED STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 AND 1994
(Unaudited)
1995 1994
----------- ------------
REVENUES:
Oil and gas sales, including $94,336 and
$219,454 to related parties (Note 2) $833,583 $1,168,351
Interest income . . . . . . . . . . . 5,108 3,600
Gain on sale of oil and gas properties 12,287 3,490
-------- ----------
$850,978 $1,175,441
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . $291,173 $ 347,534
Production tax . . . . . . . . . . . 53,125 82,568
Depreciation, depletion, and amortization
of oil and gas properties . . . . . 502,375 663,485
General and administrative . . . . . 132,328 98,806
-------- ----------
$979,001 $1,192,393
-------- ----------
NET LOSS . . . . . . . . . . . . . . . ($128,023) ($ 16,952)
======== ==========
GENERAL PARTNER AND MANAGING PARTNER -
NET INCOME . . . . . . . . . . . . . $ 13,694 $ 25,692
======== ==========
UNIT HOLDERS - NET LOSS . . . . . . . . ($141,717) ($ 42,644)
======== ==========
NET LOSS per unit . . . . . . . . . . . ($ .92) ($ .28)
======== ==========
UNITS OUTSTANDING . . . . . . . . . . . 154,621 154,621
======== ==========
The accompanying notes are an integral part of
these combined financial statements.
-12-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-C
GEODYNE PRODUCTION PARTNERSHIP II-C
COMBINED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 AND 1994
(Unaudited)
1995 1994
---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss . . . . . . . . . . . . . . ($128,023) ($ 16,952)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation, depletion, and amortization
of oil and gas properties . . . . 502,375 663,485
Gain on sale of oil and gas properties ( 12,287) ( 3,490)
Decrease in accounts receivable . . 29,434 33,302
Increase in deferred charge . . . . ( 63,473) -
Increase (Decrease) in accounts payable 8,111 ( 5,799)
Decrease in gas imbalance payable . ( 62,262) -
Increase in accrued liability . . . 36,896 -
-------- --------
Net cash provided by operating activities $310,771 $670,546
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures . . . . . . . . ($ 10,311) ($ 43,425)
Proceeds from sale of oil and gas
properties 18,739 3,490
-------- --------
Net cash provided (used) by investing
activities . . . . . . . . . . . . $ 8,428 ($ 39,935)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions . . . . . . . . . ($557,000) ($468,500)
-------- --------
Net cash used by financing activities ($557,000) ($468,500)
-------- --------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS . . . . . . . . . . . . . ($237,801) $162,111
CASH AND CASH EQUIVALENTS AT BEGINNING OF
PERIOD 380,901 300,177
-------- --------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $143,100 $462,288
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-13-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-D
GEODYNE PRODUCTION PARTNERSHIP II-D
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
June 30, December 31,
1995 1994
---------- -------------
CURRENT ASSETS:
Cash and cash equivalents . . . . . $ 244,561 $ 563,613
Accounts receivable:
Oil and gas sales, including $98,815
and $121,780 due from related
parties (Note 2) 625,707 697,345
---------- ----------
Total current assets . . . . . . $ 870,268 $1,260,958
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method . . . . 6,074,110 7,261,978
DEFERRED CHARGE . . . . . . . . . . . . 1,138,034 1,048,947
---------- ----------
$8,082,412 $9,571,883
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable . . . . . . . . . . $ 195,500 $ 195,236
Gas imbalance payable . . . . . . . . 98,771 208,023
---------- ----------
Total current liabilities . . . . $ 294,271 $ 403,259
ACCRUED LIABILITY . . . . . . . . . . . $ 241,544 $ 222,635
PARTNERS' CAPITAL (DEFICIT):
General Partner and Managing Partner ($ 132,378) ($ 111,528)
Unit Holders, issued and outstanding,
314,878 units . . . . . . . . . . . 7,678,975 9,057,517
---------- ----------
Total Partners' capital . . . . . $7,546,597 $8,945,989
---------- ----------
$8,082,412 $9,571,883
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-14-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-D
GEODYNE PRODUCTION PARTNERSHIP II-D
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 1995 AND 1994
(Unaudited)
1995 1994
---------- ----------
REVENUES:
Oil and gas sales, including $154,800
and $234,960 to related parties
(Note 2) $ 989,836 $1,378,581
Interest income . . . . . . . . . . . 3,565 1,362
Gain on sale of oil and gas properties 4,071 -
---------- ----------
$ 997,472 $1,379,943
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . $ 334,186 $ 472,370
Production tax . . . . . . . . . . . 87,287 93,549
Depreciation, depletion, and amortiza-
tion of oil and gas properties . . . . 564,810 752,394
General and administrative . . . . . 194,976 89,329
---------- ----------
$1,181,259 $1,407,642
---------- ----------
NET LOSS . . . . . . . . . . . . . . ($ 183,787) ($ 27,699)
========== ==========
GENERAL PARTNER AND MANAGING PARTNER -
NET INCOME . . . . . . . . . . . . $ 13,403 $ 28,711
========== ==========
UNIT HOLDERS - NET LOSS . . . . . . . ($ 197,190) ($ 56,410)
========== ==========
NET LOSS per unit . . . . . . . . . . . ($ .63) ($ .18)
========== ==========
UNITS OUTSTANDING . . . . . . . . . . . 314,878 314,878
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-15-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-D
GEODYNE PRODUCTION PARTNERSHIP II-D
COMBINED STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 AND 1994
(Unaudited)
1995 1994
---------- ----------
REVENUES:
Oil and gas sales, including $306,762
and $539,441 to related parties
(Note 2) . . . . . . . . . . . . . $2,053,173 $2,602,679
Interest income . . . . . . . . . . . 8,143 2,004
Gain on sale of oil and gas properties 13,362 -
---------- ----------
$2,074,678 $2,604,683
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . $ 833,292 $ 898,449
Production tax . . . . . . . . . . . 150,021 182,722
Depreciation, depletion, and amortiza-
tion of oil and gas properties . . . 1,197,983 1,393,235
General and administrative . . . . . 288,774 200,032
---------- ----------
$2,470,070 $2,674,438
---------- ----------
NET LOSS . . . . . . . . . . . . . . ($ 395,392)($ 69,755)
========== ==========
GENERAL PARTNER AND MANAGING PARTNER -
NET INCOME . . . . . . . . . . . . . $ 28,150 $ 52,242
========== ==========
UNIT HOLDERS - NET LOSS . . . . . . . . ($ 423,542)($ 121,997)
========== ==========
NET LOSS per unit . . . . . . . . . . . ($ 1.35)($ .39)
========== ==========
UNITS OUTSTANDING . . . . . . . . . . . 314,878 314,878
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-16-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-D
GEODYNE PRODUCTION PARTNERSHIP II-D
COMBINED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 AND 1994
(Unaudited)
1995 1994
----------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss . . . . . . . . . . . . . . ($ 395,392) ($ 69,755)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation, depletion, and amortization
of oil and gas properties . . . . 1,197,983 1,393,235
Gain on sale of oil and gas properties ( 13,362) -
(Increase) Decrease in accounts receivable 71,638 ( 8,664)
Increase in deferred charge . . . . ( 89,087) -
Increase (Decrease) in accounts payable 264 ( 11,853)
Decrease in gas imbalance payable . ( 109,252) -
Increase in accrued liability . . . 18,909 -
---------- ----------
Net cash provided by operating activities $ 681,701 $1,302,963
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures . . . . . . . . ($ 20,234) ($ 30,869)
Proceeds from sale of oil and gas
properties 23,481 -
---------- ----------
Net cash used by investing activities ($ 3,247) ($ 30,869)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions . . . . . . . . . ($1,004,000) ($ 934,500)
---------- ----------
Net cash used by financing activities ($1,004,000) ($ 934,500)
---------- ----------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS . . . . . . . . . . . . ($ 319,052) $ 337,594
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD 563,613 147,215
---------- ----------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 244,561 $ 484,809
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-17-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-E
GEODYNE PRODUCTION PARTNERSHIP II-E
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
June 30, December 31,
1995 1994
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents . . . . . $ 118,825 $ 260,348
Accounts receivable:
Oil and gas sales, including $93,086
and $90,940 due from related parties
(Note 2) 343,962 355,365
---------- ----------
Total current assets . . . . . . $ 462,787 $ 615,713
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method . . . . . 6,075,252 7,062,612
DEFERRED CHARGE . . . . . . . . . . . . 420,197 438,881
---------- ----------
$6,958,236 $8,117,206
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable . . . . . . . . . . $ 132,707 $ 97,077
Gas imbalance payable . . . . . . . . 18,076 41,780
---------- ----------
Total current liabilities . . . . $ 150,783 $ 138,857
ACCRUED LIABILITY . . . . . . . . . . . $ 172,430 $ 180,097
PARTNERS' CAPITAL (DEFICIT):
General Partner and Managing Partner ($ 123,324) ($ 104,398)
Unit Holders, issued and outstanding,
228,821 units . . . . . . . . . . . 6,758,347 7,902,650
---------- ----------
Total Partners' capital . . . . . $6,635,023 $7,798,252
---------- ----------
$6,958,236 $8,117,206
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-18-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-E
GEODYNE PRODUCTION PARTNERSHIP II-E
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 1995 AND 1994
(Unaudited)
1995 1994
--------- ----------
REVENUES:
Oil and gas sales, including $136,223
and $147,811 to related parties
(Note 2) $ 570,706 $679,945
Interest income . . . . . . . . . . . 1,837 928
Loss on sale of oil and gas
properties . . . . . . . . . . . . . ( 14,570) -
---------- --------
$ 557,973 $680,873
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . $ 235,263 $236,744
Production tax . . . . . . . . . . . 47,347 55,177
Depreciation, depletion, and amortiza-
tion of oil and gas properties . . . 502,009 542,365
General and administrative . . . . . 257,785 64,887
---------- --------
$1,042,404 $899,173
---------- --------
NET LOSS . . . . . . . . . . . . . ($ 484,431) ($218,300)
========== ========
GENERAL PARTNER AND MANAGING PARTNER -
NET INCOME (LOSS) . . . . . . . . . ($ 4,141) $ 10,780
========== ========
UNIT HOLDERS - NET LOSS . . . . . . . ($ 480,290) ($229,080)
========== ========
NET LOSS per unit . . . . . . . . . . . ($ 2.10) ($ 1.00)
========== ========
UNITS OUTSTANDING . . . . . . . . . . . 228,821 228,821
========== ========
The accompanying notes are an integral part of
these combined financial statements.
-19-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-E
GEODYNE PRODUCTION PARTNERSHIP II-E
COMBINED STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 AND 1994
(Unaudited)
1995 1994
---------- ----------
REVENUES:
Oil and gas sales, including $245,802
and $371,289 to related parties
(Note 2) $1,121,934 $1,359,702
Interest income . . . . . . . . . . . 3,792 1,754
Gain on sale of oil and gas properties 464 622
---------- ----------
$1,126,190 $1,362,078
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . $ 485,939 $ 475,599
Production tax . . . . . . . . . . . 96,185 113,459
Depreciation, depletion, and amortiza-
tion of oil and gas properties . . . 987,136 1,067,589
General and administrative . . . . . 325,159 145,102
---------- ----------
$1,894,419 $1,801,749
---------- ----------
NET LOSS . . . . . . . . . . . . .. ($ 768,229) ($ 439,671)
========== ==========
GENERAL PARTNER AND MANAGING PARTNER -
NET INCOME . . . . . . . . . . . . . $ 1,074 $ 20,720
========== ==========
UNIT HOLDERS - NET LOSS . . . . . . . . ($ 769,303) ($ 460,391)
========== ==========
NET LOSS per unit . . . . . . . . . . . ($ 3.36) ($ 2.01)
========== ==========
UNITS OUTSTANDING . . . . . . . . . . . 228,821 228,821
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-20-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-E
GEODYNE PRODUCTION PARTNERSHIP II-E
COMBINED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 AND 1994
(Unaudited)
1995 1994
---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss . . . . . . . . . . . . . . ($768,229) ($ 439,671)
Adjustments to reconcile net loss to
net cash provided by operating activities:
Depreciation, depletion, and amortization
of oil and gas properties . . . . 987,136 1,067,589
Gain on sale of oil and gas properties ( 464) ( 622)
Decrease in accounts receivable . . 11,403 2,356
Decrease in deferred charge . . . . 18,684 -
Increase (Decrease) in accounts payable 35,630 ( 26,854)
Decrease in gas imbalance payable . ( 23,704) -
Decrease in accrued liability . . . ( 7,667) -
-------- ----------
Net cash provided by operating activities $252,789 $ 602,798
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures . . . . . . . . ($ 20,364) ($ 15,882)
Proceeds from sale of oil and gas
properties 21,052 622
-------- ----------
Net cash provided (used) by investing
activities . . . . . . . . . . . . $ 688 ($ 15,260)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions . . . . . . . . . ($395,000) ($ 573,500)
-------- ----------
Net cash used by financing activities ($395,000) ($ 573,500)
-------- ----------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS . . . . . . . . . . . . ($141,523) $ 14,038
CASH AND CASH EQUIVALENTS AT BEGINNING OF
PERIOD 260,348 230,537
-------- ----------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $118,825 $ 244,575
======== ==========
The accompanying notes are an integral part of
these combined financial statements.
-21-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-F
GEODYNE PRODUCTION PARTNERSHIP II-F
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
June 30, December 31,
1995 1994
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents . . . . . $ 261,487 $ 237,397
Accounts receivable:
Oil and gas sales, including $60,861 and
$61,777 due from related parties
(Note 2) . . . . . . . . . . . . . 301,462 321,964
---------- ----------
Total current assets . . . . . . $ 562,949 $ 559,361
NET OIL AND GAS PROPERTIES, utilizing the
successful efforts method . . . . . . 5,721,656 6,309,820
DEFERRED CHARGE . . . . . . . . . . . . 91,440 98,251
---------- ----------
$6,376,045 $6,967,432
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable . . . . . . . . . . $ 41,747 $ 65,394
Gas imbalance payable . . . . . . . . 41,294 43,583
---------- ----------
Total current liabilities . . . . $ 83,041 $ 108,977
ACCRUED LIABILITY . . . . . . . . . . . $ 37,322 $ 40,102
PARTNERS' CAPITAL (DEFICIT):
General Partner and Managing Partner ($ 84,354) ($ 80,063)
Unit Holders, issued and outstanding,
171,400 units . . . . . . . . . . . 6,340,036 6,898,416
---------- ----------
Total Partners' capital . . . . . $6,255,682 $6,818,353
---------- ----------
$6,376,045 $6,967,432
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-22-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-F
GEODYNE PRODUCTION PARTNERSHIP II-F
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 1995 AND 1994
(Unaudited)
1995 1994
---------- ----------
REVENUES:
Oil and gas sales, including $87,227
and $141,996 to related parties
(Note 2) . . . . . . . . . . . . . . $493,171 $570,549
Interest income . . . . . . . . . . . 2,277 1,831
Loss on sale of oil and gas properties ( 4,471) -
-------- --------
$490,977 $572,380
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . $121,863 $150,974
Production tax . . . . . . . . . . . 32,883 43,483
Depreciation, depletion, and amortiza-
tion of oil and gas properties . . . 299,436 368,152
General and administrative . . . . . 56,431 48,948
-------- --------
$510,613 $611,557
-------- --------
NET LOSS . . . . . . . . . . . . . . . ($ 19,636) ($ 39,177)
======== ========
GENERAL PARTNER AND MANAGING PARTNER -
NET INCOME . . . . . . . . . . . . . $ 10,997 $ 12,768
======== ========
UNIT HOLDERS - NET LOSS . . . . . . . ($ 30,633) ($ 51,945)
======== ========
NET LOSS per unit . . . . . . . . . . . ($ .18) ($ .30)
======== ========
UNITS OUTSTANDING . . . . . . . . . . . 171,400 171,400
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-23-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-F
GEODYNE PRODUCTION PARTNERSHIP II-F
COMBINED STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 AND 1994
(Unaudited)
1995 1994
---------- ----------
REVENUES:
Oil and gas sales, including $177,741
and $335,073 to related parties
(Note 2) . . . . . . . . . . . . . . $930,474 $1,233,844
Interest income . . . . . . . . . . . 4,200 3,807
Gain on sale of oil and gas properties 10,388 389
-------- ----------
$945,062 $1,238,040
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . $262,623 $ 304,611
Production tax . . . . . . . . . . . 68,626 110,148
Depreciation, depletion, and amortiza-
tion of oil and gas properties . . . 559,823 796,703
General and administrative . . . . . 107,661 109,928
-------- ----------
$998,733 $1,321,390
-------- ----------
NET LOSS . . . . . . . . . . . . . . . ($ 53,671) ($ 83,350)
======== ==========
GENERAL PARTNER AND MANAGING PARTNER -
NET INCOME . . . . . . . . . . . . . $ 19,709 $ 27,701
======== ==========
UNIT HOLDERS - NET LOSS . . . . . . . ($ 73,380) ($ 111,051)
========== ============
NET LOSS per unit . . . . . . . . . . . ($ .43) ($ .65)
========== ============
UNITS OUTSTANDING . . . . . . . . . . . 171,400 171,400
========== ============
The accompanying notes are an integral part of
these combined financial statements.
-24-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-F
GEODYNE PRODUCTION PARTNERSHIP II-F
COMBINED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 AND 1994
(Unaudited)
1995 1994
--------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss . . . . . . . . . . . . . . ($ 53,671) ($ 83,350)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation, depletion, and amortization
of oil and gas properties . . . . 559,823 796,703
Gain on sale of oil and gas properties ( 10,388) ( 389)
Decrease in accounts receivable . . 20,502 3,717
Decrease in deferred charge . . . . 6,811 -
Decrease in accounts payable . . . ( 23,647) ( 8,858)
Decrease in gas imbalance payable . ( 2,289) -
Decrease in accrued liability . . . ( 2,780) -
-------- --------
Net cash provided by operating activities $494,361 $707,823
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures . . . . . . . . $ - ($ 17,479)
Proceeds from sale of oil and gas properties 38,729 389
-------- --------
Net cash provided (used) by investing
activities . . . . . . . . . . . . $ 38,729 ($ 17,090)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions . . . . . . . . . ($509,000) ($947,000)
-------- --------
Net cash used by financing activities ($509,000) ($947,000)
-------- --------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS . . . . . . . . . . . . . $ 24,090 ($256,267)
CASH AND CASH EQUIVALENTS AT BEGINNING OF
PERIOD . . . . . . . . . . . . . . . . 237,397 544,727
-------- --------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $261,487 $288,460
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-25-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-G
GEODYNE PRODUCTION PARTNERSHIP II-G
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
June 30, December 31,
1995 1994
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents . . . . . $ 545,352 $ 492,117
Accounts receivable:
Oil and gas sales, including $128,600
and $130,572 due from related parties
(Note 2) . . . . . . . . . . . . . 651,278 687,939
----------- -----------
Total current assets . . . . . . $ 1,196,630 $ 1,180,056
NET OIL AND GAS PROPERTIES, utilizing the
successful efforts method . . . . . . 12,792,570 14,057,651
DEFERRED CHARGE . . . . . . . . . . . . 193,721 219,078
----------- -----------
$14,182,921 $15,456,785
=========== ===========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable . . . . . . . . . . $ 93,618 $ 139,970
Gas imbalance payable . . . . . . . . 88,948 94,414
----------- -----------
Total current liabilities . . . . $ 182,566 $ 234,384
ACCRUED LIABILITY . . . . . . . . . . . $ 79,885 $ 90,341
PARTNERS' CAPITAL (DEFICIT):
General Partner and Managing Partner ($ 192,008)($ 181,500)
Unit Holders, issued and outstanding,
372,189 units . . . . . . . . . . . 14,112,478 15,313,560
----------- -----------
Total Partners' capital . . . . . $13,920,470 $15,132,060
----------- -----------
$14,182,921 $15,456,785
=========== ===========
The accompanying notes are an integral part of
these combined financial statements.
-26-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-G
GEODYNE PRODUCTION PARTNERSHIP II-G
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 1995 AND 1994
(Unaudited)
1995 1994
----------- -----------
REVENUE:
Oil and gas sales, including $184,341
and $300,058 to related parties
(Note 2) . . . . . . . . . . . . . . $1,061,698 $1,214,554
Interest income . . . . . . . . . . . 4,946 4,381
Loss on sale of oil and gas properties ( 12,319) -
---------- ----------
$1,054,325 $1,218,935
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . $ 277,775 $ 332,344
Production tax . . . . . . . . . . . 71,822 92,840
Depreciation, depletion, and amortization
of oil and gas properties . . . . . 636,713 811,690
General and administrative . . . . . 122,281 104,255
---------- ----------
$1,108,591 $1,341,129
---------- ----------
NET LOSS . . . . . . . . . . . . . . . ($ 54,266)($ 122,194)
=========== ===========
GENERAL PARTNER AND MANAGING PARTNER -
NET INCOME . . . . . . . . . . . . . $ 22,755 $ 26,358
=========== ==========
UNIT HOLDERS - NET LOSS . . . . . . . . ($ 77,021)($ 148,552)
=========== ==========
NET LOSS per unit . . . . . . . . . . . ($ .21)($ .40)
=========== ==========
UNITS OUTSTANDING . . . . . . . . . . . 372,189 372,189
=========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-27-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-G
GEODYNE PRODUCTION PARTNERSHIP II-G
COMBINED STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 AND 1994
(Unaudited)
1995 1994
----------- -----------
REVENUE:
Oil and gas sales, including $375,456
and $752,273 to related parties
(Note 2) . . . . . . . . . . . . . $2,032,268 $2,632,121
Interest income . . . . . . . . . . . 9,008 8,459
Gain on sale of oil and gas properties 23,632 1,082
---------- ----------
$2,064,908 $2,641,662
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . $ 587,621 $ 671,869
Production tax . . . . . . . . . . . 153,000 235,006
Depreciation, depletion, and amortiza-
tion of oil and gas properties . . . . 1,204,284 1,759,718
General and administrative . . . . . 233,593 235,721
---------- ----------
$2,178,498 $2,902,314
---------- ----------
NET LOSS . . . . . . . . . . . . . . . ($ 113,590) ($ 260,652)
========== ==========
GENERAL PARTNER AND MANAGING PARTNER -
NET INCOME . . . . . . . . . . . . . $ 42,492 $ 57,356
========== ==========
UNIT HOLDERS - NET LOSS . . . . . . . . ($ 156,082) ($ 318,008)
========== ==========
NET LOSS per unit . . . . . . . . . . . ($ .42) ($ .85)
========== ==========
UNITS OUTSTANDING . . . . . . . . . . . 372,189 372,189
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-28-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-G
GEODYNE PRODUCTION PARTNERSHIP II-G
COMBINED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 AND 1994
(Unaudited)
1995 1994
---------- -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss . . . . . . . . . . . . . . ($ 113,590) ($ 260,652)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation, depletion, and amortization
of oil and gas properties . . . . 1,204,284 1,759,718
Gain on sale of oil and gas properties ( 23,632) ( 1,082)
Decrease in accounts receivable . . 36,661 3,132
Decrease in deferred charge . . . . 25,357 -
Decrease in accounts payable . . . ( 46,352) ( 15,457)
Decrease in gas imbalance payable . ( 5,466) -
Decrease in accrued liability . . . ( 10,456) -
---------- ----------
Net cash provided by operating activities $1,066,806 $1,485,659
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures . . . . . . . . $ - ($ 37,672)
Proceeds from sale of oil and gas properties 84,429 1,082
---------- ----------
Net cash provided (used) by investing
activities . . . . . . . . . . . . $ 84,429 ($ 36,590)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions . . . . . . . . . ($1,098,000) ($1,821,000)
---------- ----------
Net cash used by financing activities ($1,098,000) ($1,821,000)
---------- ----------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS . . . . . . . . . . . . . $ 53,235 ($ 371,931)
CASH AND CASH EQUIVALENTS AT BEGINNING OF
PERIOD 492,117 1,066,534
---------- ----------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 545,352 $ 694,603
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-29-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-H
GEODYNE PRODUCTION PARTNERSHIP II-H
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
June 30, December 31,
1995 1994
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents . . . . . . $ 131,472 $ 124,102
Accounts receivable:
Oil and gas sales, including $30,326
and $30,807 due from related parties
(Note 2) 156,366 166,834
---------- ----------
Total current assets . . . . . . $ 287,838 $ 290,936
NET OIL AND GAS PROPERTIES, utilizing the
successful efforts method . . . . . . 3,123,889 3,449,374
DEFERRED CHARGE . . . . . . . . . . . . 45,352 49,839
---------- ----------
$3,457,079 $3,790,149
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable . . . . . . . . . . $ 23,028 $ 33,996
Gas imbalance payable . . . . . . . . 18,690 18,690
---------- ----------
Total current liabilities . . . . $ 41,718 $ 52,686
ACCRUED LIABILITY . . . . . . . . . . . $ 20,639 $ 22,681
PARTNERS' CAPITAL (DEFICIT):
General Partner and Managing Partner ($ 45,885) ($ 42,167)
Unit Holders, issued and outstanding,
91,711 units . . . . . . . . . . . 3,440,607 3,756,949
---------- ----------
Total Partners' capital . . . . . $3,394,722 $3,714,782
---------- ----------
$3,457,079 $3,790,149
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-30-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-H
GEODYNE PRODUCTION PARTNERSHIP II-H
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 1995 AND 1994
(Unaudited)
1995 1994
--------- ---------
REVENUES:
Oil and gas sales, including $43,482 and
$70,764 to related parties (Note 2) $251,901 $295,746
Interest income . . . . . . . . . . . 1,179 986
Loss on sale of oil and gas properties ( 3,699) -
-------- --------
$249,381 $296,732
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . $ 69,399 $ 84,142
Production tax . . . . . . . . . . . 17,617 23,569
Depreciation, depletion, and amortization
of oil and gas properties . . . . . 161,455 195,114
General and administrative . . . . . 30,322 26,682
-------- --------
$278,793 $329,507
-------- --------
NET LOSS . . . . . . . . . . . . . . . ($ 29,412) ($ 32,775)
======== ========
GENERAL PARTNER AND MANAGING PARTNER -
NET INCOME . . . . . . . . . . . . . $ 4,988 $ 6,166
======== ========
UNIT HOLDERS - NET LOSS . . . . . . . . ($ 34,400) ($ 38,941)
======== ========
NET LOSS per unit . . . . . . . . . . . ($ .38) ($ .42)
======== ========
UNITS OUTSTANDING . . . . . . . . . . . 91,711 91,711
======== ========
The accompanying notes are an integral part of
these combined financial statements.
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<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-H
GEODYNE PRODUCTION PARTNERSHIP II-H
COMBINED STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 AND 1994
(Unaudited)
1995 1994
--------- ---------
REVENUES:
Oil and gas sales, including $88,488 and
$178,262 to related parties (Note 2) $489,212 $644,573
Interest income . . . . . . . . . . . 2,141 1,927
Gain on sale of oil and gas properties 4,551 368
-------- --------
$495,904 $646,868
COSTS AND EXPENSES:
Lease operating . . . . . . . . . . . $142,652 $169,725
Production tax . . . . . . . . . . . 38,045 58,645
Depreciation, depletion, and amortization
of oil and gas properties . . . . . 309,009 423,273
General and administrative . . . . . 57,758 59,765
-------- --------
$547,464 $711,408
-------- --------
NET LOSS . . . . . . . . . . . . . . . ($ 51,560) ($ 64,540)
======== ========
GENERAL PARTNER AND MANAGING PARTNER -
NET INCOME . . . . . . . . . . . . . $ 9,782 $ 13,704
======== =========
UNIT HOLDERS - NET LOSS . . . . . . . . ($ 61,342) ($ 78,244)
======== ========
NET LOSS per unit . . . . . . . . . . . ($ .67) ($ .85)
======== ========
UNITS OUTSTANDING . . . . . . . . . . . 91,711 91,711
======== ========
The accompanying notes are an integral part of
these combined financial statements.
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<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-H
GEODYNE PRODUCTION PARTNERSHIP II-H
COMBINED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 1995 AND 1994
(Unaudited)
1995 1994
---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss . . . . . . . . . . . . . . ($ 51,560) ($ 64,540)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation, depletion, and amortization
of oil and gas properties . . . . 309,009 423,273
Gain on sale of oil and gas properties ( 4,551) ( 368)
Decrease in accounts receivable . . 10,468 2,429
Decrease in deferred charge . . . . 4,487 -
Decrease in accounts payable . . . ( 10,968) ( 3,287)
Decrease in accrued liability . . . ( 2,042) -
-------- --------
Net cash provided by operating activities $254,843 $357,507
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures . . . . . . . . $ - ($ 9,204)
Proceeds from sale of oil and gas
properties 21,027 368
-------- --------
Net cash provided (used) by investing
activities . . . . . . . . . . . . $ 21,027 ($ 8,836)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions . . . . . . . . . ($268,500) ($442,000)
-------- --------
Net cash used by financing activities ($268,500) ($442,000)
-------- --------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS . . . . . . . . . . . . $ 7,370 ($ 93,329)
CASH AND CASH EQUIVALENTS AT BEGINNING
OF PERIOD 124,102 255,564
-------- --------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $131,472 $162,235
======== ========
The accompanying notes are an integral part of
these combined financial statements.
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<PAGE>
<PAGE>
GEODYNE ENERGY INCOME II LIMITED PARTNERSHIPS
CONDENSED NOTES TO THE COMBINED FINANCIAL STATEMENTS
JUNE 30, 1995
(Unaudited)
1. ACCOUNTING POLICIES
-------------------
The combined balance sheets as of June 30, 1995, combined
statements of operations for the three and six months ended June 30,
1995 and 1994 and combined statements of cash flows for the six months
ended June 30, 1995 and 1994 have been prepared by Geodyne Properties,
Inc., ("Geodyne"), the General Partner of the Geodyne Energy Income II
Limited Partnerships (collectively, the "Partnerships"), and are
unaudited. In the opinion of management the financial statements
referred to above include all necessary adjustments, consisting of
normal recurring adjustments, to present fairly the combined financial
position at June 30, 1995, the combined results of operations for the
three and six months ended June 30, 1995 and 1994 and the combined
cash flows for the six months ended June 30, 1995 and 1994.
Information and footnote disclosures normally included in
financial statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted. The
accompanying interim financial statements should be read in
conjunction with the Partnerships' Annual Report on Form 10-K filed
for the year ended December 31, 1994. The results of operations for
the period ended June 30, 1995 are not necessarily indicative of the
results to be expected for the full year.
The Unit Holders' net income or loss per unit is based upon each
$100 initial capital contribution.
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. 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 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 costs 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
unit-of-production method.
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
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<PAGE>
units of depreciable property are retired or sold, the difference
between asset cost and salvage value is charged to accumulated
depreciation.
If net oil and gas properties recorded by a Partnership exceed
the estimated undiscounted future net revenues of the properties, a
provision to reduce the carrying value of oil and gas properties will
be recorded for the excess amount.
2. TRANSACTIONS WITH RELATED PARTIES
---------------------------------
The Partnerships' Partnership Agreements provide for
reimbursement to the General Partner for all direct general and
administrative expenses and for the general and administrative
overhead applicable to the Partnerships based on an allocation of
actual costs incurred by the General Partner. During the six months
ended June 30, 1995 the following payments were made to the General
Partner or its affiliates by the Partnerships:
Direct General Administrative
Partnership and Administrative Overhead
----------- ------------------ --------------
II-A $ 90,675 $254,886
II-B 112,162 190,380
II-C 50,950 81,378
II-D 123,048 165,726
II-E 204,727 120,432
II-F 17,451 90,210
II-G 37,705 195,888
II-H 9,488 48,270
An affiliated company is the operator of certain of the
Partnerships' properties and its policy is to bill the Partnerships
for all customary charges and cost reimbursements associated with its
activities, together with any compressor rental, consulting, or other
services provided.
The Partnerships sell gas at market prices to Premier Gas Company
("Premier"), an affiliate of the General Partner. The following is a
summary of these sales and the amount of the Partnerships' accrued oil
and gas sales due from Premier as of June 30, 1995 and December 31,
1994:
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<PAGE>
<PAGE>
Gas Sales
----------------------------------------------
As of As of
June 30, 1995 December 31, 1994
------------- ------------------
II-A $180,025 $374,247
II-B 57,603 138,216
II-C 42,821 94,336
II-D 154,800 306,792
II-E 136,223 245,802
II-F 87,227 177,741
II-G 184,341 375,456
II-H 43,482 88,488
Accrued Oil and Gas Sales
-----------------------------------------------
As of As of
June 30, 1995 December 31, 1994
--------------- ------------------
II-A $122,379 $107,036
II-B 38,166 64,669
II-C 28,754 41,709
II-D 98,815 121,780
II-E 93,086 90,940
II-F 60,861 61,777
II-G 128,600 130,572
II-H 30,326 30,807
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<PAGE>
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
GENERAL
-------
The Partnerships were formed for the purpose of investing in the
related Production Partnerships. The Production Partnerships are
engaged in the business of acquiring and operating producing oil and
gas properties located in the continental United States. In general,
a Production Partnership acquired producing properties and did not
engage in development drilling or enhanced recovery projects, except
as an incidental part of the management of the producing properties
acquired. Therefore, the economic life of each Partnership is limited
to the period of time required to fully produce its acquired oil and
gas reserves. The net proceeds from the oil and gas operations are
distributed to the Unit Holders and General Partner in accordance with
the terms of the Partnerships' Partnership Agreements.
LIQUIDITY AND CAPITAL RESOURCES
-------------------------------
The Partnerships began operations and investors were assigned
their rights as Unit Holders, having made capital contributions in the
amounts and on the dates set forth below:
Unit
Date of Holder Capital
Partnership Activation Contributions
------------------------------ ----------------
II-A July 22, 1987 $48,428,300
II-B October 14, 1987 36,171,900
II-C January 14, 1988 15,462,100
II-D May 10, 1988 31,487,800
II-E September 27, 1988 22,882,100
II-F January 5, 1989 17,140,000
II-G April 10, 1989 37,218,900
II-H May 17, 1989 9,171,100
In general, the amount of funds available for acquisition of
producing properties was equal to the capital contributions of the
Unit Holders, less 15% for sales commissions and organization and
management fees. All of the Partnerships have fully invested their
capital contributions.
Net proceeds from operations less necessary operating capital are
distributed to Unit Holders on a quarterly basis. Revenues and net
proceeds of a Partnership are largely dependent upon the volumes of
oil and gas sold and the prices received for such oil and gas. Over
the last several years, the domestic energy industry and the
Partnerships have contended with volatile, but generally low, oil and
gas prices. Over the last few years, the oil and gas market appears
to have moved from periods of relative stability in supply and demand
to excess supply and/or weakened demand. These trends have led to the
volatility in pricing and demand noted over the past years. While the
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<PAGE>
<PAGE>
General Partner cannot predict future pricing trends, it believes the
working capital available as of June 30, 1995 and the net revenue
generated from future operations will provide sufficient working
capital to meet current and future obligations of the Partnerships.
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 within "Results of Operations". Generally,
the Production Partnerships' operations during the three and six
months ended June 30, 1995 reflected a decrease in production of oil
and natural gas and a decrease in the average price of natural gas
sold. Refer to "Liquidity and Capital Resources" above for a
discussion of factors impacting prices and production volumes.
II-A PARTNERSHIP
THREE MONTHS ENDED JUNE 30, 1995 AS COMPARED TO THE THREE MONTHS
ENDED JUNE 30, 1994.
Three months ended June 30,
---------------------------
1995 1994
---- ----
Oil and gas sales $1,082,118 $1,554,373
Direct operating expenses $ 402,653 $ 690,749
Barrels produced 31,658 38,877
Mcf produced 338,247 556,481
Average price/Bbl $ 16.84 $ 14.84
Average price/Mcf $ 1.62 $ 1.76
Total oil and gas sales decreased 30.4% for the three months
ended June 30, 1995 as compared to the three months ended June 30,
1994. As shown in the above table, this decrease was due to decreases
in the volumes of oil and natural gas sold and the average price of
natural gas sold, partially offset by an increase in the average price
of oil sold. Volumes of oil and natural gas sold decreased 7,219
barrels and 218,234 Mcf, respectively, for the three months ended June
30, 1995 as compared to the similar period in 1994. The decrease in
the volumes of oil and natural gas sold resulted primarily from prior
period adjustments and normal declines in production from several of
the II-A Partnership's wells. Natural gas prices decreased to an
average of $1.62 per Mcf for the three months ended June 30, 1995 from
an average of $1.76 per Mcf for the three months ended June 30, 1994.
Oil prices increased to an average of $16.84 per barrel for the three
months ended June 30, 1995 from an average of $14.84 per barrel for
the three months ended June 30, 1994.
Direct operating expenses (lease operating expenses and
production taxes) decreased $288,096 for the three months ended June
30, 1995 as compared to the similar period in 1994. This decrease was
primarily due to the decrease in the volumes of oil and natural gas
sold and a decrease in workover expenses during the three months ended
June 30, 1995. As a percentage of total revenues, these expenses
decreased to 36.9% for the three months ended June 30, 1995 from 44.1%
for the three months ended June 30, 1994. This percentage decrease
was primarily due to the decrease in workover expenses mentioned
above, partially offset by the decrease in the average price of
natural gas sold.
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<PAGE>
<PAGE>
Depreciation, depletion, and amortization of oil and gas
properties decreased $458,587 for the three months ended June 30, 1995
as compared to the similar period in 1994. This decrease was
primarily due to the decrease in the volumes of oil and natural gas
sold and upward revisions of previous reserve estimates. As a
percentage of total revenues, this expense decreased to 48.2% for the
three months ended June 30, 1995 from 62.8% for the three months ended
June 30, 1994. This percentage decrease was primarily due to the
upward revisions mentioned above, partially offset by the decrease in
the average price of natural gas sold.
General and administrative expenses increased $67,622 for the
three months ended June 30, 1995 as compared to the similar period in
1994. As a percentage of total revenues, these expenses increased to
18.7% for the three months ended June 30, 1995 from 8.7% for the three
months ended June 30, 1994. This increase expressed in dollars and as
a percentage of total revenues was primarily due to an increase in
legal fees associated with a gas contract arbitration matter the II-A
Partnership is pursuing against Texaco.
SIX MONTHS ENDED JUNE 30, 1995 AS COMPARED TO THE SIX MONTHS
ENDED JUNE 30, 1994.
Six months ended June 30,
-------------------------
1995 1994
---- ----
Oil and gas sales $2,329,011 $3,191,819
Direct operating expenses $ 958,324 $1,349,065
Barrels produced 65,752 76,017
Mcf produced 801,672 1,120,209
Average price/Bbl $ 16.50$ 13.94
Average price/Mcf $ 1.55$ 1.90
Total oil and gas sales decreased 27.0% for the six months ended
June 30, 1995 as compared to the six months ended June 30, 1994. As
shown in the above table, this decrease was due to decreases in the
volumes of oil and natural gas sold and the average price of natural
gas sold, partially offset by an increase in the average price of oil
sold. Volumes of oil and natural gas sold decreased 10,265 barrels
and 318,537 Mcf, respectively, for the six months ended June 30, 1995
as compared to the similar period in 1994. The decrease in the
volumes of natural gas sold resulted primarily from normal declines in
production from several of the II-A Partnership's wells. Natural gas
prices decreased to an average of $1.55 per Mcf for the six months
ended June 30, 1995 from an average of $1.90 per Mcf for the six
months ended June 30, 1994. Oil prices increased to an average of
$16.50 per barrel for the six months ended June 30, 1995 from an
average of $13.94 per barrel for the six months ended June 30, 1994.
Direct operating expenses (lease operating expenses and
production taxes) decreased $390,741 for the six months ended June 30,
1995 as compared to the similar period in 1994. This decrease was
primarily due to the decrease in the volumes of oil and natural gas
sold and a decrease in workover expenses during the six months ended
June 30, 1995. As a percentage of total revenues, these expenses
remained relatively constant at 40.8% for the six months ended June
30, 1995 compared to 42.0% the six months ended June 30, 1994.
Depreciation, depletion, and amortization of oil and gas
properties decreased $770,070 for the six months ended June 30, 1995
as compared to the similar period in 1994. This decrease was
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<PAGE>
<PAGE>
primarily due to the decrease in the volumes of oil and natural gas
sold and upward revisions of previous reserve estimates. As a
percentage of total revenues, this expense decreased to 50.8% for the
six months ended June 30, 1995 from 61.2% for the six months ended
June 30, 1994. This percentage decrease was primarily due to the
upward revisions mentioned above, partially offset by the decrease in
the average price of natural gas sold.
General and administrative expenses increased $41,684 for the six
months ended June 30, 1995 as compared to the similar period in 1994.
As a percentage of total revenues, these expenses increased to 14.7%
for the six months ended June 30, 1995 from 9.5% for the six months
ended June 30, 1994. This increase expressed in dollars and as a
percentage of total revenues was primarily due to an increase in legal
fees associated with a gas contract arbitration matter the II-A
Partnership is pursuing against Texaco.
Cumulative cash distributions to the Unit Holders through June
30, 1995 were $35,526,357 or 73.36% of Unit Holders' contributions.
II-B PARTNERSHIP
THREE MONTHS ENDED JUNE 30, 1995 AS COMPARED TO THE THREE MONTHS
ENDED JUNE 30, 1994.
Three months ended June 30,
---------------------------
1995 1994
---- ----
Oil and gas sales $880,759 $1,135,105
Direct operating expenses $503,613$ 544,704
Barrels produced 22,312 32,105
Mcf produced 287,374 368,017
Average price/Bbl $ 17.07 $ 14.70
Average price/Mcf $ 1.74 $ 1.80
Total oil and gas sales decreased 22.4% for the three months
ended June 30, 1995 as compared to the three months ended June 30,
1994. As shown in the above table, this decrease was due to decreases
in the volumes of oil and natural gas sold and the average price of
natural gas sold, partially offset by an increase in the average price
of oil sold. Volumes of oil and natural gas sold decreased 9,793
barrels and 80,643 Mcf, respectively, for the three months ended June
30, 1995 as compared to the similar period in 1994. The decrease in
volumes of oil and natural gas sold was primarily due to prior period
adjustments and normal declines in production on several of the II-B
Partnership's more significant wells. Natural gas prices decreased to
an average $1.74 per Mcf for the three months ended June 30, 1995 from
an average of $1.80 per Mcf for the three months ended June 30, 1994.
Oil prices increased to an average of $17.07 per barrel for the three
months ended June 30, 1995 from an average of $14.70 per barrel for
the three months ended June 30, 1994.
Direct operating expenses (lease operating expenses and
production taxes) decreased $41,091 for the three months ended June
30, 1995 as compared to the similar period in 1994. This decrease was
primarily due to the decrease in the volumes of oil and natural gas
sold during the three months ended June 30, 1995. As a percentage of
total revenues, these expenses increased to 56.8% for the three months
ended June 30, 1995 from 47.0% for the three months ended June 30,
1994. This percentage increase was primarily due to the decrease in
the average price of natural gas sold.
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<PAGE>
<PAGE>
Depreciation, depletion, and amortization of oil and gas
properties decreased $224,749 for the three months ended June 30, 1995
as compared to the similar period in 1994. This decrease was
primarily due to the decrease in the volumes of oil and natural gas
sold and upward revisions of previous reserve estimates. As a
percentage of total revenues, this expense decreased to 57.2% for the
three months ended June 30, 1995 from 63.2% for the three months ended
June 30, 1994. This percentage decrease was primarily due to the
upward revisions mentioned above, partially offset by the decrease in
the average price of natural gas sold.
General and administrative expenses increased $94,708 for the
three months ended June 30, 1995 as compared to the similar period in
1994. As a percentage of total revenues, these expenses increased to
22.2% for the three months ended June 30, 1995 from 8.8% for the three
months ended June 30, 1994. This increase expressed in dollars and as
a percentage of total revenues was primarily due to an increase in
legal fees associated with a gas contract arbitration matter the II-B
Partnership is pursuing against Texaco.
SIX MONTHS ENDED JUNE 30, 1995 AS COMPARED TO THE SIX MONTHS
ENDED JUNE 30, 1994.
Six months ended June 30,
-------------------------
1995 1994
---- ----
Oil and gas sales $1,819,822 $2,402,099
Direct operating expenses $ 912,781 $ 997,864
Barrels produced 47,382 59,900
Mcf produced 619,471 798,631
Average price/Bbl $ 16.57$ 14.15
Average price/Mcf $ 1.67$ 1.95
Total oil and gas sales decreased 24.2% for the six months ended
June 30, 1995 as compared to the six months ended June 30, 1994. As
shown in the above table, this decrease was due to decreases in the
volumes of oil and natural gas sold and the average price of natural
gas sold, partially offset by an increase in the average price of oil
sold. Volumes of oil and natural gas sold decreased 12,518 barrels
and 179,160 Mcf, respectively, for the six months ended June 30, 1995
as compared to the similar period in 1994. Volumes of oil and natural
gas sold decreased primarily due to prior period adjustments and
normal declines in production on several of the II-B Partnership's
wells. Natural gas prices decreased to an average of $1.67 per Mcf
for the six months ended June 30, 1995 from an average of $1.95 per
Mcf for the six months ended June 30, 1994. Oil prices increased to
an average of $16.57 per barrel for the six months ended June 30, 1995
from an average of $14.15 per barrel for the six months ended June 30,
1994.
Direct operating expenses (lease operating expenses and
production taxes) decreased $85,083 for the six months ended June 30,
1995 as compared to the similar period in 1994. This decrease was
primarily due to the decrease in the volumes of oil and natural gas
sold during the six months ended June 30, 1995. As a percentage of
total revenues, these expenses increased to 50.5% for the six months
ended June 30, 1995 from 41.0% for the six months ended June 30, 1994.
This percentage increase was primarily due to the decrease in the
average price of natural gas sold.
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<PAGE>
<PAGE>
Depreciation, depletion, and amortization of oil and gas
properties decreased $423,703 for the six months ended June 30, 1995
as compared to the similar period in 1994. This decrease was
primarily due to the decrease in the volumes of oil and natural gas
sold and upward revisions of previous reserve estimates. As a
percentage of total revenues, this expense decreased to 60.1% for the
six months ended June 30, 1995 compared to 62.2% for the six months
ended June 30, 1994.
General and administrative expenses increased $75,075 for the six
months ended June 30, 1995 as compared to the similar period in 1994.
As a percentage of total revenues, these expenses increased to 16.7%
for the six months ended June 30, 1995 from 9.4% for the six months
ended June 30, 1994. This increase expressed in dollars and as a
percentage of total revenues was primarily due to an increase in legal
fees associated with a gas contract arbitration matter the II-B
Partnership is pursuing against Texaco.
Cumulative cash distributions to the Unit Holders through June
30, 1995 were $25,630,916 or 70.86% of Unit Holders' contributions.
II-C PARTNERSHIP
THREE MONTHS ENDED JUNE 30, 1995 AS COMPARED TO THE THREE MONTHS
ENDED JUNE 30, 1994.
Three months ended June 30,
---------------------------
1995 1994
---- ----
Oil and gas sales $401,126 $587,733
Direct operating expenses $170,956 $231,511
Barrels produced 6,740 9,368
Mcf produced 175,691 252,470
Average price/Bbl $ 17.41 $ 15.65
Average price/Mcf $ 1.62 $ 1.75
Total oil and gas sales decreased 31.8% for the three months
ended June 30, 1995 as compared to the three months ended June 30,
1994. As shown in the above table, this decrease was due to decreases
in the volumes of oil and natural gas sold and the average price of
natural gas sold, partially offset by an increase in the average price
of oil sold. Volumes of oil and natural gas sold decreased 2,628
barrels and 76,779 Mcf, respectively, for the three months ended June
30, 1995 as compared to the similar period in 1994. Volumes of oil
and natural gas sold decreased primarily due to normal declines in
production on several of the II-C Partnership's wells. Natural gas
prices decreased to an average of $1.62 per Mcf for the three months
ended June 30, 1995 from an average of $1.75 per Mcf for the three
months ended June 30, 1994. Oil prices increased to an average of
$17.41 per barrel for the three months ended June 30, 1995 from an
average of $15.65 per barrel for the three months ended June 30, 1994.
Direct operating expenses (lease operating expenses and
production taxes) decreased $60,555 for the three months ended June
30, 1995 as compared to the similar period in 1994. This decrease was
primarily due to the decrease in the volumes of oil and natural gas
sold. As a percentage of total revenues, these expenses increased to
42.0% for the three months ended June 30, 1995 from 39.0% for the
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<PAGE>
three months ended June 30, 1994. This percentage increase was
primarily due to the decrease in the average price of natural gas
sold.
Depreciation, depletion, and amortization of oil and gas
properties decreased $107,305 for the three months ended June 30, 1995
as compared to the similar period in 1994. This decrease was
primarily due to the decrease in the volumes of oil and natural gas
sold and upward revisions of previous reserve estimates. As a
percentage of total revenues, this expense remained relatively
constant at 58.4% for the three months ended June 30, 1995 compared to
58.1% for the three months ended June 30, 1994.
General and administrative expenses increased $41,951 for the
three months ended June 30, 1995 as compared to the similar period in
1994. As a percentage of total revenues, these expenses increased to
21.2% for the three months ended June 30, 1995 from 7.5% for the three
months ended June 30, 1994. This increase expressed in dollars and as
a percentage of total revenues was primarily due to an increase in
legal fees associated with a gas contract arbitration matter the II-C
Partnership is pursuing against Texaco.
SIX MONTHS ENDED JUNE 30, 1995 AS COMPARED TO THE SIX MONTHS
ENDED JUNE 30, 1994.
Six months ended June 30,
-------------------------
1995 1994
---- ----
Oil and gas sales $833,583 $1,168,351
Direct operating expenses $344,298 $ 430,102
Barrels produced 14,179 17,362
Mcf produced 372,324 489,994
Average price/Bbl $ 17.06 $ 14.85
Average price/Mcf $ 1.59 $ 1.86
Total oil and gas sales decreased 28.7% for the six months ended
June 30, 1995 as compared to the six months ended June 30, 1994. As
shown in the above table, this decrease was due to decreases in the
volumes of oil and natural gas sold and the average price of natural
gas sold, partially offset by an increase in the average price of oil
sold. Volumes of oil and natural gas sold decreased 3,183 barrels and
117,670 Mcf, respectively, for the six months ended June 30, 1995 as
compared to the similar period in 1994. Volumes of oil sold decreased
primarily due to normal declines in production on several of the II-C
Partnership's wells. Volumes of natural gas sold decreased primarily
due to normal declines in production on several of the II-C
Partnership's wells coupled with a gas balancing adjustment. Natural
gas prices decreased to an average of $1.59 per Mcf for the six months
ended June 30, 1995 from an average of $1.86 per Mcf for the six
months ended June 30, 1994. Oil prices increased to an average of
$17.06 per barrel for the six months ended June 30, 1995 from an
average of $14.85 per barrel for the six months ended June 30, 1994.
Direct operating expenses (lease operating expenses and
production taxes) decreased $85,804 for the six months ended June 30,
1995 as compared to the similar period in 1994. This decrease was
primarily due to the decrease in the volumes of oil and natural gas
sold. As a percentage of total revenues, these expenses increased to
40.5% for the six months ended June 30, 1995 from 36.5% for the six
months ended June 30, 1994. This percentage increase was primarily
due to the decrease in the average price of natural gas sold.
-43-
<PAGE>
<PAGE>
Depreciation, depletion, and amortization of oil and gas
properties decreased $161,110 for the six months ended June 30, 1995
as compared to the similar period in 1994. This decrease was
primarily due to the decrease in the volumes of oil and natural gas
sold and upward revisions of previous reserve estimates. As a
percentage of total revenues, this expense increased to 59.0% for the
six months ended June 30, 1995 compared to 56.4% for the six months
ended June 30, 1994.
General and administrative expenses increased $33,522 for the six
months ended June 30, 1995 as compared to the similar period in 1994.
As a percentage of total revenues, these expenses increased to 15.6%
for the six months ended June 30, 1995 from 8.4% for the six months
ended June 30, 1994. This increase expressed in dollars and as a
percentage of total revenues was primarily due to an increase in legal
fees associated with a gas contract arbitration matter the II-C
Partnership is pursuing against Texaco.
Cumulative cash distributions to the Unit Holders through June
30, 1995 were $10,897,686 or 70.48% of Unit Holders' contributions.
II-D PARTNERSHIP
THREE MONTHS ENDED JUNE 30, 1995 AS COMPARED TO THE THREE MONTHS
ENDED JUNE 30, 1994.
Three months ended June 30,
---------------------------
1995 1994
---- ----
Oil and gas sales $989,836 $1,378,581
Direct operating expenses $421,473 $ 565,919
Barrels produced 22,956 24,862
Mcf produced 440,570 568,533
Average price/Bbl $ 16.45 $ 15.13
Average price/Mcf $ 1.39 $ 1.76
Total oil and gas sales decreased 28.2% for the three months
ended June 30, 1995 as compared to the three months ended June 30,
1994. As shown in the above table, this decrease was due to decreases
in the volumes of oil and natural gas sold and the average price of
natural gas sold, partially offset by an increase in the average price
of oil sold. Volumes of oil and natural gas sold decreased 1,906
barrels and 127,963 Mcf, respectively, for the three months ended June
30, 1995 as compared to the similar period in 1994. The decrease in
the volumes of natural gas sold was primarily due to a dispute with
the operator on two of the II-D Partnership's leases, as well as
normal declines in production on several wells. Natural gas prices
decreased to an average of $1.39 per Mcf for the three months ended
June 30, 1995 from an average of $1.76 per Mcf for the three months
ended June 30, 1994. Oil prices increased to an average of $16.45 per
barrel for the three months ended June 30, 1995 from an average of
$15.13 per barrel for the three months ended June 30, 1994.
Direct operating expenses (lease operating expenses and
production taxes) decreased $144,446 for the three months ended June
30, 1995 as compared to the similar period in 1994. This decrease was
primarily due to the decrease in the volumes of oil and natural gas
sold and a decrease in workover expenses during the three months ended
June 30, 1995. As a percentage of total revenues, these expenses
remained relatively constant at 42.3% for the three months ended June
30, 1995 compared to 41.0% for the three months ended June 30, 1994.
-44-
<PAGE>
<PAGE>
Depreciation, depletion, and amortization of oil and gas
properties decreased $187,584 for the three months ended June 30, 1995
as compared to the similar period in 1994. This decrease was
primarily due to the decrease in the volumes of oil and natural gas
sold and upward revisions of previous reserve estimates. As a
percentage of total revenues, this expense increased to 56.6% for the
three months ended June 30, 1995 compared to 54.5% the three months
ended June 30, 1994.
General and administrative expenses increased $105,647 for the
three months ended June 30, 1995 as compared to the similar period in
1994. As a percentage of total revenues, these expenses increased to
19.5% for the three months ended June 30, 1995 from 6.5% for the three
months ended June 30, 1994. This increase expressed in dollars and as
a percentage of total revenues was primarily due to an increase in
legal fees associated with a gas contract arbitration matter the II-D
Partnership is pursuing against Texaco.
SIX MONTHS ENDED JUNE 30, 1995 AS COMPARED TO THE SIX MONTHS
ENDED JUNE 30, 1994.
Six months ended June 30,
-------------------------
1995 1994
---- ----
Oil and gas sales $2,053,173 $2,602,679
Direct operating expenses $ 983,313 $1,081,171
Barrels produced 45,142 46,399
Mcf produced 955,753 1,050,606
Average price/Bbl $ 16.30 $ 14.11
Average price/Mcf $ 1.38 $ 1.85
Total oil and gas sales decreased 21.1% for the six months ended
June 30, 1995 as compared to the six months ended June 30, 1994. As
shown in the above table, this decrease was due to decreases in the
volumes of oil and natural gas sold and the average price of natural
gas sold, partially offset by an increase in the average price of oil
sold. Volumes of oil and natural gas sold decreased 1,257 barrels and
94,853 Mcf, respectively, for the six months ended June 30, 1995 as
compared to the similar period in 1994. Natural gas prices decreased
to an average of $1.38 per Mcf for the six months ended June 30, 1995
from an average of $1.85 per Mcf for the six months ended June 30,
1994. Oil prices increased to an average of $16.30 per barrel for the
six months ended June 30, 1995 from an average of $14.11 per barrel
for the six months ended June 30, 1994.
Direct operating expenses (lease operating expenses and
production taxes) decreased $97,858 for the six months ended June 30,
1995 as compared to the similar period in 1994. This decrease was
primarily due to the decrease in the volumes of oil and natural gas
sold. As a percentage of total revenues, these expenses increased to
47.4% for the six months ended June 30, 1995 from 41.5% for the six
months ended June 30, 1994. This percentage increase was primarily
due to the decrease in the average price of natural gas sold.
Depreciation, depletion, and amortization of oil and gas
properties decreased $195,252 for the six months ended June 30, 1995
as compared to the similar period in 1994. This decrease was
primarily due to the decrease in the volumes of oil and natural gas
sold and upward revisions of previous reserve estimates. As a
percentage of total revenues, this expense increased to 57.7% for the
six months ended June 30, 1995 from 53.5% for the six months ended
-45-
<PAGE>
<PAGE>
June 30, 1994. This percentage increase was primarily due to the
decrease in the average price of natural gas sold, partially offset by
the upward revisions mentioned above.
General and administrative expenses increased $88,742 for the six
months ended June 30, 1995 as compared to the similar period in 1994.
As a percentage of total revenues, these expenses increased to 13.9%
for the six months ended June 30, 1995 from 7.7% for the six months
ended June 30, 1994. This increase expressed in dollars and as a
percentage of total revenues was primarily due to an increase in legal
fees associated with a gas contract arbitration matter the II-D
Partnership is pursuing against Texaco.
Cumulative cash distributions to the Unit Holders through June
30, 1995 were $20,689,903 or 65.71% of Unit Holders' contributions.
II-E PARTNERSHIP
THREE MONTHS ENDED JUNE 30, 1995 AS COMPARED TO THE THREE MONTHS
ENDED JUNE 30, 1994.
Three months ended June 30,
---------------------------
1995 1994
---- ----
Oil and gas sales $570,706 $679,945
Direct operating expenses $282,610 $291,921
Barrels produced 15,978 17,406
Mcf produced 221,188 240,653
Average price/Bbl $ 17.45 $ 16.05
Average price/Mcf $ 1.32 $ 1.66
Total oil and gas sales decreased 16.1% for the three months
ended June 30, 1995 as compared to the three months ended June 30,
1994. As shown in the above table, this decrease was due to decreases
in the volumes of oil and natural gas sold and the average price of
natural gas sold, partially offset by an increase in the average price
of oil sold. Volumes of oil and natural gas sold decreased 1,428
barrels and 19,465 Mcf, respectively, for the three months ended June
30, 1995 as compared to the similar period in 1994. Natural gas
prices decreased to an average of $1.32 per Mcf for the three months
ended June 30, 1995 from an average of $1.66 per Mcf for the three
months ended June 30, 1994. Oil prices increased to an average of
$17.45 per barrel for the three months ended June 30, 1995 from an
average of $16.05 per barrel for the three months ended June 30, 1994.
Direct operating expenses (lease operating expenses and
production taxes) decreased $9,311 for the three months ended June 30,
1995 as compared to the similar period in 1994. This decrease was
primarily due to the decrease in the volumes of oil and natural gas
sold. As a percentage of total revenues, these expenses increased to
50.6% for the three months ended June 30, 1995 from 42.9% for the
three months ended June 30, 1994. This percentage increase was
primarily due to the decrease in the average price of natural gas
sold.
Depreciation, depletion, and amortization of oil and gas
properties decreased $40,356 for the three months ended June 30, 1995
as compared to the similar period in 1994. This decrease was
primarily due to the decrease in the volumes of oil and natural gas
sold. As a percentage of total revenues, this expense increased to
90.0% for the three months ended June 30, 1995 from 79.7% for the
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<PAGE>
<PAGE>
three months ended June 30, 1994. This percentage increase was
primarily due to the decrease in the average price of natural gas
sold.
General and administrative expenses increased $192,898 for the
three months ended June 30, 1995 as compared to similar period in
1994. As a percentage of total revenues, these expenses increased to
46.2% for the three months ended June 30, 1995 from 9.5% for the three
months ended June 30, 1994. This increase expressed in dollars and as
a percentage of total revenues was primarily due to an increase in
legal fees associated with a gas contract arbitration matter the II-E
Partnership is pursuing against Texaco.
SIX MONTHS ENDED JUNE 30, 1995 AS COMPARED TO THE SIX MONTHS
ENDED JUNE 30, 1994.
Six months ended June 30,
-------------------------
1995 1994
---- ----
Oil and gas sales $1,121,934 $1,359,702
Direct operating expenses $ 582,124 $ 589,058
Barrels produced 30,891 34,305
Mcf produced 438,105 473,442
Average price/Bbl $ 17.01 $ 14.67
Average price/Mcf $ 1.36 $ 1.81
Total oil and gas sales decreased 17.5% for the six months ended
June 30, 1995 as compared to the six months ended June 30, 1994. As
shown in the above table, this decrease was due to decreases in the
volumes of oil and natural gas sold and the average price of natural
gas sold, partially offset by an increase in the average price of oil
sold. Volumes of oil and natural gas sold decreased 3,414 barrels and
35,337 Mcf, respectively, for the six months ended June 30, 1995 as
compared to the similar period in 1994. Natural gas prices decreased
to an average of $1.36 per Mcf for the six months ended June 30, 1995
from an average of $1.81 per Mcf for the six months ended June 30,
1994. Oil prices increased to an average of $17.01 per barrel for the
six months ended June 30, 1995 from an average of $14.67 per barrel
for the six months ended June 30, 1994.
Direct operating expenses (lease operating expenses and
production taxes) remained relatively constant for the six months
ended June 30, 1995 as compared to the similar period in 1994. As a
percentage of total revenues, these expenses increased to 51.7% for
the six months ended June 30, 1995 from 43.2% for the six months ended
June 30, 1994. This percentage increase was primarily due to the
decrease in the average price of natural gas sold.
Depreciation, depletion, and amortization of oil and gas
properties decreased $80,453 for the six months ended June 30, 1995 as
compared to the similar period in 1994. This decrease was primarily
due to the decrease in the volumes of oil and natural gas sold. As a
percentage of total revenues, this expense increased to 87.7% for the
six months ended June 30, 1995 from 78.4% for the six months ended
June 30, 1994. This percentage increase was primarily due to the
decrease in the average price of natural gas sold.
General and administrative expenses increased $180,057 for the
six months ended June 30, 1995 as compared to the similar period in
1994. As a percentage of total revenues, these expenses increased to
28.9% for the six months ended June 30, 1995 from 10.7% for the six
-47-
<PAGE>
<PAGE>
months ended June 30, 1994. This increase expressed in dollars and as
a percentage of total revenues was primarily due to an increase in
legal fees associated with a gas contract arbitration matter the II-E
Partnership is pursuing against Texaco.
Cumulative cash distributions to the Unit Holders through June
30, 1995 were $12,251,574 or 53.54% of Unit Holders' contributions.
II-F PARTNERSHIP
THREE MONTHS ENDED JUNE 30, 1995 AS COMPARED TO THE THREE MONTHS
ENDED JUNE 30, 1994.
Three months ended June 30,
---------------------------
1995 1994
---- ----
Oil and gas sales $493,171 $570,549
Direct operating expenses $154,746 $194,457
Barrels produced 14,421 17,114
Mcf produced 200,015 186,441
Average price/Bbl $ 16.80 $ 15.33
Average price/Mcf $ 1.25 $ 1.65
Total oil and gas sales decreased 13.6% for the three months
ended June 30, 1995 as compared to the three months ended June 30,
1994. As shown in the above table, this decrease was due to a
decrease in the volumes of oil sold and the average price of natural
gas sold, partially offset by an increase in the volumes of natural
gas sold and the average price of oil sold. Volumes of oil sold
decreased 2,693 barrels and volumes of natural gas sold increased
13,574 Mcf for the three months ended June 30, 1995 as compared to the
similar period in 1994. Natural gas prices decreased to an average of
$1.25 per Mcf for the three months ended June 30, 1995 from an average
of $1.65 per Mcf for the three months ended June 30, 1994. Oil prices
increased to an average of $16.80 per barrel for the three months
ended June 30, 1995 from an average of $15.33 per barrel for the three
months ended June 30, 1994.
Direct operating expenses (lease operating expenses and
production taxes) decreased $39,711 for the three months ended June
30, 1995 as compared to the similar period in 1994. This decrease was
primarily due to a decrease in workover expenses during the three
months ended June 30, 1995 as compared to the similar period in 1994.
As a percentage of total revenues, these expenses decreased to 31.5%
for the three months ended June 30, 1995 compared to 34.0% for the
three months ended June 30, 1994.
Depreciation, depletion, and amortization of oil and gas
properties decreased $68,716 for the three months ended June 30, 1995
as compared to the similar period in 1994. This decrease was
primarily due to upward revisions of previous reserve estimates. As a
percentage of total revenues, this expense decreased to 61.0% for the
three months ended June 30, 1995 from 64.3% for the three months ended
June 30, 1994. This percentage decrease was primarily due to upward
revisions mentioned above, partially offset by the decrease in the
average price of natural gas sold.
General and administrative expenses increased $7,483 for the
three months ended June 30, 1995 as compared to the similar period in
1994. As a percentage of total revenues, these expenses increased to
11.5% for the three months ended June 30, 1995 from 8.6% for the three
-48-
<PAGE>
<PAGE>
months ended June 30, 1994. This increase expressed in dollars and as
a percentage of total revenues was primarily due to an increase in
professional fees.
SIX MONTHS ENDED JUNE 30, 1995 AS COMPARED TO THE SIX MONTHS
ENDED JUNE 30, 1994.
Six months ended June 30,
-------------------------
1995 1994
---- ----
Oil and gas sales $930,474 $1,233,844
Direct operating expenses $331,249 $ 414,759
Barrels produced 28,147 33,401
Mcf produced 366,834 425,277
Average price/Bbl $ 16.33 $ 14.18
Average price/Mcf $ 1.28 $ 1.79
Total oil and gas sales decreased 24.6% for the six months ended
June 30, 1995 as compared to the six months ended June 30, 1994. As
shown in the above table, this decrease was due to decreases in the
volumes of oil and natural gas sold and the average price of natural
gas sold, partially offset by an increase in the average price of oil
sold. Volumes of oil and natural gas sold decreased 5,254 barrels and
58,443 Mcf, respectively, for the six months ended June 30, 1995 as
compared to the similar period in 1994. Natural gas prices decreased
to an average of $1.28 per Mcf for the six months ended June 30, 1995
from an average of $1.79 per Mcf for the six months ended June 30,
1994. Oil prices increased to an average of $16.33 per barrel for the
six months ended June 30, 1995 from an average of $14.18 per barrel
for the six months ended June 30, 1994.
Direct operating expenses (lease operating expenses and
production taxes) decreased $83,510 for the six months ended June 30,
1995 as compared to the similar period in 1994. This decrease was
primarily due to the decrease in the volumes of oil and natural gas
sold and a decrease in workover expenses for the six months ended June
30, 1995. As a percentage of total revenues, these expenses remained
relatively constant at 35.1% for the six months ended June 30, 1995
compared to 33.5% for the six months ended June 30, 1994.
Depreciation, depletion, and amortization of oil and gas
properties decreased $236,880 for the six months ended June 30, 1995
as compared to the similar period in 1994. This decrease was
primarily due to the decrease in the volumes of oil and natural gas
sold and upward revisions of previous reserve estimates. As a
percentage of total revenues, this expense decreased to 59.2% for the
six months ended June 30, 1995 from 64.4% for the six months ended
June 30, 1994. This percentage decrease was primarily due to the
upward revisions mentioned above, partially offset by the decrease in
the average price of natural gas sold.
General and administrative expenses remained relatively constant
for the six months ended June 30, 1995 as compared to the six months
ended June 30, 1994. As a percentage of total revenues, these expenses
increased to 11.4% for the six months ended June 30, 1995 compared to
8.9% for the six months ended June 30, 1994.
Cumulative cash distributions to the Unit Holders through June
30, 1995 were $11,027,051 or 64.34% of Unit Holders' contributions.
-49-
<PAGE>
<PAGE>
II-G PARTNERSHIP
THREE MONTHS ENDED JUNE 30, 1995 AS COMPARED TO THE THREE MONTHS
ENDED JUNE 30, 1994.
Three months ended June 30,
---------------------------
1995 1994
---- ----
Oil and gas sales $1,061,698 $1,214,554
Direct operating expenses $ 349,597 $ 425,184
Barrels produced 30,320 36,089
Mcf produced 436,250 399,160
Average price/Bbl $ 16.80 $ 15.35
Average price/Mcf $ 1.27 $ 1.66
Total oil and gas sales decreased 12.6% for the three months
ended June 30, 1995 as compared to the three months ended June 30,
1994. As shown in the above table, this decrease was due to a
decrease in the volumes of oil sold and the average price of natural
gas sold, partially offset by an increase in the volumes of natural
gas sold and the average price of oil sold. Volumes of oil sold
decreased 5,769 barrels and volumes of natural gas sold increased
37,090 Mcf for the three months ended June 30, 1995 as compared to the
similar period in 1994. Natural gas prices decreased to an average of
$1.27 per Mcf for the three months ended June 30, 1995 from an average
of $1.66 per Mcf for the three months ended June 30, 1994. Oil prices
increased to an average of $16.80 per barrel for the three months
ended June 30, 1995 from an average of $15.35 per barrel for the three
months ended June 30, 1994.
Direct operating expenses (lease operating expenses and
production taxes) decreased $75,587 for the three months ended June
30, 1995 as compared to the similar period in 1994. This decrease was
primarily due to a decrease in workover expenses during the three
months ended June 30, 1995 as compared to the similar period in 1994.
As a percentage of total revenues, these expenses remained relatively
constant at 33.2% for the three months ended June 30, 1995 compared to
34.9% for the three months ended June 30, 1994.
Depreciation, depletion, and amortization of oil and gas
properties decreased $174,977 for the three months ended June 30, 1995
as compared to the similar period in 1994. This decrease was
primarily due to upward revisions of previous reserve estimates. As a
percentage of total revenues, this expense decreased to 60.4% for the
three months ended June 30, 1995 from 66.6% for the three months ended
June 30, 1994. This percentage decrease was primarily due to the
upward revisions mentioned above, partially offset by the decrease in
the average price of natural gas sold.
General and administrative expenses increased $18,026 for the
three months ended June 30, 1995 as compared to the similar period in
1994. As a percentage of total revenues, these expenses increased to
11.6% for the three months ended June 30, 1995 from 8.6% for the three
months ended June 30, 1994. This increase expressed in dollars and as
a percentage of total revenues was primarily due to an increase in
professional fees.
-50-
<PAGE>
<PAGE>
SIX MONTHS ENDED JUNE 30, 1995 AS COMPARED TO THE SIX MONTHS
ENDED JUNE 30, 1994.
Six months ended June 30,
-------------------------
1995 1994
---- ----
Oil and gas sales $2,032,268 $2,632,121
Direct operating expenses $ 740,621 $ 906,875
Barrels produced 59,208 70,243
Mcf produced 813,960 913,347
Average price/Bbl $ 16.33$ 14.19
Average price/Mcf $ 1.31$ 1.79
Total oil and gas sales decreased 22.8% for the six months ended
June 30, 1995 as compared to the six months ended June 30, 1994. As
shown in the above table, this decrease was due to decreases in the
volumes of oil and natural gas sold and the average price of natural
gas sold, partially offset by an increase in the average price of oil
sold. Volumes of oil and natural gas sold decreased 11,035 barrels
and 99,387 Mcf, respectively, for the six months ended June 30, 1995
as compared to the similar period in 1994. Natural gas prices
decreased to an average of $1.31 per Mcf for the six months ended June
30, 1995 from an average of $1.79 per Mcf for the six months ended
June 30, 1994. Oil prices increased to an average of $16.33 per
barrel for the six months ended June 30, 1995 from an average of
$14.19 per barrel for the six months ended June 30, 1994.
Direct operating expenses (lease operating expenses and
production taxes) decreased $166,254 for the six months ended June
30, 1995 as compared to the similar period in 1994. This decrease was
primarily due to a decrease in volumes of oil and natural gas sold and
a decrease in workover expenses during the six months ended June 30,
1995. As a percentage of total revenues, these expenses remained
relatively constant at 35.9% for the six months ended June 30, 1995
compared to 34.3% for the six months ended June 30, 1994.
Depreciation, depletion, and amortization of oil and gas
properties decreased $555,434 for the six months ended June 30, 1995
as compared to the similar period in 1994. This decrease was
primarily due to the decrease in the volumes of oil and natural gas
sold and upward revisions of previous reserve estimates. As a
percentage of total revenues, this expense decreased to 58.3% for the
six months ended June 30, 1995 from 66.6% for the six months ended
June 30, 1994. This percentage decrease was primarily due to the
upward revisions mentioned above, partially offset by the decrease in
the average price of natural gas sold.
General and administrative expenses remained relatively constant
for the six months ended June 30, 1995 as compared to the six months
ended June 30, 1994. As a percentage of total revenues, these
expenses increased to 11.3% for the six months ended June 30, 1995
from 8.9% for the six months ended June 30, 1994. This increase as a
percentage of total revenues was primarily due to a decrease in the
average price of natural gas sold.
Cumulative cash distributions to the Unit Holders through June
30, 1995 were $22,432,371 or 60.27% of Unit Holders' contributions.
-51-
<PAGE>
<PAGE>
II-H PARTNERSHIP
THREE MONTHS ENDED JUNE 30, 1995 AS COMPARED TO THE THREE MONTHS
ENDED JUNE 30, 1994.
Three months ended June 30,
---------------------------
1995 1994
---- ----
Oil and gas sales $251,901 $295,746
Direct operating expenses $ 87,016 $107,711
Barrels produced 7,080 8,475
Mcf produced 105,195 99,624
Average price/Bbl $ 16.82 $ 15.34
Average price/Mcf $ 1.26 $ 1.66
Total oil and gas sales decreased 14.8% for the three months
ended June 30, 1995 as compared to the three months ended June 30,
1994. As shown in the above table, this decrease was due to a
decrease in the volumes of oil sold and the average price of natural
gas sold, partially offset by an increase in the volumes of natural
gas sold and the average price of oil sold. Volumes of oil sold
decreased 1,395 barrels and volumes of natural gas sold increased
5,571 Mcf for the three months ended June 30, 1995 as compared to the
similar period in 1994. Natural gas prices decreased to an average of
$1.26 per Mcf for the three months ended June 30, 1995 from an average
of $1.66 per Mcf for the three months ended June 30, 1994. Oil prices
increased to an average of $16.82 per barrel for the three months
ended June 30, 1995 from an average of $15.34 per barrel for the three
months ended June 30, 1994.
Direct operating expenses (lease operating expenses and
production taxes) decreased $20,695 for the three months ended June
30, 1995 as compared to the similar period in 1994. This decrease was
primarily due to a decrease in workover expenses during the three
months ended June 30, 1995. As a percentage of total revenues, these
expenses remained relatively constant at 34.9% for the three months
ended June 30, 1995 compared to 36.3% for the three months ended June
30, 1994.
Depreciation, depletion, and amortization of oil and gas
properties decreased $33,659 for the three months ended June 30, 1995
as compared to the similar period in 1994. This decrease was
primarily due to several properties having been significantly depleted
leaving a smaller basis to deplete. As a percentage of total
revenues, this expense remained relatively constant at 64.7% for the
three months ended June 30, 1995 compared to 65.8% for the three
months ended June 30, 1994.
General and administrative expenses increased $3,640 for the
three months ended June 30, 1995 as compared to the similar period in
1994. As a percentage of total revenues, these expenses increased to
12.2% for the three months ended June 30, 1995 from 9.0% for the three
months ended June 30, 1994. This increase expressed in dollars and as
a percentage of total revenues was primarily due to an increase in
professional fees.
-52-
<PAGE>
<PAGE>
SIX MONTHS ENDED JUNE 30, 1995 AS COMPARED TO THE SIX MONTHS
ENDED JUNE 30, 1994.
Six months ended June 30,
--------------------------
1995 1994
---- ----
Oil and gas sales $489,212 $644,573
Direct operating expenses $180,697 $228,370
Barrels produced 13,793 16,445
Mcf produced 199,874 227,762
Average price/Bbl $ 16.35 $ 14.19
Average price/Mcf $ 1.32 $ 1.80
Total oil and gas sales decreased 24.1% for the six months ended
June 30, 1995 as compared to the six months ended June 30, 1994. As
shown in the above table, this decrease was due to decreases in the
volumes of oil and natural gas sold and the average price of natural
gas sold, partially offset by an increase in the average price of oil
sold. Volumes of oil and natural gas sold decreased 2,652 barrels and
27,888 Mcf, respectively, for the six months ended June 30, 1995 as
compared to the similar period in 1994. Natural gas prices decreased
to an average of $1.32 per Mcf for the six months ended June 30, 1995
from an average of $1.80 per Mcf for the six months ended June 30,
1994. Oil prices increased to an average of $16.35 per barrel for the
six months ended June 30, 1995 from an average of $14.19 per barrel
for the six months ended June 30, 1994.
Direct operating expenses (lease operating expenses and
production taxes) decreased $47,673 for the six months ended June 30,
1995 as compared to the similar period in 1994. This decrease was
primarily due to a decrease in volumes of oil and natural gas sold and
a decrease in workover expenses during the six months ended June 30,
1995 as compared to the similar period in 1994. As a percentage of
total revenues, these expenses remained relatively constant at 36.4%
for the six months ended June 30, 1995 compared to 35.3% for the six
months ended June 30, 1994.
Depreciation, depletion, and amortization of oil and gas
properties decreased $114,264 for the six months ended June 30, 1995
as compared to the similar period in 1994. This decrease was
primarily due to the decrease in the volumes of oil and natural gas
sold and several properties having been significantly depleted leaving
a smaller basis to deplete. As a percentage of total revenues, this
expense decreased to 62.3% for the six months ended June 30, 1995 from
65.4% for the six months ended June 30, 1994. This percentage
decrease was primarily due to several properties having been
significantly depleted leaving a smaller basis to deplete, partially
offset by a decrease in the average price of natural gas sold.
General and administrative expenses decreased $2,007 for the six
months ended June 30, 1995 as compared to the six months ended June
30, 1994. This decrease was primarily due to a decrease in audit
fees. As a percentage of total revenues, these expenses increased to
11.6% for the six months ended June 30, 1995 compared to 9.2% for the
six months ended June 30, 1994.
Cumulative cash distributions to the Unit Holders through June
30, 1995 were $5,176,364 or 56.44% of Unit Holders' contributions.
-53-
<PAGE>
<PAGE>
PART II: OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
On October 26, 1994, Geodyne Resources, Inc. ("Resources") and
the Partnerships, among other parties, where named as defendants in a
lawsuit alleging causes of action based on fraud, negligent
misrepresentation, breach of fiduciary duty, breach of implied
covenant, and breach of contract in connection with the offer and sale
of units in the Partnerships (Sidney Neidick et al. v. Geodyne
Resources, Inc., et al., Case No. 94-052860, District Court of Harris
County, Texas). The plaintiffs' petition alleged that the lawsuit was
being brought as a class action on behalf of investors who purchased
units in the Partnerships. On June 7, 1995, Resources and the
Partnerships were dismissed without prejudice as defendants in the
matter. In addition, on June 7, 1995, the matter was certified as a
class action. A class action notice was mailed on June 7, 1995 to all
limited partners in the Partnerships who are members of the class.
PaineWebber Incorporated ("PaineWebber") has agreed to indemnify
Resources and the Partnerships and their affiliates with respect to
all claims asserted by the plaintiffs in the lawsuit pursuant to that
certain Indemnification Agreement dated November 24, 1992 by and
between PaineWebber and Samson Investment Company, the parent of
Resources (the "Indemnification Agreement") in the event Resources or
the Partnerships are rejoined in the matter at a later time. As a
result of both the dismissal and the Indemnification Agreement,
management does not believe that either the Partnerships or Resources
will be required to pay any damages or expenses in this matter.
On November 23 and 25, 1994, Resources, PaineWebber, and certain
other parties were named as defendants in two related lawsuits
alleging misrepresentations made to induce investments in the
Partnerships 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
Resources is not a party) under the title In Re: PaineWebber Limited
Partnerships' Litigation and was certified as a class action on May
30, 1995. A class action notice was mailed on June 7, 1995 to all
members of the class. The federal court action also alleges
violations of 18 U.S.C. Sec. 1962(c) and the Securities Exchange Act
of 1934. Compensatory and punitive damages, interest, and costs have
been requested in both matters. PaineWebber has agreed to indemnify
Resources with respect to all claims asserted by the plaintiff in the
lawsuits pursuant to the Indemnification Agreement. The amended
complaint in the federal action no longer asserts any claim directly
against Resources. As a result of the Indemnification Agreement,
Resources does not believe that it will be required to pay any damages
or expenses in this matter.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
None
(b) Reports on Form 8-K
None
-54-
<PAGE>
<PAGE>
SIGNATURES
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.
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-A
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-B
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-C
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-D
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-E
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-F
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-G
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-H
(Registrant)
By: GEODYNE PROPERTIES, INC.
General Partner
Date: August 14, 1995 By: /s/Dennis R. Neill
------------------------
(Signature)
Dennis R. Neill
Senior Vice President
and Director
Date: August 14, 1995 By: /s/Drew S. Phillips
------------------------
(Signature)
Drew S. Phillips
Vice President - Accounting
Principal Accounting Officer
-55-
<PAGE>
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