<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 March 31, 1997
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 No X (see explanation below)
----- -----
Form 10-Q was filed on May 21, 1996, one day after required due date.
<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
March 31, December 31,
1997 1996
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $1,185,034 $ 875,918
Accounts receivable:
General Partner (Note 2) 1,051 -
Oil and gas sales 760,599 1,073,459
---------- ----------
Total current assets $1,946,684 $1,949,377
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 5,338,525 6,170,793
DEFERRED CHARGE 948,217 948,217
---------- ----------
$8,233,426 $9,068,387
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 113,564 $ 212,801
Gas imbalance payable 101,493 101,493
---------- ----------
Total current liabilities $ 215,057 $ 314,294
ACCRUED LIABILITY $ 158,683 $ 158,683
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 361,047) ($ 342,481)
Limited Partners, issued and
outstanding, 484,283 units 8,220,733 8,937,891
---------- ----------
Total Partners' capital $7,859,686 $8,595,410
---------- ----------
$8,233,426 $9,068,387
========== ==========
The accompanying condensed 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 MARCH 31, 1997 AND 1996
(Unaudited)
1997 1996
---------- ----------
REVENUES:
Oil and gas sales $1,515,197 $1,343,302
Interest income 6,953 3,760
Gain on sale of oil and gas
properties - 158
---------- ----------
$1,522,150 $1,347,220
COSTS AND EXPENSES:
Lease operating $ 295,212 $ 411,514
Production tax 96,360 76,278
Depreciation, depletion, and
amortization of oil and gas
properties 196,682 295,827
Impairment provision 684,276 -
General and administrative (Note 2) 163,586 161,750
---------- ----------
$1,436,116 $ 945,369
---------- ----------
NET INCOME $ 86,034 $ 401,851
========== ==========
GENERAL PARTNER - NET INCOME $ 39,192 $ 31,738
========== ==========
LIMITED PARTNERS - NET INCOME $ 46,842 $ 370,113
========== ==========
NET INCOME per unit $ .10 $ .76
========== ==========
UNITS OUTSTANDING 484,283 484,283
========== ==========
The accompanying condensed 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 CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(Unaudited)
1997 1996
------------ ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 86,034 $401,851
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 196,682 295,827
Impairment provision 684,276 -
Gain on sale of oil and gas
properties - ( 158)
Increase in accounts receivable -
General Partner ( 1,051) -
(Increase) decrease in accounts
receivable - oil and gas sales 312,860 ( 103,028)
Decrease in accounts payable ( 99,237) ( 73,993)
---------- --------
Net cash provided by operating
activities $1,179,564 $520,499
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 49,793) ($ 12,860)
Proceeds from sale of oil and
gas properties 1,103 477
---------- --------
Net cash used by investing
activities ($ 48,690) ($ 12,383)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($ 821,758) ($521,964)
---------- --------
Net cash used by financing
activities ($ 821,758) ($521,964)
---------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS $ 309,116 ($ 13,848)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 875,918 508,024
---------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $1,185,034 $494,176
========== ========
The accompanying condensed notes are an integral part of
these combined financial statements.
-4-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-B
GEODYNE PRODUCTION PARTNERSHIP II-B
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
1997 1996
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 732,492 $ 569,257
Accounts receivable:
Oil and gas sales 552,104 710,208
---------- ----------
Total current assets $1,284,596 $1,279,465
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 3,459,635 4,140,409
DEFERRED CHARGE 160,103 160,103
---------- ----------
$4,904,334 $5,579,977
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 75,983 $ 189,245
Gas imbalance payable 17,055 17,055
---------- ----------
Total current liabilities $ 93,038 $ 206,300
ACCRUED LIABILITY $ 86,198 $ 86,198
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 273,704) ($ 265,183)
Limited Partners, issued and
outstanding, 361,719 units 4,998,802 5,552,662
---------- ----------
Total Partners' capital $4,725,098 $5,287,479
---------- ----------
$4,904,334 $5,579,977
========== ==========
The accompanying condensed 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 STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(Unaudited)
1997 1996
---------- ----------
REVENUES:
Oil and gas sales $1,079,349 $1,031,522
Interest income 4,064 1,510
Gain on sale of oil and gas
properties - 963
---------- ----------
$1,083,413 $1,033,995
COSTS AND EXPENSES:
Lease operating $ 207,958 $ 300,863
Production tax 72,688 58,684
Depreciation, depletion, and
amortization of oil and gas
properties 139,331 253,088
Impairment provision 530,988 -
General and administrative (Note 2) 127,448 124,787
---------- ----------
$1,078,413 $ 737,422
---------- ----------
NET INCOME $ 5,000 $ 296,573
========== ==========
GENERAL PARTNER - NET INCOME $ 26,860 $ 24,877
========== ==========
LIMITED PARTNERS - NET INCOME (LOSS) ($ 21,860) $ 271,696
========== ==========
NET (LOSS) INCOME per unit ($ .06) $ .75
========== ==========
UNITS OUTSTANDING 361,719 361,719
========== ==========
The accompanying condensed 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 CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(Unaudited)
1997 1996
---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 5,000 $296,573
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 139,331 253,088
Impairment provision 530,988 -
Gain on sale of oil and gas
properties - ( 963)
(Increase) decrease in accounts
receivable 158,104 ( 65,798)
Decrease in accounts payable ( 113,262) ( 104,412)
-------- --------
Net cash provided by operating
activities $720,161 $378,488
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures $ - ($ 21,265)
Proceeds from sale of oil and
gas properties 10,455 963
-------- --------
Net cash provided (used) by
investing activities $ 10,455 ($ 20,302)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($567,381) ($201,674)
-------- --------
Net cash used by financing
activities ($567,381) ($201,674)
-------- --------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $163,235 $156,512
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 569,257 168,239
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $732,492 $324,751
======== ========
The accompanying condensed notes are an integral part of
these combined financial statements.
-7-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-C
GEODYNE PRODUCTION PARTNERSHIP II-C
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
1997 1996
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 378,704 $ 387,334
Accounts receivable:
Oil and gas sales 264,571 340,182
---------- ----------
Total current assets $ 643,275 $ 727,516
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 1,921,569 2,048,879
DEFERRED CHARGE 164,953 164,953
---------- ----------
$2,729,797 $2,941,348
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 33,596 $ 69,727
Gas imbalance payable 10,386 10,386
---------- ----------
Total current liabilities $ 43,982 $ 80,113
ACCRUED LIABILITY $ 69,148 $ 69,148
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 118,652) ($ 115,619)
Limited Partners, issued and
outstanding, 154,621 units 2,735,319 2,907,706
---------- ----------
Total Partners' capital $2,616,667 $2,792,087
---------- ----------
$2,729,797 $2,941,348
========== ==========
The accompanying condensed notes are an integral part of
these combined financial statements.
-8-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-C
GEODYNE PRODUCTION PARTNERSHIP II-C
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(Unaudited)
1997 1996
-------- --------
REVENUES:
Oil and gas sales $514,182 $468,349
Interest income 2,616 878
Gain on sale of oil and gas
properties - 143
-------- --------
$516,798 $469,370
COSTS AND EXPENSES:
Lease operating $ 91,938 $125,003
Production tax 35,866 27,823
Depreciation, depletion, and
amortization of oil and gas
properties 56,895 113,533
Impairment provision 66,617 -
General and administrative (Note 2) 54,511 53,458
-------- --------
$305,827 $319,817
-------- --------
NET INCOME $210,971 $149,553
======== ========
GENERAL PARTNER - NET INCOME $ 15,358 $ 11,975
======== ========
LIMITED PARTNERS - NET INCOME $195,613 $137,578
======== ========
NET INCOME per unit $ 1.27 $ .89
======== ========
UNITS OUTSTANDING 154,621 154,621
======== ========
The accompanying condensed 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 STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(Unaudited)
1997 1996
---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $210,971 $149,553
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 56,895 113,533
Impairment provision 66,617 -
Gain on sale of oil and gas
properties - ( 143)
(Increase) decrease in accounts
receivable 75,611 ( 5,086)
Decrease in accounts payable ( 36,131) ( 24,750)
-------- --------
Net cash provided by operating
activities $373,963 $233,107
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of oil and
gas properties $ 3,798 $ 20,466
-------- --------
Net cash provided by investing
activities $ 3,798 $ 20,466
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($386,391) ($113,418)
-------- --------
Net cash used by financing
activities ($386,391) ($113,418)
-------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS ($ 8,630) $140,155
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 387,334 82,353
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $378,704 $222,508
======== ========
The accompanying condensed notes are an integral part of
these combined financial statements.
-10-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-D
GEODYNE PRODUCTION PARTNERSHIP II-D
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
1997 1996
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 924,050 $ 906,737
Accounts receivable:
General Partner (Note 2) 9,920 -
Oil and gas sales 641,673 793,183
---------- ----------
Total current assets $1,575,643 $1,699,920
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 4,085,130 4,390,791
DEFERRED CHARGE 863,139 863,139
---------- ----------
$6,523,912 $6,953,850
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 82,225 $ 159,967
Gas imbalance payable 118,313 118,313
---------- ----------
Total current liabilities $ 200,538 $ 278,280
ACCRUED LIABILITY $ 266,782 $ 266,782
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 225,225) ($ 218,956)
Limited Partners, issued and
outstanding, 314,878 units 6,281,817 6,627,744
---------- ----------
Total Partners' capital $6,056,592 $6,408,788
---------- ----------
$6,523,912 $6,953,850
========== ==========
The accompanying condensed notes are an integral part of
these combined financial statements.
-11-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-D
GEODYNE PRODUCTION PARTNERSHIP II-D
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(Unaudited)
1997 1996
---------- ----------
REVENUES:
Oil and gas sales $1,210,897 $1,058,248
Interest income 6,570 2,546
Gain on sale of oil and gas
properties 9,904 -
---------- ----------
$1,227,371 $1,060,794
COSTS AND EXPENSES:
Lease operating $ 236,602 $ 380,682
Production tax 83,743 70,570
Depreciation, depletion, and
amortization of oil and gas
properties 164,483 200,330
Impairment provision 143,957 -
General and administrative (Note 2) 113,236 110,288
---------- ----------
$ 742,021 $ 761,870
---------- ----------
NET INCOME $ 485,350 $ 298,924
========== ==========
GENERAL PARTNER - NET INCOME $ 36,277 $ 22,832
========== ==========
LIMITED PARTNERS - NET INCOME $ 449,073 $ 276,092
========== ==========
NET INCOME per unit $ 1.43 $ .88
========== ==========
UNITS OUTSTANDING 314,878 314,878
========== ==========
The accompanying condensed notes are an integral part of
these combined financial statements.
-12-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-D
GEODYNE PRODUCTION PARTNERSHIP II-D
COMBINED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(Unaudited)
1997 1996
---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $485,350 $298,924
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 164,483 200,330
Impairment provision 143,957 -
Gain on sale of oil and gas
properties ( 9,904) -
Increase in accounts receivable -
General Partner ( 9,920) -
(Increase) decrease in accounts
receivable - oil and gas sales 151,510 ( 53,422)
Decrease in accounts payable ( 77,742) ( 7,394)
-------- --------
Net cash provided by operating
activities $847,734 $438,438
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 2,795) $ -
Proceeds from sale of oil and
gas properties 9,920 42,510
-------- --------
Net cash provided by investing
activities $ 7,125 $ 42,510
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($837,546) ($422,751)
-------- --------
Net cash used by financing
activities ($837,546) ($422,751)
-------- --------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $ 17,313 $ 58,197
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 906,737 317,368
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $924,050 $375,565
======== ========
The accompanying condensed notes are an integral part of
these combined financial statements.
-13-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-E
GEODYNE PRODUCTION PARTNERSHIP II-E
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
1997 1996
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 613,587 $ 528,765
Accounts receivable:
General Partner (Note 2) 6,106 -
Oil and gas sales 424,103 512,573
---------- ----------
Total current assets $1,043,796 $1,041,338
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 3,420,229 4,579,160
DEFERRED CHARGE 355,647 355,647
---------- ----------
$4,819,672 $5,976,145
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 55,645 $ 133,181
Gas imbalance payable 161,181 161,181
---------- ----------
Total current liabilities $ 216,826 $ 294,362
ACCRUED LIABILITY $ 59,234 $ 59,234
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 160,418) ($ 147,595)
Limited Partners, issued and
outstanding, 228,821 units 4,704,030 5,770,144
---------- ----------
Total Partners' capital $4,543,612 $5,622,549
---------- ----------
$4,819,672 $5,976,145
========== ==========
The accompanying condensed notes are an integral part of
these combined financial statements.
-14-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-E
GEODYNE PRODUCTION PARTNERSHIP II-E
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(Unaudited)
1997 1996
----------- --------
REVENUES:
Oil and gas sales $ 780,293 $696,919
Interest income 4,211 1,740
Gain on sale of oil and gas
properties - 402
---------- --------
$ 784,504 $699,061
COSTS AND EXPENSES:
Lease operating $ 171,907 $214,755
Production tax 64,417 48,804
Depreciation, depletion, and
amortization of oil and gas
properties 163,438 257,403
Impairment provision 992,851 -
General and administrative (Note 2) 96,178 90,573
---------- --------
$1,488,791 $611,535
---------- --------
NET INCOME (LOSS) ($ 704,287) $ 87,526
========== ========
GENERAL PARTNER - NET INCOME $ 10,827 $ 14,585
========== ========
LIMITED PARTNERS - NET INCOME (LOSS) ($ 715,114) $ 72,941
========== ========
NET INCOME (LOSS) per unit ($ 3.13) $ .32
========== ========
UNITS OUTSTANDING 228,821 228,821
========== ========
The accompanying condensed notes are an integral part of
these combined financial statements.
-15-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-E
GEODYNE PRODUCTION PARTNERSHIP II-E
COMBINED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(Unaudited)
1997 1996
---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) ($704,287) $ 87,526
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depreciation, depletion, and
amortization of oil and gas
properties 163,438 257,403
Impairment provision 992,851 -
Gain on sale of oil and gas
properties - ( 402)
Increase in accounts receivable -
General Partner ( 6,106) -
(Increase) decrease in accounts
receivable - oil and gas sales 88,470 ( 23,395)
Decrease in accounts payable ( 77,536) ( 23,495)
-------- --------
Net cash provided by operating
activities $456,830 $297,637
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 3,464) $ -
Proceeds from sale of oil and
gas properties 6,106 8,751
-------- --------
Net cash provided by investing
activities $ 2,642 $ 8,751
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($374,650) ($215,471)
-------- --------
Net cash used by financing
activities ($374,650) ($215,471)
-------- --------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $ 84,822 $ 90,917
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 528,765 201,042
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $613,587 $291,959
======== ========
The accompanying condensed notes are an integral part of
these combined financial statements.
-16-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-F
GEODYNE PRODUCTION PARTNERSHIP II-F
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
1997 1996
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 506,067 $ 441,903
Accounts receivable:
General Partner (Note 2) - 15,285
Oil and gas sales 450,048 429,839
---------- ----------
Total current assets $ 956,115 $ 887,027
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 2,882,945 4,353,347
DEFERRED CHARGE 71,703 71,703
---------- ----------
$3,910,763 $5,312,077
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 37,613 $ 42,918
Gas imbalance payable 31,577 31,577
---------- ----------
Total current liabilities $ 69,190 $ 74,495
ACCRUED LIABILITY $ 28,322 $ 28,322
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 120,035) ($ 105,914)
Limited Partners, issued and
outstanding, 171,400 units 3,933,286 5,315,174
---------- ----------
Total Partners' capital $3,813,251 $5,209,260
---------- ----------
$3,910,763 $5,312,077
========== ==========
The accompanying condensed notes are an integral part of
these combined financial statements.
-17-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-F
GEODYNE PRODUCTION PARTNERSHIP II-F
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(Unaudited)
1997 1996
---------- --------
REVENUES:
Oil and gas sales $ 729,165 $619,018
Interest income 3,519 2,462
Gain on sale of oil and gas
properties - 873
---------- --------
$ 732,684 $622,353
COSTS AND EXPENSES:
Lease operating $ 105,460 $112,428
Production tax 54,170 39,609
Depreciation, depletion, and
amortization of oil and gas
properties 101,899 168,341
Impairment provision 1,377,160 -
General and administrative (Note 2) 54,944 55,694
---------- --------
$1,693,633 $376,072
---------- --------
NET INCOME (LOSS) ($ 960,949) $246,281
========== ========
GENERAL PARTNER - NET INCOME $ 10,939 $ 18,925
========== ========
LIMITED PARTNERS - NET INCOME (LOSS) ($ 971,888) $227,356
========== ========
NET INCOME (LOSS) per unit ($ 5.67) $ 1.33
========== ========
UNITS OUTSTANDING 171,400 171,400
========== ========
The accompanying condensed notes are an integral part of
these combined financial statements.
-18-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-F
GEODYNE PRODUCTION PARTNERSHIP II-F
COMBINED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(Unaudited)
1997 1996
------------ ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) ($ 960,949) $246,281
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depreciation, depletion, and
amortization of oil and gas
properties 101,899 168,341
Impairment provision 1,377,160 -
Gain on sale of oil and gas
properties - ( 873)
Decrease in accounts receivable -
General Partner 15,285 -
Increase in accounts receivable -
oil and gas sales ( 20,209) ( 48,319)
Decrease in accounts payable ( 5,305) ( 45,470)
---------- --------
Net cash provided by operating
activities $ 507,881 $319,960
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 8,657) ($ 1,525)
Proceeds from sale of oil and
gas properties - 873
---------- --------
Net cash used by investing
activities ($ 8,657) ($ 652)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($ 435,060) ($326,445)
---------- --------
Net cash used by financing
activities ($ 435,060) ($326,445)
---------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS $ 64,164 ($ 7,137)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 441,903 325,816
---------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 506,067 $318,679
========== ========
The accompanying condensed notes are an integral part of
these combined financial statements.
-19-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-G
GEODYNE PRODUCTION PARTNERSHIP II-G
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
1997 1996
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $1,074,582 $ 932,165
Accounts receivable:
General Partner (Note 2) - 34,620
Oil and gas sales 939,692 911,439
---------- -----------
Total current assets $2,014,274 $ 1,878,224
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 6,236,459 9,542,790
DEFERRED CHARGE 155,718 155,718
---------- -----------
$8,406,451 $11,576,732
========== ===========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 80,450 $ 93,647
Gas imbalance payable 71,995 71,995
---------- -----------
Total current liabilities $ 152,445 $ 165,642
ACCRUED LIABILITY $ 56,912 $ 56,912
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 276,873)($ 244,312)
Limited Partners, issued and
outstanding, 372,189 units 8,473,967 11,598,490
---------- -----------
Total Partners' capital $8,197,094 $11,354,178
---------- -----------
$8,406,451 $11,576,732
========== ===========
The accompanying condensed notes are an integral part of
these combined financial statements.
-20-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-G
GEODYNE PRODUCTION PARTNERSHIP II-G
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(Unaudited)
1997 1996
---------- ----------
REVENUES:
Oil and gas sales $1,536,333 $1,314,048
Interest income 7,432 5,022
Gain on sale of oil and gas
properties - 1,852
---------- ----------
$1,543,765 $1,320,922
COSTS AND EXPENSES:
Lease operating $ 228,164 $ 246,114
Production tax 116,094 84,776
Depreciation, depletion, and
amortization of oil and gas
properties 222,726 385,782
Impairment provision 3,101,656 -
General and administrative (Note 2) 119,251 120,885
---------- ----------
$3,787,891 $ 837,557
---------- ----------
NET INCOME (LOSS) ($2,244,126) $ 483,365
========== ==========
GENERAL PARTNER - NET INCOME $ 20,397 $ 39,348
========== ==========
LIMITED PARTNERS - NET INCOME (LOSS) ($2,264,523) $ 444,017
========== ==========
NET INCOME (LOSS) per unit ($ 6.08) $ 1.19
========== ==========
UNITS OUTSTANDING 372,189 372,189
========== ==========
The accompanying condensed notes are an integral part of
these combined financial statements.
-21-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-G
GEODYNE PRODUCTION PARTNERSHIP II-G
COMBINED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(Unaudited)
1997 1996
----------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) ($2,244,126) $483,365
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depreciation, depletion, and
amortization of oil and gas
properties 222,726 385,782
Impairment provision 3,101,656 -
Gain on sale of oil and gas
properties - ( 1,852)
Decrease in accounts receivable -
General Partner 34,620 -
Increase in accounts receivable -
oil and gas sales ( 28,253) ( 101,563)
Decrease in accounts payable ( 13,197) ( 99,823)
---------- --------
Net cash provided by operating
activities $1,073,426 $665,909
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 18,051) ($ 6,931)
Proceeds from sale of oil and
gas properties - 1,852
---------- --------
Net cash used by investing
activities ($ 18,051) ($ 5,079)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($ 912,958) ($678,145)
---------- --------
Net cash used by financing
activities ($ 912,958) ($678,145)
---------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS $ 142,417 ($ 17,315)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 932,165 661,921
---------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $1,074,582 $644,606
========== ========
The accompanying condensed notes are an integral part of
these combined financial statements.
-22-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-H
GEODYNE PRODUCTION PARTNERSHIP II-H
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
1997 1996
------------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 253,505 $ 221,484
Accounts receivable:
General Partner (Note 2) - 9,151
Oil and gas sales 216,854 216,574
---------- ----------
Total current assets $ 470,359 $ 447,209
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 1,470,352 2,304,814
DEFERRED CHARGE 38,222 38,222
---------- ----------
$1,978,933 $2,790,245
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 19,469 $ 23,354
Gas imbalance payable 16,547 16,547
---------- ----------
Total current liabilities $ 36,016 $ 39,901
ACCRUED LIABILITY $ 14,139 $ 14,139
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 67,391) ($ 58,835)
Limited Partners, issued and
outstanding, 91,711 units 1,996,169 2,795,040
---------- ----------
Total Partners' capital $1,928,778 $2,736,205
---------- ----------
$1,978,933 $2,790,245
========== ==========
The accompanying condensed notes are an integral part of
these combined financial statements.
-23-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-H
GEODYNE PRODUCTION PARTNERSHIP II-H
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(Unaudited)
1997 1996
-------- --------
REVENUES:
Oil and gas sales $360,814 $316,369
Interest income 1,709 1,123
Gain on sale of oil and gas
properties - 440
-------- --------
$362,523 $317,932
COSTS AND EXPENSES:
Lease operating $ 56,403 $ 61,694
Production tax 28,031 20,607
Depreciation, depletion, and
amortization of oil and gas
properties 53,395 95,342
Impairment provision 785,220 -
General and administrative (Note 2) 29,381 29,780
-------- --------
$952,430 $207,423
-------- --------
NET INCOME (LOSS) ($589,907) $110,509
======== ========
GENERAL PARTNER - NET INCOME $ 3,964 $ 9,283
======== ========
LIMITED PARTNERS - NET INCOME (LOSS) ($593,871) $101,226
======== ========
NET INCOME (LOSS) per unit ($ 6.48) $ 1.10
======== ========
UNITS OUTSTANDING 91,711 91,711
======== ========
The accompanying condensed notes are an integral part of
these combined financial statements.
-24-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-H
GEODYNE PRODUCTION PARTNERSHIP II-H
COMBINED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(Unaudited)
1997 1996
---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) ($589,907) $110,509
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depreciation, depletion, and
amortization of oil and gas
properties 53,395 95,342
Impairment provision 785,220 -
Gain on sale of oil and gas
properties - ( 440)
Decrease in accounts receivable -
General Partner 9,151 -
Increase in accounts receivable -
oil and gas sales ( 280) ( 25,449)
Decrease in accounts payable ( 3,885) ( 25,360)
-------- --------
Net cash provided by operating
activities $253,694 $154,602
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 4,153) ($ 1,608)
Proceeds from sale of oil and
gas properties - 440
-------- --------
Net cash used by investing
activities ($ 4,153) ($ 1,168)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($217,520) ($162,735)
-------- --------
Net cash used by financing
activities ($217,520) ($162,735)
-------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS $ 32,021 ($ 9,301)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 221,484 158,812
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $253,505 $149,511
======== ========
The accompanying condensed notes are an integral part of
these combined financial statements.
-25-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME II LIMITED PARTNERSHIPS
CONDENSED NOTES TO THE COMBINED FINANCIAL STATEMENTS
MARCH 31, 1997
(Unaudited)
1. ACCOUNTING POLICIES
-------------------
The combined balance sheets as of March 31, 1997, combined
statements of operations for the three months ended March 31,
1997 and 1996 and combined statements of cash flows for the three
months ended March 31, 1997 and 1996 have been prepared by
Geodyne Resources, Inc., the general partner of the limited
partnerships, without audit. Each limited partnership is a
general partner in the related Geodyne Energy Income Production
Partnership (the "Production Partnership") in which Geodyne
Resources, Inc. serves as the managing partner. Unless the
context indicates otherwise, all references to a "Partnership" or
the "Partnerships" are references to the limited partnerships and
their related Production Partnerships, collectively, and all
references to the "General Partner" are references to the general
partner of the limited partnerships and the managing partner of
the Production Partnerships, collectively. 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
March 31, 1997, the combined results of operations for the three
months ended March 31, 1997 and 1996 and the combined cash flows
for the three months ended March 31, 1997 and 1996.
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, 1996. The results of
operations for the period ended March 31, 1997 are not
necessarily indicative of the results to be expected for the full
year.
The Limited Partners' 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, plus an
allocated portion of the General Partner's property screening
costs. The acquisition cost to the Partnerships of properties
acquired by the General Partner is adjusted to reflect the net
-26-
<PAGE>
<PAGE>
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. The Partnerships'
depletion, depreciation, and amortization includes dismantlement
and abandonment costs, net of estimated salvage value.
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 units of depreciable property are retired or sold,
the difference between asset cost and salvage value is charged to
accumulated depreciation.
Effective October 1, 1995, the Partnerships adopted the
requirements of Statement of Financial Accounting Standards
("SFAS") No. 121, "Accounting for the Impairment of Long Lived
Assets and Assets Held for Disposal", which is intended to
establish more consistent accounting standards for measuring the
recoverability of long-lived assets. SFAS No. 121 requires
successful efforts companies, like the Partnerships, to evaluate
the recoverability of the carrying costs of their proved oil and
gas properties at the lowest level for which there are
identifiable cash flows that are largely independent of the cash
flows of other groups of oil and gas properties. With respect to
the Partnerships' oil and gas properties, this evaluation was
performed for each field, rather than for the Partnership's
properties as a whole as previously allowed by the Securities and
Exchange Commission ("SEC"). SFAS No. 121 provides that if the
unamortized costs of oil and gas properties for each field exceed
the expected undiscounted future cash flows from such properties,
the cost of the properties is written down to fair value, which
is determined by using the discounted future cash flows from the
properties. Under the Partnerships' prior impairment policy if
the unamortized costs of oil and gas properties recorded by the
Partnerships as a whole exceeded the estimated undiscounted
future net revenues of the properties, an impairment provision
would be recorded for the excess amount. The Partnerships
recorded a non-cash charge against earnings (impairment
provision) during the first quarter of 1997 pursuant to SFAS No.
121 as follows:
Partnership Amount
----------- ------------
II-A $ 684,276
II-B 530,988
II-C 66,617
II-D 143,957
II-E 992,851
II-F 1,377,160
II-G 3,101,656
II-H 785,220
The risk that the Partnerships will be required to record such
-27-
<PAGE>
<PAGE>
impairment provisions in the future increases when oil and gas
prices are depressed.
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 three
months ended March 31, 1997 the following payments were made to
the General Partner or its affiliates by the Partnerships:
Direct General Administrative
Partnership and Administrative Overhead
----------- ------------------ --------------
II-A $36,143 $127,443
II-B 32,258 95,190
II-C 13,822 40,689
II-D 30,373 82,863
II-E 35,962 60,216
II-F 7,839 45,105
II-G 21,307 97,944
II-H 5,246 24,135
Affiliates of the Partnership's operate certain of the
Partnerships' properties and their policy is to bill the
Partnerships for all customary charges and cost reimbursements
associated with their activities.
The receivable from the General Partner at December 31, 1996 for
the II-F, II-G, and II-H Partnerships represented proceeds due to
such Partnerships for the sale of oil and gas properties.
Subsequent to December 31, 1996 such receivable was collected by
the II-F, II-G, and II-H Partnerships.
The receivable from the General Partner at March 31, 1997 for the
II-A, II-D, and II-E Partnerships represents proceeds due to such
Partnerships for the sale of oil and gas properties. Subsequent
to March 31, 1997 such receivable was collected by the II-A, II-
D, and II-E Partnerships.
-28-
<PAGE>
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
USE OF FORWARD-LOOKING STATEMENTS AND ESTIMATES
- -----------------------------------------------
This Quarterly Report contains certain forward-looking
statements. The words "anticipate," "believe," "expect," "plan,"
"intend," "estimate," "project," "could," "may," and similar
expressions are intended to identify forward-looking statements.
Such statements reflect management's current views with respect
to future events and financial performance. This Quarterly
Report also includes certain information, which is, or is based
upon, estimates and assumptions. Such estimates and assumptions
are management's efforts to accurately reflect the condition and
operation of the Partnerships.
Use of forward-looking statements and estimates and assumptions
involve risks and uncertainties which include, but are not
limited to, the volatility of oil and gas prices, the uncertainty
of reserve information, the operating risk associated with oil
and gas properties (including the risk of personal injury, death,
property damage, damage to the well or producing reservoir,
environmental contamination, and other operating risks), the
prospect of changing tax and regulatory laws, the availability
and capacity of processing and transportation facilities, the
general economic climate, the supply and price of foreign imports
of oil and gas, the level of consumer product demand, and the
price and availability of alternative fuels. Should one or more
of these risks or uncertainties occur or should estimates or
underlying assumptions prove incorrect, actual conditions or
results may vary materially and adversely from those stated,
anticipated, believed, estimated, or otherwise indicated.
GENERAL
- -------
The Partnerships are engaged in the business of acquiring and
operating producing oil and gas properties located in the
continental United States. In general, a 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 Limited Partners 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 Limited Partners, having made capital
contributions in the amounts and on the dates set forth below:
Limited
Date of Partner Capital
Partnership Activation Contributions
----------- ------------------ ---------------
-29-
<PAGE>
<PAGE>
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 Limited Partners, 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 Limited Partners 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. While the General Partner cannot predict future pricing
trends, it believes the working capital available as of March 31,
1997 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
- ---------------------
GENERAL DISCUSSION
The following general discussion should be read in conjunction
with the analysis of results of operations provided below. The
most important variable affecting the Partnerships' revenues is
the prices received for the sale of oil and gas. Predicting
future prices is very difficult. Substantially all of the
Partnerships' gas reserves are being sold in the "spot market".
Prices on the spot market are subject to wide seasonal and
regional pricing fluctuations due to the highly competitive
nature of the spot market. In addition, such spot market sales
are generally short-term in nature and are dependent upon the
obtaining of transportation services provided by pipelines.
Management is unable to predict whether future oil and gas prices
will (i) stabilize, (ii) increase, or (iii) decrease.
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 Partnerships' operations during the three months
ended March 31, 1997 reflected a decrease in production of oil
and gas and an increase in the average prices of oil and gas sold
by the Partnerships. Refer to "Liquidity and Capital Resources"
above for a discussion of factors impacting prices.
II-A PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 1997 AS COMPARED TO THE THREE MONTHS
ENDED MARCH 31, 1996.
Three months ended March 31,
----------------------------
1997 1996
-30-
<PAGE>
<PAGE>
---------- ----------
Oil and gas sales $1,515,197 $1,343,302
Oil and gas production expenses $ 391,572 $ 487,792
Barrels produced 24,515 31,090
Mcf produced 396,730 387,882
Average price/Bbl $ 21.75 $ 18.28
Average price/Mcf $ 2.48 $ 2.00
As shown in the table above, total oil and gas sales increased
$171,895 (12.8%) for the three months ended March 31, 1997 as
compared to the three months ended March 31, 1996. Of this
increase, approximately $85,000 and $190,000, respectively, were
related to increases in the average prices of oil and gas sold
and an increase of approximately $18,000 was related to an
increase in volumes of gas sold, partially offset by a decrease
of approximately $120,000 related to a decrease in volumes of oil
sold. Volumes of oil sold decreased 6,575 barrels, while volumes
of gas sold increased 8,848 Mcf for the three months ended March
31, 1997 as compared to the three months ended March 31, 1996.
The decrease in volumes of oil sold resulted primarily from (i)
the sale of one oil producing well during the three months ended
March 31, 1996 and (ii) positive prior period volume adjustments
made by the purchasers on three wells during the three months
ended March 31, 1996. Average oil and gas prices increased to
$21.75 per barrel and $2.48 per Mcf, respectively, for the three
months ended March 31, 1997 from $18.28 per barrel and $2.00 per
Mcf, respectively, for the three months ended March 31, 1996.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $96,220 (19.7%) for the
three months ended March 31, 1997 as compared to the three months
ended March 31, 1996. This decrease resulted primarily from (i)
workover expenses incurred on three wells during the three months
ended March 31, 1996 in order to improve the recovery of
reserves, (ii) a decrease in general repairs and maintenance
expenses incurred on several wells during the three months ended
March 31, 1997 as compared to the three months ended March 31,
1996, and (iii) the decrease in volumes of oil sold during the
three months ended March 31, 1997 as compared to the three months
ended March 31, 1996, partially offset by an increase in
production taxes associated with the increase in oil and gas
sales discussed above. As a percentage of oil and gas sales,
these expenses decreased to 25.8% for the three months ended
March 31, 1997 from 36.3% for the three months ended March 31,
1996. This percentage decrease was primarily due to the dollar
decrease in production expenses discussed above and the increases
in the average prices of oil and gas sold during the three months
ended March 31, 1997 as compared to the three months ended March
31, 1996.
Depreciation, depletion, and amortization of oil and gas
properties decreased $99,145 (33.5%) for the three months ended
March 31, 1997 as compared to the three months ended March 31,
1996. This decrease resulted primarily from (i) an upward
revision in the estimate of remaining gas reserves at December
31, 1996 and (ii) the decrease in volumes of oil sold during the
three months ended March 31, 1997 as compared to the three months
ended March 31, 1996. As a percentage of oil and gas sales, this
expense decreased to 13.0% for the three months ended March 31,
1997 from 22.0% for the three months ended March 31, 1996. This
percentage decrease was primarily due to the dollar decrease in
-31-
<PAGE>
<PAGE>
depreciation, depletion, and amortization discussed above and the
increases in the average prices of oil and gas sold during the
three months ended March 31, 1997 as compared to the three months
ended March 31, 1996.
The II-A Partnership recognized a non-cash charge against
earnings of $684,276 for the three months ended March 31, 1997.
This impairment provision was necessary due to the unamortized
costs of oil and gas properties exceeding the undiscounted future
net revenues from such oil and gas properties, in accordance with
the II-A Partnership's adoption of SFAS No. 121. Of this amount,
$223,943 was related to the decline in oil and gas prices used to
determine the recoverability of oil and gas reserves at March 31,
1997 and $460,333 was related to impairment of unproved
properties. No similar charge was necessary during the three
months ended March 31, 1996.
General and administrative expenses remained relatively constant
for the three months ended March 31, 1997 as compared to the
three months ended March 31, 1996. As a percentage of oil and
gas sales, these expenses remained relatively constant at 10.8%
for the three months ended March 31, 1997 as compared to 12.0%
for the three months ended March 31, 1996.
The Limited Partners have received cash distributions through
March 31, 1997 totaling $39,590,357 or 81.75% of Limited
Partners' capital contributions.
II-B PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 1997 AS COMPARED TO THE THREE MONTHS
ENDED MARCH 31, 1996.
Three months ended March 31,
----------------------------
1997 1996
---------- ----------
Oil and gas sales $1,079,349 $1,031,522
Oil and gas production expenses $ 280,646 $ 359,547
Barrels produced 15,431 26,094
Mcf produced 292,664 278,544
Average price/Bbl $ 21.89 $ 18.37
Average price/Mcf $ 2.53 $ 1.98
As shown in the table above, total oil and gas sales increased
$47,827 (4.6%) for the three months ended March 31, 1997 as
compared to the three months ended March 31, 1996. Of this
increase, approximately $54,000 and $161,000, respectively, were
related to increases in the average prices of oil and gas sold
and an increase of approximately $28,000 was related to an
increase in volumes of gas sold, partially offset by a decrease
of approximately $196,000 related to a decrease in volumes of oil
sold. Volumes of oil sold decreased 10,663 barrels, while
volumes of gas sold increased 14,120 Mcf for the three months
ended March 31, 1997 as compared to the three months ended March
31, 1996. The decrease in volumes of oil sold resulted primarily
from (i) the sale of one oil producing well during the three
months ended March 31, 1996 and (ii) positive prior period volume
adjustments made by the purchasers on several wells during the
three months ended March 31, 1996. Average oil and gas prices
increased to $21.89 per barrel and $2.53 per Mcf, respectively,
for the three months ended March 31, 1997 from $18.37 per barrel
and $1.98 per Mcf, respectively, for the three months ended March
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<PAGE>
31, 1996.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $78,901 (21.9%) for the
three months ended March 31, 1997 as compared to the three months
ended March 31, 1996. This decrease resulted primarily from (i)
a decrease in production expenses due to the sale of one well
during 1996, (ii) workover expenses incurred on three wells
during the three months ended March 31, 1996 in order to improve
the recovery of reserves, and (iii) the decrease in volumes of
oil sold during the three months ended March 31, 1997 as compared
to the three months ended March 31, 1996. As a percentage of oil
and gas sales, these expenses decreased to 26.0% for the three
months ended March 31, 1997 from 34.9% for the three months ended
March 31, 1996. This percentage decrease was primarily due to
the dollar decrease in production expenses discussed above and
the increases in the average prices of oil and gas sold during
the three months ended March 31, 1997 as compared to the three
months ended March 31, 1996.
Depreciation, depletion, and amortization of oil and gas
properties decreased $113,757 (44.9%) for the three months ended
March 31, 1997 as compared to the three months ended March 31,
1996. This decrease resulted primarily from (i) an upward
revision in the estimate of remaining gas reserves at December
31, 1996 and (ii) the decrease in volumes of oil sold during the
three months ended March 31, 1997 as compared to the three months
ended March 31, 1996. As a percentage of oil and gas sales, this
expense decreased to 12.9% for the three months ended March 31,
1997 from 24.5% for the three months ended March 31, 1996. This
percentage decrease was primarily due to the dollar decrease in
depreciation, depletion, and amortization discussed above and the
increases in the average prices of oil and gas sold during the
three months ended March 31, 1997 as compared to the three months
ended March 31, 1996.
The II-B Partnership recognized a non-cash charge against
earnings of $530,988 for the three months ended March 31, 1997.
This impairment provision was necessary due to the unamortized
costs of oil and gas properties exceeding the undiscounted future
net revenues from such oil and gas properties, in accordance with
the II-B Partnership's adoption of SFAS No. 121. Of this amount,
$134,003 was related to the decline in oil and gas prices used to
determine the recoverability of oil and gas reserves at March 31,
1997 and $396,985 was related to impairment of unproved
properties. No similar charge was necessary during the three
months ended March 31, 1996.
General and administrative expenses remained relatively constant
for the three months ended March 31, 1997 as compared to the
three months ended March 31, 1996. As a percentage of oil and
gas sales, these expenses remained relatively constant at 11.8%
for the three months ended March 31, 1997 as compared to 12.1%
for the three months ended March 31, 1996.
The Limited Partners have received cash distributions through
March 31, 1997 totaling $28,165,916 or 77.87% of Limited
Partners' capital contributions.
II-C PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 1997 AS COMPARED TO THE THREE MONTHS
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<PAGE>
ENDED MARCH 31, 1996.
Three months ended March 31,
----------------------------
1997 1996
-------- --------
Oil and gas sales $514,182 $468,349
Oil and gas production expenses $127,804 $152,826
Barrels produced 5,073 8,984
Mcf produced 160,273 163,038
Average price/Bbl $ 22.45 $ 18.48
Average price/Mcf $ 2.50 $ 1.85
As shown in the table above, total oil and gas sales increased
$45,833 (9.8%) for the three months ended March 31, 1997 as
compared to the three months ended March 31, 1996. Of this
increase, approximately $20,000 and $104,000, respectively, were
related to increases in the average prices of oil and gas sold,
partially offset by decreases of approximately $72,000 and
$5,000, respectively, related to decreases in volumes of oil and
gas sold. Volumes of oil and gas sold decreased 3,911 barrels
and 2,765 Mcf, respectively, for the three months ended March 31,
1997 as compared to the three months ended March 31, 1996. The
decrease in volumes of oil sold resulted primarily from positive
prior period volume adjustments made by the purchasers on several
wells during the three months ended March 31, 1996. Average oil
and gas prices increased to $22.45 per barrel and $2.50 per Mcf,
respectively, for the three months ended March 31, 1997 from
$18.48 per barrel and $1.85 per Mcf, respectively, for the three
months ended March 31, 1996.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $25,022 (16.4%) for the
three months ended March 31, 1997 as compared to the three months
ended March 31, 1996. This decrease resulted primarily from (i)
decreases in volumes of oil and gas sold during the three months
ended March 31, 1997 as compared to the three months ended March
31, 1996 and (ii) workover expenses incurred on three wells
during the three months ended March 31, 1996 in order to improve
the recovery of reserves. As a percentage of oil and gas sales,
these expenses decreased to 24.9% for the three months ended
March 31, 1997 from 32.6% for the three months ended March 31,
1996. This percentage decrease was primarily due to the dollar
decrease in production expenses discussed above and the increases
in the average prices of oil and gas sold during the three months
ended March 31, 1997 as compared to the three months ended March
31, 1996.
Depreciation, depletion, and amortization of oil and gas
properties decreased $56,638 (49.9%) for the three months ended
March 31, 1997 as compared to the three months ended March 31,
1996. This decrease resulted primarily from (i) an upward
revision in the estimate of remaining gas reserves at December
31, 1996 and (ii) the decrease in volumes of oil and gas sold
during the three months ended March 31, 1997 as compared to the
three months ended March 31, 1996. As a percentage of oil and
gas sales, this expense decreased to 11.1% for the three months
ended March 31, 1997 from 24.2% for the three months ended March
31, 1996. This percentage decrease was primarily due to the
dollar decrease in depreciation, depletion, and amortization
discussed above and the increases in the average prices of oil
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<PAGE>
and gas sold during the three months ended March 31, 1997 as
compared to the three months ended March 31, 1996.
The II-C Partnership recognized a non-cash charge against
earnings of $66,617 for the three months ended March 31, 1997.
This impairment provision was necessary due to the unamortized
costs of oil and gas properties exceeding the undiscounted future
net revenues from such oil and gas properties, in accordance with
the II-C Partnership's adoption of SFAS No. 121. Of this amount,
$36,163 was related to the decline in oil and gas prices used to
determine the recoverability of oil and gas reserves at March 31,
1997 and $30,454 was related to impairment of unproved
properties. No similar charge was necessary during the three
months ended March 31, 1996.
General and administrative expenses remained relatively constant
for the three months ended March 31, 1997 as compared to the
three months ended March 31, 1996. As a percentage of oil and
gas sales, these expenses remained relatively constant at 10.6%
for the three months ended March 31, 1997 as compared to 11.4%
for the three months ended March 31, 1996.
The Limited Partners have received cash distributions through
March 31, 1997 totaling $12,290,686 or 79.49% of Limited
Partners' capital contributions.
II-D PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 1997 AS COMPARED TO THE THREE MONTHS
ENDED MARCH 31, 1996.
Three months ended March 31,
----------------------------
1997 1996
---------- ----------
Oil and gas sales $1,210,897 $1,058,248
Oil and gas production expenses $ 320,345 $ 451,252
Barrels produced 12,702 18,182
Mcf produced 409,945 427,503
Average price/Bbl $ 23.67 $ 18.08
Average price/Mcf $ 2.22 $ 1.71
As shown in the table above, total oil and gas sales increased
$152,649 (14.4%) for the three months ended March 31, 1997 as
compared to the three months ended March 31, 1996. Of this
increase, approximately $71,000 and $209,000, respectively, were
related to increases in the average prices of oil and gas sold,
partially offset by decreases of approximately $99,000 and
$30,000, respectively, related to decreases in volumes of oil and
gas sold. Volumes of oil and gas sold decreased 5,480 barrels
and 17,558 Mcf, respectively, for the three months ended March
31, 1997 as compared to the three months ended March 31, 1996.
The decrease in volumes of oil sold resulted primarily from the
sale of one oil producing well during 1996. Average oil and gas
prices increased to $23.67 per barrel and $2.22 per Mcf,
respectively, for the three months ended March 31, 1997 from
$18.08 per barrel and $1.71 per Mcf, respectively, for the three
months ended March 31, 1996.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $130,907 (29.0%) for the
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<PAGE>
three months ended March 31, 1997 as compared to the three months
ended March 31, 1996. This decrease resulted primarily from (i)
a decrease in production expenses due to the sale of one well
during 1996 and (ii) decreases in volumes of oil and gas sold
during the three months ended March 31, 1997 as compared to the
three months ended March 31, 1996, partially offset by an
increase in production taxes associated with the increase in oil
and gas sales discussed above. As a percentage of oil and gas
sales, these expenses decreased to 26.5% for the three months
ended March 31, 1997 from 42.6% for the three months ended March
31, 1996. This percentage decrease was primarily due to the
dollar decrease in production expenses discussed above and the
increases in the average prices of oil and gas sold during the
three months ended March 31, 1997 as compared to the three months
ended March 31, 1996.
Depreciation, depletion, and amortization of oil and gas
properties decreased $35,847 (17.9%) for the three months ended
March 31, 1997 as compared to the three months ended March 31,
1996. This decrease resulted primarily from (i) an upward
revision in the estimate of remaining gas reserves at December
31, 1996 and (ii) the decrease in volumes of oil and gas sold
during the three months ended March 31, 1997 as compared to the
three months ended March 31, 1996. As a percentage of oil and
gas sales, this expense decreased to 13.6% for the three months
ended March 31, 1997 from 18.9% for the three months ended March
31, 1996. This percentage decrease was primarily due to the
dollar decrease in depreciation, depletion, and amortization
discussed above and the increases in the average prices of oil
and gas sold during the three months ended March 31, 1997 as
compared to the three months ended March 31, 1996.
The II-D Partnership recognized a non-cash charge against
earnings of $143,957 for the three months ended March 31, 1997.
This impairment provision was necessary due to the unamortized
costs of oil and gas properties exceeding the undiscounted future
net revenues from such oil and gas properties, in accordance with
the II-D Partnership's adoption of SFAS No. 121. No similar
charge was necessary during the three months ended March 31,
1996.
General and administrative expenses remained relatively constant
for the three months ended March 31, 1997 as compared to the
three months ended March 31, 1996. As a percentage of oil and
gas sales, these expenses remained relatively constant at 9.4%
for the three months ended March 31, 1997 as compared to 10.4%
for the three months ended March 31, 1996.
The Limited Partners have received cash distributions through
March 31, 1997 totaling $23,532,903 or 74.74% of Limited
Partners' capital contributions.
II-E PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 1997 AS COMPARED TO THE THREE MONTHS
ENDED MARCH 31, 1996.
Three months ended March 31,
----------------------------
1997 1996
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<PAGE>
<PAGE>
-------- --------
Oil and gas sales $780,293 $696,919
Oil and gas production expenses $236,324 $263,559
Barrels produced 12,061 14,969
Mcf produced 204,651 259,601
Average price/Bbl $ 21.22 $ 18.33
Average price/Mcf $ 2.56 $ 1.63
As shown in the table above, total oil and gas sales increased
$83,374 (12.0%) for the three months ended March 31, 1997 as
compared to the three months ended March 31, 1996. Of this
increase, approximately $35,000 and $190,000, respectively, were
related to increases in the average prices of oil and gas sold,
partially offset by decreases of approximately $53,000 and
$90,000, respectively, related to decreases in volumes of oil and
gas sold. Volumes of oil and gas sold decreased 2,908 barrels
and 54,950 Mcf, respectively, for the three months ended March
31, 1997 as compared to the three months ended March 31, 1996.
The decrease in volumes of oil sold resulted primarily from the
sale of one oil producing well during 1996. The decrease in
volumes of gas sold resulted primarily from (i) normal declines
in production due to diminished gas reserves on two wells, (ii)
positive prior period volume adjustments made by the purchasers
on two wells during the three months ended March 31, 1996, (iii)
the sale of one gas producing well during 1996, and (iv) a
negative prior period volume adjustment made by the purchaser on
one well during the three months ended March 31, 1997. Average
oil and gas prices increased to $21.22 per barrel and $2.56 per
Mcf, respectively, for the three months ended March 31, 1997 from
$18.33 per barrel and $1.63 per Mcf, respectively, for the three
months ended March 31, 1996.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $27,235 (10.3%) for the
three months ended March 31, 1997 as compared to the three months
ended March 31, 1996. This decrease resulted primarily from
decreases in volumes of oil and gas sold during the three months
ended March 31, 1997 as compared to the three months ended March
31, 1996, partially offset by an increase in production taxes
associated with the increase in oil and gas sales discussed
above. As a percentage of oil and gas sales, these expenses
decreased to 30.3% for the three months ended March 31, 1997 from
37.8% for the three months ended March 31, 1996. This percentage
decrease was primarily due to the increases in the average prices
of oil and gas sold during the three months ended March 31, 1997
as compared to the three months ended March 31, 1996.
Depreciation, depletion, and amortization of oil and gas
properties decreased $93,965 (36.5%) for the three months ended
March 31, 1997 as compared to the three months ended March 31,
1996. This decrease resulted primarily from (i) an upward
revision in the estimate of remaining gas reserves at December
31, 1996 and (ii) the decrease in volumes of oil and gas sold
during the three months ended March 31, 1997 as compared to the
three months ended March 31, 1996. As a percentage of oil and
gas sales, this expense decreased to 20.9% for the three months
ended March 31, 1997 from 36.9% for the three months ended March
31, 1996. This percentage decrease was primarily due to the
dollar decrease in depreciation, depletion, and amortization
discussed above and the increases in the average prices of oil
and gas sold during the three months ended March 31, 1997 as
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<PAGE>
compared to the three months ended March 31, 1996.
The II-E Partnership recognized a non-cash charge against
earnings of $992,851 for the three months ended March 31, 1997.
This impairment provision was necessary due to the unamortized
costs of oil and gas properties exceeding the undiscounted future
net revenues from such oil and gas properties, in accordance with
the II-E Partnership's adoption of SFAS No. 121. Of this amount,
$317,979 was related to the decline in oil and gas prices used to
determine the recoverability of oil and gas reserves at March 31,
1997 and $674,872 was related to impairment of unproved
properties. No similar charge was necessary during the three
months ended March 31, 1996.
General and administrative expenses increased $5,605 (6.2%) for
the three months ended March 31, 1997 as compared to the three
months ended March 31, 1996. This increase resulted primarily
from an increase in professional fees during the three months
ended March 31, 1997 as compared to the three months ended March
31, 1996. As a percentage of oil and gas sales, these expenses
remained relatively constant at 12.3% for the three months ended
March 31, 1997 as compared to 13.0% for the three months ended
March 31, 1996.
The Limited Partners have received cash distributions through
March 31, 1997 totaling $13,776,574 or 60.21% of Limited
Partners' capital contributions.
II-F PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 1997 AS COMPARED TO THE THREE MONTHS
ENDED MARCH 31, 1996.
Three months ended March 31,
----------------------------
1997 1996
-------- --------
Oil and gas sales $729,165 $619,018
Oil and gas production expenses $159,630 $152,037
Barrels produced 12,012 13,335
Mcf produced 143,209 218,817
Average price/Bbl $ 20.89 $ 17.56
Average price/Mcf $ 3.34 $ 1.76
As shown in the table above, total oil and gas sales increased
$110,147 (17.8%) for the three months ended March 31, 1997 as
compared to the three months ended March 31, 1996. Of this
increase, approximately $40,000 and $226,000, respectively, were
related to increases in the average prices of oil and gas sold,
partially offset by decreases of approximately $23,000 and
$133,000, respectively, related to decreases in volumes of oil
and gas sold. Volumes of oil and gas sold decreased 1,323
barrels and 75,608 Mcf, respectively, for the three months ended
March 31, 1997 as compared to the three months ended March 31,
1996. The decrease in volumes of gas sold resulted primarily
from (i) a positive prior period volume adjustment made by the
purchaser on one well during the three months ended March 31,
1996 and (ii) a negative prior period volume adjustment made by
the purchaser on another well during the three months ended March
31, 1997. Average oil and gas prices increased to $20.89 per
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<PAGE>
barrel and $3.34 per Mcf, respectively, for the three months
ended March 31, 1997 from $17.56 per barrel and $1.76 per Mcf,
respectively, for the three months ended March 31, 1996.
Oil and gas production expenses (including lease operating
expenses and production taxes) increased $7,593 (5.0%) for the
three months ended March 31, 1997 as compared to the three months
ended March 31, 1996. This increase resulted primarily from an
increase in production taxes associated with the increase in oil
and gas sales discussed above. As a percentage of oil and gas
sales, these expenses decreased to 21.9% for the three months
ended March 31, 1997 from 24.6% for the three months ended March
31, 1996. This percentage decrease was primarily due to the
increases in the average prices of oil and gas sold during the
three months ended March 31, 1997 as compared to the three months
ended March 31, 1996.
Depreciation, depletion, and amortization of oil and gas
properties decreased $66,442 (39.5%) for the three months ended
March 31, 1997 as compared to the three months ended March 31,
1996. This decrease resulted primarily from (i) an upward
revision in the estimate of remaining gas reserves at December
31, 1996 and (ii) the decrease in volumes of oil and gas sold
during the three months ended March 31, 1997 as compared to the
three months ended March 31, 1996. As a percentage of oil and
gas sales, this expense decreased to 14.0% for the three months
ended March 31, 1997 from 27.2% for the three months ended March
31, 1996. This percentage decrease was primarily due to the
dollar decrease in depreciation, depletion, and amortization
discussed above and the increases in the average prices of oil
and gas sold during the three months ended March 31, 1997 as
compared to the three months ended March 31, 1996.
The II-F Partnership recognized a non-cash charge against
earnings of $1,377,160 for the three months ended March 31, 1997.
This impairment provision was necessary due to the unamortized
costs of oil and gas properties exceeding the undiscounted future
net revenues from such oil and gas properties, in accordance with
the II-F Partnership's adoption of SFAS No. 121. Of this amount,
$208,255 was related to the decline in oil and gas prices used to
determine the recoverability of oil and gas reserves at March 31,
1997 and $1,168,905 was related to impairment of unproved
properties. No similar charge was necessary during the three
months ended March 31, 1996.
General and administrative expenses remained relatively constant
for the three months ended March 31, 1997 as compared to the
three months ended March 31, 1996. As a percentage of oil and
gas sales, these expenses remained relatively constant at 7.5%
for the three months ended March 31, 1997 as compared to 9.0% for
the three months ended March 31, 1996.
The Limited Partners have received cash distributions through
March 31, 1997 totaling $13,452,051 or 78.48% of Limited
Partners' capital contributions.
II-G PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 1997 AS COMPARED TO THE THREE MONTHS
ENDED MARCH 31, 1996.
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<PAGE>
<PAGE>
Three months ended March 31,
----------------------------
1997 1996
---------- ----------
Oil and gas sales $1,536,333 $1,314,048
Oil and gas production expenses $ 344,258 $ 330,890
Barrels produced 25,247 28,042
Mcf produced 307,748 469,404
Average price/Bbl $ 20.89 $ 17.56
Average price/Mcf $ 3.28 $ 1.75
As shown in the table above, total oil and gas sales increased
$222,285 (16.9%) for the three months ended March 31, 1997 as
compared to the three months ended March 31, 1996. Of this
increase, approximately $84,000 and $471,000, respectively, were
related to increases in the average prices of oil and gas sold,
partially offset by decreases of approximately $49,000 and
$283,000, respectively, related to decreases in volumes of oil
and gas sold. Volumes of oil and gas sold decreased 2,795
barrels and 161,656 Mcf, respectively, for the three months ended
March 31, 1997 as compared to the three months ended March 31,
1996. The decrease in volumes of gas sold resulted primarily
from (i) positive prior period volume adjustments made by the
purchasers on two wells during the three months ended March 31,
1996 and (ii) negative prior period volume adjustments made by
the purchasers on two other wells during the three months ended
March 31, 1997. Average oil and gas prices increased to $20.89
per barrel and $3.28 per Mcf, respectively, for the three months
ended March 31, 1997 from $17.56 per barrel and $1.75 per Mcf,
respectively, for the three months ended March 31, 1996.
Oil and gas production expenses (including lease operating
expenses and production taxes) increased $13,368 (4.0%) for the
three months ended March 31, 1997 as compared to the three months
ended March 31, 1996. This increase resulted primarily from an
increase in production taxes associated with the increase in oil
and gas sales discussed above. As a percentage of oil and gas
sales, these expenses decreased to 22.4% for the three months
ended March 31, 1997 from 25.2% for the three months ended March
31, 1996. This percentage decrease was primarily due to the
increases in the average prices of oil and gas sold during the
three months ended March 31, 1997 as compared to the three months
ended March 31, 1996.
Depreciation, depletion, and amortization of oil and gas
properties decreased $163,056 (42.3%) for the three months ended
March 31, 1997 as compared to the three months ended March 31,
1996. This decrease resulted primarily from (i) an upward
revision in the estimate of remaining gas reserves at December
31, 1996 and (ii) the decrease in volumes of oil and gas sold
during the three months ended March 31, 1997 as compared to the
three months ended March 31, 1996. As a percentage of oil and
gas sales, this expense decreased to 14.5% for the three months
ended March 31, 1997 from 29.4% for the three months ended March
31, 1996. This percentage decrease was primarily due to the
dollar decrease in depreciation, depletion, and amortization
discussed above and the increases in the average prices of oil
and gas sold during the three months ended March 31, 1997 as
compared to the three months ended March 31, 1996.
The II-G Partnership recognized a non-cash charge against
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<PAGE>
earnings of $3,101,656 for the three months ended March 31, 1997.
This impairment provision was necessary due to the unamortized
costs of oil and gas properties exceeding the undiscounted future
net revenues from such oil and gas properties, in accordance with
the II-G Partnership's adoption of SFAS No. 121. Of this amount,
$489,672 was related to the decline in oil and gas prices used to
determine the recoverability of oil and gas reserves at March 31,
1997 and $2,611,984 was related to impairment of unproved
properties. No similar charge was necessary during the three
months ended March 31, 1996.
General and administrative expenses remained relatively constant
for the three months ended March 31, 1997 as compared to the
three months ended March 31, 1996. As a percentage of oil and
gas sales, these expenses remained relatively constant at 7.8%
for the three months ended March 31, 1997 as compared to 9.2% for
the three months ended March 31, 1996.
The Limited Partners have received cash distributions through
March 31, 1997 totaling $27,498,371 or 73.88% of Limited
Partners' capital contributions.
II-H PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 1997 AS COMPARED TO THE THREE MONTHS
ENDED MARCH 31, 1996.
Three months ended March 31,
----------------------------
1997 1996
-------- --------
Oil and gas sales $360,814 $316,369
Oil and gas production expenses $ 84,434 $ 82,301
Barrels produced 5,881 6,523
Mcf produced 75,183 115,891
Average price/Bbl $ 20.90 $ 17.57
Average price/Mcf $ 3.16 $ 1.74
As shown in the table above, total oil and gas sales increased
$44,445 (14.0%) for the three months ended March 31, 1997 as
compared to the three months ended March 31, 1996. Of this
increase, approximately $20,000 and $107,000, respectively, were
related to increases in the average prices of oil and gas sold,
partially offset by decreases of approximately $11,000 and
$71,000, respectively, related to decreases in volumes of oil and
gas sold. Volumes of oil and gas sold decreased 642 barrels and
40,708 Mcf, respectively, for the three months ended March 31,
1997 as compared to the three months ended March 31, 1996. The
decrease in volumes of gas sold resulted primarily from (i)
positive prior period volume adjustments made by the purchasers
on two wells during the three months ended March 31, 1996, (ii)
negative prior period volume adjustments made by the purchasers
on two other wells during the three months ended March 31, 1997,
and (iii) a normal decline in production due to diminished gas
reserves on one well. Average oil and gas prices increased to
$20.90 per barrel and $3.16 per Mcf, respectively, for the three
months ended March 31, 1997 from $17.57 per barrel and $1.74 per
Mcf, respectively, for the three months ended March 31, 1996.
Oil and gas production expenses (including lease operating
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<PAGE>
<PAGE>
expenses and production taxes) increased $2,133 (2.6%) for the
three months ended March 31, 1997 as compared to the three months
ended March 31, 1996. This increase resulted primarily from an
increase in production taxes associated with the increase in oil
and gas sales discussed above. As a percentage of oil and gas
sales, these expenses decreased to 23.4% for the three months
ended March 31, 1997 from 26.0% for the three months ended March
31, 1996. This percentage decrease was primarily due to the
increases in the average prices of oil and gas sold during the
three months ended March 31, 1997 as compared to the three months
ended March 31, 1996.
Depreciation, depletion, and amortization of oil and gas
properties decreased $41,947 (44.0%) for the three months ended
March 31, 1997 as compared to the three months ended March 31,
1996. This decrease resulted primarily from (i) an upward
revision in the estimate of remaining gas reserves at December
31, 1996 and (ii) the decrease in volumes of oil and gas sold
during the three months ended March 31, 1997 as compared to the
three months ended March 31, 1996. As a percentage of oil and
gas sales, this expense decreased to 14.8% for the three months
ended March 31, 1997 from 30.1% for the three months ended March
31, 1996. This percentage decrease was primarily due to the
dollar decrease in depreciation, depletion, and amortization
discussed above and the increases in the average prices of oil
and gas sold during the three months ended March 31, 1997 as
compared to the three months ended March 31, 1996.
The II-H Partnership recognized a non-cash charge against
earnings of $785,220 for the three months ended March 31, 1997.
This impairment provision was necessary due to the unamortized
costs of oil and gas properties exceeding the undiscounted future
net revenues from such oil and gas properties, in accordance with
the II-H Partnership's adoption of SFAS No. 121. Of this amount,
$125,223 was related to the decline in oil and gas prices used to
determine the recoverability of oil and gas reserves at March 31,
1997 and $659,997 was related to impairment of unproved
properties. No similar charge was necessary during the three
months ended March 31, 1996.
General and administrative expenses remained relatively constant
for the three months ended March 31, 1997 as compared to the
three months ended March 31, 1996. As a percentage of oil and
gas sales, these expenses remained relatively constant at 8.1%
for the three months ended March 31, 1997 as compared to 9.4% for
the three months ended March 31, 1996.
The Limited Partners have received cash distributions through
March 31, 1997 totaling $6,368,364 or 69.44% of Limited Partners'
capital contributions.
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<PAGE>
PART II: OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits:
27.1 Financial Data Schedule containing summary financial
information extracted from the II-A Partnership's
financial statements as of March 31, 1997 and for the
three months ended March 31, 1997, filed herewith.
27.2 Financial Data Schedule containing summary financial
information extracted from the II-B Partnership's
financial statements as of March 31, 1997 and for the
three months ended March 31, 1997, filed herewith.
27.3 Financial Data Schedule containing summary financial
information extracted from the II-C Partnership's
financial statements as of March 31, 1997 and for the
three months ended March 31, 1997, filed herewith.
27.4 Financial Data Schedule containing summary financial
information extracted from the II-D Partnership's
financial statements as of March 31, 1997 and for the
three months ended March 31, 1997, filed herewith.
27.5 Financial Data Schedule containing summary financial
information extracted from the II-E Partnership's
financial statements as of March 31, 1997 and for the
three months ended March 31, 1997, filed herewith.
27.6 Financial Data Schedule containing summary financial
information extracted from the II-F Partnership's
financial statements as of March 31, 1997 and for the
three months ended March 31, 1997, filed herewith.
27.7 Financial Data Schedule containing summary financial
information extracted from the II-G Partnership's
financial statements as of March 31, 1997 and for the
three months ended March 31, 1997, filed herewith.
27.8 Financial Data Schedule containing summary financial
information extracted from the II-H Partnership's
financial statements as of March 31, 1997 and for the
three months ended March 31, 1997, filed herewith.
All other exhibits are omitted as inapplicable.
(b) Reports on Form 8-K:
Current Reports on Form 8-K filed during first quarter of
1997:
Date of event: January 24, 1997
Date filed with SEC: January 24, 1997
Items Included:
Item 5 - Other Events
Item 7 - Exhibits
-43-
<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 RESOURCES, INC.
General Partner
Date: May 12, 1997 By: /s/Dennis R. Neill
------------------------------
(Signature)
Dennis R. Neill
President
Date: May 12, 1997 By: /s/Patrick M. Hall
-------------------------------
(Signature)
Patrick M. Hall
Principal Accounting Officer
-44-
<PAGE>
<PAGE>
INDEX TO EXHIBITS
-----------------
NUMBER DESCRIPTION
- ------ -----------
27.1 Financial Data Schedule containing summary financial
information extracted from the Geodyne Energy Income Limited
Partnership II-A's financial statements as of March 31, 1997
and for the three months ended March 31, 1997, filed
herewith.
27.2 Financial Data Schedule containing summary financial
information extracted from the Geodyne Energy Income Limited
Partnership II-B's financial statements as of March 31, 1997
and for the three months ended March 31, 1997, filed
herewith.
27.3 Financial Data Schedule containing summary financial
information extracted from the Geodyne Energy Income Limited
Partnership II-C's financial statements as of March 31, 1997
and for the three months ended March 31, 1997, filed
herewith.
27.4 Financial Data Schedule containing summary financial
information extracted from the Geodyne Energy Income Limited
Partnership II-D's financial statements as of March 31, 1997
and for the three months ended March 31, 1997, filed
herewith.
27.5 Financial Data Schedule containing summary financial
information extracted from the Geodyne Energy Income Limited
Partnership II-E's financial statements as of March 31, 1997
and for the three months ended March 31, 1997, filed
herewith.
27.6 Financial Data Schedule containing summary financial
information extracted from the Geodyne Energy Income Limited
Partnership II-F's financial statements as of March 31, 1997
and for the three months ended March 31, 1997, filed
herewith.
27.7 Financial Data Schedule containing summary financial
information extracted from the Geodyne Energy Income Limited
Partnership II-G's financial statements as of March 31, 1997
and for the three months ended March 31, 1997, filed
herewith.
27.8 Financial Data Schedule containing summary financial
information extracted from the Geodyne Energy Income Limited
Partnership II-H's financial statements as of March 31, 1997
and for the three months ended March 31, 1997, filed
herewith.
All other exhibits are omitted as inapplicable.
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000824894
<NAME> GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-A
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<CASH> 1,185,034
<SECURITIES> 0
<RECEIVABLES> 761,650
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 1,946,684
<PP&E> 32,406,962
<DEPRECIATION> 27,068,437
<TOTAL-ASSETS> 8,233,426
<CURRENT-LIABILITIES> 215,057
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 7,859,686
<TOTAL-LIABILITY-AND-EQUITY> 8,233,426
<SALES> 1,515,197
<TOTAL-REVENUES> 1,522,150
<CGS> 0
<TOTAL-COSTS> 1,436,116
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 86,034
<INCOME-TAX> 0
<INCOME-CONTINUING> 86,034
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 86,034
<EPS-PRIMARY> 0.10
<EPS-DILUTED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000826345
<NAME> GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-B
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<CASH> 732,492
<SECURITIES> 0
<RECEIVABLES> 552,104
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 1,284,596
<PP&E> 22,232,928
<DEPRECIATION> 18,773,293
<TOTAL-ASSETS> 4,904,334
<CURRENT-LIABILITIES> 93,038
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 4,725,098
<TOTAL-LIABILITY-AND-EQUITY> 4,904,334
<SALES> 1,079,349
<TOTAL-REVENUES> 1,083,413
<CGS> 0
<TOTAL-COSTS> 1,078,413
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 5,000
<INCOME-TAX> 0
<INCOME-CONTINUING> 5,000
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 5,000
<EPS-PRIMARY> (0.06)
<EPS-DILUTED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000833054
<NAME> GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-C
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<CASH> 378,704
<SECURITIES> 0
<RECEIVABLES> 264,571
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 643,275
<PP&E> 10,295,477
<DEPRECIATION> 8,373,908
<TOTAL-ASSETS> 2,729,797
<CURRENT-LIABILITIES> 43,982
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 2,616,667
<TOTAL-LIABILITY-AND-EQUITY> 2,729,797
<SALES> 514,182
<TOTAL-REVENUES> 516,798
<CGS> 0
<TOTAL-COSTS> 305,827
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 210,971
<INCOME-TAX> 0
<INCOME-CONTINUING> 210,971
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 210,971
<EPS-PRIMARY> 1.27
<EPS-DILUTED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000833526
<NAME> GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-D
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<CASH> 924,050
<SECURITIES> 0
<RECEIVABLES> 651,593
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 1,575,643
<PP&E> 20,300,071
<DEPRECIATION> 16,214,941
<TOTAL-ASSETS> 6,523,912
<CURRENT-LIABILITIES> 200,538
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 6,056,592
<TOTAL-LIABILITY-AND-EQUITY> 6,523,912
<SALES> 1,210,897
<TOTAL-REVENUES> 1,227,371
<CGS> 0
<TOTAL-COSTS> 742,021
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 485,350
<INCOME-TAX> 0
<INCOME-CONTINUING> 485,350
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 485,350
<EPS-PRIMARY> 1.43
<EPS-DILUTED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000842881
<NAME> GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-E
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<CASH> 613,587
<SECURITIES> 0
<RECEIVABLES> 430,209
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 1,043,796
<PP&E> 17,074,642
<DEPRECIATION> 13,654,413
<TOTAL-ASSETS> 4,819,672
<CURRENT-LIABILITIES> 216,826
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 4,543,612
<TOTAL-LIABILITY-AND-EQUITY> 4,819,672
<SALES> 780,293
<TOTAL-REVENUES> 784,504
<CGS> 0
<TOTAL-COSTS> 1,488,791
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (704,287)
<INCOME-TAX> 0
<INCOME-CONTINUING> (704,287)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (704,287)
<EPS-PRIMARY> (3.13)
<EPS-DILUTED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000850506
<NAME> GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-F
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<CASH> 506,067
<SECURITIES> 0
<RECEIVABLES> 450,048
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 956,115
<PP&E> 13,061,631
<DEPRECIATION> 10,178,686
<TOTAL-ASSETS> 3,910,763
<CURRENT-LIABILITIES> 69,190
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 3,813,251
<TOTAL-LIABILITY-AND-EQUITY> 3,910,763
<SALES> 729,165
<TOTAL-REVENUES> 732,684
<CGS> 0
<TOTAL-COSTS> 1,693,633
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (960,949)
<INCOME-TAX> 0
<INCOME-CONTINUING> (960,949)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (960,949)
<EPS-PRIMARY> (5.67)
<EPS-DILUTED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000851724
<NAME> GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-G
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<CASH> 1,074,582
<SECURITIES> 0
<RECEIVABLES> 939,692
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 2,014,274
<PP&E> 28,167,095
<DEPRECIATION> 21,930,636
<TOTAL-ASSETS> 8,406,451
<CURRENT-LIABILITIES> 152,445
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 8,197,094
<TOTAL-LIABILITY-AND-EQUITY> 8,406,451
<SALES> 1,536,333
<TOTAL-REVENUES> 1,543,765
<CGS> 0
<TOTAL-COSTS> 3,787,791
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (2,244,126)
<INCOME-TAX> 0
<INCOME-CONTINUING> (2,244,126)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (2,244,126)
<EPS-PRIMARY> (6.08)
<EPS-DILUTED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000854062
<NAME> GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-H
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<CASH> 253,505
<SECURITIES> 0
<RECEIVABLES> 216,854
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 470,359
<PP&E> 6,904,226
<DEPRECIATION> 5,433,874
<TOTAL-ASSETS> 1,978,933
<CURRENT-LIABILITIES> 36,016
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 1,928,778
<TOTAL-LIABILITY-AND-EQUITY> 1,978,993
<SALES> 360,814
<TOTAL-REVENUES> 362,523
<CGS> 0
<TOTAL-COSTS> 952,430
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (589,907)
<INCOME-TAX> 0
<INCOME-CONTINUING> (589,907)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (589,907)
<EPS-PRIMARY> (6.48)
<EPS-DILUTED> 0
</TABLE>
