<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 September 30, 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 X No
----- -----
<PAGE>
<PAGE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-A
GEODYNE PRODUCTION PARTNERSHIP II-A
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
September 30, December 31,
1997 1996
------------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 704,218 $ 875,918
Accounts receivable:
Oil and gas sales 804,287 1,073,459
---------- ----------
Total current assets $1,508,505 $1,949,377
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method $5,031,189 $6,170,793
DEFERRED CHARGE $ 948,217 $ 948,217
---------- ----------
$7,487,911 $9,068,387
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 123,455 $ 212,801
Gas imbalance payable 101,493 101,493
---------- ----------
Total current liabilities $ 224,948 $ 314,294
ACCRUED LIABILITY $ 158,683 $ 158,683
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 376,758) ($ 342,481)
Limited Partners, issued and
outstanding, 484,283 units 7,481,038 8,937,891
---------- ----------
Total Partners' capital $7,104,280 $8,595,410
---------- ----------
$7,487,911 $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 SEPTEMBER 30, 1997 AND 1996
(Unaudited)
1997 1996
---------- ----------
REVENUES:
Oil and gas sales $1,161,480 $1,598,127
Interest income 8,488 9,191
Gain on sale of oil and gas
properties 2,974 16,255
---------- ----------
$1,172,942 $1,623,573
COSTS AND EXPENSES:
Lease operating $ 355,007 $ 270,459
Production tax 73,185 91,823
Depreciation, depletion, and
amortization of oil and gas
properties 189,743 366,897
General and administrative (Note 2) 132,162 147,520
---------- ----------
$ 750,097 $ 876,699
---------- ----------
NET INCOME $ 422,845 $ 746,874
========== ==========
GENERAL PARTNER - NET INCOME $ 28,308 $ 51,604
========== ==========
LIMITED PARTNERS - NET INCOME $ 394,537 $ 695,270
========== ==========
NET INCOME per unit $ .81 $ 1.44
========== ==========
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 OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
(Unaudited)
1997 1996
---------- ----------
REVENUES:
Oil and gas sales $4,185,360 $4,228,016
Interest income 25,515 17,287
Gain on sale of oil and gas
properties 59,998 9,615
---------- ----------
$4,270,873 $4,254,918
COSTS AND EXPENSES:
Lease operating $1,081,370 $1,051,845
Production tax 253,273 239,237
Depreciation, depletion, and
amortization of oil and gas
properties 579,410 935,281
Impairment provision 684,276 -
General and administrative (Note 2) 459,472 471,055
---------- ----------
$3,057,801 $2,697,418
---------- ----------
NET INCOME $1,213,072 $1,557,500
========== ==========
GENERAL PARTNER - NET INCOME $ 109,925 $ 114,466
========== ==========
LIMITED PARTNERS - NET INCOME $1,103,147 $1,443,034
========== ==========
NET INCOME per unit $ 2.28 $ 2.98
========== ==========
UNITS OUTSTANDING 484,283 484,283
========== ==========
The accompanying condensed notes are an integral part of
these combined financial statements.
-4-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-A
GEODYNE PRODUCTION PARTNERSHIP II-A
COMBINED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
(Unaudited)
1997 1996
----------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $1,213,072 $1,557,500
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 579,410 935,281
Impairment provision 684,276 -
Gain on sale of oil and gas
properties ( 59,998) ( 9,615)
Increase in accounts receivable -
General Partner - ( 19,369)
(Increase) decrease in accounts
receivable - oil and gas sales 269,172 ( 78,190)
Decrease in accounts payable ( 89,346) ( 102,786)
---------- ----------
Net cash provided by operating
activities $2,596,586 $2,282,821
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 132,062) ($ 58,617)
Proceeds from sale of oil and
gas properties 67,978 180,632
---------- ----------
Net cash provided (used) by
investing activities ($ 64,084) $ 122,015
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($2,704,202) ($1,701,998)
---------- ----------
Net cash used by financing
activities ($2,704,202) ($1,701,998)
---------- ----------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS ($ 171,700) $ 702,838
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 875,918 508,024
---------- ----------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 704,218 $1,210,862
========== ==========
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 BALANCE SHEETS
(Unaudited)
ASSETS
September 30, December 31,
1997 1996
------------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 492,664 $ 569,257
Accounts receivable:
Oil and gas sales 530,431 710,208
---------- ----------
Total current assets $1,023,095 $1,279,465
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method $3,216,494 $4,140,409
DEFERRED CHARGE $ 160,103 $ 160,103
---------- ----------
$4,399,692 $5,579,977
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 80,995 $ 189,245
Gas imbalance payable 17,055 17,055
---------- ----------
Total current liabilities $ 98,050 $ 206,300
ACCRUED LIABILITY $ 86,198 $ 86,198
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 299,070) ($ 265,183)
Limited Partners, issued and
outstanding, 361,719 units 4,514,514 5,552,662
---------- ----------
Total Partners' capital $4,215,444 $5,287,479
---------- ----------
$4,399,692 $5,579,977
========== ==========
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 OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
(Unaudited)
1997 1996
--------- -----------
REVENUES:
Oil and gas sales $785,354 $1,088,948
Interest income 4,899 5,266
Gain (loss) on sale of oil and
gas properties 5,301 ( 315,610)
-------- ----------
$795,554 $ 778,604
COSTS AND EXPENSES:
Lease operating $231,394 $ 173,881
Production tax 56,100 65,962
Depreciation, depletion, and
amortization of oil and gas
properties 129,584 295,254
General and administrative (Note 2) 95,212 117,337
-------- ----------
$512,290 $ 652,434
-------- ----------
NET INCOME $283,264 $ 126,710
======== ==========
GENERAL PARTNER - NET INCOME $ 19,102 $ 17,855
======== ==========
LIMITED PARTNERS - NET INCOME $264,162 $ 108,315
======== ==========
NET INCOME per unit $ .73 $ .30
======== ==========
UNITS OUTSTANDING 361,719 361,719
======== ==========
The accompanying condensed notes are an integral part of
these combined financial statements.
-7-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-B
GEODYNE PRODUCTION PARTNERSHIP II-B
COMBINED STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
(Unaudited)
1997 1996
---------- ----------
REVENUES:
Oil and gas sales $2,844,739 $3,038,320
Interest income 14,890 9,661
Gain (loss) on sale of oil and
gas properties 55,777 ( 313,962)
---------- ----------
$2,915,406 $2,734,019
COSTS AND EXPENSES:
Lease operating $ 711,273 $ 725,453
Production tax 185,792 174,242
Depreciation, depletion, and
amortization of oil and gas
properties 391,440 759,375
Impairment provision 530,988 -
General and administrative (Note 2) 352,750 378,519
---------- ----------
$2,172,243 $2,037,589
---------- ----------
NET INCOME $ 743,163 $ 696,430
========== ==========
GENERAL PARTNER - NET INCOME $ 73,311 $ 64,713
========== ==========
LIMITED PARTNERS - NET INCOME $ 669,852 $ 631,717
========== ==========
NET INCOME per unit $ 1.85 $ 1.75
========== ==========
UNITS OUTSTANDING 361,719 361,719
========== ==========
The accompanying condensed notes are an integral part of
these combined financial statements.
-8-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-B
GEODYNE PRODUCTION PARTNERSHIP II-B
COMBINED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
(Unaudited)
1997 1996
----------- -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 743,163 $ 696,430
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 391,440 759,375
Impairment provision 530,988 -
Loss (gain) on sale of oil and gas
properties ( 55,777) 313,962
Increase in accounts receivable -
General Partner - ( 13,011)
Decrease in accounts receivable 179,777 39,776
Decrease in accounts payable ( 108,250) ( 136,710)
---------- ----------
Net cash provided by operating
activities $1,681,341 $1,659,822
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures $ - ($ 68,038)
Proceeds from sale of oil and
gas properties 57,264 101,083
---------- ----------
Net cash provided by investing
activities $ 57,264 $ 33,045
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($1,815,198) ($1,035,870)
---------- ----------
Net cash used by financing
activities ($1,815,198) ($1,035,870)
---------- ----------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS ($ 76,593) $ 656,997
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 569,257 168,239
---------- ----------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 492,664 $ 825,236
========== ==========
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 BALANCE SHEETS
(Unaudited)
ASSETS
September 30, December 31,
1997 1996
------------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 253,349 $ 387,334
Accounts receivable:
Oil and gas sales 250,187 340,182
---------- ----------
Total current assets $ 503,536 $ 727,516
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method $1,790,773 $2,048,879
DEFERRED CHARGE $ 164,953 $ 164,953
---------- ----------
$2,459,262 $2,941,348
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 33,341 $ 69,727
Gas imbalance payable 10,386 10,386
---------- ----------
Total current liabilities $ 43,727 $ 80,113
ACCRUED LIABILITY $ 69,148 $ 69,148
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 120,607) ($ 115,619)
Limited Partners, issued and
outstanding, 154,621 units 2,466,994 2,907,706
---------- ----------
Total Partners' capital $2,346,387 $2,792,087
---------- ----------
$2,459,262 $2,941,348
========== ==========
The accompanying condensed notes are an integral part of
these combined financial statements.
-10-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-C
GEODYNE PRODUCTION PARTNERSHIP II-C
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
(Unaudited)
1997 1996
-------- --------
REVENUES:
Oil and gas sales $374,214 $431,091
Interest income 3,029 2,280
Gain on sale of oil and gas
properties 9,147 36,865
-------- --------
$386,390 $470,236
COSTS AND EXPENSES:
Lease operating $ 93,561 $ 74,559
Production tax 30,342 30,043
Depreciation, depletion, and
amortization of oil and gas
properties 50,655 111,278
General and administrative (Note 2) 40,690 51,196
-------- --------
$215,248 $267,076
-------- --------
NET INCOME $171,142 $203,160
======== ========
GENERAL PARTNER - NET INCOME $ 10,432 $ 14,495
======== ========
LIMITED PARTNERS - NET INCOME $160,710 $188,665
======== ========
NET INCOME per unit $ 1.04 $ 1.22
======== ========
UNITS OUTSTANDING 154,621 154,621
======== ========
The accompanying condensed notes are an integral part of
these combined financial statements.
-11-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-C
GEODYNE PRODUCTION PARTNERSHIP II-C
COMBINED STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
(Unaudited)
1997 1996
---------- ----------
REVENUES:
Oil and gas sales $1,316,380 $1,327,794
Interest income 8,800 4,868
Gain on sale of oil and gas
properties 99,495 38,160
---------- ----------
$1,424,675 $1,370,822
COSTS AND EXPENSES:
Lease operating $ 291,975 $ 314,736
Production tax 95,165 84,613
Depreciation, depletion, and
amortization of oil and gas
properties 157,584 324,588
Impairment provision 66,617 -
General and administrative (Note 2) 151,422 163,570
---------- ----------
$ 762,763 $ 887,507
---------- ----------
NET INCOME $ 661,912 $ 483,315
========== ==========
GENERAL PARTNER - NET INCOME $ 41,624 $ 36,906
========== ==========
LIMITED PARTNERS - NET INCOME $ 620,288 $ 446,409
========== ==========
NET INCOME per unit $ 4.01 $ 2.89
========== ==========
UNITS OUTSTANDING 154,621 154,621
========== ==========
The accompanying condensed notes are an integral part of
these combined financial statements.
-12-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-C
GEODYNE PRODUCTION PARTNERSHIP II-C
COMBINED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
(Unaudited)
1997 1996
----------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 661,912 $483,315
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 157,584 324,588
Impairment provision 66,617 -
Gain on sale of oil and gas
properties ( 99,495) ( 38,160)
Increase in accounts receivable -
General Partner - ( 3,521)
Decrease in accounts receivable -
oil and gas sales 89,995 43,574
Decrease in accounts payable ( 36,386) ( 34,278)
---------- --------
Net cash provided by operating
activities $ 840,227 $775,518
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 6,070) $ -
Proceeds from sale of oil and
gas properties 139,470 97,566
---------- --------
Net cash provided by investing
activities $ 133,400 $ 97,566
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($1,107,612) ($575,738)
---------- --------
Net cash used by financing
activities ($1,107,612) ($575,738)
---------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS ($ 133,985) $297,346
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 387,334 82,353
---------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 253,349 $379,699
========== ========
The accompanying condensed notes are an integral part of
these combined financial statements.
-13-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-D
GEODYNE PRODUCTION PARTNERSHIP II-D
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
September 30, December 31,
1997 1996
------------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 595,297 $ 906,737
Accounts receivable:
Oil and gas sales 612,534 793,183
---------- ----------
Total current assets $1,207,831 $1,699,920
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method $3,743,023 $4,390,791
DEFERRED CHARGE $ 863,139 $ 863,139
---------- ----------
$5,813,993 $6,953,850
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 88,659 $ 159,967
Gas imbalance payable 118,313 118,313
---------- ----------
Total current liabilities $ 206,972 $ 278,280
ACCRUED LIABILITY $ 266,782 $ 266,782
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 205,713) ($ 218,956)
Limited Partners, issued and
outstanding, 314,878 units 5,545,952 6,627,744
---------- ----------
Total Partners' capital $5,340,239 $6,408,788
---------- ----------
$5,813,993 $6,953,850
========== ==========
The accompanying condensed notes are an integral part of
these combined financial statements.
-14-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-D
GEODYNE PRODUCTION PARTNERSHIP II-D
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
(Unaudited)
1997 1996
--------- ----------
REVENUES:
Oil and gas sales $865,030 $1,065,296
Interest income 7,774 3,751
Gain on sale of oil and gas
properties 11,706 60,397
-------- ----------
$884,510 $1,129,444
COSTS AND EXPENSES:
Lease operating $237,324 $ 346,007
Production tax 71,475 75,580
Depreciation, depletion, and
amortization of oil and gas
properties 134,830 228,565
General and administrative (Note 2) 81,438 112,677
-------- ----------
$525,067 $ 762,829
-------- ----------
NET INCOME $359,443 $ 366,615
======== ==========
GENERAL PARTNER - NET INCOME $ 22,976 $ 27,286
======== ==========
LIMITED PARTNERS - NET INCOME $336,467 $ 339,329
======== ==========
NET INCOME per unit $ 1.07 $ 1.08
======== ==========
UNITS OUTSTANDING 314,878 314,878
======== ==========
The accompanying condensed notes are an integral part of
these combined financial statements.
-15-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-D
GEODYNE PRODUCTION PARTNERSHIP II-D
COMBINED STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
(Unaudited)
1997 1996
---------- ----------
REVENUES:
Oil and gas sales $3,144,982 $3,145,240
Interest income 22,896 9,048
Gain on sale of oil and gas
properties 97,096 61,647
---------- ----------
$3,264,974 $3,215,935
COSTS AND EXPENSES:
Lease operating $ 766,404 $1,193,840
Production tax 237,926 216,065
Depreciation, depletion, and
amortization of oil and gas
properties 443,565 603,906
Impairment provision 143,957 -
General and administrative (Note 2) 311,476 348,108
---------- ----------
$1,903,328 $2,361,919
---------- ----------
NET INCOME $1,361,646 $ 854,016
========== ==========
GENERAL PARTNER - NET INCOME $ 90,438 $ 66,405
========== ==========
LIMITED PARTNERS - NET INCOME $1,271,208 $ 787,611
========== ==========
NET INCOME per unit $ 4.04 $ 2.50
========== ==========
UNITS OUTSTANDING 314,878 314,878
========== ==========
The accompanying condensed notes are an integral part of
these combined financial statements.
-16-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-D
GEODYNE PRODUCTION PARTNERSHIP II-D
COMBINED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
(Unaudited)
1997 1996
----------- -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $1,361,646 $ 854,016
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 443,565 603,906
Impairment provision 143,957 -
Gain on sale of oil and gas
properties ( 97,096) ( 61,647)
Increase in accounts receivable -
General Partner - ( 8,915)
Decrease in accounts receivable -
oil and gas sales 180,649 6,177
Decrease in accounts payable ( 71,308) ( 10,412)
---------- ----------
Net cash provided by operating
activities $1,961,413 $1,383,125
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 45,321) ($ 19,010)
Proceeds from sale of oil and
gas properties 202,663 103,174
---------- ----------
Net cash provided by investing
activities $ 157,342 $ 84,164
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($2,430,195) ($1,171,204)
---------- ----------
Net cash used by financing
activities ($2,430,195) ($1,171,204)
---------- ----------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS ($ 311,440) $ 296,085
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 906,737 317,368
---------- ----------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 595,297 $ 613,453
========== ==========
The accompanying condensed notes are an integral part of
these combined financial statements.
-17-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-E
GEODYNE PRODUCTION PARTNERSHIP II-E
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
September 30, December 31,
1997 1996
------------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 529,568 $ 528,765
Accounts receivable:
General Partner (Note 2) 12,023 -
Oil and gas sales 387,109 512,573
---------- ----------
Total current assets $ 928,700 $1,041,338
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method $2,900,196 $4,579,160
DEFERRED CHARGE $ 355,647 $ 355,647
---------- ----------
$4,184,543 $5,976,145
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 51,160 $ 133,181
Gas imbalance payable 161,181 161,181
---------- ----------
Total current liabilities $ 212,341 $ 294,362
ACCRUED LIABILITY $ 59,234 $ 59,234
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 171,622) ($ 147,595)
Limited Partners, issued and
outstanding, 228,821 units 4,084,590 5,770,144
---------- ----------
Total Partners' capital $3,912,968 $5,622,549
---------- ----------
$4,184,543 $5,976,145
========== ==========
The accompanying condensed notes are an integral part of
these combined financial statements.
-18-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-E
GEODYNE PRODUCTION PARTNERSHIP II-E
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
(Unaudited)
1997 1996
--------- --------
REVENUES:
Oil and gas sales $591,192 $748,193
Interest income 6,347 2,603
Gain on sale of oil and gas
properties 963 14,878
-------- --------
$598,502 $765,674
COSTS AND EXPENSES:
Lease operating $115,568 $194,311
Production tax 45,879 53,945
Depreciation, depletion, and
amortization of oil and gas
properties 154,394 254,141
General and administrative (Note 2) 49,977 101,025
-------- --------
$365,818 $603,422
-------- --------
NET INCOME $232,684 $162,252
======== ========
GENERAL PARTNER - NET INCOME $ 17,492 $ 18,148
======== ========
LIMITED PARTNERS - NET INCOME $215,192 $144,104
======== ========
NET INCOME per unit $ .94 $ .63
======== ========
UNITS OUTSTANDING 228,821 228,821
======== ========
The accompanying condensed notes are an integral part of
these combined financial statements.
-19-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-E
GEODYNE PRODUCTION PARTNERSHIP II-E
COMBINED STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
(Unaudited)
1997 1996
----------- ----------
REVENUES:
Oil and gas sales $1,971,161 $2,121,611
Interest income 15,984 6,283
Gain on sale of oil and gas
properties 52,735 17,817
---------- ----------
$2,039,880 $2,145,711
COSTS AND EXPENSES:
Lease operating $ 510,128 $ 634,679
Production tax 160,288 148,274
Depreciation, depletion, and
amortization of oil and gas
properties 470,431 727,346
Impairment provision 992,851 -
General and administrative (Note 2) 251,258 323,046
---------- ----------
$2,384,956 $1,833,345
---------- ----------
NET INCOME (LOSS) ($ 345,076) $ 312,366
========== ==========
GENERAL PARTNER - NET INCOME $ 40,478 $ 44,398
========== ==========
LIMITED PARTNERS - NET INCOME (LOSS) ($ 385,554) $ 267,968
========== ==========
NET INCOME (LOSS) per unit ($ 1.68) $ 1.17
========== ==========
UNITS OUTSTANDING 228,821 228,821
========== ==========
The accompanying condensed notes are an integral part of
these combined financial statements.
-20-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-E
GEODYNE PRODUCTION PARTNERSHIP II-E
COMBINED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
(Unaudited)
1997 1996
------------ ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) ($ 345,076) $312,366
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depreciation, depletion, and
amortization of oil and gas
properties 470,431 727,346
Impairment provision 992,851 -
Gain on sale of oil and gas
properties ( 52,735) ( 17,817)
Increase in accounts receivable -
General Partner ( 12,023) ( 10,191)
(Increase) decrease in accounts
receivable - oil and gas sales 125,464 ( 21,055)
Decrease in accounts payable ( 82,021) ( 19,766)
---------- --------
Net cash provided by operating
activities $1,096,891 $970,883
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 5,314) ($ 50,163)
Proceeds from sale of oil and
gas properties 273,731 66,027
---------- --------
Net cash provided by investing
activities $ 268,417 $ 15,864
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($1,364,505) ($768,602)
---------- --------
Net cash used by financing
activities ($1,364,505) ($768,602)
---------- --------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $ 803 $218,145
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 528,765 201,042
---------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 529,568 $419,187
========== ========
The accompanying condensed notes are an integral part of
these combined financial statements.
-21-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-F
GEODYNE PRODUCTION PARTNERSHIP II-F
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
September 30, December 31,
1997 1996
------------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 357,481 $ 441,903
Accounts receivable:
General Partner (Note 2) 29,389 15,285
Oil and gas sales 339,198 429,839
---------- ----------
Total current assets $ 726,068 $ 887,027
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method $2,527,284 $4,353,347
DEFERRED CHARGE $ 71,703 $ 71,703
---------- ----------
$3,325,055 $5,312,077
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 24,475 $ 42,918
Gas imbalance payable 31,577 31,577
---------- ----------
Total current liabilities $ 56,052 $ 74,495
ACCRUED LIABILITY $ 28,322 $ 28,322
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 137,799) ($ 105,914)
Limited Partners, issued and
outstanding, 171,400 units 3,378,480 5,315,174
---------- ----------
Total Partners' capital $3,240,681 $5,209,260
---------- ----------
$3,325,055 $5,312,077
========== ==========
The accompanying condensed notes are an integral part of
these combined financial statements.
-22-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-F
GEODYNE PRODUCTION PARTNERSHIP II-F
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
(Unaudited)
1997 1996
-------- --------
REVENUES:
Oil and gas sales $498,151 $563,030
Interest income 5,395 4,011
Gain on sale of oil and gas
properties 4,202 65,676
-------- --------
$507,748 $632,717
COSTS AND EXPENSES:
Lease operating $ 62,365 $ 88,395
Production tax 31,954 36,322
Depreciation, depletion, and
amortization of oil and gas
properties 102,584 143,376
General and administrative (Note 2) 48,174 49,695
-------- --------
$245,077 $317,788
-------- --------
NET INCOME $262,671 $314,929
======== ========
GENERAL PARTNER - NET INCOME $ 16,967 $ 21,281
======== ========
LIMITED PARTNERS - NET INCOME $245,704 $293,648
======== ========
NET INCOME per unit $ 1.43 $ 1.71
======== ========
UNITS OUTSTANDING 171,400 171,400
======== ========
The accompanying condensed notes are an integral part of
these combined financial statements.
-23-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-F
GEODYNE PRODUCTION PARTNERSHIP II-F
COMBINED STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
(Unaudited)
1997 1996
---------- ----------
REVENUES:
Oil and gas sales $1,674,566 $1,794,471
Interest income 13,485 9,367
Gain on sale of oil and gas
properties 170,970 66,549
---------- ----------
$1,859,021 $1,870,387
COSTS AND EXPENSES:
Lease operating $ 239,983 $ 312,799
Production tax 116,832 115,622
Depreciation, depletion, and
amortization of oil and gas
properties 308,123 464,811
Impairment provision 1,377,160 -
General and administrative (Note 2) 157,930 156,402
---------- ----------
$2,200,028 $1,049,634
---------- ----------
NET INCOME (LOSS) ($ 341,007) $ 820,753
========== ==========
GENERAL PARTNER - NET INCOME $ 49,687 $ 59,162
========== ==========
LIMITED PARTNERS - NET INCOME (LOSS) ($ 390,694) $ 761,591
========== ==========
NET INCOME (LOSS) per unit ($ 2.28) $ 4.44
========== ==========
UNITS OUTSTANDING 171,400 171,400
========== ==========
The accompanying condensed notes are an integral part of
these combined financial statements.
-24-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-F
GEODYNE PRODUCTION PARTNERSHIP II-F
COMBINED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
(Unaudited)
1997 1996
------------ -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) ($ 341,007) $ 820,753
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depreciation, depletion, and
amortization of oil and gas
properties 308,123 464,811
Impairment provision 1,377,160 -
Gain on sale of oil and gas
properties ( 170,970) ( 66,549)
Increase in accounts receivable -
General Partner ( 14,104) ( 24,820)
(Increase) decrease in accounts
receivable - oil and gas sales 90,641 ( 9,249)
Decrease in accounts payable ( 18,443) ( 45,909)
---------- ----------
Net cash provided by operating
activities $1,231,400 $1,139,037
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 51,001) ($ 367)
Proceeds from sale of oil and
gas properties 362,751 123,375
---------- ----------
Net cash provided by investing
activities $ 311,750 $ 123,008
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($1,627,572) ($1,075,612)
---------- ----------
Net cash used by financing
activities ($1,627,572) ($1,075,612)
---------- ----------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS ($ 84,422) $ 186,433
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 441,903 325,816
---------- ----------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 357,481 $ 512,249
========== ==========
The accompanying condensed notes are an integral part of
these combined financial statements.
-25-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-G
GEODYNE PRODUCTION PARTNERSHIP II-G
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
September 30, December 31,
1997 1996
------------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 757,391 $ 932,165
Accounts receivable:
General Partner (Note 2) 61,456 34,620
Oil and gas sales 723,752 911,439
---------- -----------
Total current assets $1,542,599 $ 1,878,224
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method $5,390,281 $ 9,542,790
DEFERRED CHARGE $ 155,718 $ 155,718
---------- -----------
$7,088,598 $11,576,732
========== ===========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 53,093 $ 93,647
Gas imbalance payable 71,995 71,995
---------- -----------
Total current liabilities $ 125,088 $ 165,642
ACCRUED LIABILITY $ 56,912 $ 56,912
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 303,827)($ 244,312)
Limited Partners, issued and
outstanding, 372,189 units 7,210,425 11,598,490
---------- -----------
Total Partners' capital $6,906,598 $11,354,178
---------- -----------
$7,088,598 $11,576,732
========== ===========
The accompanying condensed notes are an integral part of
these combined financial statements.
-26-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-G
GEODYNE PRODUCTION PARTNERSHIP II-G
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
(Unaudited)
1997 1996
---------- ----------
REVENUES:
Oil and gas sales $1,057,832 $1,190,247
Interest income 11,851 8,428
Gain on sale of oil and gas
properties 8,936 122,906
---------- ----------
$1,078,619 $1,321,581
COSTS AND EXPENSES:
Lease operating $ 132,956 $ 192,812
Production tax 68,972 77,137
Depreciation, depletion, and
amortization of oil and gas
properties 223,052 328,258
General and administrative (Note 2) 104,590 107,840
---------- ----------
$ 529,570 $ 706,047
---------- ----------
NET INCOME $ 549,049 $ 615,534
========== ==========
GENERAL PARTNER - NET INCOME $ 35,782 $ 43,486
========== ==========
LIMITED PARTNERS - NET INCOME $ 513,267 $ 572,048
========== ==========
NET INCOME per unit $ 1.38 $ 1.54
========== ==========
UNITS OUTSTANDING 372,189 372,189
========== ==========
The accompanying condensed notes are an integral part of
these combined financial statements.
-27-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-G
GEODYNE PRODUCTION PARTNERSHIP II-G
COMBINED STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
(Unaudited)
1997 1996
---------- ----------
REVENUES:
Oil and gas sales $3,575,321 $3,807,146
Interest income 29,082 19,389
Gain on sale of oil and gas
properties 338,421 124,758
---------- ----------
$3,942,824 $3,951,293
COSTS AND EXPENSES:
Lease operating $ 520,538 $ 683,782
Production tax 254,993 246,873
Depreciation, depletion, and
amortization of oil and gas
properties 672,926 1,064,066
Impairment provision 3,101,656 -
General and administrative (Note 2) 342,749 339,165
---------- ----------
$4,892,862 $2,333,886
---------- ----------
NET INCOME (LOSS) ($ 950,038) $1,617,407
========== ==========
GENERAL PARTNER - NET INCOME $ 102,027 $ 122,464
========== ==========
LIMITED PARTNERS - NET INCOME (LOSS) ($1,052,065) $1,494,943
========== ==========
NET INCOME (LOSS) per unit ($ 2.83) $ 4.02
========== ==========
UNITS OUTSTANDING 372,189 372,189
========== ==========
The accompanying condensed notes are an integral part of
these combined financial statements.
-28-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-G
GEODYNE PRODUCTION PARTNERSHIP II-G
COMBINED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
(Unaudited)
1997 1996
----------- -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) ($ 950,038) $1,617,407
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depreciation, depletion, and
amortization of oil and gas
properties 672,926 1,064,066
Impairment provision 3,101,656 -
Gain on sale of oil and gas
properties ( 338,421) ( 124,758)
Increase in accounts receivable -
General Partner ( 26,836) ( 44,097)
(Increase) decrease in accounts
receivable - oil and gas sales 187,687 ( 18,298)
Decrease in accounts payable ( 40,554) ( 102,985)
---------- ----------
Net cash provided by operating
activities $2,606,420 $2,391,335
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 111,222) ($ 4,306)
Proceeds from sale of oil and
gas properties 827,570 258,757
---------- ----------
Net cash provided by investing
activities $ 716,348 $ 254,451
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($3,497,542) ($2,223,035)
---------- ----------
Net cash used by financing
activities ($3,497,542) ($2,223,035)
---------- ----------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS ($ 174,774) $ 422,751
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 932,165 661,921
---------- ----------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 757,391 $1,084,672
========== ==========
The accompanying condensed notes are an integral part of
these combined financial statements.
-29-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-H
GEODYNE PRODUCTION PARTNERSHIP II-H
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
September 30, December 31,
1997 1996
------------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 177,401 $ 221,484
Accounts receivable:
General Partner (Note 2) 14,211 9,151
Oil and gas sales 173,251 216,574
---------- ----------
Total current assets $ 364,863 $ 447,209
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method $1,241,866 $2,304,814
DEFERRED CHARGE $ 38,222 $ 38,222
---------- ----------
$1,644,951 $2,790,245
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 13,171 $ 23,354
Gas imbalance payable 16,547 16,547
---------- ----------
Total current liabilities $ 29,718 $ 39,901
ACCRUED LIABILITY $ 14,139 $ 14,139
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 77,051) ($ 58,835)
Limited Partners, issued and
outstanding, 91,711 units 1,678,145 2,795,040
---------- ----------
Total Partners' capital $1,601,094 $2,736,205
---------- ----------
$1,644,951 $2,790,245
========== ==========
The accompanying condensed notes are an integral part of
these combined financial statements.
-30-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-H
GEODYNE PRODUCTION PARTNERSHIP II-H
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
(Unaudited)
1997 1996
-------- --------
REVENUES:
Oil and gas sales $251,228 $282,932
Interest income 2,856 1,904
Gain on sale of oil and gas
properties 1,884 25,560
-------- --------
$255,968 $310,396
COSTS AND EXPENSES:
Lease operating $ 31,913 $ 48,191
Production tax 16,847 18,524
Depreciation, depletion, and
amortization of oil and gas
properties 52,896 80,918
General and administrative (Note 2) 25,770 26,615
-------- --------
$127,426 $174,248
-------- --------
NET INCOME $128,542 $136,148
======== ========
GENERAL PARTNER - NET INCOME $ 8,400 $ 9,949
======== ========
LIMITED PARTNERS - NET INCOME $120,142 $126,199
======== ========
NET INCOME per unit $ 1.31 $ 1.38
======== ========
UNITS OUTSTANDING 91,711 91,711
======== ========
The accompanying condensed notes are an integral part of
these combined financial statements.
-31-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-H
GEODYNE PRODUCTION PARTNERSHIP II-H
COMBINED STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
(Unaudited)
1997 1996
---------- --------
REVENUES:
Oil and gas sales $ 861,261 $909,731
Interest income 6,812 4,348
Gain on sale of oil and gas
properties 77,387 26,000
---------- --------
$ 945,460 $940,079
COSTS AND EXPENSES:
Lease operating $ 129,217 $171,285
Production tax 63,674 59,653
Depreciation, depletion, and
amortization of oil and gas
properties 161,226 262,529
Impairment provision 785,220 -
General and administrative (Note 2) 84,415 83,795
---------- --------
$1,223,752 $577,262
---------- --------
NET INCOME (LOSS) ($ 278,292) $362,817
========== ========
GENERAL PARTNER - NET INCOME $ 23,603 $ 28,425
========== ========
LIMITED PARTNERS - NET INCOME (LOSS) ($ 301,895) $334,392
========== ========
NET INCOME (LOSS) per unit ($ 3.29) $ 3.65
========== ========
UNITS OUTSTANDING 91,711 91,711
========== ========
The accompanying condensed notes are an integral part of
these combined financial statements.
-32-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-H
GEODYNE PRODUCTION PARTNERSHIP II-H
COMBINED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
(Unaudited)
1997 1996
---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) ($278,292) $362,817
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depreciation, depletion, and
amortization of oil and gas
properties 161,226 262,529
Impairment provision 785,220 -
Gain on sale of oil and gas
properties ( 77,387) ( 26,000)
Increase in accounts receivable -
General Partner ( 5,060) ( 8,463)
(Increase) decrease in accounts
receivable - oil and gas sales 43,323 ( 3,606)
Decrease in accounts payable ( 10,183) ( 27,066)
-------- --------
Net cash provided by operating
activities $618,847 $560,211
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 27,686) ($ 913)
Proceeds from sale of oil and
gas properties 221,575 60,829
-------- --------
Net cash provided by investing
activities $193,889 $ 59,916
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($856,819) ($521,858)
-------- --------
Net cash used by financing
activities ($856,819) ($521,858)
-------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS ($ 44,083) $ 98,269
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 221,484 158,812
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $177,401 $257,081
======== ========
The accompanying condensed notes are an integral part of
these combined financial statements.
-33-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME II LIMITED PARTNERSHIPS
CONDENSED NOTES TO THE COMBINED FINANCIAL STATEMENTS
SEPTEMBER 30, 1997
(Unaudited)
1. ACCOUNTING POLICIES
-------------------
The combined balance sheets as of September 30, 1997, combined
statements of operations for the three and nine months ended
September 30, 1997 and 1996 and combined statements of cash flows
for the nine months ended September 30, 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
September 30, 1997, the combined results of operations for the
three and nine months ended September 30, 1997 and 1996 and the
combined cash flows for the nine months ended September 30, 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 September 30, 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
-34-
<PAGE>
<PAGE>
acquired by the General Partner is adjusted to reflect the net
cash results of operations, including interest incurred to
finance the acquisition, for the period of time the properties
are held by the General Partner. Leasehold impairment is
recognized based upon an individual property assessment and
exploratory experience. Upon discovery of commercial reserves,
leasehold costs are transferred to producing properties.
Depletion of the costs of producing oil and gas properties,
amortization of related intangible drilling and development
costs, and depreciation of tangible lease and well equipment are
computed on the unit-of-production method. 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.
Statement of Financial Accounting Standards ("SFAS") No. 121,
"Accounting for the Impairment of Long Lived Assets and Assets
Held for Disposal", 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. 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. The
Partnerships recorded a non-cash charge against earnings
(impairment provision) during the nine months ended September 30,
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
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
-35-
<PAGE>
<PAGE>
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 September 30, 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 $ 4,719 $127,443
II-B 22 95,190
II-C 1 40,689
II-D ( 1,425) 82,863
II-E ( 10,239) 60,216
II-F 3,069 45,105
II-G 6,646 97,944
II-H 1,635 24,135
During the nine months ended September 30, 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 $77,143 $382,329
II-B 67,180 285,570
II-C 29,355 122,067
II-D 62,887 248,589
II-E 70,610 180,648
II-F 22,615 135,315
II-G 48,917 293,832
II-H 12,010 72,405
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 during
the fourth quarter of 1996. 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 September 30, 1997 for
the II-E, II-F, II-G and II-H Partnerships represented proceeds
due to the Partnerships for the sale of oil and gas properties
during the third quarter of 1997. Subsequent to September 30,
1997 such receivable was collected by the II-E, II-F, II-G and
II-H Partnerships.
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<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
----------- ------------------ ---------------
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<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 September
30, 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.
II-A PARTNERSHIP
THREE MONTHS ENDED SEPTEMBER 30, 1997 AS COMPARED TO THE THREE
MONTHS ENDED SEPTEMBER 30, 1996.
Three Months Ended September 30,
--------------------------------
1997 1996
---------- ----------
Oil and gas sales $1,161,480 $1,598,127
Oil and gas production expenses $ 428,192 $ 362,282
Barrels produced 28,089 22,621
Mcf produced 356,101 576,695
Average price/Bbl $ 16.45 $ 22.82
Average price/Mcf $ 1.96 $ 1.88
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<PAGE>
<PAGE>
As shown in the above table, total oil and gas sales decreased
$436,646 (27.3%) for the three months ended September 30, 1997 as
compared to the three months ended September 30, 1996. Of this
decrease, approximately $415,000 and $179,000, respectively, were
related to decreases in both volumes of gas sold and the average
price of oil sold, which decreases were partially offset by an
increase of approximately $125,000 related to an increase in
volumes of oil sold. Volumes of oil sold increased 5,468 barrels,
while volumes of gas sold decreased 220,594 Mcf for the three
months ended September 30, 1997 as compared to the three months
ended September 30, 1996. The decrease in volumes of gas sold
resulted primarily from positive prior period volume adjustments
made by the purchasers on five wells during the three months
ended September 30, 1996. Average oil prices decreased to $16.45
per barrel for the three months ended September 30, 1997 from
$22.82 per barrel for the three months ended September 30, 1996.
Average gas prices increased to $1.96 per Mcf for the three
months ended September 30, 1997 from $1.88 per Mcf for the three
months ended September 30, 1996.
Oil and gas production expenses (including lease operating
expenses and production taxes) increased $65,910 (18.2%) for the
three months ended September 30, 1997 as compared to the three
months ended September 30, 1996. This increase resulted
primarily from workover expenses incurred on five wells during
the three months ended September 30, 1997. As a percentage of
oil and gas sales, these expenses increased to 36.9% for the
three months ended September 30, 1997 from 22.7% for the three
months ended September 30, 1996. This percentage increase was
primarily due to the dollar increase in oil and gas production
expenses discussed above.
Depreciation, depletion, and amortization of oil and gas
properties decreased $177,154 (48.3%) for the three months ended
September 30, 1997 as compared to the three months ended
September 30, 1996. This decrease resulted primarily from (i)
upward revisions in the estimates of remaining oil and gas
reserves at December 31, 1996 and (ii) a decrease in volumes of
gas sold during the three months ended September 30, 1997 as
compared to the three months ended September 30, 1996. As a
percentage of oil and gas sales, this expense decreased to 16.3%
for the three months ended September 30, 1997 from 23.0% for the
three months ended September 30, 1996. This percentage decrease
was primarily due to the dollar decrease in depreciation,
depletion, and amortization discussed above and the increase in
the average price of gas sold during the three months ended
September 30, 1997 as compared to the three months ended
September 30, 1996.
General and administrative expenses decreased $15,358 (10.4%) for
the three months ended September 30, 1997 as compared to the
three months ended September 30, 1996. This decrease resulted
primarily from decreases in professional fees and printing and
postage expenses during the three months ended September 30, 1997
as compared to the three months ended September 30, 1996. As a
percentage of oil and gas sales, these expenses increased to
11.4% for the three months ended September 30, 1997 from 9.2% for
the three months ended September 30, 1996. This percentage
increase was primarily due to the decrease in gas sales discussed
above.
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<PAGE>
<PAGE>
NINE MONTHS ENDED SEPTEMBER 30, 1997 AS COMPARED TO THE NINE
MONTHS ENDED SEPTEMBER 30, 1996.
Nine Months Ended September 30,
-------------------------------
1997 1996
---------- ----------
Oil and gas sales $4,185,360 $4,228,016
Oil and gas production expenses $1,334,643 $1,291,082
Barrels produced 79,370 81,237
Mcf produced 1,125,834 1,328,658
Average price/Bbl $ 19.20 $ 19.78
Average price/Mcf $ 2.36 $ 1.97
As shown in the above table, total oil and gas sales remained
relatively constant for the nine months ended September 30, 1997
as compared to the nine months ended September 30, 1996. Any
decrease in oil and gas sales caused by decreases of
approximately $37,000, $400,000 and $46,000, respectively,
related to decreases in volumes of oil and gas sold and the
average price of oil sold was substantially offset by an increase
of approximately $439,000 related to an increase in the average
price of gas sold. Volumes of oil and gas sold decreased 1,867
barrels and 202,824 Mcf, respectively, for the nine months ended
September 30, 1997 as compared to the nine months ended September
30, 1996. The decrease in volumes of gas sold resulted primarily
from (i) positive prior period volume adjustments made by the
purchasers on five wells during the nine months ended September
30, 1996 and (ii) the temporary shutting-in of one well during
the nine months ended September 30, 1997. Average oil prices
decreased to $19.20 per barrel for the nine months ended
September 30, 1997 from $19.78 per barrel for the nine months
ended September 30, 1996. Average gas prices increased to $2.36
per Mcf for the nine months ended September 30, 1997 from $1.97
per Mcf for the nine months ended September 30, 1996.
Oil and gas production expenses (including lease operating
expenses and production taxes) increased $43,561 (3.4%) for the
nine months ended September 30, 1997 as compared to the nine
months ended September 30, 1996. This increase resulted
primarily from workover expenses incurred on five wells during
the nine months ended September 30, 1997, partially offset by
decreases in volumes of oil and gas sold during the nine months
ended September 30, 1997 as compared to the nine months ended
September 30, 1996. As a percentage of oil and gas sales, these
expenses remained relatively constant at 31.9% for the nine
months ended September 30, 1997 and 30.5% for the nine months
ended September 30, 1996.
Depreciation, depletion, and amortization of oil and gas
properties decreased $355,871 (38.0%) for the nine months ended
September 30, 1997 as compared to the nine months ended September
30, 1996. This decrease resulted primarily from (i) upward
revisions in the estimates of remaining oil and gas reserves at
December 31, 1996 and (ii) decreases in volumes of oil and gas
sold during the nine months ended September 30, 1997 as compared
to the nine months ended September 30, 1996. As a percentage of
oil and gas sales, this expense decreased to 13.8% for the nine
months ended September 30, 1997 from 22.1% for the nine months
ended September 30, 1996. This percentage decrease was primarily
due to the dollar decrease in depreciation, depletion, and
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<PAGE>
<PAGE>
amortization discussed above and the increase in the average
price of gas sold during the nine months ended September 30, 1997
as compared to the nine months ended September 30, 1996.
The II-A Partnership recognized a non-cash charge against
earnings of $684,276 for the nine months ended September 30,
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 nine months ended
September 30, 1996.
General and administrative expenses remained relatively constant
for the nine months ended September 30, 1997 as compared to the
nine months ended September 30, 1996. As a percentage of oil and
gas sales, these expenses remained relatively constant at 11.0%
for the nine months ended September 30, 1997 and 11.1% for the
nine months ended September 30, 1996.
The Limited Partners have received cash distributions through
September 30, 1997 totaling $41,386,357 or 85.46% of Limited
Partners' capital contributions.
II-B PARTNERSHIP
THREE MONTHS ENDED SEPTEMBER 30, 1997 AS COMPARED TO THE THREE
MONTHS ENDED SEPTEMBER 30, 1996.
Three Months Ended September 30,
--------------------------------
1997 1996
-------- ----------
Oil and gas sales $785,354 $1,088,948
Oil and gas production expenses $287,494 $ 239,843
Barrels produced 16,796 10,349
Mcf produced 257,519 445,504
Average price/Bbl $ 16.08 $ 24.49
Average price/Mcf $ 2.00 $ 1.88
As shown in the above table, total oil and gas sales decreased
$303,594 (27.9%) for the three months ended September 30, 1997 as
compared to the three months ended September 30, 1996. Of this
decrease, approximately $353,000 and $141,000, respectively, were
related to decreases in both the volumes of gas sold and the
average price of oil sold, which decreases were partially offset
by increases of approximately $158,000 and $31,000, respectively,
related to increases in both the volumes of oil sold and the
average price of gas sold. Volumes of oil sold increased 6,447
barrels, while volumes of gas sold decreased 187,985 Mcf for the
three months ended September 30, 1997 as compared to the three
months ended September 30, 1996. The increase in volumes of oil
sold resulted primarily from negative prior period volume
adjustments made by the purchaser on one well during the three
months ended September 30, 1996. The decrease in volumes of gas
sold resulted primarily from (i) positive prior period volume
adjustments made by the purchasers on six wells during the three
-41-
<PAGE>
<PAGE>
months ended September 30, 1996 and (ii) a normal decline in
production due to diminished gas reserves on one well during the
three months ended September 30, 1997. Average oil prices
decreased to $16.08 per barrel for the three months ended
September 30, 1997 from $24.49 per barrel for the three months
ended September 30, 1996. Average gas prices increased to $2.00
per Mcf for the three months ended September 30, 1997 from $1.88
per Mcf for the three months ended September 30, 1996.
Oil and gas production expenses (including lease operating
expenses and production taxes) increased $47,651 (19.9%) for the
three months ended September 30, 1997 as compared to the three
months ended September 30, 1996. This increase resulted
primarily from workover expenses incurred on five wells during
the three months ended September 30, 1997, partially offset by
decreases in volumes of gas sold during the three months ended
September 30, 1997 as compared to the three months ended
September 30, 1996. As a percentage of oil and gas sales, these
expenses increased to 36.6% for the three months ended September
30, 1997 from 22.0% for the three months ended September 30,
1996. This percentage increase was primarily due to the dollar
increase in oil and gas production expenses discussed above.
Depreciation, depletion, and amortization of oil and gas
properties decreased $165,670 (56.1%) for the three months ended
September 30, 1997 as compared to the three months ended
September 30, 1996. This decrease resulted primarily from (i)
upward revisions in the estimates of remaining oil and gas
reserves at December 31, 1996 and (ii) a decrease in volumes of
gas sold during the three months ended September 30, 1997 as
compared to the three months ended September 30, 1996. As a
percentage of oil and gas sales, these expenses decreased to
16.5% for the three months ended September 30, 1997 from 27.1%
for the three months ended September 30, 1996. This percentage
decrease was primarily due to the dollar decrease in
depreciation, depletion, and amortization discussed above and the
increase in the average price of gas sold during the three months
ended September 30, 1997 as compared to the three months ended
September 30, 1996.
General and administrative expenses decreased $22,125 (18.9%) for
the three months ended September 30, 1997 as compared to the
three months ended September 30, 1996. This decrease resulted
primarily from a decrease in professional fees during the three
months ended September 30, 1997 as compared to the three months
ended September 30, 1996. As a percentage of oil and gas sales,
these expenses increased to 12.1% for the three months ended
September 30, 1997 from 10.8% for the three months ended
September 30, 1996. This percentage increase was primarily due
to the decrease in oil and gas sales discussed above.
NINE MONTHS ENDED SEPTEMBER 30, 1997 AS COMPARED TO THE NINE
MONTHS ENDED SEPTEMBER 30, 1996.
Nine Months Ended September 30,
-------------------------------
1997 1996
---------- ----------
Oil and gas sales $2,844,739 $3,038,320
Oil and gas production expenses $ 897,065 $ 899,695
Barrels produced 51,265 57,233
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<PAGE>
<PAGE>
Mcf produced 774,730 962,117
Average price/Bbl $ 19.31 $ 19.80
Average price/Mcf $ 2.39 $ 1.98
As shown in the above table, total oil and gas sales decreased
$193,581 (6.4%) for the nine months ended September 30, 1997 as
compared to the nine months ended September 30, 1996. Of this
decrease, approximately $118,000 and $371,000, respectively, were
related to decreases in the volumes of oil and gas sold and
approximately $25,000 was related to a decrease in the average
price of oil sold, which decreases were partially offset by an
increase of approximately $318,000 related to an increase in the
average price of gas sold. Volumes of oil and gas sold decreased
5,968 barrels and 187,387 Mcf, respectively, for the nine months
ended September 30, 1997 as compared to the nine months ended
September 30, 1996. The decrease in volumes of gas sold resulted
primarily from (i) positive prior period volume adjustments made
by the purchasers on seven wells during the three months ended
September 30, 1996 and (ii) a normal decline in production due to
diminished gas reserves on one well during the nine months ended
September 30, 1997. Average oil prices decreased to $19.31 per
barrel for the nine months ended September 30, 1997 from $19.80
per barrel for the nine months ended September 30, 1996. Average
gas prices increased to $2.39 per Mcf for the nine months ended
September 30, 1997 from $1.98 per Mcf for the nine months ended
September 30, 1996.
Oil and gas production expenses (including lease operating
expenses and production taxes) remained relatively constant for
the nine months ended September 30, 1997 as compared to the nine
months ended September 30, 1996. As a percentage of oil and gas
sales, these expenses remained relatively constant at 31.5% for
the nine months ended September 30, 1997 and 29.6% for the nine
months ended September 30, 1996.
Depreciation, depletion, and amortization of oil and gas
properties decreased $367,935 (48.5%) for the nine months ended
September 30, 1997 as compared to the nine months ended September
30, 1996. This decrease resulted primarily from (i) upward
revisions in the estimates of remaining oil and gas reserves at
December 31, 1996 and (ii) decreases in volumes of oil and gas
sold during the nine months ended September 30, 1997 as compared
to the nine months ended September 30, 1996. As a percentage of
oil and gas sales, this expense decreased to 13.8% for the nine
months ended September 30, 1997 from 25.0% for the nine months
ended September 30, 1996. This percentage decrease was primarily
due to the dollar decrease in depreciation, depletion, and
amortization discussed above and the increase in the average
price of gas sold during the nine months ended September 30, 1997
as compared to the nine months ended September 30, 1996.
The II-B Partnership recognized a non-cash charge against
earnings of $530,988 for the nine months ended September 30,
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
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<PAGE>
<PAGE>
similar charge was necessary during the nine months ended
September 30, 1996.
General and administrative expenses decreased $25,769 (6.8%) for
the nine months ended September 30, 1997 as compared to the nine
months ended September 30, 1996. This decrease resulted
primarily from a decrease in professional fees during the nine
months ended September 30, 1997 as compared to the nine months
ended September 30, 1996. As a percentage of oil and gas sales,
these expenses remained relatively constant at 12.4% for the nine
months ended September 30, 1997 and 12.5% for the nine months
ended September 30, 1996.
The Limited Partners have received cash distributions through
September 30, 1997 totaling $29,341,916 or 81.12% of Limited
Partners' capital contributions.
II-C PARTNERSHIP
THREE MONTHS ENDED SEPTEMBER 30, 1997 AS COMPARED TO THE THREE
MONTHS ENDED SEPTEMBER 30, 1996.
Three Months Ended September 30,
--------------------------------
1997 1996
-------- --------
Oil and gas sales $374,214 $431,091
Oil and gas production expenses $123,903 $104,602
Barrels produced 5,915 3,201
Mcf produced 134,306 193,432
Average price/Bbl $ 16.77 $ 24.53
Average price/Mcf $ 2.05 $ 1.82
As shown in the table above, total oil and gas sales decreased
$56,877 (13.2%) for the three months ended September 30, 1997 as
compared to the three months ended September 30, 1996. Of this
decrease, approximately $108,000 and $46,000, respectively, were
related to decreases in the volumes of gas sold and the average
price of oil sold, which decreases were partially offset by
increases of approximately $67,000 and $31,000, respectively,
related to increases in both the volumes of oil sold and the
average price of gas sold. Volumes of oil sold increased 2,714
barrels, while volumes of gas sold decreased 59,126 Mcf for the
three months ended September 30, 1997 as compared to the three
months ended September 30, 1996. The increase in volumes of oil
sold resulted primarily from negative prior period volume
adjustments made by the purchaser on one well during the three
months ended September 30, 1996. The decrease in volumes of gas
sold resulted primarily from (i) positive prior period volume
adjustments made by the purchasers on four wells during the three
months ended September 30, 1996, (ii) the sale of one gas
producing well during the three months ended September 30, 1997,
and (iii) a normal decline in production due to diminished gas
reserves on two wells during the three months ended September 30,
1997. Average oil prices decreased to $16.77 per barrel for the
three months ended September 30, 1997 from $24.53 per barrel for
the three months ended September 30, 1996. Average gas prices
increased to $2.05 per Mcf for the three months ended September
30, 1997 from $1.82 per Mcf for the three months ended September
30, 1996.
-44-
<PAGE>
<PAGE>
Oil and gas production expenses (including lease operating
expenses and production taxes) increased $19,301 (18.5%) for the
three months ended September 30, 1997 as compared to the three
months ended September 30, 1996. This increase resulted
primarily from (i) workover expenses incurred on three wells
during the three months ended September 30, 1997 and (ii) an
increase in general repairs and maintenance on another well
during the three months ended September 30, 1997, partially
offset by the decreases in the volumes of gas sold during the
three months ended September 30, 1997 as compared to the three
months ended September 30, 1996. As a percentage of oil and gas
sales, these expenses increased 33.1% for the three months ended
September 30, 1997 from 24.3% for the three months ended
September 30, 1996. This percentage increase was primarily due
to the dollar increase in oil and gas production expenses
discussed above.
Depreciation, depletion, and amortization of oil and gas
properties decreased $60,623 (54.5%) for the three months ended
September 30, 1997 as compared to the three months ended
September 30, 1996. This decrease resulted primarily from (i)
upward revisions in the estimates of remaining oil and gas
reserves at December 31, 1996 and (ii) the decrease in volumes of
gas sold during the three months ended September 30, 1997 as
compared to the three months ended September 30, 1996. As a
percentage of oil and gas sales, this expense decreased to 13.5%
for the three months ended September 30, 1997 from 25.8% for the
three months ended September 30, 1996. This percentage decrease
was primarily due to the dollar decrease in depreciation,
depletion, and amortization discussed above and the increase in
the average price of gas sold during the three months ended
September 30, 1997 as compared to the three months ended
September 30, 1996.
General and administrative expenses decreased $10,506 (20.5%) for
the three months ended September 30, 1997 as compared to the
three months ended September 30, 1996. This decrease resulted
primarily from a decrease in professional fees during the three
months ended September 30, 1997 as compared to the three months
ended September 30, 1996. As a percentage of oil and gas sales,
these expenses remained relatively constant at 10.9% for the
three months ended September 30, 1997 and 11.9% for the three
months ended September 30, 1996.
NINE MONTHS ENDED SEPTEMBER 30, 1997 AS COMPARED TO THE NINE
MONTHS ENDED SEPTEMBER 30, 1996.
Nine Months Ended September 30,
-------------------------------
1997 1996
---------- ----------
Oil and gas sales $1,316,380 $1,327,794
Oil and gas production expenses $ 387,140 $ 399,349
Barrels produced 17,247 19,353
Mcf produced 424,733 504,115
Average price/Bbl $ 19.38 $ 19.97
Average price/Mcf $ 2.31 $ 1.87
As shown in the above table, total oil and gas sales remained
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<PAGE>
<PAGE>
relatively constant for the nine months ended September 30, 1997
as compared to the nine months ended September 30, 1996. Any
decrease in oil and gas sales caused by decreases of
approximately $42,000, $148,000 and $10,000, respectively,
related to decreases in the volumes of oil and gas sold and in
the average price of oil sold was substantially offset by an
increase of approximately $187,000 related to the increase in the
average price of gas sold. Volumes of oil and gas sold decreased
2,106 barrels and 79,382 Mcf, respectively, for the nine months
ended September 30, 1997 as compared to the nine months ended
September 30, 1996. The decrease in volumes of oil sold resulted
primarily from positive prior period volume adjustments made by
the purchasers on two wells during the nine months ended
September 30, 1996. The decrease in volumes of gas sold resulted
primarily from (i) positive prior period volume adjustments made
by the purchasers on three wells during the nine months ended
September 30, 1997, (ii) the sale of two gas producing wells
during 1996, and (iii) a normal decline in production due to
diminished gas reserves on one well during the nine months ended
September 30, 1997. Average oil prices decreased to $19.38 per
barrel for the nine months ended September 30, 1997 from $19.97
per barrel for the nine months ended September 30, 1996. Average
gas prices increased to $2.31 per Mcf for the nine months ended
September 30, 1997 from $1.87 per Mcf, respectively, for the nine
months ended September 30, 1996.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $12,209 (3.1%) for the
nine months ended September 30, 1997 as compared to the nine
months ended September 30, 1996. This decrease resulted
primarily from decreases in volumes of oil and gas sold during
the nine months ended September 30, 1997 as compared to the nine
months ended September 30, 1996. As a percentage of oil and gas
sales, these expenses remained relatively constant at 29.4% for
the nine months ended September 30, 1997 and 30.1% for the nine
months ended September 30, 1996.
Depreciation, depletion, and amortization of oil and gas
properties decreased $167,004 (51.5%) for the nine months ended
September 30, 1997 as compared to the nine months ended September
30, 1996. This decrease resulted primarily from (i) upward
revisions in the estimates of remaining oil and gas reserves at
December 31, 1996 and (ii) decreases in volumes of oil and gas
sold during the nine months ended September 30, 1997 as compared
to the nine months ended September 30, 1996. As a percentage of
oil and gas sales, these expenses decreased to 12.0% for the nine
months ended September 30, 1997 from 24.4% for the nine months
ended September 30, 1996. This percentage decrease was primarily
due to the dollar decrease in depreciation, depletion, and
amortization discussed above and the increase in the average
price of gas sold during the nine months ended September 30, 1997
as compared to the nine months ended September 30, 1996.
The II-C Partnership recognized a non-cash charge against
earnings of $66,617 for the nine months ended September 30, 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,
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<PAGE>
1997 and $30,454 was related to impairment of unproved
properties. No similar charge was necessary during the nine
months ended September 30, 1996.
General and administrative expenses decreased $12,148 (7.4%) for
the nine months ended September 30, 1997 as compared to the nine
months ended September 30, 1996. This decrease resulted primarily
from a decrease in professional fees during the nine months ended
September 30, 1997 as compared to the nine months ended September
30, 1996. As a percentage of oil and gas sales, these expenses
remained relatively constant at 11.5% for the nine months ended
September 30, 1997 and 12.3% for the nine months ended September
30, 1996.
The Limited Partners have received cash distributions through
September 30, 1997 totaling $12,983,686 or 83.97% of Limited
Partners' capital contributions.
II-D PARTNERSHIP
THREE MONTHS ENDED SEPTEMBER 30, 1997 AS COMPARED TO THE THREE
MONTHS ENDED SEPTEMBER 30, 1996.
Three Months Ended September 30,
--------------------------------
1997 1996
-------- ----------
Oil and gas sales $865,030 $1,065,296
Oil and gas production expenses $308,799 $ 421,587
Barrels produced 13,570 17,261
Mcf produced 317,094 431,776
Average price/Bbl $ 17.24 $ 20.61
Average price/Mcf $ 1.99 $ 1.64
As shown in the above table, total oil and gas sales decreased
$200,266 (18.8%) for the three months ended September 30, 1997 as
compared to the three months ended September 30, 1996. Of this
decrease, approximately $76,000 and $188,000, respectively, were
related to decreases in volumes of oil and gas sold and
approximately $46,000 was related to a decrease in the average
price of oil sold, which decreases were partially offset by an
increase of approximately $111,000 related to an increase in the
average price of gas sold. Volumes of oil and gas sold decreased
3,691 barrels and 114,682 Mcf, respectively, for the three months
ended September 30, 1997 as compared to the three months ended
September 30, 1996. The decrease in volumes of oil sold resulted
primarily from the sale of one well late in 1996. The decrease
in volumes of gas sold resulted primarily from (i) positive prior
period volume adjustments by the purchasers on two wells during
the three months ended September 30, 1996, (ii) the sale of one
well in 1997, and (iii) normal declines in production due to
diminished gas reserves on two wells. Average oil prices
decreased to $17.24 per barrel for the three months ended
September 30, 1997 from $20.61 per barrel for the three months
ended September 30, 1996. Average gas prices increased to $1.99
per Mcf for the three months ended September 30, 1997 from $1.64
per Mcf for the three months ended September 30, 1996.
Oil and gas production expenses (including lease operating
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<PAGE>
<PAGE>
expenses and production taxes) decreased $112,788 (26.8%) for the
three months ended September 30, 1997 as compared to the three
months ended September 30, 1996. This decrease resulted
primarily from decreases in volumes of oil and gas sold during
the three months ended September 30, 1997 as compared to the
three months ended September 30, 1996. As a percentage of oil
and gas sales, these expenses decreased to 35.7% for the three
months ended September 30, 1997 from 39.6% for the three months
ended September 30, 1996. This percentage decrease was primarily
due to an increase in the average price of gas sold during the
three months ended September 30, 1997 as compared to the three
months ended September 30, 1996.
Depreciation, depletion, and amortization of oil and gas
properties decreased $93,735 (41.0%) for the three months ended
September 30, 1997 as compared to the three months ended
September 30, 1996. This decrease resulted primarily from
decreases in volumes of oil and gas sold during the three months
ended September 30, 1997 as compared to the three months ended
September 30, 1996. As a percentage of oil and gas sales, this
expense decreased to 15.6% for the three months ended September
30, 1997 from 21.5% for the three months ended September 30,
1996. This percentage decrease was primarily due to the increase
in the average price of gas sold during the three months ended
September 30, 1997 as compared to the three months ended
September 30, 1996.
General and administrative expenses decreased $31,239 (27.7%) for
the three months ended September 30, 1997 as compared to the
three months ended September 30, 1996. This decrease resulted
primarily from a decrease in professional fees during the three
months ended September 30, 1997 as compared to the three months
ended September 30, 1996. As a percentage of oil and gas sales,
these expenses decreased to 10.9% for the three months ended
September 30, 1997 from 12.2% for the three months ended
September 30, 1996. This percentage decrease was primarily due
to the dollar decrease in general and administrative expenses
discussed above.
NINE MONTHS ENDED SEPTEMBER 30, 1997 AS COMPARED TO THE NINE
MONTHS ENDED SEPTEMBER 30, 1996.
Nine Months Ended September 30,
-------------------------------
1997 1996
---------- ----------
Oil and gas sales $3,144,982 $3,145,240
Oil and gas production expenses $1,004,330 $1,409,905
Barrels produced 39,108 52,555
Mcf produced 1,076,384 1,263,831
Average price/Bbl $ 19.20 $ 19.28
Average price/Mcf $ 2.22 $ 1.69
As shown in the above table, total oil and gas sales remained
relatively constant for the nine months ended September 30, 1997
as compared to the nine months ended September 30, 1996. Any
increase in oil and gas sales caused by an increase of
approximately $570,000 related to an increase in the average
price of gas sold for the nine months ended September 30, 1997
compared to the nine months ended September 30, 1996 was offset
by decreases of approximately $259,000 and $308,000,
respectively, related to decreases in volumes of oil and gas sold
-48-
<PAGE>
<PAGE>
and approximately $3,000 related to a decrease in the average
price of oil sold during the nine months ended September 30, 1997
as compared to the nine months ended September 30, 1996. Volumes
of oil and gas sold decreased 13,447 barrels and 187,447 Mcf,
respectively, for the nine months ended September 30, 1997 as
compared to the nine months ended September 30, 1996. The
decrease in volumes of oil sold resulted primarily from (i) the
sale of one well during late 1996 and (ii) a negative prior
period volume adjustment by the purchaser on one well during the
nine months ended September 30, 1997. The decrease in volumes of
gas sold resulted primarily from (i) the sale of three wells in
late 1996 and early 1997, (ii) a positive prior period volume
adjustment made by the purchaser on one well during the nine
months ended September 30, 1996, and (iii) negative prior period
volume adjustments by the purchasers on two wells during the nine
months ended September 30, 1997. Average oil prices decreased to
$19.20 per barrel for the nine months ended September 30, 1997
from $19.28 per barrel for the nine months ended September 30,
1996. Average gas prices increased to $2.22 per Mcf for the nine
months ended September 30, 1997 from $1.69 per Mcf for the nine
months ended September 30, 1996.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $405,575 (28.8%) for the
nine months ended September 30, 1997 as compared to the nine
months ended September 30, 1996. This decrease resulted
primarily from (i) decreases in volumes of oil and gas sold
during the nine months ended September 30, 1997 as compared to
the nine months ended September 30, 1996 and (ii) a decrease in
production expenses due to the sale of one well in 1996. As a
percentage of oil and gas sales, these expenses decreased to
31.9% for the nine months ended September 30, 1997 from 44.8% for
the nine months ended September 30, 1996. This percentage
decrease was primarily due to the dollar decrease in production
expenses discussed above and the increase in the average price of
gas sold during the nine months ended September 30, 1997 as
compared to the nine months ended September 30, 1996.
Depreciation, depletion, and amortization of oil and gas
properties decreased $160,341 (26.6%) for the nine months ended
September 30, 1997 as compared to the nine months ended September
30, 1996. This decrease resulted primarily from decreases in
volumes of oil and gas sold during the nine months ended
September 30, 1997 as compared to the nine months ended September
30, 1996. As a percentage of oil and gas sales, these expenses
decreased to 14.1% for the nine months ended September 30, 1997
from 19.2% for the nine months ended September 30, 1996. This
percentage decrease was primarily due to the increase in the
average price of gas sold during the nine months ended September
30, 1997 as compared to the nine months ended September 30, 1996.
The II-D Partnership recognized a non-cash charge against
earnings of $143,957 for the nine months ended September 30,
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 nine
months ended September 30, 1996.
-49-
<PAGE>
<PAGE>
General and administrative expenses decreased $36,632 (10.5%) for
the nine months ended September 30, 1997 as compared to the nine
months ended September 30, 1996. The decrease resulted primarily
from a decrease in professional fees for the nine months ended
September 30, 1997 compared to the nine months ended September
30, 1996. As a percentage of oil and gas sales, these expenses
decreased to 9.9% for the nine months ended September 30, 1997
from 11.1% for the nine months ended September 30, 1996. This
percentage decrease was primarily due to the dollar decrease in
general and administrative expenses discussed above.
The Limited Partners have received cash distributions through
September 30, 1997 totaling $25,090,903 or 79.68% of Limited
Partners' capital contributions.
II-E PARTNERSHIP
THREE MONTHS ENDED SEPTEMBER 30, 1997 AS COMPARED TO THE THREE
MONTHS ENDED SEPTEMBER 30, 1996.
Three Months Ended September 30,
--------------------------------
1997 1996
-------- --------
Oil and gas sales $591,192 $748,193
Oil and gas production expenses $161,447 $248,256
Barrels produced 10,638 14,360
Mcf produced 197,851 258,832
Average price/Bbl $ 17.96 $ 20.74
Average price/Mcf $ 2.02 $ 1.74
As shown in the table above, total oil and gas sales decreased
$157,001 (21.0%) for the three months ended September 30, 1997 as
compared to the three months ended September 30, 1996. Of this
decrease, approximately $77,000 and $106,000, respectively, were
related to decreases in volumes of oil and gas sold and a
decrease of approximately $29,000 was related to a decrease in
the average price of oil sold, which decreases were partially
offset by an increase of approximately $55,000 related to an
increase in the average price of gas sold. Volumes of oil and
gas sold decreased 3,722 barrels and 60,981 Mcf, respectively,
for the three months ended September 30, 1997 as compared to the
three months ended September 30, 1996. The decrease in volumes
of oil sold resulted primarily from (i) the sale of one well in
late 1996 and (ii) a normal decline in production due to
diminished oil reserves on one well. The decrease in volumes of
gas sold resulted primarily from (i) positive prior period volume
adjustments by the purchasers on several wells during the three
months ended September 30, 1996 and (ii) the shutting-in of one
well due to mechanical difficulties for the three months ended
September 30, 1997. Average oil prices decreased to $17.96 per
barrel for the three months ended September 30, 1997 from $20.74
per barrel for the three months ended September 30, 1996, while
average gas prices increased to $2.02 per Mcf for the three
months ended September 30, 1997 from $1.74 per Mcf for the three
months ended September 30, 1996.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $86,809 (35.0%) for the
three months ended September 30, 1997 as compared to the three
months ended September 30, 1996. This decrease was primarily a
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<PAGE>
<PAGE>
result of (i) decreases in volumes of oil and gas sold and (ii) a
decrease in production expenses due to the sale of one well in
1996. As a percentage of oil and gas sales, these expenses
decreased to 27.3% for the three months ended September 30, 1997
from 33.2% for the three months ended September 30, 1996. This
percentage decrease was primarily due to the increase in the
average price of gas sold during the three months ended September
30, 1997 as compared to the three months ended September 30,
1996.
Depreciation, depletion, and amortization of oil and gas
properties decreased $99,747 (39.2%) for the three months ended
September 30, 1997 as compared to the three months ended
September 30, 1996. This decrease resulted primarily from (i)
upward revisions in the estimates of remaining oil and gas
reserves at December 31, 1996 and (ii) decreases in volumes of
oil and gas sold during the three months ended September 30, 1997
as compared to the three months ended September 30, 1996. As a
percentage of oil and gas sales, this expense decreased to 26.1%
for the three months ended September 30, 1997 from 34.0% for the
three months ended September 30, 1996. This percentage decrease
was primarily due to the dollar decrease in depreciation,
depletion, and amortization discussed above and the increase in
the average price of gas sold during the three months ended
September 30, 1997 as compared to the three months ended
September 30, 1996.
General and administrative expenses decreased $51,048 (50.5%) for
the three months ended September 30, 1997 as compared to the
three months ended September 30, 1996. This decrease resulted
primarily from a decrease in professional fees during the three
months ended September 30, 1997 as compared to the three months
ended September 30, 1996. As a percentage of oil and gas sales,
these expenses decreased to 8.5% for the three months ended
September 30, 1997 from 13.5% for the three months ended
September 30, 1996. This percentage decrease was primarily due
to the dollar decrease in general and administrative expenses
discussed above.
NINE MONTHS ENDED SEPTEMBER 30, 1997 AS COMPARED TO THE NINE
MONTHS ENDED SEPTEMBER 30, 1996.
Nine Months Ended September 30,
-------------------------------
1997 1996
---------- ----------
Oil and gas sales $1,971,161 $2,121,611
Oil and gas production expenses $ 670,416 $ 782,953
Barrels produced 33,798 43,642
Mcf produced 594,549 725,498
Average price/Bbl $ 19.41 $ 19.67
Average price/Mcf $ 2.21 $ 1.74
As shown in the table above, total oil and gas sales decreased
$150,450 (7.1%) for the nine months ended September 30, 1997 as
compared to the nine months ended September 30, 1996. Of this
decrease, approximately $193,000 and $228,000, respectively, were
related to decreases in volumes of oil and gas sold and
approximately $8,000 was related to the decrease in the average
price of oil sold for the nine months ended September 30, 1997 as
compared to the nine months ended September 30, 1996, which
decreases were partially offset by an increase of approximately
-51-
<PAGE>
<PAGE>
$279,000 due to the increase in the average price of gas sold.
Volumes of oil and gas sold decreased 9,844 barrels and 130,949
Mcf, respectively, for the nine months ended September 30, 1997
as compared to the nine months ended September 30, 1996. The
decrease in volumes of oil sold was primarily a result of (i) the
sale of one well in late 1996 and (ii) the shutting-in of one
well due to mechanical difficulties in early 1997. The decrease
in volumes of gas sold was primarily a result of (i) negative
prior period volume adjustments by the purchasers on several
wells during the nine months ended September 30, 1997 and (ii)
the shutting-in of two wells due to mechanical difficulties in
early 1997. Average oil prices decreased to $19.41 per barrel
for the nine months ended September 30, 1997 from $19.67 per
barrel for the nine months ended September 30, 1996, while
average gas prices increased to $2.21 per Mcf for the nine months
ended September 30, 1996 from $1.74 per Mcf for the nine months
ended September 30, 1996.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $112,537 (14.4%) for the
nine months ended September 30, 1997 as compared to the nine
months ended September 30, 1996. This decrease resulted
primarily from decreases in volumes of oil and gas sold during
the nine months ended September 30, 1997 as compared to the nine
months ended September 30, 1996. As a percentage of oil and gas
sales, these expenses decreased to 34.0% for the nine months
ended September 30, 1997 from 36.9% for the nine months ended
September 30, 1996. This percentage decrease was primarily due to
the increase in the average price of gas sold during the nine
months ended September 30, 1997 as compared to the nine months
ended September 30, 1996.
Depreciation, depletion, and amortization of oil and gas
properties decreased $256,915 (35.3%) for the nine months ended
September 30, 1997 as compared to the nine months ended September
30, 1996. This decrease resulted primarily from (i) upward
revisions in the estimates of remaining oil and gas reserves at
December 31, 1996 and (ii) decreases in volumes of oil and gas
sold during the nine months ended September 30, 1997 as compared
to the nine months ended September 30, 1996. As a percentage of
oil and gas sales, this expense decreased to 23.9% for the nine
months ended September 30, 1997 from 34.3% for the nine months
ended September 30, 1996. This percentage decrease was primarily
due to the dollar decrease in depreciation, depletion, and
amortization discussed above and the increase in the average
price of gas sold during the nine months ended September 30, 1997
as compared to the nine months ended September 30, 1996.
The II-E Partnership recognized a non-cash charge against
earnings of $992,851 for the nine months ended September 30,
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 nine months ended
September 30, 1996.
-52-
<PAGE>
<PAGE>
General and administrative expenses decreased $71,788 (22.2%) for
the nine months ended September 30, 1997 as compared to the nine
months ended September 30, 1996. This decrease resulted
primarily from a decrease in professional fees during the nine
months ended September 30, 1997 as compared to the nine months
ended September 30, 1996. As a percentage of oil and gas sales,
these expenses decreased to 12.7% for the nine months ended
September 30, 1997 from 15.2% for the nine months ended September
30, 1996. This percentage decrease was primarily due to the
dollar decrease in general and administrative expenses discussed
above.
The Limited Partners have received cash distributions through
September 30, 1997 totaling $14,725,574 or 64.35% of Limited
Partners' capital contributions.
II-F PARTNERSHIP
THREE MONTHS ENDED SEPTEMBER 30, 1997 AS COMPARED TO THE THREE
MONTHS ENDED SEPTEMBER 30, 1996.
Three Months Ended September 30,
--------------------------------
1997 1996
-------- --------
Oil and gas sales $498,151 $563,030
Oil and gas production expenses $ 94,319 $124,717
Barrels produced 11,202 10,504
Mcf produced 149,512 191,942
Average price/Bbl $ 17.66 $ 20.89
Average price/Mcf $ 2.01 $ 1.79
As shown in the above table, total oil and gas sales decreased
$64,879 (11.5%) for the three months ended September 30, 1997 as
compared to the three months ended September 30, 1996. Of this
decrease, approximately $75,000 and $36,000, respectively, were
related to decreases in both volumes of gas sold and the average
price of oil sold, which amounts were partially offset by
increases of approximately $15,000 and $33,000, respectively,
related to increases in both volumes of oil sold and the average
price of gas sold. Volumes of oil sold increased 698 barrels,
while volumes of gas sold decreased 42,430 Mcf for the three
months ended September 30, 1997 as compared to the three months
ended September 30, 1996. The decrease in volumes of gas sold
resulted primarily from (i) positive prior period volume
adjustments made by the purchasers on several wells during the
three months ended September 30, 1996, (ii) negative prior period
volume adjustments made by purchasers on three wells during the
three months ended September 30, 1997, and (iii) a normal decline
in production due to diminished gas reserves on one well.
Average oil prices decreased to $17.66 per barrel for the three
months ended September 30, 1997 from $20.89 per barrel for the
three months ended September 30, 1996. Average gas prices
increased to $2.01 per Mcf for the three months ended September
30, 1997 from $1.79 per Mcf for the three months ended September
30, 1996.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $30,398 (24.4%) for the
three months ended September 30, 1997 as compared to the three
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<PAGE>
<PAGE>
months ended September 30, 1996. This decrease resulted
primarily from (i) the sale of four wells during late 1996, (ii)
decreases in general repairs and maintenance expenses on two
wells during the three months ended September 30, 1997 as
compared to the three months ended September 30, 1996, and (iii)
the decrease in volumes of gas sold during the three months ended
September 30, 1997 as compared to the three months ended
September 30, 1996. As a percentage of oil and gas sales, these
expenses decreased to 18.9% for the three months ended September
30, 1997 from 22.2% for the three months ended September 30,
1996. This percentage decrease was primarily due to the increase
in the average price of gas sold during the three months ended
September 30, 1997 as compared to the three months ended
September 30, 1996.
Depreciation, depletion, and amortization of oil and gas
properties decreased $40,792 (28.5%) for the three months ended
September 30, 1997 as compared to the three months ended
September 30, 1996. This decrease resulted primarily from (i)
upward revisions in the estimates of remaining oil and gas
reserves at December 31, 1996 and (ii) the decrease in volumes of
gas sold during the three months ended September 30, 1997 as
compared to the three months ended September 30, 1996. As a
percentage of oil and gas sales, these expenses decreased to
20.6% for the three months ended September 30, 1997 from 25.5%
for the three months ended September 30, 1996. This percentage
decrease was primarily due to the dollar decrease in
depreciation, depletion, and amortization discussed above and the
increase in the average price of gas sold during the three months
ended September 30, 1997 as compared to the three months ended
September 30, 1996.
General and administrative expenses remained relatively constant
for the three months ended September 30, 1997 as compared to the
three months ended September 30, 1996. As a percentage of oil
and gas sales, these expenses remained relatively constant at
9.7% for the three months ended September 30, 1997 and 8.8% for
the three months ended September 30, 1996.
NINE MONTHS ENDED SEPTEMBER 30, 1997 AS COMPARED TO THE NINE
MONTHS ENDED SEPTEMBER 30, 1996.
Nine Months Ended September 30,
-------------------------------
1997 1996
---------- ----------
Oil and gas sales $1,674,566 $1,794,471
Oil and gas production expenses $ 356,815 $ 428,421
Barrels produced 35,072 36,741
Mcf produced 440,529 604,664
Average price/Bbl $ 18.92 $ 19.14
Average price/Mcf $ 2.30 $ 1.80
As shown in the above table, total oil and gas sales decreased
$119,905 (6.7%) for the nine months ended September 30, 1997 as
compared to the nine months ended September 30, 1996. Of this
decrease, approximately $32,000 and $295,000, respectively, were
related to decreases in volumes of oil and gas sold, which
decreases were partially offset by an increase of approximately
$220,000 related to the increase in the average price of gas
sold. Volumes of oil and gas sold decreased 1,669 barrels and
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<PAGE>
<PAGE>
164,135 Mcf, respectively, for the nine months ended September
30, 1997 as compared to the nine months ended September 30, 1996.
The decrease in volumes of gas sold resulted primarily from (i)
positive prior period volume adjustments made by the purchasers
on several wells during the nine months ended September 30, 1996,
(ii) negative prior period volume adjustments made by purchasers
on three wells during the nine months ended September 30, 1997,
(iii) the sale of one well during 1997 and (iv) a normal decline
in production due to diminished gas reserves on one well.
Average oil prices decreased to $18.92 per barrel for the nine
months ended September 30, 1997 from $19.14 per barrel for the
nine months ended September 30, 1996. Average gas prices
increased to $2.30 per Mcf for the nine months ended September
30, 1997 from $1.80 per Mcf for the nine months ended September
30, 1996.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $71,606 (16.7%) for the
nine months ended September 30, 1997 as compared to the nine
months ended September 30, 1996. This decrease resulted
primarily from decreases in volumes of oil and gas sold during
the nine months ended September 30, 1997 as compared to the nine
months ended September 30, 1996. As a percentage of oil and gas
sales, these expenses decreased to 21.3% for the nine months
ended September 30, 1997 from 23.9% for the nine months ended
September 30, 1996. This percentage decrease was primarily due to
the increase in the average price of gas sold during the nine
months ended September 30, 1997 as compared to the nine months
ended September 30, 1996.
Depreciation, depletion, and amortization of oil and gas
properties decreased $156,688 (33.7%) for the nine months ended
September 30, 1997 as compared to the nine months ended September
30, 1996. This decrease resulted primarily from (i) upward
revisions in the estimates of remaining oil and gas reserves at
December 31, 1996 and (ii) decreases in volumes of oil and gas
sold during the nine months ended September 30, 1997 as compared
to the nine months ended September 30, 1996. As a percentage of
oil and gas sales, these expenses decreased to 18.4% for the nine
months ended September 30, 1997 from 25.9% for the nine months
ended September 30, 1996. This percentage decrease was primarily
due to the dollar decrease in depreciation, depletion, and
amortization discussed above and the increase in the average
price of gas sold during the nine months ended September 30, 1997
as compared to the nine months ended September 30, 1996.
The II-F Partnership recognized a non-cash charge against
earnings of $1,377,160 for the nine months ended September 30,
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 nine months ended
September 30, 1996.
General and administrative expenses remained relatively constant
for the nine months ended September 30, 1997 as compared to the
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<PAGE>
<PAGE>
nine months ended September 30, 1996. As a percentage of oil and
gas sales, these expenses remained relatively constant at 9.4%
for the nine months ended September 30, 1997 and 8.7% for the
nine months ended September 30, 1996.
The Limited Partners have received cash distributions through
September 30, 1997 totaling $14,588,051 or 85.11% of Limited
Partners' capital contributions.
II-G PARTNERSHIP
THREE MONTHS ENDED SEPTEMBER 30, 1997 AS COMPARED TO THE THREE
MONTHS ENDED SEPTEMBER 30, 1996.
Three Months Ended September 30,
--------------------------------
1997 1996
---------- ----------
Oil and gas sales $1,057,832 $1,190,247
Oil and gas production expenses $ 201,928 $ 269,949
Barrels produced 23,506 22,039
Mcf produced 318,866 410,340
Average price/Bbl $ 17.66 $ 20.90
Average price/Mcf $ 2.02 $ 1.78
As shown in the above table, total oil and gas sales decreased
$132,412 (11.1%) for the three months ended September 30, 1997 as
compared to the three months ended September 30, 1996. Of this
decrease, approximately $163,000 and $76,000, respectively, were
related to decreases in both volumes of gas sold and the average
price of oil sold, which decreases were partially offset by
increases of approximately $31,000 and $77,000, respectively,
related to increases in volumes of oil sold and the average price
of gas sold. Volumes of oil sold increased 1,467 barrels, while
volumes of gas sold decreased 91,474 Mcf for the three months
ended September 30, 1997 as compared to the three months ended
September 30, 1996. The decrease in volumes of gas sold resulted
primarily from (i) positive prior period volume adjustments made
by the purchasers on several wells during the three months ended
September 30, 1996 and (ii) negative prior period volume
adjustments made by the purchasers on three other wells during
the three months ended September 30, 1997. Average oil prices
decreased to $17.66 per barrel for the three months ended
September 30, 1997 from $20.90 per barrel for the three months
ended September 30, 1996. Average gas prices increased to $2.02
per Mcf for the three months ended September 30, 1997 from $1.78
per Mcf for the three months ended September 30, 1996.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $68,021 (25.2%) for the
three months ended September 30, 1997 as compared to the three
months ended September 30, 1996. This decrease resulted
primarily from (i) a decrease in volumes of gas sold during the
three months ended September 30, 1997 as compared to the three
months ended September 30, 1996, (ii) the sale of several wells
during 1996, (iii) a positive prior period volume adjustment made
by the purchaser on one well during during the three months ended
September 30, 1996 and (iv) decreases in general repairs and
maintenance expenses on three wells during the three months ended
September 30, 1997 as compared to the three months ended
September 30, 1996. As a percentage of oil and gas sales, these
-56-
<PAGE>
<PAGE>
expenses decreased to 19.1% for the three months ended September
30, 1997 from 22.7% for the three months ended September 30,
1996. This percentage decrease was primarily due to the increase
in the average price of gas sold during the three months ended
September 30, 1997 as compared to the three months ended
September 30, 1996.
Depreciation, depletion, and amortization of oil and gas
properties decreased $105,206 (32.0%) for the three months ended
September 30, 1997 as compared to the three months ended
September 30, 1996. This decrease resulted primarily from (i)
upward revisions in the estimates of remaining oil and gas
reserves at December 31, 1996 and (ii) the decrease in volumes of
gas sold during the three months ended September 30, 1997 as
compared to the three months ended September 30, 1996. As a
percentage of oil and gas sales, this expense decreased to 21.1%
for the three months ended September 30, 1997 from 27.6% for the
three months ended September 30, 1996. This percentage decrease
was primarily due to the dollar decrease in depreciation,
depletion, and amortization discussed above and the increase in
the average price of gas sold during the three months ended
September 30, 1997 as compared to the three months ended
September 30, 1996.
General and administrative expenses remained relatively constant
for the three months ended September 30, 1997 as compared to the
three months ended September 30, 1996. As a percentage of oil
and gas sales, these expenses remained relatively constant at
9.9% for the three months ended September 30, 1997 and 9.1% for
the three months ended September 30, 1996.
NINE MONTHS ENDED SEPTEMBER 30, 1997 AS COMPARED TO THE NINE
MONTHS ENDED SEPTEMBER 30, 1996.
Nine Months Ended September 30,
-------------------------------
1997 1996
---------- ----------
Oil and gas sales $3,575,321 $3,807,146
Oil and gas production expenses $ 775,531 $ 930,655
Barrels produced 73,655 77,229
Mcf produced 945,548 1,295,413
Average price/Bbl $ 18.92 $ 19.15
Average price/Mcf $ 2.31 $ 1.80
As shown in the above table, total oil and gas sales decreased
$231,825 (6.1%) for the nine months ended September 30, 1997 as
compared to the nine months ended September 30, 1996. Of this
decrease, approximately $68,000 and $630,000, respectively, were
related to decreases in volumes of oil and gas sold and
approximately $17,000 was related to the decrease in the average
price of oil sold, which decreases were partially offset by an
increase of approximately $482,000 related to the increase in the
average price of gas sold. Volumes of oil and gas sold decreased
3,574 barrels and 349,865 Mcf, respectively, for the nine months
ended September 30, 1997 as compared to the nine months ended
September 30, 1996. The decrease in volumes of gas sold resulted
primarily from (i) positive prior period volume adjustments made
by the purchasers on several wells during the nine months ended
September 30, 1996 and (ii) negative prior period volume
adjustments made by purchasers on two wells during the nine
-57-
<PAGE>
<PAGE>
months ended September 30, 1997. Average oil prices decreased to
$18.92 per barrel for the nine months ended September 30, 1997
from $19.15 per barrel for the nine months ended September 30,
1996. Average gas prices increased to $2.31 per Mcf for the nine
months ended September 30, 1997 from $1.80 per Mcf for the nine
months ended September 30, 1996.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $155,124 (16.7%) for the
nine months ended September 30, 1997 as compared to the nine
months ended September 30, 1996. This decrease resulted
primarily from decreases in volumes of oil and gas sold during
the nine months ended September 30, 1997 as compared to the nine
months ended September 30, 1996. As a percentage of oil and gas
sales, these expenses decreased to 21.7% for the nine months
ended September 30, 1997 from 24.4% for the nine months ended
September 30, 1996. This percentage decrease was primarily due to
the increase in the average price of gas sold during the nine
months ended September 30, 1997 as compared to the nine months
ended September 30, 1996.
Depreciation, depletion, and amortization of oil and gas
properties decreased $391,140 (36.8%) for the nine months ended
September 30, 1997 as compared to the nine months ended September
30, 1996. This decrease resulted primarily from (i) upward
revisions in the estimates of remaining oil and gas reserves at
December 31, 1996 and (ii) decreases in volumes of oil and gas
sold during the nine months ended September 30, 1997 as compared
to the nine months ended September 30, 1996. As a percentage of
oil and gas sales, these expenses decreased to 18.8% for the nine
months ended September 30, 1997 from 27.9% for the nine months
ended September 30, 1996. This percentage decrease was primarily
due to the dollar decrease in depreciation, depletion, and
amortization discussed above and the increase in the average
price of gas sold during the nine months ended September 30, 1997
as compared to the nine months ended September 30, 1996.
The II-G Partnership recognized a non-cash charge against
earnings of $3,101,656 for the nine months ended September 30,
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 nine months ended
September 30, 1996.
General and administrative expenses remained relatively constant
for the nine months ended September 30, 1997 as compared to the
nine months ended September 30, 1996. As a percentage of oil and
gas sales, these expenses remained relatively constant at 9.6%
for the nine months ended September 30, 1997 and 8.9% for the
nine months ended September 30, 1996.
The Limited Partners have received cash distributions through
September 30, 1997 totaling $29,974,371 or 80.54% of Limited
Partners' capital contributions.
-58-
<PAGE>
<PAGE>
II-H PARTNERSHIP
THREE MONTHS ENDED SEPTEMBER 30, 1997 AS COMPARED TO THE THREE
MONTHS ENDED SEPTEMBER 30, 1996.
Three Months Ended September 30,
--------------------------------
1997 1996
-------- --------
Oil and gas sales $251,228 $282,932
Oil and gas production expenses $ 48,760 $ 66,715
Barrels produced 5,463 5,122
Mcf produced 76,662 100,841
Average price/Bbl $ 17.66 $ 20.87
Average price/Mcf $ 2.02 $ 1.75
As shown in the table above, total oil and gas sales decreased
$31,704 (11.2%) for the three months ended September 30, 1997 as
compared to the three months ended September 30, 1996. Of this
decrease, approximately $42,000 was related to a decrease in
volumes of gas sold and approximately $17,000 was related to a
decrease in the average price of oil sold, which decreases were
partially offset by an increase of (i) approximately $7,000
related to an increase in volumes of oil sold and (ii)
approximately $20,000 related to the increase in the average
price of gas sold. Volumes of oil sold increased 341 barrels and
volumes of gas sold decreased 24,179 Mcf for the three months
ended September 30, 1997 as compared to the three months ended
September 30, 1996. The decrease in volumes of gas sold resulted
primarily from (i) positive prior period volume adjustments by
the purchasers on several wells during the three months ended
September 30, 1996, (ii) a negative prior period volume
adjustment on one well during the three months ended September
30, 1997, and (iii) the sale of several wells in 1996 and early
1997. Average oil prices decreased to $17.66 per barrel for the
three months ended September 30, 1997 from $20.87 per barrel for
the three months ended September 30, 1996, while average gas
prices increased to $2.02 per Mcf for the three months ended
September 30, 1997 from $1.75 per Mcf for the three months ended
September 30, 1996.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $17,955 (26.9%) for the
three months ended September 30, 1997 as compared to the three
months ended September 30, 1996. This decrease resulted
primarily from (i) a decrease in volumes of gas sold during the
three months ended September 30, 1997 as compared to the three
months ended September 30, 1996, (ii) downhole pump repair on one
well during the three months ended September 30, 1996, and (iii)
equipment repairs during the three months ended September 30,
1996 and a decrease in saltwater disposal expenses for the three
months ended September 30, 1997 as compared to the three months
ended September 30, 1996 on another well. As a percentage of oil
and gas sales, these expenses decreased to 19.4% for the three
months ended September 30, 1997 from 23.6% for the three months
ended September 30, 1996. This percentage decrease was primarily
due to the increase in the average price of gas sold during the
three months ended September 30, 1997 as compared to the three
months ended September 30, 1996.
Depreciation, depletion, and amortization of oil and gas
-59-
<PAGE>
<PAGE>
properties decreased $28,022 (34.6%) for the three months ended
September 30, 1997 as compared to the three months ended
September 30, 1996. This decrease resulted primarily from (i)
upward revisions in the estimates of remaining oil and gas
reserves at December 31, 1996 and (ii) a decrease in volumes of
gas sold during the three months ended September 30, 1997 as
compared to the three months ended September 30, 1996. As a
percentage of oil and gas sales, this expense decreased to 21.1%
for the three months ended September 30, 1997 from 28.6% for the
three months ended September 30, 1996. This percentage decrease
was primarily due to the dollar decrease in depreciation,
depletion, and amortization discussed above and the increase in
the average price of gas sold during the three months ended
September 30, 1997 as compared to the three months ended
September 30, 1996.
General and administrative expenses remained relatively constant
for the three months ended September 30, 1997 as compared to the
three months ended September 30, 1996. As a percentage of oil
and gas sales, these expenses increased to 10.3% for the three
months ended September 30, 1997 from 12.2% for the three months
ended September 30, 1996. This percentage increase was primarily
due to the decrease in oil and gas sales discussed above.
NINE MONTHS ENDED SEPTEMBER 30, 1997 AS COMPARED TO THE NINE
MONTHS ENDED SEPTEMBER 30, 1996.
Nine Months Ended September 30,
-------------------------------
1997 1996
-------- --------
Oil and gas sales $861,261 $909,731
Oil and gas production expenses $192,891 $230,938
Barrels produced 17,129 17,978
Mcf produced 230,796 319,009
Average price/Bbl $ 18.92 $ 19.16
Average price/Mcf $ 2.33 $ 1.77
As shown in the table above, total oil and gas sales decreased
$48,470 (5.3%) for the nine months ended September 30, 1997 as
compared to the nine months ended September 30, 1996. Of this
decrease, approximately $16,000 and $156,000, respectively, were
related to decreases in volumes of oil and gas sold for the nine
months ended September 30, 1997 compared to the nine months ended
September 30, 1996 and approximately $4,000 was related the
decrease in the average price of oil sold, which decreases were
partially offset by the increase of approximately $129,000
related to the increase in the average price of gas sold.
Volumes of oil and gas sold decreased 849 barrels and 88,213 Mcf,
respectively, for the nine months ended September 30, 1997 as
compared to the nine months ended September 30, 1996. The
decrease in volumes of gas sold resulted primarily from (i)
positive prior period volume adjustments made by the purchasers
on several wells during the nine months ended September 30, 1996,
(ii) negative prior period volume adjustments by the purchasers
on two wells during the nine months ended September 30, 1997, and
(iii) the sale of several wells in 1996 and early 1997. Average
oil prices decreased to $18.92 per barrel for the nine months
ended September 30, 1997 from $19.16 per barrel for the nine
months ended September 30, 1996, while average gas prices
increased to $2.33 per Mcf for the nine months ended September
30, 1997 from $1.77 per Mcf for the nine months ended September
-60-
<PAGE>
<PAGE>
30, 1996.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $38,047 (16.5%) for the
nine months ended September 30, 1997 as compared to the nine
months ended September 30, 1996. This decrease resulted
primarily from decreases in volumes of oil and gas sold during
the nine months ended September 30, 1997 as compared to the nine
months ended September 30, 1996. As a percentage of oil and gas
sales, these expenses decreased to 22.4% for the nine months
ended September 30, 1997 from 25.4% for the nine months ended
September 30, 1996. This percentage decrease was primarily due
to the increase in the average price of gas sold during the nine
months ended September 30, 1997 as compared to the nine months
ended September 30, 1996.
Depreciation, depletion, and amortization of oil and gas
properties decreased $101,303 (38.6%) for the nine months ended
September 30, 1997 as compared to the nine months ended September
30, 1996. This decrease resulted primarily from decreases in
volumes of oil and gas sold during the nine months ended
September 30, 1997 as compared to the nine months ended September
30, 1996. As a percentage of oil and gas sales, these expenses
decreased to 18.7% for the nine months ended September 30, 1997
from 28.9% for the nine months ended September 30, 1996. This
percentage decrease was primarily due to the increase in the
average price of gas sold during the nine months ended September
30, 1997 as compared to the nine months ended September 30, 1996.
The II-H Partnership recognized a non-cash charge against
earnings of $785,220 for the nine months ended September 30,
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 nine months ended
September 30, 1996.
General and administrative expenses remained relatively constant
for the nine months ended September 30, 1997 as compared to the
nine months ended September 30, 1996. As a percentage of oil and
gas sales, these expenses remained relatively constant at 9.8%
for the nine months ended September 30, 1997 and 9.2% for the
nine months ended September 30, 1996.
The Limited Partners have received cash distributions through
September 30, 1997 totaling $6,978,364 or 76.09% of Limited
Partners' capital contributions.
-61-
<PAGE>
<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 September 30, 1997 and for
the nine months ended September 30, 1997, filed
herewith.
27.2 Financial Data Schedule containing summary financial
information extracted from the II-B Partnership's
financial statements as of September 30, 1997 and for
the nine months ended September 30, 1997, filed
herewith.
27.3 Financial Data Schedule containing summary financial
information extracted from the II-C Partnership's
financial statements as of September 30, 1997 and for
the nine months ended September 30, 1997, filed
herewith.
27.4 Financial Data Schedule containing summary financial
information extracted from the II-D Partnership's
financial statements as of September 30, 1997 and for
the nine months ended September 30, 1997, filed
herewith.
27.5 Financial Data Schedule containing summary financial
information extracted from the II-E Partnership's
financial statements as of September 30, 1997 and for
the nine months ended September 30, 1997, filed
herewith.
27.6 Financial Data Schedule containing summary financial
information extracted from the II-F Partnership's
financial statements as of September 30, 1997 and for
the nine months ended September 30, 1997, filed
herewith.
27.7 Financial Data Schedule containing summary financial
information extracted from the II-G Partnership's
financial statements as of September 30, 1997 and for
the nine months ended September 30, 1997, filed
herewith.
27.8 Financial Data Schedule containing summary financial
information extracted from the II-H Partnership's
financial statements as of September 30, 1997 and for
the nine months ended September 30, 1997, filed
herewith.
All other exhibits are omitted as inapplicable.
(b) Reports on Form 8-K:
None.
-62-
<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: November 13, 1997 By: /s/Dennis R. Neill
------------------------------
(Signature)
Dennis R. Neill
President
Date: November 13, 1997 By: /s/Patrick M. Hall
-------------------------------
(Signature)
Patrick M. Hall
Principal Accounting Officer
-63-
<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 September 30,
1997 and for the nine months ended September 30, 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 September 30,
1997 and for the nine months ended September 30, 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 September 30,
1997 and for the nine months ended September 30, 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 September 30,
1997 and for the nine months ended September 30, 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 September 30,
1997 and for the nine months ended September 30, 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 September 30,
1997 and for the nine months ended September 30, 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 September 30,
1997 and for the nine months ended September 30, 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 September 30,
1997 and for the nine months ended September 30, 1997, filed
herewith.
All other exhibits are omitted as inapplicable.
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000824894
<NAME> GEODYNE ENERGY INCOME LTD PARTNERSHIP II-A
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> SEP-30-1997
<CASH> 704,218
<SECURITIES> 0
<RECEIVABLES> 804,287
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 1,508,505
<PP&E> 32,247,592
<DEPRECIATION> 27,216,403
<TOTAL-ASSETS> 7,487,911
<CURRENT-LIABILITIES> 224,948
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 7,104,280
<TOTAL-LIABILITY-AND-EQUITY> 7,487,911
<SALES> 4,185,360
<TOTAL-REVENUES> 4,270,873
<CGS> 0
<TOTAL-COSTS> 3,057,801
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 1,213,072
<INCOME-TAX> 0
<INCOME-CONTINUING> 1,213,072
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,213,072
<EPS-PRIMARY> 2.28
<EPS-DILUTED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000826345
<NAME> GEODYNE ENERGY INCOME LTD. PARTNERSHIP II-B
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> SEP-30-1997
<CASH> 492,664
<SECURITIES> 0
<RECEIVABLES> 530,431
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 1,023,095
<PP&E> 22,202,493
<DEPRECIATION> 18,985,999
<TOTAL-ASSETS> 4,399,693
<CURRENT-LIABILITIES> 98,050
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 4,215,444
<TOTAL-LIABILITY-AND-EQUITY> 4,399,692
<SALES> 2,844,739
<TOTAL-REVENUES> 2,915,406
<CGS> 0
<TOTAL-COSTS> 2,172,243
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 743,163
<INCOME-TAX> 0
<INCOME-CONTINUING> 743,163
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 743,163
<EPS-PRIMARY> 1.85
<EPS-DILUTED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000833054
<NAME> GEODYNE ENERGY INCOME LTD. PARTNERSHIP II-C
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> SEP-30-1997
<CASH> 253,349
<SECURITIES> 0
<RECEIVABLES> 250,187
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 503,536
<PP&E> 10,114,479
<DEPRECIATION> 8,323,706
<TOTAL-ASSETS> 2,459,262
<CURRENT-LIABILITIES> 43,727
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 2,346,387
<TOTAL-LIABILITY-AND-EQUITY> 2,459,262
<SALES> 1,316,380
<TOTAL-REVENUES> 1,424,675
<CGS> 0
<TOTAL-COSTS> 762,763
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 661,912
<INCOME-TAX> 0
<INCOME-CONTINUING> 661,912
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 661,912
<EPS-PRIMARY> 4.01
<EPS-DILUTED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000833526
<NAME> GEODYNE ENERGY INCOME LTD. PARTNERSHIP II-D
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> SEP-30-1997
<CASH> 595,297
<SECURITIES> 0
<RECEIVABLES> 612,534
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 1,207,831
<PP&E> 19,636,152
<DEPRECIATION> 15,893,129
<TOTAL-ASSETS> 5,813,993
<CURRENT-LIABILITIES> 206,972
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 5,340,239
<TOTAL-LIABILITY-AND-EQUITY> 5,813,993
<SALES> 3,144,982
<TOTAL-REVENUES> 3,264,974
<CGS> 0
<TOTAL-COSTS> 1,903,328
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 1,361,646
<INCOME-TAX> 0
<INCOME-CONTINUING> 1,361,646
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,361,646
<EPS-PRIMARY> 4.04
<EPS-DILUTED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000842881
<NAME> GEODYNE ENERGY INCOME LTD. PARTNERSHIP II-E
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> SEP-30-1997
<CASH> 529,568
<SECURITIES> 0
<RECEIVABLES> 399,132
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 928,700
<PP&E> 15,792,474
<DEPRECIATION> 12,892,276
<TOTAL-ASSETS> 4,184,543
<CURRENT-LIABILITIES> 212,341
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 3,912,968
<TOTAL-LIABILITY-AND-EQUITY> 4,184,543
<SALES> 1,971,161
<TOTAL-REVENUES> 2,039,880
<CGS> 0
<TOTAL-COSTS> 2,384,956
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (345,076)
<INCOME-TAX> 0
<INCOME-CONTINUING> (345,076)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (345,076)
<EPS-PRIMARY> (1.68)
<EPS-DILUTED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000850506
<NAME> GEODYNE ENERGY INCOME LTD. PARTNERSHIP II-F
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> SEP-30-1997
<CASH> 357,481
<SECURITIES> 0
<RECEIVABLES> 368,587
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 726,068
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