SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarter ended March 31, 2000
Commission File Number:
II-A: 0-16388 II-D: 0-16980 II-G: 0-17802
II-B: 0-16405 II-E: 0-17320 II-H: 0-18305
II-C: 0-16981 II-F: 0-17799
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
of incorporation or Number)
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 such filing
requirements for the past 90 days.
Yes X No
------ ------
-1-
<PAGE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-A
GEODYNE PRODUCTION PARTNERSHIP II-A
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
2000 1999
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 641,726 $ 723,978
Accounts receivable:
Oil and gas sales 769,904 702,392
---------- ----------
Total current assets $1,411,630 $1,426,370
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 3,447,275 3,541,487
DEFERRED CHARGE 732,855 732,855
---------- ----------
$5,591,760 $5,700,712
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 88,569 $ 112,953
Gas imbalance payable 123,801 123,801
---------- ----------
Total current liabilities $ 212,370 $ 236,754
ACCRUED LIABILITY $ 221,438 $ 221,438
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 353,035) ($ 380,195)
Limited Partners, issued and
outstanding, 484,283 units 5,510,987 5,622,715
---------- ----------
Total Partners' capital $5,157,952 $5,242,520
---------- ----------
$5,591,760 $5,700,712
========== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-2-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-A
GEODYNE PRODUCTION PARTNERSHIP II-A
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
(Unaudited)
2000 1999
---------- --------
REVENUES:
Oil and gas sales $1,239,736 $659,163
Interest income 7,935 2,069
---------- --------
$1,247,671 $661,232
COSTS AND EXPENSES:
Lease operating $ 317,978 $300,920
Production tax 59,884 30,240
Depreciation, depletion, and
amortization of oil and gas
properties 134,920 144,852
General and administrative
(Note 2) 173,088 172,058
---------- --------
$ 685,870 $648,070
---------- --------
NET INCOME $ 561,801 $ 13,162
========== ========
GENERAL PARTNER - NET INCOME $ 67,529 $ 6,349
========== ========
LIMITED PARTNERS - NET INCOME $ 494,272 $ 6,813
========== ========
NET INCOME per unit $ 1.02 $ .01
========== ========
UNITS OUTSTANDING 484,283 484,283
========== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-3-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-A
GEODYNE PRODUCTION PARTNERSHIP II-A
COMBINED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
(Unaudited)
2000 1999
---------- --------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $561,801 $ 13,162
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation, depletion, and
amortization of oil and gas
properties 134,920 144,852
(Increase) decrease in accounts
receivable - oil and gas sales ( 67,512) 57,592
Decrease in accounts payable ( 24,384) ( 68,687)
-------- --------
Net cash provided by operating
activities $604,825 $146,919
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 40,708) ($ 30,474)
Proceeds from sale of oil and
gas properties - 9,641
-------- --------
Net cash used by investing activities ($ 40,708) ($ 20,833)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($646,369) ($ 98,821)
-------- --------
Net cash used by financing activities ($646,369) ($ 98,821)
-------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS ($ 82,252) $ 27,265
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 723,978 213,480
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $641,726 $240,745
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-4-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-B
GEODYNE PRODUCTION PARTNERSHIP II-B
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
2000 1999
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 389,094 $ 372,838
Accounts receivable:
Oil and gas sales 532,209 512,039
---------- ----------
Total current assets $ 921,303 $ 884,877
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 2,242,375 2,259,415
DEFERRED CHARGE 230,320 230,320
---------- ----------
$3,393,998 $3,374,612
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 67,386 $ 89,312
Gas imbalance payable 21,890 21,890
---------- ----------
Total current liabilities $ 89,276 $ 111,202
ACCRUED LIABILITY $ 97,529 $ 97,529
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 288,839) ($ 290,773)
Limited Partners, issued and
outstanding, 361,719 units 3,496,032 3,456,654
---------- ----------
Total Partners' capital $3,207,193 $3,165,881
---------- ----------
$3,393,998 $3,374,612
========== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-5-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-B
GEODYNE PRODUCTION PARTNERSHIP II-B
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
(Unaudited)
2000 1999
-------- --------
REVENUES:
Oil and gas sales $849,518 $516,374
Interest income 4,321 1,169
-------- --------
$853,839 $517,543
COSTS AND EXPENSES:
Lease operating $199,919 $239,368
Production tax 39,791 34,056
Depreciation, depletion, and
amortization of oil and gas
properties 70,152 97,770
General and administrative
(Note 2) 129,274 127,536
-------- --------
$439,136 $498,730
-------- --------
NET INCOME $414,703 $ 18,813
======== ========
GENERAL PARTNER - NET INCOME $ 23,325 $ 4,793
======== ========
LIMITED PARTNERS - NET INCOME $391,378 $ 14,020
======== ========
NET INCOME per unit $ 1.08 $ .04
======== ========
UNITS OUTSTANDING 361,719 361,719
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-6-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-B
GEODYNE PRODUCTION PARTNERSHIP II-B
COMBINED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
(Unaudited)
2000 1999
--------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $414,703 $ 18,813
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation, depletion, and
amortization of oil and gas
properties 70,152 97,770
(Increase) decrease in accounts
receivable - oil and gas sales ( 20,170) 15,807
Increase (decrease) in accounts
payable ( 21,926) 2,267
-------- --------
Net cash provided by operating
activities $442,759 $134,657
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 53,112) ($ 159)
Proceeds from sale of oil and
gas properties - 14,780
-------- --------
Net cash provided (used) by investing
activities ($ 53,112) $ 14,621
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($373,391) ($ 94,821)
-------- --------
Net cash used by financing activities ($373,391) ($ 94,821)
-------- --------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $ 16,256 $ 54,457
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 372,838 107,021
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $389,094 $161,478
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-7-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-C
GEODYNE PRODUCTION PARTNERSHIP II-C
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
2000 1999
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 210,180 $ 204,820
Accounts receivable:
Oil and gas sales 242,338 244,751
---------- ----------
Total current assets $ 452,518 $ 449,571
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 1,210,136 1,225,550
DEFERRED CHARGE 129,664 129,664
---------- ----------
$1,792,318 $1,804,785
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 28,859 $ 38,355
Gas imbalance payable 20,300 20,300
---------- ----------
Total current liabilities $ 49,159 $ 58,655
ACCRUED LIABILITY $ 54,063 $ 54,063
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 118,591) ($ 119,145)
Limited Partners, issued and
outstanding, 154,621 units 1,807,687 1,811,212
---------- ----------
Total Partners' capital $1,689,096 $1,692,067
---------- ----------
$1,792,318 $1,804,785
========== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-8-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-C
GEODYNE PRODUCTION PARTNERSHIP II-C
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
(Unaudited)
2000 1999
-------- --------
REVENUES:
Oil and gas sales $404,217 $241,303
Interest income 2,382 879
-------- --------
$406,599 $242,182
COSTS AND EXPENSES:
Lease operating $ 85,031 $ 87,650
Production tax 21,927 23,514
Depreciation, depletion, and
amortization of oil and gas
properties 38,068 53,016
General and administrative
(Note 2) 55,281 54,561
-------- --------
$200,307 $218,741
-------- --------
NET INCOME $206,292 $ 23,441
======== ========
GENERAL PARTNER - NET INCOME $ 23,817 $ 7,028
======== ========
LIMITED PARTNERS - NET INCOME $182,475 $ 16,413
======== ========
NET INCOME per unit $ 1.18 $ .11
======== ========
UNITS OUTSTANDING 154,621 154,621
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-9-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-C
GEODYNE PRODUCTION PARTNERSHIP II-C
COMBINED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
(Unaudited)
2000 1999
--------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $206,292 $ 23,441
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation, depletion, and
amortization of oil and gas
properties 38,068 53,016
Decrease in accounts receivable -
oil and gas sales 2,413 8,597
Increase (decrease) in accounts
payable ( 9,496) 1,202
-------- --------
Net cash provided by operating
activities $237,277 $ 86,256
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 22,654) ($ 68)
Proceeds from sale of oil and
gas properties - 6,133
-------- --------
Net cash provided (used) by
investing activities ($ 22,654) $ 6,065
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($209,263) ($ 40,598)
-------- --------
Net cash used by financing activities ($209,263) ($ 40,598)
-------- --------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $ 5,360 $ 51,723
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 204,820 66,617
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $210,180 $118,340
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-10-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-D
GEODYNE PRODUCTION PARTNERSHIP II-D
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
2000 1999
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 490,135 $ 547,528
Accounts receivable:
Oil and gas sales 513,748 461,491
---------- ----------
Total current assets $1,003,883 $1,009,019
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 2,240,617 2,315,758
DEFERRED CHARGE 415,812 415,812
---------- ----------
$3,660,312 $3,740,589
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 60,009 $ 76,408
Gas imbalance payable 114,149 114,149
---------- ----------
Total current liabilities $ 174,158 $ 190,557
ACCRUED LIABILITY $ 146,343 $ 146,343
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 230,145) ($ 236,260)
Limited Partners, issued and
outstanding, 314,878 units 3,569,956 3,639,949
---------- ----------
Total Partners' capital $3,339,811 $3,403,689
---------- ----------
$3,660,312 $3,740,589
========== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-11-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-D
GEODYNE PRODUCTION PARTNERSHIP II-D
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
(Unaudited)
2000 1999
--------- ---------
REVENUES:
Oil and gas sales $832,083 $505,415
Interest income 6,080 3,084
Loss on sale of oil and
gas properties ( 2,474) -
-------- --------
$835,689 $508,499
COSTS AND EXPENSES:
Lease operating $177,903 $245,252
Production tax 50,326 40,297
Depreciation, depletion, and
amortization of oil and gas
properties 72,748 96,943
General and administrative
(Note 2) 112,549 111,008
-------- --------
$413,526 $493,500
-------- --------
NET INCOME $422,163 $ 14,999
======== ========
GENERAL PARTNER - NET INCOME $ 48,156 $ 4,473
======== ========
LIMITED PARTNERS - NET INCOME $374,007 $ 10,526
======== ========
NET INCOME per unit $ 1.19 $ .03
======== ========
UNITS OUTSTANDING 314,878 314,878
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-12-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-D
GEODYNE PRODUCTION PARTNERSHIP II-D
COMBINED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
(Unaudited)
2000 1999
-------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $422,163 $ 14,999
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation, depletion, and
amortization of oil and gas
properties 72,748 96,943
Loss on sale of oil and gas
properties 2,474 -
(Increase) decrease in accounts
receivable - oil and gas sales ( 52,257) 31,159
Decrease in accounts payable ( 16,399) ( 889)
-------- --------
Net cash provided by operating
activities $428,729 $142,212
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 81) ($ 2,070)
-------- --------
Net cash used by investing activities ($ 81) ($ 2,070)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($486,041) ($175,936)
-------- --------
Net cash used by financing activities ($486,041) ($175,936)
-------- --------
NET DECREASE IN CASH AND CASH
EQUIVALENTS ($ 57,393) ($ 35,794)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 547,528 311,556
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $490,135 $275,762
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-13-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-E
GEODYNE PRODUCTION PARTNERSHIP II-E
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
2000 1999
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 310,670 $ 450,833
Accounts receivable:
Oil and gas sales 340,653 319,501
General Partner (Note 2) 3,500 -
---------- ----------
Total current assets $ 654,823 $ 770,334
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 1,951,389 2,035,168
DEFERRED CHARGE 216,068 216,068
---------- ----------
$2,822,280 $3,021,570
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 31,832 $ 48,834
Gas imbalance payable 37,480 151,074
---------- ----------
Total current liabilities $ 69,312 $ 199,908
ACCRUED LIABILITY $ 42,252 $ 42,252
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 147,899) ($ 162,586)
Limited Partners, issued and
outstanding, 228,821 units 2,858,615 2,941,996
---------- ----------
Total Partners' capital $2,710,716 $2,779,410
---------- ----------
$2,822,280 $3,021,570
========== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-14-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-E
GEODYNE PRODUCTION PARTNERSHIP II-E
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
(Unaudited)
2000 1999
--------- --------
REVENUES:
Oil and gas sales $509,305 $328,051
Interest income 4,898 3,391
Gain on sale of oil and
gas properties 1,977 367
-------- --------
$516,180 $331,809
COSTS AND EXPENSES:
Lease operating $ 96,208 $125,145
Production tax 23,085 22,588
Depreciation, depletion, and
amortization of oil and gas
properties 81,262 110,938
General and administrative
(Note 2) 81,800 80,718
-------- --------
$282,355 $339,389
-------- --------
NET INCOME (LOSS) $233,825 ($ 7,580)
======== ========
GENERAL PARTNER - NET INCOME $ 30,206 $ 3,889
======== ========
LIMITED PARTNERS - NET
INCOME (LOSS) $203,619 ($ 11,469)
======== ========
NET INCOME (LOSS) per unit $ .89 ($ .05)
======== ========
UNITS OUTSTANDING 228,821 228,821
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-15-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-E
GEODYNE PRODUCTION PARTNERSHIP II-E
COMBINED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
(Unaudited)
2000 1999
--------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $233,825 ($ 7,580)
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depreciation, depletion, and
amortization of oil and gas
properties 81,262 110,938
Gain on sale of oil and gas
properties ( 1,977) ( 367)
(Increase) decrease in accounts
receivable - oil and gas sales ( 21,152) 18,284
Increase in accounts receivable -
General Partner ( 3,500) -
Decrease in accounts payable ( 17,002) ( 768)
Decrease in gas imbalance payable ( 113,594) -
-------- --------
Net cash provided by operating
activities $157,862 $120,507
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 1,392) ($ 282)
Proceeds from sale of oil and
gas properties 5,886 708
-------- --------
Net cash provided by investing
activities $ 4,494 $ 426
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($302,519) ($240,874)
-------- --------
Net cash used by financing activities ($302,519) ($240,874)
-------- --------
NET DECREASE IN CASH AND CASH
EQUIVALENTS ($140,163) ($119,941)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 450,833 376,779
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $310,670 $256,838
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-16-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-F
GEODYNE PRODUCTION PARTNERSHIP II-F
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
2000 1999
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 293,845 $ 280,098
Accounts receivable:
Oil and gas sales 308,389 286,995
General Partner (Note 2) 8,555 -
---------- ----------
Total current assets $ 610,789 $ 567,093
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 1,727,158 1,792,192
DEFERRED CHARGE 34,366 34,366
---------- ----------
$2,372,313 $2,393,651
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 26,440 $ 27,269
Gas imbalance payable 5,208 5,208
---------- ----------
Total current liabilities $ 31,648 $ 32,477
ACCRUED LIABILITY $ 22,508 $ 22,508
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 110,787) ($ 112,893)
Limited Partners, issued and
outstanding, 171,400 units 2,428,944 2,451,559
---------- ----------
Total Partners' capital $2,318,157 $2,338,666
---------- ----------
$2,372,313 $2,393,651
========== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-17-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-F
GEODYNE PRODUCTION PARTNERSHIP II-F
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
(Unaudited)
2000 1999
--------- ---------
REVENUES:
Oil and gas sales $507,658 $394,229
Interest income 3,154 1,781
Gain on sale of oil and
gas properties 8,555 898
-------- --------
$519,367 $396,908
COSTS AND EXPENSES:
Lease operating $ 87,404 $132,770
Production tax 27,202 25,231
Depreciation, depletion, and
amortization of oil and gas
properties 68,750 111,013
General and administrative
(Note 2) 61,281 60,495
-------- --------
$244,637 $329,509
-------- --------
NET INCOME $274,730 $ 67,399
======== ========
GENERAL PARTNER - NET INCOME $ 33,345 $ 16,553
======== ========
LIMITED PARTNERS - NET INCOME $241,385 $ 50,846
======== ========
NET INCOME per unit $ 1.41 $ .30
======== ========
UNITS OUTSTANDING 171,400 171,400
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-18-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-F
GEODYNE PRODUCTION PARTNERSHIP II-F
COMBINED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
(Unaudited)
2000 1999
-------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $274,730 $ 67,399
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 68,750 111,013
Gain on sale of oil and gas
properties ( 8,555) ( 898)
Increase in accounts receivable -
oil and gas sales ( 21,394) ( 5,378)
Increase in accounts receivable -
General Partner ( 8,555) -
Increase (decrease) in accounts
payable ( 829) 3,858
-------- --------
Net cash provided by operating
activities $304,147 $175,994
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 3,716) ($ 7,922)
Proceeds from sale of oil and
gas properties 8,555 3,382
-------- --------
Net cash provided (used) by
investing activities $ 4,839 ($ 4,540)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($295,239) ($157,866)
-------- --------
Net cash used by financing activities ($295,239) ($157,866)
-------- --------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $ 13,747 $ 13,588
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 280,098 153,240
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $293,845 $166,828
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-19-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-G
GEODYNE PRODUCTION PARTNERSHIP II-G
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
2000 1999
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 654,159 $ 633,816
Accounts receivable:
Oil and gas sales 619,429 605,936
General Partner (Note 2) 17,889 -
---------- ----------
Total current assets $1,291,477 $1,239,752
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 3,716,299 3,857,776
DEFERRED CHARGE 77,306 77,306
---------- ----------
$5,085,082 $5,174,834
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 57,155 $ 58,877
Gas imbalance payable 11,288 11,288
---------- ----------
Total current liabilities $ 68,443 $ 70,165
ACCRUED LIABILITY $ 52,863 $ 52,863
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 241,951) ($ 266,026)
Limited Partners, issued and
outstanding, 372,189 units 5,205,727 5,317,832
---------- ----------
Total Partners' capital $4,963,776 $5,051,806
---------- ----------
$5,085,082 $5,174,834
========== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-20-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-G
GEODYNE PRODUCTION PARTNERSHIP II-G
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
(Unaudited)
2000 1999
---------- ---------
REVENUES:
Oil and gas sales $1,040,439 $852,036
Interest income 7,327 3,885
Gain on sale of oil and
gas properties 17,889 1,878
---------- --------
$1,065,655 $857,799
COSTS AND EXPENSES:
Lease operating $ 187,170 $282,304
Production tax 57,717 54,538
Depreciation, depletion, and
amortization of oil and gas
properties 149,290 241,511
General and administrative
(Note 2) 133,035 131,150
---------- --------
$ 527,212 $709,503
---------- --------
NET INCOME $ 538,443 $148,296
========== ========
GENERAL PARTNER - NET INCOME $ 66,548 $ 16,881
========== ========
LIMITED PARTNERS - NET INCOME $ 471,895 $131,415
========== ========
NET INCOME per unit $ 1.27 $ .35
========== ========
UNITS OUTSTANDING 372,189 372,189
========== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-21-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-G
GEODYNE PRODUCTION PARTNERSHIP II-G
COMBINED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
(Unaudited)
2000 1999
-------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $538,443 $148,296
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 149,290 241,511
Gain on sale of oil and gas
properties ( 17,889) ( 1,878)
Increase in accounts receivable -
oil and gas sales ( 13,493) ( 26,767)
Increase in accounts receivable -
General Partner ( 17,889) -
Increase (decrease) in accounts
payable ( 1,722) 8,073
-------- --------
Net cash provided by operating
activities $636,740 $369,235
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 7,813) ($ 17,119)
Proceeds from sale of oil and
gas properties 17,889 7,244
--------- --------
Net cash provided (used) by
investing activities $ 10,076 ($ 9,875)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($626,473) ($342,629)
-------- --------
Net cash used by financing activities ($626,473) ($342,629)
-------- --------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $ 20,343 $ 16,731
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 633,816 333,168
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $654,159 $349,899
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-22-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-H
GEODYNE PRODUCTION PARTNERSHIP II-H
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
2000 1999
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 153,298 $ 147,018
Accounts receivable:
Oil and gas sales 132,331 143,876
General Partner (Note 2) 4,138 -
---------- ----------
Total current assets $ 289,767 $ 290,894
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 874,045 906,816
DEFERRED CHARGE 18,072 18,072
---------- ----------
$1,181,884 $1,215,782
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 14,069 $ 14,504
Gas imbalance payable 2,789 2,789
---------- ----------
Total current liabilities $ 16,858 $ 17,293
ACCRUED LIABILITY $ 11,016 $ 11,016
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 67,387) ($ 66,614)
Limited Partners, issued and
outstanding, 91,711 units 1,221,397 1,254,087
---------- ----------
Total Partners' capital $1,154,010 $1,187,473
---------- ----------
$1,181,884 $1,215,782
========== ==========
The accompanying condensed notes are an integral part of these
combined financial statements.
-23-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-H
GEODYNE PRODUCTION PARTNERSHIP II-H
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
(Unaudited)
2000 1999
-------- ----------
REVENUES:
Oil and gas sales $222,609 $198,192
Interest income 1,676 813
Gain on sale of oil and
gas properties 4,138 434
-------- --------
$228,423 $199,439
COSTS AND EXPENSES:
Lease operating $ 45,307 $ 67,400
Production tax 13,014 12,641
Depreciation, depletion, and
amortization of oil and gas
properties 34,596 55,089
General and administrative
(Note 2) 32,759 32,388
-------- --------
$125,676 $167,518
-------- --------
NET INCOME $102,747 $ 31,921
======== ========
GENERAL PARTNER - NET INCOME $ 6,437 $ 3,759
======== ========
LIMITED PARTNERS - NET INCOME $ 96,310 $ 28,162
======== ========
NET INCOME per unit $ 1.05 $ .31
======== ========
UNITS OUTSTANDING 91,711 91,711
======== ========
The accompanying condensed notes are an integral part of these
combined financial statements.
-24-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-H
GEODYNE PRODUCTION PARTNERSHIP II-H
COMBINED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
(Unaudited)
2000 1999
-------- --------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $102,747 $31,921
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 34,596 55,089
Gain on sale of oil and gas
properties ( 4,138) ( 434)
(Increase) decrease in accounts
receivable - oil and gas sales 11,545 ( 2,799)
Increase in accounts receivable -
General Partner ( 4,138) -
Increase (decrease) in accounts
payable ( 435) 1,901
-------- -------
Net cash provided by operating
activities $140,177 $85,678
-------- -------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 1,825) ($ 4,203)
Proceeds from sale of oil and
gas properties 4,138 1,756
-------- -------
Net cash provided (used) by investing
activities $ 2,313 ($ 2,447)
-------- -------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($136,210) ($82,348)
-------- -------
Net cash used by financing activities ($136,210) ($82,348)
-------- -------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $ 6,280 $ 883
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 147,018 78,275
-------- -------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $153,298 $79,158
======== =======
The accompanying condensed notes are an integral part of these
combined financial statements.
-25-
<PAGE>
GEODYNE ENERGY INCOME PROGRAM II LIMITED PARTNERSHIPS
CONDENSED NOTES TO THE COMBINED FINANCIAL STATEMENTS
MARCH 31, 2000
(Unaudited)
1. ACCOUNTING POLICIES
-------------------
The combined balance sheets as of March 31, 2000, combined statements of
operations for the three months ended March 31, 2000 and 1999, and
combined statements of cash flows for the three months ended March 31,
2000 and 1999 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 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
partnership and its related production partnership, collectively, and all
references to the "General Partner" are references to the general partner
of the limited partnerships and the managing partner of the production
partnerships, collectively. In the opinion of management the financial
statements referred to above include all necessary adjustments, consisting
of normal recurring adjustments, to present fairly the combined financial
position at March 31, 2000, the combined results of operations for the
three months ended March 31, 2000 and 1999, and the combined cash flows
for the three months ended March 31, 2000 and 1999.
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, 1999. The
results of operations for the period ended March 31, 2000 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.
-26-
<PAGE>
OIL AND GAS PROPERTIES
----------------------
The Partnerships follow the successful efforts method of accounting for
their oil and gas properties. Under the successful efforts method, the
Partnerships capitalize all property acquisition costs and development
costs incurred in connection with the further development of oil and gas
reserves. Property acquisition costs include costs incurred by the
Partnerships or the General Partner to acquire producing properties,
including related title insurance or examination costs, commissions,
engineering, legal and accounting fees, and similar costs directly related
to the acquisitions, plus an allocated portion, of the General Partner's
property screening costs. The acquisition cost to the Partnerships of
properties acquired by the General Partner is adjusted to reflect the net
cash results of operations, including interest incurred to finance the
acquisition, for the period of time the properties are held by the General
Partner prior to their transfer to the Partnerships. 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 estimated 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 proceeds are credited to oil and gas
properties.
-27-
<PAGE>
2. TRANSACTIONS WITH RELATED PARTIES
---------------------------------
The Partnerships' Partnership Agreements provide for reimbursement to the
General Partner for all direct general and administrative expenses and for
the general and administrative overhead applicable to the Partnerships
based on an allocation of actual costs incurred. During the three months
ended March 31, 2000 the following payments were made to the General
Partner or its affiliates by the Partnerships:
Direct General Administrative
Partnership and Administrative Overhead
----------- ------------------- ---------------
II-A $45,645 $127,443
II-B 34,084 95,190
II-C 14,592 40,689
II-D 29,686 82,863
II-E 21,584 60,216
II-F 16,176 45,105
II-G 35,091 97,944
II-H 8,624 24,135
Affiliates of the Partnerships 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 March 31, 2000 for the II-E,
II-F, II-G and II-H Partnerships represents proceeds due to the
Partnerships from the sale of oil and gas properties to third parties
during the first quarter of 2000. Subsequent to March 31, 2000, this
receivable was collected by the Partnerships.
-28-
<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, and 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, and its related
Production 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 the General
Partner in accordance with the terms of the Partnerships' partnership
agreements.
-29-
<PAGE>
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
----------- ------------------ ---------------
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 the operations less necessary operating capital are
distributed to the Limited Partners on a quarterly basis. Revenues and net
proceeds of a Partnership are largely dependent upon the volumes of oil
and gas sold and the prices received for such oil and gas. While the
General Partner cannot predict future pricing trends, it believes the
working capital available as of March 31, 2000 and the net revenue
generated from future operations will provide sufficient working capital
to meet current and future obligations.
During the three months ended March 31, 2000, capital expenditures
incurred by the II-A, II-B, and II-C Partnerships totaled $40,708,
$53,112, and $22,654, respectively. These expenditures were primarily for
the recompletion of the Myron No. 2 well located in Grayson County, Texas.
These recompletion activities were conducted in order to improve the
recovery of reserves.
-30-
<PAGE>
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
variables affecting the Partnerships' revenues are the prices received for
the sale of oil and gas and the volumes of oil and gas produced. The
Partnerships' production is mainly natural gas, so such pricing and
volumes are the most significant factors.
Due to the volatility of oil and gas prices, forecasting future prices is
subject to great uncertainty and inaccuracy. Substantially all of the
Partnerships' gas reserves are being sold on 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. Such
spot market sales are generally short-term in nature and are dependent
upon the obtaining of transportation services provided by pipelines.
However, oil and gas are depleting assets, so it can be expected that
production levels will decline over time. Recent gas prices have been
higher than the Partnerships' historical average. This is attributable to
the higher prices for crude oil, a substitute fuel in some markets, and
reduced production due to low prices in 1998.
II-A PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 2000 COMPARED TO THE THREE MONTHS ENDED MARCH
31, 1999.
Three Months Ended March 31,
----------------------------
2000 1999
---------- --------
Oil and gas sales $1,239,736 $659,163
Oil and gas production expenses $ 377,862 $331,160
Barrels produced 21,752 23,324
Mcf produced 274,250 260,569
Average price/Bbl $ 25.50 $ 10.70
Average price/Mcf $ 2.50 $ 1.57
As shown in the table above, total oil and gas sales increased $580,573
(88.1%) for the three months ended March 31, 2000 as compared to the three
months ended March 31, 1999. Of this increase, approximately $322,000 and
$254,000, respectively, were related to increases in the average prices of
oil and gas sold. Volumes of oil sold decreased 1,572 barrels, while
volumes of gas sold increased 13,681 Mcf for the three months ended March
31, 2000 as
-31-
<PAGE>
compared to the three months ended March 31, 1999. Average oil and gas
prices increased to $25.50 per barrel and $2.50 per Mcf, respectively, for
the three months ended March 31, 2000 from $10.70 per barrel and $1.57 per
Mcf, respectively, for the three months ended March 31, 1999.
Oil and gas production expenses (including lease operating expenses and
production taxes) increased $46,702 (14.1%) for the three months ended
March 31, 2000 as compared to the three months ended March 31, 1999. This
increase was primarily due to (i) an increase in production taxes
associated with the increase in oil and gas sales, (ii) production tax
credits received from the operator on several wells during the three
months ended March 31, 1999, and (iii) surface repair and maintenance
expenses incurred on one significant well during the three months ended
March 31, 2000. These increases were partially offset by workover expenses
incurred on two other wells during the three months ended March 31, 1999
in order to improve the recovery of reserves. As a percentage of oil and
gas sales, these expenses decreased to 30.5% for the three months ended
March 31, 2000 from 50.2% for the three months ended March 31, 1999. This
percentage decrease was primarily due to the increases in the average
prices of oil and gas sold.
Depreciation, depletion, and amortization of oil and gas properties
decreased $9,932 (6.9%) for the three months ended March 31, 2000 as
compared to the three months ended March 31, 1999. As a percentage of oil
and gas sales, this expense decreased to 10.9% for the three months ended
March 31, 2000 from 22.0% for the three months ended March 31, 1999. This
percentage decrease was primarily due to the increases in the average
prices of oil and gas sold.
General and administrative expenses remained relatively constant for the
three months ended March 31, 2000 as compared to the three months ended
March 31, 1999. As a percentage of oil and gas sales, these expenses
decreased to 14.0% for the three months ended March 31, 2000 from 26.1%
for the three months ended March 31, 1999. This percentage decrease was
primarily due to the increase in oil and gas sales.
The II-A Partnership achieved payout during the three months ended March
31, 2000. After payout, operations and revenues for the II-A Partnership
have been and will be allocated using the after payout percentages. After
payout percentages allocate operating income and expenses 10% to the
General Partner and 90% to the Limited Partners. Before payout, operating
income and expenses were allocated 5% to the General Partner and 95% to
the Limited Partners. See the Partnerships' Annual Report on Form 10-K for
the year ended December 31, 1999 for a further discussion of pre and post
payout allocations of income and expense.
-32-
<PAGE>
The Limited Partners have received cash distributions through March 31,
2000 totaling $48,610,357 or 100.38% of the Limited Partners' capital
contributions.
II-B PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 2000 COMPARED TO THE THREE MONTHS ENDED MARCH
31, 1999.
Three Months Ended March 31,
----------------------------
2000 1999
-------- --------
Oil and gas sales $849,518 $516,374
Oil and gas production expenses $239,710 $273,424
Barrels produced 14,891 14,932
Mcf produced 195,055 220,787
Average price/Bbl $ 25.43 $ 10.75
Average price/Mcf $ 2.41 $ 1.61
As shown in the table above, total oil and gas sales increased $333,144
(64.5%) for the three months ended March 31, 2000 as compared to the three
months ended March 31, 1999. Of this increase, approximately $218,000 and
$157,000, respectively, were related to increases in the average prices of
oil and gas sold. These price increases were partially offset by a
decrease of approximately $41,000 related to a decrease in volumes of gas
sold. Volumes of oil and gas sold decreased 41 barrels and 25,732 Mcf,
respectively, for the three months ended March 31, 2000 as compared to the
three months ended March 31, 1999. The decrease in volumes of gas sold was
primarily due to (i) normal declines in production, (ii) the curtailment
of sales during the three months ended March 31, 2000 on one significant
well due to the II-B Partnership's overproduced gas balancing position in
that well, and (iii) negative prior period volume adjustments made by the
purchaser on another significant well during the three months ended March
31, 2000. Average oil and gas prices increased to $25.43 per barrel and
$2.41 per Mcf, respectively, for the three months ended March 31, 2000
from $10.75 per barrel and $1.61 per Mcf, respectively, for the three
months ended March 31, 1999.
Oil and gas production expenses (including lease operating expenses and
production taxes) decreased $33,714 (12.3%) for the three months ended
March 31, 2000 as compared to the three months ended March 31, 1999. This
decrease was primarily due to (i) a decrease in lease operating expenses
associated with the decreases in volumes of oil and gas sold and (ii)
workover expenses incurred on two significant wells during the three
months ended March 31, 1999 in order to improve the recovery of reserves.
These decreases were
-33-
<PAGE>
partially offset by (i) an increase in environmental expenses on a
waterflood unit during the three months ended March 31, 2000 as compared
to the three months ended March 31, 1999 and (ii) an increase in
production taxes associated with the increase in oil and gas sales. As a
percentage of oil and gas sales, these expenses decreased to 28.2% for the
three months ended March 31, 2000 from 53.0% for the three months ended
March 31, 1999. This percentage decrease was primarily due to the
increases in the average prices of oil and gas sold.
Depreciation, depletion, and amortization of oil and gas properties
decreased $27,618 (28.2%) for the three months ended March 31, 2000 as
compared to the three months ended March 31, 1999. This decrease was
primarily due to upward revisions in the estimates of remaining oil and
gas reserves at December 31, 1999 and the decreases in volumes of oil and
gas sold. As a percentage of oil and gas sales, this expense decreased to
8.3% for the three months ended March 31, 2000 from 18.9% for the three
months ended March 31, 1999. This percentage decrease was primarily due to
the increases in the average prices of oil and gas sold and the dollar
decrease in depreciation, depletion, and amortization.
General and administrative expenses increased $1,738 (1.4%) for the three
months ended March 31, 2000 as compared to the three months ended March
31, 1999. As a percentage of oil and gas sales, these expenses decreased
to 15.2% for the three months ended March 31, 2000 from 24.7% for the
three months ended March 31, 1999. This percentage decrease was primarily
due to the increase in oil and gas sales.
The Limited Partners have received cash distributions through March 31,
2000 totaling $35,274,916 or 97.52% of the Limited Partners' capital
contributions.
II-C PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 2000 COMPARED TO THE THREE MONTHS ENDED MARCH
31, 1999.
Three Months Ended March 31,
----------------------------
2000 1999
-------- --------
Oil and gas sales $404,217 $241,303
Oil and gas production expenses $106,958 $111,164
Barrels produced 4,495 4,701
Mcf produced 114,902 116,384
Average price/Bbl $ 26.20 $ 10.81
Average price/Mcf $ 2.49 $ 1.64
-34-
<PAGE>
As shown in the table above, total oil and gas sales increased $162,914
(67.5%) for the three months ended March 31, 2000 as compared to the three
months ended March 31, 1999. Of this increase, approximately $69,000 and
$98,000, respectively, were related to increases in the average prices of
oil and gas sold. Volumes of oil and gas sold decreased 206 barrels and
1,482 Mcf, respectively, for the three months ended March 31, 2000 as
compared to the three months ended March 31, 1999. Average oil and gas
prices increased to $26.20 per barrel and $2.49 per Mcf, respectively, for
the three months ended March 31, 2000 from $10.81 per barrel and $1.64 per
Mcf, respectively, for the three months ended March 31, 1999.
Oil and gas production expenses (including lease operating expenses and
production taxes) decreased $4,206 (3.8%) for the three months ended March
31, 2000 as compared to the three months ended March 31, 1999. This
decrease was primarily due to (i) positive prior period production tax
adjustments made by the purchaser on two significant wells during the
three months ended March 31, 1999 and (ii) negative prior period
production tax adjustments made by the purchaser on several other wells
during the three months ended March 31, 2000. These decreases were
substantially offset by an increase in production taxes associated with
the increase in oil and gas sales. As a percentage of oil and gas sales,
these expenses decreased to 26.5% for the three months ended March 31,
2000 from 46.1% for the three months ended March 31, 1999. This percentage
decrease was primarily due to the increases in the average prices of oil
and gas sold.
Depreciation, depletion, and amortization of oil and gas properties
decreased $14,948 (28.2%) for the three months ended March 31, 2000 as
compared to the three months ended March 31, 1999. This decrease was
primarily due to upward revisions in the estimates of remaining oil and
gas reserves at December 31, 1999. As a percentage of oil and gas sales,
this expense decreased to 9.4% for the three months ended March 31, 2000
from 22.0% for the three months ended March 31, 1999. This percentage
decrease was primarily due to the increases in the average prices of oil
and gas sold and the dollar decrease in depreciation, depletion, and
amortization.
General and administrative expenses increased $720 (1.3%) for the three
months ended March 31, 2000 as compared to the three months ended March
31, 1999. As a percentage of oil and gas sales, these expenses decreased
to 13.7% for the three months ended March 31, 2000 from 22.6% for the
three months ended March 31, 1999. This percentage decrease was primarily
due to the increase in oil and gas sales.
-35-
<PAGE>
The Limited Partners have received cash distributions through March 31,
2000 totaling $16,077,686 or 103.98% of the Limited Partners' capital
contributions.
II-D PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 2000 COMPARED TO THE THREE MONTHS ENDED MARCH
31, 1999.
Three Months Ended March 31,
----------------------------
2000 1999
-------- --------
Oil and gas sales $832,083 $505,415
Oil and gas production expenses $228,229 $285,549
Barrels produced 7,425 9,304
Mcf produced 250,374 223,820
Average price/Bbl $ 27.36 $ 10.21
Average price/Mcf $ 2.51 $ 1.83
As shown in the table above, total oil and gas sales increased $326,668
(64.6%) for the three months ended March 31, 2000 as compared to the three
months ended March 31, 1999. Of this increase, approximately $127,000 and
$170,000, respectively, were related to increases in the average prices of
oil and gas sold and approximately $49,000 was related to an increase in
volumes of gas sold. Volumes of oil sold decreased 1,879 barrels, while
volumes of gas sold increased 26,554 Mcf for the three months ended March
31, 2000 as compared to the three months ended March 31, 1999. The
decrease in volumes of oil sold was primarily due to a negative prior
period volume adjustment made by the operator on one significant well
during the three months ended March 31, 2000 and a positive prior period
volume adjustment made by the operator on two other significant wells
during the three months ended March 31, 1999. The increase in volumes of
gas sold was primarily due to (i) a positive prior period volume
adjustment made by the purchaser on one significant well during the three
months ended March 31, 2000, (ii) an increase in production on one
significant well due to the successful workover of that well during 1999,
and (iii) the II-D Partnership's receipt of an increased percentage of
sales on one significant well during the three months ended March 31, 2000
due to its underproduced gas balancing position in that well. Average oil
and gas prices increased to $27.36 per barrel and $2.51 per Mcf,
respectively, for the three months ended March 31, 2000 from $10.21 per
barrel and $1.83 per Mcf, respectively, for the three months ended March
31, 1999.
Oil and gas production expenses (including lease operating expenses and
production taxes) decreased $57,320 (20.1%) for the three months ended
March 31, 2000 as compared to the three months ended March 31, 1999. This
decrease was
-36-
<PAGE>
primarily due to workover expenses incurred on several wells during the
three months ended March 31, 1999 in order to improve the recovery of
reserves. These decreases were partially offset by an increase in
production taxes associated with the increase in oil and gas sales. As a
percentage of oil and gas sales, these expenses decreased to 27.4% for the
three months ended March 31, 2000 from 56.5% for the three months ended
March 31, 1999. This percentage decrease was primarily due to the dollar
decrease in oil and gas production expenses and the increases in the
average prices of oil and gas sold.
Depreciation, depletion, and amortization of oil and gas properties
decreased $24,195 (25.0%) for the three months ended March 31, 2000 as
compared to the three months ended March 31, 1999. This decrease was
primarily due to upward revisions in the estimates of remaining oil and
gas reserves at December 31, 1999. As a percentage of oil and gas sales,
this expense decreased to 8.7% for the three months ended March 31, 2000
from 19.2% for the three months ended March 31, 1999. This percentage
decrease was primarily due to the increases in the average prices of oil
and gas sold and the dollar decrease in depreciation, depletion, and
amortization expenses.
General and administrative expenses increased $1,541 (1.4%) for the three
months ended March 31, 2000 as compared to the three months ended March
31, 1999. As a percentage of oil and gas sales, these expenses decreased
to 13.5% for the three months ended March 31, 2000 from 22.0% for the
three months ended March 31, 1999. This percentage decrease was primarily
due to the increase in oil and gas sales.
The Limited Partners have received cash distributions through March 31,
2000 totaling $32,548,903 or 103.37% of the Limited Partners' capital
contributions.
II-E PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 2000 COMPARED TO THE THREE MONTHS ENDED MARCH
31, 1999.
Three Months Ended March 31,
----------------------------
2000 1999
-------- --------
Oil and gas sales $509,305 $328,051
Oil and gas production expenses $119,293 $147,733
Barrels produced 7,222 8,860
Mcf produced 159,822 154,199
Average price/Bbl $ 28.92 $ 11.17
Average price/Mcf $ 1.88 $ 1.49
-37-
<PAGE>
As shown in the table above, total oil and gas sales increased $181,254
(55.3%) for the three months ended March 31, 2000 as compared to the three
months ended March 31, 1999. Of this increase, approximately $128,000 and
$63,000, respectively, were related to increases in the average prices of
oil and gas sold. These price increases were partially offset by a
decrease of approximately $18,000 related to a decrease in the volumes of
oil sold. Volumes of oil sold decreased 1,638 barrels, while volumes of
gas sold increased 5,623 Mcf for the three months ended March 31, 2000 as
compared to the three months ended March 31, 1999. The decrease in volumes
of oil sold was primarily due to (i) a negative prior period volume
adjustment made by the operator on one significant well during the three
months ended March 31, 2000, (ii) a positive prior period volume
adjustment made by the operator on another significant well during the
three months ended March 31, 1999, and (iii) normal declines in
production. These decreases were partially offset by a positive prior
period volume adjustment made by the purchaser on one significant well
during the three months ended March 31, 2000. Average oil and gas prices
increased to $28.92 per barrel and $1.88 per Mcf, respectively, for the
three months ended March 31, 2000 from $11.17 per barrel and $1.49 per
Mcf, respectively, for the three months ended March 31, 1999.
Oil and gas production expenses (including lease operating expenses and
production taxes) decreased $28,440 (19.3%) for the three months ended
March 31, 2000 as compared to the three months ended March 31, 1999. This
decrease was primarily due to workover expenses incurred on several wells
during the three months ended March 31, 1999 in order to improve the
recovery of reserves and a decrease in repair and maintenance expenses
incurred on one significant well during the three months ended March 31,
2000 as compared to the three months ended March 31, 1999. As a percentage
of oil and gas sales, these expenses decreased to 23.4% for the three
months ended March 31, 2000 from 45.0% for the three months ended March
31, 1999. This percentage decrease was primarily due to the increases in
the average prices of oil and gas sold and the dollar decrease in oil and
gas production expenses.
Depreciation, depletion, and amortization of oil and gas properties
decreased $29,676 (26.8%) for the three months ended March 31, 2000 as
compared to the three months ended March 31, 1999. This decrease was
primarily due to upward revisions in the estimates of remaining oil and
gas reserves at December 31, 1999. As a percentage of oil and gas sales,
this expense decreased to 16.0% for the three months ended March 31, 2000
from 33.8% for the three months ended March 31, 1999. This percentage
decrease was primarily due to the increases in the average prices of oil
and gas sold and the dollar decrease in depreciation, depletion, and
amortization expenses.
-38-
<PAGE>
General and administrative expenses increased $1,082 (1.3%) for the three
months ended March 31, 2000 as compared to the three months ended March
31, 1999. As a percentage of oil and gas sales, these expenses decreased
to 16.1% for the three months ended March 31, 2000 from 24.6% for the
three months ended March 31, 1999. This percentage decrease was primarily
due to the increase in oil and gas sales.
The Limited Partners have received cash distributions through March 31,
2000 totaling $23,570,574 or 103.01% of Limited Partners' capital
contributions.
II-F PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 2000 COMPARED TO THE THREE MONTHS ENDED MARCH
31, 1999.
Three Months Ended March 31,
----------------------------
2000 1999
-------- --------
Oil and gas sales $507,658 $394,229
Oil and gas production expenses $114,606 $158,001
Barrels produced 7,841 10,481
Mcf produced 143,045 186,584
Average price/Bbl $ 27.32 $ 10.34
Average price/Mcf $ 2.05 $ 1.53
As shown in the table above, total oil and gas sales increased $113,429
(28.8%) for the three months ended March 31, 2000 as compared to the three
months ended March 31, 1999. Of this increase, approximately $133,000 and
$74,000, respectively, were related to increases in the average prices of
oil and gas sold. These price increases were partially offset by decreases
of approximately $27,000 and $67,000, respectively, related to decreases
in volumes of oil and gas sold. Volumes of oil and gas sold decreased
2,640 barrels and 43,539 Mcf, respectively, for the three months ended
March 31, 2000 as compared to the three months ended March 31, 1999. The
decrease in volumes of oil sold was primarily due to positive prior period
volume adjustments made by the operators on two significant wells during
the three months ended March 31, 1999 and normal declines in production.
The decrease in volumes of gas sold was primarily due to a positive prior
period volume adjustment made by the operator on another significant well
during the three months ended March 31, 1999 and normal declines in
production. Average oil and gas prices increased to $27.32 per barrel and
$2.05 per Mcf, respectively, for the three months ended March 31, 2000
from $10.34 per barrel and $1.53 per Mcf, respectively, for the three
months ended March 31, 1999.
-39-
<PAGE>
Oil and gas production expenses (including lease operating expenses and
production taxes) decreased $43,395 (27.5%) for the three months ended
March 31, 2000 as compared to the three months ended March 31, 1999. This
decrease was primarily due to (i) a decrease in lease operating expenses
associated with the decreases in volumes of oil and gas sold, (ii)
workover expenses incurred on one significant well during the three months
ended March 31, 1999 in order to improve the recovery of reserves, and
(iii) positive prior period lease operating expense adjustments made by
the operator on another significant well during the three months ended
March 31, 1999. As a percentage of oil and gas sales, these expenses
decreased to 22.6% for the three months ended March 31, 2000 from 40.1%
for the three months ended March 31, 1999. This percentage decrease was
primarily due to the increases in the average prices of oil and gas sold.
Depreciation, depletion, and amortization of oil and gas properties
decreased $42,263 (38.1%) for the three months ended March 31, 2000 as
compared to the three months ended March 31, 1999. This decrease was
primarily due to the decreases in volumes of oil and gas sold and upward
revisions in the estimates of remaining oil and gas reserves at December
31, 1999. As a percentage of oil and gas sales, this expense decreased to
13.5% for the three months ended March 31, 2000 from 28.2% for the three
months ended March 31, 1999. This percentage decrease was primarily due to
the increases in the average prices of oil and gas sold.
General and administrative expenses increased $786 (1.3%) for the three
months ended March 31, 2000 as compared to the three months ended March
31, 1999. As a percentage of oil and gas sales, these expenses decreased
to 12.1% for the three months ended March 31, 2000 from 15.3% for the
three months ended March 31, 1999. This percentage decrease was primarily
due to the increase in oil and gas sales.
The Limited Partners have received cash distributions through March 31,
2000 totaling $18,021,051 or 105.14% of Limited Partners' capital
contributions.
-40-
<PAGE>
II-G PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 2000 COMPARED TO THE THREE MONTHS ENDED MARCH
31, 1999.
Three Months Ended March 31,
----------------------------
2000 1999
---------- ---------
Oil and gas sales $1,040,439 $852,036
Oil and gas production expenses $ 244,887 $336,842
Barrels produced 16,431 22,078
Mcf produced 310,428 406,215
Average price/Bbl $ 27.33 $ 10.34
Average price/Mcf $ 1.91 $ 1.54
As shown in the table above, total oil and gas sales increased $188,403
(22.1%) for the three months ended March 31, 2000 as compared to the three
months ended March 31, 1999. Of this increase, approximately $279,000 and
$114,000, respectively, were related to increases in the average prices of
oil and gas sold. These price increases were partially offset by decreases
of approximately $58,000 and $147,000, respectively, related to decreases
in volumes of oil and gas sold. Volumes of oil and gas sold decreased
5,647 barrels and 95,787 Mcf, respectively, for the three months ended
March 31, 2000 as compared to the three months ended March 31, 1999. The
decrease in volumes of oil sold was primarily due to positive prior period
volume adjustments made by the operators on two significant wells during
the three months ended March 31, 1999 and normal declines in production.
The decrease in volumes of gas sold was primarily due to a positive prior
period volume adjustment made by the operator on another significant well
during the three months ended March 31, 1999 and normal declines in
production. Average oil and gas prices increased to $27.33 per barrel and
$1.91 per Mcf, respectively, for the three months ended March 31, 2000
from $10.34 per barrel and $1.54 per Mcf, respectively, for the three
months ended March 31, 1999.
Oil and gas production expenses (including lease operating expenses and
production taxes) decreased $91,955 (27.3%) for the three months ended
March 31, 2000 as compared to the three months ended March 31, 1999. This
decrease was primarily due to (i) a decrease in lease operating expenses
associated with the decreases in volumes of oil and gas sold, (ii)
workover expenses incurred on one significant well during the three months
ended March 31, 1999 in order to improve the recovery of reserves, and
(iii) positive prior period lease operating expense adjustments made by
the operator on another significant well during the three months ended
March 31, 1999. As a percentage of oil and gas sales,
-41-
<PAGE>
these expenses decreased to 23.5% for the three months ended March 31,
2000 from 39.5% for the three months ended March 31, 1999. This percentage
decrease was primarily due to the increases in the average prices of oil
and gas sold.
Depreciation, depletion, and amortization of oil and gas properties
decreased $92,221 (38.2%) for the three months ended March 31, 2000 as
compared to the three months ended March 31, 1999. This decrease was
primarily due to the decreases in volumes of oil and gas sold and upward
revisions in the estimates of remaining oil and gas reserves at December
31, 1999. As a percentage of oil and gas sales, this expense decreased to
14.3% for the three months ended March 31, 2000 from 28.3% for the three
months ended March 31, 1999. This percentage decrease was primarily due to
the increases in the average prices of oil and gas sold.
General and administrative expenses increased $1,885 (1.4%) for the three
months ended March 31, 2000 as compared to the three months ended March
31, 1999. As a percentage of oil and gas sales, these expenses decreased
to 12.8% for the three months ended March 31, 2000 from 15.4% for the
three months ended March 31, 1999. This percentage decrease was primarily
due to the increase in oil and gas sales.
The II-G Partnership achieved payout during the three months ended March
31, 2000. After payout, operations and revenues for the II-G Partnership
have been and will be allocated using the after payout percentages. After
payout percentages allocate operating income and expenses 10% to the
General Partner and 90% to the Limited Partners. Before payout, operating
income and expenses were allocated 5% to the General Partner and 95% to
the Limited Partners. See the Partnerships' Annual Report on Form 10-K for
the year ended December 31, 1999 for a further discussion of pre and post
payout allocations of income and expense.
The Limited Partners have received cash distributions through March 31,
2000 totaling $37,266,371 or 100.13% of Limited Partners' capital
contributions.
-42-
<PAGE>
II-H PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 2000 COMPARED TO THE THREE MONTHS ENDED MARCH
31, 1999.
Three Months Ended March 31,
----------------------------
2000 1999
-------- --------
Oil and gas sales $222,609 $198,192
Oil and gas production expenses $ 58,321 $ 80,041
Barrels produced 3,831 5,155
Mcf produced 72,673 94,271
Average price/Bbl $ 27.31 $ 10.34
Average price/Mcf $ 1.62 $ 1.54
As shown in the table above, total oil and gas sales increased $24,417
(12.3%) for the three months ended March 31, 2000 as compared to the three
months ended March 31, 1999. Of this increase, approximately $65,000 and
$6,000, respectively, were related to increases in the average prices of
oil and gas sold. These price increases were partially offset by decreases
of approximately $14,000 and $33,000, respectively, related to decreases
in volumes of oil and gas sold. Volumes of oil and gas sold decreased
1,324 barrels and 21,598 Mcf, respectively, for the three months ended
March 31, 2000 as compared to the three months ended March 31, 1999. The
decrease in volumes of oil sold was primarily due to positive prior period
volume adjustments made by the operators on two significant wells during
the three months ended March 31, 1999 and normal declines in production.
The decrease in volumes of gas sold was primarily due to a positive prior
period volume adjustment made by the operator on another significant well
during the three months ended March 31, 1999 and normal declines in
production. Average oil and gas prices increased to $27.31 per barrel and
$1.62 per Mcf, respectively, for the three months ended March 31, 2000
from $10.34 per barrel and $1.54 per Mcf, respectively, for the three
months ended March 31, 1999.
Oil and gas production expenses (including lease operating expenses and
production taxes) decreased $21,720 (27.1%) for the three months ended
March 31, 2000 as compared to the three months ended March 31, 1999. This
decrease was primarily due to (i) a decrease in lease operating expenses
associated with the decreases in volumes of oil and gas sold, (ii)
workover expenses incurred on one significant well during the three months
ended March 31, 1999 in order to improve the recovery of reserves, and
(iii) positive prior period lease operating expense adjustments made by
the operator on another significant well during the three months
-43-
<PAGE>
ended March 31, 1999. As a percentage of oil and gas sales, these expenses
decreased to 26.2% for the three months ended March 31, 2000 from 40.4%
for the three months ended March 31, 1999. This percentage decrease was
primarily due to the increases in the average prices of oil and gas sold.
Depreciation, depletion, and amortization of oil and gas properties
decreased $20,493 (37.2%) for the three months ended March 31, 2000 as
compared to the three months ended March 31, 1999. This decrease was
primarily due to the decreases in volumes of oil and gas sold and upward
revisions in the estimates of remaining oil and gas reserves at December
31, 1999. As a percentage of oil and gas sales, this expense decreased to
15.5% for the three months ended March 31, 2000 from 27.8% for the three
months ended March 31, 1999. This percentage decrease was primarily due to
the increases in the average prices of oil and gas sold.
General and administrative expenses increased $371 (1.1%) for the three
months ended March 31, 2000 as compared to the three months ended March
31, 1999. As a percentage of oil and gas sales, these expenses decreased
to 14.7% for the three months ended March 31, 2000 from 16.3% for the
three months ended March 31, 1999. This percentage decrease was primarily
due to the increase in oil and gas sales.
The Limited Partners have received cash distributions through March 31,
2000 totaling $8,673,364 or 94.57% of Limited Partners' capital
contributions.
YEAR 2000 COMPUTER ISSUES
- -------------------------
The year 2000 issue refers to the inability of computer and other
information technology systems to properly process date and time
information, stemming from the earlier programming practice of using two
digits rather than four to represent the year in a date. To the knowledge
of the General Partner, the Partnerships have not experienced any material
effects from the year 2000 issue. Costs incurred by the Partnerships in
order to ensure year 2000 compatibility were not material to the
Partnerships.
-44-
<PAGE>
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK.
The Partnerships do not hold any market risk sensitive instruments.
-45-
<PAGE>
PART II. OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
27.1 Financial Data Schedule containing summary financial
information extracted from the II-A Partnership's financial
statements as of March 31, 2000 and for the three months
ended March 31, 2000, filed herewith.
27.2 Financial Data Schedule containing summary financial
information extracted from the II-B Partnership's financial
statements as of March 31, 2000 and for the three months
ended March 31, 2000, filed herewith.
27.3 Financial Data Schedule containing summary financial
information extracted from the II-C Partnership's financial
statements as of March 31, 2000 and for the three months
ended March 31, 2000, filed herewith.
27.4 Financial Data Schedule containing summary financial
information extracted from the II-D Partnership's financial
statements as of March 31, 2000 and for the three months
ended March 31, 2000, filed herewith.
27.5 Financial Data Schedule containing summary financial
information extracted from the II-E Partnership's financial
statements as of March 31, 2000 and for the three months
ended March 31, 2000, filed herewith.
27.6 Financial Data Schedule containing summary financial
information extracted from the II-F Partnership's financial
statements as of March 31, 2000 and for the three months
ended March 31, 2000, filed herewith.
27.7 Financial Data Schedule containing summary financial
information extracted from the II-G Partnership's financial
statements as of March 31, 2000 and for the three months
ended March 31, 2000, filed herewith.
-46-
<PAGE>
27.8 Financial Data Schedule containing summary financial
information extracted from the II-H Partnership's financial
statements as of March 31, 2000 and for the three months
ended March 31, 2000, filed herewith.
All other exhibits are omitted as inapplicable.
(b) Reports on Form 8-K.
Current Report on Form 8-K filed during the first quarter of 2000:
Date of Event: January 28, 2000
Date filed with the SEC: January 28, 2000
Items included: Item 5 - Other Events
Item 7 - Exhibits
-47-
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-A
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-B
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-C
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-D
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-E
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-F
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-G
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-H
(Registrant)
BY: GEODYNE RESOURCES, INC.
General Partner
Date: May 12, 2000 By: /s/Dennis R. Neill
--------------------------------
(Signature)
Dennis R. Neill
President
Date: May 12, 2000 By: /s/Patrick M. Hall
--------------------------------
(Signature)
Patrick M. Hall
Principal Accounting Officer
-48-
<PAGE>
INDEX TO EXHIBITS
NUMBER DESCRIPTION
- ------ -----------
27.1 Financial Data Schedule containing summary financial information
extracted from the Geodyne Energy Income Limited Partnership II-A's
financial statements as of March 31, 2000 and for the three months
ended March 31, 2000, filed herewith.
27.2 Financial Data Schedule containing summary financial information
extracted from the Geodyne Energy Income Limited Partnership II-B's
financial statements as of March 31, 2000 and for the three months
ended March 31, 2000, filed herewith.
27.3 Financial Data Schedule containing summary financial information
extracted from the Geodyne Energy Income Limited Partnership II-C's
financial statements as of March 31, 2000 and for the three months
ended March 31, 2000, filed herewith.
27.4 Financial Data Schedule containing summary financial information
extracted from the Geodyne Energy Income Limited Partnership II-D's
financial statements as of March 31, 2000 and for the three months
ended March 31, 2000, filed herewith.
27.5 Financial Data Schedule containing summary financial information
extracted from the Geodyne Energy Income Limited Partnership II-E's
financial statements as of March 31, 2000 and for the three months
ended March 31, 2000, filed herewith.
27.6 Financial Data Schedule containing summary financial information
extracted from the Geodyne Energy Income Limited Partnership II-F's
financial statements as of March 31, 2000 and for the three months
ended March 31, 2000, filed herewith.
27.7 Financial Data Schedule containing summary financial information
extracted from the Geodyne Energy Income Limited Partnership II-G's
financial statements as of March 31, 2000 and for the three months
ended March 31, 2000, filed herewith.
27.8 Financial Data Schedule containing summary financial information
extracted from the Geodyne Energy Income Limited Partnership II-H's
financial statements as of March 31, 2000 and for the three months
ended March 31, 2000, filed herewith.
All other exhibits are omitted as inapplicable.
-49-
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000824894
<NAME> GEODYNE ENERGY INCOME LTD PSHP II-A
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<CASH> 641,726
<SECURITIES> 0
<RECEIVABLES> 769,904
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 1,411,630
<PP&E> 31,010,576
<DEPRECIATION> 27,563,301
<TOTAL-ASSETS> 5,591,760
<CURRENT-LIABILITIES> 212,370
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 5,157,952
<TOTAL-LIABILITY-AND-EQUITY> 5,591,760
<SALES> 1,239,736
<TOTAL-REVENUES> 1,247,671
<CGS> 0
<TOTAL-COSTS> 685,870
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 561,801
<INCOME-TAX> 0
<INCOME-CONTINUING> 561,801
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 561,801
<EPS-BASIC> 1.02
<EPS-DILUTED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000826345
<NAME> GEODYNE ENERGY INCOME LTD PSHP II-B
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<CASH> 389,094
<SECURITIES> 0
<RECEIVABLES> 532,209
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 921,303
<PP&E> 21,452,661
<DEPRECIATION> 19,210,286
<TOTAL-ASSETS> 3,393,998
<CURRENT-LIABILITIES> 89,276
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 3,207,193
<TOTAL-LIABILITY-AND-EQUITY> 3,393,998
<SALES> 849,518
<TOTAL-REVENUES> 853,839
<CGS> 0
<TOTAL-COSTS> 439,136
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 414,703
<INCOME-TAX> 0
<INCOME-CONTINUING> 414,703
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 414,703
<EPS-BASIC> 1.08
<EPS-DILUTED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000833054
<NAME> GEODYNE ENERGY INCOME LTD PSHP II-C
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-START> JAN-01-2000
<PERIOD-END> MAR-31-2000
<CASH> 210,180
<SECURITIES> 0
<RECEIVABLES> 242,338
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 452,518
<PP&E> 9,318,368
<DEPRECIATION> 8,108,232
<TOTAL-ASSETS> 1,792,318
<CURRENT-LIABILITIES> 49,159
<BONDS> 0
0
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