<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, 1996
Commission File Number:
P-1: 0-17800 P-3: 0-18306 P-5: 0-18637
P-2: 0-17801 P-4: 0-18308 P-6: 0-18937
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-1 LIMITED PARTNERSHIP
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-2 LIMITED PARTNERSHIP
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-3
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-4
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-5
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-6
-------------------------------------------------------------------
(Exact name of Registrant as specified in its Articles)
P-1: 73-1330245
P-2: 73-1330625
P-1 and P-2: P-3: 73-1336573
Texas P-4: 73-1341929
P-3 through P-6: P-5: 73-1353774
Oklahoma P-6: 73-1357375
- -------------------------------- -----------------------------
(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 INSTITUTIONAL/PENSION ENERGY INCOME P-1 LIMITED PARTNERSHIP
GEODYNE NPI PARTNERSHIP P-1
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
September 30, December 31,
1996 1995
------------- -----------
CURRENT ASSETS:
Cash and cash equivalents $ 337,522 $ 241,524
Accounts receivable:
Net profits and royalty interests
in oil and gas sales 284,652 221,147
---------- ----------
Total current assets $ 622,174 $ 462,671
NET PROFITS AND ROYALTY INTERESTS IN
OIL AND GAS PROPERTIES, net,
utilizing the successful efforts
method 2,742,923 3,026,259
---------- ----------
$3,365,097 $3,488,930
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 61,264) ($ 48,322)
Limited Partners, issued and
outstanding, 108,074 units 3,426,361 3,537,252
---------- ----------
Total Partners' capital $3,365,097 $3,488,930
---------- ----------
$3,365,097 $3,488,930
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-2-
<PAGE>
<PAGE>
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-1 LIMITED PARTNERSHIP
GEODYNE NPI PARTNERSHIP P-1
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
-------- ---------
REVENUES:
Net profits and royalty interests
in oil and gas sales $295,262 $248,805
Interest income 2,634 2,109
Gain on sale of net profits and
royalty interests in oil and
gas properties 63,616 10,525
-------- --------
$361,512 $261,439
COSTS AND EXPENSES:
Depletion of net profits and
royalty interests in oil and
gas properties $ 80,362 $229,373
General and administrative 31,355 29,744
-------- --------
$111,717 $259,117
-------- --------
NET INCOME $249,795 $ 2,322
======== ========
GENERAL PARTNER - NET INCOME $ 15,572 $ 9,291
======== ========
LIMITED PARTNERS - NET INCOME (LOSS) $234,223 ($ 6,969)
======== ========
NET INCOME (LOSS) per unit $ 2.17 ($ .06)
======== ========
UNITS OUTSTANDING 108,074 108,074
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-3-
<PAGE>
<PAGE>
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-1 LIMITED PARTNERSHIP
GEODYNE NPI PARTNERSHIP P-1
COMBINED STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
--------- ---------
REVENUES:
Net profits and royalty interests
in oil and gas sales $915,872 $674,021
Interest income 6,376 6,015
Gain on sale of net profits and
royalty interests in oil and
gas properties 64,247 10,147
-------- --------
$986,495 $690,183
COSTS AND EXPENSES:
Depletion of net profits and
royalty interests in oil and
gas properties $262,231 $664,955
General and administrative 98,707 97,546
-------- --------
$360,938 $762,501
-------- --------
NET INCOME (LOSS) $625,557 ($ 72,318)
======== ========
GENERAL PARTNER - NET INCOME $ 41,448 $ 22,982
======== ========
LIMITED PARTNERS - NET INCOME (LOSS) $584,109 ($ 95,300)
======== ========
NET INCOME (LOSS) per unit $ 5.40 ($ .88)
======== ========
UNITS OUTSTANDING 108,074 108,074
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-4-
<PAGE>
<PAGE>
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-1 LIMITED PARTNERSHIP
GEODYNE NPI PARTNERSHIP P-1
COMBINED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $625,557 ($ 72,318)
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depletion of net profits and
royalty interests in oil and
gas properties 262,231 664,955
Gain on sale of net profits and
royalty interests in oil
and gas properties ( 64,247) ( 10,147)
Increase in accounts receivable ( 63,505) ( 32,642)
-------- --------
Net cash provided by operating
activities $760,036 $549,848
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 4,301) $ -
Proceeds from sale of net profits
and royalty interests in oil and
gas properties 89,653 44,818
-------- --------
Net cash provided by investing
activities $ 85,352 $ 44,818
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($749,390) ($599,500)
-------- --------
Net cash used by financing
activities ($749,390) ($599,500)
-------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS $ 95,998 ($ 4,834)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 241,524 227,184
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $337,522 $222,350
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-5-
<PAGE>
<PAGE>
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-2 LIMITED PARTNERSHIP
GEODYNE NPI PARTNERSHIP P-2
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
September 30, December 31,
1996 1995
------------- -----------
CURRENT ASSETS:
Cash and cash equivalents $ 263,020 $ 167,791
Accounts receivable:
Net profits and royalty interests
in oil and gas sales 216,944 176,041
---------- ----------
Total current assets $ 479,964 $ 343,832
NET PROFITS AND ROYALTY INTERESTS IN
OIL AND GAS PROPERTIES, net,
utilizing the successful efforts
method 2,254,045 2,510,707
---------- ----------
$2,734,009 $2,854,539
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 55,874) ($ 46,190)
Limited Partners, issued and
outstanding, 90,094 units 2,789,883 2,900,729
---------- ----------
Total Partners' capital $2,734,009 $2,854,539
---------- ----------
$2,734,009 $2,854,539
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-6-
<PAGE>
<PAGE>
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-2 LIMITED PARTNERSHIP
GEODYNE NPI PARTNERSHIP P-2
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
-------- ----------
REVENUES:
Net profits and royalty interests
in oil and gas sales $222,515 $196,005
Interest income 2,047 1,397
Gain on sale of net profits and
royalty interests in oil and
gas properties 43,523 8,802
-------- --------
$268,085 $206,204
COSTS AND EXPENSES:
Depletion of net profits and
royalty interests in oil and
gas properties $ 73,134 $186,844
General and administrative 26,299 24,674
-------- --------
$ 99,433 $211,518
-------- --------
NET INCOME (LOSS) $168,652 ($ 5,314)
======== ========
GENERAL PARTNER - NET INCOME $ 11,255 $ 7,208
======== ========
LIMITED PARTNERS - NET INCOME (LOSS) $157,397 ($ 12,522)
======== ========
NET INCOME (LOSS) per unit $ 1.75 ($ .14)
======== ========
UNITS OUTSTANDING 90,094 90,094
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-7-
<PAGE>
<PAGE>
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-2 LIMITED PARTNERSHIP
GEODYNE NPI PARTNERSHIP P-2
COMBINED STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
-------- ----------
REVENUES:
Net profits and royalty interests
in oil and gas sales $700,557 $516,530
Interest income 4,767 3,709
Gain on sale of net profits and
royalty interests in oil and
gas properties 43,971 8,078
-------- --------
$749,295 $528,317
COSTS AND EXPENSES:
Depletion of net profits and
royalty interests in oil and
gas properties $237,897 $529,827
General and administrative 82,523 81,380
-------- --------
$320,420 $611,207
-------- --------
NET INCOME (LOSS) $428,875 ($ 82,890)
======== ========
GENERAL PARTNER - NET INCOME $ 30,721 $ 17,049
======== ========
LIMITED PARTNERS - NET INCOME (LOSS) $398,154 ($ 99,939)
======== ========
NET INCOME (LOSS) per unit $ 4.42 ($ 1.11)
======== ========
UNITS OUTSTANDING 90,094 90,094
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-8-
<PAGE>
<PAGE>
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-2 LIMITED PARTNERSHIP
GEODYNE NPI PARTNERSHIP P-2
COMBINED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
-------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $428,875 ($ 82,890)
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depletion of net profits and
royalty interests in oil and
gas properties 237,897 529,827
Gain on sale of net profits and
royalty interests in oil
and gas properties ( 43,971) ( 8,078)
Increase in accounts receivable ( 40,903) ( 25,444)
-------- --------
Net cash provided by operating
activities $581,898 $413,415
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 1,041) $ -
Proceeds from sale of net profits
and royalty interests in oil and
gas properties 63,777 33,338
-------- --------
Net cash provided by investing
activities $ 62,736 $ 33,338
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($549,405) ($425,500)
-------- --------
Net cash used by financing
activities ($549,405) ($425,500)
-------- --------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $ 95,229 $ 21,253
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 167,791 138,086
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $263,020 $159,339
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-9-
<PAGE>
<PAGE>
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-3
GEODYNE NPI PARTNERSHIP P-3
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
September 30, December 31,
1996 1995
------------- -----------
CURRENT ASSETS:
Cash and cash equivalents $ 495,756 $ 296,629
Accounts receivable:
Net profits and royalty interests
in oil and gas sales 391,759 318,575
---------- ----------
Total current assets $ 887,515 $ 615,204
NET PROFITS AND ROYALTY INTERESTS IN
OIL AND GAS PROPERTIES, net,
utilizing the successful efforts
method 4,258,079 4,740,639
---------- ----------
$5,145,594 $5,355,843
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 104,806) ($ 86,631)
Limited Partners, issued and
outstanding, 169,637 units 5,250,400 5,442,474
---------- ----------
Total Partners' capital $5,145,594 $5,355,843
---------- ----------
$5,145,594 $5,355,843
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-10-
<PAGE>
<PAGE>
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-3
GEODYNE NPI PARTNERSHIP P-3
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
--------- ----------
REVENUES:
Net profits and royalty interests
in oil and gas sales $413,580 $354,026
Interest income 3,675 2,640
Gain on sale of net profits and
royalty interests in oil and
gas properties 77,377 17,623
-------- --------
$494,632 $374,289
COSTS AND EXPENSES:
Depletion of net profits and
royalty interests in oil and
gas properties $137,143 $340,453
General and administrative 49,189 47,174
-------- --------
$186,332 $387,627
-------- --------
NET INCOME (LOSS) $308,300 ($ 13,338)
======== ========
GENERAL PARTNER - NET INCOME $ 20,717 $ 12,951
======== ========
LIMITED PARTNERS - NET INCOME (LOSS) $287,583 ($ 26,289)
======== ========
NET INCOME (LOSS) per unit $ 1.70 ($ .15)
======== ========
UNITS OUTSTANDING 169,637 169,637
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-11-
<PAGE>
<PAGE>
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-3
GEODYNE NPI PARTNERSHIP P-3
COMBINED STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
---------- -----------
REVENUES:
Net profits and royalty interests
in oil and gas sales $1,303,710 $ 952,458
Interest income 8,328 7,689
Gain on sale of net profits and
royalty interests in oil and
gas properties 78,210 17,826
---------- ----------
$1,390,248 $ 977,973
COSTS AND EXPENSES:
Depletion of net profits and
royalty interests in oil and
gas properties $ 446,629 $ 981,060
General and administrative 154,803 154,104
---------- ----------
$ 601,432 $1,135,164
---------- ----------
NET INCOME (LOSS) $ 788,816 ($ 157,191)
========== ==========
GENERAL PARTNER - NET INCOME $ 56,890 $ 31,383
========== ==========
LIMITED PARTNERS - NET INCOME (LOSS) $ 731,926 ($ 188,574)
========== ==========
NET INCOME (LOSS) per unit $ 4.31 ($ 1.11)
========== ==========
UNITS OUTSTANDING 169,637 169,637
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-12-
<PAGE>
<PAGE>
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-3
GEODYNE NPI PARTNERSHIP P-3
COMBINED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ 788,816 ($157,191)
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depletion of net profits and
royalty interests in oil and
gas properties 446,629 981,060
Gain on sale of net profits and
royalty interests in oil and
gas properties ( 78,210) ( 17,826)
Increase in accounts receivable ( 73,184) ( 37,918)
---------- --------
Net cash provided by operating
activities $1,084,051 $768,125
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 1,874) $ -
Proceeds from sale of net profits
and royalty interests in oil and
gas properties 116,015 62,424
---------- --------
Net cash provided by investing
activities $ 114,141 $ 62,424
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($ 999,065) ($831,000)
---------- --------
Net cash used by financing
activities ($ 999,065) ($831,000)
---------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS $ 199,127 ($ 451)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 296,629 285,580
---------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 495,756 $285,129
========== ========
The accompanying notes are an integral part of
these combined financial statements.
-13-
<PAGE>
<PAGE>
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-4
GEODYNE NPI PARTNERSHIP P-4
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
September 30, December 31,
1996 1995
------------- -----------
CURRENT ASSETS:
Cash and cash equivalents $ 397,075 $ 288,117
Accounts receivable:
Net profits and royalty interests
in oil and gas sales 362,162 352,907
---------- ----------
Total current assets $ 759,237 $ 641,024
NET PROFITS AND ROYALTY INTERESTS IN
OIL AND GAS PROPERTIES, net,
utilizing the successful efforts
method 2,622,875 3,299,455
---------- ----------
$3,382,112 $3,940,479
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 82,486) ($ 54,546)
Limited Partners, issued and
outstanding, 126,306 units 3,464,598 3,995,025
---------- ----------
Total Partners' capital $3,382,112 $3,940,479
---------- ----------
$3,382,112 $3,940,479
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-14-
<PAGE>
<PAGE>
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-4
GEODYNE NPI PARTNERSHIP P-4
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
--------- ----------
REVENUES:
Net profits and royalty interests
in oil and gas sales $300,523 $312,566
Interest and other income 2,902 3,082
Gain (loss) on sale of net profits
and royalty interests in oil and
gas properties ( 59,474) 11,405
-------- --------
$243,951 $327,053
COSTS AND EXPENSES:
Depletion of net profits and
royalty interests in oil and
gas properties $147,309 $396,226
General and administrative 38,851 35,721
-------- --------
$186,160 $431,947
-------- --------
NET INCOME (LOSS) $ 57,791 ($104,894)
======== ========
GENERAL PARTNER - NET INCOME $ 8,637 $ 10,604
======== ========
LIMITED PARTNERS - NET INCOME (LOSS) $ 49,154 ($115,498)
======== ========
NET INCOME (LOSS) per unit $ .39 ($ .91)
======== ========
UNITS OUTSTANDING 126,306 126,306
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-15-
<PAGE>
<PAGE>
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-4
GEODYNE NPI PARTNERSHIP P-4
COMBINED STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
---------- ------------
REVENUES:
Net profits and royalty interests
in oil and gas sales $1,015,009 $ 924,448
Interest and other income 7,831 9,238
Loss on sale of net profits and
royalty interests in oil and
gas properties ( 59,404) ( 1,600)
---------- ----------
$ 963,436 $ 932,086
COSTS AND EXPENSES:
Depletion of net profits and
royalty interests in oil and
gas properties $ 494,377 $1,199,355
General and administrative 117,526 114,425
---------- ----------
$ 611,903 $1,313,780
---------- ----------
NET INCOME (LOSS) $ 351,533 ($ 381,694)
========== ==========
GENERAL PARTNER - NET INCOME $ 36,960 $ 28,890
========== ==========
LIMITED PARTNERS - NET INCOME (LOSS) $ 314,573 ($ 410,584)
========== ==========
NET INCOME (LOSS) per unit $ 2.49 ($ 3.25)
========== ==========
UNITS OUTSTANDING 126,306 126,306
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-16-
<PAGE>
<PAGE>
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-4
GEODYNE NPI PARTNERSHIP P-4
COMBINED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
--------- ------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $351,533 ($ 381,694)
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depletion of net profits and
royalty interests in oil and
gas properties 494,377 1,199,355
Loss on sale of net profits and
royalty interests in oil and
gas properties 59,404 1,600
Increase in accounts receivable ( 9,255) ( 94,153)
-------- ----------
Net cash provided by operating
activities $896,059 $ 725,108
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 1,625) ($ 16,415)
Proceeds from sale of net profits
and royalty interests in oil and
gas properties 124,424 9,590
-------- ----------
Net cash provided (used) by
investing activities $122,799 ($ 6,825)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($909,900) ($ 820,000)
-------- ----------
Net cash used by financing
activities ($909,900) ($ 820,000)
-------- ----------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS $108,958 ($ 101,717)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 288,117 430,665
-------- ----------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $397,075 $ 328,948
======== ==========
The accompanying notes are an integral part of
these combined financial statements.
-17-
<PAGE>
<PAGE>
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-5
GEODYNE NPI PARTNERSHIP P-5
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
September 30, December 31,
1996 1995
------------ -----------
CURRENT ASSETS:
Cash and cash equivalents $ 252,460 $ 167,076
Accounts receivable:
Net profits and royalty interests
in oil and gas sales 146,405 150,207
---------- ----------
Total current assets $ 398,865 $ 317,283
NET PROFITS AND ROYALTY INTERESTS IN
OIL AND GAS PROPERTIES, net,
utilizing the successful efforts
method 2,525,888 2,908,234
---------- ----------
$2,924,753 $3,225,517
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 63,331) ($ 48,425)
Limited Partners, issued and
outstanding, 118,449 units 2,988,084 3,273,942
---------- ----------
Total Partners' capital $2,924,753 $3,225,517
---------- ----------
$2,924,753 $3,225,517
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-18-
<PAGE>
<PAGE>
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-5
GEODYNE NPI PARTNERSHIP P-5
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
--------- ----------
REVENUES:
Net profits and royalty interests
in oil and gas sales $229,184 $272,415
Interest and other income 2,045 2,420
Gain on sale of net profits and
royalty interests in oil and
gas properties 25,833 378
-------- --------
$257,062 $275,213
COSTS AND EXPENSES:
Depletion of net profits and
royalty interests in oil and
gas properties $110,748 $402,946
General and administrative 33,737 33,503
-------- --------
$144,485 $436,449
-------- --------
NET INCOME (LOSS) $112,577 ($161,236)
======== ========
GENERAL PARTNER - NET INCOME $ 9,956 $ 8,056
======== ========
LIMITED PARTNERS - NET INCOME (LOSS) $102,621 ($169,292)
======== ========
NET INCOME (LOSS) per unit $ .87 ($ 1.43)
======== ========
UNITS OUTSTANDING 118,449 118,449
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-19-
<PAGE>
<PAGE>
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-5
GEODYNE NPI PARTNERSHIP P-5
COMBINED STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
--------- ------------
REVENUES:
Net profits and royalty interests
in oil and gas sales $775,627 $ 737,367
Interest and other income 5,059 6,568
Gain on sale of net profits and
royalty interests in oil and
gas properties 25,833 409
-------- ----------
$806,519 $ 744,344
COSTS AND EXPENSES:
Depletion of net profits and
royalty interests in oil and
gas properties $377,888 $1,156,153
General and administrative 107,574 107,533
-------- ----------
$485,462 $1,263,686
-------- ----------
NET INCOME (LOSS) $321,057 ($ 519,342)
======== ==========
GENERAL PARTNER - NET INCOME $ 30,915 $ 20,279
======== ==========
LIMITED PARTNERS - NET INCOME (LOSS) $290,142 ($ 539,621)
======== ==========
NET INCOME (LOSS) per unit $ 2.45 ($ 4.56)
======== ==========
UNITS OUTSTANDING 118,449 118,449
======== ==========
The accompanying notes are an integral part of
these combined financial statements.
-20-
<PAGE>
<PAGE>
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-5
GEODYNE NPI PARTNERSHIP P-5
COMBINED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
--------- ------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $321,057 ($ 519,342)
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depletion of net profits and
royalty interests in oil and
gas properties 377,888 1,156,153
Gain on sale of net profits and
royalty interests in oil and
gas properties ( 25,833) ( 409)
Decrease in accounts receivable 3,802 6,386
-------- ----------
Net cash provided by operating
activities $676,914 $ 642,788
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures $ - ($ 29,531)
Proceeds from sale of net profits
and royalty interests in oil and
gas properties 30,291 460
-------- ----------
Net cash provided (used) by
investing activities $ 30,291 ($ 29,071)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($621,821) ($ 551,000)
-------- ----------
Net cash used by financing
activities ($621,821) ($ 551,000)
-------- ----------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $ 85,384 $ 62,717
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 167,076 140,602
-------- ----------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $252,460 $ 203,319
======== ==========
The accompanying notes are an integral part of
these combined financial statements.
-21-
<PAGE>
<PAGE>
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-6
GEODYNE NPI PARTNERSHIP P-6
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
September 30, December 31,
1996 1995
------------- -----------
CURRENT ASSETS:
Cash and cash equivalents $ 588,691 $ 254,180
Accounts receivable:
Net profits and royalty interests
in oil and gas sales 305,548 231,575
---------- ----------
Total current assets $ 894,239 $ 485,755
NET PROFITS AND ROYALTY INTERESTS IN
OIL AND GAS PROPERTIES, net,
utilizing the successful efforts
method 4,062,571 4,684,277
---------- ----------
$4,956,810 $5,170,032
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 64,190) ($ 47,281)
Limited Partners, issued and
outstanding, 143,041 units 5,021,000 5,217,313
---------- ----------
Total Partners' capital $4,956,810 $5,170,032
---------- ----------
$4,956,810 $5,170,032
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-22-
<PAGE>
<PAGE>
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-6
GEODYNE NPI PARTNERSHIP P-6
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
--------- ----------
REVENUES:
Net profits and royalty interests
in oil and gas sales $663,156 $312,751
Interest and other income 3,603 3,388
Gain on sale of net profits and
royalty interests in oil and
gas properties 23,722 936
-------- --------
$690,481 $317,075
COSTS AND EXPENSES:
Depletion of net profits and
royalty interests in oil and
gas properties $264,323 $419,822
General and administrative 40,740 40,942
-------- --------
$305,063 $460,764
-------- --------
NET INCOME (LOSS) $385,418 ($143,689)
======== ========
GENERAL PARTNER - NET INCOME $ 29,664 $ 9,608
======== ========
LIMITED PARTNERS - NET INCOME (LOSS) $355,754 ($153,297)
======== ========
NET INCOME (LOSS) per unit $ 2.49 ($ 1.07)
======== ========
UNITS OUTSTANDING 143,041 143,041
======== ========
The accompanying notes are an integral part of
these combined financial statements.
-23-
<PAGE>
<PAGE>
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-6
GEODYNE NPI PARTNERSHIP P-6
COMBINED STATEMENTS OF OPERATIONS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
----------- ------------
REVENUES:
Net profits and royalty interests
in oil and gas sales $1,511,302 $ 972,654
Interest and other income 8,345 8,098
Gain on sale of net profits and
royalty interests in oil and
gas properties 23,722 2,015
---------- ----------
$1,543,369 $ 982,767
COSTS AND EXPENSES:
Depletion of net profits and
royalty interests in oil and
gas properties $ 684,396 $1,168,374
General and administrative 129,872 135,541
---------- ----------
$ 814,268 $1,303,915
---------- ----------
NET INCOME (LOSS) $ 729,101 ($ 321,148)
========== ==========
GENERAL PARTNER - NET INCOME $ 63,414 $ 30,678
========== ==========
LIMITED PARTNERS - NET INCOME (LOSS) $ 665,687 ($ 351,826)
========== ==========
NET INCOME (LOSS) per unit $ 4.65 ($ 2.46)
========== ==========
UNITS OUTSTANDING 143,041 143,041
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-24-
<PAGE>
<PAGE>
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-6
GEODYNE NPI PARTNERSHIP P-6
COMBINED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996 AND 1995
(Unaudited)
1996 1995
----------- ------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ 729,101 ($ 321,148)
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depletion of net profits and
royalty interests in oil and
gas properties 684,396 1,168,374
Gain on sale of net profits and
royalty interests in oil and
gas properties ( 23,722) ( 2,015)
Increase in accounts receivable ( 73,973) ( 122,816)
---------- ----------
Net cash provided by operating
activities $1,315,802 $ 722,395
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 63,382) ($ 14,446)
Proceeds from sale of net profits
and royalty interests in oil and
gas properties 24,414 3,769
---------- ----------
Net cash used by investing
activities ($ 38,968) ($ 10,677)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($ 942,323) ($ 668,000)
---------- ----------
Net cash used by financing
activities ($ 942,323) ($ 668,000)
---------- ----------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $ 334,511 $ 43,718
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 254,180 212,966
---------- ----------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 588,691 $ 256,684
========== ==========
The accompanying notes are an integral part of
these combined financial statements.
-25-
<PAGE>
<PAGE>
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME PARTNERSHIPS
CONDENSED NOTES TO THE COMBINED FINANCIAL STATEMENTS
SEPTEMBER 30, 1996
(Unaudited)
1. ACCOUNTING POLICIES
-------------------
The combined balance sheets as of September 30, 1996, combined
statements of operations for the three and nine months ended
September 30, 1996 and 1995 and combined statements of cash flows
for the nine months ended September 30, 1996 and 1995 have been
prepared by Geodyne Resources, Inc., the general partner of the
Geodyne Institutional/Pension Energy Income Limited Partnerships,
without audit. Each limited partnership is a general partner in
the related Geodyne NPI Partnership (the "NPI Partnerships") in
which Geodyne Resources, Inc. serves as the managing partner.
For the purposes of these financial statements, the general
partner and managing partner are collectively referred to as the
"General Partner" and the limited partnerships and NPI
Partnerships are collectively referred to as the "Partnerships".
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, 1996, the combined results of
operations for the three and nine months ended September 30, 1996
and 1995 and the combined cash flows for the nine months ended
September 30, 1996 and 1995.
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, 1995. The results of
operations for the period ended September 30, 1996 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.
NET PROFITS AND ROYALTY INTERESTS IN OIL AND GAS PROPERTIES
-----------------------------------------------------------
The limited partnerships were formed for the purpose of investing
in the related NPI Partnerships. The NPI Partnerships follow the
successful efforts method of accounting for their net profits and
royalty interests in oil and gas properties ("oil and gas
properties"). Under the successful efforts method, the NPI
Partnerships capitalize all acquisition costs. Property
acquisition costs include costs incurred by the Partnerships or
the General Partner to acquire producing properties, including
related title insurance or examination costs, commissions,
engineering, legal and accounting fees, and similar costs
directly related to the acquisitions. The acquisition cost to
the NPI Partnership of net profits and royalty interests in oil
and gas 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
-26-
<PAGE>
<PAGE>
oil and gas properties are held by the General Partner prior to
their transfer to the Partnerships. Impairment of net profits
and royalty interests in oil and gas properties is recognized
based upon an individual property assessment.
Depletion of the costs of net profits and royalty interests in
producing oil and gas properties is computed on the unit-of-
production method.
Effective October 1, 1995, the Partnerships adopted the
requirements of Statement of Financial Accounting Standards
("SFAS") No. 121, "Accounting for the Impairment of Long Lived
Assets and Assets Held for Disposal. SFAS No. 121 provides that
if the unamortized costs of net profits and royalty interests in
oil and gas properties for each field exceed the expected
undiscounted future cash flows from such properties, the cost of
the properties is written down to fair value, which is determined
by using the discounted future cash flows from the properties.
Under the Partnerships' prior impairment policy if the
unamortized costs of net profits and royalty interests in oil and
gas properties as a whole exceeded the estimated undiscounted
future net revenues of the properties, a valuation allowance
would be recorded for the excess amount. 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 the Partnerships' direct
general and administrative expenses and for the general and
administrative overhead applicable to the Partnerships based on
an allocation of actual costs incurred by the General Partner.
During the three months ended September 30, 1996 the following
payments were made to the General Partner or its affiliates by
the Partnerships:
Direct General Administrative
Partnership and Administrative Overhead
----------- ------------------ --------------
P-1 $2,915 $28,440
P-2 2,590 23,709
P-3 4,549 44,640
P-4 5,611 33,240
P-5 2,567 31,170
P-6 3,099 37,641
During the nine months ended September 30, 1996 the following
payments were made to the General Partner or its affiliates by
the Partnerships:
-27-
<PAGE>
<PAGE>
Direct General Administrative
Partnership and Administrative Overhead
----------- ------------------ --------------
P-1 $13,477 $ 85,320
P-2 11,396 71,127
P-3 20,883 133,920
P-4 17,806 99,720
P-5 14,064 93,510
P-6 16,949 112,923
Affiliated companies are the operator of certain of the
Partnerships' properties and their policy is to bill the
Partnerships for all customary charges and cost reimbursements
associated with their activities, together with any compressor
rental, consulting, or other services provided.
The Partnerships receive Net Profits Interest distributions on a
monthly basis from affiliated partnerships managed by the General
Partner. These distributions are reflected as Revenue, "Net
Profits and Royalty Interests in Oil and Gas Sales", in the
accompanying statements of operations. The Net Profits Interest
Receivable represents amounts due from these affiliated
partnerships.
-28-
<PAGE>
<PAGE>
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
GENERAL
- -------
The limited partnerships were formed for the purpose of investing
in the related NPI Partnerships. The NPI Partnerships are
engaged in the business of acquiring net profits interests and
royalty interests in producing oil and gas properties located in
the continental United States. In general, each NPI Partnership
acquired passive interests in producing properties and does not
directly engage in development drilling or enhanced recovery
projects. Therefore, the economic life of each limited
partnership, and its related NPI Partnership, is limited to the
period of time required to fully produce its acquired oil and gas
reserves. A net profits interest in oil and gas properties
entitles the Partnerships to a portion of the oil and gas sales
less operating and production expenses and development costs
generated by the owner of the underlying working interest in the
oil and gas properties. 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.
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
----------- ------------------ ---------------
P-1 October 25, 1988 $10,807,400
P-2 February 9, 1989 9,009,400
P-3 May 10, 1989 16,963,700
P-4 November 21, 1989 12,630,600
P-5 February 27, 1990 11,844,900
P-6 September 5, 1990 14,304,100
In general, the amount of funds available for the acquisition of
producing properties was equal to the capital contributions of
the Limited Partners, less 15% for sales commissions and
organization and management fees. The Partnerships have fully
invested their capital contributions.
Net proceeds from the Partnerships' net profits and royalty
interests 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. Over
the last several years, the domestic energy industry and the
Partnerships have contended with volatile, but generally low, oil
and gas prices. Over the last few years, the oil and gas market
appears to have moved from periods of relative stability in
supply and demand to excess supply or weakened demand. These
trends have led to the volatility in pricing and demand noted
-29-
<PAGE>
<PAGE>
over the past years. While the General Partner cannot predict
future pricing trends, it believes the working capital available
as of September 30, 1996 and the net revenue generated from
future operations will provide sufficient working capital to meet
current and future obligations of the Partnerships.
During the nine months ended September 30, 1996 the following
Partnerships sold their interests in several oil and gas
properties. Proceeds from such sales were as follows:
Proceeds for
Nine Months Ended
Partnership September 30, 1996
----------- ---------------------
P-1 $ 89,653
P-2 63,777
P-3 116,015
P-4 124,424
P-5 30,291
Such proceeds will be included in the determination of the amount
of the cash distributions to be paid to the Limited Partners of
such Partnerships during November 1996.
RESULTS OF OPERATIONS
- ---------------------
PARTNERSHIP P-1
THREE MONTHS ENDED SEPTEMBER 30, 1996 AS COMPARED TO THE THREE
MONTHS ENDED SEPTEMBER 30, 1995.
Three Months Ended September 30,
--------------------------------
1996 1995
-------- --------
Net profits and royalty
interests in oil and
gas sales $295,262 $248,805
Barrels produced 7,592 9,283
Mcf produced 116,249 128,783
Average price/Bbl $ 20.93 $ 17.79
Average price/Mcf $ 1.81 $ 1.42
As shown in the table above, total net profits and royalty
interests in oil and gas sales increased $46,457 (18.67%) for the
three months ended September 30, 1996 as compared to the three
months ended September 30, 1995. Of this increase, $79,374 was
related to the increases in the average prices of oil and natural
gas sold, partially offset by a $58,080 decrease related to the
decreases in the volumes of oil and natural gas sold. Volumes of
oil and natural gas sold decreased by 1,691 barrels and 12,534
Mcf, respectively, for the three months ended September 30, 1996
as compared to the three months ended September 30, 1995. The
decrease in volumes of oil sold was primarily due to (i) the sale
of two oil producing wells during 1996, (ii) the normal declines
in production due to diminished oil reserves for the three months
ended September 30, 1996 as compared to the three months ended
-30-
<PAGE>
<PAGE>
September 30, 1995, and (iii) positive prior period volume
adjustments made by the purchaser on two wells during the three
months ended September 30, 1995. Average oil and natural gas
prices increased to $20.93 per barrel and $1.81 per Mcf,
respectively, for the three months ended September 30, 1996 from
$17.79 per barrel and $1.42 per Mcf, respectively, for the three
months ended September 30, 1995.
Depletion of net profits and royalty interests in oil and gas
properties decreased $149,011 for the three months ended
September 30, 1996 as compared to the three months ended
September 30, 1995. This decrease was primarily due to upward
revisions of previous reserve estimates at December 31, 1995. As
a percentage of net profits and royalty interests in oil and gas
sales, this expense decreased to 27.2% for the three months ended
September 30, 1996 from 92.2% for the three months ended
September 30, 1995. This decrease was primarily due to the
upward reserve revisions discussed above and the increases in the
average prices of oil and natural gas sold during the three
months ended September 30, 1996 as compared to the three months
ended September 30, 1995.
General and administrative expenses increased $1,611 for the
three months ended September 30, 1996 as compared to the three
months ended September 30, 1995. This increase was primarily due
to an increase in professional fees and printing and postage
expenses during the three months ended September 30, 1996 as
compared to the three months ended September 30, 1995. As a
percentage of net profits and royalty interests in oil and gas
sales, this expense decreased to 10.6% for the three months ended
September 30, 1996 from 12.0% for the three months ended
September 30, 1995. This percentage decrease was primarily due
to the increases in the average prices of oil and natural gas
sold during the three months ended September 30, 1996 as compared
to the three months ended September 30, 1995.
NINE MONTHS ENDED SEPTEMBER 30, 1996 AS COMPARED TO THE NINE
MONTHS ENDED SEPTEMBER 30, 1995.
Nine Months Ended September 30,
-------------------------------
1996 1995
-------- --------
Net profits and royalty
interests in oil and
gas sales $915,872 $674,021
Barrels produced 26,287 29,263
Mcf produced 370,260 359,238
Average price/Bbl $ 19.18 $ 16.79
Average price/Mcf $ 1.81 $ 1.31
As shown in the table above, total net profits and royalty
interests in oil and gas sales increased $241,851 (35.88%) for
the nine months ended September 30, 1996 as compared to the nine
months ended September 30, 1995. Of this increase, $249,558 was
related to the increases in the average prices of oil and natural
gas sold and $19,950 was related to an increase in the volumes of
natural gas sold, partially offset by a $57,080 decrease related
to the decrease in the volumes of oil sold. Volumes of oil sold
decreased by 2,976 barrels, while volumes of natural gas sold
increased by 11,022 Mcf for the nine months ended September 30,
-31-
<PAGE>
<PAGE>
1996 as compared to the nine months ended September 30, 1995.
Average oil and natural gas prices increased to $19.18 per barrel
and $1.81 per Mcf, respectively, for the nine months ended
September 30, 1996 from $16.79 per barrel and $1.31 per Mcf,
respectively, for the nine months ended September 30, 1995.
Depletion of net profits and royalty interests in oil and gas
properties decreased $402,724 for the nine months ended September
30, 1996 as compared to the nine months ended September 30, 1995.
This decrease was primarily due to upward revisions of previous
reserve estimates at December 31, 1995. As a percentage of net
profits and royalty interests in oil and gas sales, this expense
decreased to 28.6% for the nine months ended September 30, 1996
from 98.7% for the nine months ended September 30, 1995. This
percentage decrease was primarily due to the upward reserve
revisions discussed above and the increases in the average prices
of oil and natural gas sold during the nine months ended
September 30, 1996 as compared to the nine months ended September
30, 1995.
General and administrative expenses remained relatively constant
for the nine months ended September 30, 1996 as compared to the
nine months ended September 30, 1995. As a percentage of net
profits and royalty interests in oil and gas sales, these
expenses decreased to 10.8% for the nine months ended September
30, 1996 from 14.5% for the nine months ended September 30, 1995.
This percentage decrease was primarily due to the increases in
the average prices of oil and natural gas sold during the nine
months ended September 30, 1996 as compared to the nine months
ended September 30, 1995.
Cumulative cash distributions to the Limited Partners through
September 30, 1996 were $8,455,558 or 78.24% of Limited Partners'
capital contributions.
PARTNERSHIP P-2
THREE MONTHS ENDED SEPTEMBER 30, 1996 AS COMPARED TO THE THREE
MONTHS ENDED SEPTEMBER 30, 1995.
Three Months Ended September 30,
--------------------------------
1996 1995
-------- --------
Net profits and royalty
interests in oil and
gas sales $222,515 $196,005
Barrels produced 5,313 6,719
Mcf produced 99,108 113,258
Average price/Bbl $ 20.88 $ 17.77
Average price/Mcf $ 1.78 $ 1.43
As shown in the table above, total net profits and royalty
interests in oil and gas sales increased $26,510 (13.53%) for the
three months ended September 30, 1996 as compared to the three
months ended September 30, 1995. Of this increase, $60,536 was
related to the increases in the average prices of oil and natural
gas sold, partially offset by a $54,544 decrease related to the
decreases in the volumes of oil and natural gas sold. Volumes of
oil and natural gas sold decreased by 1,406 barrels and 14,150
Mcf, respectively, for the three months ended September 30, 1996
-32-
<PAGE>
<PAGE>
as compared to the three months ended September 30, 1995. The
decrease in the volumes of oil sold was primarily due to (i) the
sale of two oil producing wells during 1996, (ii) the normal
declines in production due to diminished oil reserves on several
wells for the three months ended September 30, 1996 as compared
to the three months ended September 30, 1995, and (iii) positive
prior period volume adjustments made by the purchaser on two
wells during the three months ended September 30, 1995. Average
oil and natural gas prices increased to $20.88 per barrel and
$1.78 per Mcf, respectively, for the three months ended September
30, 1996 from $17.77 per barrel and $1.43 per Mcf, respectively,
for the three months ended September 30, 1995.
Depletion of net profits and royalty interests in oil and gas
properties decreased $113,710 for the three months ended
September 30, 1996 as compared to the three months ended
September 30, 1995. This decrease was primarily due to upward
revisions of previous reserve estimates at December 31, 1995 and
a decrease in capitalized costs due to an impairment provision
recognized in the fourth quarter of 1995. As a percentage of net
profits and royalty interests in oil and gas sales, this expense
decreased to 32.9% for the three months ended September 30, 1996
from 95.3% for the three months ended September 30, 1995. This
percentage decrease was primarily due to the upward reserve
revisions and impairment provision discussed above and the
increases in the average prices of oil and natural gas sold
during the three months ended September 30, 1996 as compared to
the three months ended September 30, 1995.
General and administrative expenses increased $1,625 for the
three months ended September 30, 1996 as compared to the three
months ended September 30, 1995. This increase was primarily due
to an increase in professional fees, printing and postage
expenses, and filing fees during the three months ended September
30, 1996 as compared to the three months ended September 30,
1995. As a percentage of net profits and royalty interests in
oil and gas sales, these expenses decreased to 11.8% for the
three months ended September 30, 1996 from 12.6% for the three
months ended September 30, 1995. This percentage decrease was
primarily due to the increases in the average prices of oil and
natural gas sold during the three months ended September 30, 1996
as compared to the three months ended September 30, 1995.
NINE MONTHS ENDED SEPTEMBER 30, 1996 AS COMPARED TO THE NINE
MONTHS ENDED SEPTEMBER 30, 1995.
Nine Months Ended September 30,
-------------------------------
1996 1995
-------- --------
Net profits and royalty
interests in oil and
gas sales $700,557 $516,530
Barrels produced 18,744 21,116
Mcf produced 313,622 308,777
Average price/Bbl $ 19.23 $ 16.83
Average price/Mcf $ 1.80 $ 1.35
As shown in the table above, total net profits and royalty
interests in oil and gas sales increased $184,027 (35.63%) for
the nine months ended September 30, 1996 as compared to the nine
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<PAGE>
<PAGE>
months ended September 30, 1995. Of this increase, $189,628 was
related to the increases in the average prices of oil and natural
gas sold, partially offset by a $45,614 decrease related to the
decrease in the volumes of oil sold. Volumes of oil sold
decreased by 2,372 barrels, while volumes of natural gas sold
increased by 4,845 Mcf for the nine months ended September 30,
1996 as compared to the nine months ended September 30, 1995.
Average oil and natural gas prices increased to $19.23 per barrel
and $1.80 per Mcf, respectively, for the nine months ended
September 30, 1996 from $16.83 per barrel and $1.35 per Mcf,
respectively, for the nine months ended September 30, 1995.
Depletion of net profits and royalty interests in oil and gas
properties decreased $291,930 for the nine months ended September
30, 1996 as compared to the nine months ended September 30, 1995.
This decrease was primarily due to upward revisions of previous
reserve estimates at December 31, 1995 and a decrease in
capitalized costs due to an impairment provision recognized in
the fourth quarter of 1995. As a percentage of net profits and
royalty interests in oil and gas sales, this expense decreased to
34.0% for the nine months ended September 30, 1996 from 102.6%
for the nine months ended September 30, 1995. This percentage
decrease was primarily due to the upward reserve revisions and
impairment provision discussed above and the increases in the
average prices of oil and natural gas sold during the nine months
ended September 30, 1996 as compared to the nine months ended
September 30, 1995.
General and administrative expenses remained relatively constant
for the nine months ended September 30, 1996 as compared to the
nine months ended September 30, 1995. As a percentage of net
profits and royalty interests in oil and gas sales, these
expenses decreased to 11.8% for the nine months ended September
30, 1996 from 15.8% for the nine months ended September 30, 1995.
This percentage decrease was primarily due to the increases in
the average prices of oil and natural gas sold during the nine
months ended September 30, 1996 as compared to the nine months
ended September 30, 1995.
Cumulative cash distributions to the Limited Partners through
September 30, 1996 were $6,433,561 or 71.41% of Limited Partners'
capital contributions.
PARTNERSHIP P-3
THREE MONTHS ENDED SEPTEMBER 30, 1996 AS COMPARED TO THE THREE
MONTHS ENDED SEPTEMBER 30, 1995.
Three Months Ended September 30,
--------------------------------
1996 1995
-------- --------
Net profits and royalty
interests in oil and
gas sales $413,580 $354,026
Barrels produced 9,804 12,398
Mcf produced 186,806 208,146
Average price/Bbl $ 20.88 $ 17.76
Average price/Mcf $ 1.77 $ 1.42
-34-
<PAGE>
<PAGE>
As shown in the table above, total net profits and royalty
interests in oil and gas sales increased $59,554 (16.82%) for the
three months ended September 30, 1996 as compared to the three
months ended September 30, 1995. Of this increase, $111,533 was
related to the increases in the average prices of oil and natural
gas sold, partially offset by a $91,935 decrease related to the
decreases in the volumes of oil and natural gas sold. Volumes of
oil and natural gas sold decreased by 2,594 barrels and 21,340
Mcf, respectively, for the three months ended September 30, 1996
as compared to the three months ended September 30, 1995. The
decrease in the volumes of oil sold was primarily due to (i) the
sale of two oil producing wells during 1996, (ii) the normal
declines in production due to diminished oil reserves on several
wells during the three months ended September 30, 1996 as
compared to the three months ended September 30, 1995, and (iii)
the shutting-in of another well during the three months ended
September 30, 1996 due to mechanical difficulties. Average oil
and natural gas prices increased to $20.88 per barrel and $1.77
per Mcf, respectively, for the three months ended September 30,
1996 from $17.76 per barrel and $1.42 per Mcf, respectively, for
the three months ended September 30, 1995.
Depletion of net profits and royalty interests in oil and gas
properties decreased $203,310 for the three months ended
September 30, 1996 as compared to the three months ended
September 30, 1995. This decrease was primarily due to upward
revisions of previous reserve estimates at December 31, 1995 and
a decrease in capitalized costs due to an impairment provision
recognized in the fourth quarter of 1995. As a percentage of net
profits and royalty interests in oil and gas sales, this expense
decreased to 33.2% for the three months ended September 30, 1996
from 96.2% for the three months ended September 30, 1995. This
percentage decrease was primarily due to the upward reserve
revisions and impairment provision discussed above and the
increases in the average prices of oil and natural gas sold
during the three months ended September 30, 1996 as compared to
the three months ended September 30, 1995.
General and administrative expenses increased $2,015 for the
three months ended September 30, 1996 as compared to the three
months ended September 30, 1995. This increase was primarily due
to an increase in both legal fees and printing and postage
expenses during the three months ended September 30, 1996 as
compared to the three months ended September 30, 1995. As a
percentage of net profits and royalty interests in oil and gas
sales, these expenses remained relatively constant at 11.9% for
the three months ended September 30, 1996 as compared to 13.3%
for the three months ended September 30, 1995.
-35-
<PAGE>
<PAGE>
NINE MONTHS ENDED SEPTEMBER 30, 1996 AS COMPARED TO THE NINE
MONTHS ENDED SEPTEMBER 30, 1995.
Nine Months Ended September 30,
-------------------------------
1996 1995
---------- --------
Net profits and royalty
interests in oil and
gas sales $1,303,710 $952,458
Barrels produced 34,689 39,083
Mcf produced 591,800 579,657
Average price/Bbl $ 19.23 $ 16.83
Average price/Mcf $ 1.79 $ 1.35
As shown in the table above, total net profits and royalty
interests in oil and gas sales increased $351,252 (36.88%) for
the nine months ended September 30, 1996 as compared to the nine
months ended September 30, 1995. Of this increase, $348,848 was
related to the increases in the average prices of oil and natural
gas sold, partially offset by a $84,497 decrease related to the
decrease in the volumes of oil sold. Volumes of oil sold
decreased by 4,394 barrels, while volumes of natural gas sold
increased by 12,143 Mcf for the nine months ended September 30,
1996 as compared to the nine months ended September 30, 1995.
Average oil and natural gas prices increased to $19.23 per barrel
and $1.79 per Mcf, respectively, for the nine months ended
September 30, 1996 from $16.83 per barrel and $1.35 per Mcf,
respectively, for the nine months ended September 30, 1995.
Depletion of net profits and royalty interests in oil and gas
properties decreased $331,121 for the nine months ended September
30, 1996 as compared to the nine months ended September 30, 1995.
This decrease was primarily due to upward revisions of previous
reserve estimates at December 31, 1995 and a decrease in
capitalized costs due to an impairment provision recognized in
the fourth quarter of 1995. As a percentage of net profits and
royalty interests in oil and gas sales, this expense decreased to
34.3% for the nine months ended September 30, 1996 from 103.0%
for the nine months ended September 30, 1995. This percentage
decrease was primarily due to the upward reserve revisions and
impairment provision discussed above and the increases in the
average prices of oil and natural gas sold during the nine months
ended September 30, 1996 as compared to the nine months ended
September 30, 1995.
General and administrative expenses remained relatively constant
for the nine months ended September 30, 1996 as compared to the
nine months ended September 30, 1995. As a percentage of net
profits and royalty interests in oil and gas sales, these
expenses decreased to 11.9% for the nine months ended September
30, 1996 from 16.2% for the nine months ended September 30, 1995.
This percentage decrease was primarily due to the increases in
the average prices of oil and natural gas sold during the nine
months ended September 30, 1996 as compared to the nine months
ended September 30, 1995.
Cumulative cash distributions to the Limited Partners through
September 30, 1996 were $11,492,401 or 67.75% of Limited
Partners' capital contributions.
-36-
<PAGE>
<PAGE>
PARTNERSHIP P-4
THREE MONTHS ENDED SEPTEMBER 30, 1996 AS COMPARED TO THE THREE
MONTHS ENDED SEPTEMBER 30, 1995.
Three Months Ended September 30,
--------------------------------
1996 1995
-------- --------
Net profits and royalty
interests in oil and
gas sales $300,523 $312,566
Barrels produced 5,134 8,142
Mcf produced 155,666 207,886
Average price/Bbl $ 21.57 $ 17.71
Average price/Mcf $ 1.90 $ 1.38
As shown in the table above, total net profits and royalty
interests in oil and gas sales decreased 12,043 (3.85%) for the
three months ended September 30, 1996 as compared to the three
months ended September 30, 1995. Of this decrease, $164,101 was
related to the decreases in the volumes of oil and natural gas
sold, partially offset by an increase of $139,529 related to the
increases in the average prices of oil and natural gas sold.
Volumes of oil and natural gas sold decreased by 3,008 barrels
and 52,220 Mcf, respectively, for the three months ended
September 30, 1996 as compared to the three months ended
September 30, 1995. The decrease in the volumes of oil sold was
primarily due to (i) the sale of one oil producing well during
1996, (ii) the shutting-in of another well during 1996 due to
mechanical difficulties, and (iii) the normal declines in
production due to diminished oil reserves on several wells during
the three months ended September 30, 1996 as compared to the
three months ended September 30, 1995. The decrease in the
volumes of natural gas sold was primarily due to (i) normal
declines in production due to diminished natural gas reserves on
several wells during the three months ended September 30, 1996 as
compared to the three months ended September 30, 1995, (ii) the
sale of several wells during 1996, and (iii) increased production
on two wells during the three months ended September 30, 1995 due
to repairs performed in order to improve the recovery of
reserves. Average oil and natural gas prices increased to $21.57
per barrel and $1.90 per Mcf, respectively, for the three months
ended September 30, 1996 from $17.71 per barrel and $1.38 per
Mcf, respectively, for the three months ended September 30, 1995.
Depletion of net profits and royalty interests in oil and gas
properties decreased $248,917 for the three months ended
September 30, 1996 as compared to the three months ended
September 30, 1995. This decrease was primarily due to (i)
upward revisions of previous reserve estimates at December 31,
1995, (ii) a decrease in capitalized costs due to an impairment
provision recognized in the fourth quarter of 1995, and (iii) a
decrease in the equivalent units of production sold during the
three months ended September 30, 1996 as compared to the three
months ended September 30, 1995. As a percentage of net profits
and royalty interests in oil and gas sales, this expense
decreased to 49.0% for the three months ended September 30, 1996
from 126.8% for the three months ended September 30, 1995. This
percentage decrease was primarily due to the upward reserve
-37-
<PAGE>
<PAGE>
revisions and impairment provision discussed above and the
increases in the average prices of oil and natural gas sold
during the three months ended September 30, 1996 as compared to
the three months ended September 30, 1995.
General and administrative expenses increased $3,131 for the
three months ended September 30, 1996 as compared to the three
months ended September 30, 1995. This increase was primarily due
to an increase in both legal and other professional fees and
printing and postage expenses during the three months ended
September 30, 1996 as compared to the three months ended
September 30, 1995. As a percentage of net profits and royalty
interests in oil and gas sales, these expenses remained
relatively constant at 12.9% for the three months ended September
30, 1996 as compared to 11.4% for the three months ended
September 30, 1995.
NINE MONTHS ENDED SEPTEMBER 30, 1996 AS COMPARED TO THE NINE
MONTHS ENDED SEPTEMBER 30, 1995.
Nine Months Ended September 30,
-------------------------------
1996 1995
---------- --------
Net profits and royalty
interests in oil and
gas sales $1,015,009 $924,448
Barrels produced 17,603 21,995
Mcf produced 520,176 645,151
Average price/Bbl $ 20.21 $ 17.65
Average price/Mcf $ 1.91 $ 1.46
As shown in the table above, total net profits and royalty
interests in oil and gas sales increased $90,561 (9.8%) for the
nine months ended September 30, 1996 as compared to the nine
months ended September 30, 1995. Of this increase, $346,625 was
related to the increases in the average prices of oil and natural
gas sold, partially offset by a decrease of $327,464 related to
the decreases in the volumes of oil and natural gas sold.
Volumes of oil and natural gas sold decreased by 4,392 barrels
and 124,975 Mcf, respectively, for the nine months ended
September 30, 1996 as compared to the nine months ended September
30, 1995. The decrease in the volumes of oil sold was primarily
due to (i) the sale of one oil producing well during 1996 and
(ii) the normal declines in production due to diminished oil
reserves on several wells during the nine months ended September
30, 1996 as compared to the nine months ended September 30, 1995.
The decrease in the volumes of natural gas sold was primarily due
to (i) the sale of several gas producing wells during the nine
months ended September 30, 1996, (ii) the normal declines in
production due to diminished natural gas reserves on several
wells during the nine months ended September 30, 1996 as compared
to the nine months ended September 30, 1995, and (iii) positive
prior period volume adjustments made by the purchaser during the
nine months ended September 30, 1995 on several wells. Average
oil and natural gas prices increased to $20.21 per barrel and
$1.91 per Mcf, respectively, for the nine months ended September
30, 1996 from $17.65 per barrel and $1.46 per Mcf, respectively,
for the nine months ended September 30, 1995.
-38-
<PAGE>
<PAGE>
Depletion of net profits and royalty interests in oil and gas
properties decreased $704,978 for the nine months ended September
30, 1996 as compared to the nine months ended September 30, 1995.
This decrease was primarily due to (i) upward revisions of
previous reserve estimates at December 31, 1995, (ii) a decrease
in capitalized costs due to an impairment provision recognized in
the fourth quarter of 1995, and (iii) a decrease in the
equivalent units of production sold during the nine months ended
September 30, 1996 as compared to the nine months ended September
30, 1995. As a percentage of net profits and royalty interests
in oil and gas sales, this expense decreased to 48.7% for the
nine months ended September 30, 1996 from 129.7% for the nine
months ended September 30, 1995. This percentage decrease was
primarily due to the upward reserve revisions and impairment
provision discussed above and the increases in the average prices
of oil and natural gas sold during the nine months ended
September 30, 1996 as compared to the nine months ended September
30, 1995.
General and administrative expenses increased $3,101 for the nine
months ended September 30, 1996 as compared to the nine months
ended September 30, 1995. This increase was primarily due to an
increase in both legal and other professional fees and printing
and postage expenses during the nine months ended September 30,
1996 as compared to the nine months ended September 30, 1995. As
a percentage of net profits and royalty interests in oil and gas
sales, these expenses remained relatively constant at 11.6% for
the nine months ended September 30, 1996 as compared to 12.3% for
the nine months ended September 30, 1995.
Cumulative cash distributions to the Limited Partners through
September 30, 1996 were $9,540,945 or 75.54% of Limited Partners'
capital contributions.
PARTNERSHIP P-5
THREE MONTHS ENDED SEPTEMBER 30, 1996 AS COMPARED TO THE THREE
MONTHS ENDED SEPTEMBER 30, 1995.
Three Months Ended September 30,
--------------------------------
1996 1995
-------- --------
Net profits and royalty
interests in oil and
gas sales $229,184 $272,415
Barrels produced 293 2,036
Mcf produced 152,056 222,283
Average price/Bbl $ 24.71 $ 13.72
Average price/Mcf $ 1.90 $ 1.32
As shown in the table above, total net profits and royalty
interests in oil and gas sales decreased $43,231 (15.9%) for the
three months ended September 30, 1996 as compared to the three
months ended September 30, 1995. Of this decrease, $176,501 was
related to the decreases in the volumes of oil and natural gas
sold, partially offset by a $151,300 increase related to the
increases in the average prices of oil and natural gas sold.
Volumes of oil and natural gas sold decreased by 1,743 barrels
and 70,227 Mcf, respectively, for the three months ended
-39-
<PAGE>
<PAGE>
September 30, 1996 as compared to the three months ended
September 30, 1995. The decrease in the volumes of oil sold
resulted primarily from the normal declines in production on two
wells due to diminished oil reserves during the three months
ended September 30, 1996 as compared to the three months ended
September 30, 1995. The decrease in the volumes of natural gas
sold resulted primarily from (i) the normal declines in
production due to diminished natural gas reserves on several
wells during the three months ended September 30, 1996 as
compared to the three months ended September 30, 1995 and (ii)
positive prior period volume adjustments made by the purchasers
on three wells during the three months ended September 30, 1995.
Average oil and natural gas prices increased to $24.71 per barrel
and $1.90 per Mcf, respectively, for the three months ended
September 30, 1996 from $13.72 per barrel and $1.32 per Mcf,
respectively, for the three months ended September 30, 1995.
Depletion of net profits and royalty interests in oil and gas
properties decreased $292,198 for the three months ended
September 30, 1996 as compared to the three months ended
September 30, 1995. This decrease was primarily due to (i) a
decrease in capitalized costs due to an impairment provision
recognized in the fourth quarter of 1995, (ii) upward revisions
of previous reserve estimates at December 31, 1995, and (iii) the
decrease in the equivalent units of production sold during the
three months ended September 30, 1996 as compared to the three
months ended September 30, 1995. As a percentage of net profits
and royalty interests in oil and gas sales, this expense
decreased to 48.3% for the three months ended September 30, 1996
from 147.9% for the three months ended September 30, 1995. This
percentage decrease was primarily due to the impairment provision
and reserve revisions discussed above and the increases in the
average prices of oil and natural gas sold during the three
months ended September 30, 1996 as compared to the three months
ended September 30, 1995.
General and administrative expenses remained relatively constant
for the three months ended September 30, 1996 as compared to the
three months ended September 30, 1995. As a percentage of net
profits and royalty interests in oil and gas sales, these
expenses increased to 14.7% for the three months ended September
30, 1996 from 12.3% for the three months ended September 30,
1995. This percentage increase was primarily due to the
decreases in the volumes of oil and natural gas sold during the
three months ended September 30, 1996 as compared to the three
months ended September 30, 1995.
NINE MONTHS ENDED SEPTEMBER 30, 1996 AS COMPARED TO THE NINE
MONTHS ENDED SEPTEMBER 30, 1995.
Nine Months Ended September 30,
-------------------------------
1996 1995
-------- --------
Net profits and royalty
interests in oil and
gas sales $775,627 $737,367
Barrels produced 6,380 8,371
Mcf produced 486,994 622,609
Average price/Bbl $ 18.85 $ 16.93
Average price/Mcf $ 1.82 $ 1.31
-40-
<PAGE>
<PAGE>
As shown in the table above, total net profits and royalty
interests in oil and gas sales increased $38,260 (5.2%) for the
nine months ended September 30, 1996 as compared to the nine
months ended September 30, 1995. Of this increase, $333,603 was
related to the increases in the average prices of oil and
natural gas sold, partially offset by a $284,349 decrease
related to the decreases in the volumes of oil and natural gas
sold. Volumes of oil and natural gas sold decreased by 1,991
barrels and 135,615 Mcf, respectively, for the nine months ended
September 30, 1996 as compared to the nine months ended
September 30, 1995. The decrease in the volumes of oil sold
resulted primarily from normal declines in production due to
diminished oil reserves on several wells during the nine months
ended September 30, 1996 as compared to the nine months ended
September 30, 1995. The decrease in the volumes of natural gas
sold resulted primarily from (i) significant positive prior
period volume adjustments made by the purchaser on two wells
during the nine months ended September 30, 1995 and (ii) the
normal declines in production due to diminished natural gas
reserves on two wells during the nine months ended September 30,
1996 as compared to the nine months ended September 30, 1995.
Average oil and natural gas prices increased to $18.85 per
barrel and $1.82 per Mcf, respectively, for the nine months
ended September 30, 1996 from $16.93 per barrel and $1.31 per
Mcf, respectively, for the nine months ended September 30, 1995.
Depletion of net profits and royalty interests in oil and gas
properties decreased $778,265 for the nine months ended
September 30, 1996 as compared to the nine months ended
September 30, 1995. This decrease was primarily due to (i) a
decrease in capitalized costs due to an impairment provision
recognized in the fourth quarter of 1995, (ii) upward revisions
of previous reserve estimates at December 31, 1995, and (iii)
the decrease in the equivalent units of production sold during
the nine months ended September 30, 1996 as compared to the nine
months ended September 30, 1995. As a percentage of net profits
and royalty interests in oil and natural gas sales, this expense
decreased to 48.7% for the nine months ended September 30, 1996
from 156.8% for the nine months ended September 30, 1995. This
percentage decrease was primarily due to the impairment
provision and reserve revisions discussed above and the
increases in the average prices of oil and natural gas sold
during the nine months ended September 30, 1996 as compared to
the nine months ended September 30, 1995.
General and administrative expenses remained relatively constant
for the nine months ended September 30, 1996 as compared to the
nine months ended September 30, 1995. As a percentage of net
profits and royalty interests in oil and gas sales, these
expenses remained relatively constant at 13.9% for the nine
months ended September 30, 1996 as compared to 14.6% for the
nine months ended September 30, 1995.
Cumulative cash distributions to the Limited Partners through
September 30, 1996 were $5,115,759 or 43.19% of Limited
Partners' capital contributions.
-41-
<PAGE>
<PAGE>
PARTNERSHIP P-6
THREE MONTHS ENDED SEPTEMBER 30, 1996 AS COMPARED TO THE THREE
MONTHS ENDED SEPTEMBER 30, 1995.
Three Months Ended September 30,
--------------------------------
1996 1995
-------- --------
Net profits and royalty
interests in oil and
gas sales $663,156 $312,751
Barrels produced 5,705 4,624
Mcf produced 348,846 391,377
Average price/Bbl $ 21.11 $ 15.42
Average price/Mcf $ 2.06 $ 1.12
As shown in the table above, total net profits and royalty
interests in oil and gas sales increased $350,405 (112.0%) for
the three months ended September 30, 1996 as compared to the
three months ended September 30, 1995. Of this increase,
$367,894 was related to the increase in the average price of
natural gas sold, partially offset by a $87,614 decrease related
to the decrease in the volumes of natural gas sold. Volumes of
oil sold increased by 1,081 barrels, while volumes of natural gas
sold decreased 42,531 Mcf for the three months ended September
30, 1996 as compared to the three months ended September 30,
1995. The increase in the volumes of oil sold resulted primarily
from increased production due to a recompletion performed on one
well and workovers performed on two wells during 1995 in order to
improve the recovery of reserves. Average oil and natural gas
prices increased to $21.11 per barrel and $2.06 per Mcf,
respectively, for the three months ended September 30, 1996 from
$15.42 per barrel and $1.12 per Mcf, respectively, for the three
months ended September 30, 1995.
Depletion of net profits and royalty interests in oil and gas
properties decreased $155,499 for the three months ended
September 30, 1996 as compared to the three months ended
September 30, 1995. This decrease was primarily due to (i) a
decrease in capitalized costs due to an impairment provision
recognized in the fourth quarter of 1995 and (ii) upward
revisions of previous reserve estimates at December 31, 1995. As
a percentage of net profits and royalty interests in oil and gas
sales, this expense decreased to 39.9% for the three months ended
September 30, 1996 from 134.2% for the three months ended
September 30, 1995. This percentage decrease was primarily due
to the impairment provision and reserve revisions discussed above
and the increases in the average prices of oil and natural gas
sold during the three months ended September 30, 1996 as compared
to the three months ended September 30, 1995.
General and administrative expenses remained relatively constant
for the three months ended September 30, 1996 as compared to the
three months ended September 30, 1995. As a percentage of net
profits and royalty interests in oil and gas sales, these
expenses decreased to 6.1% for the three months ended September
30, 1996 from 13.1% for the three months ended September 30,
1995. This percentage decrease was primarily due to the
increases in the average prices of oil and natural gas sold
during the three months ended September 30, 1996 as compared to
the three months ended September 30, 1995.
-42-
<PAGE>
<PAGE>
NINE MONTHS ENDED SEPTEMBER 30, 1996 AS COMPARED TO THE NINE
MONTHS ENDED SEPTEMBER 30, 1995.
Nine Months Ended September 30,
-------------------------------
1996 1995
---------- ----------
Net profits and royalty
interests in oil and
gas sales $1,511,302 $ 972,654
Barrels produced 17,210 12,838
Mcf produced 888,615 1,089,399
Average price/Bbl $ 19.77 $ 16.64
Average price/Mcf $ 1.92 $ 1.25
As shown in the table above, total net profits and royalty
interests in oil and gas sales increased $538,648 (55.38%) for
the nine months ended September 30, 1996 as compared to the nine
months ended September 30, 1995. Of this increase, $729,897 was
related to the increase in the average price of natural gas sold
and a $86,434 increase was related to the increase in the volumes
of oil sold, partially offset by a $385,505 decrease related to
the decrease in the volumes of natural gas sold. Volumes of oil
sold increased by 4,372 barrels, while volumes of natural gas
sold decreased by 200,784 Mcf for the nine months ended September
30, 1996 as compared to the nine months ended September 30, 1995.
The increase in the volumes of oil sold resulted primarily from
increased production due to a recompletion performed on one well
and workovers performed on two wells during 1995 in order to
improve the recovery of reserves. The decrease in the volumes of
natural gas sold resulted primarily from (i) the normal decline
in production due to diminished natural gas reserves on several
wells during the nine months ended September 30, 1996 as compared
to the nine months ended September 30, 1995, (ii) positive prior
period adjustments made by the purchasers on several wells during
the nine months ended September 30, 1995, and (iii) the shutting-
in of one well due to an unsuccessful recompletion that was
performed during the nine months ended September 30, 1996.
Average oil and natural gas prices increased to $19.77 per barrel
and $1.92 per Mcf, respectively, for the nine months ended
September 30, 1996 from $16.64 per barrel and $1.25 per Mcf,
respectively, for the nine months ended September 30, 1995.
Depletion of net profits and royalty interests in oil and gas
properties decreased $483,978 for the nine months ended September
30, 1996 as compared to the nine months ended September 30, 1995.
This decrease was primarily due to (i) a decrease in capitalized
costs due to an impairment provision recognized in the fourth
quarter of 1995 and (ii) upward revisions of previous reserve
estimates at December 31, 1995. As a percentage of net profits
and royalty interests in oil and gas sales, this expense
decreased to 45.3% for the nine months ended September 30, 1996
from 120.1% for the nine months ended September 30, 1995. This
percentage decrease was primarily due to the impairment provision
and reserve revisions discussed above and the increases in the
average prices of oil and natural gas sold during the nine months
ended September 30, 1996 as compared to the nine months ended
September 30, 1995.
General and administrative expenses decreased $5,669 for the nine
months ended September 30, 1996 as compared to the nine months
-43-
<PAGE>
<PAGE>
ended September 30, 1995. This decrease was primarily due to a
decrease in professional fees, printing and postage expenses, and
filing fees during the nine months ended September 30, 1996 as
compared to the nine months ended September 30, 1995. As a
percentage of net profits and royalty interests in oil and gas
sales, these expenses decreased to 8.6% for the nine months ended
September 30, 1996 from 13.9% for the nine months ended September
30, 1995. This percentage decrease was primarily due to the
increases in the average prices of oil and natural gas sold
during the nine months ended September 30, 1996 as compared to
the nine months ended September 30, 1995.
Cumulative cash distributions to the Limited Partners through
September 30, 1996 were $6,207,248 or 43.39% of Limited Partners'
capital contributions.
-44-
<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 P-1 Partnership's
financial statements as of September 30, 1996 and for
the nine months ended September 30, 1996, filed
herewith.
27.2 Financial Data Schedule containing summary financial
information extracted from the P-2 Partnership's
financial statements as of September 30, 1996 and for
the nine months ended September 30, 1996, filed
herewith.
27.3 Financial Data Schedule containing summary financial
information extracted from the P-3 Partnership's
financial statements as of September 30, 1996 and for
the nine months ended September 30, 1996, filed
herewith.
27.4 Financial Data Schedule containing summary financial
information extracted from the P-4 Partnership's
financial statements as of September 30, 1996 and for
the nine months ended September 30, 1996, filed
herewith.
27.5 Financial Data Schedule containing summary financial
information extracted from the P-5 Partnership's
financial statements as of September 30, 1996 and for
the nine months ended September 30, 1996, filed
herewith.
27.6 Financial Data Schedule containing summary financial
information extracted from the P-6 Partnership's
financial statements as of September 30, 1996 and for
the nine months ended September 30, 1996, filed
herewith.
All other exhibits are omitted as inapplicable.
(b) Reports on Form 8-K:
Current Reports on Form 8-K filed during third quarter of
1996:
Date of event: July 1, 1996
Date filed with SEC: July 8, 1996
Item Included:
Item 5 - Other Events
Date of event: July 17, 1996
Date filed with SEC: July 31, 1996
Item Included:
Item 5 - Other Events
-45-
<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 INSTITUTIONAL/PENSION ENERGY
INCOME P-1 LIMITED PARTNERSHIP
GEODYNE INSTITUTIONAL/PENSION ENERGY
INCOME P-2 LIMITED PARTNERSHIP
GEODYNE INSTITUTIONAL/PENSION ENERGY
INCOME LIMITED PARTNERSHIP P-3
GEODYNE INSTITUTIONAL/PENSION ENERGY
INCOME LIMITED PARTNERSHIP P-4
GEODYNE INSTITUTIONAL/PENSION ENERGY
INCOME LIMITED PARTNERSHIP P-5
GEODYNE INSTITUTIONAL/PENSION ENERGY
INCOME LIMITED PARTNERSHIP P-6
(Registrant)
By: GEODYNE RESOURCES, INC.
General Partner
Date: November 12, 1996 By: /s/Dennis R. Neill
-------------------------------
(Signature)
Dennis R. Neill
President
Date: November 12, 1996 By: /s/Patrick M. Hall
-------------------------------
(Signature)
Patrick M. Hall
Principal Accounting Officer
-46-
<PAGE>
<PAGE>
INDEX TO EXHIBITS
-----------------
NUMBER DESCRIPTION
- ------ -----------
27.1 Financial Data Schedule containing summary financial
information extracted from the Geodyne Institutional/Pension
Energy Income P-1 Limited Partnership's financial statements
as of September 30, 1996 and for the nine months ended
September 30, 1996, filed herewith.
27.2 Financial Data Schedule containing summary financial
information extracted from the Geodyne Institutional/Pension
Energy Income P-2 Limited Partnership's financial statements
as of September 30, 1996 and for the nine months ended
September 30, 1996, filed herewith.
27.3 Financial Data Schedule containing summary financial
information extracted from the Geodyne Institutional/Pension
Energy Income Limited Partnership P-3's financial statements
as of September 30, 1996 and for the nine months ended
September 30, 1996, filed herewith.
27.4 Financial Data Schedule containing summary financial
information extracted from the Geodyne Institutional/Pension
Energy Income Limited Partnership P-4's financial statements
as of September 30, 1996 and for the nine months ended
September 30, 1996, filed herewith.
27.5 Financial Data Schedule containing summary financial
information extracted from the Geodyne Institutional/Pension
Energy Income Limited Partnership P-5's financial statements
as of September 30, 1996 and for the nine months ended
September 30, 1996, filed herewith.
27.6 Financial Data Schedule containing summary financial
information extracted from the Geodyne Institutional/Pension
Energy Income Limited Partnership P-6's financial statements
as of September 30, 1996 and for the nine months ended
September 30, 1996, filed herewith.
All other exhibits are omitted as inapplicable.
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000850427
<NAME> GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-1 LTD PSHP
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> SEP-30-1996
<CASH> 337,522
<SECURITIES> 0
<RECEIVABLES> 284,652
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 622,174
<PP&E> 8,495,869
<DEPRECIATION> 5,752,946
<TOTAL-ASSETS> 3,365,097
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 3,365,097
<TOTAL-LIABILITY-AND-EQUITY> 3,365,097
<SALES> 915,872
<TOTAL-REVENUES> 986,495
<CGS> 0
<TOTAL-COSTS> 360,938
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 625,557
<INCOME-TAX> 0
<INCOME-CONTINUING> 625,557
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 625,557
<EPS-PRIMARY> 5.4
<EPS-DILUTED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000850428
<NAME> GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-2 LTD PSHP
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> SEP-30-1996
<CASH> 263,020
<SECURITIES> 0
<RECEIVABLES> 216,944
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 479,964
<PP&E> 7,120,663
<DEPRECIATION> 4,866,618
<TOTAL-ASSETS> 2,734,009
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 2,734,009
<TOTAL-LIABILITY-AND-EQUITY> 2,734,009
<SALES> 700,557
<TOTAL-REVENUES> 749,295
<CGS> 0
<TOTAL-COSTS> 320,420
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 428,875
<INCOME-TAX> 0
<INCOME-CONTINUING> 428,875
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 428,875
<EPS-PRIMARY> 4.42
<EPS-DILUTED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000854066
<NAME> GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LTD PSHP P-3
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> SEP-30-1996
<CASH> 495,756
<SECURITIES> 0
<RECEIVABLES> 391,759
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 887,515
<PP&E> 13,402,644
<DEPRECIATION> 9,144,565
<TOTAL-ASSETS> 5,145,594
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 5,145,594
<TOTAL-LIABILITY-AND-EQUITY> 5,145,594
<SALES> 1,303,710
<TOTAL-REVENUES> 1,390,248
<CGS> 0
<TOTAL-COSTS> 601,432
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 788,816
<INCOME-TAX> 0
<INCOME-CONTINUING> 788,816
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 788,816
<EPS-PRIMARY> 4.31
<EPS-DILUTED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000860744
<NAME> GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LTD PSHP P-4
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> SEP-30-1996
<CASH> 397,075
<SECURITIES> 0
<RECEIVABLES> 362,162
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 759,237
<PP&E> 10,181,187
<DEPRECIATION> 7,558,312
<TOTAL-ASSETS> 3,382,112
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 3,382,112
<TOTAL-LIABILITY-AND-EQUITY> 3,382,112
<SALES> 1,015,009
<TOTAL-REVENUES> 963,436
<CGS> 0
<TOTAL-COSTS> 611,903
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 351,533
<INCOME-TAX> 0
<INCOME-CONTINUING> 351,533
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 351,533
<EPS-PRIMARY> 2.49
<EPS-DILUTED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000863832
<NAME> GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-5 LTD PSHP
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> SEP-30-1996
<CASH> 252,460
<SECURITIES> 0
<RECEIVABLES> 146,405
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 398,865
<PP&E> 10,518,268
<DEPRECIATION> 7,992,380
<TOTAL-ASSETS> 2,924,753
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 2,924,753
<TOTAL-LIABILITY-AND-EQUITY> 2,924,753
<SALES> 775,627
<TOTAL-REVENUES> 806,519
<CGS> 0
<TOTAL-COSTS> 485,462
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 321,057
<INCOME-TAX> 0
<INCOME-CONTINUING> 321,057
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 321,057
<EPS-PRIMARY> 2.45
<EPS-DILUTED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000869801
<NAME> GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LTD PSHP P-6
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> SEP-30-1996
<CASH> 588,691
<SECURITIES> 0
<RECEIVABLES> 305,548
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 894,239
<PP&E> 12,764,969
<DEPRECIATION> 8,702,398
<TOTAL-ASSETS> 4,956,810
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 4,956,810
<TOTAL-LIABILITY-AND-EQUITY> 4,956,810
<SALES> 1,511,302
<TOTAL-REVENUES> 1,543,369
<CGS> 0
<TOTAL-COSTS> 814,268
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 729,101
<INCOME-TAX> 0
<INCOME-CONTINUING> 729,101
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 729,101
<EPS-PRIMARY> 4.65
<EPS-DILUTED> 0
</TABLE>
