SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarter ended September 30, 1997
Commission File Number:
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,
1997 1996
------------- -----------
CURRENT ASSETS:
Cash and cash equivalents $ 248,283 $ 293,296
Accounts receivable:
General Partner (Note 2) 21,749 -
Net Profits 213,895 257,458
---------- ----------
Total current assets $ 483,927 $ 550,754
NET PROFITS INTERESTS, net, utilizing
the successful efforts method 1,510,618 2,680,005
---------- ----------
$1,994,545 $3,230,759
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 81,511) ($ 62,666)
Limited Partners, issued and
outstanding, 108,074 units 2,076,056 3,293,425
---------- ----------
Total Partners' capital $1,994,545 $3,230,759
---------- ----------
$1,994,545 $3,230,759
========== ==========
The accompanying condensed 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, 1997 AND 1996
(Unaudited)
1997 1996
-------- --------
REVENUES:
Net Profits $270,199 $295,262
Interest income 3,401 2,634
Gain on sale of Net Profits
Interests 3,860 63,616
-------- --------
$277,460 $361,512
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 64,241 $ 80,362
General and administrative (Note 2) 30,421 31,355
-------- --------
$ 94,662 $111,717
-------- --------
NET INCOME $182,798 $249,795
======== ========
GENERAL PARTNER - NET INCOME $ 11,539 $ 15,572
======== ========
LIMITED PARTNERS - NET INCOME $171,259 $234,223
======== ========
NET INCOME per unit $ 1.58 $ 2.17
======== ========
UNITS OUTSTANDING 108,074 108,074
======== ========
The accompanying condensed 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, 1997 AND 1996
(Unaudited)
1997 1996
---------- --------
REVENUES:
Net Profits $ 867,304 $915,872
Interest income 8,457 6,376
Gain on sale of Net Profits
Interests 131,245 64,247
---------- --------
$1,007,006 $986,495
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 189,470 $262,231
Impairment provision 902,042 -
General and administrative (Note 2) 99,843 98,707
---------- --------
$1,191,355 $360,938
---------- --------
NET INCOME (LOSS) ($ 184,349) $625,557
========== ========
GENERAL PARTNER - NET INCOME $ 34,020 $ 41,448
========== ========
LIMITED PARTNERS - NET INCOME (LOSS) ($ 218,369) $584,109
========== ========
NET INCOME (LOSS) per unit ($ 2.02) $ 5.40
========== ========
UNITS OUTSTANDING 108,074 108,074
========== ========
The accompanying condensed 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, 1997 AND 1996
(Unaudited)
1997 1996
------------ ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) ($ 184,349) $625,557
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depletion of Net Profits
Interests 189,470 262,231
Impairment provision 902,042 -
Gain on sale of Net Profits
Interests ( 131,245) ( 64,247)
Increase in accounts receivable -
General Partner ( 21,749) -
(Increase) decrease in accounts
receivable - Net Profits 43,563 ( 63,505)
---------- --------
Net cash provided by operating
activities $ 797,732 $760,036
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 18,310) ($ 4,301)
Proceeds from sale of Net Profits
Interests 227,430 89,653
---------- --------
Net cash provided by investing
activities $ 209,120 $ 85,352
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($1,051,865) ($749,390)
---------- --------
Net cash used by financing
activities ($1,051,865) ($749,390)
---------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS ($ 45,013) $ 95,998
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 293,296 241,524
---------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 248,283 $337,522
========== ========
The accompanying condensed 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,
1997 1996
------------- -----------
CURRENT ASSETS:
Cash and cash equivalents $ 175,303 $ 222,506
Accounts receivable:
General Partner (Note 2) 14,847 8,376
Net Profits 169,268 203,287
---------- ----------
Total current assets $ 359,418 $ 434,169
NET PROFITS INTERESTS, net, utilizing
the successful efforts method 1,223,822 2,201,380
---------- ----------
$1,583,240 $2,635,549
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 69,539) ($ 57,428)
Limited Partners, issued and
outstanding, 90,094 units 1,652,779 2,692,977
---------- ----------
Total Partners' capital $1,583,240 $2,635,549
---------- ----------
$1,583,240 $2,635,549
========== ==========
The accompanying condensed 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, 1997 AND 1996
(Unaudited)
1997 1996
-------- --------
REVENUES:
Net Profits $207,968 $222,515
Interest income 2,702 2,047
Gain on sale of Net Profits
Interests 2,210 43,523
-------- --------
$212,880 $268,085
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 52,479 $ 73,134
General and administrative (Note 2) 25,375 26,299
-------- --------
$ 77,854 $ 99,433
-------- --------
NET INCOME $135,026 $168,652
======== ========
GENERAL PARTNER - NET INCOME $ 8,715 $ 11,255
======== ========
LIMITED PARTNERS - NET INCOME $126,311 $157,397
======== ========
NET INCOME per unit $ 1.40 $ 1.75
======== ========
UNITS OUTSTANDING 90,094 90,094
======== ========
The accompanying condensed 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, 1997 AND 1996
(Unaudited)
1997 1996
-------- --------
REVENUES:
Net Profits $677,306 $700,557
Interest income 6,612 4,767
Gain on sale of Net Profits
Interests 82,301 43,971
-------- --------
$766,219 $749,295
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $157,458 $237,897
Impairment provision 727,893 -
General and administrative (Note 2) 83,094 82,523
-------- --------
$968,445 $320,420
-------- --------
NET INCOME (LOSS) ($202,226) $428,875
======== ========
GENERAL PARTNER - NET INCOME $ 24,972 $ 30,721
======== ========
LIMITED PARTNERS - NET INCOME (LOSS) ($227,198) $398,154
======== ========
NET INCOME (LOSS) per unit ($ 2.52) $ 4.42
======== ========
UNITS OUTSTANDING 90,094 90,094
======== ========
The accompanying condensed 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, 1997 AND 1996
(Unaudited)
1997 1996
---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) ($202,226) $428,875
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depletion of Net Profits
Interests 157,458 237,897
Impairment provision 727,893 -
Gain on sale of Net Profits
Interests ( 82,301) ( 43,971)
Increase in accounts receivable -
General Partner ( 6,471) -
(Increase) decrease in accounts
receivable - Net Profits 34,019 ( 40,903)
-------- --------
Net cash provided by operating
activities $628,372 $581,898
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 26,895) ($ 1,041)
Proceeds from sale of Net Profits
Interests 201,403 63,777
-------- --------
Net cash provided by investing
activities $174,508 $ 62,736
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($850,083) ($549,405)
-------- --------
Net cash used by financing
activities ($850,083) ($549,405)
-------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS ($ 47,203) $ 95,229
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 222,506 167,791
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $175,303 $263,020
======== ========
The accompanying condensed notes are 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,
1997 1996
------------- -----------
CURRENT ASSETS:
Cash and cash equivalents $ 328,070 $ 415,354
Accounts receivable:
General Partner (Note 2) 27,390 16,473
Net Profits 316,686 379,725
---------- ----------
Total current assets $ 672,146 $ 811,552
NET PROFITS INTERESTS, net, utilizing
the successful efforts method 2,262,348 4,156,531
---------- ----------
$2,934,494 $4,968,083
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 132,547) ($ 107,085)
Limited Partners, issued and
outstanding, 169,637 units 3,067,041 5,075,168
---------- ----------
Total Partners' capital $2,934,494 $4,968,083
---------- ----------
$2,934,494 $4,968,083
========== ==========
The accompanying condensed 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, 1997 AND 1996
(Unaudited)
1997 1996
--------- --------
REVENUES:
Net Profits $386,110 $413,580
Interest income 5,215 3,675
Gain on sale of Net Profits
Interests 5,307 77,377
-------- --------
$396,632 $494,632
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 96,687 $137,143
General and administrative (Note 2) 47,678 49,189
-------- --------
$144,365 $186,332
-------- --------
NET INCOME $252,267 $308,300
======== ========
GENERAL PARTNER - NET INCOME $ 16,220 $ 20,717
======== ========
LIMITED PARTNERS - NET INCOME $236,047 $287,583
======== ========
NET INCOME per unit $ 1.39 $ 1.70
======== ========
UNITS OUTSTANDING 169,637 169,637
======== ========
The accompanying condensed 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, 1997 AND 1996
(Unaudited)
1997 1996
---------- ----------
REVENUES:
Net Profits $1,262,543 $1,303,710
Interest income 12,676 8,328
Gain on sale of Net Profits
Interests 147,793 78,210
---------- ----------
$1,423,012 $1,390,248
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 291,256 $ 446,629
Impairment provision 1,413,917 -
General and administrative (Note 2) 156,317 154,803
---------- ----------
$1,861,490 $ 601,432
---------- ----------
NET INCOME (LOSS) ($ 438,478) $ 788,816
========== ==========
GENERAL PARTNER - NET INCOME $ 45,649 $ 56,890
========== ==========
LIMITED PARTNERS - NET INCOME (LOSS) ($ 484,127) $ 731,926
========== ==========
NET INCOME (LOSS) per unit ($ 2.85) $ 4.31
========== ==========
UNITS OUTSTANDING 169,637 169,637
========== ==========
The accompanying condensed 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, 1997 AND 1996
(Unaudited)
1997 1996
----------- -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) ($ 438,478) $ 788,816
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depletion of Net Profits
Interests 291,256 446,629
Impairment provision 1,413,917 -
Gain on sale of Net Profits
Interests ( 147,793) ( 78,210)
Increase in accounts receivable -
General Partner ( 10,917) -
(Increase) decrease in accounts
receivable - Net Profits 63,039 ( 73,184)
---------- ----------
Net cash provided by operating
activities $1,171,024 $1,084,051
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 53,174) ($ 1,874)
Proceeds from sale of Net Profits
Interests 389,977 116,015
---------- ----------
Net cash provided by investing
activities $ 336,803 $ 114,141
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($1,595,111) ($ 999,065)
---------- ----------
Net cash used by financing
activities ($1,595,111) ($ 999,065)
---------- ----------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS ($ 87,284) $ 199,127
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 415,354 296,629
---------- ----------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 328,070 $ 495,756
========== ==========
The accompanying condensed 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,
1997 1996
------------- -----------
CURRENT ASSETS:
Cash and cash equivalents $ 250,343 $ 345,876
Accounts receivable:
Net Profits 287,553 369,940
---------- ----------
Total current assets $ 537,896 $ 715,816
NET PROFITS INTERESTS, net, utilizing
the successful efforts method 1,257,913 2,567,661
---------- ----------
$1,795,809 $3,283,477
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 97,502) ($ 81,373)
Limited Partners, issued and
outstanding, 126,306 units 1,893,311 3,364,850
---------- ----------
Total Partners' capital $1,795,809 $3,283,477
---------- ----------
$1,795,809 $3,283,477
========== ==========
The accompanying condensed 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, 1997 AND 1996
(Unaudited)
1997 1996
---------- --------
REVENUES:
Net Profits $288,543 $300,523
Interest and other income 4,140 2,902
Loss on sale of Net Profits
Interests ( 571) ( 59,474)
-------- --------
$292,112 $243,951
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 97,298 $147,309
General and administrative (Note 2) 35,495 38,851
-------- --------
$132,793 $186,160
-------- --------
NET INCOME $159,319 $ 57,791
======== ========
GENERAL PARTNER - NET INCOME $ 11,650 $ 8,637
======== ========
LIMITED PARTNERS - NET INCOME $147,669 $ 49,154
======== ========
NET INCOME per unit $ 1.17 $ .39
======== ========
UNITS OUTSTANDING 126,306 126,306
======== ========
The accompanying condensed 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, 1997 AND 1996
(Unaudited)
1997 1996
----------- ----------
REVENUES:
Net Profits $1,013,278 $1,015,009
Interest and other income 10,780 7,831
Loss on sale of Net Profits
Interests ( 6,065) ( 59,404)
---------- ----------
$1,017,993 $ 963,436
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 326,113 $ 494,377
Impairment provision 752,388 -
General and administrative (Note 2) 114,164 117,526
---------- ----------
$1,192,665 $ 611,903
---------- ----------
NET INCOME (LOSS) ($ 174,672) $ 351,533
========== ==========
GENERAL PARTNER - NET INCOME $ 33,867 $ 36,960
========== ==========
LIMITED PARTNERS - NET INCOME (LOSS) ($ 208,539) $ 314,573
========== ==========
NET INCOME (LOSS) per unit ($ 1.65) $ 2.49
========== ==========
UNITS OUTSTANDING 126,306 126,306
========== ==========
The accompanying condensed 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, 1997 AND 1996
(Unaudited)
1997 1996
------------ ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) ($ 174,672) $351,533
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depletion of Net Profits Interests 326,113 494,377
Impairment provision 752,388 -
Loss on sale of Net Profits
Interests 6,065 59,404
(Increase) decrease in accounts
receivable 82,387 ( 9,255)
---------- --------
Net cash provided by operating
activities $ 992,281 $896,059
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 16,738) ($ 1,625)
Proceeds from sale of Net Profits
Interests 241,920 124,424
---------- --------
Net cash provided by investing
activities $ 225,182 $122,799
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($1,312,996) ($909,900)
---------- --------
Net cash used by financing
activities ($1,312,996) ($909,900)
---------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS ($ 95,533) $108,958
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 345,876 288,117
---------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 250,343 $397,075
========== ========
The accompanying condensed 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,
1997 1996
------------ -----------
CURRENT ASSETS:
Cash and cash equivalents $ 172,785 $ 247,540
Accounts receivable:
General Partner (Note 2) 7,716 -
Net Profits 131,553 209,058
---------- ----------
Total current assets $ 312,054 $ 456,598
NET PROFITS INTERESTS, net, utilizing
the successful efforts method 1,281,545 2,536,590
---------- ----------
$1,593,599 $2,993,188
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 74,298) ($ 60,088)
Limited Partners, issued and
outstanding, 118,449 units 1,667,897 3,053,276
---------- ----------
Total Partners' capital $1,593,599 $2,993,188
---------- ----------
$1,593,599 $2,993,188
========== ==========
The accompanying condensed 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, 1997 AND 1996
(Unaudited)
1997 1996
-------- --------
REVENUES:
Net Profits $248,233 $229,184
Interest and other income 2,136 2,045
Gain on sale of Net Profits
Interests 14,650 25,833
-------- --------
$265,019 $257,062
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 72,173 $110,748
General and administrative (Note 2) 33,294 33,737
-------- --------
$105,467 $144,485
-------- --------
NET INCOME $159,552 $112,577
======== ========
GENERAL PARTNER - NET INCOME $ 10,758 $ 9,956
======== ========
LIMITED PARTNERS - NET INCOME $148,794 $102,621
======== ========
NET INCOME per unit $ 1.26 $ .87
======== ========
UNITS OUTSTANDING 118,449 118,449
======== ========
The accompanying condensed 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, 1997 AND 1996
(Unaudited)
1997 1996
---------- --------
REVENUES:
Net Profits $ 750,913 $775,627
Interest and other income 6,894 5,059
Gain on sale of Net Profits
Interests 68,845 25,833
---------- --------
$ 826,652 $806,519
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 224,115 $377,888
Impairment provision 1,018,067 -
General and administrative (Note 2) 109,771 107,574
---------- --------
$1,351,953 $485,462
---------- --------
NET INCOME (LOSS) ($ 525,301) $321,057
========== ========
GENERAL PARTNER - NET INCOME $ 23,078 $ 30,915
========== ========
LIMITED PARTNERS - NET INCOME (LOSS) ($ 548,379) $290,142
========== ========
NET INCOME (LOSS) per unit ($ 4.63) $ 2.45
========== ========
UNITS OUTSTANDING 118,449 118,449
========== ========
The accompanying condensed 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, 1997 AND 1996
(Unaudited)
1997 1996
----------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) ($ 525,301) $321,057
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depletion of Net Profits
Interests 224,115 377,888
Impairment provision 1,018,067 -
Gain on sale of Net Profits
Interests ( 68,845) ( 25,833)
Increase in accounts receivable -
General Partner ( 7,716) -
Decrease in accounts receivable -
Net Profits 77,505 3,802
---------- --------
Net cash provided by operating
activities $ 717,825 $676,914
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of Net Profits
Interests $ 81,708 $ 30,291
---------- --------
Net cash provided by investing
activities $ 81,708 $ 30,291
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($ 874,288) ($621,821)
---------- --------
Net cash used by financing
activities ($ 874,288) ($621,821)
---------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS ($ 74,755) $ 85,384
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 247,540 167,076
---------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 172,785 $252,460
========== ========
The accompanying condensed notes are an integral part of
these combined financial statements.
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<PAGE>
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-6
GEODYNE NPI PARTNERSHIP P-6
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
September 30, December 31,
1997 1996
------------- -----------
CURRENT ASSETS:
Cash and cash equivalents $ 354,097 $ 319,699
Accounts receivable:
General Partner (Note 2) 2,649 -
Net Profits 285,205 428,072
---------- ----------
Total current assets $ 641,951 $ 747,771
NET PROFITS INTERESTS, net, utilizing
the successful efforts method 2,587,147 3,966,906
---------- ----------
$3,229,098 $4,714,677
========== ==========
PARTNERS' CAPITAL (DEFICIT)
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 95,372) ($ 59,021)
Limited Partners, issued and
outstanding, 143,041 units 3,324,470 4,773,698
---------- ----------
Total Partners' capital $3,229,098 $4,714,677
---------- ----------
$3,229,098 $4,714,677
========== ==========
The accompanying condensed notes are an integral part of
these combined financial statements.
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<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, 1997 AND 1996
(Unaudited)
1997 1996
--------- --------
REVENUES:
Net Profits $434,139 $663,156
Interest and other income 3,744 3,603
Gain on sale of Net Profits
Interests 5,558 23,722
-------- --------
$443,441 $690,481
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $155,616 $264,323
General and administrative (Note 2) 40,201 40,740
-------- --------
$195,817 $305,063
-------- --------
NET INCOME $247,624 $385,418
======== ========
GENERAL PARTNER - NET INCOME $ 18,419 $ 29,664
======== ========
LIMITED PARTNERS - NET INCOME $229,205 $355,754
======== ========
NET INCOME per unit $ 1.60 $ 2.49
======== ========
UNITS OUTSTANDING 143,041 143,041
======== ========
The accompanying condensed notes are an integral part of
these combined financial statements.
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<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, 1997 AND 1996
(Unaudited)
1997 1996
----------- ----------
REVENUES:
Net Profits $1,386,099 $1,511,302
Interest and other income 12,195 8,345
Gain on sale of Net Profits
Interests 31,516 23,722
---------- ----------
$1,429,810 $1,543,369
COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 482,134 $ 684,396
Impairment provision 898,584 -
General and administrative (Note 2) 132,891 129,872
---------- ----------
$1,513,609 $ 814,268
---------- ----------
NET INCOME (LOSS) ($ 83,799) $ 729,101
========== ==========
GENERAL PARTNER - NET INCOME $ 50,429 $ 63,414
========== ==========
LIMITED PARTNERS - NET INCOME (LOSS) ($ 134,228) $ 665,687
========== ==========
NET INCOME (LOSS) per unit ($ .94) $ 4.65
========== ==========
UNITS OUTSTANDING 143,041 143,041
========== ==========
The accompanying condensed notes are an integral part of
these combined financial statements.
-24-
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<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, 1997 AND 1996
(Unaudited)
1997 1996
----------- -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) ($ 83,799) $ 729,101
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depletion of Net Profits
Interests 482,134 684,396
Impairment provision 898,584 -
Gain on sale of Net Profits
Interests ( 31,516) ( 23,722)
Increase in accounts receivable -
General Partner ( 2,649) -
(Increase) decrease in accounts
receivable - Net Profits 142,867 ( 73,973)
---------- ----------
Net cash provided by operating
activities $1,405,621 $1,315,802
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 6,294) ($ 63,382)
Proceeds from sale of Net Profits
Interests 36,851 24,414
---------- ----------
Net cash provided (used) by
investing activities $ 30,557 ($ 38,968)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($1,401,780) ($ 942,323)
---------- ----------
Net cash used by financing
activities ($1,401,780) ($ 942,323)
---------- ----------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $ 34,398 $ 334,511
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 319,699 254,180
---------- ----------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 354,097 $ 588,691
========== ==========
The accompanying condensed notes are an integral part of
these combined financial statements.
-25-
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<PAGE>
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIPS
CONDENSED NOTES TO THE COMBINED FINANCIAL STATEMENTS
SEPTEMBER 30, 1997
(Unaudited)
1. ACCOUNTING POLICIES
-------------------
The combined balance sheets as of September 30, 1997,
combined statements of operations for the three and nine
months ended September 30, 1997 and 1996 and combined
statements of cash flows for the nine months ended September
30, 1997 and 1996 have been prepared by Geodyne Resources,
Inc., the general partner of the 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, 1997, the combined
results of operations for the three and nine months ended
September 30, 1997 and 1996 and the combined cash flows for
the nine months ended September 30, 1997 and 1996.
Information and footnote disclosures normally included in
financial statements prepared in accordance with generally
accepted accounting principles have been condensed or
omitted. The accompanying interim financial statements
should be read in conjunction with the Partnerships' Annual
Report on Form 10-K filed for the year ended December 31,
1996. The results of operations for the period ended
September 30, 1997 are not necessarily indicative of the
results to be expected for the full year.
As used in these financial statements, the Partnerships' net
profits and royalty interests in oil and gas sales are
referred to as "Net Profits" and the Partnerships' net
profits and royalty interests in oil and gas properties are
referred to as "Net Profits Interests". The working
interests from which the Partnerships' Net Profits Interests
are carved are referred to as "Working Interests".
The Limited Partners' net income or loss per unit is based
upon each $100 initial capital contribution.
NET PROFITS INTERESTS
---------------------
The Partnerships follow the successful efforts method of
accounting for their Net Profits Interests. Under the
successful efforts method, the NPI Partnerships capitalize
all acquisition costs. Property acquisition costs include
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<PAGE>
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 NPI Partnership of Net Profits
Interests 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 oil and gas properties are held by the General
Partner prior to their transfer to the Partnerships.
Impairment of Net Profits Interests is recognized based upon
an individual property assessment.
Depletion of the costs of Net Profits Interests is computed
on the unit-of-production method. The Partnerships'
calculation of depletion of its net Profits Interests
includes estimated dismantlement and abandonment costs, net
of estimated salvage value.
Statement of Financial Accounting Standards ("SFAS") No.
121, "Accounting for the Impairment of Long Lived Assets and
Assets Held for Disposal", requires successful efforts
companies, like the Partnerships, to evaluate the
recoverability of the carrying costs of their proved oil and
gas properties at the lowest level for which there are
identifiable cash flows that are largely independent of the
cash flows of other groups of oil and gas properties. With
respect to the Partnerships' oil and gas properties, this
evaluation was performed for each field. SFAS No. 121
provides that if the unamortized costs of Net Profits
Interests for each field exceed the expected undiscounted
future cash flows from such properties, the cost of the
properties is written down to fair value, which is
determined by using the discounted future cash flows from
the properties. The Partnerships recorded a non-cash charge
against earnings (impairment provision) during the nine
months ended September 30, 1997 pursuant to SFAS No. 121 as
follows:
Partnership Amount
----------- ------------
P-1 $ 902,042
P-2 727,893
P-3 1,413,917
P-4 752,388
P-5 1,018,067
P-6 898,584
The risk that the Partnerships will be required to record
such impairment provisions in the future increases when oil
and gas prices are depressed.
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<PAGE>
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, 1997 the following payments were made to the
General Partner or its affiliates by the Partnerships:
Direct General Administrative
Partnership and Administrative Overhead
----------- ------------------ --------------
P-1 $1,980 $28,440
P-2 1,666 23,709
P-3 3,038 44,640
P-4 2,255 33,240
P-5 2,124 31,170
P-6 ( 3,293) 37,641
During the nine months ended September 30, 1997 the
following payments were made to the General Partner or its
affiliates by the Partnerships:
Direct General Administrative
Partnership and Administrative Overhead
----------- ------------------ --------------
P-1 $14,523 $ 85,320
P-2 11,967 71,127
P-3 22,397 133,920
P-4 14,444 99,720
P-5 16,261 93,510
P-6 19,968 112,923
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 December 31, 1996
for the P-2 and P-3 Partnerships represented proceeds due to
the Partnerships for the sale of Net Profits Interests
during the three months ended December 31, 1996. Such
receivable was collected by the P-2 and P-3 Partnerships
during early 1997.
The receivable from the General Partner at September 30,
1997 for the P-1, P-2, P-3, P-5 and P-6 Partnerships
represents proceeds due to such Partnerships for the sale of
Net Profits Interests during the three months ended
September 30, 1997. Subsequent to September 30, 1997 such
receivable was collected by the P-1, P-2, P-3, P-5, and P-6
Partnerships.
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<PAGE>
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
USE OF FORWARD-LOOKING STATEMENTS AND ESTIMATES
-----------------------------------------------
This Quarterly Report contains certain forward-looking
statements. The words "anticipate," "believe," "expect,"
"plan," "intend," "estimate," "project," "could," "may," and
similar expressions are intended to identify forward-looking
statements. Such statements reflect management's current
views with respect to future events and financial
performance. This Quarterly Report also includes certain
information, which is, or is based upon, estimates and
assumptions. Such estimates and assumptions are
management's efforts to accurately reflect the condition and
operation of the Partnerships.
Use of forward-looking statements and estimates and
assumptions involve risks and uncertainties which include,
but are not limited to, the volatility of oil and gas
prices, the uncertainty of reserve information, the
operating risk associated with oil and gas properties
(including the risk of personal injury, death, property
damage, damage to the well or producing reservoir,
environmental contamination, and other operating risks), the
prospect of changing tax and regulatory laws, the
availability and capacity of processing and transportation
facilities, the general economic climate, the supply and
price of foreign imports of oil and gas, the level of
consumer product demand, and the price and availability of
alternative fuels. Should one or more of these risks or
uncertainties occur or should estimates or underlying
assumptions prove incorrect, actual conditions or results
may vary materially and adversely from those stated,
anticipated, believed, estimated, or otherwise indicated.
GENERAL
-------
The Partnerships are engaged in the business of acquiring
Net Profits Interests in producing oil and gas properties
located in the continental United States. In general, a
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 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 Interests. 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
-------------------------------
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<PAGE>
<PAGE>
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 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.
While the General Partner cannot predict future pricing
trends, it believes the working capital available as of
September 30, 1997 and the net revenue generated from future
operations will provide sufficient working capital to meet
current and future obligations of the Partnerships.
The Partnerships' cash flows for the third quarter of 1997
included proceeds from the sale of oil and gas properties
during the three months ended September 30, 1997. These
proceeds will be reflected, as applicable, in the
Partnerships' cash distributions to be paid in mid-November
1997. It is possible that the Partnerships' repurchase
values and future cash distributions could decline as a
result of the disposition of these properties. On the other
hand, the General Partner believes there will be beneficial
operating efficiencies related to the Partnerships'
remaining properties. This is primarily due to the fact
that the properties sold generally bore a higher ratio of
operating expenses as compared to reserves than the
Partnerships' remaining properties.
RESULTS OF OPERATIONS
---------------------
GENERAL DISCUSSION
The following general discussion should be read in
conjunction with the analysis of results of operations
provided below. The most important variable affecting the
Partnerships' revenues is the prices received for the sale
of oil and gas. Predicting future prices is very difficult.
-30-
<PAGE>
<PAGE>
Substantially all of the Partnerships' gas reserves are
being sold in the "spot market". Prices on the spot market
are subject to wide seasonal and regional pricing
fluctuations due to the highly competitive nature of the
spot market. In addition, such spot market sales are
generally short-term in nature and are dependent upon the
obtaining of transportation services provided by pipelines.
Management is unable to predict whether future oil and gas
prices will (i) stabilize, (ii) increase, or (iii) decrease.
PARTNERSHIP P-1
THREE MONTHS ENDED SEPTEMBER 30, 1997 AS COMPARED TO THE
THREE MONTHS ENDED SEPTEMBER 30, 1996.
Three Months Ended September 30,
--------------------------------
1997 1996
-------- --------
Net Profits $270,199 $295,262
Barrels produced 8,060 7,592
Mcf produced 93,344 116,249
Average price/Bbl $ 17.65 $ 20.93
Average price/Mcf $ 1.98 $ 1.81
As shown in the table above, Net Profits decreased $25,063
(8.5%) for the three months ended September 30, 1997 as
compared to the three months ended September 30, 1996. Of
this decrease, approximately $42,000 was related to a
decrease in the volumes of gas sold and approximately
$26,000 was related to a decrease in the average price of
oil sold, which decreases were partially offset by increases
of approximately (i) $16,000 related to the increase in the
average price of gas sold, (ii) $10,000 related to the
increase in volumes of oil sold, and (iii) $17,000 related
to decreases in production expenses incurred by the owners
of the Working Interests. Volumes of oil sold increased 468
barrels while volumes of gas sold decreased 22,905 Mcf for
the three months ended September 30, 1997 as compared to the
three months ended September 30, 1996. The decrease in
volumes of gas sold resulted primarily from (i) a positive
prior period volume adjustment made by a purchaser on three
wells during the three months ended September 30, 1996, (ii)
a negative prior period volume adjustment made by a
purchaser on one well during the three months ended
September 30, 1997 and (iii) the sale of several wells in
early 1997. The decrease in production expenses resulted
primarily from (i) the decrease in volumes of gas sold
during the three months ended September 30, 1997 as compared
to the three months ended September 30, 1996, (ii) a
decrease in operating expenses due to the repair of a
downhole pump on one well during the three months ended
September 30, 1996, and (iii) a decrease in operating
expenses due to equipment repairs and saltwater disposal
costs of one well during the three months ended September
30, 1996. Average oil prices decreased to $17.65 per barrel
for the three months ended September 30, 1997 from $20.93
per barrel for the three months ended September 30, 1996,
while average gas prices increased to $1.98 per Mcf for the
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<PAGE>
<PAGE>
three months ended September 30, 1997 from $1.81 per Mcf for
the three months ended September 30, 1996.
Depletion of Net Profits Interests decreased $16,121 (20.1%)
for the three months ended September 30, 1997 as compared to
the three months ended September 30, 1996. This decrease
resulted primarily from (i) decreases in volumes of gas sold
during the three months ended September 30, 1997 as compared
to the three months ended September 30, 1996 and (ii) upward
revisions in the estimates of remaining oil and gas reserves
at December 31, 1996. As a percentage of Net Profits, this
expense decreased to 23.8% for the three months ended
September 30, 1997 from 27.2% for the three months ended
September 30, 1996. This percentage decrease was primarily
due to the dollar decrease in Depletion of Net Profits
Interests discussed above and the increase in the average
price of gas sold during the three months ended September
30, 1997 as compared to the three months ended September 30,
1996.
General and administrative expenses remained relatively
constant for the three months ended September 30, 1997 as
compared to the three months ended September 30, 1996. As a
percentage of Net Profits, these expenses also remained
relatively constant at 11.3% for the three months ended
September 30, 1997 and 10.6% for the three months ended
September 30, 1996.
NINE MONTHS ENDED SEPTEMBER 30, 1997 AS COMPARED TO THE NINE
MONTHS ENDED SEPTEMBER 30, 1996.
Nine Months Ended September 30,
-------------------------------
1997 1996
-------- --------
Net Profits $867,304 $915,872
Barrels produced 25,187 26,287
Mcf produced 266,823 370,260
Average price/Bbl $ 18.96 $ 19.18
Average price/Mcf $ 2.27 $ 1.81
As shown in the table above, Net Profits decreased $48,568
(5.3%) for the nine months ended September 30, 1997 as
compared to the nine months ended September 30, 1996. Of
this decrease, approximately $21,000 and $187,000,
respectively, were related to decreases in volumes of oil
and gas sold and approximately $6,000 was related to a
decrease in the average price of oil sold, which decreases
were partially offset by an increase of approximately
$122,000 related to an increase in the average price of gas
sold and an increase of approximately $44,000 related to a
decrease in production expenses incurred by the owners of
the Working Interests. Volumes of oil and gas sold
decreased 1,100 barrels and 103,437 Mcf, respectively, for
the nine months ended September 30, 1997 as compared to the
nine months ended September 30, 1996. The decrease in
volumes of gas sold resulted primarily from (i) negative
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<PAGE>
<PAGE>
prior period volume adjustments made by the purchaser on two
wells during the nine months ended September 30, 1997 and
(ii) positive prior period volume adjustments made by the
purchaser on five wells during the nine months ended
September 30, 1996. The decrease in production expenses
resulted primarily from the decreases in volumes of oil and
gas sold during the nine months ended September 30, 1997 as
compared to the nine months ended September 30, 1996.
Average oil prices decreased to $18.96 per barrel for the
nine months ended September 30, 1997 from $19.18 per barrel
for the nine months ended September 30, 1996, while average
gas prices increased to $2.27 per Mcf for the nine months
ended September 30, 1997 from $1.81 per Mcf for the nine
months ended September 30, 1996.
Depletion of Net Profits Interests decreased $72,761 (27.7%)
for the nine months ended September 30, 1997 as compared to
the nine months ended September 30, 1996. This decrease
resulted primarily from (i) decreases in volumes of oil and
gas sold during the nine months ended September 30, 1997 as
compared to the nine months ended September 30, 1996 and
(ii) upward revisions in the estimates of remaining oil and
gas reserves at December 31, 1996. As a percentage of Net
Profits, this expense decreased to 21.8% for the nine months
ended September 30, 1997 from 28.6% for the nine months
ended September 30, 1996. This percentage decrease was
primarily due to the increase in the average price of gas
sold during the nine months ended September 30, 1997 as
compared to the nine months ended September 30, 1996.
The P-1 Partnership recognized a non-cash charge against
earnings of $902,042 during the first quarter of 1997. This
impairment provision was necessary due to the unamortized
costs of Net Profits Interests exceeding the undiscounted
future net revenues from such Net Profits Interests, in
accordance with the P-1 Partnership s adoption of SFAS No.
121. Of this amount, $113,945 was related to the decline in
oil and gas prices used to determine the recoverability of
oil and gas reserves at March 31, 1997 and $788,097 was
related to impairment of unproved properties. No similar
charge was necessary during 1996.
General and administrative expenses remained relatively
constant for the nine months ended September 30, 1997 as
compared to the nine months ended September 30, 1996. As a
percentage of Net Profits, these expenses also remained
relatively constant at 11.5% for the nine months ended
September 30, 1997 and 10.8% for the nine months ended
September 30, 1996.
Cumulative cash distributions to the Limited Partners
through September 30, 1997 were $9,776,558 or 90.46% of
Limited Partners' capital contributions.
PARTNERSHIP P-2
THREE MONTHS ENDED SEPTEMBER 30, 1997 AS COMPARED TO THE
THREE MONTHS ENDED SEPTEMBER 30, 1996.
Three Months Ended September 30,
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<PAGE>
--------------------------------
1997 1996
-------- --------
Net Profits $207,968 $222,515
Barrels produced 5,737 5,313
Mcf produced 76,840 99,108
Average price/Bbl $ 17.68 $ 20.88
Average price/Mcf $ 2.02 $ 1.78
As shown in the table above, Net Profits decreased $14,547
(6.5%) for the three months ended September 30, 1997 as
compared to the three months ended September 30, 1996. Of
this decrease, approximately $40,000 was related to the
decrease in volumes of gas sold and approximately $18,000
was related to a decrease in the average price of oil sold,
which decreases were partially offset by increases of (i)
approximately $18,000 related to an increase in the average
price of gas sold, (ii) approximately $9,000 related to the
increased volumes of oil sold, and (iii) approximately
$16,000 related to the decrease in production expenses
incurred by the owners of the Working Interests. Volumes of
gas sold decreased 22,268 Mcf, while volumes of oil sold
increased 424 barrels for the three months ended September
30, 1997 as compared to the three months ended September 30,
1996. The decrease in volumes of gas sold resulted
primarily from (i) positive prior period volume adjustments
by the purchaser on three wells during the three months
ended September 30, 1996, (ii) negative prior period volume
adjustments made by the purchaser on two wells during the
three months ended September 30, 1997, and (iii) the sale of
several wells in early 1997. The decrease in production
expenses resulted primarily from (i) the decreases in
volumes of gas sold during the three months ended September
30, 1997 as compared to the three months ended September 30,
1996, (ii) a decrease in operating expenses due to the
repair of a downhole pump on one well during the three
months ended September 30, 1996, and (iii) a decrease in
operating expenses due to equipment repairs and saltwater
disposal costs during the three months ended 1996. Average
oil prices decreased to $17.68 per barrel for the three
months ended September 30, 1996 from $20.88 per barrel for
the three months ended September 30, 1996. Average gas
prices increased to $2.02 per Mcf for the three months ended
September 30, 1997 from $1.78 per Mcf for the three months
ended September 30, 1996.
Depletion of Net Profits Interests decreased $20,655 (28.2%)
for the three months ended September 30, 1997 as compared to
the three months ended September 30, 1996. This decrease
resulted primarily from (i) decreases in volumes of oil and
gas sold during the three months ended September 30, 1997 as
compared to the three months ended September 30, 1996 and
(ii) upward revisions in the estimates of remaining oil and
gas reserves at December 31, 1996. As a percentage of Net
Profits Interests, this expense decreased to 25.2% for the
three months ended September 30, 1997 from 32.9% for the
three months ended September 30, 1996. This percentage
decrease was primarily due to the dollar decrease in
Depletion of Net Profits Interests discussed above and the
increase in the average price of gas sold for the three
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<PAGE>
<PAGE>
months ended September 30, 1997 as compared to the three
months ended September 30, 1996.
General and administrative expenses remained relatively
constant for the three months ended September 30, 1997 as
compared to the three months ended September 30, 1996. As a
percentage of Net Profits, these expenses also remained
relatively constant at 12.2% for the three months ended
September 30, 1997 and 11.8% for the three months ended
September 30, 1996.
NINE MONTHS ENDED SEPTEMBER 30, 1997 AS COMPARED TO THE NINE
MONTHS ENDED SEPTEMBER 30, 1996.
Nine Months Ended September 30,
-------------------------------
1997 1996
-------- --------
Net Profits $677,306 $700,557
Barrels produced 17,880 18,744
Mcf produced 226,555 313,622
Average price/Bbl $ 18.98 $ 19.23
Average price/Mcf $ 2.31 $ 1.80
As shown in the table above, Net Profits decreased $23,251
(3.3%) for the nine months ended September 30, 1997 as
compared to the nine months ended September 30, 1996. Of
this decrease, approximately $173,000 was related to a
decrease in volumes of oil and gas sold and approximately
$4,000 was related to a decrease in the average price of oil
sold, which decreases were partially offset by increases of
approximately $116,000 related to an increase in the average
price of gas sold and approximately $39,000 related to a
decrease in production expenses incurred by the owners of
the Working Interests. Volumes of oil and gas sold
decreased 864 barrels and 87,067 Mcf, respectively, for the
nine months ended September 30, 1997 as compared to the nine
months ended September 30, 1996. The decrease in volumes of
gas sold resulted primarily from (i) negative prior period
volume adjustments made by the purchaser on three wells
during the nine months ended September 30, 1997, (ii)
positive prior period volume adjustments made by the
purchaser on five wells during the nine months ended
September 30, 1996, and (iii) the sale of several wells in
early 1997. The decrease in production expenses resulted
primarily from the decreases in volumes of oil and gas sold
during the nine months ended September 30, 1997 as compared
to the nine months ended September 30, 1996. Average oil
prices decreased to $18.98 per barrel for the nine months
ended September 30, 1997 from $19.23 per barrel for the nine
months ended September 30, 1996. Average gas prices
increased to $2.31 per Mcf for the nine months ended
September 30, 1997 from $1.80 per barrel per Mcf for the
nine months ended September 30, 1996.
Depletion of Net Profits Interests decreased $80,439 (33.8%)
for the nine months ended September 30, 1997 as compared to
the nine months ended September 30, 1996. This decrease
resulted primarily from (i) decreases in volumes of oil and
gas sold during the nine months ended September 30, 1997 as
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<PAGE>
<PAGE>
compared to the nine months ended September 30, 1996 and
(ii) upward revisions in the estimates of remaining oil and
gas reserves at December 31, 1996. As a percentage of Net
Profits, this expense decreased to 23.2% for the nine months
ended September 30, 1997 from 34.0% for the nine months
ended September 30, 1996. This percentage decrease was
primarily due to the dollar decrease in Depletion of Net
Profits Interests discussed above and the increase in the
average price of gas sold during the nine months ended
September 30, 1997 as compared to the nine months ended
September 30, 1996.
The P-2 Partnership recognized a non-cash charge against
earnings of $727,893 during the first quarter of 1997. This
impairment provision was necessary due to the unamortized
costs of Net Profits Interests exceeding the undiscounted
future net revenues from such Net Profits Interests, in
accordance with the P-2 Partnership s adoption of SFAS No.
121. Of this amount, $113,005 was related to the decline in
oil and gas prices used to determine the recoverability of
oil and gas reserves at March 31, 1997 and $614,888 was
related to impairment of unproved properties. No similar
charge was necessary during 1996.
General and administrative expenses remained relatively
constant for the nine months ended September 30, 1997 as
compared to the nine months ended September 30, 1996. As a
percentage of Net Profits, these expenses also remained
relatively constant at 12.3% for the nine months ended
September 30, 1997 and 11.7% for the nine months ended
September 30, 1996.
Cumulative cash distributions to the Limited Partners
through September 30, 1997 were $7,496,561 or 83.21% of
Limited Partners' capital contributions.
PARTNERSHIP P-3
THREE MONTHS ENDED SEPTEMBER 30, 1997 AS COMPARED TO THE
THREE MONTHS ENDED SEPTEMBER 30, 1996.
Three Months Ended September 30,
--------------------------------
1997 1996
-------- --------
Net Profits $386,110 $413,580
Barrels produced 10,597 9,804
Mcf produced 143,604 186,806
Average price/Bbl $ 17.70 $ 20.88
Average price/Mcf $ 2.01 $ 1.77
As shown in the table above, Net Profits decreased $27,470
(6.6%) for the three months ended September 30, 1997 as
compared to the three months ended September 30, 1996. Of
this decrease, approximately $76,000 was related to a
decrease in volumes of gas sold and approximately $33,000
was related to a decrease in the average price of oil sold,
which decreases were partially offset by increases of (i)
approximately $34,000 related to an increase in the average
price of gas sold, (ii) approximately $16,000 related to an
increase in volumes of oil sold, and (iii) approximately
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<PAGE>
<PAGE>
$32,000 related to a decrease in production expenses
incurred by the owners of the Working Interests. Volumes of
oil sold increased 793 barrels, while volumes of gas sold
decreased 43,202 Mcf, respectively, for the three months
ended September 30, 1997 as compared to the three months
ended September 30, 1996. The decrease in volumes of gas
sold resulted primarily from (i) positive prior period
volume adjustments made by the purchaser on three wells
during the three months ended September 30, 1996, (ii) a
negative prior period volume adjustment made by the
purchaser on one well during the three months ended
September 30, 1997 and (iii) the sale of several wells from
late 1996 through early 1997. The decrease in production
expenses resulted primarily from (i) the decrease in volumes
of gas sold during the three months ended September 30, 1997
as compared to the three months ended September 30, 1996,
(ii) a decrease in operating expenses due to the repair of a
downhole pump on one well during the three months ended
September 30, 1996 and (iii) positive prior period volume
adjustments made by the operator on four wells during the
three months ended September 30, 1997. Average oil prices
decreased to $17.70 per barrel for the three months ended
September 30, 1997 from $20.88 per barrel for the three
months ended September 30, 1996. Average gas prices
increased to $2.01 per Mcf for the three months ended
September 30, 1997 from $1.77 per Mcf for the three months
ended September 30, 1996.
Depletion of Net Profits Interests decreased $40,456 (29.5%)
for the three months ended September 30, 1997 as compared to
the three months ended September 30, 1996. This decrease
resulted primarily from (i) decreases in volumes of gas sold
during the three months ended September 30, 1997 as compared
to the three months ended September 30, 1996 and (ii) upward
revisions in the estimates of remaining oil and gas reserves
at December 31, 1996. As a percentage of Net Profits, this
expense decreased to 25.5% for the three months ended
September 30, 1997 from 33.2% for the three months ended
September 30, 1996. This percentage decrease was primarily
due to the dollar decrease in Depletion of Net Profits
Interests discussed above and the increase in the average
price of gas sold for the three months ended September 30,
1997 as compared to the three months ended September 30,
1996.
General and administrative expenses remained relatively
constant for the three months ended September 30, 1997 as
compared to the three months ended September 30, 1996. As a
percentage of Net Profits, these expenses also remained
relatively constant at 12.6% for the three months ended
September 30, 1997 and 11.9% for the three months ended
September 30, 1996.
NINE MONTHS ENDED SEPTEMBER 30, 1997 AS COMPARED TO THE NINE
MONTHS ENDED SEPTEMBER 30, 1996.
Nine Months Ended September 30,
-------------------------------
1997 1996
---------- ----------
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<PAGE>
<PAGE>
Net Profits $1,262,543 $1,303,710
Barrels produced 33,015 34,689
Mcf produced 426,031 591,800
Average price/Bbl $ 18.99 $ 19.23
Average price/Mcf $ 2.32 $ 1.79
As shown in the table above, Net Profits decreased $41,167
(3.2%) for the nine months ended September 30, 1997 as
compared to the nine months ended September 30, 1996. Of
this decrease, approximately $32,000 and $297,000,
respectively, related to the decreases in volumes of oil and
gas sold, and approximately $8,000 related to the decrease
in the average price of oil sold for the nine months ended
September 30, 1997 as compared to the nine months ended
September 30, 1996, which decreases were partially offset by
increases of approximately $226,000 related to the increase
in the average price of gas sold and approximately $70,000
related to a decrease in production expenses incurred by the
owners of the Working Interests. Volumes of oil and gas
sold decreased 1,674 barrels and 165,769 Mcf, respectively,
for the nine months ended September 30, 1997 as compared to
the nine months ended September 30, 1996. The decrease in
volumes of gas sold resulted primarily from (i) negative
prior period volume adjustments made by the purchaser on
three wells during the nine months ended September 30, 1997,
(ii) positive prior period volume adjustments made by the
purchaser on five wells during the nine months ended
September 30, 1996, and (iii) the sale of several wells from
late 1996 through early 1997. The decrease in production
expenses resulted primarily from decreases in volumes of oil
and gas sold during the nine months ended September 30, 1997
as compared to the nine months ended September 30, 1996.
Average oil prices decreased to $18.99 per barrel for the
nine months ended September 30, 1997 from $19.23 per barrel
for the nine months ended September 30, 1996. Average gas
prices increased to $2.32 per Mcf for the nine months ended
September 30, 1997 from $1.79 per Mcf, for the nine months
ended September 30, 1996.
Depletion of Net Profits Interests decreased $155,373
(34.8%) for the nine months ended September 30, 1997 as
compared to the nine months ended September 30, 1996. This
decrease resulted primarily from (i) decreases in volumes of
oil and gas sold during the nine months ended September 30,
1997 as compared to the nine months ended September 30, 1996
and (ii) upward revisions in the estimates of remaining oil
and gas reserves at December 31, 1996. As a percentage of
Net Profits Interests, this expense decreased to 23.2% for
the nine months ended September 30, 1997 from 34.8% for the
nine months ended September 30, 1996. This percentage
decrease was primarily due to the dollar decrease in
Depletion of Net Profits Interests discussed above and the
increase in the average price of gas sold during the nine
months ended September 30, 1997 as compared to the nine
months ended September 30, 1996.
The P-3 Partnership recognized a non-cash charge against
earnings of $1,413,917 during the first quarter of 1997.
This impairment provision was necessary due to the
unamortized costs of Net Profits Interests exceeding the
undiscounted future net revenues from such Net Profits
Interests, in accordance with the P-3 Partnership s adoption
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<PAGE>
<PAGE>
of SFAS No. 121. Of this amount, $220,449 was related to
the decline in oil and gas prices used to determine the
recoverability of oil and gas reserves at March 31, 1997 and
$1,193,468 was related to impairment of unproved properties.
No similar charge was necessary during 1996.
General and administrative expenses remained relatively
constant for the nine months ended September 30, 1997 as
compared to the nine months ended September 30, 1996. As a
percentage of Net Profits, these expenses also remained
relatively constant at 12.5% for the nine months ended
September 30, 1997 and 11.8% for the nine months ended
September 30, 1996.
Cumulative cash distributions to the Limited Partners
through September 30, 1997 were $13,484,401 or 79.49% of
Limited Partners' capital contributions.
PARTNERSHIP P-4
THREE MONTHS ENDED SEPTEMBER 30, 1997 AS COMPARED TO THE
THREE MONTHS ENDED SEPTEMBER 30, 1996.
Three Months Ended September 30,
--------------------------------
1997 1996
-------- --------
Net Profits $288,543 $300,523
Barrels produced 4,422 5,134
Mcf produced 119,051 155,666
Average price/Bbl $ 19.20 $ 21.57
Average price/Mcf $ 2.26 $ 1.90
As shown in the table above, Net Profits decreased $11,980
(4.0%) for the three months ended September 30, 1997 as
compared to the three months ended September 30, 1996. Of
this decrease, approximately $15,000 and $69,000,
respectively, were related to decreases in volumes of oil
and gas sold and approximately $10,000 was related to a
decrease in the average price of oil sold, which decreases
were partially offset by an increase of approximately
$42,000 related to an increase in the average price of gas
sold and an increase of approximately $40,000 related to a
decrease in production expenses incurred by the owners of
the Working Interests. Volumes of oil and gas sold
decreased 712 barrels and 36,615 Mcf, respectively, for the
three months ended September 30, 1997 as compared to the
three months ended September 30, 1996. The decrease in
volumes of oil sold resulted primarily from (i) a normal
decline in production on one well due to diminished oil
reserves and (ii) a negative prior period volume adjustment
made by the purchaser on one well during the three months
ended September 30, 1997. The decrease in volumes of gas
sold resulted primarily from (i) a positive prior period
volume adjustment made by the purchaser on two wells during
the three months ended September 30, 1996 and (ii) normal
declines in production due to diminished gas reserves on
four wells. The decrease in production expenses resulted
primarily from (i) decreases in volumes of oil and gas sold
-39-
<PAGE>
<PAGE>
during the three months ended September 30, 1997 as compared
to the three months ended September 30, 1996, (ii) workover
expenses incurred on two wells in the three months ended
September 30, 1996 and (iii) a negative prior period volume
adjustment by an operator on one well during the three
months ended September 30, 1997. The average oil prices
decreased to $19.20 per barrel for the three months ended
September 30, 1997 from $21.57 per barrel for the three
months ended September 30, 1996, while the average gas price
increased to $2.26 per Mcf for the three months ended
September 30, 1997 from $1.90 per Mcf for the three months
ended September 30, 1996.
Depletion of Net Profits Interests decreased $50,011 (33.9%)
for the three months ended September 30, 1997 as compared to
the three months ended September 30, 1996. This decrease
resulted primarily from (i) decreases in volumes of oil and
gas sold during the three months ended September 30, 1997 as
compared to the three months ended September 30, 1996 and
(ii) upward revisions in the estimates of remaining oil and
gas reserves at December 31, 1996. As a percentage of Net
Profits, this expense decreased to 33.7% for the three
months ended September 30, 1997 from 49.0% for the three
months ended September 30, 1996. This percentage decrease
was primarily due to the dollar decrease in Depletion of Net
Profits Interests discussed above and the increase in the
average price of gas sold during the three months ended
September 30, 1997 as compared to the three months ended
September 30, 1996.
General and administrative expenses decreased $3,356 (8.6%)
for the three months ended September 30, 1997 as compared to
the three months ended September 30, 1996. This decrease
resulted primarily from decreases in professional fees
during the three months ended September 30, 1997 as compared
to the three months ended September 30, 1996. As a
percentage of Net Profits, these expenses remained
relatively constant at 12.9% for the three months ended
September 30, 1997 and 12.3% for the three months ended
September 30, 1996.
NINE MONTHS ENDED SEPTEMBER 30, 1997 AS COMPARED TO THE NINE
MONTHS ENDED SEPTEMBER 30, 1996.
Nine Months Ended September 30,
-------------------------------
1997 1996
---------- ----------
Net Profits $1,013,278 $1,015,009
Barrels produced 14,933 17,603
Mcf produced 398,350 520,176
Average price/Bbl $ 20.01 $ 20.21
Average price/Mcf $ 2.46 $ 1.91
As shown in the table above, Net Profits remained relatively
constant for the nine months ended September 30, 1997 as
compared to the nine months ended September 30, 1996. Any
-40-
<PAGE>
<PAGE>
decrease in Net Profits caused by decreases of approximately
$54,000, $233,000 and $3,000, respectively, related to
decreases in the volumes of oil and gas sold and the average
price of oil sold for the nine months ended September 30,
1997 compared to the nine months ended September 30, 1996,
were substantially offset by increases of approximately
$219,000 and $69,000, respectively, related to the increase in
the average price of gas sold and a decrease in production
expenses incurred by the owners of the Working Interests.
Volumes of oil and gas sold decreased 2,670 barrels and
121,826 Mcf, respectively, for the nine months ended
September 30, 1997 as compared to the nine months ended
September 30, 1996. The decrease in volumes of oil sold
resulted primarily from (i) normal declines in production
due to diminished oil reserves on one well, (ii) negative
prior period volume adjustments by the purchaser on two
wells during the nine months ended September 30, 1997 and
(iii) the abandonment of one well in early 1997. The
decrease in volumes of gas sold resulted primarily from (i)
normal declines in production due to diminished gas reserves
on three wells, (ii) a positive prior period volume
adjustment made by the purchaser on one well during the nine
months ended September 30, 1996 and (iii) the sale of
several gas producing wells from late 1996 through early
1997. The decrease in production expenses resulted
primarily from (i) decreases in volumes of oil and gas sold
during the nine months ended September 30, 1997 as compared
to the nine months ended September 30, 1996, (ii) workover
expenses incurred on one well during the nine months ended
September 30, 1996, (iii) the abandonment of two wells
during the nine months ended September 30, 1996 and (iv) a
positive prior period volume adjustment by the operator on
well during the nine months ended September 30, 1996.
Average oil prices decreased to $20.01 per barrel for the
nine months ended September 30, 1996 from $20.21 per barrel
for the nine months ended September 30, 1996. Average gas
prices increased to $2.46 per Mcf for the nine months ended
September 30, 1997 from $1.91 per Mcf for the nine months
ended September 30, 1996
Depletion of Net Profits Interests decreased $168,264
(34.0%) for the nine months ended September 30, 1997 as
compared to the nine months ended September 30, 1996. This
decrease resulted primarily from (i) decreases in volumes of
oil and gas sold during the nine months ended September 30,
1997 as compared to the nine months ended September 30, 1996
and (ii) upward revisions in the estimates of remaining oil
and gas reserves at December 31, 1996. As a percentage of
Net Profits, this expense decreased to 32.2% for the nine
months ended September 30, 1997 from 48.7% for the nine
months ended September 30, 1996. This percentage decrease
was primarily due to the dollar decrease in Depletion of Net
Profits Interests discussed above and the increase in the
average price of gas sold during the nine months ended
September 30, 1997 as compared to the nine months ended
September 30, 1996.
The P-4 Partnership recognized a non-cash charge against
earnings of $752,388 during the first quarter of 1997. This
impairment provision was necessary due to the unamortized
costs of Net Profits Interests exceeding the undiscounted
future net revenues from such Net Profits Interests, in
-41-
<PAGE>
<PAGE>
accordance with the P-4 Partnership's adoption of SFAS No.
121. Of this amount, $84,059 was related to the decline in
oil and gas prices used to determine the recoverability of
oil and gas reserves at March 31, 1997 and $668,329 was
related to impairment of unproved properties. No similar
charge was necessary during 1996.
General and administrative expenses remained relatively
constant for the nine months ended September 30, 1997 as
compared to the nine months ended September 30, 1996. As a
percentage of Net Profits, these expenses also remained
relatively constant at 11.3% for the nine months ended
September 30, 1997 and 11.6% for the nine months ended
September 30, 1996.
Cumulative cash distributions to the Limited Partners
through September 30, 1997 were $11,173,945 or 88.47% of
Limited Partners' capital contributions.
PARTNERSHIP P-5
THREE MONTHS ENDED SEPTEMBER 30, 1997 AS COMPARED TO THE
THREE MONTHS ENDED SEPTEMBER 30, 1996.
Three Months Ended September 30,
--------------------------------
1997 1996
-------- --------
Net Profits $248,233 $229,184
Barrels produced 1,868 293
Mcf produced 124,114 152,056
Average price/Bbl $ 19.37 $ 24.71
Average price/Mcf $ 2.20 $ 1.90
As shown in the table above, Net Profits increased $19,049
(8.3%) for the three months ended September 30, 1997 as
compared to the three months ended September 30, 1996. Of
this increase, approximately (i) $39,000 was related to an
increase in volumes of oil sold, (ii) $37,000 was related to
the increase in the average price of gas sold and (iii)
$5,000 was related to a decrease in production expenses
incurred by the owners of the Working Interests, which
increase was partially offset by decreases of approximately
(i) $53,000 related to a decrease in volumes of gas sold and
(ii) $9,000 related to the decrease in the average price of
oil sold. Volumes of oil sold increased 1,575 barrels,
while volumes of gas sold decreased 27,942 Mcf for the three
months ended September 30, 1997 as compared to the three
months ended September 30, 1996. The increase in volumes of
oil sold resulted primarily from a positive prior period
volume adjustment made by the purchaser on one well during
the three months ended September 30, 1997. The decrease in
volumes of gas sold resulted primarily from (i) a negative
prior period volume adjustment made by the purchaser on two
wells during the three months ended September 30, 1997, (ii)
normal declines in production due to diminished gas reserves
on one well and (iii) a positive prior period volume
adjustment made by the purchaser on one well during the
three months ended September 30, 1996. The decrease in
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<PAGE>
<PAGE>
production expenses resulted primarily from decreases in
volumes of gas sold during the three months ended September
30, 1997 as compared to the three months ended September 30,
1996. Average oil prices decreased to $19.37 per barrel for
the three months ended September 30, 1997 from $24.71 per
barrel for the three months ended September 30, 1996, while
average gas prices increased to $2.20 per Mcf for the three
months ended September 30, 1997 from $1.90 per Mcf for the
three months ended September 30, 1996.
Depletion of Net Profits Interests decreased $38,575 (34.8%)
for the three months ended September 30, 1997 as compared to
the three months ended September 30, 1996. This decrease
resulted primarily from (i) decreases in volumes of oil and
gas sold during the three months ended September 30, 1997 as
compared to the three months ended September 30, 1996 and
(ii) upward revisions in the estimates of remaining oil and
gas reserves at December 31, 1996. As a percentage of Net
Profits Interests, this expense decreased to 29.1% for the
three months ended September 30, 1997 from 48.3% for the
three months ended September 30, 1996. This percentage
decrease was primarily due to the dollar decrease in
Depletion of Net Profits Interests discussed above and the
increase in the average price of gas sold during the three
months ended September 30, 1997 as compared to the three
months ended September 30, 1996.
General and administrative expenses remained relatively
constant for the three months ended September 30, 1997 as
compared to the three months ended September 30, 1996. As a
percentage of Net Profits, these expenses decreased to 13.4%
for the three months ended September 30, 1997 from 14.7% for
the three months ended September 30, 1996. This percentage
decrease was primarily due to the increase in Net Profits
discussed above.
NINE MONTHS ENDED SEPTEMBER 30, 1997 AS COMPARED TO THE NINE
MONTHS ENDED SEPTEMBER 30, 1996.
Nine Months Ended September 30,
-------------------------------
1997 1996
-------- --------
Net Profits $750,913 $775,627
Barrels produced 6,053 6,308
Mcf produced 383,895 486,994
Average price/Bbl $ 20.68 $ 18.85
Average price/Mcf $ 2.16 $ 1.82
As shown in the table above, Net Profits decreased $24,714
(3.2%) for the nine months ended September 30, 1997 as
compared to the nine months ended September 30, 1996. Of
this decrease, approximately $5,000 and $188,000,
respectively, were related to decreases in volumes of oil
and gas sold, which decreases were partially offset by
increases of approximately $11,000 and $131,000,
respectively, related to increases in the average prices of
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<PAGE>
<PAGE>
oil and gas sold and an increase of approximately $26,000
related to a decrease in production expenses incurred by the
owners of the Working Interests. Volumes of oil and gas
sold decreased 255 barrels and 103,099 Mcf, respectively,
for the nine months ended September 30, 1997 as compared to
the nine months ended September 30, 1996. The decrease in
volumes of gas sold resulted primarily from (i) a positive
prior period volume adjustment made by the purchaser on
three wells during the nine months ended September 30, 1996,
(ii) negative prior period volume adjustments made by the
purchaser on three wells during the three months ended
September 30, 1997 and (iii) normal declines in production
due to diminished gas reserves on several wells during the
nine months ended September 30, 1997. The decrease in
production expenses resulted primarily from decreases in
volumes of oil and gas sold during the nine months ended
September 30, 1997 as compared to the nine months ended
September 30, 1996 which was partially offset by an increase
of operating expenses due to workovers on three wells during
the nine months ended September 30, 1997. Average oil and
gas prices increased to $20.68 per barrel and $2.16 per Mcf,
respectively, for the nine months ended September 30, 1997
from $18.85 per barrel and $1.82 per Mcf, respectively, for
the nine months ended September 30, 1996.
Depletion of Net Profits Interests decreased $153,773
(40.7%) for the nine months ended September 30, 1997 as
compared to the nine months ended September 30, 1996. This
decrease resulted primarily from (i) decreases in volumes of
oil and gas sold during the nine months ended September 30,
1997 as compared to the nine months ended September 30, 1996
and (ii) upward revisions in the estimates of remaining oil
and gas reserves at December 31, 1996. As a percentage of
Net Profits Interests, this expense decreased to 29.8% for
the nine months ended September 30, 1997 from 48.7% for the
nine months ended September 30, 1996. This percentage
decrease was primarily due to the dollar decrease in
Depletion of Net Profits Interests discussed above and the
increases in the average prices of oil and gas sold during
the nine months ended September 30, 1997 as compared to the
nine months ended September 30, 1996.
The P-5 Partnership recognized a non-cash charge against
earnings of $1,018,067 during the first quarter of 1997.
This impairment provision was necessary due to the
unamortized costs of Net Profits Interests exceeding the
undiscounted future net revenues from such Net Profits
Interests, in accordance with the P-5 Partnership s adoption
of SFAS No. 121. Of this amount, $122,458 was related to
the decline in oil and gas prices used to determine the
recoverability of oil and gas reserves at March 31, 1997 and
$895,609 was related to impairment of unproved properties.
No similar charge was necessary during 1996.
General and administrative expenses remained relatively
constant for the nine months ended September 30, 1997 as
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<PAGE>
<PAGE>
compared to the nine months ended September 30, 1996. As a
percentage of Net Profits, these expenses remained
relatively constant at 14.6% for the nine months ended
September 30, 1997 and 13.9% for the nine months ended
September 30, 1996.
Cumulative cash distributions to the Limited Partners
through September 30, 1997 were $6,190,759 or 52.27% of
Limited Partners' capital contributions.
PARTNERSHIP P-6
THREE MONTHS ENDED SEPTEMBER 30, 1997 AS COMPARED TO THE
THREE MONTHS ENDED SEPTEMBER 30, 1996.
Three Months Ended September 30,
--------------------------------
1997 1996
-------- --------
Net Profits $434,139 $663,156
Barrels produced 5,132 5,705
Mcf produced 235,218 348,846
Average price/Bbl $ 17.82 $ 21.11
Average price/Mcf $ 2.02 $ 2.06
As shown in the table above, Net Profits decreased $229,017
(34.5%) for the three months ended September 30, 1997 as
compared to the three months ended September 30, 1996. Of
this decrease, approximately $12,000 and $234,000,
respectively, were related to decreases in volumes of oil
and gas sold and approximately $17,000 and $9,000,
respectively, were related to decreases in the average
prices of oil and gas sold, which decreases were partially
offset by an increase of approximately $44,000 related to
the decrease in operating expenses incurred by the owners of
the Working Interests. Volumes of oil and gas sold
decreased 573 barrels and 113,628 Mcf, respectively, for the
three months ended September 30, 1997 as compared to the
three months ended September 30, 1996. The decrease in
volumes of gas sold resulted primarily from (i) a positive
prior period volume adjustment made by the purchaser on one
well during the three months ended September 30, 1996, (ii)
the shutting-in of one well during the three months ended
September 30, 1997 due to mechanical difficulties, (iii)
normal declines in production due to diminished gas reserves
on three wells and (iv) a negative prior period volume
adjustment on one well during the three months ended
September 30, 1997. The decrease in production expenses
resulted primarily from decreases in volumes of oil and gas
sold during the three months ended September 30, 1997 as
compared to the three months ended September 30, 1996.
Average oil and gas prices decreased to $17.82 per barrel
and $2.02 per Mcf, respectively, for the three months ended
September 30, 1997 from $21.11 per barrel and $2.06 per Mcf,
respectively, for the three months ended September 30, 1996.
Depletion of Net Profits Interests decreased $108,707
(41.1%) for the three months ended September 30, 1997 as
compared to the three months ended September 30, 1996. This
-45-
<PAGE>
<PAGE>
decrease resulted primarily from (i) decreases in volumes of
oil and gas sold during the three months ended September 30,
1997 as compared to the three months ended September 30,
1996 and (ii) upward revisions in the estimates of remaining
oil and gas reserves at December 31, 1996. As a percentage
of Net Profits Interests, this expense decreased to 35.8%
for the three months ended September 30, 1997 from 39.9% for
the three months ended September 30, 1996. This percentage
decrease was primarily due to the dollar decrease in
Depletion of Net Profits Interests discussed above.
General and administrative expenses remained relatively
constant for the three months ended September 30, 1997 as
compared to the three months ended September 30, 1996. As a
percentage of Net Profits, these expenses increased to 9.3%
for the three months ended September 30, 1997 from 6.1% for
the three months ended September 30, 1996. This percentage
increase was primarily due to the decrease in Net Profits
discussed above.
NINE MONTHS ENDED SEPTEMBER 30, 1997 AS COMPARED TO THE NINE
MONTHS ENDED SEPTEMBER 30, 1996.
Nine Months Ended September 30,
-------------------------------
1997 1996
---------- ----------
Net Profits $1,386,099 $1,511,302
Barrels produced 13,951 17,210
Mcf produced 740,453 888,615
Average price/Bbl $ 19.76 $ 19.77
Average price/Mcf $ 2.21 $ 1.92
As shown in the table above, Net Profits decreased $125,203
(8.3%) for the nine months ended September 30, 1997 as
compared to the nine months ended September 30, 1996. Of
this decrease, approximately $64,000 and $285,000,
respectively, were related to decreases in volumes of oil
and gas sold, which decreases were partially offset by
increases of approximately (i) $214,000 related to an
increase in the average price of gas sold and (ii) $11,000
related to the decrease in production expenses incurred by
the owners of the Working Interests. Volumes of oil and gas
sold decreased 3,259 barrels and 148,162 Mcf, respectively,
for the nine months ended September 30, 1997 as compared to
the nine months ended September 30, 1996. The decrease in
volumes of oil sold resulted primarily from normal declines
in production due to diminished oil reserves on four wells.
The decrease in volumes of gas sold resulted primarily from
(i) normal declines in production due to diminished gas
reserves on several wells, (ii) positive prior period volume
adjustments by the purchaser on several wells during the
nine months ended September 30, 1996, (iii) negative prior
period volume adjustments by the purchaser on two wells
during the nine months ended September 30, 1997 and (iv) the
shutting-in of two wells due to workovers. The decrease in
production expenses resulted primarily from decreases in
volumes of oil and gas sold during the nine months ended
September 30, 1997 as compared to the nine months ended
September 30, 1996, partially offset by increases in
-46-
<PAGE>
<PAGE>
operating expenses as a result of (i) workovers on two wells
during the nine months ended September 30, 1997 and (ii) an
increase in ad valorem taxes on three wells during the nine
months ended September 30, 1997 as compared to the nine
months ended September 30, 1996. Average oil prices
remained relatively constant at $19.76 per barrel for the
nine months ended September 30, 1997 and $19.77 per barrel
for the nine months ended September 30, 1996. Average gas
prices increased to $2.21 per Mcf for the nine months ended
September 30, 1997 from $1.92 per Mcf for the nine months
ended September 30, 1996.
Depletion of Net Profits Interests decreased $202,262
(29.6%) for the nine months ended September 30, 1997 as
compared to the nine months ended September 30, 1996. This
decrease resulted primarily from (i) decreases in volumes of
oil and gas sold during the nine months ended September 30,
1997 as compared to the nine months ended September 30, 1996
and (ii) upward revisions in the estimates of remaining oil
and gas reserves at December 31, 1996. As a percentage of
Net Profits, this expense decreased to 34.8% for the nine
months ended September 30, 1997 from 45.3% for the nine
months ended September 30, 1996. This percentage decrease
was primarily due to the dollar decrease in Depletion of Net
Profits Interests discussed above and the increase in the
average price of gas sold during the nine months ended
September 30, 1997 as compared to the nine months ended
September 30, 1996.
The P-6 Partnership recognized a non-cash charge against
earnings of $898,584 during the first quarter of 1997. This
impairment provision was necessary due to the unamortized
costs of Net Profits Interests exceeding the undiscounted
future net revenues from such Net Profits Interests, in
accordance with the P-6 Partnership s adoption of SFAS No.
121. Of this amount, $444,990 was related to the decline in
oil and gas prices used to determine the recoverability of
oil and gas reserves at March 31, 1997 and $453,594 was
related to impairment of unproved properties. No similar
charge was necessary during 1996.
General and administrative expenses remained relatively
constant for the nine months ended September 30, 1997 as
compared to the nine months ended September 30, 1996. As a
percentage of Net Profits, these expenses remained
relatively constant at 9.6% for the nine months ended
September 30, 1997 and 8.6% for the nine months ended
September 30, 1996.
Cumulative cash distributions to the Limited Partners
through September 30, 1997 were $8,100,248 or 56.63% of
Limited Partners capital contributions.
-47-
<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, 1997 and for the nine months ended September
30, 1997, filed herewith.
27.2 Financial Data Schedule containing summary
financial information extracted from the P-2
Partnership's financial statements as of September
30, 1997 and for the nine months ended September
30, 1997, filed herewith.
27.3 Financial Data Schedule containing summary
financial information extracted from the P-3
Partnership's financial statements as of September
30, 1997 and for the nine months ended September
30, 1997, filed herewith.
27.4 Financial Data Schedule containing summary
financial information extracted from the P-4
Partnership's financial statements as of September
30, 1997 and for the nine months ended September
30, 1997, filed herewith.
27.5 Financial Data Schedule containing summary
financial information extracted from the P-5
Partnership's financial statements as of September
30, 1997 and for the nine months ended September
30, 1997, filed herewith.
27.6 Financial Data Schedule containing summary
financial information extracted from the P-6
Partnership's financial statements as of September
30, 1997 and for the nine months ended September
30, 1997, filed herewith.
All other exhibits are omitted as inapplicable.
(b) Reports on Form 8-K:
None.
-48-
<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 13, 1997 By: /s/Dennis R. Neill
-------------------------------
(Signature)
Dennis R. Neill
President
Date: November 13, 1997 By: /s/Patrick M. Hall
-------------------------------
(Signature)
Patrick M. Hall
Principal Accounting Officer
-49-
<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,
1997 and for the nine months ended September 30, 1997,
filed herewith.
27.2 Financial Data Schedule containing summary financial
information extracted from the Geodyne
Institutional/Pension Energy Income P-2 Limited
Partnership's financial statements as of September 30,
1997 and for the nine months ended September 30, 1997,
filed herewith.
27.3 Financial Data Schedule containing summary financial
information extracted from the Geodyne
Institutional/Pension Energy Income Limited Partnership
P-3's financial statements as of September 30, 1997 and
for the nine months ended September 30, 1997, filed
herewith.
27.4 Financial Data Schedule containing summary financial
information extracted from the Geodyne
Institutional/Pension Energy Income Limited Partnership
P-4's financial statements as of September 30, 1997 and
for the nine months ended September 30, 1997, filed
herewith.
27.5 Financial Data Schedule containing summary financial
information extracted from the Geodyne
Institutional/Pension Energy Income Limited Partnership
P-5's financial statements as of September 30, 1997 and
for the nine months ended September 30, 1997, filed
herewith.
27.6 Financial Data Schedule containing summary financial
information extracted from the Geodyne
Institutional/Pension Energy Income Limited Partnership
P-6's financial statements as of September 30, 1997 and
for the nine months ended September 30, 1997, filed
herewith.
All other exhibits are omitted as inapplicable.
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000850427
<NAME> GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-1 LIMITED PART
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> SEP-30-1997
<CASH> 248,283
<SECURITIES> 0
<RECEIVABLES> 235,644
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 483,927
<PP&E> 7,633,387
<DEPRECIATION> 6,122,769
<TOTAL-ASSETS> 1,994,545
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 1,994,545
<TOTAL-LIABILITY-AND-EQUITY> 1,994,545
<SALES> 867,304
<TOTAL-REVENUES> 1,007,006
<CGS> 0
<TOTAL-COSTS> 1,191,355
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (184,349)
<INCOME-TAX> 0
<INCOME-CONTINUING> (184,349)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (184,349)
<EPS-PRIMARY> (2.02)
<EPS-DILUTED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000850428
<NAME> GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-2 LIMITED PART
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> SEP-30-1997
<CASH> 175,303
<SECURITIES> 0
<RECEIVABLES> 184,115
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 359,418
<PP&E> 6,085,077
<DEPRECIATION> 4,861,255
<TOTAL-ASSETS> 1,583,240
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 1,583,240
<TOTAL-LIABILITY-AND-EQUITY> 1,583,240
<SALES> 677,306
<TOTAL-REVENUES> 766,219
<CGS> 0
<TOTAL-COSTS> 968,445
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (202,226)
<INCOME-TAX> 0
<INCOME-CONTINUING> (202,226)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (202,226)
<EPS-PRIMARY> (2.52)
<EPS-DILUTED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000854066
<NAME> GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-3 LIMITED PART
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> SEP-30-1997
<CASH> 328,070
<SECURITIES> 0
<RECEIVABLES> 344,076
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 672,146
<PP&E> 11,407,767
<DEPRECIATION> 9,145,419
<TOTAL-ASSETS> 2,934,494
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 2,934,494
<TOTAL-LIABILITY-AND-EQUITY> 2,934,494
<SALES> 1,262,543
<TOTAL-REVENUES> 1,423,012
<CGS> 0
<TOTAL-COSTS> 1,861,490
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (438,478)
<INCOME-TAX> 0
<INCOME-CONTINUING> (438,478)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (438,478)
<EPS-PRIMARY> (2.85)
<EPS-DILUTED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000860744
<NAME> GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-4 LIMITED PART
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> SEP-30-1997
<CASH> 250,343
<SECURITIES> 0
<RECEIVABLES> 287,553
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 537,896
<PP&E> 8,357,532
<DEPRECIATION> 7,099,619
<TOTAL-ASSETS> 1,795,809
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 1,795,809
<TOTAL-LIABILITY-AND-EQUITY> 1,795,809
<SALES> 1,013,278
<TOTAL-REVENUES> 1,017,993
<CGS> 0
<TOTAL-COSTS> 1,192,665
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (174,672)
<INCOME-TAX> 0
<INCOME-CONTINUING> (174,672)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (174,672)
<EPS-PRIMARY> (1.65)
<EPS-DILUTED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000863832
<NAME> GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-5 LIMITED PART
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> SEP-30-1997
<CASH> 172,785
<SECURITIES> 0
<RECEIVABLES> 139,269
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 312,054
<PP&E> 10,297,812
<DEPRECIATION> 9,016,267
<TOTAL-ASSETS> 1,593,599
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 1,593,599
<TOTAL-LIABILITY-AND-EQUITY> 1,593,599
<SALES> 750,913
<TOTAL-REVENUES> 826,652
<CGS> 0
<TOTAL-COSTS> 1,351,953
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (525,301)
<INCOME-TAX> 0
<INCOME-CONTINUING> (525,301)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (525,301)
<EPS-PRIMARY> (4.63)
<EPS-DILUTED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000869801
<NAME> GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME P-6 LIMITED PART
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> SEP-30-1997
<CASH> 354,097
<SECURITIES> 0
<RECEIVABLES> 287,854
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 641,951
<PP&E> 12,187,639
<DEPRECIATION> 9,600,492
<TOTAL-ASSETS> 3,229,098
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 3,229,098
<TOTAL-LIABILITY-AND-EQUITY> 3,229,098
<SALES> 1,386,099
<TOTAL-REVENUES> 1,429,810
<CGS> 0
<TOTAL-COSTS> 1,513,609
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (83,799)
<INCOME-TAX> 0
<INCOME-CONTINUING> (83,799)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (83,799)
<EPS-PRIMARY> (0.94)
<EPS-DILUTED> 0
</TABLE>
