<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarter ended March 31, 1997
Commission File Number:
III-A: 0-18302 III-B: 0-18636 III-C: 0-18634
III-D: 0-18936 III-E: 0-19010 III-F: 0-19102
III-G: 0-19563
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-A
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-B
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-C
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-D
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-E
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-F
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-G
------------------------------------------------------
(Exact name of Registrant as specified in its Articles)
III-A 73-1352993
III-B 73-1358666
III-C 73-1356542
III-D 73-1357374
III-E 73-1367188
III-F 73-1377737
Oklahoma III-G 73-1377828
- ---------------------------- -----------------------------------
(State or other jurisdiction (I.R.S. Employer Identification No.)
of incorporation or
organization)
Two West Second Street, Tulsa, Oklahoma 74103
-----------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (918) 583-1791
Indicate by check mark whether the Registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such
shorter period that the Registrant was required to file such reports)
and (2) has been subject to the filing requirements for the past 90
days.
Yes X No
----- ----
<PAGE>
<PAGE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-A
BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
1997 1996
------------ -----------
CURRENT ASSETS:
Cash and cash equivalents $ 934,743 $ 610,116
Accounts receivable:
General Partner (Note 2) 121,269 -
Oil and gas sales 510,529 680,167
---------- ----------
Total current assets $1,566,541 $1,290,283
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 3,351,979 5,360,656
DEFERRED CHARGE 244,220 244,220
---------- ----------
$5,162,740 $6,895,159
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 42,823 $ 50,726
Gas imbalance payable 76,797 76,797
---------- ----------
Total current liabilities $ 119,620 $ 127,523
ACCRUED LIABILITY $ 80,396 $ 80,396
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 226,542) ($ 198,911)
Limited Partners, issued and
outstanding, 263,976 units 5,189,266 6,886,151
---------- ----------
Total Partners' capital $4,962,724 $6,687,240
---------- ----------
$5,162,740 $6,895,159
========== ==========
The accompanying condensed notes are an integral
part of these financial statements.
-2-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-A
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(Unaudited)
1997 1996
---------- ----------
REVENUES:
Oil and gas sales $1,015,744 $909,970
Interest and other income 5,277 4,732
Gain (loss) on sale of oil and
gas properties ( 21,958) 150
---------- --------
$ 999,063 $914,852
COSTS AND EXPENSES:
Lease operating $ 130,632 $144,430
Production tax 72,095 65,320
Depreciation, depletion, and
amortization of oil and gas
properties 247,976 349,206
Impairment provision 1,617,006 -
General and administrative (Note 2) 80,354 86,383
---------- --------
$2,148,063 $645,339
---------- --------
NET INCOME (LOSS) ($1,149,000) $269,513
========== ========
GENERAL PARTNER - NET INCOME $ 16,885 $ 27,207
========== ========
LIMITED PARTNERS - NET INCOME (LOSS) ($1,165,885) $242,306
========== ========
NET INCOME (LOSS) per unit ($ 4.42) $ .92
========== ========
UNITS OUTSTANDING 263,976 263,976
========== ========
The accompanying condensed notes are an integral
part of these financial statements.
-3-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-A
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(Unaudited)
1997 1996
------------ ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) ($1,149,000) $269,513
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depreciation, depletion, and
amortization of oil and gas
properties 247,976 349,206
Impairment provision 1,617,006 -
(Gain) loss on sale of oil and
gas properties 21,958 ( 150)
Increase in accounts receivable -
General Partner ( 121,269) -
Decrease in accounts receivable -
oil and gas sales 169,638 92,071
Decrease in accounts payable ( 7,903) ( 35,555)
---------- --------
Net cash provided by operating
activities $ 778,406 $675,085
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures $ - ($ 1,086)
Proceeds from sale of oil and
gas properties 121,737 150
---------- --------
Net cash provided (used) by
investing activities $ 121,737 ($ 936)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($ 575,516) ($578,848)
---------- --------
Net cash used by financing
activities ($ 575,516) ($578,848)
---------- --------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $ 324,627 $ 95,301
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 610,116 560,906
---------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 934,743 $656,207
========== ========
The accompanying condensed notes are an integral
part of these financial statements.
-4-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-B
BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
1997 1996
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 523,137 $ 376,603
Accounts receivable:
General Partner (Note 2) 84,276 -
Oil and gas sales 304,920 396,970
---------- ----------
Total current assets $ 912,333 $ 773,573
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 1,882,626 2,854,520
DEFERRED CHARGE 144,819 144,819
---------- ----------
$2,939,778 $3,772,912
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 26,331 $ 27,983
Gas imbalance payable 26,735 26,735
---------- ----------
Total current liabilities $ 53,066 $ 54,718
ACCRUED LIABILITY $ 38,690 $ 38,690
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 110,826) ($ 97,092)
Limited Partners, issued and
outstanding, 138,336 units 2,958,848 3,776,596
---------- ----------
Total Partners' capital $2,848,022 $3,679,504
---------- ----------
$2,939,778 $3,772,912
========== ==========
The accompanying condensed notes are an integral
part of these financial statements.
-5-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-B
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(Unaudited)
1997 1996
----------- --------
REVENUES:
Oil and gas sales $ 593,107 $519,882
Interest and other income 3,120 2,607
Gain (loss) on sale of oil and
gas properties ( 10,193) 63
---------- --------
$ 586,034 $522,552
COSTS AND EXPENSES:
Lease operating $ 86,258 $ 71,857
Production tax 42,026 38,509
Depreciation, depletion, and
amortization of oil and gas
properties 139,303 194,206
Impairment provision 738,122 -
General and administrative (Note 2) 42,227 45,653
---------- --------
$1,047,936 $350,225
---------- --------
NET INCOME (LOSS) ($ 461,902) $172,327
========== ========
GENERAL PARTNER - NET INCOME $ 11,846 $ 16,254
========== ========
LIMITED PARTNERS - NET INCOME (LOSS) ($ 473,748) $156,073
========== ========
NET INCOME (LOSS) per unit ($ 3.42) $ 1.13
========== ========
UNITS OUTSTANDING 138,336 138,336
========== ========
The accompanying condensed notes are an integral
part of these financial statements.
-6-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-B
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(Unaudited)
1997 1996
-------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) ($461,902) $172,327
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depreciation, depletion, and
amortization of oil and gas
properties 139,303 194,206
Impairment provision 738,122 -
(Gain) loss on sale of oil and
gas properties 10,193 ( 63)
Increase in accounts receivable -
General Partner ( 84,276) -
Decrease in accounts receivable -
oil and gas sales 92,050 57,602
Decrease in accounts payable ( 1,652) ( 22,440)
-------- --------
Net cash provided by operating
activities $431,838 $401,632
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures $ - ($ 700)
Proceeds from sale of oil and
gas properties 84,276 63
-------- --------
Net cash provided (used) by
investing activities $ 84,276 ($ 637)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($369,580) ($339,145)
-------- --------
Net cash used by financing
activities ($369,580) ($339,145)
-------- --------
NET INCREASE IN CASH AND CASH
CASH EQUIVALENTS $146,534 $ 61,850
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 376,603 311,585
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $523,137 $373,435
======== ========
The accompanying condensed notes are an integral
part of these financial statements.
-7-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-C
BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
1997 1996
----------- -----------
CURRENT ASSETS:
Cash and cash equivalents $ 823,428 $ 537,233
Accounts receivable:
General Partner (Note 2) - 40,940
Oil and gas sales 478,305 627,697
---------- ----------
Total current assets $1,301,733 $1,205,870
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 3,821,163 5,727,898
DEFERRED CHARGE 76,014 76,014
---------- ----------
$5,198,910 $7,009,782
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable - General
Partner (Note 2) $ 1,931 $ -
Accounts payable 46,436 57,357
Gas imbalance payable 30,749 30,749
---------- ----------
Total current liabilities $ 79,116 $ 88,106
ACCRUED LIABILITY $ 141,394 $ 141,394
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 171,919)($ 143,741)
Limited Partners, issued and
outstanding, 244,536 units 5,150,319 6,924,023
---------- ----------
Total Partners' capital $4,978,400 $6,780,282
---------- ----------
$5,198,910 $7,009,782
========== ==========
The accompanying condensed notes are an integral
part of these financial statements.
-8-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-C
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(Unaudited)
1997 1996
----------- --------
REVENUES:
Oil and gas sales $ 941,832 $815,774
Interest and other income 4,537 2,709
Gain (loss) on sale of oil and
gas properties ( 4,257) 26
---------- --------
$ 942,112 $818,509
COSTS AND EXPENSES:
Lease operating $ 146,837 $145,329
Production tax 70,499 58,675
Depreciation, depletion, and
amortization of oil and gas
properties 206,438 319,903
Impairment provision 1,696,418 -
General and administrative (Note 2) 80,674 79,671
---------- --------
$2,200,866 $603,578
---------- --------
NET INCOME (LOSS) ($1,258,754) $214,931
========== ========
GENERAL PARTNER - NET INCOME $ 12,950 $ 23,407
========== ========
LIMITED PARTNERS - NET INCOME (LOSS) ($1,271,704) $191,524
========== ========
NET INCOME (LOSS) per unit ($ 5.20) $ .78
========== ========
UNITS OUTSTANDING 244,536 244,536
========== ========
The accompanying condensed notes are an integral
part of these financial statements.
-9-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-C
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(Unaudited)
1997 1996
------------ ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) ($1,258,754) $214,931
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depreciation, depletion, and
amortization of oil and gas
properties 206,438 319,903
Impairment provision 1,696,418 -
(Gain) loss on sale of oil and
gas properties 4,257 ( 26)
Decrease in accounts receivable -
General Partner 40,940 -
(Increase) decrease in accounts
receivable - oil and gas sales 149,392 ( 30,280)
Increase in accounts payable -
General Partner 1,931 -
Decrease in accounts payable ( 10,921) ( 34,890)
---------- --------
Net cash provided by operating
activities $ 829,701 $469,638
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 378) $ -
Proceeds from sale of oil and
gas properties - 2,998
---------- --------
Net cash provided (used) by
investing activities ($ 378) $ 2,998
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($ 543,128) ($345,261)
---------- --------
Net cash used by financing
activities ($ 543,128) ($345,261)
---------- --------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $ 286,195 $127,375
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 537,233 319,730
---------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 823,428 $447,105
========== ========
The accompanying condensed notes are an integral
part of these financial statements.
-10-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-D
BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
1997 1996
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 488,271 $ 319,245
Accounts receivable:
General Partner (Note 2) 333 -
Oil and gas sales 376,998 425,312
---------- ----------
Total current assets $ 865,602 $ 744,557
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 2,424,880 3,470,494
DEFERRED CHARGE 26,139 26,139
---------- ----------
$3,316,621 $4,241,190
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 64,100 $ 112,221
Gas imbalance payable 5,694 5,694
---------- ----------
Total current liabilities $ 69,794 $ 117,915
ACCRUED LIABILITY $ 220,286 $ 220,286
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 60,685)($ 50,214)
Limited Partners, issued and
outstanding, 131,008 units 3,087,226 3,953,203
---------- ----------
Total Partners' capital $3,026,541 $3,902,989
---------- ----------
$3,316,621 $4,241,190
========== ==========
The accompanying condensed notes are an integral
part of these financial statements.
-11-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-D
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(Unaudited)
1997 1996
---------- --------
REVENUES:
Oil and gas sales $ 771,050 $534,536
Interest and other income 2,435 1,684
Gain on sale of oil and
gas properties 1,980 -
---------- --------
$ 775,465 $536,220
COSTS AND EXPENSES:
Lease operating $ 178,226 $160,800
Production tax 56,556 37,140
Depreciation, depletion, and
amortization of oil and gas
properties 114,798 169,402
Impairment provision 932,243 -
General and administrative (Note 2) 43,344 42,900
---------- --------
$1,325,167 $410,242
---------- --------
NET INCOME (LOSS) ($ 549,702) $125,978
========== ========
GENERAL PARTNER - NET INCOME $ 14,275 $ 12,991
========== ========
LIMITED PARTNERS - NET INCOME (LOSS) ($ 563,977) $112,987
========== ========
NET INCOME (LOSS) per unit ($ 4.30) $ .86
========== ========
UNITS OUTSTANDING 131,008 131,008
========== ========
The accompanying condensed notes are an integral
part of these financial statements.
-12-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-D
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(Unaudited)
1997 1996
---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) ($549,702) $125,978
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depreciation, depletion, and
amortization of oil and gas
properties 114,798 169,402
Impairment provision 932,243 -
Gain on sale of oil and gas
properties ( 1,980) -
Increase in accounts receivable -
General Partner ( 333) -
Decrease in accounts receivable -
oil and gas sales 48,314 48,501
Decrease in accounts payable ( 48,121) ( 7,001)
-------- --------
Net cash provided by operating
activities $495,219 $336,880
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 1,760) ($ 10,707)
Proceeds from sale of oil and gas
properties 2,313 -
-------- --------
Net cash provided (used) by
investing activities $ 553 ($ 10,707)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($326,746) ($214,380)
-------- --------
Net cash used by financing
activities ($326,746) ($214,380)
-------- --------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $169,026 $111,793
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 319,245 169,395
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $488,271 $281,188
======== ========
The accompanying condensed notes are an integral
part of these financial statements.
-13-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-E
BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
1997 1996
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 1,671,519 $ 1,243,143
Accounts receivable:
Oil and gas sales 1,359,979 1,554,748
----------- -----------
Total current assets $ 3,031,498 $ 2,797,891
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 9,474,388 12,822,109
DEFERRED CHARGE 298,358 298,358
----------- -----------
$12,804,244 $15,918,358
=========== ===========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 368,052 $ 623,087
Gas imbalance payable 156,497 156,497
----------- -----------
Total current liabilities $ 524,549 $ 779,584
ACCRUED LIABILITY $ 355,235 $ 355,235
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 218,507) ($ 187,947)
Limited Partners, issued and
outstanding, 418,266 units 12,142,967 14,971,486
----------- -----------
Total Partners' capital $11,924,460 $14,783,539
----------- -----------
$12,804,244 $15,918,358
=========== ===========
The accompanying condensed notes are an integral
part of these financial statements.
-14-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-E
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(Unaudited)
1997 1996
---------- ----------
REVENUES:
Oil and gas sales $2,929,978 $2,032,200
Interest and other income 9,012 7,520
---------- ----------
$2,938,990 $2,039,720
COSTS AND EXPENSES:
Lease operating $ 923,981 $ 846,722
Production tax 208,474 135,744
Depreciation, depletion, and
amortization of oil and gas
properties 490,082 485,401
Impairment provision 2,893,741 -
General and administrative (Note 2) 137,045 136,353
---------- ----------
$4,653,323 $1,604,220
---------- ----------
NET INCOME (LOSS) ($1,714,333) $ 435,500
========== ==========
GENERAL PARTNER - NET INCOME $ 49,186 $ 41,191
========== ==========
LIMITED PARTNERS - NET INCOME (LOSS) ($1,763,519) $ 394,309
========== ==========
NET INCOME (LOSS) per unit ($ 4.22) $ .94
========== ==========
UNITS OUTSTANDING 418,266 418,266
========== ==========
The accompanying condensed notes are an integral
part of these financial statements.
-15-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-E
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(Unaudited)
1997 1996
------------ ------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) ($1,714,333) $ 435,500
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depreciation, depletion, and
amortization of oil and gas
properties 490,082 485,401
Impairment provision 2,893,741 -
Decrease in accounts receivable 194,769 328,595
Decrease in accounts payable ( 255,035) ( 57,397)
---------- ----------
Net cash provided by operating
activities $1,609,224 $1,192,099
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 36,102) $ -
Proceeds from sale of oil and
gas properties - 193
---------- ----------
Net cash provided (used) by
investing activities ($ 36,102) $ 193
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($1,144,746) ($ 739,190)
---------- ----------
Net cash used by financing
activities ($1,144,746) ($ 739,190)
---------- ----------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $ 428,376 $ 453,102
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 1,243,143 665,050
---------- ----------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $1,671,519 $1,118,152
========== ==========
The accompanying condensed notes are an integral
part of these financial statements.
-16-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-F
BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
1997 1996
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 817,479 $ 504,658
Accounts receivable:
Oil and gas sales 488,205 661,215
---------- ----------
Total current assets $1,305,684 $1,165,873
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 4,154,731 7,307,487
DEFERRED CHARGE 159,453 159,453
---------- ----------
$5,619,868 $8,632,813
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 155,290 $ 168,316
Gas imbalance payable 109,044 109,044
---------- ----------
Total current liabilities $ 264,334 $ 277,360
ACCRUED LIABILITY $ 142,686 $ 142,686
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 137,110)($ 97,523)
Limited Partners, issued and
outstanding, 221,484 units 5,349,958 8,310,290
---------- ----------
Total Partners' capital $5,212,848 $8,212,767
---------- ----------
$5,619,868 $8,632,813
========== ==========
The accompanying condensed notes are an integral
part of these financial statements.
-17-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-F
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(Unaudited)
1997 1996
---------- --------
REVENUES:
Oil and gas sales $ 933,987 $720,068
Interest and other income 4,578 2,491
---------- --------
$ 938,565 $722,559
COSTS AND EXPENSES:
Lease operating $ 284,831 $270,345
Production tax 46,857 38,855
Depreciation, depletion, and
amortization of oil and gas
properties 271,678 310,103
Impairment provision 2,884,405 -
General and administrative (Note 2) 72,181 72,285
---------- --------
$3,559,952 $691,588
---------- --------
NET INCOME (LOSS) ($2,621,387) $ 30,971
========== ========
GENERAL PARTNER - NET INCOME (LOSS) ($ 5,055) $ 13,953
========== ========
LIMITED PARTNERS - NET INCOME (LOSS) ($2,616,332) $ 17,018
========== ========
NET INCOME (LOSS) per unit ($ 11.81) $ .08
========== ========
UNITS OUTSTANDING 221,484 221,484
========== ========
The accompanying condensed notes are an integral
part of these financial statements.
-18-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-F
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(Unaudited)
1997 1996
------------ ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) ($2,621,387) $ 30,971
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depreciation, depletion, and
amortization of oil and gas
properties 271,678 310,103
Impairment provision 2,884,405 -
(Increase) decrease in accounts
receivable 173,010 ( 51,354)
Decrease in accounts payable ( 13,026) ( 31,633)
---------- --------
Net cash provided by operating
activities $ 694,680 $258,087
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 3,327) $ -
Proceeds from sale of oil and
gas properties - 1,961
---------- --------
Net cash provided (used) by
investing activities ($ 3,327) $ 1,961
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($ 378,532) ($290,373)
---------- --------
Net cash used by financing
activities ($ 378,532) ($290,373)
---------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS $ 312,821 ($ 30,325)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 504,658 324,616
---------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 817,479 $294,291
========== ========
The accompanying condensed notes are an integral
part of these financial statements.
-19-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-G
BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
1997 1996
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 515,675 $ 315,955
Accounts receivable:
Oil and gas sales 306,920 408,115
---------- ----------
Total current assets $ 822,595 $ 724,070
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 2,554,505 4,150,885
DEFERRED CHARGE 102,775 102,775
---------- ----------
$3,479,875 $4,977,730
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 92,139 $ 99,540
Gas imbalance payable 54,219 54,219
---------- ----------
Total current liabilities $ 146,358 $ 153,759
ACCRUED LIABILITY $ 86,853 $ 86,853
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 79,450) ($ 58,669)
Limited Partners, issued and
outstanding, 121,925 units 3,326,114 4,795,787
---------- ----------
Total Partners' capital $3,246,664 $4,737,118
---------- ----------
$3,479,875 $4,977,730
========== ==========
The accompanying condensed notes are an integral
part of these financial statements.
-20-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-G
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(Unaudited)
1997 1996
------------ --------
REVENUES:
Oil and gas sales $ 573,117 $456,065
Interest and other income 2,961 1,296
Gain on sale of oil and gas
properties - 236
---------- --------
$ 576,078 $457,597
COSTS AND EXPENSES:
Lease operating $ 187,018 $179,140
Production tax 28,167 24,329
Depreciation, depletion, and
amortization of oil and gas
properties 152,513 195,317
Impairment provision 1,449,404 -
General and administrative (Note 2) 39,760 39,756
---------- --------
$1,856,862 $438,542
---------- --------
NET INCOME (LOSS) ($1,280,784) $ 19,055
========== ========
GENERAL PARTNER - NET INCOME (LOSS) ($ 111) $ 8,765
========== ========
LIMITED PARTNERS - NET INCOME (LOSS) ($1,280,673) $ 10,290
========== ========
NET INCOME (LOSS) per unit ($ 10.50) $ .08
========== ========
UNITS OUTSTANDING 121,925 121,925
========== ========
The accompanying condensed notes are an integral
part of these financial statements.
-21-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-G
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1997 AND 1996
(Unaudited)
1997 1996
------------ ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) ($1,280,784) $ 19,055
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depreciation, depletion, and
amortization of oil and gas
properties 152,513 195,317
Impairment provision 1,449,404 -
Gain on sale of oil and gas
properties - ( 236)
(Increase) decrease in accounts
receivable 101,195 ( 32,825)
Decrease in accounts payable ( 7,401) ( 19,932)
---------- --------
Net cash provided by operating
activities $ 414,927 $161,379
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 5,537) ($ 257)
Proceeds from sale of oil and
gas properties - 236
---------- --------
Net cash used by investing
activities ($ 5,537) ($ 21)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($ 209,670) ($190,191)
---------- --------
Net cash used by financing
activities ($ 209,670) ($190,191)
---------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS $ 199,720 ($ 28,833)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 315,955 188,474
---------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 515,675 $159,641
========== ========
The accompanying condensed notes are an integral
part of these financial statements.
-22-
<PAGE>
<PAGE>
GEODYNE ENERGY INCOME PROGRAM III LIMITED PARTNERSHIPS
CONDENSED NOTES TO THE FINANCIAL STATEMENTS
MARCH 31, 1997
(Unaudited)
1. ACCOUNTING POLICIES
-------------------
The balance sheets as of March 31, 1997, statements of operations
for the three months ended March 31, 1997 and 1996 and statements
of cash flows for the three months ended March 31, 1997 and 1996
have been prepared by Geodyne Resources, Inc., the general
partner of the Partnerships (the "General Partner"), without
audit. In the opinion of management the financial statements
referred to above include all necessary adjustments, consisting
of normal recurring adjustments, to present fairly the financial
position at March 31, 1997, the results of operations for the
three months ended March 31, 1997 and 1996 and the cash flows for
the three months ended March 31, 1997 and 1996.
Information and footnote disclosures normally included in
financial statements prepared in accordance with generally
accepted accounting principles have been condensed or omitted.
The accompanying interim financial statements should be read in
conjunction with the Partnerships' Annual Report on Form 10-K
filed for the year ended December 31, 1996. The results of
operations for the period ended March 31, 1997 are not
necessarily indicative of the results to be expected for the full
year.
The Limited Partners' net income or loss per unit is based upon
each $100 initial capital contribution.
OIL AND GAS PROPERTIES
----------------------
The Partnerships follow the successful efforts method of
accounting for their oil and gas properties. Under the
successful efforts method, the Partnerships capitalize all
property acquisition costs and development costs incurred in
connection with the further development of oil and gas reserves.
Property acquisition costs include costs incurred by the
Partnerships or the General Partner to acquire producing
properties, including related title insurance or examination
costs, commissions, engineering, legal and accounting fees, and
similar costs directly related to the acquisitions, plus an
allocated portion, of the General Partner's property screening
costs. The acquisition cost to the Partnerships of properties
acquired by the General Partner is adjusted to reflect the net
cash results of operations, including interest incurred to
finance the acquisition, for the period of time the properties
are held by the General Partner. Leasehold impairment is
recognized based upon an individual property assessment and
exploratory experience. Upon discovery of commercial reserves,
leasehold costs are transferred to producing properties.
Depletion of the costs of producing oil and gas properties,
amortization of related intangible drilling and development
costs, and depreciation of tangible lease and well equipment are
computed on the unit-of-production method. The Partnerships'
-23-
<PAGE>
<PAGE>
depletion, depreciation, and amortization includes dismantlement
and abandonment costs, net of estimated salvage value.
When complete units of depreciable property are retired or sold,
the asset cost and related accumulated depreciation are
eliminated with any gain or loss reflected in income. When less
than complete units of depreciable property are retired or sold,
the difference between asset cost and salvage value is charged or
credited to accumulated depreciation.
Effective October 1, 1995, the Partnerships adopted the
requirements of Statement of Financial Accounting Standards
("SFAS") No. 121, "Accounting for the Impairment of Long Lived
Assets and Assets Held for Disposal", which is intended to
establish more consistent accounting standards for measuring the
recoverability of long-lived assets. SFAS No. 121 requires
successful efforts companies, like the Partnerships, to evaluate
the recoverability of the carrying costs of their proved oil and
gas properties at the lowest level for which there are
identifiable cash flows that are largely independent of the cash
flows of other groups of oil and gas properties. With respect to
the Partnerships' oil and gas properties, this evaluation was
performed for each field, rather than for the Partnership's
properties as a whole as previously allowed by the Securities and
Exchange Commission ("SEC"). SFAS No. 121 provides that if the
unamortized costs of oil and gas properties for each field exceed
the expected undiscounted future cash flows from such properties,
the cost of the properties is written down to fair value, which
is determined by using the discounted future cash flows from the
properties. Under the Partnerships' prior impairment policy if
the net oil and gas properties as a whole exceeded the estimated
undiscounted future net revenues of the properties, an impairment
provision would be recorded for the excess amount. The
Partnerships recorded a non-cash charge against earnings
(impairment provision) during the first quarter of 1997 pursuant
to SFAS No. 121 as follows:
Partnership Amount
----------- ------------
III-A $1,617,006
III-B 738,122
III-C 1,696,418
III-D 932,243
III-E 2,893,741
III-F 2,884,405
III-G 1,449,404
The risk that the Partnerships will be required to record such
impairment provisions in the future increases when oil and gas
prices are depressed.
2. TRANSACTIONS WITH RELATED PARTIES
---------------------------------
The Partnership Agreements governing the Partnerships provide for
reimbursement to the General Partner for all direct general and
administrative expenses and for the general and administrative
overhead applicable to the Partnerships based on an allocation of
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<PAGE>
<PAGE>
actual costs incurred by the General Partner. During the three
months ended March 31, 1997 the following payments were made to
the General Partner or its affiliates by the Partnerships:
Direct General Administrative
Partnership and Administrative Overhead
----------- ----------------- --------------
III-A $10,886 $ 69,468
III-B 5,822 36,405
III-C 16,321 64,353
III-D 8,868 34,476
III-E 26,975 110,070
III-F 13,897 58,284
III-G 7,675 32,085
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 III-C Partnership represented proceeds due to the III-C
Partnership for the sale of oil and gas properties. Subsequent
to December 31, 1996 such receivable was collected by the III-C
Partnership.
The receivable from the General Partner at March 31, 1997 for the
III-A, III-B, and III-D Partnerships represents proceeds due to
such Partnerships for the sale of oil and gas properties.
Subsequent to March 31, 1997 such receivable was collected by the
III-A, III-B, and III-D Partnerships.
The payable to the General Partner at March 31, 1997 for the III-
C Partnership represents an adjustment of previously recognized
proceeds for the sale of oil and gas properties. Subsequent to
March 31, 1997 the III-C Partnership repaid this liability.
-25-
<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 owning interests
in producing oil and gas properties located in the continental
United States. In general, a Partnership acquired producing
properties and has not engaged in development drilling or
enhanced recovery projects, except as an incidental part of the
management of the producing properties acquired. Therefore, the
economic life of each Partnership is limited to the period of
time required to fully produce its acquired oil and gas reserves.
The net proceeds from the oil and gas operations are distributed
to the Limited Partners and the General Partner in accordance
with the terms of the Partnership Agreements governing the
Partnerships.
LIQUIDITY AND CAPITAL RESOURCES
- -------------------------------
The Partnerships began operations and investors were assigned
their rights as Limited Partners, having made capital
contributions in the amounts and on the dates set forth below:
Limited
Date of Partner Capital
Partnership Activation Contributions
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<PAGE>
<PAGE>
----------- ------------------ ---------------
III-A November 21, 1989 $26,397,600
III-B January 24, 1990 13,833,600
III-C February 27, 1990 24,453,600
III-D September 5, 1990 13,100,800
III-E December 26, 1990 41,826,600
III-F March 7, 1991 22,148,400
III-G September 20, 1991 12,192,500
In general, the amount of funds available for acquisition of
producing properties was equal to the capital contributions of
the Limited Partners, less 15% for sales commissions and
organization and management fees. All of the Partnerships have
fully invested their capital contributions.
Net proceeds from operations less necessary operating capital are
distributed to Limited Partners on a quarterly basis. Revenues
and net proceeds of a Partnership are largely dependent upon the
volumes of oil and gas sold and the prices received for such oil
and gas. While the General Partner cannot predict future pricing
trends, it believes the working capital available as of March 31,
1997 and the net revenue generated from future operations will
provide sufficient working capital to meet current and future
obligations of the Partnerships.
RESULTS OF OPERATIONS
- ---------------------
GENERAL DISCUSSION
The following general discussion should be read in conjunction
with the analysis of results of operations provided below. The
most important variable affecting the Partnerships' revenues is
the prices received for the sale of oil and gas. Predicting
future prices is very difficult. Substantially all of the
Partnerships' gas reserves are being sold in the "spot market".
Prices on the spot market are subject to wide seasonal and
regional pricing fluctuations due to the highly competitive
nature of the spot market. In addition, such spot market sales
are generally short-term in nature and are dependent upon the
obtaining of transportation services provided by pipelines.
Management is unable to predict whether future oil and gas prices
will (i) stabilize, (ii) increase, or (iii) decrease.
An analysis of the change in net oil and gas operations (oil and
gas sales, less lease operating expenses and production taxes),
is presented in the tables within "Results of Operations".
Generally, the Partnerships' operations during the three months
ended March 31, 1997 reflect an increase in total revenues
compared to the same periods in 1996. Management believes this
increase generally resulted from an increase in oil and gas
prices. Refer to "Liquidity and Capital Resources" above for a
discussion of factors impacting prices.
PARTNERSHIP III-A
THREE MONTHS ENDED MARCH 31, 1997 AS COMPARED TO THE THREE MONTHS
ENDED MARCH 31, 1996.
Three months ended March 31,
-27-
<PAGE>
<PAGE>
----------------------------
1997 1996
---------- --------
Oil and gas sales $1,015,744 $909,970
Oil and gas production expenses $ 202,727 $209,750
Barrels produced 11,134 12,622
Mcf produced 285,768 367,235
Average price/Bbl $ 21.73 $ 19.30
Average price/Mcf $ 2.71 $ 1.81
As shown in the table above, total oil and gas sales increased
$105,774 (11.6%) for the three months ended March 31, 1997 as
compared to the three months ended March 31, 1996. Of this
increase, approximately $27,000 and $257,000, respectively, were
related to increases in the average prices of oil and gas sold,
partially offset by decreases of approximately $29,000 and
$147,000, respectively, related to decreases in volumes of oil
and gas sold. Volumes of oil and gas sold decreased 1,488
barrels and 81,467 Mcf, respectively, for the three months ended
March 31, 1997 as compared to the three months ended March 31,
1996. The decrease in volumes of gas sold resulted primarily
from (i) a positive gas balancing adjustment made by the operator
on one well during the three months ended March 31, 1996, (ii)
normal declines in production due to diminished gas reserves on
several wells, and (iii) the sale of one gas producing well
during 1996. Average oil and gas prices increased to $21.73 per
barrel and $2.71 per Mcf, respectively, for the three months
ended March 31, 1997 from $19.30 per barrel and $1.81 per Mcf,
respectively, for the three months ended March 31, 1996.
Oil and gas production expenses (including lease operating
expenses and production taxes) decreased $7,023 (3.3%) for the
three months ended March 31, 1997 as compared to the three months
ended March 31, 1996. This decrease resulted primarily from the
decrease in volumes of oil and gas sold during the three months
ended March 31, 1997 as compared to the three months ended March
31, 1996, partially offset by an increase in production taxes
associated with the increase in oil and gas sales discussed
above. As a percentage of oil and gas sales, these expenses
decreased to 20.0% for the three months ended March 31, 1997 from
23.1% for the three months ended March 31, 1996. This percentage
decrease was primarily due to the increases in the average prices
of oil and gas sold during the three months ended March 31, 1997
as compared to the three months ended March 31, 1996.
Depreciation, depletion, and amortization of oil and gas
properties decreased $101,230 (29.0%) for the three months ended
March 31, 1997 as compared to the three months ended March 31,
1996. This decrease resulted primarily from (i) upward revisions
in the estimates of remaining oil and gas reserves at December
31, 1996 and (ii) the decreases in volumes of oil and gas sold
during the three months ended March 31, 1997 as compared to the
three months ended March 31, 1996. As a percentage of oil and
gas sales, this expense decreased to 24.4% for the three months
ended March 31, 1997 from 38.4% for the three months ended March
31, 1996. This percentage decrease was primarily due to the
dollar decrease in depreciation, depletion, and amortization
discussed above and the increases in the average prices of oil
and gas sold during the three months ended March 31, 1997 as
compared to the three months ended March 31, 1996.
-28-
<PAGE>
<PAGE>
The III-A Partnership recognized a non-cash charge against
earnings of $1,617,006 for the three months ended March 31, 1997.
This impairment provision was necessary due to the unamortized
costs of oil and gas properties exceeding the expected
undiscounted future net revenues from such oil and gas
properties, in accordance with the III-A Partnership's adoption
of SFAS No. 121. Of this amount, $184,644 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
$1,432,362 was related to impairment of unproved properties. No
similar charge was necessary during the three months ended March
31, 1996.
General and administrative expenses decreased $6,029 (7.0%) for
the three months ended March 31, 1997 as compared to the three
months ended March 31, 1996. This decrease resulted primarily
from a decrease in both professional fees and printing and
postage expenses during the three months ended March 31, 1997 as
compared to the three months ended March 31, 1996. As a
percentage of oil and gas sales, these expenses decreased to 7.9%
for the three months ended March 31, 1997 from 9.5% for the three
months ended March 31, 1996. This percentage decrease was
primarily due to the increase in oil and gas sales discussed
above.
The Limited Partners have received cash distributions through
March 31, 1997 totaling $21,161,701 or 80.17% of Limited
Partners' capital contributions.
PARTNERSHIP III-B
THREE MONTHS ENDED MARCH 31, 1997 AS COMPARED TO THE THREE MONTHS
ENDED MARCH 31, 1996.
Three months ended March 31,
----------------------------
1997 1996
-------- --------
Oil and gas sales $593,107 $519,882
Oil and gas production expenses $128,284 $110,366
Barrels produced 9,657 9,751
Mcf produced 142,015 184,757
Average price/Bbl $ 21.81 $ 19.28
Average price/Mcf $ 2.69 $ 1.80
As shown in the table above, total oil and gas sales increased
$73,225 (14.1%) for the three months ended March 31, 1997 as
compared to the three months ended March 31, 1996. Of this
increase, approximately $24,000 and $126,000, respectively, were
related to increases in the average prices of oil and gas sold,
partially offset by a decrease of approximately $77,000 related
to a decrease in volumes of gas sold. Volumes of oil and gas
sold decreased 94 barrels and 42,742 Mcf, respectively, for the
three months ended March 31, 1997 as compared to the three months
ended March 31, 1996. The decrease in volumes of gas sold
resulted primarily from (i) a positive gas balancing adjustment
made by the operator on one well during the three months ended
March 31, 1996, (ii) normal declines in production due to
diminished gas reserves on several wells, and (iii) the sale of
one gas producing well during 1996. Average oil and gas prices
increased to $21.81 per barrel and $2.69 per Mcf, respectively,
-29-
<PAGE>
<PAGE>
for the three months ended March 31, 1997 from $19.28 per barrel
and $1.80 per Mcf, respectively, for the three months ended March
31, 1996.
Oil and gas production expenses (including lease operating
expenses and production taxes) increased $17,918 (16.2%) for the
three months ended March 31, 1997 as compared to the three months
ended March 31, 1996. This increase resulted primarily from (i)
an increase in general repair and maintenance expenses incurred
on several wells during the three months ended March 31, 1997 as
compared to the three months ended March 31, 1996 and (ii) an
increase in production taxes associated with the increase in oil
and gas sales discussed above. As a percentage of oil and gas
sales, these expenses remained relatively constant at 21.6% for
the three months ended March 31, 1997 as compared to 21.2% for
the three months ended March 31, 1996.
Depreciation, depletion, and amortization of oil and gas
properties decreased $54,903 (28.3%) for the three months ended
March 31, 1997 as compared to the three months ended March 31,
1996. This decrease resulted primarily from (i) upward revisions
in the estimates of remaining oil and gas reserves at December
31, 1996 and (ii) the decreases in volumes of gas sold during the
three months ended March 31, 1997 as compared to the three months
ended March 31, 1996. As a percentage of oil and gas sales, this
expense decreased to 23.5% for the three months ended March 31,
1997 from 37.4% for the three months ended March 31, 1996. This
percentage decrease was primarily due to the dollar decrease in
depreciation, depletion, and amortization discussed above and the
increases in the average prices of oil and gas sold during the
three months ended March 31, 1997 as compared to the three months
ended March 31, 1996.
The III-B Partnership recognized a non-cash charge against
earnings of $738,122 for the three months ended March 31, 1997.
This impairment provision was necessary due to the unamortized
costs of oil and gas properties exceeding the expected
undiscounted future net revenues from such oil and gas
properties, in accordance with the III-B Partnership's adoption
of SFAS No. 121. Of this amount, $77,653 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
$660,469 was related to impairment of unproved properties. No
similar charge was necessary during the three months ended March
31, 1996.
General and administrative expenses decreased $3,426 (7.5%) for
the three months ended March 31, 1997 as compared to the three
months ended March 31, 1996. This decrease resulted primarily
from a decrease in both professional fees and printing and
postage expenses during the three months ended March 31, 1997 as
compared to the three months ended March 31, 1996. As a
percentage of oil and gas sales, these expenses remained
relatively constant at 7.1% for the three months ended March 31,
1997 as compared to 8.8% for the three months ended March 31,
1996.
The Limited Partners have received cash distributions through
March 31, 1997 totaling $12,353,353 or 89.30% of Limited
Partners' capital contributions.
-30-
<PAGE>
<PAGE>
PARTNERSHIP III-C
THREE MONTHS ENDED MARCH 31, 1997 AS COMPARED TO THE THREE MONTHS
ENDED MARCH 31, 1996.
Three months ended March 31,
----------------------------
1997 1996
-------- --------
Oil and gas sales $941,832 $815,774
Oil and gas production expenses $217,336 $204,004
Barrels produced 6,734 8,029
Mcf produced 310,482 376,476
Average price/Bbl $ 21.45 $ 18.34
Average price/Mcf $ 2.57 $ 1.78
As shown in the table above, total oil and gas sales increased
$126,058 (15.5%) for the three months ended March 31, 1997 as
compared to the three months ended March 31, 1996. Of this
increase, approximately $21,000 and $245,000, respectively, were
related to increases in the average prices of oil and gas sold,
partially offset by decreases of approximately $24,000 and
$117,000, respectively, related to decreases in volumes of oil
and gas sold. Volumes of oil and gas sold decreased 1,295
barrels and 65,994 Mcf, respectively, for the three months ended
March 31, 1997 as compared to the three months ended March 31,
1996. The decrease in volumes of oil sold resulted primarily
from (i) normal declines in production due to diminished oil
reserves on several wells, (ii) a negative prior period volume
adjustment made by the purchaser on one well during the three
months ended March 31, 1997, and (iii) the sale of one oil
producing well during 1996. The decrease in volumes of gas sold
resulted primarily from (i) normal declines in production due to
diminished gas reserves on several wells, (ii) a negative prior
period volume adjustment made by the purchaser on one well during
the three months ended March 31, 1997, and (iii) a positive prior
period volume adjustment made by the purchaser on another well
during the three months ended March 31, 1996. Average oil and
gas prices increased to $21.45 per barrel and $2.57 per Mcf,
respectively, for the three months ended March 31, 1997 from
$18.34 per barrel and $1.78 per Mcf, respectively, for the three
months ended March 31, 1996.
Oil and gas production expenses (including lease operating
expenses and production taxes) increased $13,332 (6.5%) for the
three months ended March 31, 1997 as compared to the three months
ended March 31, 1996. This increase resulted primarily from an
increase in production taxes associated with the increase in oil
and gas sales discussed above. As a percentage of oil and gas
sales, these expenses remained relatively constant at 23.1% for
the three months ended March 31, 1997 as compared to 25.0% for
the three months ended March 31, 1996.
Depreciation, depletion, and amortization of oil and gas
properties decreased $113,465 (35.5%) for the three months ended
March 31, 1997 as compared to the three months ended March 31,
1996. This decrease resulted primarily from (i) upward revisions
in the estimates of remaining oil and gas reserves at December
31, 1996 and (ii) the decreases in volumes of oil and gas sold
during the three months ended March 31, 1997 as compared to the
three months ended March 31, 1996. As a percentage of oil and
-31-
<PAGE>
<PAGE>
gas sales, this expense decreased to 21.9% for the three months
ended March 31, 1997 from 39.2% for the three months ended March
31, 1996. This percentage decrease was primarily due to the
dollar decrease in depreciation, depletion, and amortization
discussed above and the increases in the average prices of oil
and gas sold during the three months ended March 31, 1997 as
compared to the three months ended March 31, 1996.
The III-C Partnership recognized a non-cash charge against
earnings of $1,696,418 for the three months ended March 31, 1997.
This impairment provision was necessary due to the unamortized
costs of oil and gas properties exceeding the expected
undiscounted future net revenues from such oil and gas
properties, in accordance with the III-C Partnership's adoption
of SFAS No. 121. Of this amount, $234,271 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
$1,462,147 was related to impairment of unproved properties. No
similar charge was necessary during the three months ended March
31, 1996.
General and administrative expenses remained relatively constant
for the three months ended March 31, 1997 as compared to the
three months ended March 31, 1996. As a percentage of oil and
gas sales, these expenses remained relatively constant at 8.6%
for the three months ended March 31, 1997 as compared to 9.8% for
the three months ended March 31, 1996.
The Limited Partners have received cash distributions through
March 31, 1997 totaling $13,430,795 or 54.92% of Limited
Partners' capital contributions.
PARTNERSHIP III-D
THREE MONTHS ENDED MARCH 31, 1997 AS COMPARED TO THE THREE MONTHS
ENDED MARCH 31, 1996.
Three months ended March 31,
----------------------------
1997 1996
-------- --------
Oil and gas sales $771,050 $534,536
Oil and gas production expenses $234,782 $197,940
Barrels produced 12,442 10,878
Mcf produced 186,257 202,914
Average price/Bbl $ 21.61 $ 18.10
Average price/Mcf $ 2.70 $ 1.66
As shown in the table above, total oil and gas sales increased
$236,514 (44.2%) for the three months ended March 31, 1997 as
compared to the three months ended March 31, 1996. Of this
increase, approximately $44,000 and $194,000, respectively, were
related to increases in the average prices of oil and gas sold
and approximately $28,000 was related to an increase in volumes
of oil sold, partially offset by a decrease of approximately
$28,000 related to a decrease in volumes of gas sold. Volumes of
oil sold increased 1,564 barrels, while volumes of gas sold
decreased 16,657 Mcf for the three months ended March 31, 1997 as
compared to the three months ended March 31, 1996. Average oil
and gas prices increased to $21.61 per barrel and $2.70 per Mcf,
respectively, for the three months ended March 31, 1997 from
-32-
<PAGE>
<PAGE>
$18.10 per barrel and $1.66 per Mcf, respectively, for the three
months ended March 31, 1996.
Oil and gas production expenses (including lease operating
expenses and production taxes) increased $36,842 (18.6%) for the
three months ended March 31, 1997 as compared to the three months
ended March 31, 1996. This increase resulted primarily from (i)
an increase in production taxes associated with the increase in
oil and gas sales discussed above and (ii) an increase in general
repairs and maintenance expenses incurred on one well during the
three months ended March 31, 1997, partially offset by the
decrease in volumes of gas sold during the three months ended
March 31, 1997 as compared to the three months ended March 31,
1996. As a percentage of oil and gas sales, these expenses
decreased to 30.4% for the three months ended March 31, 1997 from
37.0% for the three months ended March 31, 1996. This percentage
decrease was primarily due to the increases in the average prices
of oil and gas sold during the three months ended March 31, 1997
as compared to three months ended March 31, 1996.
Depreciation, depletion, and amortization of oil and gas
properties decreased $54,604 (32.2%) for the three months ended
March 31, 1997 as compared to the three months ended March 31,
1996. This decrease resulted primarily from (i) upward revisions
in the estimates of remaining oil and gas reserves at December
31, 1996 and (ii) the decrease in volumes of gas sold during the
three months ended March 31, 1997 as compared to the three months
ended March 31, 1996. As a percentage of oil and gas sales, this
expense decreased to 14.9% for the three months ended March 31,
1997 from 31.7% for the three months ended March 31, 1996. This
percentage decrease was primarily due to the dollar decrease in
depreciation, depletion, and amortization discussed above and the
increases in the average prices of oil and gas sold during the
three months ended March 31, 1997 as compared to the three months
ended March 31, 1996.
The III-D Partnership recognized a non-cash charge against
earnings of $932,243 for the three months ended March 31, 1997.
This impairment provision was necessary due to the unamortized
costs of oil and gas properties exceeding the expected
undiscounted future net revenues from such oil and gas
properties, in accordance with the III-D Partnership's adoption
of SFAS No. 121. Of this amount, $485,820 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
$446,423 was related to impairment of unproved properties. No
similar charge was necessary during the three months ended March
31, 1996.
General and administrative expenses remained relatively constant
for the three months ended March 31, 1997 as compared to the
three months ended March 31, 1996. As a percentage of oil and
gas sales, these expenses decreased to 5.6% for the three months
ended March 31, 1997 from 8.0% for the three months ended March
31, 1996. This percentage decrease was primarily due to the
increase in oil and gas sales discussed above.
The Limited Partners have received cash distributions through
March 31, 1997 totaling $6,445,669 or 49.20% of Limited Partners'
capital contributions.
-33-
<PAGE>
<PAGE>
PARTNERSHIP III-E
THREE MONTHS ENDED MARCH 31, 1997 AS COMPARED TO THE THREE MONTHS
ENDED MARCH 31, 1996.
Three months ended March 31,
----------------------------
1997 1996
---------- ----------
Oil and gas sales $2,929,978 $2,032,200
Oil and gas production expenses $1,132,455 $ 982,466
Barrels produced 73,819 58,063
Mcf produced 567,565 528,853
Average price/Bbl $ 21.66 $ 18.11
Average price/Mcf $ 2.35 $ 1.85
As shown in the table above, total oil and gas sales increased
$897,778 (44.2%) for the three months ended March 31, 1997 as
compared to the three months ended March 31, 1996. Of this
increase, approximately $262,000 and $284,000, respectively, were
related to increases in the average prices of oil and gas sold
and approximately $285,000 was related to an increase in volumes
of oil sold. Volumes of oil and gas sold increased 15,756
barrels and 38,712 Mcf, respectively, for the three months ended
March 31, 1997 as compared to the three months ended March 31,
1996. The increase in volumes of oil sold resulted primarily
from increased production on one well due to a workover performed
during the three months ended March 31, 1996 which increased
production capabilities. Average oil and gas prices increased to
$21.66 per barrel and $2.35 per Mcf, respectively, for the three
months ended March 31, 1997 from $18.11 per barrel and $1.85 per
Mcf, respectively, for the three months ended March 31, 1996.
Oil and gas production expenses (including lease operating
expenses and production taxes) increased $149,989 (15.3%) for the
three months ended March 31, 1997 as compared to the three months
ended March 31, 1996. This increase resulted primarily from the
increases in volumes of oil and gas sold during the three months
ended March 31, 1997 as compared to the three months ended March
31, 1996. As a percentage of oil and gas sales, these expenses
decreased to 38.7% for the three months ended March 31, 1997 from
48.3% for the three months ended March 31, 1996. This percentage
decrease was primarily due to the increases in the average prices
of oil and gas sold during the three months ended March 31, 1997
as compared to the three months ended March 31, 1996.
Depreciation, depletion, and amortization of oil and gas
properties remained relatively constant for the three months
ended March 31, 1997 as compared to the three months ended March
31, 1996. As a percentage of oil and gas sales, this expense
decreased to 16.7% for the three months ended March 31, 1997 from
23.9% for the three months ended March 31, 1996. This percentage
decrease was primarily due to the increases in the average prices
of oil and gas sold during the three months ended March 31, 1997
as compared to the three months ended March 31, 1996.
The III-E Partnership recognized a non-cash charge against
earnings of $2,893,741 for the three months ended March 31, 1997.
This impairment provision was necessary due to the unamortized
costs of oil and gas properties exceeding the expected
undiscounted future net revenues from such oil and gas
-34-
<PAGE>
<PAGE>
properties, in accordance with the III-E Partnership's adoption
of SFAS No. 121. Of this amount, $2,042,775 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
$850,966 was related to impairment of unproved properties. No
similar charge was necessary during the three months ended March
31, 1996.
General and administrative expenses remained relatively constant
for the three months ended March 31, 1997 as compared to the
three months ended March 31, 1996. As a percentage of oil and
gas sales, these expenses decreased to 4.7% for the three months
ended March 31, 1997 from 6.7% for the three months ended March
31, 1996. This percentage decrease was primarily due to the
increase in oil and gas sales discussed above.
The Limited Partners have received cash distributions through
March 31, 1997 totaling $23,912,016 or 57.17% of Limited
Partners' capital contributions.
PARTNERSHIP III-F
THREE MONTHS ENDED MARCH 31, 1997 AS COMPARED TO THE THREE MONTHS
ENDED MARCH 31, 1996.
Three months ended March 31,
----------------------------
1997 1996
-------- --------
Oil and gas sales $933,987 $720,068
Oil and gas production expenses $331,688 $309,200
Barrels produced 16,395 19,139
Mcf produced 246,984 231,008
Average price/Bbl $ 21.12 $ 17.98
Average price/Mcf $ 2.38 $ 1.63
As shown in the table above, total oil and gas sales increased
$213,919 (29.7%) for the three months ended March 31, 1997 as
compared to the three months ended March 31, 1996. Of this
increase, approximately $51,000 and $185,000, respectively, were
related to increases in the average prices of oil and gas sold
and approximately $26,000 was related to an increase in volumes
of gas sold, partially offset by a decrease of approximately
$49,000 related to a decrease in volumes of oil sold. Volumes of
oil sold decreased 2,744 barrels, while volumes of gas sold
increased 15,976 Mcf for the three months ended March 31, 1997 as
compared to the three months ended March 31, 1996. Average oil
and gas prices increased to $21.12 per barrel and $2.38 per Mcf,
respectively, for the three months ended March 31, 1997 from
$17.98 per barrel and $1.63 per Mcf, respectively, for the three
months ended March 31, 1996.
Oil and gas production expenses (including lease operating
expenses and production taxes) increased $22,488 (7.3%) for the
three months ended March 31, 1997 as compared to the three months
ended March 31, 1996. This increase resulted primarily from (i)
an increase in production taxes associated with the increase in
oil and gas sales discussed above and (ii) workover expenses
incurred on one well during the three months ended March 31, 1997
in order to improve the recovery of reserves. As a percentage of
-35-
<PAGE>
<PAGE>
oil and gas sales, these expenses decreased to 35.5% for the
three months ended March 31, 1997 from 42.9% for the three months
ended March 31, 1996. This percentage decrease was primarily due
to the increases in the average prices of oil and gas sold during
the three months ended March 31, 1997 as compared to the three
months ended March 31, 1996.
Depreciation, depletion, and amortization of oil and gas
properties decreased $38,425 (12.4%) for the three months ended
March 31, 1997 as compared to the three months ended March 31,
1996. This decrease resulted primarily from an upward revision
in the estimate of remaining oil reserves at December 31, 1996.
As a percentage of oil and gas sales, this expense decreased to
29.1% for the three months ended March 31, 1997 from 43.1% for
the three months ended March 31, 1996. This percentage decrease
was primarily due to the dollar decrease in depreciation,
depletion, and amortization discussed above and the increases in
the average prices of oil and gas sold during the three months
ended March 31, 1997 as compared to the three months ended March
31, 1996.
The III-F Partnership recognized a non-cash charge against
earnings of $2,884,405 for the three months ended March 31, 1997.
This impairment provision was necessary due to the unamortized
costs of oil and gas properties exceeding the expected
undiscounted future net revenues from such oil and gas
properties, in accordance with the III-F Partnership's adoption
of SFAS No. 121. Of this amount, $2,078,019 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
$806,386 was related to impairment of unproved properties. No
similar charge was necessary during the three months ended March
31, 1996.
General and administrative expenses remained relatively constant
for the three months ended March 31, 1997 as compared to the
three months ended March 31, 1996. As a percentage of oil and
gas sales, these expenses decreased to 7.7% for the three months
ended March 31, 1997 from 10.0% for the three months ended March
31, 1996. This percentage decrease was primarily due to the
increase in oil and gas sales discussed above.
The Limited Partners have received cash distributions through
March 31, 1997 totaling $8,710,904 or 39.33% of Limited Partners'
capital contributions.
PARTNERSHIP III-G
THREE MONTHS ENDED MARCH 31, 1997 AS COMPARED TO THE THREE MONTHS
ENDED MARCH 31, 1996.
Three months ended March 31,
----------------------------
1997 1996
-------- --------
Oil and gas sales $573,117 $456,065
Oil and gas production expenses $215,185 $203,469
Barrels produced 12,060 14,076
Mcf produced 131,897 124,810
Average price/Bbl $ 21.13 $ 18.01
Average price/Mcf $ 2.41 $ 1.62
-36-
<PAGE>
<PAGE>
As shown in the table above, total oil and gas sales increased
$117,052 (25.7%) for the three months ended March 31, 1997 as
compared to the three months ended March 31, 1996. Of this
increase, approximately $38,000 and $104,000, respectively, were
related to increases in the average prices of oil and gas sold
and approximately $11,000 was related to an increase in volumes
of gas sold, partially offset by a decrease of approximately
$36,000 related to a decrease in volumes of oil sold. Volumes of
oil sold decreased 2,016 barrels, while volumes of gas sold
increased 7,087 Mcf for the three months ended March 31, 1997 as
compared to the three months ended March 31, 1996. Average oil
and gas prices increased to $21.13 per barrel and $2.41 per Mcf,
respectively, for the three months ended March 31, 1997 from
$18.01 per barrel and $1.62 per Mcf, respectively, for the three
months ended March 31, 1996.
Oil and gas production expenses (including lease operating
expenses and production taxes) increased $11,716 (5.8%) for the
three months ended March 31, 1997 as compared to the three months
ended March 31, 1996. This increase resulted primarily from (i)
workover expenses incurred on one well during the three months
ended March 31, 1997 in order to improve the recovery of reserves
and (ii) an increase in production taxes associated with the
increase in oil and gas sales discussed above. As a percentage
of oil and gas sales, these expenses decreased to 37.5% for the
three months ended March 31, 1997 from 44.6% for the three months
ended March 31, 1996. This percentage decrease was primarily due
to the increases in the average prices of oil and gas sold during
the three months ended March 31, 1997 as compared to the three
months ended March 31, 1996.
Depreciation, depletion, and amortization of oil and gas
properties decreased $42,804 (21.9%) for the three months ended
March 31, 1997 as compared to the three months ended March 31,
1996. This decrease resulted primarily from (i) an upward
revision in the estimate of remaining oil reserves at December
31, 1996 and (ii) the decrease in volumes of oil sold during the
three months ended March 31, 1997 as compared to the three months
ended March 31, 1996. As a percentage of oil and gas sales, this
expense decreased to 26.6% for the three months ended March 31,
1997 from 42.8% for the three months ended March 31, 1996. This
percentage decrease was primarily due to the dollar decrease in
depreciation, depletion, and amortization discussed above and the
increases in the average prices of oil and gas sold during the
three months ended March 31, 1997 as compared to the three months
ended March 31, 1996.
The III-G Partnership recognized a non-cash charge against
earnings of $1,449,404 for the three months ended March 31, 1997.
This impairment provision was necessary due to the unamortized
costs of oil and gas properties exceeding the expected
undiscounted future net revenues from such oil and gas
properties, in accordance with the III-G Partnership's adoption
of SFAS No. 121. Of this amount, $1,010,738 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
$438,666 was related to impairment of unproved properties. No
similar charge was necessary during the three months ended March
31, 1996.
-37-
<PAGE>
<PAGE>
General and administrative expenses remained relatively constant
for the three months ended March 31, 1997 as compared to the
three months ended March 31, 1996. As a percentage of oil and
gas sales, these expenses remained relatively constant at 6.9%
for the three months ended March 31, 1997 as compared to 8.7% for
the three months ended March 31, 1996.
The Limited Partners have received cash distributions through
March 31, 1997 totaling $4,358,287 or 35.75% of Limited Partners'
capital contributions.
-38-
<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 III-A Partnership's
financial statements as of March 31, 1997 and for the
three months ended March 31, 1997, filed herewith.
27.2 Financial Data Schedule containing summary financial
information extracted from the III-B Partnership's
financial statements as of March 31, 1997 and for the
three months ended March 31, 1997, filed herewith.
27.3 Financial Data Schedule containing summary financial
information extracted from the III-C Partnership's
financial statements as of March 31, 1997 and for the
three months ended March 31, 1997, filed herewith.
27.4 Financial Data Schedule containing summary financial
information extracted from the III-D Partnership's
financial statements as of March 31, 1997 and for the
three months ended March 31, 1997, filed herewith.
27.5 Financial Data Schedule containing summary financial
information extracted from the III-E Partnership's
financial statements as of March 31, 1997 and for the
three months ended March 31, 1997, filed herewith.
27.6 Financial Data Schedule containing summary financial
information extracted from the III-F Partnership's
financial statements as of March 31, 1997 and for the
three months ended March 31, 1997, filed herewith.
27.7 Financial Data Schedule containing summary financial
information extracted from the III-G Partnership's
financial statements as of March 31, 1997 and for the
three months ended March 31, 1997, filed herewith.
All other exhibits are omitted as inapplicable.
(b) Reports on Form 8-K:
Current Reports on Form 8-K filed during first quarter of
1997:
Date of event: January 24, 1997
Date filed with SEC: January 24, 1997
Items included:
Item 5 - Other Events
Item 7 - Exhibits
-39-
<PAGE>
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-A
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-B
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-C
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-D
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-E
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-F
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-G
(Registrant)
By: GEODYNE RESOURCES, INC.
General Partner
Date: May 12, 1997 By: /s/Dennis R. Neill
-------------------------------
(Signature)
Dennis R. Neill
President
Date: May 12, 1997 By: /s/Patrick M. Hall
--------------------------------
(Signature)
Patrick M. Hall
Principal Accounting Officer
-40-
<PAGE>
<PAGE>
INDEX TO EXHIBITS
-----------------
NUMBER DESCRIPTION
- ------ -----------
27.1 Financial Data Schedule containing summary financial
information extracted from the Geodyne Energy Income Limited
Partnership III-A's financial statements as of March 31,
1997 and for the three months ended March 31, 1997, filed
herewith.
27.2 Financial Data Schedule containing summary financial
information extracted from the Geodyne Energy Income Limited
Partnership III-B's financial statements as of March 31,
1997 and for the three months ended March 31, 1997, filed
herewith.
27.3 Financial Data Schedule containing summary financial
information extracted from the Geodyne Energy Income Limited
Partnership III-C's financial statements as of March 31,
1997 and for the three months ended March 31, 1997, filed
herewith.
27.4 Financial Data Schedule containing summary financial
information extracted from the Geodyne Energy Income Limited
Partnership III-D's financial statements as of March 31,
1997 and for the three months ended March 31, 1997, filed
herewith.
27.5 Financial Data Schedule containing summary financial
information extracted from the Geodyne Energy Income Limited
Partnership III-E's financial statements as of March 31,
1997 and for the three months ended March 31, 1997, filed
herewith.
27.6 Financial Data Schedule containing summary financial
information extracted from the Geodyne Energy Income Limited
Partnership III-F's financial statements as of March 31,
1997 and for the three months ended March 31, 1997, filed
herewith.
27.7 Financial Data Schedule containing summary financial
information extracted from the Geodyne Energy Income Limited
Partnership III-G's financial statements as of March 31,
1997 and for the three months ended March 31, 1997, filed
herewith.
All other exhibits are omitted as inapplicable.
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000860745
<NAME> GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-A
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<CASH> 934,743
<SECURITIES> 0
<RECEIVABLES> 631,798
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 1,566,541
<PP&E> 19,830,984
<DEPRECIATION> 16,479,005
<TOTAL-ASSETS> 5,162,740
<CURRENT-LIABILITIES> 119,620
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 4,962,724
<TOTAL-LIABILITY-AND-EQUITY> 5,162,740
<SALES> 1,015,744
<TOTAL-REVENUES> 999,063
<CGS> 0
<TOTAL-COSTS> 2,148,063
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (1,149,000)
<INCOME-TAX> 0
<INCOME-CONTINUING> (1,149,000)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (1,149,000)
<EPS-PRIMARY> (4.42)
<EPS-DILUTED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000863835
<NAME> GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-B
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<CASH> 523,137
<SECURITIES> 0
<RECEIVABLES> 389,196
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 912,333
<PP&E> 11,121,788
<DEPRECIATION> 9,239,162
<TOTAL-ASSETS> 2,939,778
<CURRENT-LIABILITIES> 53,066
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 2,848,022
<TOTAL-LIABILITY-AND-EQUITY> 2,939,778
<SALES> 593,107
<TOTAL-REVENUES> 586,034
<CGS> 0
<TOTAL-COSTS> 1,047,936
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (461,902)
<INCOME-TAX> 0
<INCOME-CONTINUING> (461,902)
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<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (461,902)
<EPS-PRIMARY> (3.42)
<EPS-DILUTED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000863837
<NAME> GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-C
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<CASH> 823,428
<SECURITIES> 0
<RECEIVABLES> 478,305
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 1,301,733
<PP&E> 21,586,855
<DEPRECIATION> 17,765,692
<TOTAL-ASSETS> 5,198,910
<CURRENT-LIABILITIES> 79,116
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 4,978,400
<TOTAL-LIABILITY-AND-EQUITY> 5,198,910
<SALES> 941,832
<TOTAL-REVENUES> 942,112
<CGS> 0
<TOTAL-COSTS> 2,200,866
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (1,258,754)
<INCOME-TAX> 0
<INCOME-CONTINUING> (1,258,754)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (1,258,754)
<EPS-PRIMARY> (5.20)
<EPS-DILUTED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000870229
<NAME> GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-D
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<CASH> 488,271
<SECURITIES> 0
<RECEIVABLES> 377,331
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 865,602
<PP&E> 12,651,479
<DEPRECIATION> 10,226,599
<TOTAL-ASSETS> 3,316,621
<CURRENT-LIABILITIES> 69,794
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 3,026,541
<TOTAL-LIABILITY-AND-EQUITY> 3,316,621
<SALES> 771,050
<TOTAL-REVENUES> 775,465
<CGS> 0
<TOTAL-COSTS> 1,325,167
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (549,702)
<INCOME-TAX> 0
<INCOME-CONTINUING> (549,702)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (549,702)
<EPS-PRIMARY> (4.30)
<EPS-DILUTED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000872121
<NAME> GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-E
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<CASH> 1,671,519
<SECURITIES> 0
<RECEIVABLES> 1,359,979
<ALLOWANCES> 0
<INVENTORY> 0
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