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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Act of 1934
Date of Report (Date of earliest event reported): March 20, 1997
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
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(Exact name of Registrant as specified in its Articles)
III-A: 0-18302 III-A: 73-1352993
III-B: 0-18636 III-B: 73-1358666
III-C: 0-18634 III-C: 73-1356542
III-D: 0-18936 III-D: 73-1357374
III-E: 0-19010 III-E: 73-1367188
III-F: 0-19102 III-F: 73-1377737
Oklahoma III-G: 0-19563 III-G: 73-1377828
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(State or other (Commission (I.R.S. Employer
jurisdiction of File No.) Identification)
incorporation or
organization)
Two West Second Street, Tulsa, Oklahoma 74103
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (918) 583-1791
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ITEM 5: OTHER EVENTS
On October 26, 1994, Geodyne Resources, Inc. ("Geodyne") and the
Geodyne Energy Income Limited Partnerships III-A, III-B, III-C, III-D,
III-E, III-F, and III-G (collectively, the "Partnerships"), among
other parties, were named as defendants in a lawsuit alleging causes
of action based on fraud, negligent misrepresentation, breach of
fiduciary duty, breach of implied covenant, and breach of contract in
connection with the offer and sale of limited partnership interests
("Units") in the Partnerships (Sidney Neidick et al. v. Geodyne
Resources, Inc., et al., Case No. 94-052860, District Court of Harris
County, Texas). The plaintiffs' petition alleged that the lawsuit was
being brought as a class action on behalf of investors who purchased
Units in the Partnerships. On June 7, 1995, Geodyne and the
Partnerships were dismissed without prejudice as defendants in the
matter. In addition, on June 7, 1995, the matter was certified as a
class action. A class action notice was mailed on June 7, 1995, to
all Limited Partners who are members of the class.
On November 23 and 25, 1994, Geodyne, PaineWebber Incorporated
("PaineWebber"), and certain other parties were named as defendants in
two related lawsuits alleging misrepresentations made to induce
investments in the Partnerships and asserting causes of action for
common law fraud and deceit and unjust enrichment (Romine v.
PaineWebber, Inc., et al, Case No. 94-CIV-8558, U. S. District Court,
Southern District of New York and Romine v. PaineWebber, Inc., et al,
Case No. 94-132844, Supreme Court of the State of New York, County of
New York). The federal court case was later consolidated with other
similar actions (to which Geodyne is not a party) under the title In
Re: PaineWebber Limited Partnerships' Litigation and was certified as
a class action on May 30, 1995 (the "Federal Partnership Class
Action"). A class action notice was mailed on June 7, 1995 to all
members of the class. The Federal Partnership Class Action also
alleges violations of 18 U.S.C. Section 1962(c) and the Securities
Exchange Act of 1934. Compensatory and punitive damages, interest,
and costs have been requested in both matters. The amended complaint
in the Federal Partnership Class Action no longer asserts any claim
directly against Geodyne.
On January 18, 1996, PaineWebber issued a press release
indicating that it had reached an agreement to settle the pending
Federal Partnership Class Action along with the Neidick matter
referred to above (collectively, the "PaineWebber Partnership Class
Actions"), along with a settlement with the SEC and an agreement to
settle with various state securities regulators. On that date,
PaineWebber paid $125 million into an interest bearing account as part
of a memorandum of understanding in connection with the proposed
settlement (the "Settlement Fund"). The Settlement Fund applies to
claims related to both the Partnerships and certain other investment
programs sold by PaineWebber. In addition, PaineWebber agreed to a
SEC administrative order creating a capped $40 million fund (the "SEC
Claims Fund"), which is to be distributed to eligible Limited Partners
by an independent administrator (the "Claims Administrator"); a civil
penalty of $5 million leveled by the SEC; and payments aggregating $5
million to state securities administrators. Such settlement is not an
obligation of either the Partnerships or Geodyne and, accordingly,
would not affect the financial statements of the Partnerships.
In connection with the PaineWebber Partnership Class Actions, on
July 17, 1996 the federal court entered a preliminary order regarding
the settlement proceedings referred to above. Pursuant to that order,
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plaintiffs' counsel mailed to class members the Class Settlement
Notice (the "Notice") and Proof of Claim. Eligible class members are
generally those who purchased their Units through PaineWebber on or
before December 31, 1992 and who have not (i) previously opted out of
the Class, (ii) previously released PaineWebber, or (iii) finally
adjudicated their claims against PaineWebber.
Plaintiffs' counsel will be responsible for allocating payments
from the $125 million Settlement Fund previously funded by PaineWebber
among eligible Limited Partners and investors in other unrelated
PaineWebber partnerships in accordance with the settlement. The
amount and date of any payment will vary depending upon many factors
set forth in the Notice. It is currently expected that payments from
the Settlement Fund will be made some time in 1997.
In addition, eligible Limited Partners in the Partnerships who
held their Units on June 3, 1996 may be entitled to certain additional
payments from an escrow fund to which PaineWebber will make payments
through May 30, 2001 if spot market oil and natural gas prices as
reported by the New York Mercantile Exchange fall below certain
thresholds set forth in the Notice (the "Pricing Guarantee"). The
threshold prices used in the Pricing Guarantee are $18.00 per barrel
of oil and $1.80 per Mcf of gas. Under the Notice, PaineWebber
payments, if any, made pursuant to the Pricing Guarantee will be paid
to Limited Partners of record on June 30, 1996 irrespective of whether
they subsequently sell/dispose of their Units to third parties. The
Pricing Guarantee does NOT attach to the Units as an attribute of
ownership in the Partnerships and is not an obligation of either
Geodyne or the Partnerships.
A look back provision is also included in the settlement which
may provide additional funds as of January 1, 2001 for eligible
Limited Partners. Class members who sold their Units prior to June
30, 1996 will not be eligible for payments, if any, under the Pricing
Guarantee or the look back provision.
Eligible Limited Partners were required to timely execute and
return a proof of claim by January 17, 1997 in order to participate in
the settlement.
In connection with the SEC Claims Fund, on April 17, 1996,
PaineWebber mailed a Notice and Claim Form to each Limited Partner who
purchased Units in the Partnerships through PaineWebber from January
1, 1986 to December 31, 1992. Limited Partners are not eligible to
participate in the claims process if they (i) previously reached a
settlement with PaineWebber or (ii) had their direct investment claim
resolved by a court or in arbitration. Participation in the claims
process is optional, and does not prevent a Limited Partner from
pursuing any other remedy against PaineWebber that may be available.
Limited Partners had until October 22, 1996 to complete the claim form
and return it to the Claims Administrator. The determination of
whether a Limited Partner is entitled to a recovery under the SEC
Claims Fund will be based on whether or not the Claims Administrator
determines that the Limited Partner's investment in the Partnerships
was suitable for him at the time of purchase. In addition, if the
Limited Partner has opted out of the PaineWebber Partnership Class
Action and has not already settled with PaineWebber or has had a claim
resolved by a court or in arbitration, the Claims Administrator will
also consider allegations that misrepresentations were made in
connection with the sale of the Units.
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On March 20, 1997 the settlement described above was confirmed by
the federal court.
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 hereunto 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
By: GEODYNE RESOURCES, INC.
General Partner
DATE: April 2, 1997 //s// Dennis R. Neill
______________________________
Dennis R. Neill
President
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