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, 1999
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
of incorporation or Number)
organization)
Two West Second Street, Tulsa, Oklahoma 74103
------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:(918) 583-1791
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No
------ ------
-1-
<PAGE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-A
BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
1999 1998
------------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 209,473 $ 212,695
Accounts receivable:
Oil and gas sales 247,826 282,108
---------- ----------
Total current assets $ 457,299 $ 494,803
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 2,104,529 2,222,673
DEFERRED CHARGE 266,532 266,532
---------- ----------
$2,828,360 $2,984,008
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 41,633 $ 62,011
Gas imbalance payable 30,903 30,903
---------- ----------
Total current liabilities $ 72,536 $ 92,914
ACCRUED LIABILITY $ 76,845 $ 76,845
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 199,202) ($ 197,325)
Limited Partners, issued and
outstanding, 263,976 units 2,878,181 3,011,574
---------- ----------
Total Partners' capital $2,678,979 $2,814,249
---------- ----------
$2,828,360 $2,984,008
========== ==========
The accompanying condensed notes are an integral
part of these financial statements.
-2-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-A
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1999 AND 1998
(Unaudited)
1999 1998
--------- ---------
REVENUES:
Oil and gas sales $420,696 $616,201
Interest income 1,985 5,963
Gain on sale of oil and gas
properties - 8,114
-------- --------
$422,681 $630,278
COSTS AND EXPENSES:
Lease operating $123,238 $ 79,357
Production tax 28,260 44,419
Depreciation, depletion, and
amortization of oil and gas
properties 120,922 143,569
General and administrative
(Note 2) 93,056 91,131
-------- --------
$365,476 $358,476
-------- --------
NET INCOME $ 57,205 $271,802
======== ========
GENERAL PARTNER - NET INCOME $ 7,598 $ 19,035
======== ========
LIMITED PARTNERS - NET INCOME $ 49,607 $252,767
======== ========
NET INCOME per unit $ .19 $ .96
======== ========
UNITS OUTSTANDING 263,976 263,976
======== ========
The accompanying condensed notes are an integral
part of these financial statements.
-3-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-A
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1999 AND 1998
(Unaudited)
1999 1998
----------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 57,205 $271,802
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 120,922 143,569
Gain on sale of oil and gas
properties - ( 8,114)
Decrease in accounts receivable -
oil and gas sales 34,282 142,175
Increase in accounts receivable -
General Partner - ( 10,146)
Decrease in accounts receivable -
other - 308
Increase (decrease) in accounts
payable ( 20,378) 373
-------- --------
Net cash provided by operating
activities $192,031 $539,967
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 8,892) ($ 733)
Proceeds from sale of oil and
gas properties 6,114 14,542
-------- --------
Net cash provided (used) by
investing activities ($ 2,778) $ 13,809
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($192,475) ($511,232)
-------- --------
Net cash used by financing activities ($192,475) ($511,232)
-------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS ($ 3,222) $ 42,544
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 212,695 522,371
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $209,473 $564,915
======== ========
The accompanying condensed notes are an integral
part of these financial statements.
-4-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-B
BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
1999 1998
------------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 100,106 $ 117,355
Accounts receivable:
Oil and gas sales 143,352 164,818
---------- ----------
Total current assets $ 243,458 $ 282,173
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 1,184,018 1,242,380
DEFERRED CHARGE 193,310 193,310
---------- ----------
$1,620,786 $1,717,863
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 26,177 $ 21,658
Gas imbalance payable 18,422 18,422
---------- ----------
Total current liabilities $ 44,599 $ 40,080
ACCRUED LIABILITY $ 41,436 $ 41,436
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 89,497) ($ 85,016)
Limited Partners, issued and
outstanding, 138,336 units 1,624,248 1,721,363
---------- ----------
Total Partners' capital $1,534,751 $1,636,347
---------- ----------
$1,620,786 $1,717,863
========== ==========
The accompanying condensed notes are an integral
part of these financial statements.
-5-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-B
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1999 AND 1998
(Unaudited)
1999 1998
--------- ---------
REVENUES:
Oil and gas sales $222,201 $386,283
Interest income 988 3,453
Gain on sale of oil and
gas properties - 815
-------- --------
$223,189 $390,551
COSTS AND EXPENSES:
Lease operating $ 84,953 $ 43,410
Production tax 14,324 28,250
Depreciation, depletion, and
amortization of oil and gas
properties 60,699 87,660
General and administrative
(Note 2) 48,819 47,774
-------- --------
$208,795 $207,094
-------- --------
NET INCOME $ 14,394 $183,457
======== ========
GENERAL PARTNER - NET INCOME $ 10,509 $ 39,273
======== ========
LIMITED PARTNERS - NET INCOME $ 3,885 $144,184
======== ========
NET INCOME per unit $ .03 $ 1.04
======== ========
UNITS OUTSTANDING 138,336 138,336
======== ========
The accompanying condensed notes are an integral
part of these financial statements.
-6-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-B
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1999 AND 1998
(Unaudited)
1999 1998
--------- -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 14,394 $183,457
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 60,699 87,660
Gain on sale of oil and gas
properties - ( 815)
Decrease in accounts receivable -
oil and gas sales 21,466 74,192
Increase in accounts receivable -
General Partner - ( 945)
Decrease in accounts receivable -
other - 130
Increase in accounts payable 4,519 2,820
-------- --------
Net cash provided by operating
activities $101,078 $346,499
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 2,337) ($ 342)
Proceeds from sale of oil and
gas properties - 967
-------- --------
Net cash provided (used) by
investing activities ($ 2,337) $ 625
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($115,990) ($323,980)
-------- --------
Net cash used by financing activities ($115,990) ($323,980)
-------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS ($ 17,249) $ 23,144
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 117,355 305,288
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $100,106 $328,432
======== ========
The accompanying condensed notes are an integral
part of these financial statements.
-7-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-C
BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
1999 1998
------------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 273,983 $ 340,720
Accounts receivable:
Oil and gas sales 320,113 380,975
---------- ----------
Total current assets $ 594,096 $ 721,695
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 2,674,913 2,779,845
DEFERRED CHARGE 70,849 70,849
---------- ----------
$3,339,858 $3,572,389
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 42,929 $ 42,712
Gas imbalance payable 25,479 25,479
---------- ----------
Total current liabilities $ 68,408 $ 68,191
ACCRUED LIABILITY $ 151,671 $ 151,671
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 183,388) ($ 179,285)
Limited Partners, issued and
outstanding, 244,536 units 3,303,167 3,531,812
---------- ----------
Total Partners' capital $3,119,779 $3,352,527
---------- ----------
$3,339,858 $3,572,389
========== ==========
The accompanying condensed notes are an integral
part of these financial statements.
-8-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-C
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1999 AND 1998
(Unaudited)
1999 1998
-------- ---------
REVENUES:
Oil and gas sales $469,764 $680,865
Interest income 2,875 5,748
Gain on sale of oil and gas
properties - 166,701
-------- --------
$472,639 $853,314
COSTS AND EXPENSES:
Lease operating $126,394 $106,689
Production tax 33,147 46,940
Depreciation, depletion, and
amortization of oil and gas
properties 129,619 138,087
General and administrative
(Note 2) 86,220 84,432
-------- --------
$375,380 $376,148
-------- --------
NET INCOME $ 97,259 $477,166
======== ========
GENERAL PARTNER - NET INCOME $ 9,904 $ 29,094
======== ========
LIMITED PARTNERS - NET INCOME $ 87,355 $448,072
======== ========
NET INCOME per unit $ .36 $ 1.83
======== ========
UNITS OUTSTANDING 244,536 244,536
======== ========
The accompanying condensed notes are an integral
part of these financial statements.
-9-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-C
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1999 AND 1998
(Unaudited)
1999 1998
--------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 97,259 $477,166
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 129,619 138,087
Gain on sale of oil and gas
properties - ( 166,701)
Decrease in accounts receivable -
oil and gas sales 60,862 74,439
Increase in accounts receivable -
General Partner - ( 187,596)
Decrease in accounts receivable -
other - 54
Increase (decrease) in accounts
payable 217 ( 292)
-------- --------
Net cash provided by operating
activities $287,957 $335,157
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 24,687) ($ 36,691)
Proceeds from sale of oil and
gas properties - 187,542
-------- --------
Net cash provided (used) by
investing activities ($ 24,687) $150,851
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($330,007) ($535,481)
-------- --------
Net cash used by financing activities ($330,007) ($535,481)
-------- --------
NET DECREASE IN CASH AND CASH
EQUIVALENTS ($ 66,737) ($ 49,473)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 340,720 540,911
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $273,983 $491,438
======== ========
The accompanying condensed notes are an integral
part of these financial statements.
-10-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-D
BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
1999 1998
------------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 158,169 $ 172,776
Accounts receivable:
Oil and gas sales 242,300 268,703
---------- ----------
Total current assets $ 400,469 $ 441,479
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 1,175,495 1,236,882
DEFERRED CHARGE 9,462 9,462
---------- ----------
$1,585,426 $1,687,823
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 56,315 $ 55,996
Gas imbalance payable 4,454 4,454
---------- ----------
Total current liabilities $ 60,769 $ 60,450
ACCRUED LIABILITY $ 182,639 $ 182,639
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 75,451) ($ 73,501)
Limited Partners, issued and
outstanding, 131,008 units 1,417,469 1,518,235
---------- ----------
Total Partners' capital $1,342,018 $1,444,734
---------- ----------
$1,585,426 $1,687,823
========== ==========
The accompanying condensed notes are an integral
part of these financial statements.
-11-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-D
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1999 AND 1998
(Unaudited)
1999 1998
-------- ---------
REVENUES:
Oil and gas sales $393,394 $477,763
Interest income 1,604 2,797
Gain on sale of oil and
gas properties - 24,154
-------- --------
$394,998 $504,714
COSTS AND EXPENSES:
Lease operating $167,212 $148,237
Production tax 28,906 29,531
Depreciation, depletion, and
amortization of oil and gas
properties 78,104 76,607
General and administrative
(Note 2) 46,799 45,779
-------- --------
$321,021 $300,154
-------- --------
NET INCOME $ 73,977 $204,560
======== ========
GENERAL PARTNER - NET INCOME $ 6,743 $ 13,152
======== ========
LIMITED PARTNERS - NET INCOME $ 67,234 $191,408
======== ========
NET INCOME per unit $ .51 $ 1.46
======== ========
UNITS OUTSTANDING 131,008 131,008
======== ========
The accompanying condensed notes are an integral
part of these financial statements.
-12-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-D
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1999 AND 1998
(Unaudited)
1999 1998
--------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 73,977 $204,560
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 78,104 76,607
Gain on sale of oil and gas
properties - ( 24,154)
Decrease in accounts receivable -
oil and gas sales 26,403 48,193
Increase in accounts receivable -
General Partner - ( 26,040)
Increase (decrease) in accounts
payable 319 ( 44,475)
-------- --------
Net cash provided by operating
activities $178,803 $234,691
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 16,717) ($ 30,584)
Proceeds from sale of oil and
gas properties - 26,040
-------- --------
Net cash used by investing
activities ($ 16,717) ($ 4,544)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($176,693) ($310,591)
-------- --------
Net cash used by financing activities ($176,693) ($310,591)
-------- --------
NET DECREASE IN CASH AND CASH
EQUIVALENTS ($ 14,607) ($ 80,444)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 172,776 298,964
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $158,169 $218,520
======== ========
The accompanying condensed notes are an integral
part of these financial statements.
-13-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-E
BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
1999 1998
------------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 199,833 $ 483,197
Accounts receivable:
Oil and gas sales 752,381 820,078
---------- ----------
Total current assets $ 952,214 $1,303,275
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 3,110,492 3,190,480
DEFERRED CHARGE 127,657 127,657
---------- ----------
$4,190,363 $4,621,412
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 262,948 $ 302,889
Gas imbalance payable 178,518 178,518
---------- ----------
Total current liabilities $ 441,466 $ 481,407
ACCRUED LIABILITY $ 298,486 $ 298,486
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 283,572) ($ 275,783)
Limited Partners, issued and
outstanding, 418,266 units 3,733,983 4,117,302
---------- ----------
Total Partners' capital $3,450,411 $3,841,519
---------- ----------
$4,190,363 $4,621,412
========== ==========
The accompanying condensed notes are an integral
part of these financial statements.
-14-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-E
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1999 AND 1998
(Unaudited)
1999 1998
---------- ----------
REVENUES:
Oil and gas sales $1,171,493 $1,773,318
Interest income 4,622 12,202
Gain on sale of oil and
gas properties - 37,161
---------- ----------
$1,176,115 $1,822,681
COSTS AND EXPENSES:
Lease operating $ 918,218 $ 733,211
Production tax 75,277 114,231
Depreciation, depletion, and
amortization of oil and gas
properties 149,022 296,018
General and administrative
(Note 2) 147,902 151,137
---------- ----------
$1,290,419 $1,294,597
---------- ----------
NET INCOME (LOSS) ($ 114,304) $ 528,084
========== ==========
GENERAL PARTNER - NET
INCOME $ 15 $ 37,635
========== ==========
LIMITED PARTNERS - NET
INCOME (LOSS) ( $ 114,319) $ 490,449
========== ==========
NET INCOME (LOSS) per unit ($ .27) $ 1.17
========== ==========
UNITS OUTSTANDING 418,266 418,266
========== ==========
The accompanying condensed notes are an integral
part of these financial statements.
-15-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-E
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1999 AND 1998
(Unaudited)
1999 1998
---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) ($114,304) $ 528,084
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depreciation, depletion, and
amortization of oil and gas
properties 149,022 296,018
Gain on sale of oil and gas
properties - ( 37,161)
Decrease in accounts receivable -
oil and gas sales 67,697 275,985
Increase in accounts receivable -
General Partner - ( 59,735)
Decrease in accounts payable ( 39,941) ( 306,287)
-------- ----------
Net cash provided by operating
activities $ 62,474 $ 696,904
-------- ----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 69,034) ($ 2,013)
Proceeds from sale of oil and
gas properties - 59,735
-------- ----------
Net cash provided (used) by
investing activities ($ 69,034) $ 57,722
-------- ----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($276,804) ($ 746,201)
-------- ----------
Net cash used by financing activities ($276,804) ($ 746,201)
-------- ----------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS ($283,364) $ 8,425
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 483,197 1,114,574
-------- ----------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $199,833 $1,122,999
======== ==========
The accompanying condensed notes are an integral
part of these financial statements.
-16-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-F
BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
1999 1998
------------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 218,537 $ 316,761
Accounts receivable:
Oil and gas sales 268,591 279,590
Other - 9,631
---------- ----------
Total current assets $ 487,128 $ 605,982
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 2,767,635 2,848,735
DEFERRED CHARGE 79,097 79,097
---------- ----------
$3,333,860 $3,533,814
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 75,481 $ 133,841
Gas imbalance payable 123,641 123,641
---------- ----------
Total current liabilities $ 199,122 $ 257,482
ACCRUED LIABILITY $ 171,735 $ 171,735
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 163,338) ($ 164,221)
Limited Partners, issued and
outstanding, 221,484 units 3,126,341 3,268,818
---------- ----------
Total Partners' capital $2,963,003 $3,104,597
---------- ----------
$3,333,860 $3,533,814
========== ==========
The accompanying condensed notes are an integral
part of these financial statements.
-17-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-F
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1999 AND 1998
(Unaudited)
1999 1998
-------- ---------
REVENUES:
Oil and gas sales $438,597 $664,231
Interest income 3,157 6,206
Gain (loss) on sale of oil
and gas properties ( 296) 28,061
-------- --------
$441,458 $698,498
COSTS AND EXPENSES:
Lease operating $197,971 $247,027
Production tax 19,781 42,453
Depreciation, depletion, and
amortization of oil and gas
properties 137,357 147,201
General and administrative
(Note 2) 78,076 76,453
-------- --------
$433,185 $513,134
-------- --------
NET INCOME $ 8,273 $185,364
======== ========
GENERAL PARTNER - NET
INCOME $ 5,750 $ 14,846
======== ========
LIMITED PARTNERS - NET
INCOME $ 2,523 $170,518
======== ========
NET INCOME per unit $ .01 $ .77
======== ========
UNITS OUTSTANDING 221,484 221,484
======== ========
The accompanying condensed notes are an integral
part of these financial statements.
-18-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-F
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1999 AND 1998
(Unaudited)
1999 1998
--------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 8,273 $185,364
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 137,357 147,201
(Gain) loss on sale of oil and
gas properties 296 ( 28,061)
Decrease in accounts receivable -
oil and gas sales 10,999 88,647
Increase in accounts receivable -
General Partner - ( 50,533)
Decrease in accounts receivable -
other 9,631 -
Decrease in accounts payable ( 58,360) ( 12,576)
-------- --------
Net cash provided by operating
activities $108,196 $330,042
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 56,553) ($ 2,152)
Proceeds from sale of oil and
gas properties - 50,533
-------- --------
Net cash provided (used) by
investing activities ($ 56,553) $ 48,381
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($149,867) ($389,953)
-------- --------
Net cash used by financing activities ($149,867) ($389,953)
-------- --------
NET DECREASE IN CASH AND CASH
EQUIVALENTS ($ 98,224) ($ 11,530)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 316,761 541,382
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $218,537 $529,852
======== ========
The accompanying condensed notes are an integral
part of these financial statements.
-19-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-G
BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
1999 1998
------------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 107,730 $ 169,558
Accounts receivable:
Oil and gas sales 161,023 163,801
Other - 6,369
---------- ----------
Total current assets $ 268,753 $ 339,728
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 1,372,601 1,427,362
DEFERRED CHARGE 50,380 50,380
---------- ----------
$1,691,734 $1,817,470
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 48,476 $ 73,835
Gas imbalance payable 60,315 60,315
---------- ----------
Total current liabilities $ 108,791 $ 134,150
ACCRUED LIABILITY $ 111,221 $ 111,221
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 99,900) ($ 99,974)
Limited Partners, issued and
outstanding, 121,925 units 1,571,622 1,672,073
---------- ----------
Total Partners' capital $1,471,722 $1,572,099
---------- ----------
$1,691,734 $1,817,470
========== ==========
The accompanying condensed notes are an integral
part of these financial statements.
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<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-G
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 1999 AND 1998
(Unaudited)
1999 1998
-------- ---------
REVENUES:
Oil and gas sales $266,481 $395,819
Interest income 1,592 3,750
Gain (loss) on sale of oil
and gas properties ( 196) 21,774
-------- --------
$267,877 $421,343
COSTS AND EXPENSES:
Lease operating $142,384 $164,664
Production tax 12,069 24,545
Depreciation, depletion, and
amortization of oil and gas
properties 83,246 90,827
General and administrative
(Note 2) 43,021 42,103
-------- --------
$280,720 $322,139
-------- --------
NET INCOME (LOSS) ($ 12,843) $ 99,204
======== ========
GENERAL PARTNER - NET INCOME $ 2,608 $ 8,406
======== ========
LIMITED PARTNERS - NET INCOME (LOSS) ($ 15,451) $ 90,798
======== ========
NET INCOME (LOSS) per unit ($ .13) $ .74
======== ========
UNITS OUTSTANDING 121,925 121,925
======== ========
The accompanying condensed notes are an integral
part of these financial statements.
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<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-G
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 1999 AND 1998
(Unaudited)
1999 1998
--------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) ($ 12,843) $ 99,204
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depreciation, depletion, and
amortization of oil and gas
properties 83,246 90,827
(Gain) loss on sale of oil and
gas properties 196 ( 21,774)
Decrease in accounts receivable -
oil and gas sales 2,778 54,551
Increase in accounts receivable -
General Partner - ( 19,205)
Decrease in accounts receivable -
other 6,369 -
Decrease in accounts payable ( 25,359) ( 10,297)
-------- --------
Net cash provided by operating
activities $ 54,387 $193,306
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 28,681) ($ 9,302)
Proceeds from sale of oil and
gas properties - 32,345
-------- --------
Net cash provided (used) by
investing activities ($ 28,681) $ 23,043
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($ 87,534) ($277,002)
-------- --------
Net cash used by financing activities ($ 87,534) ($277,002)
-------- --------
NET DECREASE IN CASH AND CASH
EQUIVALENTS ($ 61,828) ($ 60,653)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 169,558 351,163
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $107,730 $290,510
======== ========
The accompanying condensed notes are an integral
part of these financial statements.
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<PAGE>
GEODYNE ENERGY INCOME PROGRAM III LIMITED PARTNERSHIPS
CONDENSED NOTES TO THE FINANCIAL STATEMENTS
MARCH 31, 1999
(Unaudited)
1. ACCOUNTING POLICIES
-------------------
The balance sheets as of March 31, 1999, statements of operations for the
three months ended March 31, 1999 and 1998, and statements of cash flows
for the three months ended March 31, 1999 and 1998 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, 1999, the results of operations for the
three months ended March 31, 1999 and 1998, and the cash flows for the
three months ended March 31, 1999 and 1998.
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, 1998. The
results of operations for the period ended March 31, 1999 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
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<PAGE>
acquisition, for the period of time the properties are held by the General
Partner prior to their transfer to the Partnerships. Leasehold impairment
is recognized based upon an individual property assessment and exploratory
experience. Upon discovery of commercial reserves, leasehold costs are
transferred to producing properties.
Depletion of the costs of producing oil and gas properties, amortization
of related intangible drilling and development costs, and depreciation of
tangible lease and well equipment are computed on the unit-of-production
method. The Partnerships' depletion, depreciation, and amortization
includes estimated dismantlement and abandonment costs, net of estimated
salvage value.
When complete units of depreciable property are retired or sold, the asset
cost and related accumulated depreciation are eliminated with any gain or
loss reflected in income. When less than complete units of depreciable
property are retired or sold, the proceeds are credited to oil and gas
properties.
2. TRANSACTIONS WITH RELATED PARTIES
---------------------------------
The Partnerships' partnership agreements provide for reimbursement to the
General Partner for all direct general and administrative expenses and for
the general and administrative overhead applicable to the Partnerships
based on an allocation of actual costs incurred. During the three months
ended March 31, 1999 the following payments were made to the General
Partner or its affiliates by the Partnerships:
Direct General Administrative
Partnership and Administrative Overhead
----------- ------------------- ---------------
III-A $23,588 $ 69,468
III-B 12,414 36,405
III-C 21,867 64,353
III-D 12,323 34,476
III-E 37,832 110,070
III-F 19,792 58,284
III-G 10,936 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.
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<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
USE OF FORWARD-LOOKING STATEMENTS AND ESTIMATES
- -----------------------------------------------
This Quarterly Report contains certain forward-looking statements. The
words "anticipate", "believe", "expect", "plan", "intend", "estimate",
"project", "could", "may" and similar expressions are intended to identify
forward-looking statements. Such statements reflect management's current
views with respect to future events and financial performance. This
Quarterly Report also includes certain information, which is, or is based
upon, estimates and assumptions. Such estimates and assumptions are
management's efforts to accurately reflect the condition and operation of
the Partnerships.
Use of forward-looking statements and estimates and assumptions involve
risks and uncertainties which include, but are not limited to, the
volatility of oil and gas prices, the uncertainty of reserve information,
the operating risk associated with oil and gas properties (including the
risk of personal injury, death, property damage, damage to the well or
producing reservoir, environmental contamination, and other operating
risks), the prospect of changing tax and regulatory laws, the availability
and capacity of processing and transportation facilities, the general
economic climate, the supply and price of foreign imports of oil and gas,
the level of consumer product demand, and the price and availability of
alternative fuels. Should one or more of these risks or uncertainties
occur or should estimates or underlying assumptions prove incorrect,
actual conditions or results may vary materially and adversely from those
stated, anticipated, believed, estimated, and otherwise indicated.
GENERAL
- -------
The Partnerships are engaged in the business of acquiring and operating
producing oil and gas properties located in the continental United States.
In general, a Partnership acquired producing properties and did not engage
in development drilling or enhanced recovery projects, except as an
incidental part of the management of the producing properties acquired.
Therefore, the economic life of each Partnership is limited to the period
of time required to fully produce its acquired oil and gas reserves. The
net proceeds from the oil and gas operations are distributed to the
Limited Partners and the General Partner in accordance with the terms of
the Partnerships' partnership agreements.
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<PAGE>
LIQUIDITY AND CAPITAL RESOURCES
- -------------------------------
The Partnerships began operations and investors were assigned their rights
as Limited Partners, having made capital contributions in the amounts and
on the dates set forth below:
Limited
Date of Partner Capital
Partnership Activation Contributions
----------- ------------------ ---------------
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 the operations less necessary operating capital are
distributed to the Limited Partners on a quarterly basis. Revenues and net
proceeds of a Partnership are largely dependent upon the volumes of oil
and gas sold and the prices received for such oil and gas. While the
General Partner cannot predict future pricing trends, it believes the
working capital available as of March 31, 1999 and the net revenue
generated from future operations will provide sufficient working capital
to meet current and future obligations.
During the three months ended March 31, 1999, capital expenditures
incurred by the III-E, III-F, and III-G Partnerships totaled $69,034,
$56,553, and $28,681, respectively. These expenditures resulted primarily
from participation in the successful drilling of the Hay Reservoir Unit
No. 67 and the Hay Reservoir Unit No. 74 development wells located in
Sweetwater County, Wyoming. The III-E, III-F, and III-G Partnerships have
a 5.3%, 4.4%, and 2.2% working interest, respectively, in both the Hay
Reservoir No. 67 and the Hay Reservoir No. 74 wells. These drilling
activities were conducted in order to improve the recovery of reserves.
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<PAGE>
The Partnerships will terminate on the following dates in accordance with
their partnership agreements.
Partnership Termination Date
----------- ----------------
III-A November 28, 1999
III-B January 24, 2000
III-C February 28, 2000
III-D September 5, 2000
III-E December 26, 2000
III-F March 7, 2001
III-G September 20, 2001
However, the partnership agreements provide that the General Partner may
extend the term of each Partnership for up to five periods of two years
each. As of the date of this Quarterly Report, the General Partner intends
to extend the term of the III-A, III-B, and III-C Partnerships for the
first two-year extension period, but has not determined whether it intends
to (i) further extend the term of such Partnerships or (ii) extend the
term of any other Partnership.
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. Due to the volatility of oil and gas prices,
forecasting future prices is subject to great uncertainty and inaccuracy.
Substantially all of the Partnerships' gas reserves are being sold 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. Such spot market sales are generally short-term in nature and
are dependent upon the obtaining of transportation services provided by
pipelines. In addition, crude oil prices were recently at or near their
lowest level in the past decade due primarily to the global surplus of
crude oil. However, as of the date of this Quarterly Report oil prices
have rebounded primarily due to a decrease in the global oil surplus as a
result of production curtailments by several major oil producing nations.
Management is unable to predict whether future oil and gas prices will (i)
stabilize, (ii) increase, or (iii) decrease.
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<PAGE>
III-A PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 1999 COMPARED TO THE THREE MONTHS ENDED MARCH
31, 1998.
Three Months Ended March 31,
----------------------------
1999 1998
-------- --------
Oil and gas sales $420,696 $616,201
Oil and gas production expenses $151,498 $123,776
Barrels produced 9,255 9,961
Mcf produced 191,250 211,971
Average price/Bbl $ 10.89 $ 14.56
Average price/Mcf $ 1.67 $ 2.22
As shown in the table above, total oil and gas sales decreased $195,505
(31.7%) for the three months ended March 31, 1999 as compared to the three
months ended March 31, 1998. Of this decrease, approximately $46,000 was
related to a decrease in volumes of gas sold and approximately $34,000 and
$105,000, respectively, were related to decreases in the average prices of
oil and gas sold. Volumes of oil and gas sold decreased 706 barrels and
20,721 Mcf, respectively, for the three months ended March 31, 1999 as
compared to the three months ended March 31, 1998. The decrease in volumes
of gas sold resulted primarily from (i) the shutting-in of one significant
well during the three months ended March 31, 1999 to perform a workover,
(ii) the III-A Partnership receiving a reduced percentage of sales on one
significant well during the three months ended March 31, 1999 due to its
overproduced gas balancing position in that well, and (iii) the sale of
several wells during 1998. These decreases were partially offset by the
successful recompletion of one well during the fourth quarter of 1998.
Average oil and gas prices decreased to $10.89 per barrel and $1.67 per
Mcf, respectively, for the three months ended March 31, 1999 from $14.56
per barrel and $2.22 per Mcf, respectively, for the three months ended
March 31, 1998.
Oil and gas production expenses (including lease operating expenses and
production taxes) increased $27,722 (22.4%) for the three months ended
March 31, 1999 as compared to the three months ended March 31, 1998. This
increase resulted primarily from (i) workover expenses incurred on one
significant well during the three months ended March 31, 1999 in order to
improve the recovery of reserves and (ii) ad valorem taxes being paid
during the three months ended March 31, 1999. These increases were
partially offset by a decrease in production taxes associated with the
decrease in oil and gas sales. As a percentage of oil and gas sales, these
expenses increased to 36.0% for the three months ended March 31, 1999 from
20.1% for the three months ended March 31, 1998. This percentage increase
was primarily due to the
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<PAGE>
dollar increase in oil and gas production expenses and the decreases in
the average prices of oil and gas sold.
Depreciation, depletion, and amortization of oil and gas properties
decreased $22,647 (15.8%) for the three months ended March 31, 1999 as
compared to the three months ended March 31, 1998. This decrease resulted
primarily from the decreases in volumes of oil and gas sold. As a
percentage of oil and gas sales, this expense increased to 28.7% for the
three months ended March 31, 1999 from 23.3% for the three months ended
March 31, 1998. This percentage increase was primarily due to the
decreases in the average prices of oil and gas sold.
General and administrative expenses increased $1,925 (2.1%) for the three
months ended March 31, 1999 as compared to the three months ended March
31, 1998. As a percentage of oil and gas sales, these expenses increased
to 22.1% for the three months ended March 31, 1999 from 14.8% for the
three months ended March 31, 1998. This percentage increase was primarily
due to the decrease in oil and gas sales.
The Limited Partners have received cash distributions through March 31,
1999 totaling $25,349,701 or 96.03% of the Limited Partners' capital
contributions.
III-B PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 1999 COMPARED TO THE THREE MONTHS ENDED MARCH
31, 1998.
Three Months Ended March 31,
----------------------------
1999 1998
-------- --------
Oil and gas sales $222,201 $386,283
Oil and gas production expenses $ 99,277 $ 71,660
Barrels produced 7,961 10,008
Mcf produced 78,691 105,871
Average price/Bbl $ 11.30 $ 14.91
Average price/Mcf $ 1.68 $ 2.24
As shown in the table above, total oil and gas sales decreased $164,082
(42.5%) for the three months ended March 31, 1999 as compared to the three
months ended March 31, 1998. Of this decrease, approximately $30,000 and
$61,000, respectively, were related to decreases in volumes of oil and gas
sold and approximately $29,000 and $44,000, respectively, were related to
decreases in the average prices of oil and gas sold. Volumes of oil and
gas sold decreased 2,047 barrels and 27,180 Mcf, respectively, for the
three months ended March 31, 1999 as compared to the three months ended
March 31, 1998. The decrease in volumes of oil sold resulted primarily
from normal declines in
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<PAGE>
production. The decrease in volumes of gas sold resulted primarily from
(i) the shutting-in of one significant well during the three months ended
March 31, 1999 to perform a workover, (ii) the III-B Partnership receiving
a reduced percentage of sales on one significant well during the three
months ended March 31, 1999 due to its overproduced gas balancing position
in that well, and (iii) the sale of several wells during 1998. Average oil
and gas prices decreased to $11.30 per barrel and $1.68 per Mcf,
respectively, for the three months ended March 31, 1999 from $14.91 per
barrel and $2.24 per Mcf, respectively, for the three months ended March
31, 1998.
Oil and gas production expenses (including lease operating expenses and
production taxes) increased $27,617 (38.5%) for the three months ended
March 31, 1999 as compared to the three months ended March 31, 1998. This
increase resulted primarily from (i) ad valorem taxes being paid during
the three months ended March 31, 1999, (ii) workover expenses incurred on
one significant well during the three months ended March 31, 1999 in order
to improve recovery of reserves, and (iii) refunds of prior period lease
operating expenses by the operators on two significant wells during the
three months ended March 31, 1998. These increases were partially offset
by a decrease in production taxes associated with the decrease in oil and
gas sales. As a percentage of oil and gas sales, these expenses increased
to 44.7% for the three months ended March 31, 1999 from 18.6% for the
three months ended March 31, 1998. This percentage increase was primarily
due to the dollar increase in oil and gas production expenses and the
decreases in the average prices of oil and gas sold.
Depreciation, depletion, and amortization of oil and gas properties
decreased $26,961 (30.8%) for the three months ended March 31, 1999 as
compared to the three months ended March 31, 1998. This decrease resulted
primarily from the decreases in volumes of oil and gas sold and upward
revisions in the estimates of remaining oil and gas reserves at December
31, 1998. As a percentage of oil and gas sales, this expense increased to
27.3% for the three months ended March 31, 1999 from 22.7% for the three
months ended March 31, 1998. This percentage increase was primarily due to
the decreases in the average prices of oil and gas sold.
General and administrative expenses increased $1,045 (2.2%) for the three
months ended March 31, 1999 as compared to the three months ended March
31, 1998. As a percentage of oil and gas sales, this percentage increased
to 22.0% for the three months ended March 31, 1999 from 12.4% for the
three months ended March 31, 1998. This percentage increase was primarily
due to the decrease in oil and gas sales.
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<PAGE>
The Limited Partners have received cash distributions through March 31,
1999 totaling $14,763,353 or 106.72% of Limited Partners' capital
contributions.
III-C PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 1999 COMPARED TO THE THREE MONTHS ENDED MARCH
31, 1998.
Three Months Ended March 31,
----------------------------
1999 1998
-------- --------
Oil and gas sales $469,764 $680,865
Oil and gas production expenses $159,541 $153,629
Barrels produced 5,417 6,907
Mcf produced 272,481 257,661
Average price/Bbl $ 11.86 $ 15.85
Average price/Mcf $ 1.49 $ 2.22
As shown in the table above, total oil and gas sales decreased $211,101
(31.0%) for the three months ended March 31, 1999 as compared to the three
months ended March 31, 1998. Of this decrease, approximately $23,000 was
related to a decrease in volumes of oil sold and approximately $22,000 and
$199,000, respectively, were related to decreases in the average prices of
oil and gas sold. These decreases were partially offset by an increase of
approximately $33,000 related to an increase in volumes of gas sold.
Volumes of oil sold decreased 1,490 barrels, while volumes of gas sold
increased 14,820 Mcf for the three months ended March 31, 1999 as compared
to the three months ended March 31, 1998. The decrease in volumes of oil
sold resulted primarily from normal declines in production. Average oil
and gas prices decreased to $11.86 per barrel and $1.49 per Mcf,
respectively, for the three months ended March 31, 1999 from $15.85 per
barrel and $2.22 per Mcf, respectively, for the three months ended March
31, 1998.
The III-C Partnership sold certain oil and gas properties during the three
months ended March 31, 1998 and recognized a $166,701 gain on such sales.
No such sales occurred during the three months ended March 31, 1999.
Oil and gas production expenses (including lease operating expenses and
production taxes) increased $5,912 (3.8%) for the three months ended March
31, 1999 as compared to the three months ended March 31, 1998. As a
percentage of oil and gas sales, these expenses increased to 34.0% for the
three months ended March 31, 1999 from 22.6% for the three months ended
March 31, 1998. This percentage increase was primarily due to the
decreases in the average prices of oil and gas sold.
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<PAGE>
Depreciation, depletion, and amortization of oil and gas properties
decreased $8,468 (6.1%) for the three months ended March 31, 1999 as
compared to the three months ended March 31, 1998. As a percentage of oil
and gas sales, this expense increased to 27.6% for the three months ended
March 31, 1999 from 20.3% for the three months ended March 31, 1998. This
percentage increase was primarily due to the decreases in the average
prices of oil and gas sold.
General and administrative expenses increased $1,788 (2.1%) for the three
months ended March 31, 1999 as compared to the three months ended March
31, 1998. As a percentage of oil and gas sales, these expenses increased
to 18.4% for the three months ended March 31, 1999 from 12.4% for the
three months ended March 31, 1998. This percentage increase was primarily
due to the decrease in oil and gas sales.
The Limited Partners have received cash distributions through March 31,
1999 totaling $17,535,795 or 71.71% of Limited Partners' capital
contributions.
III-D PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 1999 COMPARED TO THE THREE MONTHS ENDED MARCH
31, 1998.
Three Months Ended March 31,
----------------------------
1999 1998
-------- --------
Oil and gas sales $393,394 $477,763
Oil and gas production expenses $196,118 $177,768
Barrels produced 9,478 11,883
Mcf produced 197,820 157,377
Average price/Bbl $ 9.50 $ 13.57
Average price/Mcf $ 1.53 $ 2.01
As shown in the table above, total oil and gas sales decreased $84,369
(17.7%) for the three months ended March 31, 1999 as compared to the three
months ended March 31, 1998. Of this decrease, approximately $33,000 was
related to a decrease in volumes of oil sold and approximately $38,000 and
$94,000, respectively, were related to decreases in the average prices of
oil and gas sold. These decreases were partially offset by an increase of
approximately $81,000 related to an increase in volumes of gas sold.
Volumes of oil sold decreased 2,405 barrels, while volumes of gas sold
increased 40,443 Mcf for the three months ended March 31, 1999 as compared
to the three months ended March 31, 1998. The decrease in volumes of oil
sold resulted primarily from (i) normal declines in production and (ii) a
positive prior period volume adjustment made during the three months ended
March 31, 1998 on one significant well. The increase in volumes of gas
sold resulted primarily from
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<PAGE>
the successful recompletion of one significant well during 1998. Average
oil and gas prices decreased to $9.50 per barrel and $1.53 per Mcf,
respectively, for the three months ended March 31, 1999 from $13.57 per
barrel and $2.01 per Mcf, respectively, for the three months ended March
31, 1998.
The III-D Partnership sold certain oil and gas properties during the three
months ended March 31, 1998 and recognized a $24,154 gain on such sales.
No such sales occurred during the three months ended March 31, 1999.
Oil and gas production expenses (including lease operating expenses and
production taxes) increased $18,350 (10.3%) for the three months ended
March 31, 1999 as compared to the three months ended March 31, 1998. This
increase resulted primarily from a positive prior period adjustment of
lease operating expenses made by the operator on one significant well
during the three months ended March 31, 1999. As a percentage of oil and
gas sales, these expenses increased to 49.9% for the three months ended
March 31, 1999 from 37.2% for the three months ended March 31, 1998. This
percentage increase was primarily due to the decreases in the average
prices of oil and gas sold.
Depreciation, depletion, and amortization of oil and gas properties
increased $1,497 (2.0%) for the three months ended March 31, 1999 as
compared to the three months ended March 31, 1998. This increase resulted
primarily from the increase in volumes of gas sold. This increase was
partially offset by a decrease which resulted primarily from a reduction
in the depletable base of oil and gas properties due to an impairment
provision recorded during the fourth quarter of 1998. The impairment
provision was related to the decline in oil and gas prices used to
determine the recoverability of oil and gas reserves at December 31, 1998.
As a percentage of oil and gas sales, this expense increased to 19.9% for
the three months ended March 31, 1999 from 16.0% for the three months
ended March 31, 1998. This percentage increase resulted primarily from the
decreases in the average prices of oil and gas sold.
General and administrative expenses increased $1,020 (2.2%) for the three
months ended March 31, 1999 as compared to the three months ended March
31, 1998. As a percentage of oil and gas sales, these expenses increased
to 11.9% for the three months ended March 31, 1999 from 9.6% for the three
months ended March 31, 1998. This percentage increase was primarily due to
the decrease in the oil and gas sales.
The Limited Partners have received cash distributions through March 31,
1999 totaling $8,697,669 or 66.39% of the Limited Partners' capital
contributions.
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<PAGE>
III-E PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 1999 COMPARED TO THE THREE MONTHS ENDED MARCH
31, 1998.
Three Months Ended March 31,
----------------------------
1999 1998
---------- ----------
Oil and gas sales $1,171,493 $1,773,318
Oil and gas production expenses $ 993,495 $ 847,442
Barrels produced 55,388 64,696
Mcf produced 412,780 513,401
Average price/Bbl $ 9.22 $ 13.24
Average price/Mcf $ 1.60 $ 1.79
As shown in the table above, total oil and gas sales decreased $601,825
(33.9%) for the three months ended March 31, 1999 as compared to the three
months ended March 31, 1998. Of this decrease, approximately $223,000 and
$75,000, respectively, were related to decreases in the average prices of
oil and gas sold and approximately $123,000 and $180,000, respectively,
were related to decreases in the volumes of oil and gas sold. Volumes of
oil and gas sold decreased 9,308 barrels and 100,621 Mcf, respectively,
for the three months ended March 31, 1999 as compared to the three months
ended March 31, 1998. The decrease in volumes of oil sold resulted
primarily from a positive prior period volume adjustment made during the
three months ended March 31, 1998 on one significant well. The decrease in
volumes of gas sold resulted primarily from (i) a positive prior period
volume adjustment made by the purchaser during the three months ended
March 31, 1998 on one significant well, (ii) the shutting-in of one
significant well during the three months ended March 31, 1999, (iii) a
negative prior period volume adjustment made by the purchaser during the
three months ended March 31, 1999 on one significant well, and (iv) normal
declines in production. Average oil and gas prices decreased to $9.22 per
barrel and $1.60 per Mcf, respectively, for the three months ended March
31, 1999 from $13.24 per barrel and $1.79 per Mcf, respectively, for the
three months ended March 31, 1998.
Oil and gas production expenses (including lease operating expenses and
production taxes) increased $146,053 (17.2%) for the three months ended
March 31, 1999 as compared to the three months ended March 31, 1998. This
increase resulted primarily from a positive prior period adjustment of
lease operating expenses by the operator on one significant well during
the three months ended March 31, 1999. This increase was partially offset
by a decrease in production taxes associated with the decrease in oil and
gas sales. As a percentage of oil and gas sales, these expenses increased
to 84.8% for the three months ended March 31, 1999 from 47.8%
-34-
<PAGE>
for the three months ended March 31, 1998. This percentage increase was
primarily due to the dollar increase in oil and gas production expenses
and the decreases in the average prices of oil and gas sold.
Depreciation, depletion, and amortization of oil and gas properties
decreased $146,996 (49.7%) for the three months ended March 31, 1999 as
compared to the three months ended March 31, 1998. This decrease resulted
primarily from a reduction in the depletable base of oil and gas
properties due to an impairment provision recorded during the fourth
quarter of 1998. The impairment provision was related to the decline in
oil and gas prices used to determine the recoverability of oil and gas
reserves at December 31, 1998. As a percentage of oil and gas sales, this
expense decreased to 12.7% from three months ended March 31, 1999 from
16.7% for the three months ended March 31, 1998. This percentage decrease
was primarily due to the dollar decrease in depreciation, depletion, and
amortization.
General and administrative expenses decreased $3,235 (2.1%) for the three
months ended March 31, 1999 as compared to the three months ended March
31, 1998. As a percentage of oil and gas sales, these expenses increased
to 12.6% for the three months ended March 31, 1999 from 8.5% for the three
months ended March 31, 1998. This percentage increase was primarily due to
the decrease in oil and gas sales.
The Limited Partners have received cash distributions through March 31,
1999 totaling $30,490,016 or 72.90% of Limited Partners' capital
contributions.
III-F PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 1999 COMPARED TO THE THREE MONTHS ENDED MARCH
31, 1998.
Three Months Ended March 31,
----------------------------
1999 1998
-------- --------
Oil and gas sales $438,597 $664,231
Oil and gas production expenses $217,752 $289,480
Barrels produced 14,872 15,962
Mcf produced 180,095 208,780
Average price/Bbl $ 10.66 $ 15.16
Average price/Mcf $ 1.55 $ 2.02
As shown in the table above, total oil and gas sales decreased $225,634
(34.0%) for the three months ended March 31, 1999 as compared to the three
months ended March 31, 1998. Of this decrease, approximately $17,000 and
$58,000, respectively, were related to decreases in volumes of oil and gas
sold and approximately $67,000 and $84,000,
-35-
<PAGE>
respectively, were related to decreases in the average prices of oil and
gas sold. Volumes of oil and gas sold decreased 1,090 barrels and 28,685
Mcf, respectively, for the three months ended March 31, 1999 as compared
to the three months ended March 31, 1998. The decrease in volumes of gas
sold resulted primarily from (i) the shutting-in of one significant well
during the three months ended March 31, 1999 and (ii) normal declines in
production. Average oil and gas prices decreased to $10.66 per barrel and
$1.55 per Mcf, respectively, for the three months ended March 31, 1999
from $15.16 per barrel and $2.02 per Mcf, respectively, for the three
months ended March 31, 1998.
The III-F Partnership sold certain oil and gas properties during the three
months ended March 31, 1998 and recognized a $28,061 gain on such sales.
No such sales occurred during the three months ended March 31, 1999.
Oil and gas production expenses (including lease operating expenses and
production taxes) decreased $71,728 (24.8%) for the three months ended
March 31, 1999 as compared to the three months ended March 31, 1998. This
decrease resulted primarily from a decrease in lease operating expenses
which resulted primarily from the reversal of a litigation accrual no
longer deemed necessary by management. As a percentage of oil and gas
sales, these expenses increased to 49.6% for the three months ended March
31, 1999 from 43.6% for the three months ended March 31, 1998. This
percentage increase was primarily due to the decreases in the average
prices of oil and gas sold, which increase was partially offset by the
dollar decrease in oil and gas production expenses.
Depreciation, depletion, and amortization of oil and gas properties
decreased $9,844 (6.7%) for the three months ended March 31, 1999 as
compared to the three months ended March 31, 1998. This decrease resulted
primarily from the decreases in volumes of oil and gas sold, which
decreases were partially offset by downward revisions in the estimates of
remaining oil reserves at December 31, 1998. As a percentage of oil and
gas sales, this expense increased to 31.3% for the three months ended
March 31, 1999 from 22.2% for the three months ended March 31, 1998. This
percentage increase was primarily due to the decreases in the average
prices of oil and gas sold.
General and administrative expenses increased $1,623 (2.1%) for the three
months ended March 31, 1999 as compared to the three months ended March
31, 1998. As a percentage of oil and gas sales, these expenses increased
to 17.8% for the three months ended March 31, 1999 from 11.5% for the
three months ended March 31, 1998. This percentage increase was primarily
due to the decrease in oil and gas sales.
-36-
<PAGE>
The Limited Partners have received cash distributions through March 31,
1999 totaling $11,274,904 or 50.91% of Limited Partners' capital
contributions.
III-G PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 1999 COMPARED TO THE THREE MONTHS ENDED MARCH
31, 1998.
Three Months Ended March 31,
----------------------------
1999 1998
-------- --------
Oil and gas sales $266,481 $395,819
Oil and gas production expenses $154,453 $189,209
Barrels produced 10,937 11,356
Mcf produced 96,544 112,915
Average price/Bbl $ 10.69 $ 15.05
Average price/Mcf $ 1.55 $ 1.99
As shown in the table above, total oil and gas sales decreased $129,338
(32.7%) for the three months ended March 31, 1999 as compared to the three
months ended March 31, 1998. Of this decrease, approximately $6,000 and
$33,000, respectively, were related to decreases in volumes of oil and gas
sold and approximately $48,000 and $43,000, respectively, were related to
decreases in the average prices of oil and gas sold. Volumes of oil and
gas sold decreased 419 barrels and 16,371 Mcf, respectively, for the three
months ended March 31, 1999 as compared to the three months ended March
31, 1998. The decrease in volumes of gas sold resulted primarily from (i)
the shutting-in of one significant well during the three months ended
March 31, 1999 and (ii) normal declines in production. Average oil and gas
prices decreased to $10.69 per barrel and $1.55 per Mcf, respectively, for
the three months ended March 31, 1999 from $15.05 per barrel and $1.99 per
Mcf, respectively, for the three months ended March 31, 1998.
The III-G Partnership sold certain oil and gas properties during the three
months ended March 31, 1998 and recognized a $21,774 gain on such sales.
No such sales occurred during the three months ended March 31, 1999.
Oil and gas production expenses (including lease operating expenses and
production taxes) decreased $34,756 (18.4%) for the three months ended
March 31, 1999 as compared to the three months ended March 31, 1998. This
decrease resulted primarily from a decrease in lease operating expenses
which resulted primarily from the reversal of a litigation accrual no
longer deemed necessary by management. As a percentage of oil and gas
sales, these expenses increased to 58.0% for the three months ended March
31, 1999 from 47.8% for the three months ended March 31, 1998. This
percentage increase
-37-
<PAGE>
was primarily due to the decreases in the average prices of oil and gas
sold, which increase was partially offset by the dollar decrease in oil
and gas production expenses.
Depreciation, depletion, and amortization of oil and gas properties
decreased $7,581 (8.3%) for the three months ended March 31, 1999 as
compared to the three months ended March 31, 1998. This decrease resulted
primarily from the decreases in volumes of oil and gas sold. As a
percentage of oil and gas sales, this expense increased to 31.2% for the
three months ended March 31, 1999 from 22.9% for the three months ended
March 31, 1998. This percentage increase was primarily due to the
decreases in the average prices of oil and gas sold.
General and administrative expenses increased $918 (2.2%) for the three
months ended March 31, 1999 as compared to the three months ended March
31, 1998. As a percentage of oil and gas sales, these expenses increased
to 16.1% for the three months ended March 31, 1999 from 10.6% for the
three months ended March 31, 1998. This percentage increase was primarily
due to the decrease in oil and gas sales.
The Limited Partners have received cash distributions through March 31,
1999 totaling $ 5,932,287 or 48.66% of Limited Partners' capital
contributions.
YEAR 2000 COMPUTER ISSUES
- -------------------------
IN GENERAL
The Year 2000 Issue ("Y2K") refers to the inability of computer and other
information technology systems to properly process date and time
information, stemming from the earlier programming practice of using two
digits rather than four to represent the year in a date. For example,
computer programs and imbedded chips that are date sensitive may recognize
a date using (00) as the year 1900 rather than the year 2000. The
consequence of Y2K is that computer and imbedded processing systems may be
at risk of malfunctioning, particularly during the transition from 1999 to
2000.
The effects of Y2K are exacerbated by the interdependence of computer and
telecommunication systems throughout the world. This interdependence also
exists among the Partnerships, Samson, and their vendors, customers, and
business partners, as well as with regulators. The potential risks
associated with Y2K for an oil and gas production company fall into three
general areas: (i) financial, leasehold and administrative computer
systems, (ii) imbedded systems in field process control units, and (iii)
third party
-38-
<PAGE>
exposures. As discussed below, General Partner does not believe that these
risks will be material to the Partnerships' operations.
The Partnerships' business is producing oil and gas. The day-to-day
production of the Partnerships' oil and gas is not dependent on computers
or equipment with imbedded chips. As further discussed below, management
anticipates that the Partnerships' daily business activities will not be
materially affected by Y2K.
The Partnerships rely on Samson to provide all of their operational and
administrative services on either a direct or indirect basis. Samson is
addressing each of the three Y2K areas discussed above through a readiness
process that seeks to:
1. increase the awareness of the issue among key employees;
2. identify areas of potential risk;
3. assess the relative impact of these risks and Samson's ability to
manage them; and
4. remediate these risks on a priority basis wherever possible.
Samson Investment Company's Chief Financial Officer is responsible for
communicating to its Board of Directors Y2K actions and for the ultimate
implementation of its Y2K plan. He has delegated to Samson Investment
Company's Senior Vice President-Technology and Administrative Services
principal responsibility for ensuring Y2K compliance within Samson.
Samson has been planning for the impact of Y2K on its information
technology systems since 1993. As of May 1, 1999, Samson is in the final
stages of implementation of a Y2K plan, as summarized below:
FINANCIAL AND ADMINISTRATIVE SYSTEMS
1. Awareness. Samson has alerted its officers, managers and supervisors of
Y2K issues and asked them to have their employees participate in the
identification of potential Y2K risks which might otherwise go unnoticed
by higher level employees and officers. As a result, awareness of the
issue is considered high.
2. Risk Identification. Samson's most significant financial and
administrative systems exposure is the Y2K status of the accounting and
land administration system used to collect and manage data for internal
management decision making and for external revenue and accounts payable
purposes. Other concerns include network hardware and
-39-
<PAGE>
software, desktop computing hardware and software, telecommunications,
and office space readiness.
3. Risk Assessment. The failure to identify and correct a material Y2K
problem could result in inaccurate or untimely financial information for
management decision-making or cash flow and payment purposes, including
maintaining oil and gas leases.
4. Remediation. Since 1993, Samson has been upgrading its accounting and
land administration software. Substantially all of the Y2K upgrades have
been completed, with the remainder scheduled to be completed during the
2nd quarter of 1999. In addition, in 1997 and 1998 Samson replaced or
applied software patches to substantially all of its network and desktop
software applications and believes them to be generally Y2K compliant.
Additional patches or software upgrades will be applied no later than June
30, 1999 to complete this process. The costs of all such risk assessments
and remediation are not expected to be material to the Partnerships.
5. Contingency Planning. Notwithstanding the foregoing, should there be
significant unanticipated disruptions in Samson's financial and
administrative systems, all of the accounting processes that are currently
automated will need to be performed manually. Samson will consider in the
second half of 1999 its options with respect to contingency arrangements
for temporary staffing to accommodate such situations.
IMBEDDED SYSTEMS
1. Awareness. Samson's Y2K program has involved all levels of field
personnel from production foremen and higher. Employees at all levels of
the organization have been asked to participate in the identification of
potential Y2K risks, which might otherwise go unnoticed by higher level
employees and officers of Samson, and as a result, awareness of the issue
is considered high.
2. Risk Identification. Samson has inventoried all possible exposures to
imbedded chips and systems. Such exposures can be classified as either (i)
oil and gas production and processing equipment or (ii) office machines
such as faxes, copiers, phones, etc.
With respect to oil and gas production and processing equipment, neither
Samson nor the Partnerships operate offshore wells, significant processing
plants, or wells with older electronic monitoring systems. As a result,
Samson's inventory identified less than 10 applications using imbedded
chips. All of these are in the process of being
-40-
<PAGE>
tested by the respective vendors and are expected to be Y2K compliant or
replaced no later than June 30, 1999. Oil and gas production related to
such equipment is very minor with respect to the entire Samson group, and,
in fact, the Partnerships' production may not use such equipment at all.
Office machines are currently being tested by Samson and vendors. It is
expected that such machines will be made compliant or replaced no later
than June 30, 1999.
3. Risk Assessment and Remediation. The failure to identify and correct a
material Y2K problem in an imbedded system could result in outcomes
ranging from errors in data reporting to curtailments or shutdowns in
production. As noted above, Samson has identified less than 10 imbedded
system applications that may have a Y2K problem. None of these
applications are believed to be material to Samson or the Partnerships.
Once identified, assessed and prioritized, Samson intends to test and
upgrade imbedded components and systems in field process control units
deemed to pose the greatest risk of significant non-compliance and capable
of testing. Samson believes that sufficient manual processes are available
to minimize any such field level risk and that there will be no material
impact on the Partnerships with respect to these applications.
4. Contingency Planning. Should material production disruptions occur as a
result of Y2K failures in field operations, Samson will utilize its
existing field personnel in an attempt to avoid any material impact on
operating cash flow. Samson is not able to quantify any potential exposure
in the event of systems failure or inadequate manual alternatives.
THIRD PARTY EXPOSURES
1. Awareness. Samson has advised management to consider Y2K implications
with its outside vendors, customers, and business partners. Management has
been asked to participate in the identification of potential third party
Y2K risks and, as a result, awareness of the issue is considered high.
2. Risk Identification. Samson's most significant third party Y2K exposure
is its dependence on third parties for the receipt of revenues from oil
and gas sales. However, virtually all of these purchasers are very large
and sophisticated companies. Other Y2K concerns include the availability
of electric power to Samson's field operations, the integrity of
telecommunication systems, and the readiness of commercial banks to
execute electronic fund transfers.
-41-
<PAGE>
3. Risk Assessment. Because of the high awareness of the Y2K problem in
the U.S., Samson has not undertaken and does not plan to undertake a
formal company wide plan to make inquiries of third parties on the subject
of Y2K readiness. If it did so, Samson has no ability to require responses
to such inquiries or to independently verify their accuracy. Samson has,
however, received oral assurances from its significant oil and gas
purchasers of Y2K compliance. If significant disruptions from major
purchasers were to occur, however, there could be a material and adverse
impact on the Partnerships' results of operations, liquidity, and
financial conditions.
It is important to note that third party oil and gas purchasers have
significant incentives to avoid disruptions arising from a Y2K failure.
For example, most of these parties are under contractual obligations to
purchase oil and gas or disperse revenues to Samson. The failure to do so
will result in contractual and statutory penalties. Therefore, Samson
believes that it is unlikely that there will be material third party
non-compliance with purchase and remittance obligations as a result of Y2K
issues.
4. Remediation. Where Samson perceives significant risk of Y2K
non-compliance that may have a material impact on it, and where the
relationship between Samson and a vendor, customer, or business partner
permits, joint testing may be undertaken during 1999 to further identify
these risks.
5. Contingency Planning. In the unlikely event that material production
disruptions occur as a result of Y2K failures of third parties, the
Partnerships' operating cash flow could be impacted. This contingency will
be factored into deliberations on the level of quarterly cash
distributions paid out during any such period of cash flow disruption.
-42-
<PAGE>
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK.
The Partnerships do not hold any market risk sensitive instruments.
-43-
<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, 1999 and for the
three months ended March 31, 1999, filed herewith.
27.2 Financial Data Schedule containing summary financial
information extracted from the III-B Partnership's
financial statements as of March 31, 1999 and for the
three months ended March 31, 1999, filed herewith.
27.3 Financial Data Schedule containing summary financial
information extracted from the III-C Partnership's
financial statements as of March 31, 1999 and for the
three months ended March 31, 1999, filed herewith.
27.4 Financial Data Schedule containing summary financial
information extracted from the III-D Partnership's
financial statements as of March 31, 1999 and for the
three months ended March 31, 1999, filed herewith.
27.5 Financial Data Schedule containing summary financial
information extracted from the III-E Partnership's
financial statements as of March 31, 1999 and for the
three months ended March 31, 1999, filed herewith.
27.6 Financial Data Schedule containing summary financial
information extracted from the III-F Partnership's
financial statements as of March 31, 1999 and for the
three months ended March 31, 1999, filed herewith.
27.7 Financial Data Schedule containing summary financial
information extracted from the III-G Partnership's
financial statements as of March 31, 1999 and for the
three months ended March 31, 1999, filed herewith.
All other exhibits are omitted as inapplicable.
-44-
<PAGE>
(b) Reports on Form 8-K.
Current Report on Form 8-K filed during the first quarter of 1999:
Date of Event: January 29, 1999
Date filed with the SEC: January 29, 1999
Items Included: Item 5 - Other Events
Item 7 - Exhibits
-45-
<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, 1999 By: /s/Dennis R. Neill
--------------------------------
(Signature)
Dennis R. Neill
President
Date: May 12, 1999 By: /s/Patrick M. Hall
--------------------------------
(Signature)
Patrick M. Hall
Principal Accounting Officer
-46-
<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, 1999 and for the three months
ended March 31, 1999, 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, 1999 and for the three months
ended March 31, 1999, 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, 1999 and for the three months
ended March 31, 1999, 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, 1999 and for the three months
ended March 31, 1999, 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, 1999 and for the three months
ended March 31, 1999, 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, 1999 and for the three months
ended March 31, 1999, 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, 1999 and for the three months
ended March 31, 1999, filed herewith.
All other exhibits are omitted as inapplicable.
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000860745
<NAME> GEODYNE ENERGY INCOME LTD PARTNERSHIP III-A
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> MAR-31-1999
<CASH> 209,473
<SECURITIES> 0
<RECEIVABLES> 247,826
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 457,299
<PP&E> 17,227,407
<DEPRECIATION> 15,122,878
<TOTAL-ASSETS> 2,828,360
<CURRENT-LIABILITIES> 72,536
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 2,678,979
<TOTAL-LIABILITY-AND-EQUITY> 2,828,360
<SALES> 420,696
<TOTAL-REVENUES> 422,681
<CGS> 0
<TOTAL-COSTS> 365,476
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 57,205
<INCOME-TAX> 0
<INCOME-CONTINUING> 57,205
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 57,205
<EPS-PRIMARY> 0.19
<EPS-DILUTED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000863835
<NAME> GEODYNE ENERGY INCOME LTD PARTNERSHIP III-B
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> MAR-31-1999
<CASH> 100,106
<SECURITIES> 0
<RECEIVABLES> 143,352
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 243,458
<PP&E> 9,988,187
<DEPRECIATION> 8,804,169
<TOTAL-ASSETS> 1,620,786
<CURRENT-LIABILITIES> 44,599
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 1,534,751
<TOTAL-LIABILITY-AND-EQUITY> 1,620,786
<SALES> 222,201
<TOTAL-REVENUES> 223,189
<CGS> 0
<TOTAL-COSTS> 208,795
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 14,394
<INCOME-TAX> 0
<INCOME-CONTINUING> 14,394
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 14,394
<EPS-PRIMARY> 0.03
<EPS-DILUTED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000863837
<NAME> GEODYNE ENERGY INCOME LTD PARTNERSHIP III-C
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> MAR-31-1999
<CASH> 273,983
<SECURITIES> 0
<RECEIVABLES> 320,113
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 594,096
<PP&E> 20,668,395
<DEPRECIATION> 17,993,482
<TOTAL-ASSETS> 3,339,858
<CURRENT-LIABILITIES> 68,408
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 3,119,779
<TOTAL-LIABILITY-AND-EQUITY> 3,339,858
<SALES> 469,764
<TOTAL-REVENUES> 472,639
<CGS> 0
<TOTAL-COSTS> 375,380
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 97,259
<INCOME-TAX> 0
<INCOME-CONTINUING> 97,259
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 97,259
<EPS-PRIMARY> 0.36
<EPS-DILUTED> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000870229
<NAME> GEODYNE ENERGY INCOME LTD PARTNERSHIP III-D
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> MAR-31-1999
<CASH> 158,169
<SECURITIES> 0
<RECEIVABLES> 242,300
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 400,469
<PP&E> 12,502,171
<DEPRECIATION> 11,326,676
<TOTAL-ASSETS> 1,585,426
<CURRENT-LIABILITIES> 60,769
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 1,342,018
<TOTAL-LIABILITY-AND-EQUITY> 1,585,426
<SALES> 393,394
<TOTAL-REVENUES> 394,998
<CGS> 0
<TOTAL-COSTS> 321,021
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 73,977
<INCOME-TAX> 0
<INCOME-CONTINUING> 73,977
<DISCONTINUED> 0
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