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 June 30, 2000
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
June 30, December 31,
2000 1999
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 443,413 $ 379,613
Accounts receivable:
Oil and gas sales 555,429 325,691
---------- ----------
Total current assets $ 998,842 $ 705,304
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 1,586,553 1,808,851
DEFERRED CHARGE 279,651 279,651
---------- ----------
$2,865,046 $2,793,806
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 48,836 $ 49,195
Gas imbalance payable 31,659 31,659
---------- ----------
Total current liabilities $ 80,495 $ 80,854
ACCRUED LIABILITY $ 50,052 $ 50,052
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 164,054) ($ 194,823)
Limited Partners, issued and
outstanding, 263,976 units 2,898,553 2,857,723
---------- ----------
Total Partners' capital $2,734,499 $2,662,900
---------- ----------
$2,865,046 $2,793,806
========== ==========
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 JUNE 30, 2000 AND 1999
(Unaudited)
2000 1999
--------- ---------
REVENUES:
Oil and gas sales $892,818 $513,083
Interest income 5,073 1,863
Gain on sale of oil and gas
properties 771 883
-------- --------
$898,662 $515,829
COSTS AND EXPENSES:
Lease operating $159,268 $ 77,313
Production tax 73,710 38,166
Depreciation, depletion, and
amortization of oil and gas
properties 96,516 111,617
General and administrative
(Note 2) 71,961 73,129
-------- --------
$401,455 $300,225
-------- --------
NET INCOME $497,207 $215,604
======== ========
GENERAL PARTNER - NET INCOME $ 57,900 $ 15,152
======== ========
LIMITED PARTNERS - NET INCOME $439,307 $200,452
======== ========
NET INCOME per unit $ 1.67 $ .76
======== ========
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 OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2000 AND 1999
(Unaudited)
2000 1999
---------- ---------
REVENUES:
Oil and gas sales $1,548,064 $933,779
Interest income 9,683 3,848
Gain on sale of oil and gas
properties 771 883
---------- --------
$1,558,518 $938,510
COSTS AND EXPENSES:
Lease operating $ 317,839 $200,551
Production tax 134,287 66,426
Depreciation, depletion, and
amortization of oil and gas
properties 194,214 232,539
General and administrative
(Note 2) 166,339 166,185
---------- --------
$ 812,679 $665,701
---------- --------
NET INCOME $ 745,839 $272,809
========== ========
GENERAL PARTNER - NET INCOME $ 74,009 $ 22,750
========== ========
LIMITED PARTNERS - NET INCOME $ 671,830 $250,059
========== ========
NET INCOME per unit $ 2.55 $ .95
========== ========
UNITS OUTSTANDING 263,976 263,976
========== ========
The accompanying condensed notes are an integral part of
these financial statements.
-4-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-A
STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2000 AND 1999
(Unaudited)
2000 1999
--------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $745,839 $272,809
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 194,214 232,539
Gain on sale of oil and gas
properties ( 771) ( 883)
Increase in accounts receivable -
oil and gas sales ( 229,738) ( 64,169)
Decrease in accounts payable ( 359) ( 30,094)
-------- --------
Net cash provided by operating
activities $709,185 $410,202
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 10,816) ($ 8,914)
Proceeds from sale of oil and
gas properties 39,671 10,555
-------- --------
Net cash provided by investing
activities $ 28,855 $ 1,641
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($674,240) ($383,370)
-------- --------
Net cash used by financing activities ($674,240) ($383,370)
-------- --------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $ 63,800 $ 28,473
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 379,613 212,695
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $443,413 $241,168
======== ========
The accompanying condensed notes are an integral part of
these financial statements.
-5-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-B
BALANCE SHEETS
(Unaudited)
ASSETS
June 30, December 31,
2000 1999
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 260,663 $ 227,298
Accounts receivable:
Oil and gas sales 341,230 214,859
---------- ----------
Total current assets $ 601,893 $ 442,157
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 895,209 1,018,525
DEFERRED CHARGE 229,634 229,634
---------- ----------
$1,726,736 $1,690,316
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 30,352 $ 32,585
Gas imbalance payable 16,517 16,517
---------- ----------
Total current liabilities $ 46,869 $ 49,102
ACCRUED LIABILITY $ 33,458 $ 33,458
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 61,567) ($ 79,362)
Limited Partners, issued and
outstanding, 138,336 units 1,707,976 1,687,118
---------- ----------
Total Partners' capital $1,646,409 $1,607,756
---------- ----------
$1,726,736 $1,690,316
========== ==========
The accompanying condensed notes are an integral part of
these financial statements.
-6-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-B
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 2000 AND 1999
(Unaudited)
2000 1999
--------- ---------
REVENUES:
Oil and gas sales $528,720 $278,640
Interest income 2,982 837
Gain on sale of oil and gas
properties - 372
-------- --------
$531,702 $279,849
COSTS AND EXPENSES:
Lease operating $ 96,700 $ 47,177
Production tax 43,403 19,223
Depreciation, depletion, and
amortization of oil and gas
properties 52,981 58,392
General and administrative
(Note 2) 38,052 38,359
-------- --------
$231,136 $163,151
-------- --------
NET INCOME $300,566 $116,698
======== ========
GENERAL PARTNER - NET INCOME $ 52,055 $ 25,554
======== ========
LIMITED PARTNERS - NET INCOME $248,511 $ 91,144
======== ========
NET INCOME per unit $ 1.80 $ .66
======== ========
UNITS OUTSTANDING 138,336 138,336
======== ========
The accompanying condensed notes are an integral part of
these financial statements.
-7-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-B
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2000 AND 1999
(Unaudited)
2000 1999
--------- ---------
REVENUES:
Oil and gas sales $981,692 $500,841
Interest income 5,525 1,825
Gain on sale of oil and gas
properties - 372
-------- --------
$987,217 $503,038
COSTS AND EXPENSES:
Lease operating $191,475 $132,130
Production tax 83,916 33,547
Depreciation, depletion, and
amortization of oil and gas
properties 109,723 119,091
General and administrative
(Note 2) 87,526 87,178
-------- --------
$472,640 $371,946
-------- --------
NET INCOME $514,577 $131,092
======== ========
GENERAL PARTNER - NET INCOME $ 91,719 $ 36,063
======== ========
LIMITED PARTNERS - NET INCOME $422,858 $ 95,029
======== ========
NET INCOME per unit $ 3.06 $ .69
======== ========
UNITS OUTSTANDING 138,336 138,336
======== ========
The accompanying condensed notes are an integral part of
these financial statements.
-8-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-B
STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2000 AND 1999
(Unaudited)
2000 1999
---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $514,577 $131,092
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 109,723 119,091
Gain on sale of oil and gas
properties - ( 372)
Increase in accounts receivable -
oil and gas sales ( 126,371) ( 25,322)
Decrease in accounts payable ( 2,233) ( 2,071)
-------- --------
Net cash provided by operating
activities $495,696 $222,418
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 7,556) ($ 1,029)
Proceeds from sale of oil and
gas properties 21,149 512
-------- --------
Net cash provided (used) by investing
activities $ 13,593 ($ 517)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($475,924) ($218,135)
-------- --------
Net cash used by financing activities ($475,924) ($218,135)
-------- --------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $ 33,365 $ 3,766
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 227,298 117,355
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $260,663 $121,121
======== ========
The accompanying condensed notes are an integral part of
these financial statements.
-9-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-C
BALANCE SHEETS
(Unaudited)
ASSETS
June 30, December 31,
2000 1999
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 541,429 $ 482,914
Accounts receivable:
Oil and gas sales 630,365 444,436
---------- ----------
Total current assets $1,171,794 $ 927,350
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 2,137,276 2,323,346
DEFERRED CHARGE 197,269 197,269
---------- ----------
$3,506,339 $3,447,965
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 41,508 $ 50,407
Gas imbalance payable 44,727 44,727
---------- ----------
Total current liabilities $ 86,235 $ 95,134
ACCRUED LIABILITY $ 156,396 $ 156,396
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 160,962) ($ 168,448)
Limited Partners, issued and
outstanding, 244,536 units 3,424,670 3,364,883
---------- ----------
Total Partners' capital $3,263,708 $3,196,435
---------- ----------
$3,506,339 $3,447,965
========== ==========
The accompanying condensed notes are an integral part of
these financial statements.
-10-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-C
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 2000 AND 1999
(Unaudited)
2000 1999
-------- --------
REVENUES:
Oil and gas sales $874,512 $587,401
Interest income 5,996 2,630
Gain on sale of oil and gas
properties 62,457 524
-------- --------
$942,965 $590,555
COSTS AND EXPENSES:
Lease operating $111,181 $ 95,551
Production tax 58,887 37,872
Depreciation, depletion, and
amortization of oil and gas
properties 84,671 120,329
General and administrative
(Note 2) 66,700 68,360
-------- --------
$321,439 $322,112
-------- --------
NET INCOME $621,526 $268,443
======== ========
GENERAL PARTNER - NET INCOME $ 32,622 $ 18,104
======== ========
LIMITED PARTNERS - NET INCOME $588,904 $250,339
======== ========
NET INCOME per unit $ 2.41 $ 1.02
======== ========
UNITS OUTSTANDING 244,536 244,536
======== ========
The accompanying condensed notes are an integral part of
these financial statements.
-11-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-C
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2000 AND 1999
(Unaudited)
2000 1999
---------- ----------
REVENUES:
Oil and gas sales $1,596,961 $1,057,165
Interest income 11,625 5,505
Gain on sale of oil and gas
properties 62,457 524
---------- ----------
$1,671,043 $1,063,194
COSTS AND EXPENSES:
Lease operating $ 263,635 $ 221,945
Production tax 107,216 71,019
Depreciation, depletion, and
amortization of oil and gas
properties 185,972 249,948
General and administrative
(Note 2) 154,111 154,580
---------- ----------
$ 710,934 $ 697,492
---------- ----------
NET INCOME $ 960,109 $ 365,702
========== ==========
GENERAL PARTNER - NET INCOME $ 53,322 $ 28,008
========== ==========
LIMITED PARTNERS - NET INCOME $ 906,787 $ 337,694
========== ==========
NET INCOME per unit $ 3.71 $ 1.38
========== ==========
UNITS OUTSTANDING 244,536 244,536
========== ==========
The accompanying condensed notes are an integral part of
these financial statements.
-12-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-C
STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2000 AND 1999
(Unaudited)
2000 1999
--------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $960,109 $365,702
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 185,972 249,948
Gain on sale of oil and gas
properties ( 62,457) ( 524)
Increase in accounts receivable -
oil and gas sales ( 185,929) ( 21,017)
Decrease in accounts payable ( 8,899) ( 5,751)
-------- --------
Net cash provided by operating
activities $888,796 $588,358
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 508) ($ 24,331)
Proceeds from sale of oil and
gas properties 63,063 524
-------- --------
Net cash provided (used) by investing
activities $ 62,555 ($ 23,807)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($892,836) ($593,925)
-------- --------
Net cash used by financing activities ($892,836) ($593,925)
-------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS $ 58,515 ($ 29,374)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 482,914 340,720
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $541,429 $311,346
======== ========
The accompanying condensed notes are an integral part of
these financial statements.
-13-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-D
BALANCE SHEETS
(Unaudited)
ASSETS
June 30, December 31,
2000 1999
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents $ 550,855 $ 338,669
Accounts receivable:
Oil and gas sales 489,000 371,197
---------- ----------
Total current assets $1,039,855 $ 709,866
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 975,973 1,047,894
DEFERRED CHARGE 52,412 52,412
---------- ----------
$2,068,240 $1,810,172
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 46,547 $ 74,391
Gas imbalance payable 2,361 2,361
---------- ----------
Total current liabilities $ 48,908 $ 76,752
ACCRUED LIABILITY $ 181,185 $ 181,185
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 59,681) ($ 66,221)
Limited Partners, issued and
outstanding, 131,008 units 1,897,828 1,618,456
---------- ----------
Total Partners' capital $1,838,147 $1,552,235
---------- ----------
$2,068,240 $1,810,172
========== ==========
The accompanying condensed notes are an integral part of
these financial statements.
-14-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-D
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 2000 AND 1999
(Unaudited)
2000 1999
-------- ---------
REVENUES:
Oil and gas sales $677,289 $473,492
Interest income 5,395 1,529
Gain on sale of oil and gas
properties 17,176 -
-------- --------
$699,860 $475,021
COSTS AND EXPENSES:
Lease operating $125,291 $116,538
Production tax 42,584 32,160
Depreciation, depletion, and
amortization of oil and gas
properties 43,209 72,033
General and administrative
(Note 2) 36,760 37,173
-------- --------
$247,844 $257,904
-------- --------
NET INCOME $452,016 $217,117
======== ========
GENERAL PARTNER - NET INCOME $ 23,838 $ 13,661
======== ========
LIMITED PARTNERS - NET INCOME $428,178 $203,456
======== ========
NET INCOME per unit $ 3.27 $ 1.56
======== ========
UNITS OUTSTANDING 131,008 131,008
======== ========
The accompanying condensed notes are an integral part of
these financial statements.
-15-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-D
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2000 AND 1999
(Unaudited)
2000 1999
---------- ---------
REVENUES:
Oil and gas sales $1,329,001 $866,886
Interest income 9,029 3,133
Gain on sale of oil and gas
properties 197,929 -
---------- --------
$1,535,959 $870,019
COSTS AND EXPENSES:
Lease operating $ 297,564 $283,750
Production tax 85,751 61,066
Depreciation, depletion, and
amortization of oil and gas
properties 94,858 150,137
General and administrative
(Note 2) 83,582 83,972
---------- --------
$ 561,755 $578,925
---------- --------
NET INCOME $ 974,204 $291,094
========== ========
GENERAL PARTNER - NET INCOME $ 51,832 $ 20,404
========== ========
LIMITED PARTNERS - NET INCOME $ 922,372 $270,690
========== ========
NET INCOME per unit $ 7.04 $ 2.07
========== ========
UNITS OUTSTANDING 131,008 131,008
========== ========
The accompanying condensed notes are an integral part of
these financial statements.
-16-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-D
STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2000 AND 1999
(Unaudited)
2000 1999
--------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $974,204 $291,094
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 94,858 150,137
Gain on sale of oil and gas
properties ( 197,929) -
Increase in accounts receivable -
oil and gas sales ( 117,803) ( 52,307)
Decrease in accounts payable ( 27,844) ( 7,399)
-------- --------
Net cash provided by operating
activities $725,486 $381,525
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 26,908) ($ 16,716)
Proceeds from sale of oil and
gas properties 201,900 -
-------- --------
Net cash provided (used) by investing
activities $174,992 ($ 16,716)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($688,292) ($339,753)
-------- --------
Net cash used by financing activities ($688,292) ($339,753)
-------- --------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $212,186 $ 25,056
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 338,669 172,776
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $550,855 $197,832
======== ========
The accompanying condensed notes are an integral part of
these financial statements.
-17-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-E
BALANCE SHEETS
(Unaudited)
ASSETS
June 30, December 31,
2000 1999
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $2,596,822 $1,445,029
Accounts receivable:
Oil and gas sales 1,664,455 1,403,065
---------- ----------
Total current assets $4,261,277 $2,848,094
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 2,684,367 2,776,902
DEFERRED CHARGE 117,235 117,235
---------- ----------
$7,062,879 $5,742,231
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 226,733 $ 398,764
Gas imbalance payable 34,902 34,902
---------- ----------
Total current liabilities $ 261,635 $ 433,666
ACCRUED LIABILITY $ 530,662 $ 530,662
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 241,916) ($ 259,526)
Limited Partners, issued and
outstanding, 418,266 units 6,512,498 5,037,429
---------- ----------
Total Partners' capital $6,270,582 $4,777,903
---------- ----------
$7,062,879 $5,742,231
========== ==========
The accompanying condensed notes are an integral part of
these financial statements.
-18-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-E
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 2000 AND 1999
(Unaudited)
2000 1999
---------- ----------
REVENUES:
Oil and gas sales $2,563,436 $1,510,547
Interest income 23,866 3,330
Gain on sale of oil and
gas properties 31,717 -
---------- ----------
$2,619,019 $1,513,877
COSTS AND EXPENSES:
Lease operating $ 675,009 $ 663,632
Production tax 154,654 105,227
Depreciation, depletion, and
amortization of oil and gas
properties 114,256 144,100
General and administrative
(Note 2) 115,290 120,050
---------- ----------
$1,059,209 $1,033,009
---------- ----------
NET INCOME $1,559,810 $ 480,868
========== ==========
GENERAL PARTNER - NET INCOME $ 81,368 $ 29,640
========== ==========
LIMITED PARTNERS - NET INCOME $1,478,442 $ 451,228
========== ==========
NET INCOME per unit $ 3.54 $ 1.08
========== ==========
UNITS OUTSTANDING 418,266 418,266
========== ==========
The accompanying condensed notes are an integral part of
these financial statements.
-19-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-E
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2000 AND 1999
(Unaudited)
2000 1999
---------- ----------
REVENUES:
Oil and gas sales $5,054,680 $2,682,040
Interest income 39,015 7,952
Gain on sale of oil and
gas properties 1,317,098 -
---------- ----------
$6,410,793 $2,689,992
COSTS AND EXPENSES:
Lease operating $1,464,860 $1,581,850
Production tax 313,670 180,504
Depreciation, depletion, and
amortization of oil and gas
properties 231,308 293,122
General and administrative
(Note 2) 264,775 267,952
---------- ----------
$2,274,613 $2,323,428
---------- ----------
NET INCOME $4,136,180 $ 366,564
========== ==========
GENERAL PARTNER - NET INCOME $ 214,111 $ 29,655
========== ==========
LIMITED PARTNERS - NET INCOME $3,922,069 $ 336,909
========== ==========
NET INCOME per unit $ 9.38 $ .81
========== ==========
UNITS OUTSTANDING 418,266 418,266
========== ==========
The accompanying condensed notes are an integral part of
these financial statements.
-20-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-E
STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2000 AND 1999
(Unaudited)
2000 1999
---------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $4,136,180 $366,564
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 231,308 293,122
Gain on sale of oil and gas
properties ( 1,317,098) -
Increase in accounts receivable -
oil and gas sales ( 261,390) ( 177,616)
Decrease in accounts payable ( 172,031) ( 45,377)
---------- --------
Net cash provided by operating
activities $2,616,969 $436,693
---------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 169,183) ($ 88,131)
Proceeds from sale of oil and gas
properties 1,347,508 -
---------- --------
Net cash provided (used) by
investing activities $1,178,325 ($ 88,131)
---------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($2,643,501) ($319,555)
---------- --------
Net cash used by financing activities ($2,643,501) ($319,555)
---------- --------
NET INCREASE IN CASH AND CASH
EQUIVALENTS $1,151,793 $ 29,007
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 1,445,029 483,197
---------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $2,596,822 $512,204
========== ========
The accompanying condensed notes are an integral part of
these financial statements.
-21-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-F
BALANCE SHEETS
(Unaudited)
ASSETS
June 30, December 31,
2000 1999
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 612,412 $ 803,913
Accounts receivable:
Oil and gas sales 632,182 424,488
---------- ----------
Total current assets $1,244,594 $1,228,401
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 2,296,535 2,405,074
DEFERRED CHARGE 56,227 56,227
---------- ----------
$3,597,356 $3,689,702
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 62,805 $ 77,807
Gas imbalance payable 55,092 55,092
---------- ----------
Total current liabilities $ 117,897 $ 132,899
ACCRUED LIABILITY $ 135,208 $ 135,208
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 144,716) ($ 154,318)
Limited Partners, issued and
outstanding, 221,484 units 3,488,967 3,575,913
---------- ----------
Total Partners' capital $3,344,251 $3,421,595
---------- ----------
$3,597,356 $3,689,702
========== ==========
The accompanying condensed notes are an integral part of
these financial statements.
-22-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-F
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 2000 AND 1999
(Unaudited)
2000 1999
---------- ---------
REVENUES:
Oil and gas sales $ 859,139 $484,427
Interest income 6,158 1,405
Gain on sale of oil and gas
properties 162,720 136
---------- --------
$1,028,017 $485,968
COSTS AND EXPENSES:
Lease operating $ 162,446 $278,383
Production tax 45,176 24,000
Depreciation, depletion, and
amortization of oil and gas
properties 96,519 123,214
General and administrative
(Note 2) 60,475 62,368
---------- --------
$ 364,616 $487,965
---------- --------
NET INCOME (LOSS) $ 663,401 ($ 1,997)
========== ========
GENERAL PARTNER - NET INCOME $ 36,723 $ 4,759
========== ========
LIMITED PARTNERS - NET INCOME
(LOSS) $ 626,678 ($ 6,756)
========== ========
NET INCOME (LOSS) per unit $ 2.83 ($ .03)
========== ========
UNITS OUTSTANDING 221,484 221,484
========== ========
The accompanying condensed notes are an integral part of
these financial statements.
-23-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-F
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2000 AND 1999
(Unaudited)
2000 1999
---------- ---------
REVENUES:
Oil and gas sales $1,666,695 $923,024
Interest income 13,792 4,562
Gain (loss) on sale of oil and
gas properties 162,720 ( 160)
---------- --------
$1,843,207 $927,426
COSTS AND EXPENSES:
Lease operating $ 377,009 $476,354
Production tax 75,918 43,781
Depreciation, depletion, and
amortization of oil and gas
properties 209,850 260,571
General and administrative
(Note 2) 139,632 140,444
---------- --------
$ 802,409 $921,150
---------- --------
NET INCOME $1,040,798 $ 6,276
========== ========
GENERAL PARTNER - NET INCOME $ 59,744 $ 10,509
========== ========
LIMITED PARTNERS - NET INCOME
(LOSS) $ 981,054 ($ 4,233)
========== ========
NET INCOME (LOSS) per unit $ 4.43 ($ .02)
========== ========
UNITS OUTSTANDING 221,484 221,484
========== ========
The accompanying condensed notes are an integral part of
these financial statements.
-24-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-F
STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2000 AND 1999
(Unaudited)
2000 1999
---------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $1,040,798 $ 6,276
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation, depletion, and
amortization of oil and gas
properties 209,850 260,571
(Gain) loss on sale of oil and
gas properties ( 162,720) 160
Increase in accounts receivable -
oil and gas sales ( 207,694) ( 56,916)
Decrease in accounts receivable -
other - 9,631
Decrease in accounts payable ( 15,002) ( 50,537)
---------- --------
Net cash provided by operating
activities $ 865,232 $169,185
---------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 141,978) ($ 75,295)
Proceeds from the sale of oil
and gas properties 203,387 -
---------- --------
Net cash provided (used) by investing
activities $ 61,409 ($ 75,295)
---------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($1,118,142) ($253,310)
---------- --------
Net cash used by financing activities ($1,118,142) ($253,310)
---------- --------
NET DECREASE IN CASH AND CASH
EQUIVALENTS ($ 191,501) ($159,420)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 803,913 316,761
---------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $ 612,412 $157,341
========== ========
The accompanying condensed notes are an integral part of
these financial statements.
-25-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-G
BALANCE SHEETS
(Unaudited)
ASSETS
June 30, December 31,
2000 1999
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 365,675 $ 475,226
Accounts receivable:
Oil and gas sales 383,775 259,524
---------- ----------
Total current assets $ 749,450 $ 734,750
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 1,205,231 1,230,211
DEFERRED CHARGE 36,477 36,477
---------- ----------
$1,991,158 $2,001,438
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 40,493 $ 48,611
Gas imbalance payable 7,548 7,548
---------- ----------
Total current liabilities $ 48,041 $ 56,159
ACCRUED LIABILITY $ 80,069 $ 80,069
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 83,980) ($ 91,045)
Limited Partners, issued and
outstanding, 121,925 units 1,947,028 1,956,255
---------- ----------
Total Partners' capital $1,863,048 $1,865,210
---------- ----------
$1,991,158 $2,001,438
========== ==========
The accompanying condensed notes are an integral part of
these financial statements.
-26-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-G
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 2000 AND 1999
(Unaudited)
2000 1999
--------- ---------
REVENUES:
Oil and gas sales $531,623 $297,533
Interest income 3,405 733
Gain on sale of oil and gas
properties 129,809 151
-------- --------
$664,837 $298,417
COSTS AND EXPENSES:
Lease operating $105,301 $183,236
Production tax 26,882 14,333
Depreciation, depletion, and
amortization of oil and gas
properties 47,516 74,050
General and administrative
(Note 2) 33,705 34,445
-------- --------
$213,404 $306,064
-------- --------
NET INCOME (LOSS) $451,433 ($ 7,647)
======== ========
GENERAL PARTNER - NET INCOME $ 24,302 $ 2,543
======== ========
LIMITED PARTNERS - NET INCOME (LOSS) $427,131 ($ 10,190)
======== ========
NET INCOME (LOSS) per unit $ 3.50 ($ .08)
======== ========
UNITS OUTSTANDING 121,925 121,925
======== ========
The accompanying condensed notes are an integral part of
these financial statements.
-27-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-G
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2000 AND 1999
(Unaudited)
2000 1999
---------- ---------
REVENUES:
Oil and gas sales $1,017,360 $564,014
Interest income 7,612 2,325
Gain (loss) on sale of oil and
gas properties 129,809 ( 45)
---------- --------
$1,154,781 $566,294
COSTS AND EXPENSES:
Lease operating $ 244,012 $325,620
Production tax 46,114 26,402
Depreciation, depletion, and
amortization of oil and gas
properties 99,606 157,296
General and administrative
(Note 2) 77,284 77,466
---------- --------
$ 467,016 $586,784
---------- --------
NET INCOME (LOSS) $ 687,765 ($ 20,490)
========== ========
GENERAL PARTNER - NET INCOME $ 37,992 $ 5,151
========== ========
LIMITED PARTNERS - NET INCOME (LOSS) $ 649,773 ($ 25,641)
========== ========
NET INCOME (LOSS) per unit $ 5.33 ($ .21)
========== ========
UNITS OUTSTANDING 121,925 121,925
========== ========
The accompanying condensed notes are an integral part of
these financial statements.
-28-
<PAGE>
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP III-G
STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2000 AND 1999
(Unaudited)
2000 1999
--------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $687,765 ($ 20,490)
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depreciation, depletion, and
amortization of oil and gas
properties 99,606 157,296
(Gain) loss on sale of oil and
gas properties ( 129,809) 45
Increase in accounts receivable -
oil and gas sales ( 124,251) ( 38,844)
Decrease in accounts receivable -
other - 6,369
Decrease in accounts payable ( 8,118) ( 19,272)
-------- --------
Net cash provided by operating
activities $525,193 $ 85,104
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 76,811) ($ 38,001)
Proceeds from the sale of oil and
gas properties 131,994 -
-------- --------
Net cash provided (used) by investing
activities $ 55,183 ($ 38,001)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($689,927) ($113,558)
-------- --------
Net cash used by financing activities ($689,927) ($113,558)
-------- --------
NET DECREASE IN CASH AND CASH
EQUIVALENTS ($109,551) ($ 66,455)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 475,226 169,558
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $365,675 $103,103
======== ========
The accompanying condensed notes are an integral part of
these financial statements.
-29-
<PAGE>
GEODYNE ENERGY INCOME PROGRAM III LIMITED PARTNERSHIPS
CONDENSED NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2000
(Unaudited)
1. ACCOUNTING POLICIES
-------------------
The balance sheets as of June 30, 2000, statements of operations for the
three and six months ended June 30, 2000 and 1999, and statements of cash
flows for the six months ended June 30, 2000 and 1999 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 June 30, 2000, the results of operations for the
three and six months ended June 30, 2000 and 1999, and the cash flows for
the six months ended June 30, 2000 and 1999.
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, 1999. The
results of operations for the period ended June 30, 2000 are not
necessarily indicative of the results to be expected for the full year.
The Limited Partners' net income or loss per unit is based upon each $100
initial capital contribution.
OIL AND GAS PROPERTIES
----------------------
The Partnerships follow the successful efforts method of accounting for
their oil and gas properties. Under the successful efforts method, the
Partnerships capitalize all property acquisition costs and development
costs incurred in connection with the further development of oil and gas
reserves. Property acquisition costs include costs incurred by the
Partnerships or the General Partner to acquire producing properties,
including related title insurance or examination costs, commissions,
engineering, legal and accounting fees, and similar costs directly related
to the acquisitions, plus an allocated portion, of the General Partner's
property screening costs. The acquisition cost to the Partnerships of
properties acquired by the General Partner is adjusted to reflect the net
cash results of operations, including interest incurred to finance the
acquisition, for the period of time the properties are held
-30-
<PAGE>
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 June 30, 2000 the following payments were made to the General
Partner or its affiliates by the Partnerships:
Direct General Administrative
Partnership and Administrative Overhead
----------- ------------------- ---------------
III-A $2,493 $ 69,468
III-B 1,647 36,405
III-C 2,347 64,353
III-D 2,284 34,476
III-E 5,220 110,070
III-F 2,191 58,284
III-G 1,620 32,085
-31-
<PAGE>
During the six months ended June 30, 2000 the following payments were made
to the General Partner or its affiliates by the Partnerships:
Direct General Administrative
Partnership and Administrative Overhead
----------- ------------------- ---------------
III-A $27,403 $138,936
III-B 14,716 72,810
III-C 25,405 128,706
III-D 14,630 68,952
III-E 44,635 220,140
III-F 23,064 116,568
III-G 13,114 64,170
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.
-32-
<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.
-33-
<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 June 30, 2000 and the net revenue
generated from future operations will provide sufficient working capital
to meet current and future obligations.
The III-D, III-E, III-F, and III-G Partnerships' Statements of Cash Flows
for the six months ended June 30, 2000 include proceeds from the sale of
certain oil and gas properties during the second quarter of 2000. These
proceeds will be included in these Partnerships' cash distributions to be
paid in August 2000.
-34-
<PAGE>
Occasional expenditures for new wells or well recompletion or workovers,
however, may reduce or eliminate cash available for particular quarterly
cash distribution. During the six months ended June 30, 2000, capital
expenditures for the III-F and III-G Partnerships totaled $141,978 and
$76,811, respectively. These expenditures were primarily due to drilling
activities in a large unitized property, the Trail Unit, located in
Sweetwater County, Wyoming, in which the Partnerships own interests of
15.6% and 7.8%, respectively.
Pursuant to the terms of the Partnership Agreements for the Partnerships
(the "Partnership Agreements") the Partnerships were initially scheduled
to terminate on the dates indicated in the "Initial Termination Date"
column of the following chart. 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 has extended the terms of the III-A, III-B, and III-C
Partnerships for the first two-year extension period. Therefore, the
Partnerships are currently scheduled to terminate on the dates indicated
in the "Current Termination Date" column of the following chart.
Initial Extensions Current
Partnership Termination Date Exercised Termination Date
----------- ----------------- --------- -----------------
III-A November 22, 1999 1 November 22, 2001
III-B January 24, 2000 1 January 24, 2002
III-C February 28, 2000 1 February 28, 2002
III-D September 5, 2000 - September 5, 2000
III-E December 26, 2000 - December 26, 2000
III-F March 7, 2001 - March 7, 2001
III-G September 20, 2001 - September 20, 2001
The General Partner has determined that it will extend the term of the
III-D Partnership for its first two-year extension period. As of the date
of this Quarterly Report, the General Partner currently intends to extend
the term of the III-E Partnership for its first two-year extension period.
The General Partner will, however, evaluate the III-E Partnership's
operations over the next few months and will then make a final
determination as to whether to extend its term. It is anticipated that a
final decision will be made by November 15, 2000. The General Partner has
not determined whether it intends to (i) further extend the terms of such
Partnerships or (ii) extend the term of any other Partnership.
-35-
<PAGE>
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
variables affecting the Partnerships' revenues are the prices received for
the sale of oil and gas and the volumes of oil and gas produced. The
Partnerships' production is mainly natural gas, so such pricing and
volumes are the most significant factors.
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.
However, oil and gas are depleting assets, so it can be expected that
production levels will decline over time. Recent gas prices have been
higher than the Partnerships' historical average. This is attributable to
the higher prices for crude oil, a substitute fuel in some markets, and
reduced production due to lower capital investments in 1998 and 1999.
III-A PARTNERSHIP
THREE MONTHS ENDED JUNE 30, 2000 COMPARED TO THE THREE MONTHS ENDED JUNE
30, 1999.
Three Months Ended June 30,
---------------------------
2000 1999
-------- --------
Oil and gas sales $892,818 $513,083
Oil and gas production expenses $232,978 $115,479
Barrels produced 9,950 8,992
Mcf produced 170,098 173,837
Average price/Bbl $ 30.11 $ 15.04
Average price/Mcf $ 3.49 $ 2.17
As shown in the table above, total oil and gas sales increased $379,735
(74.0%) for the three months ended June 30, 2000 as compared to the three
months ended June 30, 1999. Of this increase, approximately $150,000 and
$223,000, respectively, were related to increases in the average prices of
oil and gas sold. Volumes of oil sold increased 958 barrels, while volumes
of gas sold decreased 3,739 Mcf for the three months ended June 30, 2000
as
-36-
<PAGE>
compared to the three months ended June 30, 1999. The increase in volumes
of oil sold was primarily due to increased production on one significant
well during the three months ended June 30, 2000 due to the successful
workover of that well during 1999, which increase was partially offset by
a decrease primarily due to (i) the shutting-in of one well to perform a
workover during the three months ended June 30, 2000 and (ii) normal
declines in production. Average oil and gas prices increased to $30.11 per
barrel and $3.49 per Mcf, respectively, for the three months ended June
30, 2000 from $15.04 per barrel and $2.17 per Mcf, respectively, for the
three months ended June 30, 1999.
Oil and gas production expenses (including lease operating expenses and
production taxes) increased $117,499 (101.7%) for the three months ended
June 30, 2000 as compared to the three months ended June 30, 1999. This
increase was primarily due to (i) workover expenses incurred on two
significant wells during the three months ended June 30, 2000 in order to
improve the recovery of reserves and (ii) an increase in production taxes
associated with the increase of oil and gas sales. As a percentage of oil
and gas sales, these expenses increased to 26.1% for the three months
ended June 30, 2000 from 22.5% for the three months ended June 30, 1999.
This percentage increase was primarily due to the dollar increase in oil
and gas production expenses.
Depreciation, depletion, and amortization of oil and gas properties
decreased $15,101 (13.5%) for the three months ended June 30, 2000 as
compared to the three months ended June 30, 1999. This decrease was
primarily due to upward revisions in the estimates of remaining oil and
gas reserves at December 31, 1999. As a percentage of oil and gas sales,
this expense decreased to 10.8% for the three months ended June 30, 2000
from 21.8% for the three months ended June 30, 1999. This percentage
decrease was primarily due to the increases in the average prices of oil
and gas sold.
General and administrative expenses decreased $1,168 (1.6%) for the three
months ended June 30, 2000 as compared to the three months ended June 30,
1999. As a percentage of oil and gas sales, these expenses decreased to
8.1% for the three months ended June 30, 2000 from 14.3% for the three
months ended June 30, 1999. This percentage decrease was primarily due to
the increase in oil and gas sales.
-37-
<PAGE>
The III-A Partnership achieved payout during the three months ended June
30, 2000. After payout, operations and revenues for the III-A Partnership
have been and will be allocated using after payout percentages. After
payout percentages allocate operating income and expenses 10% to the
General Partner and 90% to the Limited Partners. Before payout, operating
income and expenses were allocated 5% to the General Partner and 95% to
the Limited Partners. See the Partnership's Annual Report on Form 10-K for
the year ended December 31, 1999 for a further discussion of pre and post
payout allocations of income and expense.
SIX MONTHS ENDED JUNE 30, 2000 COMPARED TO THE SIX MONTHS ENDED JUNE 30,
1999.
Six Months Ended June 30,
-------------------------
2000 1999
---------- --------
Oil and gas sales $1,548,064 $933,779
Oil and gas production expenses $ 452,126 $266,977
Barrels produced 22,810 18,247
Mcf produced 325,551 365,087
Average price/Bbl $ 28.19 $ 12.93
Average price/Mcf $ 2.78 $ 1.91
As shown in the table above, total oil and gas sales increased $614,285
(65.8%) for the six months ended June 30, 2000 as compared to the six
months ended June 30, 1999. Of this increase, approximately $348,000 and
$283,000, respectively, were related to increases in the average prices of
oil and gas sold. These price increases were partially offset by a
decrease of approximately $76,000 related to a decrease in volumes of gas
sold. Volumes of oil sold increased 4,563 barrels, while volumes of gas
sold decreased 39,536 Mcf for the six months ended June 30, 2000 as
compared to the six months ended June 30, 1999. The increase in volumes of
oil sold was primarily due to increased production on one significant well
during the six months ended June 30, 2000 due to the successful workover
of that well during 1999. The decrease in volumes of gas sold was
primarily due to (i) normal declines in production and (ii) decreased
production on one significant well during the six months ended June 30,
2000 following a casing leak repair. Average oil and gas prices increased
to $28.19 per barrel and $2.78 per Mcf, respectively, for the six months
ended June 30, 2000 from $12.93 per barrel and $1.91 per Mcf,
respectively, for the six months ended June 30, 1999.
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<PAGE>
Oil and gas production expenses (including lease operating expenses and
production taxes) increased $185,149 (69.4%) for the six months ended June
30, 2000 as compared to the six months ended June 30, 1999. This increase
was primarily due to (i) workover expenses incurred on two significant
wells during the six months ended June 30, 2000 in order to improve the
recovery of reserves and (ii) an increase in production taxes associated
with the increase in oil and gas sales. As a percentage of oil and gas
sales, these expenses increased to 29.2% for the six months ended June 30,
2000 from 28.6% for the six months ended June 30, 1999.
Depreciation, depletion, and amortization of oil and gas properties
decreased $38,325 (16.5%) for the six months ended June 30, 2000 as
compared to the six months ended June 30, 1999. This decrease was
primarily due to upward revisions in the estimates of remaining oil and
gas reserves at December 31, 1999 and the decrease in volumes of gas sold.
As a percentage of oil and gas sales, this expense decreased to 12.5% for
the six months ended June 30, 2000 from 24.9% for the six months ended
June 30, 1999. This percentage decrease was primarily due to the increases
in the average prices of oil and gas sold.
General and administrative expenses remained relatively constant for the
six months ended June 30, 2000 as compared to the six months ended June
30, 1999. As a percentage of oil and gas sales, these expenses decreased
to 10.7% for the six months ended June 30, 2000 from 17.8% for the six
months ended June 30, 1999. This percentage decrease was primarily due to
the increase in oil and gas sales.
The III-A Partnership achieved payout during the six months ended June 30,
2000. After payout, operations and revenues for the III-A Partnership have
been and will be allocated using after payout percentages. After payout
percentages allocate operating income and expenses 10% to the General
Partner and 90% to the Limited Partners. Before payout, operating income
and expenses were allocated 5% to the General Partner and 95% to the
Limited Partners. See the Partnership's Annual Report on Form 10-K for the
year ended December 31, 1999 for a further discussion of pre and post
payout allocations of income and expense.
The Limited Partners have received cash distributions through June 30,
2000 totaling $26,668,701 or 101.03% of Limited Partner's capital
contributions.
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<PAGE>
III-B PARTNERSHIP
THREE MONTHS ENDED JUNE 30, 2000 COMPARED TO THE THREE MONTHS ENDED JUNE
30, 1999.
Three Months Ended June 30,
---------------------------
2000 1999
-------- --------
Oil and gas sales $528,720 $278,640
Oil and gas production expenses $140,103 $ 66,400
Barrels produced 8,219 7,565
Mcf produced 82,041 76,259
Average price/Bbl $ 29.87 $ 15.62
Average price/Mcf $ 3.45 $ 2.10
As shown in the table above, total oil and gas sales increased $250,080
(89.8%) for the three months ended June 30, 2000 as compared to the three
months ended June 30, 1999. Of this increase, approximately $117,000 and
$111,000, respectively, were related to increases in the average prices of
oil and gas sold. Volumes of oil and gas sold increased 654 barrels and
5,782 Mcf, respectively, for the three months ended June 30, 2000 as
compared to the three months ended June 30, 1999. Average oil and gas
prices increased to $29.87 per barrel and $3.45 per Mcf, respectively, for
the three months ended June 30, 2000 from $15.62 per barrel and $2.10 per
Mcf, respectively, for the three months ended June 30, 1999.
Oil and gas production expenses (including lease operating expenses and
production taxes) increased $73,703 (111.0%) for the three months ended
June 30, 2000 as compared to the three months ended June 30, 1999. This
increase was primarily due to (i) workover expenses incurred on two
significant wells during the three months ended June 30, 2000 in order to
improve the recovery of reserves and (ii) an increase in production taxes
associated with the increase of oil and gas sales. As a percentage of oil
and gas sales, these expenses increased to 26.5% for the three months
ended June 30, 2000 from 23.8% for the three months ended June 30, 1999.
This percentage increase was primarily due to the dollar increase in oil
and gas production expenses.
Depreciation, depletion, and amortization of oil and gas properties
decreased $5,411 (9.3%) for the three months ended June 30, 2000 as
compared to the three months ended June 30, 1999. As a percentage of oil
and gas sales, this expense decreased to 10.0% for the three months ended
June 30, 2000 from 21.0% for the three months ended June 30, 1999. This
percentage decrease was primarily due to the increases in the average
prices of oil and gas sold.
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<PAGE>
General and administrative expenses remained relatively constant for the
three months ended June 30, 2000 as compared to the three months ended
June 30, 1999. As a percentage of oil and gas sales, this percentage
decreased to 7.2% for the three months ended June 30, 2000 from 13.8% for
the three months ended June 30, 1999. This percentage decrease was
primarily due to the increase in oil and gas sales.
SIX MONTHS ENDED JUNE 30, 2000 COMPARED TO THE SIX MONTHS ENDED JUNE 30,
1999.
Six Months Ended June 30,
-------------------------
2000 1999
-------- --------
Oil and gas sales $981,692 $500,841
Oil and gas production expenses $275,391 $165,677
Barrels produced 19,504 15,526
Mcf produced 155,015 154,950
Average price/Bbl $ 28.17 $ 13.40
Average price/Mcf $ 2.79 $ 1.89
As shown in the table above, total oil and gas sales increased $480,851
(96.0%) for the six months ended June 30, 2000 as compared to the six
months ended June 30, 1999. Of this increase, approximately $288,000 and
$139,000, respectively were related to increases in the average prices of
oil and gas sold, and approximately $53,000 was related to an increase in
volumes of oil sold. Volumes of oil and gas sold increased 3,978 barrels
and 65 Mcf, respectively, for the six months ended June 30, 2000 as
compared to the six months ended June 30, 1999. The increase in volumes of
oil sold was primarily due to increased production on two significant
wells during the six months ended June 30, 2000 due to the successful
workover of those wells during 1999. Average oil and gas prices increased
to $28.17 per barrel and $2.79 per Mcf, respectively, for the six months
ended June 30, 2000 from $13.40 per barrel and $1.89 per Mcf,
respectively, for the six months ended June 30, 1999.
Oil and gas production expenses (including lease operating expenses and
production taxes) increased $109,714 (66.2%) for the six months ended June
30, 2000 as compared to the six months ended June 30, 1999. This increase
was primarily due to (i) workover expenses incurred on two significant
wells during the six months ended June 30, 2000 in order to improve the
recovery of reserves and (ii) an increase in production taxes associated
with the increase of oil and gas sales. As a percentage of oil and gas
sales, these expenses decreased to 28.1% for the six months ended June 30,
2000 from 33.1% for the six months ended June 30, 1999. This
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<PAGE>
percentage decrease was primarily due to the increases in the average
prices of oil and gas sold.
Depreciation, depletion, and amortization of oil and gas properties
decreased $9,368 (7.9%) for the six months ended June 30, 2000 as compared
to the six months ended June 30, 1999. As a percentage of oil and gas
sales, this expense decreased to 11.2% for the six months ended June 30,
2000 from 23.8% for the six months ended June 30, 1999. This percentage
decrease was primarily due to the increases in the average prices of oil
and gas sold.
General and administrative expenses remained relatively constant for the
six months ended June 30, 2000 as compared to the six months ended June
30, 1999. As a percentage of oil and gas sales, this percentage decreased
to 8.9% for the six months ended June 30, 2000 from 17.4% for the six
months ended June 30, 1999. This percentage decrease was primarily due to
the increase in oil and gas sales.
The Limited Partners have received cash distributions through June 30,
2000 totaling $15,516,353 or 112.16% of Limited Partners' capital
contributions.
III-C PARTNERSHIP
THREE MONTHS ENDED JUNE 30, 2000 COMPARED TO THE THREE MONTHS ENDED JUNE
30, 1999.
Three Months Ended June 30,
---------------------------
2000 1999
-------- --------
Oil and gas sales $874,512 $587,401
Oil and gas production expenses $170,068 $133,423
Barrels produced 4,911 6,615
Mcf produced 209,042 243,439
Average price/Bbl $ 28.14 $ 15.75
Average price/Mcf $ 3.52 $ 1.98
As shown in the table above, total oil and gas sales increased $287,111
(48.9%) for the three months ended June 30, 2000 as compared to the three
months ended June 30, 1999. Of this increase, approximately $61,000 and
$321,000, respectively, were related to increases in the average prices of
oil and gas sold. These price increases were partially offset by a
decrease of approximately $68,000 related to a decrease in volumes of gas
sold. Volumes of oil and gas sold decreased 1,704 barrels and 34,397 Mcf,
respectively, for the three months ended June 30, 2000 as compared to the
three months ended June 30, 1999. The decrease in volumes of oil sold was
primarily due to (i) normal declines in production and (ii) positive prior
period volume adjustments made by the purchasers on two significant wells
during the three months ended June 30, 1999. The
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<PAGE>
decrease in volumes of gas sold was primarily due to (i) normal declines
in production, (ii) a positive prior period volume adjustment made by the
purchaser on one significant well during the three months ended June 30,
1999, and (iii) the III-C Partnership receiving an increased percentage of
sales due to gas balancing on one significant well during the three months
ended June 30, 1999. Average oil and gas prices increased to $28.14 per
barrel and $3.52 per Mcf, respectively, for the three months ended June
30, 2000 from $15.75 per barrel and $1.98 per Mcf, respectively, for the
three months ended June 30, 1999.
The III-C Partnership sold certain oil and gas properties during the three
months ended June 30, 2000 and recognized a $62,457 gain on such sales.
Sales of oil and gas properties during the three months ended June 30,
1999 resulted in the III-C Partnership recognizing similar gains totaling
$524.
Oil and gas production expenses (including lease operating expenses and
production taxes) increased $36,645 (27.5%) for the three months ended
June 30, 2000 as compared to the three months ended June 30, 1999. This
increase was primarily due to (i) an increase in production taxes
associated with the increase in oil and gas sales, (ii) workover expenses
incurred on one significant well during the three months ended June 30,
2000 in order to improve the recovery of reserves, and (iii) an increase
in repair and maintenance expenses on two other wells during the three
months ended June 30, 2000 as compared to the three months ended June 30,
1999. As a percentage of oil and gas sales, these expenses decreased to
19.4% for the three months ended June 30, 2000 from 22.7% for the three
months ended June 30, 1999. This percentage decrease was primarily due to
the increases in the average prices of oil and gas sold.
Depreciation, depletion, and amortization of oil and gas properties
decreased $35,658 (29.6%) for the three months ended June 30, 2000 as
compared to the three months ended June 30, 1999. This decrease was
primarily due to (i) the decreases in volumes of oil and gas sold and (ii)
upward revisions in the estimates of remaining oil and gas reserves at
December 31, 1999. As a percentage of oil and gas sales, this expense
decreased to 9.7% for the three months ended June 30, 2000 from 20.5% for
the three months ended June 30, 1999. This percentage decrease was
primarily due to the increases in the average prices of oil and gas sold.
General and administrative expenses decreased $1,660 (2.4%) for the three
months ended June 30, 2000 as compared to the three months ended June 30,
1999. As a percentage of oil and gas sales, these expenses decreased to
7.6% for the three months ended June 30, 2000 from 11.6% for the three
months ended June 30, 1999. This percentage decrease was primarily due to
the increase in oil and gas sales.
-43-
<PAGE>
SIX MONTHS ENDED JUNE 30, 2000 COMPARED TO THE SIX MONTHS ENDED JUNE 30,
1999.
Six Months Ended June 30,
-------------------------
2000 1999
---------- ----------
Oil and gas sales $1,596,961 $1,057,165
Oil and gas production expenses $ 370,851 $ 292,964
Barrels produced 10,809 12,032
Mcf produced 459,009 515,920
Average price/Bbl $ 28.22 $ 14.00
Average price/Mcf $ 2.81 $ 1.72
As shown in the table above, total oil and gas sales increased $539,796
(51.1%) for the six months ended June 30, 2000 as compared to the six
months ended June 30, 1999. Of this increase, approximately $154,000 and
$501,000, respectively, were related to increases in the average prices of
oil and gas sold. These price increases were partially offset by a
decrease of approximately $98,000 related to a decrease in volumes of gas
sold. Volumes of oil and gas sold decreased 1,223 barrels and 56,911 Mcf,
respectively, for the six months ended June 30, 2000 as compared to the
six months ended June 30, 1999. The decrease in volumes of oil sold was
primarily due to (i) normal declines in production and (ii) positive prior
period volume adjustments made by the purchasers on two significant wells
during the six months ended June 30, 1999. The decrease in volumes of gas
sold was primarily due to (i) normal declines in production, (ii) a
positive prior period volume adjustment made by the purchaser on one
significant well during the six months ended June 30, 1999, and (iii) the
III-C Partnership receiving an increased percentage of sales due to gas
balancing on one significant well during the six months ended June 30,
1999. Average oil and gas prices increased to $28.22 per barrel and $2.81
per Mcf, respectively, for the six months ended June 30, 2000 from $14.00
per barrel and $1.72 per Mcf, respectively, for the six months ended June
30, 1999.
Oil and gas production expenses (including lease operating expenses and
production taxes) increased $77,887 (26.6%) for the six months ended June
30, 2000 as compared to the six months ended June 30, 1999. This increase
was primarily due to (i) an increase in production taxes associated with
the increase in oil and gas sales and (ii) workover expenses incurred on
one significant well during the six months ended June 30, 2000 in order to
improve the recovery of reserves. As a percentage of oil and gas sales,
these expenses decreased to 23.2% for the six months ended June 30, 2000
from 27.7% for the six months ended June 30, 1999. This
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<PAGE>
percentage decrease was primarily due to the increases in the average
prices of oil and gas sold.
Depreciation, depletion, and amortization of oil and gas properties
decreased $63,976 (25.6%) for the six months ended June 30, 2000 as
compared to the six months ended June 30, 1999. This decrease was
primarily due to (i) upward revisions in the estimates of remaining oil
and gas reserves at December 31, 1999 and (ii) the decreases in volumes of
oil and gas sold. As a percentage of oil and gas sales, this expense
decreased to 11.6% for the six months ended June 30, 2000 from 23.6% for
the six months ended June 30, 1999. This percentage decrease was primarily
due to the increases in the average prices of oil and gas sold.
General and administrative expenses remained relatively constant for the
six months ended June 30, 2000 as compared to the six months ended June
30, 1999. As a percentage of oil and gas sales, these expenses decreased
to 9.7% for the six months ended June 30, 2000 from 14.6% for the six
months ended June 30, 1999. This percentage decrease was primarily due to
the increase in oil and gas sales.
The Limited Partners have received cash distributions through June 30,
2000 totaling $19,286,795 or 78.87% of Limited Partners' capital
contributions.
III-D PARTNERSHIP
THREE MONTHS ENDED JUNE 30, 2000 COMPARED TO THE THREE MONTHS ENDED JUNE
30, 1999.
Three Months Ended June 30,
---------------------------
2000 1999
-------- --------
Oil and gas sales $677,289 $473,492
Oil and gas production expenses $167,875 $148,698
Barrels produced 7,239 10,238
Mcf produced 140,438 173,461
Average price/Bbl $ 25.88 $ 14.12
Average price/Mcf $ 3.49 $ 1.90
As shown in the table above, total oil and gas sales increased $203,797
(43.0%) for the three months ended June 30, 2000 as compared to the three
months ended June 30, 1999. Of this increase, approximately $85,000 and
$224,000, respectively, were related to increases in the average prices of
oil and gas sold. These price increases were partially offset by decreases
of approximately $42,000 and $63,000, respectively, related to decreases
in volumes of oil and gas sold. Volumes of oil and gas sold decreased
2,999 barrels and 33,023 Mcf, respectively, for the three months ended
June 30, 2000 as compared to the three months ended June 30, 1999. The
decrease in volumes of oil sold
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<PAGE>
was primarily due to (i) normal declines in production, (ii) the sale of
several wells during early 2000, and (iii) positive prior period volume
adjustments made by the purchasers on two significant wells during the
three months ended June 30, 1999. The decrease in the volumes of gas sold
was primarily due to (i) normal declines in production, (ii) the sale of
several wells during early 2000, and (iii) the III-D Partnership receiving
a reduced percentage of sales on one significant well during the three
months ended June 30, 2000 due to its overproduced gas balancing position
in that well. Average oil and gas prices increased to $25.88 per barrel
and $3.49 per Mcf, respectively, for the three months ended June 30, 2000
from $14.12 per barrel and $1.90 per Mcf, respectively, for the three
months ended June 30, 1999.
Oil and gas production expenses (including lease operating expenses and
production taxes) increased $19,177 (12.9%) for the three months ended
June 30, 2000 as compared to the three months ended June 30, 1999. This
increase was primarily due to (i) an increase in production taxes
associated with the increase of oil and gas sales and (ii) increased
workover expenses incurred on one significant well during the three months
ended June 30, 2000 to improve the recovery of reserves. As a percentage
of oil and gas sales, these expenses decreased to 24.8% for the three
months ended June 30, 2000 from 31.4% for the three months ended June 30,
1999. This percentage decrease was primarily due to the increases in the
average prices of oil and gas sold.
Depreciation, depletion, and amortization of oil and gas properties
decreased $28,824 (40.0%) for the three months ended June 30, 2000 as
compared to the three months ended June 30, 1999. This decrease was
primarily due to (i) the decreases in volumes of oil and gas sold and (ii)
upward revisions in the estimates of remaining oil and gas reserves at
December 31, 1999. As a percentage of oil and gas sales, this expense
decreased to 6.4% for the three months ended June 30, 2000 from 15.2% for
the three months ended June 30, 1999. This percentage decrease was
primarily due to the increases in the average prices of oil and gas sold.
General and administrative expenses decreased $413 (1.1%) for the three
months ended June 30, 2000 as compared to the three months ended June 30,
1999. As a percentage of oil and gas sales, these expenses decreased to
5.4% for the three months ended June 30, 2000 from 7.9% for the three
months ended June 30, 1999. This percentage decrease was primarily due to
the increase in the oil and gas sales.
-46-
<PAGE>
SIX MONTHS ENDED JUNE 30, 2000 COMPARED TO THE SIX MONTHS ENDED JUNE 30,
1999.
Six Months Ended June 30,
-------------------------
2000 1999
---------- --------
Oil and gas sales $1,329,001 $866,886
Oil and gas production expenses $ 383,315 $344,816
Barrels produced 16,539 19,716
Mcf produced 312,498 371,281
Average price/Bbl $ 25.49 $ 11.90
Average price/Mcf $ 2.90 $ 1.70
As shown in the table above, total oil and gas sales increased $462,115
(53.3%) for the six months ended June 30, 2000 as compared to the six
months ended June 30, 1999. Of this increase, approximately $225,000 and
$375,000, respectively, were related to increases in the average prices of
oil and gas sold. These price increases were partially offset by a
decrease of approximately $100,000 related to a decrease in volumes of gas
sold. Volumes of oil and gas sold decreased 3,177 barrels and 58,783 Mcf,
respectively, for the six months ended June 30, 2000 as compared to the
six months ended June 30, 1999. The decreases in volumes of oil sold was
primarily due to (i) normal declines in production, (ii) the sale of
several wells during early 2000, and (iii) positive prior period volume
adjustments made by the purchasers on two significant wells during the six
months ended June 30, 1999. The decrease in the volumes of gas sold was
primarily due to (i) normal declines in production, (ii) the III-D
Partnership receiving a reduced percentage of sales on one significant
well during the six months ended June 30, 2000 due to its overproduced gas
balancing position in that well, and (iii) the sale of several wells
during the first quarter of 2000. Average oil and gas prices increased to
$25.49 per barrel and $2.90 per Mcf, respectively, for the six months
ended June 30, 2000 from $11.90 per barrel and $1.70 per Mcf,
respectively, for the six months ended June 30, 1999.
As discussed in Liquidity and Capital Resources above, the III-D
Partnership sold certain oil and gas properties during the six months
ended June 30, 2000 and recognized a $197,929 gain on such sales. No such
sales occurred during the six months ended June 30, 1999.
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<PAGE>
Oil and gas production expenses (including lease operating expenses and
production taxes) increased $38,499 (11.2%) for the six months ended June
30, 2000 as compared to the six months ended June 30, 1999. This increase
was primarily due to an increase in production taxes associated with the
increase in oil and gas sales. As a percentage of oil and gas sales, these
expenses decreased to 28.8% for the six months ended June 30, 2000 from
39.8% for the six months ended June 30, 1999. This percentage decrease was
primarily due to the increases in the average prices of oil and gas sold.
Depreciation, depletion, and amortization of oil and gas properties
decreased $55,279 (36.8%) for the six months ended June 30, 2000 as
compared to the six months ended June 30, 1999. This decrease was
primarily due to (i) upward revisions in the estimates of remaining oil
and gas reserves at December 31, 1999 and (ii) the decreases in volumes of
oil and gas sold. As a percentage of oil and gas sales, this expense
decreased to 7.1% for the six months ended June 30, 2000 from 17.3% for
the six months ended June 30, 1999. This percentage decrease was primarily
due to the increases in the average prices of oil and gas sold.
General and administrative expenses remained relatively constant for the
six months ended June 30, 2000 as compared to the six months ended June
30, 1999. As a percentage of oil and gas sales, these expenses decreased
to 6.3% for the six months ended June 30, 2000 from 9.7% for the six
months ended June 30, 1999. This percentage decrease was primarily due to
the increase in the oil and gas sales.
The Limited Partners have received cash distributions through June 30,
2000 totaling $9,942,669 or 75.89% of the Limited Partners' capital
contributions.
III-E PARTNERSHIP
THREE MONTHS ENDED JUNE 30, 2000 COMPARED TO THE THREE MONTHS ENDED JUNE
30, 1999.
Three Months Ended June 30,
---------------------------
2000 1999
---------- ----------
Oil and gas sales $2,563,436 $1,510,547
Oil and gas production expenses $ 829,663 $ 768,859
Barrels produced 41,717 52,353
Mcf produced 428,449 406,383
Average price/Bbl $ 25.00 $ 14.10
Average price/Mcf $ 3.55 $ 1.90
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<PAGE>
As shown in the table above, total oil and gas sales increased $1,052,889
(69.7%) for the three months ended June 30, 2000 as compared to the three
months ended June 30, 1999. Of this increase, approximately $455,000 and
$706,000, respectively, were related to increases in the average prices of
oil and gas sold. These price increases were partially offset by a
decrease of approximately $150,000 related to a decrease in volumes of oil
sold. Volumes of oil sold decreased 10,636 barrels, while volumes of gas
sold increased 22,066 Mcf for the three months ended June 30, 2000 as
compared to the three months ended June 30, 1999. The decrease in volumes
of oil sold was primarily due to (i) the shutting-in of three wells due to
a workover of those wells during the three months ended June 30, 2000 and
(ii) the sale of several wells during the three months ended June 30,
2000. Average oil and gas prices increased to $25.00 per barrel and $3.55
per Mcf, respectively, for the three months ended June 30, 2000 from
$14.10 per barrel and $1.90 per Mcf, respectively, for the three months
ended June 30, 1999.
Oil and gas production expenses (including lease operating expenses and
production taxes) increased $60,804 (7.9%) for the three months ended June
30, 2000 as compared to the three months ended June 30, 1999. This
increase was primarily due to (i) workover expenses incurred on three
wells during the three months ended June 30, 2000 in order to improve the
recovery of reserves and (ii) an increase in production taxes associated
with the increase in oil and gas sales. These increases were partially
offset by the sale of several wells during the three months ended June 30,
2000. As a percentage of oil and gas sales, these expenses decreased to
32.4% for the three months ended June 30, 2000 from 50.9% for the three
months ended June 30, 1999. This percentage decrease was primarily due to
the increases in the average prices of oil and gas sold.
Depreciation, depletion, and amortization of oil and gas properties
decreased $29,844 (20.7%) for the three months ended June 30, 2000 as
compared to the three months ended June 30, 1999. This decrease was
primarily due to upward revisions in the estimates of remaining oil and
gas reserves at December 31, 1999. As a percentage of oil and gas sales,
this expense decreased to 4.5% for three months ended June 30, 2000 from
9.5% for the three months ended June 30, 1999. This percentage decrease
was primarily due to the increases in the average prices of oil and gas
sold.
General and administrative expenses decreased $4,760 (4.0%) for the three
months ended June 30, 2000 as compared to the three months ended June 30,
1999. As a percentage of oil and gas sales, these expenses decreased to
4.5% for the three months ended June 30, 2000 from 7.9% for the three
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<PAGE>
months ended June 30, 1999. This percentage decrease was primarily due
to the increase in oil and gas sales.
SIX MONTHS ENDED JUNE 30, 2000 COMPARED TO THE SIX MONTHS ENDED JUNE 30,
1999.
Six Months Ended June 30,
-------------------------
2000 1999
---------- ----------
Oil and gas sales $5,054,680 $2,682,040
Oil and gas production expenses $1,778,530 $1,762,354
Barrels produced 96,820 107,741
Mcf produced 853,002 819,163
Average price/Bbl $ 24.80 $ 11.59
Average price/Mcf $ 3.11 $ 1.75
As shown in the table above, total oil and gas sales increased $2,372,640
(88.5%) for the six months ended June 30, 2000 as compared to the six
months ended June 30, 1999. Of this increase, approximately $1,279,000 and
$1,161,000, respectively, were related to increases in the average prices
of oil and gas sold. Volumes of oil sold decreased 10,921 barrels, while
volumes of gas sold increased 33,839 Mcf for the six months ended June 30,
2000 as compared to the six months ended June 30, 1999. The decrease in
volumes of oil sold was primarily due to (i) the shutting-in of three
wells due to a workover of those wells during the six months ended June
30, 2000 and (ii) the sale of several wells during the six months ended
June 30, 2000. Average oil and gas prices increased to $24.80 per barrel
and $3.11 per Mcf, respectively, for the six months ended June 30, 2000
from $11.59 per barrel and $1.75 per Mcf, respectively, for the six months
ended June 30, 1999.
As discussed in Liquidity and Capital Resources above, the III-E
Partnership sold certain oil and gas properties during the six months
ended June 30, 2000 and recognized a $1,317,098 gain on such sales. No
such sales occurred during the six months ended June 30, 1999.
Oil and gas production expenses (including lease operating expenses and
production taxes) remained relatively constant for the six months ended
June 30, 2000 as compared to the six months ended June 30, 1999. As a
percentage of oil and gas sales, these expenses decreased to 35.2% for the
six months ended June 30, 2000 from 65.7% for the six months ended June
30, 1999. This percentage decrease was primarily due to the increases in
the average prices of oil and gas sold.
Depreciation, depletion, and amortization of oil and gas properties
decreased $61,814 (21.1%) for the six months ended June 30, 2000 as
compared to the six months ended June
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<PAGE>
30, 1999. This decrease was primarily due to upward revisions in the
estimates of remaining oil and gas reserves at December 31, 1999. As a
percentage of oil and gas sales, this expense decreased to 4.6% for six
months ended June 30, 2000 from 10.9% for the six months ended June 30,
1999. This percentage decrease was primarily due to the increases in the
average prices of oil and gas sold.
General and administrative expenses decreased $3,177 (1.2%) for the six
months ended June 30, 2000 as compared to the six months ended June 30,
1999. As a percentage of oil and gas sales, these expenses decreased to
5.2% for the six months ended June 30, 2000 from 10.0% for the six months
ended June 30, 1999. This percentage decrease was primarily due to the
increase in oil and gas sales.
The Limited Partners have received cash distributions through June 30,
2000 totaling $33,764,016 or 80.72% of the Limited Partners' capital
contributions.
III-F PARTNERSHIP
THREE MONTHS ENDED JUNE 30, 2000 COMPARED TO THE THREE MONTHS ENDED JUNE
30, 1999.
Three Months Ended June 30,
---------------------------
2000 1999
-------- --------
Oil and gas sales $859,139 $484,427
Oil and gas production expenses $207,622 $302,383
Barrels produced 11,808 15,144
Mcf produced 162,663 150,735
Average price/Bbl $ 28.82 $ 14.73
Average price/Mcf $ 3.19 $ 1.73
As shown in the table above, total oil and gas sales increased $374,712
(77.4%) for the three months ended June 30, 2000 as compared to the three
months ended June 30, 1999. Of this increase, approximately $166,000 and
$237,000, respectively, were related to increases in the average prices of
oil and gas sold. These price increases were partially offset by a
decrease of approximately $49,000 related to a decrease in volumes of oil
sold. Volumes of oil sold decreased 3,336 barrels, while volumes of gas
sold increased 11,928 Mcf for the three months ended June 30, 2000 as
compared to the three months ended June 30, 1999. The decrease in volumes
of oil sold was primarily due to (i) the sale of several wells during 1999
and (ii) normal declines in production. The increase in volumes of gas
sold was primarily due to increased production on one large unitized
property due to successful drilling activities during early 2000 and
another significant well due to the successful workover of that well
during late 1999. Average oil and gas
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prices increased to $28.82 per barrel and $3.19 per Mcf, respectively, for
the three months ended June 30, 2000 from $14.73 per barrel and $1.73 per
Mcf, respectively, for the three months ended June 30, 1999.
As discussed in Liquidity and Capital Resources above, the III-F
Partnership sold certain oil and gas properties during the three months
ended June 30, 2000 and recognized a $162,720 gain on such sales. Sales of
oil and gas properties during the three months ended June 30, 1999
resulted in the III-F Partnership recognizing similar gains of $136.
Oil and gas production expenses (including lease operating expenses and
production taxes) decreased $94,761 (31.3%) for the three months ended
June 30, 2000 as compared to the three months ended June 30, 1999. This
decrease was primarily due to (i) the sale of several wells during 1999
and (ii) a positive prior period lease operating expense adjustment made
by the operator on one significant well during the three months ended June
30, 1999. As a percentage of oil and gas sales, these expenses decreased
to 24.2% for the three months ended June 30, 2000 from 62.4% for the three
months ended June 30, 1999. This percentage decrease was primarily due to
the increases in the average prices of oil and gas sold.
Depreciation, depletion, and amortization of oil and gas properties
decreased $26,695 (21.7%) for the three months ended June 30, 2000 as
compared to the three months ended June 30, 1999. This decrease was
primarily due to upward revisions in the estimates of remaining oil and
gas reserves at December 31, 1999. As a percentage of oil and gas sales,
this expense decreased to 11.2% for three months ended June 30, 2000 from
25.4% for the three months ended June 30, 1999. This percentage decrease
was primarily due to the increases in the average prices of oil and gas
sold.
General and administrative expenses decreased $1,893 (3.0%) for the three
months ended June 30, 2000 as compared to the three months ended June 30,
1999. As a percentage of oil and gas sales, these expenses decreased to
7.0% for the three months ended June 30, 2000 from 12.9% for the three
months ended June 30, 1999. This percentage decrease was primarily due to
the increase in oil and gas sales.
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<PAGE>
SIX MONTHS ENDED JUNE 30, 2000 COMPARED TO THE SIX MONTHS ENDED JUNE 30,
1999.
Six Months Ended June 30,
-------------------------
2000 1999
---------- --------
Oil and gas sales $1,666,695 $923,024
Oil and gas production expenses $ 452,927 $520,135
Barrels produced 24,700 30,016
Mcf produced 363,994 330,830
Average price/Bbl $ 27.59 $ 12.71
Average price/Mcf $ 2.71 $ 1.64
As shown in the table above, total oil and gas sales increased $743,671
(80.6%) for the six months ended June 30, 2000 as compared to the six
months ended June 30, 1999. Of this increase, approximately $367,000 and
$390,000, respectively, were related to increases in the average prices of
oil and gas sold. Volumes of oil sold decreased 5,316 barrels, while
volumes of gas sold increased 33,164 Mcf for the six months ended June 30,
2000 as compared to the six months ended June 30, 1999. The decrease in
volumes of oil sold was primarily due to the sale of several wells during
1999 and normal declines in production. The increase in volumes of gas
sold was primarily due to (i) a positive prior period volume adjustment
made by the purchaser on one significant well during the six months ended
June 30, 2000, (ii) increased production on another significant well due
to the successful workover of that well during late 1999, and (iii)
increased production on one unitized property due to successful drilling
activities during early 2000. Average oil and gas prices increased to
$27.59 per barrel and $2.71 per Mcf, respectively, for the six months
ended June 30, 2000 from $12.71 per barrel and $1.64 per Mcf,
respectively, for the six months ended June 30, 1999.
As discussed in Liquidity and Capital Resources above, the III-F
Partnership sold certain oil and gas properties during the six months
ended June 30, 2000 and recognized a $162,720 gain on such sales. Sales of
oil and gas properties during the six months ended June 30, 1999 resulted
in the III-F Partnership recognizing a loss of $160.
Oil and gas production expenses (including lease operating expenses and
production taxes) decreased $67,208 (12.9%) for the six months ended June
30, 2000 as compared to the six months ended June 30, 1999. This decrease
was primarily due to (i) the sale of several wells during 1999 and (ii) a
positive prior period lease operating expense adjustment made by the
operator on one significant well during the six months ended June 30,
1999. These decreases were partially offset by the reversal of a
litigation accrual during the
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<PAGE>
six months ended June 30, 1999 and an increase in production taxes
associated with the increase in oil and gas sales. As a percentage of oil
and gas sales, these expenses decreased to 27.2% for the six months ended
June 30, 2000 from 56.4% for the six months ended June 30, 1999. This
percentage decrease was primarily due to the increases in the average
prices of oil and gas sold.
Depreciation, depletion, and amortization of oil and gas properties
decreased $50,721 (19.5%) for the six months ended June 30, 2000 as
compared to the six months ended June 30, 1999. This decrease was
primarily due to upward revisions in the estimates of remaining oil and
gas reserves at December 31, 1999. As a percentage of oil and gas sales,
this expense decreased to 12.6% for the six months ended June 30, 2000
from 28.2% for the six months ended June 30, 1999. This percentage
decrease was primarily due to the increases in the average prices of oil
and gas sold.
General and administrative expenses remained relatively constant for the
six months ended June 30, 2000 as compared to the six months ended June
30, 1999. As a percentage of oil and gas sales, these expenses decreased
to 8.4% for the six months ended June 30, 2000 from 15.2% for the six
months ended June 30, 1999. This percentage decrease was primarily due to
the increase in oil and gas sales.
The Limited Partners have received cash distributions through June 30,
2000 totaling $12,691,904 or 57.30% of the Limited Partners' capital
contributions.
III-G PARTNERSHIP
THREE MONTHS ENDED JUNE 30, 2000 COMPARED TO THE THREE MONTHS ENDED JUNE
30, 1999.
Three Months Ended June 30,
---------------------------
2000 1999
-------- --------
Oil and gas sales $531,623 $297,533
Oil and gas production expenses $132,183 $197,569
Barrels produced 8,737 10,549
Mcf produced 88,019 80,960
Average price/Bbl $ 28.87 $ 14.77
Average price/Mcf $ 3.17 $ 1.75
As shown in the table above, total oil and gas sales increased $234,090
(78.7%) for the three months ended June 30, 2000 as compared to the three
months ended June 30, 1999. Of this increase, $123,000 and $125,000,
respectively, were related to increases in the average prices of oil and
gas sold. Volumes of oil sold decreased 1,812 barrels, while volumes of
gas sold increased 7,059 Mcf for the three months
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<PAGE>
ended June 30, 2000 as compared to the three months ended June 30, 1999.
The decrease in volumes of oil sold was primarily due to (i) the sale of
several wells during 1999 and (ii) normal declines in production. The
increase in volumes of gas sold was primarily due to increased production
on (i) one large unitized property due to successful drilling activities
during early 2000 and (ii) another significant well due to the successful
workover of that well during late 1999. Average oil and gas prices
increased to $28.87 per barrel and $3.17 per Mcf, respectively, for the
three months ended June 30, 2000 from $14.77 per barrel and $1.75 per Mcf,
respectively, for the three months ended June 30, 1999.
As discussed in Liquidity and Capital Resources above, the III-G
Partnership sold certain oil and gas properties during the three months
ended June 30, 2000 and recognized a $129,809 gain on such sales. Sales of
oil and gas properties during the three months ended June 30, 1999
resulted in the III-G Partnership recognizing similar gains of $151.
Oil and gas production expenses (including lease operating expenses and
production taxes) decreased $65,386 (33.1%) for the three months ended
June 30, 2000 as compared to the three months ended June 30, 1999. These
decreases were primarily due to (i) the sale of several wells during 1999
and (ii) a positive prior period lease operating expense adjustment made
by the operator on one significant well during the three months ended June
30, 1999. As a percentage of oil and gas sales, these expenses decreased
to 24.9% for the three months ended June 30, 2000 from 66.4% for the three
months ended June 30, 1999. This percentage decrease was primarily due to
the increases in the average prices of oil and gas sold.
Depreciation, depletion, and amortization of oil and gas properties
decreased $26,534 (35.8%) for the three months ended June 30, 2000 as
compared to the three months ended June 30, 1999. This decrease was
primarily due to upward revisions in the estimates of remaining oil and
gas reserves at December 31, 1999. As a percentage of oil and gas sales,
this expense decreased to 8.9% for three months ended June 30, 2000 from
24.9% for the three months ended June 30, 1999. This percentage decrease
was primarily due to the increases in the average prices of oil and gas
sold.
General and administrative expenses decreased $740 (2.1%) for the three
months ended June 30, 2000 as compared to the three months ended June 30,
1999. As a percentage of oil and gas sales, these expenses decreased to
6.3% for the three months ended June 30, 2000 from 11.6% for the three
months ended June 30, 1999. This percentage decrease was primarily due to
the increase in oil and gas sales.
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<PAGE>
SIX MONTHS ENDED JUNE 30, 2000 COMPARED TO THE SIX MONTHS ENDED JUNE 30,
1999.
Six Months Ended June 30,
-------------------------
2000 1999
---------- --------
Oil and gas sales $1,017,360 $564,014
Oil and gas production expenses $ 290,126 $352,022
Barrels produced 18,008 21,486
Mcf produced 190,238 177,504
Average price/Bbl $ 27.68 $ 12.69
Average price/Mcf $ 2.73 $ 1.64
As shown in the table above, total oil and gas sales increased $453,346
(80.4%) for the six months ended June 30, 2000 as compared to the six
months ended June 30, 1999. Of this increase, $270,000 and $207,000,
respectively, were related to increases in the average prices of oil and
gas sold. Volumes of oil sold decreased 3,478 barrels, while volumes of
gas sold increased 12,734 Mcf for the six months ended June 30, 2000 as
compared to the six months ended June 30, 1999. The decrease in volumes of
oil sold was primarily due to (i) the sale of several wells during 1999
and (ii) normal declines in production. The increase in volumes of gas
sold was primarily due to (i) a positive prior period volume adjustment
made by the purchaser on one significant well during the six months ended
June 30, 2000, (ii) increased production on one significant well during
the six months ended June 30, 2000 due to the successful workover of that
well during late 1999, and (iii) increased production on one large
unitized property due to successful drilling activities during early 2000.
Average oil and gas prices increased to $27.68 per barrel and $2.73 per
Mcf, respectively, for the six months ended June 30, 2000 from $12.69 per
barrel and $1.64 per Mcf, respectively, for the six months ended June 30,
1999.
As discussed in Liquidity and Capital Resources above, the III-G
Partnership sold certain oil and gas properties during the six months
ended June 30, 2000 and recognized a $129,809 gain on such sales. Sales of
oil and gas properties during the six months ended June 30, 1999 resulted
in the III-G Partnership recognizing a loss of $45.
Oil and gas production expenses (including lease operating expenses and
production taxes) decreased $61,896 (17.6%) for the six months ended June
30, 2000 as compared to the six months ended June 30, 1999. This decrease
was primarily due to (i) the sale of several wells during 1999 and (ii) a
positive prior period lease operating expense adjustment made by the
operator on one significant well during the six months ended June 30,
1999. These decreases were partially offset by the reversal of a
litigation accrual during the
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<PAGE>
six months ended June 30, 1999 and an increase in production taxes
associated with the increase in oil and gas sales. As a percentage of oil
and gas sales, these expenses decreased to 28.5% for the six months ended
June 30, 2000 from 62.4% for the six months ended June 30, 1999. This
percentage decrease was primarily due to the increases in the average
prices of oil and gas sold.
Depreciation, depletion, and amortization of oil and gas properties
decreased $57,690 (36.7%) for the six months ended June 30, 2000 as
compared to the six months ended June 30, 1999. This decrease was
primarily due to upward revisions in the estimates of remaining oil and
gas reserves at December 31, 1999. As a percentage of oil and gas sales,
this expense decreased to 9.8% for the six months ended June 30, 2000 from
27.9% for the six months ended June 30, 1999. This percentage decrease was
primarily due to the increases in the average prices of oil and gas sold.
General and administrative expenses remained relatively constant for the
six months ended June 30, 2000 as compared to the six months ended June
30, 1999. As a percentage of oil and gas sales, these expenses decreased
to 7.6% for the six months ended June 30, 2000 from 13.7% for the six
months ended June 30, 1999. This percentage decrease was primarily due to
the increase in oil and gas sales.
The Limited Partners have received cash distributions through June 30,
2000 totaling $6,810,287 or 55.86% of the Limited Partners' capital
contributions.
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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK.
The Partnerships do not hold any market risk sensitive instruments.
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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 June 30, 2000 and for the six
months ended June 30, 2000, filed herewith.
27.2 Financial Data Schedule containing summary financial
information extracted from the III-B Partnership's
financial statements as of June 30, 2000 and for the six
months ended June 30, 2000, filed herewith.
27.3 Financial Data Schedule containing summary financial
information extracted from the III-C Partnership's
financial statements as of June 30, 2000 and for the six
months ended June 30, 2000, filed herewith.
27.4 Financial Data Schedule containing summary financial
information extracted from the III-D Partnership's
financial statements as of June 30, 2000 and for the six
months ended June 30, 2000, filed herewith.
27.5 Financial Data Schedule containing summary financial
information extracted from the III-E Partnership's
financial statements as of June 30, 2000 and for the six
months ended June 30, 2000, filed herewith.
27.6 Financial Data Schedule containing summary financial
information extracted from the III-F Partnership's
financial statements as of June 30, 2000 and for the six
months ended June 30, 2000, filed herewith.
27.7 Financial Data Schedule containing summary financial
information extracted from the III-G Partnership's
financial statements as of June 30, 2000 and for the six
months ended June 30, 2000, filed herewith.
All other exhibits are omitted as inapplicable.
(b) Reports on Form 8-K.
None.
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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: August 11, 2000 By: /s/Dennis R. Neill
--------------------------------
(Signature)
Dennis R. Neill
President
Date: August 11, 2000 By: /s/Patrick M. Hall
--------------------------------
(Signature)
Patrick M. Hall
Principal Accounting Officer
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<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 June 30, 2000 and for the six months ended
June 30, 2000, 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 June 30, 2000 and for the six months ended
June 30, 2000, 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 June 30, 2000 and for the six months ended
June 30, 2000, 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 June 30, 2000 and for the six months ended
June 30, 2000, 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 June 30, 2000 and for the six months ended
June 30, 2000, 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 June 30, 2000 and for the six months ended
June 30, 2000, 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 June 30, 2000 and for the six months ended
June 30, 2000, filed herewith.
All other exhibits are omitted as inapplicable.
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<PAGE>
