United States
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB/A
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1996
OR
[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from...............to...............
Commission file number 0-18326
ENEX OIL & GAS INCOME PROGRAM IV - SERIES 6, L.P.
(Exact name of small business issuer as specified in its charter)
New Jersey 76-0251426
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
Suite 200, Three Kingwood Place
Kingwood, Texas 77339
(Address of principal executive offices)
Issuer's telephone number:
(713) 358-8401
Check whether the issuer (1) has filed all reports required to be filed
by Section 13 or 15(d) of the Exchange Act during the past 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
Transitional Small Business Disclosure Format (Check one):
Yes No x
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PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
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ENEX OIL & GAS INCOME PROGRAM IV - SERIES 6, L.P.
BALANCE SHEET
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JUNE 30,
ASSETS 1996
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(Unaudited)
CURRENT ASSETS:
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Cash $ 9,589
Accounts receivable - oil, gas & gas plant sales 24,044
Other current assets 1,195
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Total current assets 34,828
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OIL & GAS PROPERTIES
(Successful efforts accounting method) - Proved
mineral interests and related equipment & facilities 2,008,694
Less accumulated depreciation and depletion 1,859,797
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Property, net 148,897
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TOTAL $ 183,725
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LIABILITIES AND PARTNERS' CAPITAL
CURRENT LIABILITIES:
Accounts payable $ 1,952
Payable to general partner 13,404
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Total current liabilities 15,356
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NONCURRENT PAYABLE TO GENERAL PARTNER 14,305
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PARTNERS' CAPITAL
Limited partners 139,199
General partner 14,865
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Total partners' capital 154,064
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TOTAL $ 183,725
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Number of $500 Limited Partner units outstanding 4,326
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See accompanying notes to financial statements.
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The Kalkaska gas plant was shut-in and did not produce in 1996. In the second
quarter of 1995, gas plant production was unusually high due to the recognition
of back revenues from the Kalkaska gas plant. The decrease in oil production was
primarily due to natural production declines. The increase in gas production was
primarily due to increased production from the Speary acquisition on which a
compressor was reworked. The increase in the average oil sales price corresponds
with higher prices in the overall market for the sale of oil. The higher average
gas sales price was primarily the result of relatively higher production from
the Speary acquisition, which has a relatively higher gas sales price, coupled
with higher prices in the overall market for the sale of gas.
Lease operating expenses decreased to $29,946 in the first six months of 1996
from $39,405 in the first six months of 1995. The decrease of $9,459 (24%) is
primarily due to the changes in production, noted above.
Depreciation and depletion expense decreased to $24,644 in the first six months
of 1996 from $44,067 in the first six months of 1995. This represents a decrease
of $19,423 (44%). The changes in production, noted above, reduced depreciation
and depletion expense by $9,729. A 28% decrease in the depletion rate reduced
depreciation and depletion expense by an additional $9,694. This rate decrease
is primarily due to an upward revision of the oil and gas reserves during
December 1995.
General and administrative expenses increased to $10,368 in the first six months
of 1996 from $8,738 in the first six months of 1995. This increase of $1,630
(19%) is primarily due to more staff time being required to manage the Company's
operations.
CAPITAL RESOURCES AND LIQUIDITY
The Company's cash flow from operations is a direct result of the amount of net
proceeds realized from the sale of oil and gas production. Accordingly, the
changes in cash flow from 1995 to 1996 are primarily due to the changes in oil
and gas sales described above. It is the general partner's intention to
distribute substantially all of the Company's available cash flow to the
Company's partners. The Company's "available cash flow" is essentially equal to
the net amount of cash provided by operating activities.
The Company will continue to recover its reserves and distribute to the limited
partners the net proceeds realized from the sale of oil and gas production.
Distribution amounts are subject to change if net revenues are greater or less
than expected. Nonetheless, the general partner believes the Company will
continue to have sufficient cash flow to fund operations and to maintain a
regular pattern of distributions.
On August 9, 1996, the Company's General Partner submitted preliminary proxy
material to the Securities Exchange Commission with respect to a proposed
consolidation of the Company with 33 other managed limited partnerships. The
terms and conditions of the proposed consolidation are set forth in such
preliminary proxy material.
As of June 30, 1996, the Company had no material commitments for capital
expenditures. The Company does not intend to engage in any significant
developmental drilling activity.
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SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned thereunto duly
authorized.
ENEX OIL & GAS INCOME
PROGRAM IV - SERIES 6, L.P.
(Registrant)
By:ENEX RESOURCES CORPORATION
General Partner
By: /s/ R. E. Densford
R. E. Densford
Vice President, Secretary
Treasurer and Chief Financial
Officer
November 7, 1996 By: /s/ James A. Klein
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James A. Klein
Controller and Chief
Accounting Officer
