CONFORMED COPY
QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X] Quarterly Report Pursuant to Section 13 or 15(d) of
the Securities and Exchange Act of 1934
For the period ended March 31, 1996
or
[ ] Transition Report Pursuant to Section 13 of 15(d) of
the Securities and Exchange Act of 1934
For the transition period from to
Commission file number 033-37728
I.R.S. Employer Identification Number 55-0711661
PDC 1991-D LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)
103 East Main Street
Bridgeport, WV 26330
Telephone: (304) 842-6256
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 XX No
<PAGE>
PDC 1991-D LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)
INDEX
PART I - FINANCIAL INFORMATION Page No.
Item 1. Financial Statements
Balance Sheets March 31, 1996 and December 31, 1995 1
Statements of Operations -
Three Months Ended March 31, 1996 and 1995 2
Statement of Partners' Equity - March 31, 1996 3
Statements of Cash Flows-
Three Months Ended March 31, 1996 and 1995 4
Notes to Financial Statements 5
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 6
PART II OTHER INFORMATION
Item 1. Legal Proceedings 7
Item 6. Exhibits and Reports on Form 8-K 7
<PAGE>
PDC 1991-D LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)
Balance Sheets
March 31, 1996 and December 31, 1995
<TABLE>
<S> <S> <S>
Assets
1996 1995
(Unaudited)
Current assets:
Cash $ 2,172 $ 471
Accounts receivable - oil and gas revenues 129,178 41,647
Due from operator 202 1,700
Total current assets 131,552 43,818
Oil and gas properties, successful
efforts method
Oil and gas properties 4,939,913 4,939,913
Less accumulated depreciation,
depletion, and amortization 2,687,873 2,648,609
2,252,040 2,291,304
Other assets (net of amortization of
$21,344 and $20,202) 3,398 4,530
$2,386,990 $2,339,652
Current Liabilities and Partners' Equity
Current liabilities:
Accrued expenses $ 19,803 $ 26,963
Total current liabilities 19,803 26,963
Partners' Equity 2,367,187 2,312,689
$2,386,990 $2,339,652
</TABLE>
See accompanying notes to financial statements.
-1-
<PAGE>
PDC 1991-D LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)
Statements of Operations
Three months ended March 31, 1996 and 1995
(Unaudited)
<TABLE>
<S> <S> <S>
1996 1995
Revenues:
Sales of oil and gas $160,717 56,217
Transportation revenue 3,874 3,087
Interest income 203 259
164,794 59,563
Expenses:
Lifting costs 36,685 23,429
Direct administrative cost - 12
Depreciation, depletion and amortization 40,396 44,311
77,081 67,752
Net income (loss) $ 87,713 (8,189)
Net income (loss) per limited
and additional
general partner unit $ 252 (36)
</TABLE>
See accompanying notes to financial statements.
-2-
<PAGE>
PDC 1991-D LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)
Statement of Partners' Equity
Three months ended March 31, 1996
(Unaudited)
<TABLE>
<S> <S> <S> <S>
Limited and
additional Managing
general partners general partner Total
Balance, December 31, 1995 $2,088,066 $224,623 $2,312,689
Distributions to partners (26,617) (6,598) (33,215)
Net income 66,203 21,510 87,713
Balance, March 31, 1996 $2,127,652 $239,535 $2,367,187
</TABLE>
See accompanying notes to financial statements.
-3-
<PAGE>
PDC 1991-D LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)
Statements of Cash Flows
Three months ended March 31, 1996 and 1995
(Unaudited)
<TABLE>
<S> <S> <S>
1996 1995
Cash flows from operating activities:
Net income (loss) $ 87,713 $ (8,189)
Adjustments to reconcile net income
(loss) to net cash provided from
operating activities:
Depreciation, depletion and amortization 40,396 44,311
Changes in operating assets and liabilities:
(Increase) Decrease in accounts receivable -
oil and gas revenues (87,531) 3,056
Decrease in due from operator 1,498 -
Decrease in accrued expenses (7,160) (3,281)
Net cash provided from
operating activities 34,916 35,897
Cash flows from financing activities:
Distributions to partners (33,215) (35,898)
Net cash used by
financing activities (33,215) (35,898)
Net increase (decrease) in cash 1,701 (1)
Cash at beginning of period 471 632
Cash at end of period $ 2,172 631
</TABLE>
See accompanying notes to financial statements.
-4-
<PAGE>
PDC 1991-D LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)
Notes to Financial Statements
(Unaudited)
1. Accounting Policies
Reference is hereby made to the Partnership's Annual Report on Form 10-K
for 1995, which contains a summary of major accounting policies followed by
the Partnership in the preparation of its financial statements. These
policies were also followed in preparing the quarterly report included
herein.
2. Basis of Presentation
The Management of the Partnership believes that all adjustments (consisting
of only normal recurring accruals) necessary to a fair statement of the
results of such periods have been made. The results of operations for the
three months ended March 31, 1996 are not necessarily indicative of the
results to be expected for the full year.
3. Oil and Gas Properties
Oil and Gas Properties are reported on the successful efforts method.
-5-
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
Liquidity and Capital Resources
Operations will be conducted with available funds and revenues
generated from oil and gas activities. No bank borrowings are anticipated.
The Partnership had net working capital at March 31, 1996 of $111,749.
The Partnership's revenues from oil and gas sales will be affected by
changes in prices. As a result of changes in federal regulations, gas
prices are highly dependent on the balance between supply and demand. The
Partnership's gas sales prices are subject to increase and decrease based
on various market sensitive indices. Price levels of natural gas are
currently high and while they are not predictable in the coming year, it
appears that on average, they will be higher in 1996 than in 1995.
Results of Operations
Natural gas sales increased 186% during the first quarter of 1996
compared to 1995 due to the increase in the sales price of natural gas as
referred to above. The partnership experineced a net income of $87,713 and
distributed $33,215 to the partners for the first quarter of 1996.
-6-
<PAGE>
CONFORMED COPY
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
None.
Item 6. Exhibits and Reports on Form 8-K
(a) None.
(b) No reports on Form 8-K have been filed during the quarter ended
March 31, 1996.
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.
PDC 1991-D Limited Partnership
(Registrant)
By its Managing General Partner
Petroleum Development Corporation
Date: May 13, 1996 /s/ Steven R. Williams
Steven R. Williams
President
Date: May 13, 1996 /s/ Dale G. Rettinger
Dale G. Rettinger
Executive Vice President
and Treasurer
-7-
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000885560
<NAME> PDC 1991-D
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> MAR-31-1996
<CASH> 2,172
<SECURITIES> 0
<RECEIVABLES> 129,380
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 131,552
<PP&E> 4,939,913
<DEPRECIATION> 2,687,873
<TOTAL-ASSETS> 2,386,990
<CURRENT-LIABILITIES> 19,803
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 2,386,990
<SALES> 160,717
<TOTAL-REVENUES> 164,794
<CGS> 36,685
<TOTAL-COSTS> 77,081
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 87,713
<INCOME-TAX> 0
<INCOME-CONTINUING> 87,713
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 87,713
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
