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 033-50192
I.R.S. Employer Identification Number 55-0728949
PDC 1993-E 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 1993-E 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 -
Three Months Ended 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 1993-E 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 $ 1,463 1,713
Accounts receivable - oil and gas revenues 177,690 139,624
Total current assets 179,153 141,337
Oil and gas properties,
successful efforts method
Oil and gas properties 7,115,383 7,115,383
Less accumulated depreciation,
depletion, and amortization 835,215 726,308
6,280,168 6,389,075
Other assets (net of amortization of
$15,161 and $13,537) 17,317 18,941
$6,476,638 6,549,353
Current Liabilities and Partners' Equity
Current liabilities:
Accrued expenses $ 14,228 25,516
Total current liabilities 14,228 25,516
Partners' equity 6,462,410 6,523,837
$6,476,638 6,549,353
</TABLE>
See accompanying notes to financial statements.
-1-
<PAGE>
PDC 1993-E 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 $210,484 164,508
Transportation revenue 2,252 1,925
Interest income 611 728
213,347 167,161
Expenses:
Lifting cost 59,801 77,247
Direct administrative cost - 12
Depreciation, depletion and amortization 110,531 105,614
170,332 182,873
Net income (loss) $ 43,015 (15,712)
Net income (loss) per limited and
additional general partner unit $ 75 (58)
</TABLE>
See accompanying notes to financial statements.
-2-
<PAGE>
PDC 1993-E 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 $5,876,136 $ 647,701 6,523,837
Net income 27,623 15,392 43,015
Distribution to partners (88,003) (16,439) (104,442)
Balance, March 31, 1996 $5,815,756 $ 646,654 $6,462,410
</TABLE>
See accompanying notes to financial statements.
-3-
<PAGE>
PDC 1993-E 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) $ 43,015 (15,712)
Adjustments to reconcile net income (loss)
to net cash provided from
operating activities:
Depreciation, depletion,
and amortization 110,531 105,614
Changes in operating assets
and liabilities:
(Increase) decrease in accounts receivable
- oil and gas revenues (38,066) 37,754
Decrease in accrued expenses (11,288) (250)
Net cash provided from
operating activities 104,192 127,406
Cash flows from financing activities:
Distributions to partners (104,442) (126,868)
Net cash used
by financing activities (104,442) (126,868)
Net (decrease) increase in cash (250) 538
Cash at beginning of period 1,713 2,042
Cash at end of period $ 1,463 2,580
</TABLE>
See accompanying notes to financial statements.
-4-
<PAGE>
PDC 1993-E 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
The Partnership was funded on December 31, 1993 with initial Limited
and Additional General Partner contributions of $7,408,795 and the Managing
General Partner contributed $720,299. Offering, organization and legal
costs of $926,100 were incurred leaving available capital of $7,202,994 for
Partnership activities.
The Partnership began exploration and development activities
subsequent to the funding of the Partnership and completed well drilling
activities by March 31, 1995. Thirty-six wells have been drilled, of which
thirty-four have been completed as producing wells.
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 $164,925.
The Partnership's revenues from oil and gas 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 approximately 28% during the first quarter
of 1996 compared to 1995 due to the increase in the sales price of natural
gas as referred to above. While the Partnership experienced a modest net
income, depreciation, depletion and amortization is a non-cash expense and
therefore the Partnership distributed $104,442 to the partners during 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 1993-E 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> 0000921111
<NAME> PDC 1993-E
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> MAR-31-1996
<CASH> 1,463
<SECURITIES> 0
<RECEIVABLES> 177,690
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 179,153
<PP&E> 7,115,383
<DEPRECIATION> 835,215
<TOTAL-ASSETS> 6,476,638
<CURRENT-LIABILITIES> 14,228
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 6,462,410
<TOTAL-LIABILITY-AND-EQUITY> 6,476,638
<SALES> 210,484
<TOTAL-REVENUES> 213,347
<CGS> 59,801
<TOTAL-COSTS> 170,332
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 43,015
<INCOME-TAX> 0
<INCOME-CONTINUING> 43,015
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 43,015
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
