U.S. Securities and Exchange Commission
Washington, D.C. 20549
Form 10-QSB
(Mark One)
[ X ] QUARTERLY REPORT PURSUANT SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1996
[ ] TRANSITION REPORT PURSUANT SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________
Commission file number 33-82188
Atlas-Energy for the Nineties-Public #3 Ltd.
(Name of small business issuer in its charter)
Pennsylvania 25-1758822
(State or other jurisdiction of ( I.R.S. Employer identification No.)
incorporated or organization)
311 Rouser Road, Moon Township, Pennsylvania 15108
(Address of principal executive offices) (Zip Code)
Issuer's telephone (412) 262-2830
(Former name, former address and former fiscal year, if changed since last
report)
Check whether the issuer (1) 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 X No
PART I
Item 1. Financial Statements
The unaudited Financial Statements of Atlas-Energy for the Nineties-
Public #3 Ltd. (the "Partnership") for the period January 1, 1996 to
September 30, 1996 follow.
Item 2. Description of Business
The Partnership distributed its sixth quarterly production revenue on
September 15, 1996 from production of natural gas from the Partnership's 25.5
net wells which were on line for the production period of January 1
through June 30, 1996.
Net production revenue of $ 901,265 includes pumpers fees($275 per month
/well, while expenses for this period include $75 per month/well for
administrative costs.
For the next twelve months management believes that the Partnership
has adequate capital. The Partnership's commitments pursuant to the
drilling and operating agreement are expected to be fulfilled through
revenues generated from the sale of gas and oil.
PART II
Item 1. Legal Proceeding
None
Item 2. Changes in Securities
None
Item 3. Defaults Upon Senior Securities
None
Item 4. Submission of Matters to a Vote of Securities Holders
None
Item 5. Other Matters
None
Item 6. Reports on Form 8-K
The registrant filed no reports on Form 8-K during the last
quarter of the period covered by this report.
UNAUDITED FINANCIAL STATEMENTS
ATLAS-ENERGY FOR THE NINETIES--PUBLIC #3 LTD.
A PENNSYLVANIA LIMITED PARTNERSHIP
BALANCE SHEET (Unaudited)
September 30, 1996
<TABLE>
<S> <C> <C> <S>
ASSETS 9/30/96 12/31/95 Increase
Decrease
Cash $ 64,405 $ 22,996 $ 41,409
Accounts receivable 231,955 387,590 (155,635)
Oil and gas drilling contracts and leases(net) 4,358,883 5,071,944 (713,061)
Organizational and Syndication costs 644,799 750,280 (105,481)
===========
TOTAL ASSETS $5,300,043 $ 6,232,810 $ (932,767)
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable $ 9,870 $ 8,313 $ 1,557
Partners' capital 5,290,172 6,224,497 (934,325)
=========== =========== ===========
TOTAL LIABILITIES AND PARTNERS CAPITAL $5,300,043 6,232,810 (932,767)
- ------------------------------------------------------------------------------------------------
</TABLE>
STATEMENT OF INCOME - (UNAUDITED)
ATLAS-ENERGY FOR THE NINETIES--PUBLIC #3 LTD.
A PENNSYLVANIA LIMITED PARTNERSHIP
For the nine months ended September 30, 1996
REVENUE
Natural gas sales $1,194,432
Less direct operating costs:
Royalty interest 191,596
Other 101,571
----------
Total Operating Cost 293,167
----------
Net Production revenues 901,265
Interest Income 8,936
----------
Total Revenue 910,201
EXPENSES
Depletion and depreciation of oil and gas wells and leases 713,061
Amortization of organizational and syndication costs 105,481
General and administrative fees 16,043
Professional fees 9,251
Other 950
----------
Total Expenses 844,786
----------
NET INCOME (LOSS) $ 65,414
==========
- ----------------------------------------------------------------------------
STATEMENT OF CASH FLOWS - (UNAUDITED)
ATLAS-ENERGY FOR THE NINETIES--PUBLIC #3 LTD.
A PENNSYLVANIA LIMITED PARTNERSHIP
For the nine months ended September 30, 1996
Cash flows from operating activities
Net Income $ 65,414
Adjustments to reconcile net income to net cash
provided by operating activities:
Depletion and depreciation 713,061
Amortization 105,481
Decrease in accounts receivable 155,635
Increase in accounts payable 1,557
-----------
Net cash provided by operating activities 1,041,148
Cash flows used in financing activities:
Capital Distributions ( 999,740)
-----------
Net Increase(Decrease) in Cash 41,409
Cash at beginning of period 22,996
-----------
Cash at September 30, 1996 $ 64,405
- ----------------------------------------------------------------------------
STATEMENT OF CHANGES IN PARTNERS' CAPITAL ACCOUNTS - (UNAUDITED)
ATLAS-ENERGY FOR THE NINETIES--PUBLIC #3 LTD.
A PENNSYLVANIA LIMITED PARTNERSHIP
For the nine months ended September 30, 1996
MANAGING
GENERAL OTHER
PARTNER PARTNERS TOTAL
BALANCE AT JANUARY 1, 1996 $ 967,906 $5,256,591 $6,224,497
Participation in revenue and expenses:
Net production revenues 225,316 675,949 901,265
Interest Income 2,234 6,702 8,936
Depletion and depreciation (18,581) (694,480) (713,061)
Amortization (105,481) 0 (105,481)
Other costs (6,561) (19,683) (26,244)
----------- ------------ -----------
Net income (loss) 96,927 (31,512) 65,415
Distributions (250,036) (749,704) (999,740)
----------- ------------ -----------
BALANCE AT SEPTEMBER 30 , 1996 $ 814,797 $4,475,375 $5,290,172
See notes to unaudited financial statements.
- ----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
ATLAS-ENERGY FOR THE NINETIES--PUBLIC #3 LTD.
A PENNSYLVANIA LIMITED PARTNERSHIP
September 30, 1996
1. INTERIM FINANCIAL STATEMENTS
The financial statements as of September 30, 1996 for the nine months
then ended have been prepared by the management of the Partnership without
audit, pursuant to the rules and regulations of the Securities and Exchange
Commission. Certain information and footnote disclosures normally included
in financial statements prepared in accordance with generally accepted
accounting principles have been omitted pursuant to such rules and
regulations, although the Partnership believes that the disclosures are
adequate to make the information presented not misleading. These financial
statements should be read in conjunction with the audited December 31, 1995
financial statements. In the opinion of management, all adjustments
(consisting of only normal recurring accruals) considered necessary for
presentation have been included.
2. SIGNIFICANT ACCOUNTING POLICIES
The Partnership uses the successful efforts method of accounting for
oil and gas activities. Costs to acquire mineral interests in oil and gas
properties, drill and equip wells and organizational and syndication costs
are capitalized. Oil and gas properties are periodically assessed and when
unamortized costs exceed expected future net cash flows, a loss is
recognized by a charge to income.
Capitalized costs are expensed at unit cost rates calculated annually
based on the estimated volume of recoverable gas and the related costs.
SIGNATURES
In accordance with Section 13 or 15(d) of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
Atlas-Energy for the Nineties--Public #3 Ltd.
By (Signature and Title): Atlas Resources, Inc.,
Managing General Partner
By (Signature and Title): /s/ James R. O'Mara
James R. O'Mara
President, Chief Executive Officer and a Director
Date: November 15, 1996
In Accordance with the Exchange Act, this report has been signed by the
following persons on behalf of the registrant and in the capacities and on
the dates indicated.
By (Signature and Title): /s/ James R. O'Mara
James R. O'Mara
President, Chief Executive Officer and a Director
Date: November 15, 1996
By (Signature and Title): /s/ Tony C. Banks
Tony C. Banks
Vice President and Chief Financial Officer
Date: November 15, 1996
SIGNATURES
In accordance with Section 13 or 15(d) of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
Atlas-Energy for the Nineties--Public #3 Ltd.
By (Signature and Title): Atlas Resources, Inc.
Managing General Partner
By (Signature and Title): /s/ James R. O'Mara
James R. O'Mara
President, Chief Executive Officer and a Director
Date: November 15, 1996
In Accordance with the Exchange Act, this report has been signed by the
following persons on behalf of the registrant and in the capacities and on
the dates indicated.
By (Signature and Title): /s/ James R. O'Mara
James R. O'Mara
President, Chief Executive Officer and a Director
Date: November 15, 1996
By (Signature and Title): /s/ Tony C. Banks
Tony C. Banks
Vice President and Chief Financial Officer
Date: November 15, 1996
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> SEP-30-1996
<CASH> 64,405
<SECURITIES> 0
<RECEIVABLES> 231,955
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 296,360
<PP&E> 5,881,434
<DEPRECIATION> 1,522,551
<TOTAL-ASSETS> 5,300,043
<CURRENT-LIABILITIES> 9,870
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 5,300,043
<SALES> 1,194,432
<TOTAL-REVENUES> 1,203,368
<CGS> 1,006,228
<TOTAL-COSTS> 1,006,228
<OTHER-EXPENSES> 131,725
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 65,414
<INCOME-TAX> 0
<INCOME-CONTINUING> 65,414
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 65,414
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
