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 June 30, 1997
[ ] 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, 1997 to
June 30, 1997 follow.
Item 2. Description of Business
The Partnership distributed its 9th quarterly production revenue on
June 5, 1997 from production of natural gas from the Partnership's 25.5
net wells.
Net production revenue of $ 169,622 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)
June 30, 1997
ASSETS
March 31, December 31, Increase
CURRENT ASSETS 1997 1996 (Decrease)
--------- ------------ ----------
Cash 5,375 59,207 (53,832)
Accounts receivables 169,622 246,001 (76,379)
Oil and Gas drilling contracts/leases 3,877,340 4,175,837 (298,497)
Organizational/Syndication Costs 570,671 617,721 (47,050)
--------- --------- ---------
TOTAL CURRENT ASSETS 4,623,008 5,098,766 (475,758)
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable 5,299 9,245 (3,946)
Partners' Capital 4,617,709 5,089,521 (471,812)
--------- --------- ---------
4,623,008 5,098,766 (475,758)
- ----------------------------------------------------------------------------
STATEMENT OF INCOME
ATLAS-ENERGY FOR THE NINETIES--PUBLIC #3 LTD.
- -----------------------------------------------
A PENNSYLVANIA LIMITED PARTNERSHIP
For the six months ended June 30, 1997
REVENUE
- -------
Natural gas sales 490,153
Less direct operating costs:
Royalty Interest 59,768
Other 49,696
--------
109,464
--------
Net Production Revenues 380,689
Interest Income 2,258
--------
Total Revenue 382,947
EXPENSES
- --------
Depletion and depreciation of oil and gas wells and leases 296,132
Amortization of organizational and syndication costs 49,415
General and administrative fees 10,847
Professional fees 10,084
Other 1,176
--------
Total Expenses 367,654
--------
NET INCOME 15,293
========
STATEMENT OF CASH FLOWS
ATLAS-ENERGY FOR THE NINETIES--PUBLIC #3 LTD.
- -----------------------------------------------
A PENNSYLVANIA LIMITED PARTNERSHIP
For the six months ended June 30, 1997
Increase (Decrease) in Cash
------------------------------
Cash flows from operating activities
Net Income 15,293
Adjustments to reconcile net income to net cash
provided by operating activities:
Depletion and depreciation 296,132
Amortization 49,415
Decrease in accounts receivable 76,379
Decrease in accounts payable (3,946)
------------
Cash provided by operating activities 433,273
Cash flows used in financing activities:
Distributions to Partners (487,105)
------------
Net (Decrease) in Cash (53,832)
Cash at beginning of period 59,207
-------------
Cash as of March 31, 1997 5,375
=============
- ----------------------------------------------------------------------------
STATEMENT OF CHANGES IN PARTNERS' CAPITAL ACCOUNTS - (UNAUDITED)
ATLAS-ENERGY FOR THE NINETIES--PUBLIC #3 LTD.
A PENNSYLVANIA LIMITED PARTNERSHIP
For the six months ended June 30, 1997
MANAGING
GENERAL OTHER
PARTNER PARTNERS TOTAL
BALANCE AT JANUARY 1, 1997 $ 785,319 $ 4,304,202 $ 5,089,521
Participation in revenue
and expenses:
Natural gas sales 95,172 285,517 380,689
Interest 565 1,693 2,258
Depletion and depreciation (7,844) (293,170) (301,014)
Amortization (44,533) 0 (44,533)
Other costs (5,527) (16,580) (22,107)
---------- ----------- -----------
37,833 (22,540) 15,293
Distributions (107,772) (379,334) (487,106)
---------- ----------- -----------
BALANCE AT JUNE 30, 1997 715,380 3,902,329 4,617,709
========== =========== ===========
See notes to unaudited financial statements.
- ----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
ATLAS-ENERGY FOR THE NINETIES--PUBLIC #3 LTD.
A PENNSYLVANIA LIMITED PARTNERSHIP
June 30, 1997
1. INTERIM FINANCIAL STATEMENTS
The financial statements as of June 30, 1997 and for the six 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, 1996
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: June 30, 1997
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: June 30, 1997
By (Signature and Title): /s/ Tony C. Banks
Tony C. Banks
Vice President and Chief Financial Officer
Date: June 30, 1997
- -----------------------------------------------------------------------------
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<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<CASH> 5,375
<SECURITIES> 0
<RECEIVABLES> 169,622
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 174,997
<PP&E> 5,881,534
<DEPRECIATION> (2,004,194)
<TOTAL-ASSETS> 4,623,008
<CURRENT-LIABILITIES> 5,299
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 4,623,008
<SALES> 490,153
<TOTAL-REVENUES> 492,411
<CGS> 405,596
<TOTAL-COSTS> 405,596
<OTHER-EXPENSES> 71,522
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 15,293
<INCOME-TAX> 0
<INCOME-CONTINUING> 15,293
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 15,293
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
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