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 33-95330
Atlas-Energy for the Nineties-Public #4 Ltd.
(Name of small business issuer in its charter)
Pennsylvania 25-1772474
(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
#4 Ltd. (the "Partnership") for the period January 1, 1996 to September 30,
1996.
Item 2. Description of Business
The Partnership has drilled and completed approximately 31.5 net wells to
the Clinton/Medina formation in Mercer and Venango Counties, Pennsylvania.
As of June 30, 1996, 31.5 net wells are in production. The first quarterly
distribution was on July 8, 1996 for natural gas production during February,
March and April, 1996. All wells are on line.
Net Production revenue was 738,056 which includes pumpers fees of $275.00 per
month per well Expenses for this period include $75.00 per month per well
for admininstrative costs.
For the next twelve months management believes that the Partnership has
adequate capital. No other wells will be drilled and, therefore, no
additional funds will be required.
Although management does not anticipate that the Partnership will have to
do so, any additional funds which may be required will be obtained from
production revenues from Partnership wells or from borrowings by the
Partnership from Atlas or its affiliates, although Atlas is not
contractually committed to make such a loan. No borrowings will be
obtained from third parties.
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 #4 LTD.
A PENNSYLVANIA LIMITED PARTNERSHIP
September 30, 1996
BALANCE SHEET - (UNAUDITED)
<TABLE>
<S> <C> <C> <S>
ASSETS 9/30/96 12/31/95 Increase
(Decrease)
Cash $ 230,845 $ 14,314 $ 216,531
Accounts receivable 306,092 0 306,092
Oil and gas wells and leases 6,736,400 7,366,299 (629,899)
Organizational and syndication costs 959,028 1,048,703 (89,675)
=========== ========== ==========
TOTAL ASSETS $8,232,365 $8,429,316 $(196,951)
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable $ 15,710 0 15,710
Partners' capital 8,216,655 8,429,316 (212,661)
=========== ========== ===========
TOTAL LIABILITIES AND PARTNERS CAPITAL $8,232,365 $8,429,316 $(196,951)
- ----------------------------------------------------------------------------------------------
STATEMENT OF INCOME - (UNAUDITED)
ATLAS-ENERGY FOR THE NINETIES--PUBLIC #4 LTD.
A PENNSYLVANIA LIMITED PARTNERSHIP
For the nine months ended September 30, 1996
REVENUE
Natural gas sales $ 943,590
Less direct operating costs:
Royalty interest 117,993
Other 87,541
----------
205,534
Net Production Revenues 738,056
----------
Total Revenue 738,056
EXPENSES
Depletion and depreciation of oil and gas wells and leases 629,899
Amortization of organizational and syndication costs 89,675
General and administrative fees 14,966
Professional fees 11,893
Other 1,079
----------
Total Expenses 747,512
==========
NET income (LOSS) $ (9,456)
- -------------------------------------------------------------------------------------------
STATEMENT OF CASH FLOWS - (UNAUDITED)
ATLAS-ENERGY FOR THE NINETIES--PUBLIC #4 LTD.
A PENNSYLVANIA LIMITED PARTNERSHIP
For the nine months ended September 30, 1996
Increase (Decrease) in Cash
Cash flows from operating activities
Net Loss $ (9,456)
Adjustments to reconcile net income to net cash
provided by operating activities:
Depletion and depreciation 629,899
Amortization 89,675
Increase in accounts receivable (306,092)
Increase in accounts payable 15,710
-----------
Net cash provided by operating activities 419,736
Cash flows used in financing activities:
Distributions to Partners ( 203,205)
-----------
Net Increase (Decrease) in Cash 216,531
Cash at beginning of period 14,314
Cash at September 30, 1996 $ 230,845
===========
- -----------------------------------------------------------------------------------------
</TABLE>
STATEMENT OF CHANGES IN PARTNERS' CAPITAL ACCOUNTS - (UNAUDITED)
ATLAS-ENERGY FOR THE NINETIES--PUBLIC #4 LTD.
A PENNSYLVANIA LIMITED PARTNERSHIP
For the nine months September 30, 1996
<TABLE>
MANAGING
GENERAL OTHER
PARTNER PARTNERS TOTAL
<S> <C> <C> <C> <C> <C>
BALANCE AT JANUARY 1, 1996 $1,423,652 $7,005,664 $8,429,316
Participation in revenue and expenses:
Natural gas sales 184,514 553,542 738.056
Depletion and depreciation ( 32,062) ( 597,837) (629,899)
Amortization ( 89,675) 0 (89,675)
Other costs ( 6,985) ( 20,953) (27,938)
----------- ---------- --------
Net income (loss) 55,792 ( 65,248) (9,456)
Distributions (13,891) ( 189,314) (203,205)
=========== =========== ==========
BALANCE AT September 30, 1996 $ 1,465,553 $6,751,102 $8,216,655
</TABLE>
- -----------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
ATLAS-ENERGY FOR THE NINETIES--PUBLIC #4 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 of oil and gas wells, leases and organization and
syndication costs are depreciated, depleted and amortized by the unit of
production method.
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 #4 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 #4 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> 230,845
<SECURITIES> 0
<RECEIVABLES> 306,092
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 536,937
<PP&E> 7,354,678
<DEPRECIATION> (618,278)
<TOTAL-ASSETS> 8,232,365
<CURRENT-LIABILITIES> 15,710
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 8,232,365
<SALES> 943,590
<TOTAL-REVENUES> 943,590
<CGS> 835,433
<TOTAL-COSTS> 835,433
<OTHER-EXPENSES> 117,613
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (9,456)
<INCOME-TAX> 0
<INCOME-CONTINUING> (9,456)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (9,456)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
