U.S. Securities and Exchange Commission
Washington, D.C. 20549
Form 10-QSB
AMENDED
(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, 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 33-95330
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
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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, 1997 to Sept 30, 1997
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 Sept 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 for the three months was $171,447 includes pumpers
fees of $275.00 per month per well Expenses for this period include
$75.00 per month per well for administrative 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.
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UNAUDITED FINANCIAL STATEMENTS
ATLAS-ENERGY FOR THE NINETIES--PUBLIC #4 LTD.
A PENNSYLVANIA LIMITED PARTNERSHIP
CONSOLIDATED BALANCE SHEET (UNAUDITED)
As of Septmeber 30, 1997 and December 31, 1996
BALANCE SHEET - (UNAUDITED)
ASSETS 9/30/97 12/31/96 Increase
(Decrease)
- -----------------------------------------------------------------------------
Cash $ 169,097 $ 204,711 $ (35,614)
Accounts receivable 171,771 347,537 (175,766)
------- ------- ---------
TOTAL CURRENT ASSETS 340,868 552,248 (211,380)
Oil and gas wells and leases 5,901,528 6,461,901 (560,373)
Organizational and syndication costs 845,421 924,287 (78,866)
---------- ---------- ----------
TOTAL ASSETS $7,087,817 $7,938,436 $(850,619)
========== ========== ==========
LIABILITIES AND PARTNERS' CAPITAL
Accounts payable $ 19,902 25,069 (5,167)
Partners' capital 7,067,915 7,913,367 (845,452)
--------- --------- ---------
TOTAL LIABILITIES AND PARTNERS CAPITAL $7,087,817 $7,938,436 $(850,619)
========= ========= =========
- --------------------------------------------------------------------------
ATLAS-ENERGY FOR THE NINETIES--PUBLIC #4 LTD.
A PENNSYLVANIA LIMITED PARTNERSHIP
STATEMENT OF INCOME
For the nine months ended September 30, 1997
Nine Months Ended Third Quarter Ended
September 30, September 30,
1997 1996 1997 1996
------------------ -------------------
REVENUE
Natural gas sales $840,078 $943,590 $234,596 $390,249
Less direct operating costs:
Royalty interest 105,534 117,993 29,367 48,829
Other 103,585 87,541 33,782 35,327
---------- -------- -------- --------
209,119 205,534 63,149 84,156
---------- -------- -------- --------
Net Production Revenues 630,959 738,056 171,447 306,093
Interest Income 3,504 -0- 1,203 -0-
---------- -------- -------- --------
Total Revenue 634,463 738,056 172,650 306,093
EXPENSES
Depletion and depreciation
of oil and gas wells and
leases 551,374 629,899 154,299 265,682
Amortization of organization
and syndication costs 78,866 89,675 22,071 37,823
General and administrat. fees 20,912 14,966 6,845 6,727
Professional fees 10,331 11,893 -0- 515
Other 1,381 1,079 99 45
---------- ------- ------- -------
Total Expenses 662,864 747,512 183,314 310,792
---------- ------- ------- -------
NET (LOSS) $(28,401) $(9,456) $(10,664) $(4,699)
========== ======== ========= ========
- -----------------------------------------------------------------
ATLAS-ENERGY FOR THE NINETIES--PUBLIC #4 LTD.
A PENNSYLVANIA LIMITED PARTNERSHIP
STATEMENT OF CASH FLOWS (UNAUDITED)
For the nine months ended September 30, 1997
Nine Months Ended
September 30,
1997 1996
--------------------
Increase (Decrease) in Cash
Cash flows from operating activities
Net (Loss) $(28,401) $(9,456)
Adjustments to reconcile net income to net cash
provided by operating activities:
Depletion and depreciation 551,374 629,899
Amortization 78,866 89,675
Decrease (Increase) accounts receivable 175,766 (306,092)
(Decrease) Increase in accounts payable (5,167) 15,710
----------- ----------
Net cash provided by operating activities 772,438 419,736
Cash flows used in financing activities:
Distributions to Partners ( 817,052) (203,205)
Refund of Intangible Drilling Cost 9,000 -0-
---------- ---------
Net Increase (Decrease) in Cash (35,614) 216,531
Cash at beginning of period 204,711 14,314
Cash at end of period $169,097 $230,845
========== ========
- ---------------------------------------------------------------------
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, 1997
MANAGING
GENERAL OTHER
PARTNER PARTNERS TOTAL
BALANCE AT JANUARY 1, 1997 $1,378,492 $6,534,876 $7,913,367
Participation in revenue and expenses:
Natural gas sales 157,740 473,219 630,959
Interest 876 2,628 3,504
Depletion and depreciation ( 27,640) ( 523,734) (551,374)
Amortization ( 78,866) 0 (78,866)
Other costs ( 8,156) ( 24,468) (32,624)
----------- ---------- --------
Net income (loss) 43,954 ( 72,355) (28,401)
Distributions (187,646) ( 629,406) (817,052)
----------- ----------- ----------
BALANCE AT September 30, 1997 $1,234,800 $5,833,115 $7,067,915
=========== ========== ==========
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NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
ATLAS-ENERGY FOR THE NINETIES--PUBLIC #4 LTD.
A PENNSYLVANIA LIMITED PARTNERSHIP
Septmeber 30, 1997
1. INTERIM FINANCIAL STATEMENTS
The financial statements as of September 30, 1997 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, 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 of oil and gas wells, leases and organization and
syndication costs are depreciated, depleted and amortized by the unit of
production method.
- -----------------------------------------------------------------------------
MANAGEMENT'S DISCUSSION AND ANALYSIS
Management's discussion and analysis should be read in conjunction with the
financial statements and notes thereto.
Results of Operations
- ---------------------
Nine Months Ended September 30, 1997
- ------------------------------------
Net production revenue for the nine months ended September 30, 1997 are down
$107,097 (14%) due primarily to normal declines in natural gas production from
435,402 Mcf in the nine months ended September 30, 1996 to 361,622 Mcf in the
current nine months. The production declines are net of increases in revenues
and operating costs attributable to wells being on-line for the full period
in the current nine months compared with the prior year. Natural gas prices
increased by $.15/Mcf to $2.32/Mcf during the current nine months to partially
offset the effect of the decline in production.
Quarter Ended September 30, 1997
- --------------------------------
Net production revenue for the three months ended September 30, 1997 are down
$134,646 (34%) due primarily to normal declines in natural gas production
from 183,944 Mcf in the three months ended September 30, 1996 to 106,087 Mcf
in the current three months. Natural gas prices increased by $.09/Mcf to
$2.21/Mcf during the current three months to partially offset the effect of a
decline in production.
Financial Position
- ------------------
Liquidity
- ---------
The partnership's working capital decreased 39% from $527,179 at December 31,
1996 to $320,966 at September 30, 1997. The decrease is attributable to
normal declines in natural gas production which result in lower receivables
for gas produced but not yet sold at the end of the reporting period.
Capital Resources
There were no new material commitments for capital expenditures during the
period and the Partnership does not expect any in the foreseeable future.
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: December 31, 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: December 31, 1997
By (Signature and Title): /S/ Tony C. Banks
Tony C. Banks
Vice President and Chief Financial Officer
Date: December 31, 1997
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<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> SEP-30-1997
<CASH> 169,097
<SECURITIES> 0
<RECEIVABLES> 171,771
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 340,868
<PP&E> 8,362,419
<DEPRECIATION> (1,615,470)
<TOTAL-ASSETS> 7,087,817
<CURRENT-LIABILITIES> 19,902
<BONDS> 0
0
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<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 7,087,817
<SALES> 840,078
<TOTAL-REVENUES> 843,582
<CGS> 760,493
<TOTAL-COSTS> 760,493
<OTHER-EXPENSES> 111,490
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (28,401)
<INCOME-TAX> 0
<INCOME-CONTINUING> (28,401)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (28,401)
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