ITEM 1. BUSINESS
General
The Geodyne Energy Income Limited Partnership II-A (the "II-A Partnership"), Geodyne Energy Income Limited Partnership II-B (the "II-B Partnership"), Geodyne Energy Income Limited Partnership II-C (the "II-C Partnership"), Geodyne Energy Income Limited Partnership II-D (the "II-D Partnership"), Geodyne Energy Income Limited Partnership II-E (the "II-E Partnership"), Geodyne Energy Income Limited Partnership II-F (the "II-F Partnership"), Geodyne Energy Income Limited Partnership II-G (the "II-G Partnership"), and Geodyne Energy Income Limited Partnership II-H (the "II-H Partnership") (collectively, the "Partnerships") are limited partnerships formed under the Oklahoma Revised Uniform Limited Partnership Act. Each Partnership is composed of Geodyne Resources, Inc. ("Geodyne"), a Delaware corporation, as the general partner, Geodyne Depositary Company, a Delaware corporation, as the sole initial limited partner, and public investors as substitute limited partners (the "Limited Partners"). The Partnerships commenced operations on the dates set forth below.
Date of Partnership Activation ----------- -----------------
II-A July 22, 1987 II-B October 14, 1987 II-C January 14, 1988 II-D May 10, 1988 II-E September 27, 1988 II-F January 5, 1989 II-G April 10, 1989 II-H May 17, 1989
Immediately following activation, each Partnership invested as a general partner in a separate Oklahoma general partnership which actually conducts the Partnerships' operations. Geodyne serves as managing partner of such general partnerships. Unless the context indicates otherwise, all references to any single Partnership or all of the Partnerships in this Annual Report on Form 10-K (the "Annual Report") are references to the Partnership and its related general partnership, collectively. In addition, unless the context indicates otherwise, all references to the "General Partner" in this Annual Report are references to Geodyne as the general partner of the limited partnerships and as the managing partner of the related general partnerships.
The General Partner currently serves as general partner of 26 limited partnerships including the Partnerships. The General Partner
is a wholly-owned subsidiary of Samson Investment Company. Samson Investment Company and its various corporate subsidiaries, including the General Partner (collectively "Samson"), are primarily engaged in the production and development of and exploration for oil and gas reserves and the acquisition and operation of producing properties. At December 31, 2003, Samson owned interests in approximately 14,000 oil and gas wells located in 20 states of the United States and the countries of Canada, Venezuela, Russia, and Australia. At December 31, 2003, Samson operated approximately 4,000 oil and gas wells located in 14 states of the United States, as well as Canada, Venezuela, Russia, and Australia.
The Partnerships are currently engaged in the business of owning interests in producing oil and gas properties located in the continental United States. The Partnerships may also engage to a limited extent in development drilling on producing oil and gas properties as required for the prudent management of the Partnerships.
As limited partnerships, the Partnerships have no officers, directors, or employees. They rely instead on the personnel of the General Partner and Samson. As of February 15, 2004, Samson employed approximately 1,000 persons. No employees are covered by collective bargaining agreements, and management believes that Samson provides a sound employee relations environment. For information regarding the executive officers of the General Partner, see "Item 10. Directors and Executive Officers of the General Partner."
The General Partner's and the Partnerships' principal place of business is located at Samson Plaza, Two West Second Street, Tulsa, Oklahoma 74103, and their telephone number is (918) 583-1791, or (888) 436-3963 [(888) GEODYNE].
Pursuant to the terms of the partnership agreements for the Partnerships (the "Partnership Agreements") the Partnerships would have terminated on December 31, 2001. However, the Partnership Agreements provide that the General Partner may extend the term of each Partnership for up to five periods of two years each. The General Partner has extended the terms of the Partnerships for their second two-year extension thereby extending their termination date to December 31, 2005. As of the date of this Annual Report, the General Partner has not determined whether to further extend the term of any Partnership.
Funding
Although the Partnership Agreements permit the Partnerships to incur borrowings, the Partnerships' operations and expenses are currently funded out of each Partnership's revenues from oil and gas sales. The General Partner may, but is not required to, advance funds to a Partnership for the same purposes for which Partnership borrowings are authorized.
Principal Products Produced and Services Rendered
The Partnerships' sole business is the production of, and related incidental development of, oil and gas. The Partnerships do not refine or otherwise process crude oil and condensate. The Partnerships do not hold any patents, trademarks, licenses, or concessions and are not a party to any government contracts. The Partnerships have no backlog of orders and do not participate in research and development activities. The Partnerships are not presently encountering shortages of oilfield tubular goods, compressors, production material, or other equipment. However, recent substantial increases in the price of steel may increase the costs of any future workover, recompletion or drilling activities conducted by the Partnerships.
Competition and Marketing
The primary source of liquidity and Partnership cash distributions comes from the net revenues generated from the sale of oil and gas produced from the Partnerships' oil and gas properties. The level of net revenues is highly dependent upon the total volumes of oil and natural gas sold. Oil and gas reserves are depleting assets and will experience production declines over time, thereby likely resulting in reduced net revenues. The level of net revenues is also highly dependent upon the prices received for oil and gas sales, which prices have historically been very volatile and may continue to be so. Additionally, lower oil and natural gas prices may reduce the amount of oil and gas that is economic to produce and reduce the Partnerships' revenues and cash flow. Various factors beyond the Partnerships' control will affect prices for oil and natural gas, such as:
* Worldwide and domestic supplies of oil and natural gas; * The ability of the members of the Organization of Petroleum Exporting Countries ("OPEC") to agree upon and maintain oil prices and production quotas; * Political instability or armed conflict in oil-producing regions or around major shipping areas; * The level of consumer demand and overall economic activity; * The competitiveness of alternative fuels; * Weather conditions; * The availability of pipelines for transportation; and * Domestic and foreign government regulations and taxes.
It is not possible to predict the future direction of oil or natural gas prices or whether the above discussed trends will remain. Operating costs, including General and Administrative Expenses, may not decline over time or may experience only a gradual decline, thus adversely affecting net revenues as either production or oil and natural gas prices decline. In any particular period, net revenues may also be affected by either the receipt of proceeds from property sales or the incursion of additional costs as a result of well workovers, recompletions, new well drilling, and other events.
Significant Customers
The following customers accounted for ten percent or more of the Partnerships' oil and gas sales during the year ended December 31, 2003:
Partnership Purchaser Percentage - ----------- -------------------------------------- ----------
II-A Cinergy Marketing Company ("Cinergy") 16.5% Duke Energy Field Services Inc. ("Duke") 15.0% BP America Production Company 14.6%
II-B Cinergy 26.0% Duke 14.0% Citation Oil & Gas Corp. ("Citation") 12.5%
II-C Cinergy 23.5% Duke 12.8% Citation 10.8%
II-D Cinergy 15.2% Vintage Petroleum, Inc. 11.3%
II-E Cinergy 23.6% Duke 10.6%
II-F Cinergy 13.6%
II-G Cinergy 13.4%
II-H Cinergy 13.2%
In the event of interruption of purchases by one or more of the Partnerships' significant customers or the cessation or material change in availability of open access transportation by the Partnerships' pipeline transporters, the Partnerships may encounter difficulty in marketing their gas and in maintaining historic sales levels. Management does not expect any of its open access transporters to seek authorization to terminate their transportation services. Even if the services were terminated, management believes that alternatives would be available whereby the Partnerships would be able to continue to market their gas.
The Partnerships' principal customers for crude oil production are refiners and other companies which have pipeline facilities near the producing properties of the Partnerships. In the event pipeline facilities are not conveniently available to production areas, crude oil is usually trucked by purchasers to storage facilities.
Oil, Gas, and Environmental Control Regulations
Regulation of Production Operations -- The production of oil and gas is subject to extensive federal and state laws and regulations governing a wide variety of matters, including the drilling and spacing of wells, allowable rates of production, prevention of waste and pollution, and protection of the environment. In addition to the direct costs borne in complying with such regulations, operations and revenues may be impacted to the extent that certain regulations limit oil and gas production to below economic levels.
Regulation of Sales and Transportation of Oil and Gas -- Sales of crude oil and condensate are made by the Partnerships at market prices and are not subject to price controls. The sale of gas may be subject to both federal and state laws and regulations. The provisions of these laws and regulations are complex and affect all who produce, resell, transport, or purchase gas, including the Partnerships. Although virtually all of the Partnerships' gas production is not subject to price regulation, other regulations affect the availability of gas transportation services and the ability of gas consumers to continue to purchase or use gas at current levels. Accordingly, such regulations may have a material effect on the Partnerships' operations and projections of future oil and gas production and revenues.
Future Legislation -- Legislation affecting the oil and gas industry is under constant review for amendment or expansion. Because such laws and regulations are frequently amended or reinterpreted, management is unable to predict what additional energy legislation may be proposed or enacted or the future cost and impact of complying with existing or future regulations.
Regulation of the Environment -- The Partnerships' operations are subject to numerous laws and regulations governing the discharge of materials into the environment or otherwise relating to environmental protection. Compliance with such laws and regulations, together with any penalties resulting from noncompliance, may increase the cost of the Partnerships' operations or may affect the Partnerships' ability to timely complete existing or future activities. Management anticipates that various local, state, and federal environmental control agencies will have an increasing impact on oil and gas operations.
Insurance Coverage
The Partnerships are subject to all of the risks inherent in the exploration for and production of oil and gas including blowouts, pollution, fires, and other casualties. The Partnerships maintain insurance coverage as is customary for entities of a similar size engaged in operations similar to that of the Partnerships, but losses can occur from uninsurable risks or in amounts in excess of existing insurance coverage. In particular, many types of pollution and contamination can exist, undiscovered, for long periods of time and can result in substantial environmental liabilities which are not
insured. The occurrence of an event which is not fully covered by insurance could have a material adverse effect on the Partnerships' financial condition and results of operations.
ITEM 2.
ITEM 2. PROPERTIES
Well Statistics
The following table sets forth the number of productive wells of the Partnerships as of December 31, 2003.
Well Statistics(1) As of December 31, 2003
Number of Gross Wells(2) Number of Net Wells(3) ------------------------ --------------------------- P/ship Total Oil Gas Total Oil Gas ------ ----- --- --- ----- ----- ----- II-A 1,003 756 247 41.50 28.30 13.20 II-B 196 107 89 23.02 14.60 8.42 II-C 263 103 160 7.88 2.68 5.20 II-D 192 74 118 19.57 2.50 17.07 II-E 859 685 174 10.72 4.13 6.59 II-F 863 700 163 11.26 5.80 5.46 II-G 863 700 163 24.28 12.41 11.87 II-H 863 700 163 5.93 2.99 2.94
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(1) The designation of a well as an oil well or gas well is made by the General Partner based on the relative amount of oil and gas reserves for the well. Regardless of a well's oil or gas designation, it may produce oil, gas, or both oil and gas. (2) As used in this Annual Report, "gross well" refers to a well in which a working interest is owned; accordingly, the number of gross wells is the total number of wells in which a working interest is owned. (3) As used in this Annual Report, "net well" refers to the sum of the fractional working interests owned in gross wells. For example, a 15% working interest in a well represents one gross well, but 0.15 net well.
Drilling Activities
During the year ended December 31, 2003, the Partnerships directly or indirectly participated in the drilling activities described below.
II-A Partnership Working Revenue Well Name County St. Interest Interest Type Status - ----------------- --------- --- -------- -------- ---- --------- Inlow #2-11 Caddo OK 0.0000 0.0039 Gas Producing Turley #2-1 Grady OK 0.0000 0.0020 Gas Producing David #4-13 Washita OK 0.0000 0.0024 Gas Producing David #5-13 Washita OK 0.0000 0.0024 Gas Producing Lewis #4-8 Pittsburg OK 0.0000 0.0089 Gas Producing Jo-Mill Unit Borden TX 0.0025 0.0022 Oil Producing (24 new wells) Somers #1-3 Garvin OK 0.0000 0.0005 Gas Producing (Sycamore) Somers #1-3 Garvin OK 0.0000 0.0004 Gas Producing (Hunton) Katie #3-11 Washita OK 0.0000 0.0064 Gas Shut-in Brown Foundation Washita OK 0.0000 0.0009 n/a Well in #4-14 Progress Hamburger #1-13 Washita OK 0.0000 0.0026 n/a Well in Progress Pooler #1-22 Grady OK 0.0000 0.0026 n/a Well in Progress Lott, Andrew #1 Hancock MS 0.0052 0.0046 n/a Dryhole
II-B Partnership Working Revenue Well Name County St. Interest Interest Type Status - ----------------- --------- --- -------- -------- ---- --------- David #4-13 Washita OK 0.0000 0.0027 Gas Producing David #5-13 Washita OK 0.0000 0.0027 Gas Producing Katie #3-11 Washita OK 0.0000 0.0050 Gas Shut-in Brown Foundation Washita OK 0.0000 0.0015 n/a Well in #4-14 Progress Hamburger #1-13 Washita OK 0.0000 0.0025 n/a Well in Progress
II-C Partnership Working Revenue Well Name County St. Interest Interest Type Status - ----------------- --------- --- -------- -------- ---- --------- David #4-13 Washita OK 0.0000 0.0012 Gas Producing Farni #5-21 Roger OK 0.0000 0.0031 Gas Producing Mills David #5-13 Washita OK 0.0000 0.0012 Gas Producing Janet Federal Sweet- WY 0.0000 0.0007 Gas Producing #5-34 water Janet Federal Sweet- WY 0.0000 0.0086 Gas Producing #6-34 water Big Stick Madison Billings ND 0.0007 0.0006 Oil Producing Unit (8 new wells) Katie #3-11 Washita OK 0.0000 0.0021 Gas Shut-in Brown Foundation Washita OK 0.0000 0.0006 n/a Well in #4-14 Progress Hamburger #1-13 Washita OK 0.0000 0.0015 n/a Well in Progress Pankratz #3-35 Dewey OK 0.0000 0.0044 Gas Producing
II-D Partnership Working Revenue Well Name County St. Interest Interest Type Status - ----------------- --------- --- -------- -------- ---- --------- Farni #5-21 Roger OK 0.0000 0.0036 Gas Producing Mills Janet Federal Sweet- WY 0.0000 0.0077 Gas Producing #5-34 water Janet Federal Sweet- WY 0.0000 0.0090 Gas Producing #6-34 water Big Stick Madison Billings ND 0.0074 0.0060 Oil Producing Unit (8 new wells) Pankratz #3-35 Dewey OK 0.0000 0.0050 Gas Producing
II-E Partnership Working Revenue Well Name County St. Interest Interest Type Status - ----------------- --------- --- -------- -------- ---- --------- Wilson A #1 Roger OK 0.0001 0.0001 Gas Producing Mills Davis, N B #15 Sutton TX 0.0000 0.0003 Gas Producing Cascabel #1 (RY) Pecos TX 0.0000 0.0024 Gas Producing Shafter Lake San Andrews TX 0.0009 0.0009 Oil Producing Andres Unit (8 new wells) Andrews Andrews TX 0.0011 0.0011 Oil Producing Waterflood Unit (13 new wells) Aldwell #204 (RY) Reagan TX 0.0000 0.0010 Oil Producing Estes, Kay #8 Sutton TX 0.0000 0.0025 Gas Shut-in Duke #1-C San Juan NM 0.0000 0.0001 Gas Producing Senter #1-B San Juan NM 0.0183 0.0140 Gas Producing Ingham 23 1/2 #1 Terrell TX 0.0000 0.0017 n/a Dryhole Nancy 8 Fed Com #1 Lea NM 0.0000 0.0017 n/a Dryhole
II-F Partnership Working Revenue Well Name County St. Interest Interest Type Status - ----------------- --------- --- -------- -------- ---- ---------
Wilson A #1 Roger OK 0.0002 0.0002 Gas Producing Mills Davis N B #15 Sutton TX 0.0000 0.0003 Gas Producing Cascabel #1 (RY) Pecos TX 0.0000 0.0059 Gas Producing Shafter Lake San Andrews TX 0.0021 0.0023 Oil Producing Andres Unit (8 new wells) Andrews Andrews TX 0.0028 0.0028 Oil Producing Waterflood Unit (13 new Wells) Aldwell #204 (RY) Reagan TX 0.0000 0.0025 Oil Producing Estes, Kay #8 Sutton TX 0.0000 0.0062 Gas Shut-in Duke #1-C San Juan NM 0.0000 0.0000 Gas Producing Senter #1-B San Juan NM 0.0071 0.0055 Gas Producing Ingham 23 1/2 #1 Terrell TX 0.0000 0.0041 n/a Dryhole Nancy 8 Fed Com #1 Lea NM 0.0000 0.0041 n/a Dryhole Ira #1-29 Woods OK 0.0000 0.0058 n/a Dryhole
II-G Partnership Working Revenue Well Name County St. Interest Interest Type Status - ----------------- --------- --- -------- -------- ---- --------- Wilson A #1 Roger OK 0.0004 0.0004 Gas Producing Mills Davis, N B #15 Sutton TX 0.0000 0.0006 Gas Producing Cascabel #1 (RY) Pecos TX 0.0000 0.0123 Gas Producing Shafter Lake San Andrews TX 0.0044 0.0047 Oil Producing Andres Unit (8 new wells) Andrews Andrews TX 0.0058 0.0058 Oil Producing Waterflood Unit (13 new wells) Aldwell #204 (RY) Reagan TX 0.0000 0.0053 Oil Producing Estes, Kay #8 Sutton TX 0.0000 0.0129 Gas Shut-in Duke #1-C San Juan NM 0.0000 0.0002 Gas Producing Senter #1-B San Juan NM 0.0238 0.0182 Gas Producing Ingham 23 1/2 #1 Terrell TX 0.0000 0.0085 n/a Dryhole Nancy 8 Fed Com #1 Lea NM 0.0000 0.0085 n/a Dryhole Ira #1-29 Woods OK 0.0000 0.0125 n/a Dryhole
II-H Partnership Working Revenue Well Name County St. Interest Interest Type Status - ----------------- --------- --- -------- -------- ---- --------- Wilson A #1 Roger OK 0.0001 0.0001 Gas Producing Mills Davis, N B #15 Sutton TX 0.0000 0.0014 Gas Producing Cascabel #1 (RY) Pecos TX 0.0000 0.0029 Gas Producing Shafter Lake San Andrews TX 0.0010 0.0011 Oil Producing Andres Unit (8 new wells) Andrews Andrews TX 0.0013 0.0014 Oil Producing Waterflood Unit (13 new wells) Aldwell #204 (RY) Reagan TX 0.0000 0.0012 Oil Producing Estes, Kay #8 Sutton TX 0.0000 0.0030 Gas Shut-in Duke #1-C San Juan NM 0.0000 0.0001 Gas Producing Senter #1-B San Juan NM 0.0093 0.0071 Gas Producing Ingham 23 1/2 #1 Terrell TX 0.0000 0.0020 n/a Dryhole Nancy 8 Fed Com #1 Lea NM 0.0000 0.0020 n/a Dryhole Ira #1-29 Woods OK 0.0000 0.0031 n/a Dryhole
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Oil and Gas Production, Revenue, and Price History
The following tables set forth certain historical information concerning the oil (including condensates) and gas production, net of all royalties, overriding royalties, and other third party interests, of the Partnerships, revenues attributable to such production, and certain price and cost information. As used in the tables, direct operating expenses include lease operating expenses and production taxes. In addition, gas production is converted to oil equivalents at the rate of six Mcf per barrel, representing the estimated relative energy content of gas and oil, which rate is not necessarily indicative of the relationship of oil and gas prices. The respective prices of oil and gas are affected by market and other factors in addition to relative energy content.
Net Production Data
II-A Partnership ----------------
Year Ended December 31, ---------------------------------------- 2003 2002 2001 ---------- ---------- ---------- Production: Oil (Bbls) 74,313 64,016 67,519 Gas (Mcf) 717,179 821,485 774,153
Oil and gas sales: Oil $2,078,263 $1,499,533 $1,619,453 Gas 3,502,160 2,282,330 3,192,939 --------- --------- --------- Total $5,580,423 $3,781,863 $4,812,392 ========= ========= ========= Total direct operating expenses $1,407,759 $1,516,608 $1,826,037 ========= ========= =========
Direct operating expenses as a percentage of oil and gas sales 25.2% 40.1% 37.9%
Average sales price: Per barrel of oil $27.97 $23.42 $23.99 Per Mcf of gas 4.88 2.78 4.12
Direct operating expenses per equivalent Bbl of oil $ 7.26 $ 7.55 $ 9.29
Net Production Data
II-B Partnership ----------------
Year Ended December 31, ---------------------------------------- 2003 2002 2001 ---------- ---------- ---------- Production: Oil (Bbls) 43,725 40,616 49,375 Gas (Mcf) 548,582 598,159 570,423
Oil and gas sales: Oil $1,282,628 $ 983,366 $1,202,962 Gas 2,574,612 1,629,566 2,474,769 --------- --------- --------- Total $3,857,240 $2,612,932 $3,677,731 ========= ========= ========= Total direct operating expenses $ 998,312 $1,021,964 $1,053,461 ========= ========= =========
Direct operating expenses as a percentage of oil and gas sales 25.9% 39.1% 28.6%
Average sales price: Per barrel of oil $29.33 $24.21 $24.36 Per Mcf of gas 4.69 2.72 4.34
Direct operating expenses per equivalent Bbl of oil $ 7.39 $ 7.28 $ 7.29
Net Production Data
II-C Partnership ----------------
Year Ended December 31, ---------------------------------------- 2003 2002 2001 ---------- ---------- ---------- Production: Oil (Bbls) 15,806 14,351 14,034 Gas (Mcf) 315,371 343,662 302,093
Oil and gas sales: Oil $ 465,997 $ 352,930 $ 340,796 Gas 1,432,288 931,491 1,299,602 --------- --------- --------- Total $1,898,285 $1,284,421 $1,640,398 ========= ========= ========= Total direct operating expenses $ 484,633 $ 432,068 $ 435,859 ========= ========= =========
Direct operating expenses as a percentage of oil and gas sales 25.5% 33.6% 26.6%
Average sales price: Per barrel of oil $29.48 $24.59 $24.28 Per Mcf of gas 4.54 2.71 4.30
Direct operating expenses per equivalent Bbl of oil $ 7.09 $ 6.03 $ 6.77
Net Production Data
II-D Partnership ----------------
Year Ended December 31, ---------------------------------------- 2003 2002 2001 ---------- ---------- ---------- Production: Oil (Bbls) 23,482 31,350 18,970 Gas (Mcf) 724,786 795,913 712,930
Oil and gas sales: Oil $ 672,785 $ 728,533 $ 432,140 Gas 3,226,165 2,128,408 3,149,329 --------- --------- --------- Total $3,898,950 $2,856,941 $3,581,469 ========= ========= ========= Total direct operating expenses $1,075,751 $ 886,247 $1,197,090 ========= ========= =========
Direct operating expenses as a percentage of oil and gas sales 27.6% 31.0% 33.4%
Average sales price: Per barrel of oil $28.65 $23.24 $22.78 Per Mcf of gas 4.45 2.67 4.42
Direct operating expenses per equivalent Bbl of oil $ 7.46 $ 5.40 $ 8.69
Net Production Data
II-E Partnership ----------------
Year Ended December 31, ---------------------------------------- 2003 2002 2001 ---------- ---------- ---------- Production: Oil (Bbls) 19,131 23,426 24,064 Gas (Mcf) 467,472 488,328 490,127
Oil and gas sales: Oil $ 561,004 $ 566,653 $ 585,290 Gas 2,186,172 1,387,404 1,975,920 --------- --------- --------- Total $2,747,176 $1,954,057 $2,561,210 ========= ========= ========= Total direct operating expenses $ 664,928 $ 528,268 $ 818,691 ========= ========= =========
Direct operating expenses as a percentage of oil and gas sales 24.2% 27.0% 32.0%
Average sales price: Per barrel of oil $29.32 $24.19 $24.32 Per Mcf of gas 4.68 2.84 4.03
Direct operating expenses per equivalent Bbl of oil $ 6.85 $ 5.04 $ 7.74
Net Production Data
II-F Partnership ----------------
Year Ended December 31, ---------------------------------------- 2003 2002 2001 ---------- ---------- ---------- Production: Oil (Bbls) 24,828 27,894 30,965 Gas (Mcf) 442,255 451,358 465,214
Oil and gas sales: Oil $ 705,160 $ 663,274 $ 743,066 Gas 1,934,121 1,236,733 1,744,820 --------- --------- --------- Total $2,639,281 $1,900,007 $2,487,886 ========= ========= ========= Total direct operating expenses $ 573,207 $ 421,986 $ 503,882 ========= ========= =========
Direct operating expenses as a percentage of oil and gas sales 21.7% 22.2% 20.3%
Average sales price: Per barrel of oil $28.40 $23.78 $24.00 Per Mcf of gas 4.37 2.74 3.75
Direct operating expenses per equivalent Bbl of oil $ 5.82 $ 4.09 $ 4.64
Net Production Data
II-G Partnership ----------------
Year Ended December 31, ---------------------------------------- 2003 2002 2001 ---------- ---------- ---------- Production: Oil (Bbls) 52,045 58,467 64,898 Gas (Mcf) 941,870 959,663 992,099
Oil and gas sales: Oil $1,478,077 $1,389,987 $1,557,522 Gas 4,127,614 2,633,819 3,727,487 --------- --------- --------- Total $5,605,691 $4,023,806 $5,285,009 ========= ========= ========= Total direct operating expenses $1,221,171 $ 900,203 $1,075,602 ========= ========= =========
Direct operating expenses as a percentage of oil and gas sales 21.8% 22.4% 20.4%
Average sales price: Per barrel of oil $28.40 $23.77 $24.00 Per Mcf of gas 4.38 2.74 3.76
Direct operating expenses per equivalent Bbl of oil $ 5.84 $ 4.12 $ 4.67
Net Production Data
II-H Partnership ----------------
Year Ended December 31, ---------------------------------------- 2003 2002 2001 ---------- ---------- ---------- Production: Oil (Bbls) 12,082 13,577 15,054 Gas (Mcf) 226,604 229,923 237,600
Oil and gas sales: Oil $ 343,099 $322,666 $ 361,412 Gas 992,693 631,670 896,015 --------- ------- --------- Total $1,335,792 $954,336 $1,257,427 ========= ======= ========= Total direct operating expenses $ 295,355 $217,304 $ 260,618 ========= ======= =========
Direct operating expenses as a percentage of oil and gas sales 22.1% 22.8% 20.7%
Average sales price: Per barrel of oil $28.40 $23.77 $24.01 Per Mcf of gas 4.38 2.75 3.77
Direct operating expenses per equivalent Bbl of oil $ 5.92 $ 4.19 $ 4.77
Proved Reserves and Net Present Value
The following table sets forth each Partnership's estimated proved oil and gas reserves and net present value therefrom as of December 31, 2003. The schedule of quantities of proved oil and gas reserves was prepared by the General Partner in accordance with the rules prescribed by the Securities and Exchange Commission (the "SEC"). Certain reserve information was reviewed by Ryder Scott Company, L.P. ("Ryder Scott"), an independent petroleum engineering firm. As used throughout this Annual Report, "proved reserves" refers to those estimated quantities of crude oil, gas, and gas liquids which geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known oil and gas reservoirs under existing economic and operating conditions.
Net present value represents estimated future gross cash flow from the production and sale of proved reserves, net of estimated oil and gas production costs (including production taxes, ad valorem taxes, and operating expenses) and estimated future development costs,
discounted at 10% per annum. Net present value attributable to the Partnerships' proved reserves was calculated on the basis of current costs and prices at December 31, 2003. Such prices were not escalated except in certain circumstances where escalations were fixed and readily determinable in accordance with applicable contract provisions. Oil and gas prices at December 31, 2003 ($29.25 per barrel and $5.77 per Mcf, respectively) were higher than the prices in effect on December 31, 2002 ($28.00 per barrel and $4.74 per Mcf, respectively). This increase in oil and gas prices has caused the estimates of remaining economically recoverable reserves, as well as the values placed on said reserves, at December 31, 2003 to be higher than such estimates and values at December 31, 2002. The prices used in calculating the net present value attributable to the Partnerships' proved reserves do not necessarily reflect market prices for oil and gas production subsequent to December 31, 2003. There can be no assurance that the prices used in calculating the net present value of the Partnerships' proved reserves at December 31, 2003 will actually be realized for such production.
The process of estimating oil and gas reserves is complex, requiring significant subjective decisions in the evaluation of available geological, engineering, and economic data for each reservoir. The data for a given reservoir may change substantially over time as a result of, among other things, additional development activity, production history, and viability of production under varying economic conditions; consequently, it is reasonably possible that material revisions to existing reserve estimates may occur in the near future. Although every reasonable effort has been made to ensure that these reserve estimates represent the most accurate assessment possible, the significance of the subjective decisions required and variances in available data for various reservoirs make these estimates generally less precise than other estimates presented in connection with financial statement disclosures.
Proved Reserves and Net Present Values From Proved Reserves As of December 31, 2003 (1)
II-A Partnership: - ---------------- Estimated proved reserves: Gas (Mcf) 6,602,791 Oil and liquids (Bbls) 578,339 Net Present Value (discounted at 10% per annum) $20,047,342
II-B Partnership: - ---------------- Estimated proved reserves: Gas (Mcf) 5,031,097 Oil and liquids (Bbls) 450,386 Net Present Value (discounted at 10% per annum) $15,115,632
II-C Partnership: - ---------------- Estimated proved reserves: Gas (Mcf) 3,471,332 Oil and liquids (Bbls) 166,878 Net Present Value (discounted at 10% per annum) $ 9,758,125
II-D Partnership: - ---------------- Estimated proved reserves: Gas (Mcf) 8,820,151 Oil and liquids (Bbls) 205,493 Net Present Value (discounted at 10% per annum) $21,844,999
II-E Partnership: - ---------------- Estimated proved reserves: Gas (Mcf) 4,993,342 Oil and liquids (Bbls) 185,726 Net Present Value (discounted at 10% per annum) $12,587,969
II-F Partnership: - ---------------- Estimated proved reserves: Gas (Mcf) 3,805,394 Oil and liquids (Bbls) 294,371 Net Present Value (discounted at 10% per annum) $11,765,661
II-G Partnership: - ---------------- Estimated proved reserves: Gas (Mcf) 8,180,541 Oil and liquids (Bbls) 618,052 Net Present Value (discounted at 10% per annum) $25,544,825
II-H Partnership: - ---------------- Estimated proved reserves: Gas (Mcf) 1,990,234 Oil and liquids (Bbls) 144,069 Net Present Value (discounted at 10% per annum) $ 6,022,844
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(1) Includes certain gas balancing adjustments which cause the gas volumes and net present values to differ from the reserve reports prepared by the General Partner and reviewed by Ryder Scott.
No estimates of the proved reserves of the Partnerships comparable to those included herein have been included in reports to any federal agency other than the SEC. Additional information relating to the Partnerships' proved reserves is contained in Note 4 to the Partnerships' financial statements, included in Item 8 of this Annual Report.
Significant Properties
The following table sets forth the number and percent of each Partnership's total wells which are operated by affiliates of the Partnerships as of December 31, 2003:
Operated Wells ------------------------------------- Partnership Number Percent ----------- ------ ------- II-A 65 6% II-B 38 18% II-C 53 17% II-D 34 15% II-E 39 2% II-F 52 2% II-G 52 2% II-H 52 2%
The following tables set forth certain well and reserve information as of December 31, 2003 for the basins in which the Partnerships own a significant amount of properties. The tables contain the following information for each significant basin: (i) the number of gross wells and net wells, (ii) the number of wells in which only a non-working interest is owned, (iii) the Partnership's total number of wells, (iv) the number and percentage of wells operated by the Partnership's affiliates, (v) estimated proved oil reserves, (vi) estimated proved gas reserves, and (vii) the present value (discounted at 10% per annum) of estimated future net cash flow.
The Anadarko Basin is located in western Oklahoma and the Texas panhandle, while the Southern Oklahoma Folded Belt Basin is located in southern Oklahoma. The Gulf Coast Basin is located in southern Louisiana and southeast Texas, while the Permian Basin straddles west Texas and southeast New Mexico. The Sacramento Basin is located in central California, and the Uinta Basin is located in northeast Utah.
Title to Oil and Gas Properties
Management believes that the Partnerships have satisfactory title to their oil and gas properties. Record title to all of the Partnerships' properties is held by either the Partnerships or Geodyne Nominee Corporation, an affiliate of the General Partner.
Title to the Partnerships' properties is subject to customary royalty, overriding royalty, carried, working, and other similar interests and contractual arrangements customary in the oil and gas industry, to liens for current taxes not yet due, and to other encumbrances. Management believes that such burdens do not materially detract from the value of such properties or from the Partnerships' interest therein or materially interfere with their use in the operation of the Partnerships' business.
ITEM 3.
ITEM 3. LEGAL PROCEEDINGS
A lawsuit styled Xplor Energy Operating Co. v. The Newton Corp, et al., Case No. 99-04-01960-CV, 284th Judicial District Court of Montgomery County, Texas was filed on May 12, 1999. The Newton Corp. ("Newton") acquired an interest at auction in the State 87-S1 (the "Well") owned by the II-A Partnership and two related partnerships (collectively the "Prior Owners"). Eight months after Newton's acquisition of the Prior Owners' interest, the operator of the Well, Xplor Energy Operating Co. ("Xplor"), plugged and abandoned the Well. Xplor filed this lawsuit on May 12, 1999 alleging that the Prior Owners were the record owners of the lease when it expired and that the Prior Owners were responsible for the costs of plugging and abandoning the Well. Xplor sought to recover the Prior Owners' proportionate share of the costs to plug and abandon the well along with attorneys' fees and interest. The Prior Owners denied liability and cross-claimed against Newton for indemnity for any amounts that may be awarded to Xplor. Newton in turn alleged that the Prior Owners were liable for the plugging costs. Trial was held on August 6, 2001. At the conclusion of the trial the Court awarded Xplor $86,000 plus $200,000 in attorney fees and awarded Newton $300 plus $161,000 in attorney fees to be divided among the Prior Owners. On January 15, 2002 the Prior Owners filed an appeal of the matter with the Court of Appeals, Fifth District of Texas, Dallas, Texas, Case No. 05-02-00070-CV. The II-A Partnership has approximately 15 percent of the liability with respect to the trial court judgment rendered in the matter.
On April 23, 2002 the Prior Owners entered into a settlement agreement with Xplor thereby settling for $165,000 the judgment in favor of Xplor. On January 23, 2003 the Court of Appeals ruled against Newton on all issues except the one claim resulting in the $300 liability to the Prior Owners, and remanded the case to the trial court to determine and award to Newton any portion of the alleged attorneys' fees awarded to them that is attributable solely to the $300 award against the Prior Owners. The Prior Owners requested the Texas Supreme Court to reverse this decision as to the $300 claim and its related attorneys' fees. The Texas Supreme Court
initially declined to consider this request, but the Prior Owners have asked the court to reconsider this decision.
A lawsuit styled Robert W. Scott, Individually and as Managing Member of R.W. Scott Investments, LLC v. Samson Resources Company, Case No. C-01-385, was filed in the District Court of Sweetwater County, Wyoming on June 29, 2001. The lawsuit seeks class action certification and alleges that Samson deducted from its payments to royalty and overriding royalty owners certain charges which were improper under the Wyoming royalty payment statutes. A number of these royalty and overriding royalty payments burdened the interests of the II-C and II-D Partnerships. In February 2003, in an effort to minimize potential exposure created by the Wyoming statutes and accompanying legal fees, Samson refunded to the royalty and overriding royalty interest owners who were potential class members all of the amounts which were claimed to be improperly deducted plus statutory interest thereon. The applicable portions of these refunds, $2,548.31 and $26,768.96, respectively, were recouped from the II-C and II-D Partnerships in the first quarter of 2003. The lawsuit also alleges that Samson's check stubs did not fully comply with the Wyoming Royalty Payment Act. Samson intends to vigorously defend this claim.
Except as described above, to the knowledge of the General Partner, neither the General Partner nor the Partnerships or their properties are subject to any litigation, the results of which would have a material effect on the Partnerships' or the General Partner's financial condition or operations.
ITEM 4.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF LIMITED PARTNERS
There were no matters submitted to a vote of the Limited Partners of any Partnership during 2003.
PART II.
ITEM 5.
ITEM 5. MARKET FOR UNITS AND RELATED LIMITED PARTNER MATTERS
As of March 3, 2004, the number of Units outstanding and the approximate number of Limited Partners of record in the Partnerships were as follows:
Number of Numbers of Partnership Units Limited Partners ----------- --------- ----------------
II-A 484,283 3,304 II-B 361,719 2,084 II-C 154,621 1,094 II-D 314,878 2,254 II-E 228,821 1,720 II-F 171,400 1,369 II-G 372,189 2,082 II-H 91,711 978
Units were initially sold for a price of $100. The Units are not traded on any exchange and there is no public trading market for them. The General Partner is aware of certain transfers of Units between unrelated parties, some of which are facilitated by secondary trading firms and matching services. In addition, as further described below, the General Partner is aware of certain "4.9% tender offers" which have been made for the Units. The General Partner believes that the transfers between unrelated parties have been limited and sporadic in number and volume. Other than trades facilitated by certain secondary trading firms and matching services, no organized trading market for Units exists and none is expected to develop. Due to the nature of these transactions, the General Partner has no verifiable information regarding prices at which Units have been transferred. Further, a transferee may not become a substitute Limited Partner without the consent of the General Partner.
Pursuant to the terms of the Partnership Agreements, the General Partner is obligated to annually issue a repurchase offer which is based on the estimated future net revenues from the Partnerships' reserves and is calculated pursuant to the terms of the Partnership Agreements. Such repurchase offer is recalculated monthly in order to reflect cash distributions to the Limited Partners and extraordinary events. The following table sets forth the General Partner's repurchase offer per Unit as of the periods indicated. For purposes of this Annual Report, a Unit represents an initial subscription of $100 to the Partnership.
Repurchase Offer Prices -----------------------
2002 2003 2004 ------------------------ ------------------------ ---- 1st 2nd 3rd 4th 1st 2nd 3rd 4th 1st P/ship Qtr. Qtr. Qtr. Qtr. Qtr. Qtr. Qtr. Qtr. Qtr. - ------ ---- ---- ---- ---- ---- ---- ---- ---- ----
II-A $16 $15 $14 $13 $12 $11 $18 $16 $15 II-B 15 15 14 13 12 11 17 16 14 II-C 21 21 21 19 18 17 27 25 23 II-D 23 23 30 25 25 23 32 30 29 II-E 15 15 18 16 15 14 24 22 21 II-F 20 19 22 21 19 17 28 26 23 II-G 19 19 22 20 19 17 28 25 23 II-H 19 19 21 20 18 17 27 25 22
In addition to this repurchase offer, some of the Partnerships have been subject to "4.9% tender offers" from several third parties. The General Partner does not know the terms of these offers or the prices received by the Limited Partners who accepted these offers.
Cash Distributions
Cash distributions are primarily dependent upon a Partnership's cash receipts from the sale of oil and gas production and cash
requirements of the Partnership. Distributable cash is determined by the General Partner at the end of each calendar quarter and distributed to the Limited Partners within 45 days after the end of the quarter. Distributions are restricted to cash on hand less amounts required to be retained out of such cash as determined in the sole judgment of the General Partner to pay costs, expenses, or other Partnership obligations whether accrued or anticipated to accrue. In certain instances, the General Partner may not distribute the full amount of cash receipts which might otherwise be available for distribution in an effort to equalize or stabilize the amounts of quarterly distributions. Any available amounts not distributed are invested and the interest or income thereon is for the accounts of the Limited Partners.
The following is a summary of cash distributions paid to the Limited Partners during 2002 and 2003 and the first quarter of 2004.
Cash Distributions ------------------
------------------------------------------------ 1st 2nd 3rd 4th P/ship Qtr. Qtr. Qtr. Qtr. - ------ ------ ------ ------ ------
II-A $ .66 $ .24 $ .93 $ .66 II-B .60 .14 .52 .75 II-C .57 .21 .74 1.74 II-D .25 .24 .93 5.04 II-E .67 - .44 1.22 II-F 1.57 .68 1.27 1.44 II-G 1.63 .68 1.24 1.40 II-H 1.44 .53 1.00 1.44
2003 2004 ------------------------------------------------ ------ 1st 2nd 3rd 4th 1st P/ship Qtr. Qtr. Qtr. Qtr. Qtr. - ------ ------ ------ ------ ------ ------
II-A $ .71 $1.10 $1.87 $1.35 $1.54 II-B .59 1.21 1.58 1.24 1.38 II-C .70 1.44 1.81 1.47 1.77 II-D .66 1.20 1.87 1.27 1.74 II-E 1.02 1.17 2.12 1.70 1.61 II-F 1.86 1.57 2.92 2.59 2.45 II-G 1.81 1.55 2.86 2.51 2.39 II-H 1.71 1.45 2.60 2.37 2.28
ITEM 6.
ITEM 6. SELECTED FINANCIAL DATA
The following tables present selected financial data for the Partnerships. This data should be read in conjunction with the financial statements of the Partnerships, and the respective notes thereto, included elsewhere in this Annual Report. See "Item 8. Financial Statements and Supplementary Data."
ITEM 7.
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Use of Forward-Looking Statements and Estimates
This Annual Report contains certain forward-looking statements. The words "anticipate," "believe," "expect," "plan," "intend," "estimate," "project," "could," "may," and similar expressions are intended to identify forward-looking statements. Such statements reflect management's current views with respect to future events and financial performance. This Annual Report also includes certain information which is, or is based upon, estimates and assumptions. Such estimates and assumptions are management's efforts to accurately reflect the condition and operation of the Partnerships.
Use of forward-looking statements and estimates and assumptions involve risks and uncertainties which include, but are not limited to, the volatility of oil and gas prices, the uncertainty of reserve information, the operating risk associated with oil and gas properties (including the risk of personal injury, death, property damage, damage to the well or producing reservoir, environmental contamination, and other operating risks), the prospect of changing tax and regulatory laws, the availability and capacity of processing and transportation facilities, the general economic climate, the supply and price of foreign imports of oil and gas, the level of consumer product demand, and the price and availability of alternative fuels. Should one or more of these risks or uncertainties occur or should estimates or underlying assumptions prove incorrect, actual conditions or results may vary materially and adversely from those stated, anticipated, believed, estimated, or otherwise indicated.
General Discussion
The following general discussion should be read in conjunction with the analysis of results of operations provided below. The primary source of liquidity and Partnership cash distributions comes from the net revenues generated from the sale of oil and gas produced from the Partnerships' oil and gas properties. The level of net revenues is highly dependent upon the prices received for oil and gas sales, which prices have historically been very volatile and may continue to be so. Additionally, lower oil and natural gas prices may reduce the amount of oil and gas that is economic to produce and reduce the Partnerships' revenues and cash flow. Various factors beyond the Partnerships' control will affect prices for oil and natural gas, such as:
* Worldwide and domestic supplies of oil and natural gas; * The ability of the members of the Organization of Petroleum Exporting Countries ("OPEC") to agree upon and maintain oil prices and production quotas; * Political instability or armed conflict in oil-producing regions or around major shipping areas; * The level of consumer demand and overall economic activity; * The competitiveness of alternative fuels; * Weather conditions; * The availability of pipelines for transportation; and * Domestic and foreign government regulations and taxes.
It is not possible to predict the future direction of oil or natural gas prices or whether the above discussed trends will remain. Operating costs, including General and Administrative Expenses, may not decline over time or may experience only a gradual decline, thus adversely affecting net revenues as either production or oil and natural gas prices decline. In any particular period, net revenues may also be affected by either the receipt of proceeds from property sales or the incursion of additional costs as a result of well workovers, recompletions, new well drilling, and other events.
In addition to pricing, the level of net revenues is also highly dependent upon the total volumes of oil and natural gas sold. Oil and gas reserves are depleting assets and will experience production declines over time, thereby likely resulting in reduced net revenues. Despite this general trend of declining production, several factors can cause the volumes of oil and gas sold to increase or decrease at an even greater rate over a given period. These factors include, but are not limited to, (i) geophysical conditions which cause an acceleration of the decline in production, (ii) the shutting in of wells (or the opening of previously shut-in wells) due to low oil and gas prices, mechanical difficulties, loss of a market or transportation, or performance of workovers, recompletions, or other operations in the well, (iii) prior period volume adjustments (either positive or negative) made by purchasers of the production, (iv) ownership adjustments in accordance with agreements governing the operation or ownership of the well (such as adjustments that occur at payout), and (v) completion of enhanced recovery projects which increase production for the well. Many of these factors are very significant as related to a single well or as related to many wells over a short period of time. However, due to the large number of wells owned by the Partnerships, these factors are generally not material as compared to the normal decline in production experienced on all remaining wells.
Results of Operations
An analysis of the change in net oil and gas operations (oil and gas sales, less lease operating expenses and production taxes), is presented in the tables following "Results of Operations" under the heading "Average Sales Prices, Production Volumes, and Average Production Costs." Following is a discussion of each Partnership's results of operations for the year ended December 31, 2003 as compared to the year ended December 31, 2002 and for the year ended December 31, 2002 as compared to the year ended December 31, 2001.
II-A Partnership ----------------
Year Ended December 31, 2003 Compared to Year Ended December 31, 2002 --------------------------------------
Total oil and gas sales increased $1,798,560 (47.6%) in 2003 as compared to 2002. Of this increase, approximately (i) $338,000 and $1,510,000, respectively, were related to increases in the average prices of oil and gas sold and (ii) $241,000 was related to an increase in the volumes of oil sold. These increases were partially offset by a decrease of approximately $290,000 related to a decrease in volumes of gas sold. Volumes of oil sold increased 10,297 barrels, while volumes of gas sold decreased 104,306 Mcf in 2003 as compared to 2002. The increase in volumes of oil sold was primarily due to (i) an increase in production on one significant well due to the successful recompletion of that well during mid 2002, (ii) an increase in production on another significant well due to the successful workover of that well during mid 2003, and (iii) a positive prior period volume adjustment made by the purchaser on another significant well during 2003. The decrease in volumes of gas sold was primarily due to (i) normal declines in production and (ii) a negative prior period volume adjustment made by the operator on one significant well during 2003. Average oil and gas prices increased to $27.97 per barrel and $4.88 per Mcf, respectively, in 2003 from $23.42 per barrel and $2.78 per Mcf, respectively, in 2002.
As discussed in "Liquidity and Capital Resources" below, the II-A Partnership sold certain oil and gas properties during 2003 and recognized a $9,595 gain on such sales. Sales of oil and gas properties during 2002 resulted in the II-A Partnership recognizing similar gains of $193,272.
Oil and gas production expenses (including lease operating expenses and production taxes) decreased $108,849 (7.2%) in 2003 as compared to 2002. This decrease was primarily due to (i) workover expenses incurred on several wells during 2002, (ii) a
decrease in lease operating expenses associated with the decrease in volumes of gas sold, and (iii) a negative prior period lease operating expense adjustment made by the operator on one significant well during 2003. These decreases were partially offset by (i) an increase in production taxes associated with the increase in oil and gas sales, (ii) a partial reversal during 2002 of approximately $22,000 (due to a partial post-judgment settlement) of a charge previously accrued for a judgment, and (iii) workover expenses incurred on one significant well during 2003. As a percentage of oil and gas sales, these expenses decreased to 25.2% in 2003 from 40.1% in 2002. This percentage decrease was primarily due to the increases in the average prices of oil and gas sold.
Depreciation, depletion, and amortization of oil and gas properties decreased $50,295 (19.2%) in 2003 as compared to 2002. This decrease was primarily due to (i) one significant well being fully depleted in 2002 due to the lack of remaining economically recoverable reserves and (ii) upward revisions in the estimates of remaining oil and gas reserves at December 31, 2003. As a percentage of oil and gas sales, this expense decreased to 3.8% in 2003 from 6.9% in 2002. This percentage decrease was primarily due to the increases in the average prices of oil and gas sold.
General and administrative expenses remained relatively constant in 2003 and 2002. As a percentage of oil and gas sales, these expenses decreased to 10.1% in 2003 from 14.7% in 2002. This percentage decrease was primarily due to the increase in oil and gas sales.
The Limited Partners have received cash distributions through December 31, 2003 totaling $57,992,357 or 119.75% of Limited Partners' capital contributions.
Year Ended December 31, 2002 Compared to Year Ended December 31, 2001 --------------------------------------
Total oil and gas sales decreased $1,030,529 (21.4%) in 2002 as compared to 2001. Of this decrease, approximately $1,106,000 was related to a decrease in the average price of gas sold, which decrease was partially offset by an increase of approximately $195,000 related to an increase in volumes of gas sold. Volumes of oil sold decreased 3,503 barrels, while volumes of gas sold increased 47,332 Mcf in 2002 as compared to 2001. The increase in volumes of gas sold was primarily due to (i) a negative prior period gas balancing adjustment on one significant well during 2001 and (ii) an increase in production on another significant well due to the successful workover of that well during late 2001 and early 2002. These increases were partially offset by normal declines in production. Average oil and gas prices decreased to
$23.42 per barrel and $2.78 per Mcf, respectively, in 2002 from $23.99 per barrel and $4.12 per Mcf, respectively, in 2001.
As discussed in "Liquidity and Capital Resources" below, the II-A Partnership sold certain oil and gas properties during 2002 and recognized a $193,272 gain on such sales. Sales of oil and gas properties during 2001 resulted in the II-A Partnership recognizing similar gains of $137,823.
Oil and gas production expenses (including lease operating expenses and production taxes) decreased $309,429 (16.9%) in 2002 as compared to 2001. This decrease was primarily due to (i) workover expenses incurred on several wells during 2001, (ii) positive prior period lease operating expense adjustments made by the operator on several wells during 2001, and (iii) a partial reversal during 2002 of approximately $22,000 (due to a partial post-judgment settlement) of a charge previously accrued for a judgment. These decreases were partially offset by workover expenses incurred on several wells during 2002. As a percentage of oil and gas sales, these expenses increased to 40.1% in 2002 from 37.9% in 2001.
Depreciation, depletion, and amortization of oil and gas properties decreased $511,014 (66.2%) in 2002 as compared to 2001. This decrease was primarily due to (i) two significant wells being fully depleted in 2001 due to the lack of remaining economically recoverable reserves and (ii) upward revisions in the estimates of remaining oil and gas reserves at December 31, 2002. As a percentage of oil and gas sales, this expense decreased to 6.9% in 2002 from 16.1% in 2001. This percentage decrease was primarily due to the dollar decrease in depreciation, depletion, and amortization.
General and administrative expenses increased $6,689 (1.2%) in 2002 as compared to 2001. As a percentage of oil and gas sales, these expenses increased to 14.7% in 2002 from 11.4% in 2001. This percentage increase was primarily due to the decrease in oil and gas sales.
II-B Partnership ----------------
Year Ended December 31, 2003 Compared to Year Ended December 31, 2002 --------------------------------------
Total oil and gas sales increased $1,244,308 (47.6%) in 2003 as compared to 2002. Of this increase, approximately $224,000 and $1,080,000, respectively, were related to increases in the average prices of oil and gas sold. These increases were partially offset by a decrease of approximately $135,000 related to a decrease in volumes of gas sold. Volumes of oil sold
increased 3,109 barrels, while volumes of gas sold decreased 49,577 Mcf in 2003 as compared to 2002. Average oil and gas prices increased to $29.33 per barrel and $4.69 per Mcf, respectively, in 2003 from $24.21 per barrel and $2.72 per Mcf, respectively, in 2002.
Oil and gas production expenses (including lease operating expenses and production taxes) decreased $23,652 (2.3%) in 2003 as compared to 2002. This decrease was primarily due to workover expenses incurred on several wells during 2002, which decrease was partially offset by an increase in production taxes associated with the increase in oil and gas sales. As a percentage of oil and gas sales, these expenses decreased to 25.9% in 2003 from 39.1% in 2002. This percentage decrease was primarily due to the increases in the average prices of oil and gas sold.
Depreciation, depletion, and amortization of oil and gas properties decreased $64,625 (29.5%) in 2003 as compared to 2002. This decrease was primarily due to (i) upward revisions in the estimates of remaining oil and gas reserves at December 31, 2003 and (ii) one significant well being fully depleted in 2002 due to the lack of remaining economically recoverable reserves. As a percentage of oil and gas sales, this expense decreased to 4.0% in 2003 from 8.4% in 2002. This percentage decrease was primarily due to (i) the increases in the average prices of oil and gas sold and (ii) the dollar decrease in depreciation, depletion, and amortization.
General and administrative expenses remained relatively constant in 2003 and 2002. As a percentage of oil and gas sales, these expenses decreased to 11.0% in 2003 from 16.1% in 2002. This percentage decrease was primarily due to the increase in oil and gas sales.
The Limited Partners have received cash distributions through December 31, 2003 totaling $41,728,916 or 115.36% of Limited Partners' capital contributions.
Year Ended December 31, 2002 Compared to Year Ended December 31, 2001 --------------------------------------
Total oil and gas sales decreased $1,064,799 (29.0%) in 2002 as compared to 2001. Of this decrease, approximately (i) $966,000 was related to a decrease in the average price of gas sold and (ii) $213,000 was related to a decrease in volumes of oil sold. These decreases were partially offset by an increase of approximately $120,000 related to an increase in volumes of gas sold. Volumes of oil sold decreased 8,759 barrels, while volumes of gas sold increased 27,736 Mcf in 2002 as compared to 2001. The decrease in volumes of oil sold was primarily due to (i) normal declines in production and (ii) a positive prior
period volume adjustment made by the operator on one significant well during 2001. Average oil and gas prices decreased to $24.21 per barrel and $2.72 per Mcf, respectively, in 2002 from $24.36 per barrel and $4.34 per Mcf, respectively, in 2001.
Oil and gas production expenses (including lease operating expenses and production taxes) decreased $31,497 (3.0%) in 2002 as compared to 2001. This decrease was primarily due to (i) a decrease in production taxes associated with the decrease in oil and gas sales, (ii) positive prior period lease operating expense adjustments made by the operator on several wells during 2001, and (iii) workover expenses incurred on several wells during 2001. These decreases were partially offset by workover expenses incurred on several other wells during 2002. As a percentage of oil and gas sales, these expenses increased to 39.1% in 2002 from 28.6% in 2001. This percentage increase was primarily due to the decreases in the average prices of oil and gas sold.
Depreciation, depletion, and amortization of oil and gas properties increased $17,552 (8.7%) in 2002 as compared to 2001. This increase was primarily due to one significant well being fully depleted in 2002 due to the lack of remaining economically recoverable reserves. This increase was partially offset by upward revisions in the estimates of remaining oil and gas reserves at December 31, 2002. As a percentage of oil and gas sales, this expense increased to 8.4% in 2002 from 5.5% in 2001. This percentage increase was primarily due to the decreases in the average prices of oil and gas sold.
General and administrative expenses increased $5,269 (1.3%) in 2002 as compared to 2001. As a percentage of oil and gas sales, these expenses increased to 16.1% in 2002 from 11.3% in 2001. This percentage increase was primarily due to the decrease in oil and gas sales.
II-C Partnership ----------------
Year Ended December 31, 2003 Compared to Year Ended December 31, 2002 --------------------------------------
Total oil and gas sales increased $613,864 (47.8%) in 2003 as compared to 2002. Of this increase, approximately $77,000 and $577,000, respectively, were related to increases in the average prices of oil and gas sold. These increases were partially offset by a decrease of approximately $77,000 related to a decrease in volumes of gas sold. Volumes of oil sold increased 1,455 barrels, while volumes of gas sold decreased 28,291 Mcf in 2003 as compared to 2002. The increase in volumes of oil sold was primarily due to an increase in production on one significant well due to the successful workover of that well during mid 2003.
The decrease in volumes of gas sold was primarily due to (i) normal declines in production and (ii) a positive prior period volume adjustment made by the purchaser on one significant well during 2002. Average oil and gas prices increased to $29.48 per barrel and $4.54 per Mcf, respectively, in 2003 from $24.59 per barrel and $2.71 per Mcf, respectively, in 2002.
As discussed in "Liquidity and Capital Resources" below, the II-C Partnership sold certain oil and gas properties during 2003 and recognized a $768 gain on such sales. Sales of oil and gas properties during 2002 resulted in the II-C Partnership recognizing similar gains of $120,063.
Oil and gas production expenses (including lease operating expenses and production taxes) increased $52,565 (12.2%) in 2003 as compared to 2002. This increase was primarily due to an increase in production taxes associated with the increase in oil and gas sales. As a percentage of oil and gas sales, these expenses decreased to 25.5% in 2003 from 33.6% in 2002. This percentage decrease was primarily due to the increases in the average prices of oil and gas sold.
Depreciation, depletion, and amortization of oil and gas properties decreased $5,862(6.5%) in 2003 as compared to 2002. As a percentage of oil and gas sales, this expense decreased to 4.4% in 2003 from 7.0% in 2002. This percentage decrease was primarily due to the increases in the average prices of oil and gas sold.
General and administrative expenses increased $2,655 (1.4%) in 2003 as compared to 2002. As a percentage of oil and gas sales, these expenses decreased to 10.2% in 2003 from 14.9% in 2002. This percentage decrease was primarily due to the increase in oil and gas sales.
The Limited Partners have received cash distributions through December 31, 2003 totaling $19,516,686 or 126.22% of Limited Partners' capital contributions.
Year Ended December 31, 2002 Compared to Year Ended December 31, 2001 --------------------------------------
Total oil and gas sales decreased $355,977 (21.7%) in 2002 as compared to 2001. Of this decrease, approximately $547,000 was related to a decrease in the average price of gas sold, which decrease was partially offset by an increase of approximately $179,000 related to an increase in volumes of gas sold. Volumes of oil and gas sold increased 317 barrels and 41,569 Mcf, respectively, in 2002 as compared to 2001. The increase in volumes of gas sold was primarily due to (i) negative prior period gas balancing adjustments on two significant wells during 2001, (ii) an increase in production on one significant well due
to the successful workover of that well during late 2001 and early 2002, and (iii) a positive prior period volume adjustment made by the purchaser on another significant well during 2002. Average oil prices increased to $24.59 per barrel in 2002 from $24.28 per barrel in 2001. Average gas prices decreased to $2.71 per Mcf in 2002 from $4.30 per Mcf in 2001.
As discussed in "Liquidity and Capital Resources" below, the II-C Partnership sold certain oil and gas properties during 2002 and recognized a $120,063 gain on such sales. Sales of oil and gas properties during 2001 resulted in the II-C Partnership recognizing similar gains of $21,996.
Oil and gas production expenses (including lease operating expenses and production taxes) remained relatively constant in 2002 as compared to 2001. A decrease in production taxes associated with the decrease in oil and gas sales was substantially offset by workover expenses incurred on two significant wells during 2002. As a percentage of oil and gas sales, these expenses increased to 33.6% in 2002 from 26.6% in 2001. This percentage increase was primarily due to the decrease in the average price of gas sold.
Depreciation, depletion, and amortization of oil and gas properties decreased $14,715 (14.1%) in 2002 as compared to 2001. This decrease was primarily due to upward revisions in the estimates of remaining oil and gas reserves at December 31, 2002. This decrease was partially offset by the increases in volumes of oil and gas sold. As a percentage of oil and gas sales, this expense increased to 7.0% in 2002 from 6.4% in 2001.
General and administrative expenses increased $2,651 (1.4%) in 2002 as compared to 2001. As a percentage of oil and gas sales, these expenses increased to 14.9% in 2002 from 11.5% in 2001. This percentage increase was primarily due to the decrease in oil and gas sales.
II-D Partnership ----------------
Year Ended December 31, 2003 Compared to Year Ended December 31, 2002 --------------------------------------
Total oil and gas sales increased $1,042,009 (36.5%) in 2003 as compared to 2002. Of this increase, approximately $127,000 and $1,288,000, respectively, were related to increases in the average prices of oil and gas sold. These increases were partially offset by decreases of approximately $183,000 and $190,000, respectively, related to decreases in volumes of oil and gas sold. Volumes of oil and gas sold decreased 7,868 barrels and 71,127 Mcf, respectively, in 2003 as compared to
2002. The decrease in volumes of oil sold was primarily due to (i) a substantial decline in production during 2003 on one significant well following the initially high production after completion of that well during late 2001 and mechanical problems occurring on that same well and (ii) normal declines in production. The well with a substantial decline in production experienced an increase in production during late 2003 following successful repairs of its mechanical problems. The decrease in volumes of gas sold was primarily due to (i) the sale of several wells during late 2002 and (ii) the shutting-in of one significant well during 2003 due to high well pressure. The shut-in well returned to production in late 2003. These decreases were partially offset by positive prior period volume adjustments made by the operator on two significant wells during 2003. Average oil and gas prices increased to $28.65 per barrel and $4.45 per Mcf, respectively, in 2003 from $23.24 per barrel and $2.67 per Mcf, respectively, in 2002.
As discussed in "Liquidity and Capital Resources" below, the II-D Partnership sold certain oil and gas properties during 2003 and recognized an $8,060 gain on such sales. Sales of oil and gas properties during 2002 resulted in the II-D Partnership recognizing similar gains of $1,256,405.
Oil and gas production expenses (including lease operating expenses and production taxes) increased $189,504 (21.4%) in 2003 as compared to 2002. This increase was primarily due to (i) an increase in production taxes associated with the increase in oil and gas sales, (ii) workover expenses incurred on several wells during 2003, and (iii) a positive prior period lease operating expense adjustment made by the operator on one significant well during 2003. These increases were partially offset by (i) a decrease in lease operating expenses associated with the decreases in volumes of oil and gas sold and (ii) workover expenses incurred on several wells during 2002. As a percentage of oil and gas sales, these expenses decreased to 27.6% in 2003 from 31.0% in 2002. This percentage decrease was primarily due to the increases in the average prices of oil and gas sold.
Depreciation, depletion, and amortization of oil and gas properties increased $95,363 (51.4%) in 2003 as compared to 2002. This increase was primarily due to (i) an increase in depletable oil and gas properties primarily due to recompletion activities on one significant well during 2003 and (ii) the abandonment of another significant well during 2003 due to severe mechanical problems. These increases were partially offset by (i) the decreases in volumes of oil and gas sold and (ii) upward revisions in the estimates of remaining oil and gas reserves at December 31, 2003. As a percentage of oil and gas sales, this expense increased to 7.2% in 2003 from 6.5% in 2002. This percentage increase was primarily due to the dollar increase in depreciation, depletion, and amortization of oil and gas properties.
General and administrative expenses remained relatively constant in 2003 and 2002. As a percentage of oil and gas sales, these expenses decreased to 9.6% in 2003 from 12.9% in 2002. This percentage decrease was primarily due to the increase in oil and gas sales.
The Limited Partners have received cash distributions through December 31, 2003 totaling $40,913,903 or 129.94% of Limited Partners' capital contributions.
Year Ended December 31, 2002 Compared to Year Ended December 31, 2001 --------------------------------------
Total oil and gas sales decreased $724,528 (20.2%) in 2002 as compared to 2001. Of this decrease, approximately $1,387,000 was related to a decrease in the average price of gas sold. This decrease was partially offset by increases of approximately $282,000 and $367,000, respectively, related to increases in volumes of oil and gas sold. Volumes of oil and gas sold increased 12,380 barrels and 82,983 Mcf, respectively, in 2002 as compared to 2001. The increase in volumes of oil sold was primarily due to the successful completion of a new well during late 2001. The increase in volumes of gas sold was primarily due to (i) negative prior period gas balancing adjustments on two significant wells during 2001, (ii) the successful completion of two new wells during late 2001, and (iii) an increase in production on one significant well due to the successful workover of that well during late 2001. These increases were partially offset by (i) normal declines in production and (ii) the II-D Partnership receiving a reduced percentage of sales on another significant well during 2002 due to gas balancing. As of the date of this Annual Report, management does not expect the gas balancing adjustment to continue for the foreseeable future. Average oil prices increased to $23.24 per barrel in 2002 from $22.78 per barrel in 2001. Average gas prices decreased to $2.67 per Mcf in 2002 from $4.42 per Mcf in 2001.
As discussed in "Liquidity and Capital Resources" below, the II-D Partnership sold certain oil and gas properties during 2002 and recognized a $1,256,405 gain on such sales. Sales of oil and gas properties during 2001 resulted in the II-D Partnership recognizing similar gains of $112,686.
Oil and gas production expenses (including lease operating expenses and production taxes) decreased $310,843 (26.0%) in 2002 as compared to 2001. This decrease was primarily due to (i) workover expenses incurred on several wells during 2001, (ii) a one-time litigation expense and settlement payment incurred in connection with a plugged well during 2001, and (iii) a decrease in production taxes associated with the decrease in oil and gas sales. These decreases were partially offset by an increase in
lease operating expenses associated with the increases in volumes of oil and gas sold. As a percentage of oil and gas sales, these expenses decreased to 31.0% in 2002 from 33.4% in 2001.
Depreciation, depletion, and amortization of oil and gas properties decreased $159,295 (46.2%) in 2002 as compared to 2001. This decrease was primarily due to (i) one significant well being fully depleted in 2001 due to the lack of remaining economically recoverable reserves and (ii) upward revisions in the estimates of remaining oil and gas reserves at December 31, 2002. These decreases were partially offset by the increases in volumes of oil and gas sold. As a percentage of oil and gas sales, this expense decreased to 6.5% in 2002 from 9.6% in 2001. This percentage decrease was primarily due to the dollar decrease in depreciation, depletion, and amortization.
General and administrative expenses increased $4,371 (1.2%) in 2002 as compared to 2001. As a percentage of oil and gas sales, these expenses increased to 12.9% in 2002 from 10.2% in 2001. This percentage was primarily due to the decreased in oil and gas sales.
II-E Partnership ----------------
Year Ended December 31, 2003 Compared to Year Ended December 31, 2002 --------------------------------------
Total oil and gas sales increased $793,119 (40.6%) in 2003 as compared to 2002. Of this increase, approximately $98,000 and $858,000, respectively, were related to increases in the average prices of oil and gas sold. These increases were partially offset by a decrease of approximately $104,000 related to a decrease in volumes of oil sold. Volumes of oil and gas sold decreased 4,295 barrels and 20,856 Mcf, respectively, in 2003 as compared to 2002. The decrease in volumes of oil sold was primarily due to (i) normal declines in production and (ii) a negative prior period volume adjustment made by the operator on one significant well during 2003. The decrease in volumes of gas sold was primarily due to (i) a positive prior period volume adjustment made by the purchaser on one significant well during 2002 and (ii) the shutting-in of another significant well due to high well pressure during 2003. The shut-in well returned to production in late 2003. Average oil and gas prices increased to $29.32 per barrel and $4.68 per Mcf, respectively, in 2003 from $24.19 per barrel and $2.84 per Mcf, respectively, in 2002.
Oil and gas production expenses (including lease operating expenses and production taxes) increased $136,660 (25.9%) in 2003 as compared to 2002. This increase was primarily due to (i) an increase in production taxes associated with the increase in oil
and gas sales, (ii) positive prior period lease operating expense adjustments on two significant wells during 2003, and (iii) workover expenses incurred on one significant well during 2003. As a percentage of oil and gas sales, these expenses decreased to 24.2% in 2003 from 27.0% in 2002. This percentage decrease was primarily due to the increases in the average prices of oil and gas sold.
Depreciation, depletion, and amortization of oil and gas properties decreased $25,478 (15.7%) in 2003 as compared to 2002. This decrease was primarily due to (i) the decreases in volumes of oil and gas sold and (ii) upward revisions in the estimates of remaining oil and gas reserves at December 31, 2003. As a percentage of oil and gas sales, this expense decreased to 5.0% in 2003 from 8.3% in 2002. This percentage decrease was primarily due to the increases in the average prices of oil and gas sold.
General and administrative expenses remained relatively constant in 2003 and 2002. As a percentage of oil and gas sales, these expenses decreased to 10.2% in 2003 from 14.2% in 2002. This percentage decrease was primarily due to the increase in oil and gas sales.
The Limited Partners have received cash distributions through December 31, 2003 totaling $28,701,574 or 125.43% of Limited Partners' capital contributions.
Year Ended December 31, 2002 Compared to Year Ended December 31, 2001 --------------------------------------
Total oil and gas sales decreased $607,153 (23.7%) in 2002 as compared to 2001. Of this decrease, approximately $581,000 was related to a decrease in the average price of gas sold. Volumes of oil and gas sold decreased 638 barrels and 1,799 Mcf, respectively, for 2002 as compared to 2001. The decrease in volumes of oil sold was primarily due to a positive prior period volume adjustment made by the purchaser on one significant well during 2001. The decrease in volumes of gas sold was primarily due to the II-E Partnership receiving a reduced percentage of sales on one significant well during 2002 due to gas balancing. This decrease was substantially offset by a positive prior period volume adjustment made by the purchaser on another significant well during 2002. As of the date of this Annual Report, management does not expect the gas balancing adjustment to continue for the foreseeable future. Average oil and gas prices decreased to $24.19 per barrel and $2.84 per Mcf, respectively, in 2002 from $24.32 per barrel and $4.03 per Mcf, respectively, in 2001.
Oil and gas production expenses (including lease operating expenses and production taxes) decreased $290,423 (35.5%) in 2002 as compared to 2001. This decrease was primarily due to (i) a
one-time litigation expense and settlement payment incurred in connection with a plugged well during 2001, (ii) workover expenses incurred on several wells during 2001, and (iii) a decrease in production taxes associated with the decrease in oil and gas sales. As a percentage of oil and gas sales, these expenses decreased to 27.0% in 2002 from 32.0% in 2001. This percentage decrease was primarily due to the dollar decrease in oil and gas production expenses.
Depreciation, depletion, and amortization of oil and gas properties decreased $149,405 (47.9%) in 2002 as compared to 2001. This decrease was primarily due to upward revisions in the estimates of remaining oil and gas reserves at December 31, 2002. As a percentage of oil and gas sales, this expense decreased to 8.3% in 2002 from 12.2% in 2001. This percentage decrease was primarily due to the dollar decrease in depreciation, depletion, and amortization.
General and administrative expenses increased $5,299 (1.9%) in 2002 as compared to 2001. As a percentage of oil and gas sales, these expenses increased to 14.2% in 2002 from 10.7% in 2001. This percentage increase was primarily due to the decrease in oil and gas sales.
II-F Partnership ----------------
Year Ended December 31, 2003 Compared to Year Ended December 31, 2002 -------------------------------------
Total oil and gas sales increased $739,274 (38.9%) in 2003 as compared to 2002. Of this increase, approximately $115,000 and $722,000, respectively, were related to increases in the average prices of oil and gas sold. Volumes of oil and gas sold decreased 3,066 barrels and 9,103 Mcf, respectively, in 2003 as compared to 2002. The decrease in volumes of oil sold was primarily due to normal declines in production, which decrease was partially offset by a positive prior period volume adjustment made by the operator on one significant well during 2003. Average oil and gas prices increased to $28.40 per barrel and $4.37 per Mcf, respectively, in 2003 from $23.78 per barrel and $2.74 per Mcf, respectively, in 2002.
Oil and gas production expenses (including lease operating expenses and production taxes) increased $151,221 (35.8%) in 2003 as compared to 2002. This increase was primarily due to (i) an increase in production taxes associated with the increase in oil and gas sales and (ii) workover expenses incurred on several wells during 2003. As a percentage of oil and gas sales, these expenses decreased to 21.7% in 2003 from 22.2% in 2002.
Depreciation, depletion, and amortization of oil and gas properties decreased $66,031 (32.8%) in 2003 as compared to 2002. This decrease was primarily due to (i) upward revisions in the estimates of remaining oil and gas reserves at December 31, 2003 and (ii) two significant wells being fully depleted in 2002 due to lack of remaining economically recoverable reserves. As a percentage of oil and gas sales, this expense decreased to 5.1% in 2003 from 10.6% in 2002. This percentage decrease was primarily due to (i) the dollar decrease in depreciation, depletion, and amortization of oil and gas properties and (ii) the increases in the average prices of oil and gas sold.
General and administrative expenses remained relatively constant in 2003 and 2002. As a percentage of oil and gas sales, these expenses decreased to 8.1% in 2003 from 11.2% in 2002. This percentage decrease was primarily due to the increase in oil and gas sales.
The Limited Partners have received cash distributions through December 31, 2003 totaling $23,323,051 or 136.07% of Limited Partners' capital contributions.
Year Ended December 31, 2002 Compared to Year Ended December 31, 2001 --------------------------------------
Total oil and gas sales decreased $587,879 (23.6%) in 2002 as compared to 2001. Of this decrease, approximately (i) $456,000 was related to a decrease in the average price of gas sold and (ii) $74,000 was related to a decrease in volumes of oil sold. Volumes of oil and gas sold decreased 3,071 barrels and 13,856 Mcf, respectively, in 2002 as compared to 2001. The decrease in volumes of oil sold was primarily due to (i) positive prior period volume adjustments made by the purchasers on two significant wells during 2001 and (ii) normal declines in production. Average oil and gas prices decreased to $23.78 per barrel and $2.74 per Mcf, respectively, in 2002 from $24.00 per barrel and $3.75 per Mcf, respectively, in 2001.
Oil and gas production expenses (including lease operating expenses and production taxes) decreased $81,896 (16.3%) in 2002 as compared to 2001. This decrease was primarily due to (i) a decrease in production taxes associated with the decrease in oil and gas sales and (ii) workover expenses incurred on several wells during 2001. As a percentage of oil and gas sales, these expenses increased to 22.2% in 2002 from 20.3% in 2001.
Depreciation, depletion, and amortization of oil and gas properties decreased $90,794 (31.1%) in 2002 as compared to 2001. This decrease was primarily due to (i) several wells being fully depleted in 2001 due to lack of remaining economically recoverable reserves and (ii) the decreases in volumes of oil and
gas sold. As a percentage of oil and gas sales, this expense decreased to 10.6% in 2002 from 11.7% in 2001.
General and administrative expenses increased $4,531 (2.2%) in 2002 as compared to 2001. As a percentage of oil and gas sales, these expenses increased to 11.2% in 2002 from 8.4% in 2001. This percentage increase was primarily due to the decrease in oil and gas sales.
II-G Partnership ----------------
Year Ended December 31, 2003 Compared to Year Ended December 31, 2002 --------------------------------------
Total oil and gas sales increased $1,581,885 (39.3%) in 2003 as compared to 2002. Of this increase, approximately $241,000 and $1,543,000, respectively, were related to increases in the average prices of oil and gas sold. Volumes of oil and gas sold decreased 6,422 barrels and 17,793 Mcf, respectively, in 2003 as compared to 2002. The decrease in volumes of oil sold was primarily due to normal declines in production, which decrease was partially offset by a positive prior period volume adjustment made by the operator on one significant well during 2003. Average oil and gas prices increased to $28.40 per barrel and $4.38 per Mcf, respectively, in 2003 from $23.77 per barrel and $2.74 per Mcf, respectively, in 2002.
Oil and gas production expenses (including lease operating expenses and production taxes) increased $320,968 (35.7%) in 2003 as compared to 2002. This increase was primarily due to (i) an increase in production taxes associated with the increase in oil and gas sales and (ii) workover expenses incurred on several wells during 2003. As a percentage of oil and gas sales, these expenses decreased to 21.8% in 2003 from 22.4% in 2002.
Depreciation, depletion, and amortization of oil and gas properties decreased $141,446 (32.8%) in 2003 as compared to 2002. This decrease was primarily due to (i) upward revisions in the estimates of remaining oil and gas reserves at December 31, 2003 and (ii) two significant wells being fully depleted in 2002 due to the lack of remaining economically recoverable reserves. As a percentage of oil and gas sales, this expense decreased to 5.2% in 2003 from 10.7% in 2002. This percentage decrease was primarily due to (i) the dollar decrease in depreciation, depletion, and amortization of oil and gas properties and (ii) the increases in the average prices of oil and gas sold.
General and administrative expenses remained relatively constant in 2003 and 2002. As a percentage of oil and gas sales, these expenses decreased to 7.8% in 2003 from 10.8% in 2002.
This percentage decrease was primarily due to the increase in oil and gas sales.
The Limited Partners have received cash distributions through December 31, 2003 totaling $48,667,371 or 130.76% of Limited Partners' capital contributions.
Year Ended December 31, 2002 Compared to Year Ended December 31, 2001 --------------------------------------
Total oil and gas sales decreased $1,261,203 (23.9%) in 2002 as compared to 2001. Of this decrease, approximately (i) $972,000 was related to a decrease in the average price of gas sold and (ii) $154,000 was related to a decrease in volumes of oil sold. Volumes of oil and gas sold decreased 6,431 barrels and 32,436 Mcf, respectively, in 2002 as compared to 2001. The decrease in volumes of oil sold was primarily due to (i) positive prior period volume adjustments made by the purchasers on two significant wells during 2001 and (ii) normal declines in production. Average oil and gas prices decreased to $23.77 per barrel and $2.74 per Mcf, respectively, in 2002 from $24.00 per barrel and $3.76 per Mcf, respectively, in 2001.
Oil and gas production expenses (including lease operating expenses and production taxes) decreased $175,399 (16.3%) in 2002 as compared to 2001. This decrease was primarily due to (i) a decrease in production taxes associated with the decrease in oil and gas sales and (ii) workover expenses incurred on several wells during 2001. As a percentage of oil and gas sales, these expenses increased to 22.4% in 2002 from 20.4% in 2001.
Depreciation, depletion, and amortization of oil and gas properties decreased $195,864 (31.2%) in 2002 as compared to 2001. This decrease was primarily due to (i) several wells being fully depleted in 2001 due to lack of remaining economically recoverable reserves and (ii) the decreases in volumes of oil and gas sold. As a percentage of oil and gas sales, this expense decreased to 10.7% in 2002 from 11.9% in 2001. This percentage decrease was primarily due to the dollar decrease in depreciation, depletion, and amortization.
General and administrative expenses increased $6,917 (1.6%) in 2002 as compared to 2001. As a percentage of oil and gas sales, these expenses increased to 10.8% in 2002 from 8.1% in 2001. This percentage increase was primarily due to the decrease in oil and gas sales.
II-H Partnership ----------------
Year Ended December 31, 2003 Compared to Year Ended December 31, 2002 --------------------------------------
Total oil and gas sales increased $381,456 (40.0%) in 2003 as compared to 2002. Of this increase, approximately $56,000 and $370,000, respectively, were related to increases in the average prices of oil and gas sold. Volumes of oil and gas sold decreased 1,495 barrels and 3,319 Mcf, respectively, in 2003 as compared to 2002. The decrease in volumes of oil sold was primarily due to normal declines in production, which decrease was partially offset by a positive prior period volume adjustment made by the operator on one significant well during 2003. Average oil and gas prices increased to $28.40 per barrel and $4.38 per Mcf, respectively, in 2003 from $23.77 per barrel and $2.75 per Mcf, respectively, in 2002.
Oil and gas production expenses (including lease operating expenses and production taxes) increased $78,051 (35.9%) in 2003 as compared to 2002. This increase was primarily due to (i) an increase in production taxes associated with the increase in oil and gas sales and (ii) workover expenses incurred on several wells during 2003. As a percentage of oil and gas sales, these expenses decreased to 22.1% in 2003 from 22.8% in 2002.
Depreciation, depletion, and amortization of oil and gas properties decreased $32,521 (32.1%) in 2003 as compared to 2002. This decrease was primarily due to (i) upward revisions in the estimates of remaining oil and gas reserves at December 31, 2003 and (ii) two significant wells being fully depleted in 2002 due to the lack of remaining economically recoverable reserves. As a percentage of oil and gas sales, this expense decreased to 5.1% in 2003 from 10.6% in 2002. This percentage decrease was primarily due to (i) the dollar decrease in depreciation, depletion, and amortization and (ii) the increases in the average prices of oil and gas sold.
General and administrative expenses remained relatively constant in 2003 and 2002. As a percentage of oil and gas sales, these expenses decreased to 9.4% in 2003 from 13.1% in 2002. This percentage decrease was primarily due to the increase in oil and gas sales.
The Limited Partners have received cash distributions through December 31, 2003 totaling $11,309,364 or 123.32% of Limited Partners' capital contributions.
Year Ended December 31, 2002 Compared to Year Ended December 31, 2001 --------------------------------------
Total oil and gas sales decreased $303,091 (24.1%) in 2002 as compared to 2001. Of this decrease, approximately (i) $235,000 was related to a decrease in the average price of gas sold and (ii) $35,000 was related to a decrease in volumes of oil sold. Volumes of oil and gas sold decreased 1,477 barrels and 7,677 Mcf, respectively, in 2002 as compared to 2001. The decrease in volumes of oil sold was primarily due to (i) positive prior period volume adjustments made by the purchasers on two significant wells during 2001 and (ii) normal declines in production. Average oil and gas prices decreased to $23.77 per barrel and $2.75 per Mcf, respectively, in 2002 from $24.01 per barrel and $3.77 per Mcf, respectively, in 2001.
Oil and gas production expenses (including lease operating expenses and production taxes) decreased $43,314 (16.6%) in 2002 as compared to 2001. This decrease was primarily due to (i) a decrease in production taxes associated with the decrease in oil and gas sales and (ii) workover expenses incurred on several wells during 2001. As a percentage of oil and gas sales, these expenses increased to 22.8% in 2002 from 20.7% in 2001. This percentage increase was primarily due to the decreases in the average prices of oil and gas sold.
Depreciation, depletion, and amortization of oil and gas properties decreased $46,729 (31.6%) in 2002 as compared to 2001. This decrease was primarily due to (i) several wells being fully depleted in 2001 due to lack of remaining economically recoverable reserves and (ii) the decreases in volumes of oil and gas sold. As a percentage of oil and gas sales, this expense decreased to 10.6% in 2002 from 11.8% in 2001. This percentage decrease was primarily due to the dollar decrease in depreciation, depletion, and amortization.
General and administrative expenses increased $3,588 (3.0%) in 2002 as compared to 2001. As a percentage of oil and gas sales, these expenses increased to 13.1% in 2002 from 9.6% in 2001. This percentage increase was primarily due to the decrease in oil and gas sales.
Average Sales Prices, Production Volumes, and Average Production Costs
The following tables are comparisons of the annual average oil and gas sales prices, production volumes, and average production costs (lease operating expenses and production taxes) per equivalent unit (one barrel of oil or six Mcf of gas) for 2003, 2002, and 2001. These factors comprise the change in net oil and gas operations discussed in the "Results of Operations" section above.
2003 Compared to 2002 ---------------------
Average Sales Prices - --------------------------------------------------------------------------- P/ship 2003 2002 % Change - ------ ---------------- ---------------- ------------ Oil Gas Oil Gas ($/Bbl) ($/Mcf) ($/Bbl) ($/Mcf) Oil Gas ------- ------- ------- ------- --- ---
II-A $27.97 $4.88 $23.42 $2.78 19% 76% II-B 29.33 4.69 24.21 2.72 21% 72% II-C 29.48 4.54 24.59 2.71 20% 68% II-D 28.65 4.45 23.24 2.67 23% 67% II-E 29.32 4.68 24.19 2.84 21% 65% II-F 28.40 4.37 23.78 2.74 19% 59% II-G 28.40 4.38 23.77 2.74 19% 60% II-H 28.40 4.38 23.77 2.75 19% 59%
Production Volumes - ----------------------------------------------------------------------------- P/ship 2003 2002 % Change - ------ ----------------- ----------------- -------------- Oil Gas Oil Gas Oil Gas (Bbls) (Mcf) (Bbls) (Mcf) (Bbls) (Mcf) ------ ------- ------ ------- ------ -----
II-A 74,313 717,179 64,016 821,485 16% (13%) II-B 43,725 548,582 40,616 598,159 8% ( 8%) II-C 15,806 315,371 14,351 343,662 10% ( 8%) II-D 23,482 724,786 31,350 795,913 (25%) ( 9%) II-E 19,131 467,472 23,426 488,328 (18%) ( 4%) II-F 24,828 442,255 27,894 451,358 (11%) ( 2%) II-G 52,045 941,870 58,467 959,663 (11%) ( 2%) II-H 12,082 226,604 13,577 229,923 (11%) ( 1%)
Average Production Costs per Equivalent Barrel of Oil ------------------------------------- P/ship 2003 2002 % Change ------ ----- ----- --------
II-A $7.26 $7.55 ( 4%) II-B 7.39 7.28 2% II-C 7.09 6.03 18% II-D 7.46 5.40 38% II-E 6.85 5.04 36% II-F 5.82 4.09 42% II-G 5.84 4.12 42% II-H 5.92 4.19 41%
2002 Compared to 2001 ---------------------
Average Sales Prices - ---------------------------------------------------------------------------- P/ship 2002 2001 % Change - ------ ---------------- ---------------- ------------- Oil Gas Oil Gas ($/Bbl) ($/Mcf) ($/Bbl) ($/Mcf) Oil Gas ------- ------- ------- ------- ---- -----
II-A $23.42 $2.78 $23.99 $4.12 (2%) (33%) II-B 24.21 2.72 24.36 4.34 (1%) (37%) II-C 24.59 2.71 24.28 4.30 1% (37%) II-D 23.24 2.67 22.78 4.42 2% (40%) II-E 24.19 2.84 24.32 4.03 (1%) (30%) II-F 23.78 2.74 24.00 3.75 (1%) (27%) II-G 23.77 2.74 24.00 3.76 (1%) (27%) II-H 23.77 2.75 24.01 3.77 (1%) (27%)
Production Volumes - ----------------------------------------------------------------------------- P/ship 2002 2001 % Change - ------ ----------------- ----------------- -------------- Oil Gas Oil Gas Oil Gas (Bbls) (Mcf) (Bbls) (Mcf) (Bbls) (Mcf) ------ ------- ------ ------- ------ -----
II-A 64,016 821,485 67,519 774,153 ( 5%) 6% II-B 40,616 598,159 49,375 570,423 (18%) 5% II-C 14,351 343,662 14,034 302,093 2% 14% II-D 31,350 795,913 18,970 712,930 65% 12% II-E 23,426 488,328 24,064 490,127 ( 3%) - II-F 27,894 451,358 30,965 465,214 (10%) ( 3%) II-G 58,467 959,663 64,898 992,099 (10%) ( 3%) II-H 13,577 229,923 15,054 237,600 (10%) ( 3%)
Average Production Costs per Equivalent Barrel of Oil ------------------------------------- P/ship 2002 2001 % Change ------ ----- ----- --------
II-A $7.55 $9.29 (19%) II-B 7.28 7.29 - II-C 6.03 6.77 (11%) II-D 5.40 8.69 (37%) II-E 5.04 7.74 (34%) II-F 4.09 4.64 (12%) II-G 4.12 4.67 (12%) II-H 4.19 4.77 (12%)
Liquidity and Capital Resources
Net proceeds from operations less necessary operating capital are distributed to the Limited Partners on a quarterly basis. See "Item 5. Market for Units and Related Limited Partner Matters." The net proceeds from production are not reinvested in productive assets, except to the extent that producing wells are improved, where methods are employed to permit more efficient recovery of reserves, or where identified developmental drilling or recompletion opportunities are pursued, thereby resulting in a positive economic impact. Assuming 2003 production levels for future years, the Partnerships proved reserve quantities at December 31, 2003 would have the following remaining lives:
Partnership Gas-Years Oil-Years ----------- --------- ---------
II-A 9.2 7.8 II-B 9.2 10.3 II-C 11.0 10.6 II-D 12.2 8.8 II-E 10.7 9.7 II-F 8.6 11.9 II-G 8.7 11.9 II-H 8.8 11.9
These life of reserves estimates are based on the current estimates of remaining oil and gas reserves. See "Item 2. Properties" for a discussion of these reserve estimates. Any increase or decrease in the oil and gas prices at December 31, 2003 may cause an increase or decrease in the estimated life of said reserves.
The Partnerships' available capital from the Limited Partners' subscriptions has been spent on oil and gas properties and there should be no further material capital resource commitments in the future. The Partnerships have no debt commitments. Cash for operational purposes will be provided by current oil and gas production. During 2003, 2002, and 2001 the Partnerships expended no capital on oil and gas acquisition or exploration activities. However, during those years the Partnerships expended the following amounts on oil and gas development activities, primarily well recompletions and developmental drilling:
Partnership 2003 2002 2001 ----------- -------- -------- --------
II-A $102,903 $137,449 $149,585 II-B 24,971 14,939 492,951 II-C 24,478 9,993 82,009 II-D 153,431 116,640 169,317 II-E 24,348 198,005 51,785 II-F 41,415 93,456 118,663 II-G 93,448 197,745 254,554 II-H 24,574 46,750 61,632
While these expenditures reduce or eliminate cash available for a particular quarterly cash distribution, the General Partner believes that these activities are necessary for the prudent operation of the properties and maximization of their value to the Partnerships.
The Partnerships sold certain oil and gas properties during 2003, 2002, and 2001. The sale of the Partnerships' properties were made by the General Partner after giving due consideration to both the offer price and the General Partner's estimate of the property's remaining proved reserves and future operating costs. Net proceeds from the sale of any such properties were distributed to the Partnerships and included in the calculation of the Partnerships' cash distributions for the quarter immediately following the Partnerships' receipt of the proceeds. The amount of such proceeds from the sale of oil and gas properties during 2003, 2002, and 2001, were as follows:
Partnership 2003 2002 2001 ----------- -------- ---------- ---------
II-A $ 8,732 $ 348,092 $ 7,285 II-B 1,968 32,406 1,187 II-C 739 122,540 21,996 II-D 8,060 1,266,240 112,686 II-E 22,535 22,188 61,553 II-F 60,479 55,052 24,684 II-G 127,575 115,148 52,882 II-H 29,981 26,642 12,783
There can be no assurance as to the amount of the Partnerships' future cash distributions. The Partnerships' ability to make cash distributions depends primarily upon the level of available cash flow generated by the Partnerships' operating activities, which will be affected (either positively or negatively) by many factors beyond the control of the Partnerships, including the price of and demand for oil and gas and other market and economic conditions. Even if prices and costs remain stable, the amount of cash available for distributions will decline over time (as the volume of production from producing properties declines) since the Partnerships are
not replacing production through acquisitions of producing properties and drilling. The Partnerships' quantity of proved reserves has been reduced by the sale of oil and gas properties as described above; therefore, it is possible that the Partnerships' future cash distributions will decline as a result of a reduction of the Partnerships' reserve base.
The Partnerships would have terminated on December 31, 2001 in accordance with the Partnership Agreements. However, the Partnership Agreements provide that the General Partner may extend the term of each Partnership for up to five periods of two years each. The General Partner has extended the terms of the Partnerships for their second two-year extension thereby extending their termination date to December 31, 2005. As of the date of this Annual Report, the General Partner has not determined whether to further extend the term of any Partnership.
Off-Balance Sheet Arrangements
The Partnerships do not have any off-balance sheet arrangements.
Tabular Disclosure of Contractual Obligations
The Partnerships do not have any contractual obligations of the type which are required by the SEC to be disclosed in this Annual Report under this heading.
Critical Accounting Policies
The Partnerships follow the successful efforts method of accounting for their oil and gas properties. Under the successful efforts method, the Partnerships capitalize all property acquisition costs and development costs incurred in connection with the further development of oil and gas reserves. Property acquisition costs include costs incurred by the Partnerships or the General Partner to acquire producing properties, including related title insurance or examination costs, commissions, engineering, legal and accounting fees, and similar costs directly related to the acquisitions, plus an allocated portion of the General Partners' property screening costs. The acquisition cost to the Partnership of properties acquired by the General Partner is adjusted to reflect the net cash results of operations, including interest incurred to finance the acquisition, for the period of time the properties are held by the General Partner.
Depletion of the cost of producing oil and gas properties, amortization of related intangible drilling and development costs, and depreciation of tangible lease and well equipment are computed on the units-of-production method. The Partnerships'
calculation of depreciation, depletion, and amortization includes estimated dismantlement and abandonment costs, net of estimated salvage values. When complete units of depreciable property are retired or sold, the asset cost and related accumulated depreciation are eliminated with any gain or loss reflected in income. When less than complete units of depreciable property are retired or sold, the proceeds are credited to oil and gas properties.
The Partnerships evaluate the recoverability of the carrying costs of their proved oil and gas properties for each oil and gas field (rather than separately for each well). If the unamortized costs of all oil and gas properties within a field exceed the expected undiscounted future cash flows from such properties, the cost of the properties is written down to fair value, which is determined by using the discounted future cash flows from the properties. The risk that the Partnerships will be required to record impairment provisions in the future increases as oil and gas prices decrease.
The Deferred Charge on the Balance Sheets included in Item 8 of this Annual Report represents costs deferred for lease operating expenses incurred in connection with the Partnerships' underproduced gas imbalance positions. Conversely, the Accrued Liability represents charges accrued for lease operating expenses incurred in connection with the Partnerships' overproduced gas imbalance positions. The rates used in calculating the Deferred Charge and Accrued Liability are the annual average production cost per Mcf.
The Partnerships' oil and condensate production is sold, title passed, and revenue recognized at or near the Partnerships' wells under short-term purchase contracts at prevailing prices in accordance with arrangements which are customary in the oil and gas industry. Sales of gas applicable to the Partnerships' interest in producing oil and gas leases are recorded as revenue when the gas is metered and title transferred pursuant to the gas sales contracts covering the Partnerships' interest in gas reserves. During such times as a Partnership's sales of gas exceed its pro rata ownership in a well, such sales are recorded as revenues unless total sales from the well have exceeded the Partnership's share of estimated total gas reserves underlying the property, at which time such excess is recorded as a liability. The rates per Mcf used to calculate this liability are based on the average gas prices received for the volumes at the time the overproduction occurred. These rates also approximate the prices for which the Partnerships are currently settling similar liabilities. These amounts were recorded as gas imbalance payables in accordance with the sales method. These gas imbalance payables will be settled by either gas production by the underproduced party in excess of current estimates of total gas reserves for the well or by a negotiated or contractual payment to the underproduced party.
New Accounting Pronouncements
Below is a brief description of Financial Accounting Standards ("FAS") recently issued by the Financial Accounting Standards Board ("FASB") which may have an impact on the Partnerships' future results of operations and financial position.
In July 2001, the FASB issued FAS No. 143, "Accounting for Asset Retirement Obligations", which is effective for fiscal years beginning after June 15, 2002 (January 1, 2003 for the Partnerships). On January 1, 2003, the Partnerships adopted FAS No. 143 and recorded an increase in capitalized cost of oil and gas properties, an increase (decrease) in net income for the cumulative effect of the change in accounting principle, and an asset retirement obligation in the following approximate amounts for each Partnership:
Increase Increase in (Decrease) in Capitalized Net Income for Cost of Oil the Change in Asset and Gas Accounting Retirement Partnership Properties Principle Obligation - ----------- ------------ -------------- ----------
II-A $292,000 $ 6,000 $286,000 II-B 212,000 4,000 208,000 II-C 68,000 100 68,000 II-D 181,000 ( 2,000) 183,000 II-E 98,000 3,000 95,000 II-F 101,000 5,000 96,000 II-G 218,000 10,000 208,000 II-H 54,000 3,000 51,000
These amounts differ significantly from the estimates disclosed in the Annual Report on Form 10-K for the year ended December 31, 2002 due to a revision of the methodology used in calculating the change in capitalized cost of oil and gas properties.
The asset retirement obligation is adjusted upwards each quarter in order to recognize accretion of the time-related discount factor. For the year ended December 31, 2003, the II-A, II-B, II-C, II-D, II-E, II-F, II-G, and II-H Partnerships recognized approximately $12,000, $9,000, $3,000, $11,000, $5,000, $5,000, $10,000 and $3,000, respectively, of an increase in depreciation, depletion, and amortization expense, which was comprised of accretion of the asset retirement obligation and depletion of the increase in capitalized cost of oil and gas properties.
Inflation and Changing Prices
Prices obtained for oil and gas production depend upon numerous factors, including the extent of domestic and foreign production, foreign imports of oil, market demand, domestic and foreign economic conditions in general, and governmental regulations and tax laws. The general level of inflation in the economy did not have a material effect on the operations of the Partnerships in 2003. Oil and gas prices have fluctuated during recent years and generally have not followed the same pattern as inflation. See "Item 2. Properties - Oil and Gas Production, Revenue, and Price History."
ITEM 7A.
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
The Partnerships do not hold any market risk sensitive instruments.
ITEM 8.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
The financial statements and supplementary data are indexed in Item 15 hereof.
ITEM 9.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
None.
ITEM 9A.
ITEM 9A. CONTROLS AND PROCEDURES
As of the end of this period covered by this report, the principal executive officer and principal financial officer conducted an evaluation of the Partnerships' disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities and Exchange Act of 1934). Based on this evaluation, such officers concluded that the Partnerships' disclosure controls and procedures are effective to ensure that information required to be disclosed by the Partnerships in reports filed under the Exchange Act is recorded, processed, summarized, and reported accurately and within the time periods specified in the Securities and Exchange Commission rules and forms.
PART III.
ITEM 10.
ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE GENERAL PARTNER
The Partnerships have no directors or executive officers. The following individuals are directors and executive officers of the General Partner. The business address of such director and executive officers is Two West Second Street, Tulsa, Oklahoma 74103.
Name Age Position with General Partner ---------------- --- --------------------------------
Dennis R. Neill 52 President and Director
Judy K. Fox 52 Secretary
The director will hold office until the next annual meeting of shareholders of Geodyne or until his successor has been duly elected and qualified. All executive officers serve at the discretion of the Board of Directors.
Dennis R. Neill joined Samson in 1981, was named Senior Vice President and Director of Geodyne on March 3, 1993, and was named President of Geodyne and its subsidiaries on June 30, 1996. Prior to joining Samson, he was associated with a Tulsa law firm, Conner and Winters, where his principal practice was in the securities area. He received a Bachelor of Arts degree in political science from Oklahoma State University and a Juris Doctorate degree from the University of Texas. Mr. Neill also serves as Senior Vice President of Samson Investment Company and as President and Director of Samson Properties Incorporated, Samson Hydrocarbons Company, Dyco Petroleum Corporation, Berry Gas Company, Circle L Drilling Company, Snyder Exploration Company, and Compression, Inc.
Judy K. Fox joined Samson in 1990 and was named Secretary of Geodyne and its subsidiaries on June 30, 1996. Prior to joining Samson, she served as Gas Contract Manager for Ely Energy Company. Ms. Fox is also Secretary of Berry Gas Company, Circle L Drilling Company, Compression, Inc., Dyco Petroleum Corporation, Samson Hydrocarbons Company, Snyder Exploration Company, and Samson Properties Incorporated.
Section 16(a) Beneficial Ownership Reporting Compliance
To the best knowledge of the Partnerships and the General Partner, there were no officers, directors, or ten percent owners who were delinquent filers during 2003 of reports required under Section 16 of the Securities Exchange Act of 1934.
Audit Committee Financial Expert
The Partnerships are not required by SEC regulations or otherwise to maintain an audit committee. The board of directors of the General Partner serves as the audit committee. The board of directors of the General Partner consists of one person who is not an audit committee financial expert, as defined in the SEC regulations.
Code of Ethics
The General Partner has adopted a Code of Ethics which applies to all of its executive officers, including those persons who perform the functions of principal executive officer, principal financial officer, and principal accounting officer. The Partnerships will provide, free of charge, a copy of this Code of Ethics to any person upon receipt of a written request mailed to Geodyne Resources, Inc., Investor Services, Samson Plaza, Two West 2nd Street, Tulsa, OK 74103. Such request must include the address to which the Code of Ethics should be mailed.
ITEM 11.
ITEM 11. EXECUTIVE COMPENSATION
The General Partner and its affiliates are reimbursed for actual general and administrative costs and operating costs incurred and attributable to the conduct of the business affairs and operations of the Partnerships, computed on a cost basis, determined in accordance with generally accepted accounting principles. Such reimbursed costs and expenses allocated to the Partnerships include office rent, secretarial, employee compensation and benefits, travel and communication costs, fees for professional services, and other items generally classified as general or administrative expense. When actual costs incurred benefit other Partnerships and affiliates, the allocation of costs is based on the relationship of the Partnerships' reserves to the total reserves owned by all Partnerships and affiliates. The amount of general and administrative expense allocated to the General Partner and its affiliates which was charged to each Partnership during 2003, 2002, and 2001, is set forth in the table below. Although the actual costs incurred by the General Partner and its affiliates have fluctuated during the three years presented, the amounts charged to the Partnerships have not fluctuated due to expense limitations imposed by the Partnership Agreements.
Partnership 2003 2002 2001 ----------- -------- -------- --------
II-A $509,772 $509,772 $509,772 II-B 380,760 380,760 380,760 II-C 162,756 162,756 162,756 II-D 331,452 331,452 331,452 II-E 240,864 240,864 240,864 II-F 180,420 180,420 180,420 II-G 391,776 391,776 391,776 II-H 96,540 96,540 96,540
None of the officers or directors of the General Partner receive compensation directly from the Partnerships. The Partnerships reimburse the General Partner or its affiliates for that portion of such officers' and directors' salaries and expenses attributable to time devoted by such individuals to the Partnerships' activities based on the allocation method described above. The following tables indicate the approximate amount of general and administrative expense reimbursement attributable to the salaries of the directors, officers, and employees of the General Partner and its affiliates during 2003, 2002, and 2001:
Affiliates of the Partnerships serve as operator of some of the Partnerships' wells. The General Partner contracts with such affiliates for services as operator of the wells. As operator, such affiliates are compensated at rates provided in the operating agreements in effect and charged to all parties to such agreement. Such compensation may occur both prior and subsequent to the commencement of commercial marketing of production of oil or gas. The dollar amount of such compensation paid by the Partnerships to the affiliates is impossible to quantify as of the date of this Annual Report.
Samson maintains necessary inventories of new and used field equipment. Samson may have provided some of this equipment for wells in which the Partnerships have an interest. This equipment was provided at prices or rates equal to or less than those normally charged in the same or comparable geographic area by unaffiliated persons or companies dealing at arm's length. The operators of these wells billed the Partnerships for a portion of such costs based upon the Partnerships' interest in the well.
ITEM 12.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
The following table provides information as to the beneficial ownership of the Units as of March 3, 2004 by (i) each beneficial owner of more than five percent of the issued and outstanding Units, (ii) the directors and officers of the General Partner, and (iii) the General Partner and its affiliates. The address of each of such persons is Samson Plaza, Two West Second Street, Tulsa, Oklahoma 74103.
Number of Units Beneficially Owned (Percent Beneficial Owner of Outstanding) - ------------------------------------ -----------------
II-A Partnership: - ---------------- Samson Resources Company 139,089 (28.7%) All affiliates, directors, and officers of the General Partner as a group and 139,089 (28.7%) the General Partner (4 persons)
II-B Partnership: - ---------------- Samson Resources Company 97,314 (26.9%) All affiliates, directors, and officers of the General Partner as a group and the General Partner (4 persons) 97,314 (26.9%)
II-C Partnership: - ---------------- Samson Resources Company 51,453 (33.3%) All affiliates, directors, and officers of the General Partner as a group and the General Partner (4 persons) 51,453 (33.3%)
II-D Partnership: - ---------------- Samson Resources Company 91,332 (29.0%) All affiliates, directors, and officers of the General Partner as a group and the General Partner (4 persons) 91,332 (29.0%)
II-E Partnership: - ---------------- Samson Resources Company 71,683 (31.3%) All affiliates, directors, and officers of the General Partner as a group and the General Partner (4 persons) 71,683 (31.3%)
II-F Partnership: - ---------------- Samson Resources Company 46,356 (27.1%) All affiliates, directors, and officers of the General Partner as a group and the General Partner (4 persons) 46,356 (27.1%)
II-G Partnership: - ---------------- Samson Resources Company 77,712 (20.9%) All affiliates, directors, and officers of the General Partner as a group and the General Partner (4 persons) 77,712 (20.9%)
II-H Partnership: - ---------------- Samson Resources Company 27,714 (30.2%) All affiliates, directors, and officers of the General Partner as a group and the General Partner (4 persons) 27,714 (30.2%)
ITEM 13.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
The General Partner and certain of its affiliates engage in oil and gas activities independently of the Partnerships which result in conflicts of interest that cannot be totally eliminated. The allocation of acquisition and drilling opportunities and the nature of the compensation arrangements between the Partnerships and the General Partner also create potential conflicts of interest. An affiliate of the Partnerships owns some of the Partnerships' Units and therefore has an identity of interest with other Limited Partners with respect to the operations of the Partnerships.
In order to attempt to assure limited liability for Limited Partners as well as an orderly conduct of business, management of the Partnerships is exercised solely by the General Partner. The Partnership Agreements grant the General Partner broad discretionary authority with respect to the Partnerships' participation in drilling prospects and expenditure and control of funds, including borrowings. These provisions are similar to those contained in prospectuses and partnership agreements for other public oil and gas partnerships. Broad discretion as to general management of the Partnerships involves circumstances where the General Partner has conflicts of interest and where it must allocate costs and expenses, or opportunities, among the Partnerships and other competing interests.
The General Partner does not devote all of its time, efforts, and personnel exclusively to the Partnerships. Furthermore, the Partnerships do not have any employees, but instead rely on the personnel of Samson. The Partnerships thus compete with Samson (including other oil and gas partnerships) for the time and resources of such personnel. Samson devotes such time and personnel to the management of the Partnerships as are indicated by the circumstances and as are consistent with the General Partner's fiduciary duties.
Affiliates of the Partnerships are solely responsible for the negotiation, administration, and enforcement of oil and gas sales agreements covering the Partnerships' leasehold interests. Because affiliates of the Partnership who provide services to the Partnership have fiduciary or other duties to other members of Samson, contract amendments and negotiating positions taken by them in their effort to enforce contracts with purchasers may not necessarily represent the positions that the Partnerships would take if they were to administer their own contracts without involvement with other members of Samson. On the other hand, management believes that the Partnerships' negotiating strength and contractual positions have been enhanced by virtue of their affiliation with Samson.
ITEM 14.
ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Audit Fees
During 2003 and 2002, each Partnership incurred the following audit fees:
2003 2002 ------- -------
Year-end audit per engagement letter $19,250 $17,827 1st quarter 10-Q review 750 750 2nd quarter 10-Q review 750 750 3rd quarter 10-Q review 750 750
Audit-Related Fees
During 2003 and 2002 the Partnerships did not pay any audit-related fees of the type required by the SEC to be disclosed in this Annual Report under this heading.
Tax Fees
During 2003 and 2002 the Partnerships did not pay any tax compliance, tax advice, or tax planning fees of the type required by the SEC to be disclosed in this Annual Report under this heading.
All Other Fees
During 2003 and 2002 the Partnerships did not pay any other fees of the type required by the SEC to be disclosed in this Annual Report under this heading.
Audit Approval
The Partnerships do not have audit committee pre-approval policies and procedures as described in paragraph (c)(7)(i) of Rule 2-01 of Regulation S-X. The Partnerships did not receive any services of the type described in Items 9(e)(2) through 9(e)(4) of Schedule 14A.
Audit and Related Fees paid by Affiliates
The Partnerships' accountants received compensation from other limited partnerships managed by the General Partner and from other entities affiliated with the General Partner. This compensation is for audit services, tax related services, and other accounting-related services. The General Partner does not believe this arrangement creates a conflict of interest or impairs the auditors' independence.
PART IV.
ITEM 15.
ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K
(a) Financial Statements, Financial Statement Schedules, and Exhibits.
(1) Financial Statements: The following financial statements for the
Geodyne Energy Income Limited Partnership II-A Geodyne Energy Income Limited Partnership II-B Geodyne Energy Income Limited Partnership II-C Geodyne Energy Income Limited Partnership II-D Geodyne Energy Income Limited Partnership II-E Geodyne Energy Income Limited Partnership II-F Geodyne Energy Income Limited Partnership II-G Geodyne Energy Income Limited Partnership II-H
as of December 31, 2003 and 2002 and for each of the three years in the period ended December 31, 2003 are filed as part of this report:
Report of Independent Auditors Combined Balance Sheets Combined Statements of Operations Combined Statements of Changes in Partners' Capital (Deficit) Combined Statements of Cash Flows Notes to Combined Financial Statements
(2) Financial Statement Schedules:
None.
(3) Exhibits:
Exh. No. Exhibit --- -------
4.1 Agreement and Certificate of Limited Partnership dated July 22, 1987 for the Geodyne Energy Income Limited Partnership II-A, filed as Exhibit 4.1 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.2 First Amendment to Amended and Restated Certificate of Limited Partnership and First Amendment to Agreement and Certificate of Limited Partnership dated February 24, 1993
for the Geodyne Energy Income Limited Partnership II-A, filed as Exhibit 4.2 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.3 Second Amendment to Agreement and Certificate of Limited Partnership dated August 4, 1993 for the Geodyne Energy Income Limited Partnership II-A, filed as Exhibit 4.3 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.4 Third Amendment to Agreement and Certificate of Limited Partnership dated July 1, 1996 for the Geodyne Energy Income Limited Partnership II-A, filed as Exhibit 4.4 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.5 Fourth Amendment to Agreement and Certificate of Limited Partnership dated November 14, 2001 for the Geodyne Energy Income Limited Partnership II-A, filed as Exhibit 4.5 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
*4.6 Fifth Amendment to Agreement and Certificate of Limited Partnership dated November 18, 2003 for the Geodyne Energy Income Limited Partnership II-A.
4.7 Amended and Restated Certificate of Limited Partnership dated March 9, 1989 for the Geodyne Energy Income Limited Partnership II-A, filed as Exhibit 4.6 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.8 Second Amendment to Amended and Restated Certificate of Limited Partnership dated July 1, 1996, for the Geodyne Energy Income Limited Partnership II-A, filed as Exhibit 4.7 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.9 Third Amendment to Amended and Restated Certificate of Limited Partnership dated November 14, 2001, for the Geodyne Energy Income Limited Partnership II-A, filed as Exhibit 4.8 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
*4.10 Fourth Amendment to Amended and Restated Certificate of Limited Partnership dated November 21, 2003, for the Geodyne Energy Income Limited Partnership II-A.
4.11 Agreement and Certificate of Limited Partnership dated October 14, 1987 for the Geodyne Energy Income Limited Partnership II-B, filed as Exhibit 4.9 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.12 First Amendment to Amended and Restated Certificate of Limited Partnership and First Amendment to Agreement and Certificate of Limited Partnership dated February 24, 1993 for the Geodyne Energy Income Limited Partnership II-B, filed as Exhibit 4.10 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.13 Second Amendment to Agreement and Certificate of Limited Partnership dated August 4, 1993 for the Geodyne Energy Income Limited Partnership II-B, filed as Exhibit 4.11 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.14 Third Amendment to Agreement and Certificate of Limited Partnership dated July 1, 1996 for the Geodyne Energy Income Limited Partnership II-B, filed as Exhibit 4.12 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.15 Fourth Amendment to Agreement and Certificate of Limited Partnership dated November 14, 2001 for the Geodyne Energy Income Limited Partnership II-B, filed as Exhibit 4.13 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
*4.16 Fifth Amendment to Agreement and Certificate of Limited Partnership dated November 18, 2003, for the Geodyne Energy Income Limited Partnership II-B.
4.17 Amended and Restated Certificate of Limited Partnership dated March 9, 1989 for the Geodyne Energy Income Limited Partnership II-B, filed as Exhibit 4.14 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.18 Second Amendment to Amended and Restated Certificate of Limited Partnership dated July 1, 1996, for the Geodyne Energy Income Limited Partnership II-B, filed as Exhibit 4.15 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.19 Third Amendment to Amended and Restated Certificate of Limited Partnership dated November 14, 2001, for the Geodyne Energy Income Limited Partnership II-B, filed as Exhibit 4.16 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
*4.20 Fourth Amendment to Amended and Restated Certificate of Limited Partnership dated November 21, 2003, for the Geodyne Energy Income Limited Partnership II-B.
4.21 Agreement and Certificate of Limited Partnership dated January 13, 1988 for the Geodyne Energy Income Limited Partnership II-C, filed as Exhibit 4.17 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.22 First Amendment to Amended and Restated Certificate of Limited Partnership and First Amendment to Agreement and Certificate of Limited Partnership dated February 24, 1993 for the Geodyne Energy Income Limited Partnership II-C, filed as Exhibit 4.18 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.23 Second Amendment to Agreement and Certificate of Limited Partnership dated August 4, 1993 for the Geodyne Energy Income Limited Partnership II-C, filed as Exhibit 4.19 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.24 Third Amendment to Agreement and Certificate of Limited Partnership dated July 1, 1996 for the Geodyne Energy Income Limited Partnership II-C, filed as Exhibit 4.20 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.25 Fourth Amendment to Agreement and Certificate of Limited Partnership dated November 14, 2001 for the Geodyne Energy Income Limited Partnership II-C, filed as Exhibit 4.21 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
*4.26 Fifth Amendment to Agreement and Certificate of Limited Partnership dated November 18, 2003 for the Geodyne Energy Income Limited Partnership II-C.
4.27 Amended and Restated Certificate of Limited Partnership dated March 9, 1989 for the Geodyne Energy Income Limited
Partnership II-C, filed as Exhibit 4.22 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.28 Second Amendment to Amended and Restated Certificate of Limited Partnership dated July 1, 1996, for the Geodyne Energy Income Limited Partnership II-C, filed as Exhibit 4.23 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.29 Third Amendment to Amended and Restated Certificate of Limited Partnership dated November 14, 2001, for the Geodyne Energy Income Limited Partnership II-C, filed as Exhibit 4.24 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
*4.30 Fourth Amendment to Amended and Restated Certificate of Limited Partnership dated November 21, 2003, for the Geodyne Energy Income Limited Partnership II-C.
4.31 Agreement and Certificate of Limited Partnership dated May 10, 1988 for the Geodyne Energy Income Limited Partnership II-D, filed as Exhibit 4.25 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.32 First Amendment to Amended and Restated Certificate of Limited Partnership and First Amendment to Agreement and Certificate of Limited Partnership dated February 24, 1993 for the Geodyne Energy Income Limited Partnership II-D, filed as Exhibit 4.26 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.33 Second Amendment to Agreement and Certificate of Limited Partnership dated August 4, 1993 for the Geodyne Energy Income Limited Partnership II-D, filed as Exhibit 4.27 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.34 Third Amendment to Agreement and Certificate of Limited Partnership dated July 1, 1996 for the Geodyne Energy Income Limited Partnership II-D, filed as Exhibit 4.28 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.35 Fourth Amendment to Agreement and Certificate of Limited Partnership dated November 14, 2001 for the Geodyne Energy Income Limited Partnership II-D, filed as Exhibit 4.29 to
Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
*4.36 Fifth Amendment to Agreement and Certificate of Limited Partnership dated November 18, 2003, for the Geodyne Energy Income Limited Partnership II-D.
4.37 Amended and Restated Certificate of Limited Partnership dated March 9, 1989 for the Geodyne Energy Income Limited Partnership II-D, filed as Exhibit 4.30 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.38 Second Amendment to Amended and Restated Certificate of Limited Partnership dated July 1, 1996, for the Geodyne Energy Income Limited Partnership II-D, filed as Exhibit 4.31 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.39 Third Amendment to Amended and Restated Certificate of Limited Partnership dated November 14, 2001, for the Geodyne Energy Income Limited Partnership II-D, filed as Exhibit 4.32 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
*4.40 Fourth Amendment to Amended and Restated Certificate of Limited Partnership dated November 21, 2003, for the Geodyne Energy Income Limited Partnership II-D.
4.41 Agreement and Certificate of Limited Partnership dated September 27, 1988 for the Geodyne Energy Income Limited Partnership II-E, filed as Exhibit 4.33 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.42 First Amendment to Amended and Restated Certificate of Limited Partnership and First Amendment to Agreement and Certificate of Limited Partnership dated February 24, 1993 for the Geodyne Energy Income Limited Partnership II-E, filed as Exhibit 4.34 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.43 Second Amendment to Agreement and Certificate of Limited Partnership dated August 4, 1993 for the Geodyne Energy Income Limited Partnership II-E, filed as Exhibit 4.35 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.44 Third Amendment to Agreement and Certificate of Limited Partnership dated August 31, 1995 for the Geodyne Energy Income Limited Partnership II-E, filed as Exhibit 4.36 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.45 Fourth Amendment to Agreement and Certificate of Limited Partnership dated July 1, 1996 for the Geodyne Energy Income Limited Partnership II-E, filed as Exhibit 4.37 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.36 Fifth Amendment to Agreement and Certificate of Limited Partnership dated November 14, 2001 for the Geodyne Energy Income Limited Partnership II-E, filed as Exhibit 4.38 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
*4.47 Sixth Amendment to Agreement and Certificate of Limited Partnership dated November 18, 2003 for the Geodyne Energy Income Limited Partnership II-E.
4.48 Amended and Restated Certificate of Limited Partnership dated March 9, 1989 for the Geodyne Energy Income Limited Partnership II-E, filed as Exhibit 4.39 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.49 Second Amendment to Amended and Restated Certificate of Limited Partnership dated July 1, 1996, for the Geodyne Energy Income Limited Partnership II-E, filed as Exhibit 4.40 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.50 Third Amendment to Amended and Restated Certificate of Limited Partnership dated November 14, 2001, for the Geodyne Energy Income Limited Partnership II-E, filed as Exhibit 4.41 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
*4.51 Fourth Amendment to Amended and Restated Certificate of Limited Partnership dated November 21, 2003, for the Geodyne Energy Income Limited Partnership III-E.
4.52 Agreement and Certificate of Limited Partnership dated January 5, 1989 for the Geodyne Energy Income Limited Partnership II-F, filed as Exhibit 4.42 to Annual Report on
Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.53 Certificate of Limited Partnership dated January 5, 1989, for the Geodyne Energy Income Limited Partnership II-F, filed as Exhibit 4.42a to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.54 First Amendment to Certificate of Limited Partnership and First Amendment to Agreement and Certificate of Limited Partnership dated February 24, 1993 for the Geodyne Energy Income Limited Partnership II-F, filed as Exhibit 4.43 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.55 Second Amendment to Agreement and Certificate of Limited Partnership dated August 4, 1993 for the Geodyne Energy Income Limited Partnership II-F, filed as Exhibit 4.44 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.56 Third Amendment to Agreement and Certificate of Limited Partnership dated August 31, 1995 for the Geodyne Energy Income Limited Partnership II-F, filed as Exhibit 4.45 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.57 Fourth Amendment to Agreement and Certificate of Limited Partnership dated July 1, 1996 for the Geodyne Energy Income Limited Partnership II-F, filed as Exhibit 4.46 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.58 Fifth Amendment to Agreement and Certificate of Limited Partnership dated November 14, 2001 for the Geodyne Energy Income Limited Partnership II-F, filed as Exhibit 4.48 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
*4.59 Sixth Amendment to Agreement and Certificate of Limited Partnership dated November 18, 2003, for the Geodyne Energy Income Limited Partnership II-F.
4.60 Second Amendment to Certificate of Limited Partnership dated July 1, 1996, for the Geodyne Energy Income Limited Partnership II-F, filed as Exhibit 4.48 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with
the SEC on February 26, 2002 and is hereby incorporated by reference.
4.61 Third Amendment to Certificate of Limited Partnership dated November 14, 2001, for the Geodyne Energy Income Limited Partnership II-F, filed as Exhibit 4.49 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
*4.62 Fourth Amendment to Certificate of Limited Partnership dated November 21, 2003, for the Geodyne Energy Income Limited Partnership II-F.
4.63 Agreement and Certificate of Limited Partnership dated April 10, 1989 for the Geodyne Energy Income Limited Partnership II-G, filed as Exhibit 4.50 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.64 Certificate of Limited Partnership dated April 10, 1989, for the Geodyne Energy Income Limited Partnership II-G, filed as Exhibit 4.51 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.65 First Amendment to Certificate of Limited Partnership and First Amendment to Agreement and Certificate of Limited Partnership dated February 24, 1993 for the Geodyne Energy Income Limited Partnership II-G, filed as Exhibit 4.52 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.66 Second Amendment to Agreement and Certificate of Limited Partnership dated August 4, 1993 for the Geodyne Energy Income Limited Partnership II-G, filed as Exhibit 4.53 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.67 Third Amendment to Agreement and Certificate of Limited Partnership dated August 31, 1995 for the Geodyne Energy Income Limited Partnership II-G, filed as Exhibit 4.54 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.68 Fourth Amendment to Agreement and Certificate of Limited Partnership dated July 1, 1996 for the Geodyne Energy Income Limited Partnership II-G, filed as Exhibit 4.55 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.69 Fifth Amendment to Agreement and Certificate of Limited Partnership dated November 14, 2001 for the Geodyne Energy Income Limited Partnership II-G, filed as Exhibit 4.56 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
*4.70 Sixth Amendment to Agreement and Certificate of Limited Partnership dated November 18, 2003 for the Geodyne Energy Income Limited Partnership II-G.
4.71 Second Amendment to Certificate of Limited Partnership dated July 1, 1996, for the Geodyne Energy Income Limited Partnership II-G, filed as Exhibit 4.57 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.72 Third Amendment to Certificate of Limited Partnership dated November 14, 2001, for the Geodyne Energy Income Limited Partnership II-G, filed as Exhibit 4.58 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
*4.73 Fourth Amendment to Certificate of Limited Partnership dated November 21, 2003, for the Geodyne Energy Income Limited Partnership II-G.
4.74 Agreement and Certificate of Limited Partnership dated May 17, 1989 for the Geodyne Energy Income Limited Partnership II-H, filed as Exhibit 4.59 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.75 Certificate of Limited Partnership dated May 17, 1989, for the Geodyne Energy Income Limited Partnership II-H, filed as Exhibit 4.60 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.76 First Amendment to Certificate of Limited Partnership and First Amendment to Agreement and Certificate of Limited Partnership dated February 25, 1993 for the Geodyne Energy Income Limited Partnership II-H, filed as Exhibit 4.61 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.77 Second Amendment to Agreement and Certificate of Limited Partnership dated August 4, 1993 for the Geodyne Energy Income Limited Partnership II-H, filed as Exhibit 4.62 to Annual Report on Form 10-K405 for period ended December 31,
2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.78 Third Amendment to Agreement and Certificate of Limited Partnership dated August 31, 1995 for the Geodyne Energy Income Limited Partnership II-H, filed as Exhibit 4.63 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.79 Fourth Amendment to Agreement and Certificate of Limited Partnership dated July 1, 1996 for the Geodyne Energy Income Limited Partnership II-H, filed as Exhibit 4.64 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.80 Fifth Amendment to Agreement and Certificate of Limited Partnership dated November 14, 2001 for the Geodyne Energy Income Limited Partnership II-H, filed as Exhibit 4.65 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
*4.81 Sixth Amendment to Agreement and Certificate of Limited Partnership dated November 18, 2003 for the Geodyne Energy Income Limited Partnership II-H.
4.82 Second Amendment to Certificate of Limited Partnership dated July 1, 1996, for the Geodyne Energy Income Limited Partnership II-H, filed as Exhibit 4.66 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.83 Third Amendment to Certificate of Limited Partnership dated November 14, 2001, for the Geodyne Energy Income Limited Partnership II-H, filed as Exhibit 4.67 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
*4.84 Fourth Amendment to Certificate of Limited Partnership dated November 21, 2003, for the Geodyne Energy Income Limited Partnership II-H.
10.1 Agreement of Partnership dated July 22, 1987 for the Geodyne Production Partnership II-A, filed as Exhibit 10.1 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
10.2 First Amendment to Agreement of Partnership dated February 26, 1993 for the Geodyne Production Partnership II-A, filed
as Exhibit 10.2 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
10.3 Second Amendment to Agreement of Partnership dated July 1, 1996 for the Geodyne Production Partnership II-A, filed as Exhibit 10.3 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
10.4 Third Amendment to Agreement of Partnership dated November 14, 2001 for the Geodyne Production Partnership II-A, filed as Exhibit 10.4 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
*10.5 Fourth Amendment to Agreement of Partnership dated November 18, 2003 for the Geodyne Production Partnership II-A.
10.6 Agreement of Partnership dated July 22, 1987 for the Geodyne Production Partnership II-B, filed as Exhibit 10.5 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
10.7 First Amendment to Agreement of Partnership dated February 26, 1993 for the Geodyne Production Partnership II-B, filed as Exhibit 10.6 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
10.8 Second Amendment to Agreement of Partnership dated July 1, 1996 for the Geodyne Production Partnership II-B, filed as Exhibit 10.7 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
10.9 Third Amendment to Agreement of Partnership dated November 14, 2001 for the Geodyne Production Partnership II-B, filed as Exhibit 10.8 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
*10.10 Fourth Amendment to Agreement of Partnership dated November 18, 2003 for the Geodyne Production Partnership II-B.
10.11 Agreement of Partnership dated July 22, 1987 for the Geodyne Production Partnership II-C, filed as Exhibit 10.9 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
10.12 First Amendment to Agreement of Partnership dated February 26, 1993 for the Geodyne Production Partnership II-C, filed
as Exhibit 10.10 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
10.13 Second Amendment to Agreement of Partnership dated July 1, 1996 for the Geodyne Production Partnership II-C, filed as Exhibit 10.11 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
10.14 Third Amendment to Agreement of Partnership dated November 14, 2001 for the Geodyne Production Partnership II-C, filed as Exhibit 10.12 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
*10.15 Fourth Amendment to Agreement of Partnership dated November 18, 2003 for the Geodyne Production Partnership II-C.
10.16 Agreement of Partnership dated July 22, 1987 for the Geodyne Production Partnership II-D, filed as Exhibit 10.13 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
10.17 First Amendment to Agreement of Partnership dated February 26, 1993 for the Geodyne Production Partnership II-D, filed as Exhibit 10.14 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
10.18 Second Amendment to Agreement of Partnership dated July 1, 1996 for the Geodyne Production Partnership II-D, filed as Exhibit 10.15 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
10.19 Third Amendment to Agreement of Partnership dated November 14, 2001 for the Geodyne Production Partnership II-D, filed as Exhibit 10.16 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
*10.20 Fourth Amendment to Agreement of Partnership dated November 18, 2003 for the Geodyne Production Partnership II-D.
10.21 Agreement of Partnership dated July 22, 1987 for the Geodyne Production Partnership II-E, filed as Exhibit 10.17 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
10.22 First Amendment to Agreement of Partnership dated February 26, 1993 for the Geodyne Production Partnership II-E, filed
as Exhibit 10.18 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
10.23 Second Amendment to Agreement of Partnership dated July 1, 1996 for the Geodyne Production Partnership II-E, filed as Exhibit 10.19 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
10.24 Third Amendment to Agreement of Partnership dated November 14, 2001 for the Geodyne Production Partnership II-E, filed as Exhibit 10.20 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
*10.25 Fourth Amendment to Agreement of Partnership dated November 18, 2003 for the Geodyne Production Partnership II-E.
10.26 Agreement of Partnership dated July 22, 1987 for the Geodyne Production Partnership II-F, filed as Exhibit 10.21 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
10.27 First Amendment to Agreement of Partnership dated February 26, 1993 for the Geodyne Production Partnership II-F, filed as Exhibit 10.22 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
10.28 Second Amendment to Agreement of Partnership dated July 1, 1996 for the Geodyne Production Partnership II-F, filed as Exhibit 10.23 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
10.29 Third Amendment to Agreement of Partnership dated November 14, 2001 for the Geodyne Production Partnership II-F, filed as Exhibit 10.24 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
*10.30 Fourth Amendment to Agreement of Partnership dated November 18, 2003 for the Geodyne Production Partnership II-F.
10.31 Agreement of Partnership dated July 22, 1987 for the Geodyne Production Partnership II-G, filed as Exhibit 10.25 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
10.32 First Amendment to Agreement of Partnership dated February 26, 1993 for the Geodyne Production Partnership II-G, filed
as Exhibit 10.26 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
10.33 Second Amendment to Agreement of Partnership dated July 1, 1996 for the Geodyne Production Partnership II-G, filed as Exhibit 10.27 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
10.34 Third Amendment to Agreement of Partnership dated November 14, 2001 for the Geodyne Production Partnership II-G, filed as Exhibit 10.28 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
*10.35 Fourth Amendment to Agreement of Partnership dated November 18, 2003 for the Geodyne Production Partnership II-G.
10.36 Agreement of Partnership dated July 22, 1987 for the Geodyne Production Partnership II-H, filed as Exhibit 10.29 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
10.37 First Amendment to Agreement of Partnership dated February 26, 1993 for the Geodyne Production Partnership II-H, filed as Exhibit 10.30 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
10.38 Second Amendment to Agreement of Partnership dated July 1, 1996 for the Geodyne Production Partnership II-H, filed as Exhibit 10.31 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
10.39 Third Amendment to Agreement of Partnership dated November 14, 2001 for the Geodyne Production Partnership II-H, filed as Exhibit 10.32 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
*10.40 Fourth Amendment to Agreement of Partnership dated November 18, 2003 for the Geodyne Production Partnership II-H.
*23.1 Consent of Ryder Scott Company, L.P. for Geodyne Energy Income Limited Partnership II-A.
*23.2 Consent of Ryder Scott Company, L.P. for Geodyne Energy Income Limited Partnership II-B.
*23.3 Consent of Ryder Scott Company, L.P. for Geodyne Energy Income Limited Partnership II-C.
*23.4 Consent of Ryder Scott Company, L.P. for Geodyne Energy Income Limited Partnership II-D.
*23.5 Consent of Ryder Scott Company, L.P. for Geodyne Energy Income Limited Partnership II-E.
*23.6 Consent of Ryder Scott Company, L.P. for Geodyne Energy Income Limited Partnership II-F.
*23.7 Consent of Ryder Scott Company, L.P. for Geodyne Energy Income Limited Partnership II-G.
*23.8 Consent of Ryder Scott Company, L.P. for Geodyne Energy Income Limited Partnership II-H.
*31.1 Certification by Dennis R. Neill required by Rule 13a-14(a)/15d-14(a) for the Geodyne Energy Income Limited Partnership II-A.
*31.2 Certification by Craig D. Loseke required by Rule 13a-14(a)/15d-14(a) for the Geodyne Energy Income Limited Partnership II-A.
*31.3 Certification by Dennis R. Neill required by Rule 13a-14(a)/15d-14(a) for the Geodyne Energy Income Limited Partnership II-B.
*31.4 Certification by Craig D. Loseke required by Rule 13a-14(a)/15d-14(a) for the Geodyne Energy Income Limited Partnership II-B.
*31.5 Certification by Dennis R. Neill required by Rule 13a-14(a)/15d-14(a) for the Geodyne Energy Income Limited Partnership II-C.
*31.6 Certification by Craig D. Loseke required by Rule 13a-14(a)/15d-14(a) for the Geodyne Energy Income Limited Partnership II-C.
*31.7 Certification by Dennis R. Neill required by Rule 13a-14(a)/15d-14(a) for the Geodyne Energy Income Limited Partnership II-D.
*31.8 Certification by Craig D. Loseke required by Rule 13a-14(a)/15d-14(a) for the Geodyne Energy Income Limited Partnership II-D.
*31.9 Certification by Dennis R. Neill required by Rule 13a-14(a)/15d-14(a) for the Geodyne Energy Income Limited Partnership II-E.
*31.10 Certification by Craig D. Loseke required by Rule 13a-14(a)/15d-14(a) for the Geodyne Energy Income Limited Partnership II-E.
*31.11 Certification by Dennis R. Neill required by Rule 13a-14(a)/15d-14(a) for the Geodyne Energy Income Limited Partnership II-F.
*31.12 Certification by Craig D. Loseke required by Rule 13a-14(a)/15d-14(a) for the Geodyne Energy Income Limited Partnership II-F.
*31.13 Certification by Dennis R. Neill required by Rule 13a-14(a)/15d-14(a) for the Geodyne Energy Income Limited Partnership II-G.
*31.14 Certification by Craig D. Loseke required by Rule 13a-14(a)/15d-14(a) for the Geodyne Energy Income Limited Partnership II-G.
*31.15 Certification by Dennis R. Neill required by Rule 13a-14(a)/15d-14(a) for the Geodyne Energy Income Limited Partnership II-H.
*31.16 Certification by Craig D. Loseke required by Rule 13a-14(a)/15d-14(a) for the Geodyne Energy Income Limited Partnership II-H.
*32.1 Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for the Geodyne Energy Income Limited Partnership II-A.
*32.2 Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for the Geodyne Energy Income Limited Partnership II-B.
*32.3 Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for the Geodyne Energy Income Limited Partnership II-C.
*32.4 Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for the Geodyne Energy Income Limited Partnership II-D.
*32.5 Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for the Geodyne Energy Income Limited Partnership II-E.
*32.6 Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for the Geodyne Energy Income Limited Partnership II-F.
*32.7 Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for the Geodyne Energy Income Limited Partnership II-G.
*32.8 Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for the Geodyne Energy Income Limited Partnership II-H.
All other Exhibits are omitted as inapplicable.
----------
*Filed herewith.
(b) Reports on Form 8-K filed during the fourth quarter of 2002:
Each Partnership filed a Current Report of Form 8-K as follows:
Date of Event: November 21, 2003 Date filed with the SEC: November 21, 2003 Items Included: Item 5 - Other Events Item 7 - Exhibits
Each Partnership filed a Amended Current Report of Form 8-K/A as follows:
Date of Event: December 1, 2003 Date filed with the SEC: December 3, 2003 Items Included: Item 5 - Other Events Item 7 - Exhibits
SIGNATURES
Pursuant to the requirements of Sections 13 or 15(d) 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 organized.
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-A GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-B GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-C GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-D GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-E GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-F GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-G GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-H
By: GEODYNE RESOURCES, INC. General Partner
March 19, 2004
By: //s// Dennis R. Neill ------------------------------ Dennis R. Neill President
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities (with respect to the registrant's general partner, Geodyne Resources, Inc.) on the dates indicated.
By: //s//Dennis R. Neill President and March 19, 2004 ------------------- Director (Principal Dennis R. Neill Executive Officer)
//s//Craig D. Loseke Chief Accounting March 19, 2004 ------------------- Officer (Principal Craig D. Loseke Accounting and Financial Officer)
//s//Judy K. Fox ------------------- Secretary March 19, 2004 Judy K. Fox
ITEM 8: FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
REPORT OF INDEPENDENT AUDITORS
TO THE PARTNERS
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-A GEODYNE PRODUCTION PARTNERSHIP II-A
In our opinion, the accompanying combined balance sheets and the related combined statements of operations, changes in partners' capital (deficit) and cash flows present fairly, in all material respects, the combined financial position of the Geodyne Energy Income Limited Partnership II-A, an Oklahoma limited partnership, and Geodyne Production Partnership II-A, an Oklahoma general partnership, at December 31, 2003 and 2002, and the combined results of their operations and their cash flows for each of the three years in the period ended December 31, 2003, in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the Partnerships' management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with auditing standards generally accepted in the United States of America, which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
As discussed in Note 1 of Notes to Combined Financial Statements under the heading "New Accounting Pronouncements," effective January 1, 2003 the Partnerships changed the manner in which they account for asset retirement obligations.
PricewaterhouseCoopers LLP
Tulsa, Oklahoma March 15, 2004
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-A GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP II-A Combined Balance Sheets December 31, 2003 and 2002
ASSETS ------
2003 2002 ------------ ------------ CURRENT ASSETS: Cash and cash equivalents $1,428,609 $ 794,035 Accounts receivable: Oil and gas sales 761,616 658,499 --------- --------- Total current assets $2,190,225 $1,452,534
NET OIL AND GAS PROPERTIES, utilizing the successful efforts method 2,232,731 2,056,359
DEFERRED CHARGE 650,100 656,289 --------- --------- $5,073,056 $4,165,182 ========= =========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) -------------------------------------------
CURRENT LIABILITIES: Accounts payable $ 264,588 $ 256,595 Accrued liability - other (Note 1) 26,672 26,672 Gas imbalance payable 91,463 95,268 Asset retirement obligation - current (Note 1) 9,874 - --------- --------- Total current liabilities $ 392,597 $ 378,535
LONG-TERM LIABILITIES: Accrued liability $ 207,595 $ 217,322 Asset retirement obligation (Note 1) 268,040 - --------- --------- Total long-term liabilities $ 475,635 $ 217,322
PARTNERS' CAPITAL (DEFICIT): General Partner ($ 232,071) ($ 241,784) Limited Partners, issued and outstanding, 484,283 Units 4,436,895 3,811,109 --------- --------- Total Partners' capital $4,204,824 $3,569,325 --------- --------- $5,073,056 $4,165,182 ========= =========
The accompanying notes are an integral part of these combined financial statements.
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-A GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP II-A Combined Statements of Operations For the Years Ended December 31, 2003, 2002, and 2001
2003 2002 2001 ---------- ---------- ----------
REVENUES: Oil and gas sales $5,580,423 $3,781,863 $4,812,392 Interest income 7,152 5,181 31,927 Gain on sale of oil and gas properties 9,595 193,272 137,823 --------- --------- --------- $5,597,170 $3,980,316 $4,982,142
COSTS AND EXPENSES: Lease operating $1,091,063 $1,302,070 $1,538,430 Production tax 316,696 214,538 287,607 Depreciation, depletion, and amortization of oil and gas properties 211,157 261,452 772,466 General and administrative 561,271 557,151 550,462 --------- --------- --------- $2,180,187 $2,335,211 $3,148,965 --------- --------- --------- INCOME BEFORE CUMULATIVE EFFECT OF ACCOUNTING CHANGE $3,416,983 $1,645,105 $1,833,177
Cumulative effect of change in accounting for asset retirement obligations (Note 1) 5,849 - - --------- --------- --------- NET INCOME $3,422,832 $1,645,105 $1,833,177 ========= ========= =========
GENERAL PARTNER - NET INCOME $ 360,046 $ 187,523 $ 249,356 ========= ========= =========
LIMITED PARTNERS - NET INCOME $3,062,786 $1,457,582 $1,583,821 ========= ========= =========
NET INCOME per Unit $ 6.32 $ 3.01 $ 3.27 ========= ========= =========
UNITS OUTSTANDING 484,283 484,283 484,283 ========= ========= =========
The accompanying notes are an integral part of these combined financial statements.
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-A GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP II-A Combined Statements of Changes in Partners' Capital (Deficit) For the Years Ended December 31, 2003, 2002, and 2001
Limited General Partners Partner Total ------------ ---------- ------------
Balance, Dec. 31, 2000 $5,561,706 ($333,839) $5,227,867 Net income 1,583,821 249,356 1,833,177 Cash distributions ( 3,586,000) ( 200,669) ( 3,786,669) --------- ------- ---------
Balance, Dec. 31, 2001 $3,559,527 ($285,152) $3,274,375 Net income 1,457,582 187,523 1,645,105 Cash distributions ( 1,206,000) ( 144,155) ( 1,350,155) --------- ------- ---------
Balance, Dec. 31, 2002 $3,811,109 ($241,784) $3,569,325 Net income 3,062,786 360,046 3,422,832 Cash distributions ( 2,437,000) ( 350,333) ( 2,787,333) --------- ------- ---------
Balance, Dec. 31, 2003 $4,436,895 ($232,071) $4,204,824 ========= ======= =========
The accompanying notes are an integral part of these combined financial statements.
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-A GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP II-A Combined Statements of Cash Flows For the Years Ended December 31, 2003, 2002, and 2001
2003 2002 2001 ------------ ------------ -----------
CASH FLOWS FROM OPERATING ACTIVITIES: Net income $3,422,832 $1,645,105 $1,833,177 Adjustments to reconcile net income to net cash provided by operating activities: Cumulative effect of change in accounting for asset retirement obligations (Note 1) ( 5,849) - - Depreciation, depletion, and amortization of oil and gas properties 211,157 261,452 772,466 Gain on sale of oil and gas properties ( 9,595) ( 193,272) ( 137,823) (Increase) decrease in accounts receivable- oil and gas sales ( 103,117) ( 262,242) 645,765 Decrease in deferred charge 6,189 39,334 117,937 Increase (decrease) in accounts payable 7,993 102,867 ( 15,686) Increase (decrease) in accrued liability - other - ( 47,128) 73,800 Decrease in gas imbalance payable ( 3,805) ( 1,031) ( 7,557) Decrease in accrued liability ( 9,727) ( 26,005) ( 9,377) --------- --------- --------- Net cash provided by operating activities $3,516,078 $1,519,080 $3,272,702 --------- --------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures ($ 102,903) ($ 137,449) ($ 149,585) Proceeds from sale of oil and gas properties 8,732 348,092 7,285 --------- --------- --------- Net cash provided (used) by investing activities ($ 94,171) $ 210,643 ($ 142,300) --------- --------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES: Cash distributions ($2,787,333) ($1,350,155) ($3,786,669) --------- --------- --------- Net cash used by financing activities ($2,787,333) ($1,350,155) ($3,786,669) --------- --------- ---------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS $ 634,574 $ 379,568 ($ 656,267)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 794,035 414,467 1,070,734 --------- --------- ---------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $1,428,609 $ 794,035 $ 414,467 ========= ========= =========
The accompanying notes are an integral part of these combined financial statements.
REPORT OF INDEPENDENT AUDITORS
TO THE PARTNERS
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-B GEODYNE PRODUCTION PARTNERSHIP II-B
In our opinion, the accompanying combined balance sheets and the related combined statements of operations, changes in partners' capital (deficit) and cash flows present fairly, in all material respects, the combined financial position of the Geodyne Energy Income Limited Partnership II-B, an Oklahoma limited partnership, and Geodyne Production Partnership II-B, an Oklahoma general partnership, at December 31, 2003 and 2002, and the combined results of their operations and their cash flows for each of the three years in the period ended December 31, 2003, in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the Partnerships' management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with auditing standards generally accepted in the United States of America, which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
As discussed in Note 1 of Notes to Combined Financial Statements under the heading "New Accounting Pronouncements," effective January 1, 2003 the Partnerships changed the manner in which they account for asset retirement obligations.
PricewaterhouseCoopers LLP
Tulsa, Oklahoma March 15, 2004
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-B GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP II-B Combined Balance Sheets December 31, 2003 and 2002
ASSETS ------
2003 2002 ------------ ------------ CURRENT ASSETS: Cash and cash equivalents $ 933,790 $ 478,067 Accounts receivable: Oil and gas sales 546,637 481,002 --------- --------- Total current assets $1,480,427 $ 959,069
NET OIL AND GAS PROPERTIES, utilizing the successful efforts method 1,683,184 1,605,587
DEFERRED CHARGE 238,135 245,511 --------- --------- $3,401,746 $2,810,167 ========= =========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) -------------------------------------------
CURRENT LIABILITIES: Accounts payable $ 154,705 $ 147,990 Gas imbalance payable 47,276 47,652 Asset retirement obligation - current (Note 1) 13,046 - --------- --------- Total current liabilities $ 215,027 $ 195,642
LONG-TERM LIABILITIES: Accrued liability $ 48,773 $ 52,682 Asset retirement obligation (Note 1) 189,095 - --------- --------- Total long-term liabilities $ 237,868 $ 52,682
PARTNERS' CAPITAL (DEFICIT): General Partner ($ 254,807) ($ 264,786) Limited Partners, issued and outstanding, 361,719 Units 3,203,658 2,826,629 --------- --------- Total Partners' capital $2,948,851 $2,561,843 --------- --------- $3,401,746 $2,810,167 ========= =========
The accompanying notes are an integral part of these combined financial statements.
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-B GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP II-B Combined Statements of Operations For the Years Ended December 31, 2003, 2002, and 2001
2003 2002 2001 ---------- ---------- ---------- REVENUES: Oil and gas sales $3,857,240 $2,612,932 $3,677,731 Interest income 4,467 2,609 18,313 Gain on sale of oil and gas properties 2,469 20,525 1,187 --------- --------- --------- $3,864,176 $2,636,066 $3,697,231
COSTS AND EXPENSES: Lease operating $ 760,713 $ 877,252 $ 846,524 Production tax 237,599 144,712 206,937 Depreciation, depletion, and amortization of oil and gas properties 154,363 218,988 201,436 General and administrative 424,644 421,068 415,799 --------- --------- --------- $1,577,319 $1,662,020 $1,670,696 --------- --------- --------- INCOME BEFORE CUMULATIVE EFFECT OF ACCOUNTING CHANGE $2,286,857 $ 974,046 $2,026,535
Cumulative effect of change in accounting for asset retirement obligations (Note 1) 4,347 - - --------- --------- ---------
NET INCOME $2,291,204 $ 974,046 $2,026,535 ========= ========= =========
GENERAL PARTNER - NET INCOME $ 242,175 $ 116,853 $ 218,951 ========= ========= =========
LIMITED PARTNERS - NET INCOME $2,049,029 $ 857,193 $1,807,584 ========= ========= =========
NET INCOME per Unit $ 5.66 $ 2.37 $ 5.00 ========= ========= =========
UNITS OUTSTANDING 361,719 361,719 361,719 ========= ========= =========
The accompanying notes are an integral part of these combined financial statements.
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-B GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP II-B Combined Statements of Changes in Partners' Capital (Deficit) For the Years Ended December 31, 2003, 2002, and 2001
Limited General Partners Partner Total ------------ ---------- ------------
Balance, Dec. 31, 2000 $3,212,852 ($269,807) $2,943,045 Net income 1,807,584 218,951 2,026,535 Cash distributions ( 2,319,000) ( 251,198) ( 2,570,198) --------- ------- ---------
Balance, Dec. 31, 2001 $2,701,436 ($302,054) $2,399,382 Net income 857,193 116,853 974,046 Cash distributions ( 732,000) ( 79,585) ( 811,585) --------- ------- ---------
Balance, Dec. 31, 2002 $2,826,629 ($264,786) $2,561,843 Net income 2,049,029 242,175 2,291,204 Cash distributions ( 1,672,000) ( 232,196) ( 1,904,196) --------- ------- ---------
Balance, Dec. 31, 2003 $3,203,658 ($254,807) $2,948,851 ========= ======= =========
The accompanying notes are an integral part of these combined financial statements.
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-B GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP II-B Combined Statements of Cash Flows For the Years Ended December 31, 2003, 2002, and 2001
2003 2002 2001 ------------ ------------ ------------
CASH FLOWS FROM OPERATING ACTIVITIES: Net income $2,291,204 $ 974,046 $2,026,535 Adjustments to reconcile net income to net cash provided by operating activities: Cumulative effect of change in accounting for asset retirement obligations (Note 1) ( 4,347) - - Depreciation, depletion, and amortization of oil and gas properties 154,363 218,988 201,436 Gain on sale of oil and gas properties ( 2,469) ( 20,525) ( 1,187) (Increase) decrease in accounts receivable ( 65,635) ( 157,886) 405,256 (Increase) decrease in deferred charge 7,376 ( 30,757) ( 10,545) Increase (decrease) in accounts payable 6,715 21,328 ( 1,440) Increase (decrease) in gas imbalance payable ( 376) ( 408) 30,340 Increase (decrease) in accrued liability ( 3,909) 5,246 ( 40,442) --------- --------- --------- Net cash provided by operating activities $2,382,922 $1,010,032 $2,609,953 --------- --------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures ($ 24,971) ($ 14,939) ($ 492,951) Proceeds from sale of oil and gas properties 1,968 32,406 1,187 --------- --------- --------- Net cash provided (used) by investing activities ($ 23,003) $ 17,467 ($ 491,764) --------- --------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES: Cash distributions ($1,904,196) ($ 811,585) ($2,570,198) --------- --------- ---------
Net cash used by financing activities ($1,904,196) ($ 811,585) ($2,570,198) --------- --------- ---------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS $ 455,723 $ 215,914 ($ 452,009)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 478,067 262,153 714,162 --------- --------- ---------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 933,790 $ 478,067 $ 262,153 ========= ========= =========
The accompanying notes are an integral part of these combined financial statements.
REPORT OF INDEPENDENT AUDITORS
TO THE PARTNERS
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-C GEODYNE PRODUCTION PARTNERSHIP II-C
In our opinion, the accompanying combined balance sheets and the related combined statements of operations, changes in partners' capital (deficit) and cash flows present fairly, in all material respects, the combined financial position of the Geodyne Energy Income Limited Partnership II-C, an Oklahoma limited partnership, and Geodyne Production Partnership II-C, an Oklahoma general partnership, at December 31, 2003 and 2002, and the combined results of their operations and their cash flows for each of the three years in the period ended December 31, 2003, in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the Partnerships' management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with auditing standards generally accepted in the United States of America, which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
As discussed in Note 1 of Notes to Combined Financial Statements under the heading "New Accounting Pronouncements," effective January 1, 2003 the Partnerships changed the manner in which they account for asset retirement obligations.
PricewaterhouseCoopers LLP
Tulsa, Oklahoma March 15, 2003
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-C GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP II-C Combined Balance Sheets December 31, 2003 and 2002
ASSETS ------ 2003 2002 ------------ ------------ CURRENT ASSETS: Cash and cash equivalents $ 467,560 $ 250,767 Accounts receivable: Oil and gas sales 267,786 236,341 --------- --------- Total current assets $ 735,346 $ 487,108
NET OIL AND GAS PROPERTIES, utilizing the successful efforts method 786,821 774,648
DEFERRED CHARGE 123,244 130,077 --------- --------- $1,645,411 $1,391,833 ========= =========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) -------------------------------------------
CURRENT LIABILITIES: Accounts payable $ 69,889 $ 63,712 Gas imbalance payable 25,952 26,684 Asset retirement obligation - current (Note 1) 8,575 - --------- --------- Total current liabilities $ 104,416 $ 90,396
LONG-TERM LIABILITIES: Accrued liability $ 35,434 $ 29,815 Asset retirement obligation (Note 1) 62,598 - --------- --------- Total long-term liabilities $ 98,032 $ 29,815
PARTNERS' CAPITAL (DEFICIT): General Partner ($ 106,418) ($ 98,831) Limited Partners, issued and outstanding, 154,621 Units 1,549,381 1,370,453 --------- --------- Total Partners' capital $1,442,963 $1,271,622 --------- --------- $1,645,411 $1,391,833 ========= =========
The accompanying notes are an integral part of these combined financial statements.
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-C GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP II-C Combined Statements of Operations For the Years Ended December 31, 2003, 2002, and 2001
2003 2002 2001 ---------- ---------- ---------- REVENUES: Oil and gas sales $1,898,285 $1,284,421 $1,640,398 Interest income 2,153 1,447 11,305 Gain on sale of oil and gas properties 768 120,063 21,996 --------- --------- --------- $1,901,206 $1,405,931 $1,673,699
COSTS AND EXPENSES: Lease operating $ 356,027 $ 352,902 $ 327,353 Production tax 128,606 79,166 108,506 Depreciation, depletion, and amortization of oil and gas properties 83,672 89,534 104,249 General and administrative 193,823 191,168 188,517 --------- --------- --------- $ 762,128 $ 712,770 $ 728,625 --------- --------- --------- INCOME BEFORE CUMULATIVE EFFECT OF ACCOUNTING CHANGE $1,139,078 $ 693,161 $ 945,074
Cumulative effect of change in accounting for asset retirement obligations (Note 1) 74 - - --------- --------- ---------
NET INCOME $1,139,152 $ 693,161 $ 945,074 ========= ========= =========
GENERAL PARTNER - NET INCOME $ 121,224 $ 77,229 $ 102,759 ========= ========= =========
LIMITED PARTNERS - NET INCOME $1,017,928 $ 615,932 $ 842,315 ========= ========= =========
NET INCOME per Unit $ 6.58 $ 3.98 $ 5.45 ========= ========= =========
UNITS OUTSTANDING 154,621 154,621 154,621 ========= ========= =========
The accompanying notes are an integral part of these combined financial statements.
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-C GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP II-C Combined Statements of Changes in Partners' Capital (Deficit) For the Years Ended December 31, 2003, 2002, and 2001
Limited General Partners Partner Total ------------ ---------- ------------
Balance, Dec. 31, 2000 $1,786,206 ($105,478) $1,680,728 Net income 842,315 102,759 945,074 Cash distributions ( 1,370,000) ( 127,459) ( 1,497,459) --------- ------- ---------
Balance, Dec. 31, 2001 $1,258,521 ($130,178) $1,128,343 Net income 615,932 77,229 693,161 Cash distributions ( 504,000) ( 45,882) ( 549,882) --------- ------- ---------
Balance, Dec. 31, 2002 $1,370,453 ($ 98,831) $1,271,622 Net income 1,017,928 121,224 1,139,152 Cash distributions ( 839,000) ( 128,811) ( 967,811) --------- ------- ---------
Balance, Dec. 31, 2003 $1,549,381 ($106,418) $1,442,963 ========= ======= =========
The accompanying notes are an integral part of these combined financial statements.
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-C GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP II-C Combined Statements of Cash Flows For the Years Ended December 31, 2003, 2002, and 2001
2003 2002 2001 ------------ ---------- ------------
CASH FLOWS FROM OPERATING ACTIVITIES: Net income $1,139,152 $693,161 $ 945,074 Adjustments to reconcile net income to net cash provided by operating activities: Cumulative effect of change in accounting for asset retirement obligations (Note 1) ( 74) - - Depreciation, depletion, and amortization of oil and gas properties 83,672 89,534 104,249 Gain on sale of oil and gas properties ( 768) ( 120,063) ( 21,996) Settlement of asset retirement obligation ( 91) - - (Increase) decrease in accounts receivable - oil and gas sales ( 31,445) ( 98,389) 212,625 (Increase) decrease in deferred charge 6,833 ( 1,250) 1,268 Increase in accounts payable 6,177 12,762 29,262 Increase (decrease) in gas imbalance payable ( 732) ( 3,192) 14,496 Increase (decrease) in accrued liability 5,619 338 ( 24,661) --------- ------- --------- Net cash provided by operating activities $1,208,343 $572,901 $1,260,317 --------- ------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures ($ 24,478) ($ 9,993) ($ 82,009) Proceeds from sale of oil and gas properties 739 122,540 21,996 --------- ------- --------- Net cash provided (used) by investing activities ($ 23,739) $112,547 ($ 60,013) --------- ------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES: Cash distributions ($ 967,811) ($549,882) ($1,497,459) --------- ------- --------- Net cash used by financing activities ($ 967,811) ($549,882) ($1,497,459) --------- ------- ---------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS $ 216,793 $135,566 ($ 297,155)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 250,767 115,201 412,356 --------- ------- ---------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 467,560 $250,767 $ 115,201 ========= ======= =========
The accompanying notes are an integral part of these combined financial statements.
REPORT OF INDEPENDENT AUDITORS
TO THE PARTNERS
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-D GEODYNE PRODUCTION PARTNERSHIP II-D
In our opinion, the accompanying combined balance sheets and the related combined statements of operations, changes in partners' capital (deficit) and cash flows present fairly, in all material respects, the combined financial position of the Geodyne Energy Income Limited Partnership II-D, an Oklahoma limited partnership, and Geodyne Production Partnership II-D, an Oklahoma general partnership, at December 31, 2003 and 2002, and the combined results of their operations and their cash flows for each of the three years in the period ended December 31, 2003, in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the Partnerships' management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with auditing standards generally accepted in the United States of America, which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
As discussed in Note 1 of Notes to Combined Financial Statements under the heading "New Accounting Pronouncements," effective January 1, 2003 the Partnerships changed the manner in which they account for asset retirement obligations.
PricewaterhouseCoopers LLP
Tulsa, Oklahoma March 15, 2004
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-D GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP II-D Combined Balance Sheets December 31, 2003 and 2002
ASSETS ------ 2003 2002 ------------ ------------
CURRENT ASSETS: Cash and cash equivalents $ 908,655 $ 561,177 Accounts receivable: Oil and gas sales 559,179 512,579 --------- --------- Total current assets $1,467,834 $1,073,756
NET OIL AND GAS PROPERTIES, utilizing the successful efforts method 1,539,915 1,482,828
DEFERRED CHARGE 352,392 358,699 --------- --------- $3,360,141 $2,915,283 ========= =========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) -------------------------------------------
CURRENT LIABILITIES: Accounts payable $ 167,028 $ 156,725 Gas imbalance payable 43,698 42,368 Asset retirement obligation - current (Note 1) 17,137 - --------- --------- Total current liabilities $ 227,863 $ 199,093
LONG-TERM LIABILITIES: Accrued liability $ 98,630 $ 96,494 Asset retirement obligation (Note 1) 168,853 - --------- ---------
Total long-term liabilities $ 267,483 $ 96,494
PARTNERS' CAPITAL (DEFICIT): General Partner ($ 190,287) ($ 76,044) Limited Partners, issued and outstanding, 314,878 Units 3,055,082 2,695,740 --------- --------- Total Partners' capital $2,864,795 $2,619,696 --------- --------- $3,360,141 $2,915,283 ========= =========
The accompanying notes are an integral part of these combined financial statements.
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-D GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP II-D Combined Statements of Operations For the Years Ended December 31, 2003, 2002, and 2001
2003 2002 2001 ------------ ---------- ---------- REVENUES: Oil and gas sales $3,898,950 $2,856,941 $3,581,469 Interest income 4,000 3,321 30,461 Gain on sale of oil and gas properties 8,060 1,256,405 112,686 --------- --------- --------- $3,911,010 $4,116,667 $3,724,616
COSTS AND EXPENSES: Lease operating $ 822,321 $ 713,308 $ 947,567 Production tax 253,430 172,939 249,523 Depreciation, depletion, and amortization of oil and gas properties 281,034 185,671 344,966 General and administrative 372,496 369,062 364,691 --------- --------- --------- $1,729,281 $1,440,980 $1,906,747 --------- --------- --------- INCOME BEFORE CUMULATIVE EFFECT OF ACCOUNTING CHANGE $2,181,729 $2,675,687 $1,817,869
Cumulative effect of change in accounting for asset retirement obligations (Note 1) ( 2,344) - - --------- --------- ---------
NET INCOME $2,179,385 $2,675,687 $1,817,869 ========= ========= =========
GENERAL PARTNER - NET INCOME $ 243,043 $ 283,947 $ 209,788 ========= ========= =========
LIMITED PARTNERS - NET INCOME $1,936,342 $2,391,740 $1,608,081 ========= ========= =========
NET INCOME per Unit $ 6.15 $ 7.60 $ 5.11 ========= ========= =========
UNITS OUTSTANDING 314,878 314,878 314,878 ========= ========= =========
The accompanying notes are an integral part of these combined financial statements.
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-D GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP II-D Combined Statements of Changes in Partners' Capital (Deficit) For the Years Ended December 31, 2003, 2002, and 2001
Limited General Partners Partner Total ------------ ---------- ------------
Balance, Dec. 31, 2000 $4,167,919 ($180,437) $3,987,482 Net income 1,608,081 209,788 1,817,869 Cash distributions ( 3,437,000) ( 268,043) ( 3,705,043) --------- ------- ---------
Balance, Dec. 31, 2001 $2,339,000 ($238,692) $2,100,308 Net income 2,391,740 283,947 2,675,687 Cash distributions ( 2,035,000) ( 121,299) ( 2,156,299) --------- ------- ---------
Balance, Dec. 31, 2002 $2,695,740 ($ 76,044) $2,619,696 Net income 1,936,342 243,043 2,179,385 Cash distributions ( 1,577,000) ( 357,286) ( 1,934,286) --------- ------- ---------
Balance, Dec. 31, 2003 $3,055,082 ($190,287) $2,864,795 ========= ======= =========
The accompanying notes are an integral part of these combined financial statements.
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-D GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP II-D Combined Statements of Cash Flows For the Years Ended December 31, 2003, 2002, and 2001
2003 2002 2001 ------------ ------------ ------------
CASH FLOWS FROM OPERATING ACTIVITIES: Net income $2,179,385 $2,675,687 $1,817,869 Adjustments to reconcile net income to net cash provided by operating activities: Cumulative effect of change in accounting for asset retirement obligations (Note 1) 2,344 - - Depreciation, depletion, and amortization of oil and gas properties 281,034 185,671 344,966 Gain on sale of oil and gas properties ( 8,060) ( 1,256,405) ( 112,686) Settlement of asset retirement obligation ( 1,044) - - (Increase) decrease in accounts receivable - oil and gas sales ( 46,600) ( 196,669) 387,270 Decrease in deferred charge 6,307 11,713 27,277 Increase in accounts payable 10,303 72,004 30,049 Increase (decrease) in payable to General Partner - ( 65,905) 65,905 Increase (decrease) in gas imbalance payable 1,330 ( 12,730) ( 19,023) Increase (decrease) in accrued liability 2,136 ( 16,006) ( 42,427) --------- --------- --------- Net cash provided by operating activities $2,427,135 $1,397,360 $2,499,200 --------- --------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures ($ 153,431) ($ 116,640) ($ 169,317) Proceeds from sale of oil and gas properties 8,060 1,266,240 112,686 --------- --------- --------- Net cash provided (used) by investing activities ($ 145,371) $1,149,600 ($ 56,631) --------- --------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES: Cash distributions ($1,934,286) ($2,156,299) ($3,705,043) --------- --------- --------- Net cash used by financing activities ($1,934,286) ($2,156,299) ($3,705,043) --------- --------- ---------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS $ 347,478 $ 390,661 ($1,262,474)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 561,177 170,516 1,432,990 --------- --------- ---------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 908,655 $ 561,177 $ 170,516 ========= ========= =========
The accompanying notes are an integral part of these combined financial statements.
REPORT OF INDEPENDENT AUDITORS
TO THE PARTNERS
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-E GEODYNE PRODUCTION PARTNERSHIP II-E
In our opinion, the accompanying combined balance sheets and the related combined statements of operations, changes in partners' capital (deficit) and cash flows present fairly, in all material respects, the combined financial position of the Geodyne Energy Income Limited Partnership II-E, an Oklahoma limited partnership, and Geodyne Production Partnership II-E, an Oklahoma general partnership, at December 31, 2003 and 2002, and the combined results of their operations and their cash flows for each of the three years in the period ended December 31, 2003, in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the Partnerships' management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with auditing standards generally accepted in the United States of America, which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
As discussed in Note 1 of Notes to Combined Financial Statements under the heading "New Accounting Pronouncements," effective January 1, 2003 the Partnerships changed the manner in which they account for asset retirement obligations.
PricewaterhouseCoopers LLP
Tulsa, Oklahoma March 15, 2004
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-E GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP II-E Combined Balance Sheets December 31, 2003 and 2002
ASSETS ------ 2003 2002 ------------ ------------
CURRENT ASSETS: Cash and cash equivalents $ 638,668 $ 388,042 Accounts receivable: Oil and gas sales 363,426 362,987 --------- --------- Total current assets $1,002,094 $ 751,029
NET OIL AND GAS PROPERTIES, utilizing the successful efforts method 1,412,445 1,425,028
DEFERRED CHARGE 207,890 209,297 --------- --------- $2,622,429 $2,385,354 ========= =========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) -------------------------------------------
CURRENT LIABILITIES: Accounts payable $ 82,154 $ 85,744 Gas imbalance payable 43,424 43,443 Asset retirement obligation - current (Note 1) 2,397 - --------- --------- Total current liabilities $ 127,975 $ 129,187
LONG-TERM LIABILITIES: Accrued liability $ 8,153 $ 7,264 Asset retirement obligation(Note 1) 95,923 - --------- --------- Total long-term liabilities $ 104,076 $ 7,264
PARTNERS' CAPITAL (DEFICIT): General Partner ($ 129,173) ($ 131,864) Limited Partners, issued and outstanding, 228,821 Units 2,519,551 2,380,767 --------- --------- Total Partners' capital $2,390,378 $2,248,903 --------- --------- $2,622,429 $2,385,354 ========= =========
The accompanying notes are an integral part of these combined financial statements.
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-E GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP II-E Combined Statements of Operations For the Years Ended December 31, 2003, 2002, and 2001
2003 2002 2001 ---------- ---------- ----------
REVENUES: Oil and gas sales $2,747,176 $1,954,057 $2,561,210 Interest income 3,318 2,159 16,873 Gain on sale of oil and gas properties 21,407 20,605 60,957 --------- --------- --------- $2,771,901 $1,976,821 $2,639,040
COSTS AND EXPENSES: Lease operating $ 470,669 $ 381,344 $ 628,516 Production tax 194,259 146,924 190,175 Depreciation, depletion, and amortization of oil and gas properties 137,213 162,691 312,096 General and administrative 278,935 278,094 272,795 --------- --------- --------- $1,081,076 $ 969,053 $1,403,582 --------- --------- --------- INCOME BEFORE CUMULATIVE EFFECT OF ACCOUNTING CHANGE $1,690,825 $1,007,768 $1,235,458
Cumulative effect of change in accounting for asset retirement obligations (Note 1) 3,090 - - --------- --------- ---------
NET INCOME $1,693,915 $1,007,768 $1,235,458 ========= ========= =========
GENERAL PARTNER - NET INCOME $ 181,131 $ 115,203 $ 149,947 ========= ========= =========
LIMITED PARTNERS - NET INCOME $1,512,784 $ 892,565 $1,085,511 ========= ========= =========
NET INCOME per Unit $ 6.61 $ 3.90 $ 4.74 ========= ========= =========
UNITS OUTSTANDING 228,821 228,821 228,821 ========= ========= =========
The accompanying notes are an integral part of these combined financial statements.
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-E GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP II-E Combined Statements of Changes in Partners' Capital (Deficit) For the Years Ended December 31, 2003, 2002, and 2001
Limited General Partners Partner Total ------------ ---------- ------------
Balance, Dec. 31, 2000 $2,953,691 ($133,047) $2,820,644 Net income 1,085,511 149,947 1,235,458 Cash distributions ( 2,018,000) ( 179,280) ( 2,197,280) --------- ------- ---------
Balance, Dec. 31, 2001 $2,021,202 ($162,380) $1,858,822 Net income 892,565 115,203 1,007,768 Cash distributions ( 533,000) ( 84,687) ( 617,687) --------- ------- ---------
Balance, Dec. 31, 2002 $2,380,767 ($131,864) $2,248,903 Net income 1,512,784 181,131 1,693,915 Cash distributions ( 1,374,000) ( 178,440) ( 1,552,440) --------- ------- ---------
Balance, Dec. 31, 2003 $2,519,551 ($129,173) $2,390,378 ========= ======= =========
The accompanying notes are an integral part of these combined financial statements.
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-E GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP II-E Combined Statements of Cash Flows For the Years Ended December 31, 2003, 2002, and 2001
2003 2002 2001 ------------ ------------ ------------
CASH FLOWS FROM OPERATING ACTIVITIES: Net income $1,693,915 $1,007,768 $1,235,458 Adjustments to reconcile net income to net cash provided by operating activities: Cumulative effect of change in accounting for asset retirement obligations (Note 1) ( 3,090) - - Depreciation, depletion, and amortization of oil and gas properties 137,213 162,691 312,096 Gain on sale of oil and gas properties ( 21,407) ( 20,605) ( 60,957) (Increase) decrease in accounts receivable - oil and gas sales ( 439) ( 118,622) 296,850 (Increase) decrease in deferred charge 1,407 ( 2,743) ( 2,416) Increase (decrease) in accounts payable ( 3,590) 29,742 26,513 Increase (decrease) in payable to General Partner - ( 115,045) 115,045 Increase (decrease) in gas imbalance payable ( 19) 15,408 5,490 Increase (decrease) in accrued liability 889 ( 19,080) ( 9,560) --------- --------- --------- Net cash provided by operating activities $1,804,879 $ 939,514 $1,918,519 --------- --------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures ($ 24,348) ($ 198,005) ($ 51,785) Proceeds from sale of oil and gas properties 22,535 22,188 61,553 --------- --------- --------- Net cash provided (used) by investing activities ($ 1,813) ($ 175,817) $ 9,768 --------- --------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES: Cash distributions ($1,552,440) ($ 617,687) ($2,197,280) --------- --------- --------- Net cash used by financing activities ($1,552,440) ($ 617,687) ($2,197,280) --------- --------- ---------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS $ 250,626 $ 146,010 ($ 268,993)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 388,042 242,032 511,025 --------- --------- ---------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 638,668 $ 388,042 $ 242,032 ========= ========= =========
The accompanying notes are an integral part of these combined financial statements.
REPORT OF INDEPENDENT AUDITORS
TO THE PARTNERS
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-F GEODYNE PRODUCTION PARTNERSHIP II-F
In our opinion, the accompanying combined balance sheets and the related combined statements of operations, changes in partners' capital (deficit) and cash flows present fairly, in all material respects, the combined financial position of the Geodyne Energy Income Limited Partnership II-F, an Oklahoma limited partnership, and Geodyne Production Partnership II-F, an Oklahoma general partnership, at December 31, 2003 and 2002, and the combined results of their operations and their cash flows for each of the three years in the period ended December 31, 2003, in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the Partnerships' management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with auditing standards generally accepted in the United States of America, which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
As discussed in Note 1 of Notes to Combined Financial Statements under the heading "New Accounting Pronouncements," effective January 1, 2003 the Partnerships changed the manner in which they account for asset retirement obligations.
PricewaterhouseCoopers LLP
Tulsa, Oklahoma March 15, 2004
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-F GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP II-F Combined Balance Sheets December 31, 2003 and 2002
ASSETS ------
2003 2002 ------------ ------------ CURRENT ASSETS: Cash and cash equivalents $ 604,369 $ 453,233 Accounts receivable: Oil and gas sales 354,719 352,341 --------- --------- Total current assets $ 959,088 $ 805,574
NET OIL AND GAS PROPERTIES, utilizing the successful efforts method 1,318,881 1,311,537
DEFERRED CHARGE 32,899 36,774 --------- --------- $2,310,868 $2,153,885 ========= =========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) -------------------------------------------
CURRENT LIABILITIES: Accounts payable $ 66,133 $ 71,740 Gas imbalance payable 3,555 6,701 Asset retirement obligation - current (Note 1) 4,566 - --------- --------- Total current liabilities $ 74,254 $ 78,441
LONG-TERM LIABILITIES: Accrued liability $ 16,945 $ 15,443 Asset retirement obligation (Note 1) 93,600 - --------- --------- Total long-term liabilities $ 110,545 $ 15,443
PARTNERS' CAPITAL (DEFICIT): General Partner ($ 91,417) ($ 95,526) Limited Partners, issued and outstanding, 171,400 Units 2,217,486 2,155,527 --------- --------- Total Partners' capital $2,126,069 $2,060,001 --------- --------- $2,310,868 $2,153,885 ========= =========
The accompanying notes are an integral part of these combined financial statements.
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-F GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP II-F Combined Statements of Operations For the Years Ended December 31, 2003, 2002, and 2001
2003 2002 2001 ---------- ---------- ---------- REVENUES: Oil and gas sales $2,639,281 $1,900,007 $2,487,886 Interest income 3,228 2,747 15,183 Gain on sale of oil and gas properties 58,644 50,440 24,447 --------- --------- --------- $2,701,153 $1,953,194 $2,527,516
COSTS AND EXPENSES: Lease operating $ 407,571 $ 304,156 $ 338,068 Production tax 165,636 117,830 165,814 Depreciation, depletion, and amortization of oil and gas properties 135,340 201,371 292,165 General and administrative 213,797 213,218 208,687 --------- --------- --------- $ 922,344 $ 836,575 $1,004,734 --------- --------- --------- INCOME BEFORE CUMULATIVE EFFECT OF ACCOUNTING CHARGE $1,778,809 $1,116,619 $1,522,782
Cumulative effect of change in accounting for asset retirement obligations (Note 1) 4,938 - - --------- --------- ---------
NET INCOME $1,783,747 $1,116,619 $1,522,782 ========= ========= =========
GENERAL PARTNER - NET INCOME $ 189,788 $ 129,511 $ 177,055 ========= ========= =========
LIMITED PARTNERS - NET INCOME $1,593,959 $ 987,108 $1,345,727 ========= ========= =========
NET INCOME per Unit $ 9.30 $ 5.76 $ 7.85 ========= ========= =========
UNITS OUTSTANDING 171,400 171,400 171,400 ========= ========= =========
The accompanying notes are an integral part of these combined financial statements.
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-F GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP II-F Combined Statements of Changes in Partners' Capital (Deficit) For the Years Ended December 31, 2003, 2002, and 2001
Limited General Partners Partner Total ------------ ---------- -----------
Balance, Dec. 31, 2000 $2,573,692 ($101,577) $2,472,115 Net income 1,345,727 177,055 1,522,782 Cash distributions ( 1,902,000) ( 194,326) ( 2,096,326) --------- ------- ---------
Balance, Dec. 31, 2001 $2,017,419 ($118,848) $1,898,571 Net income 987,108 129,511 1,116,619 Cash distributions ( 849,000) ( 106,189) ( 955,189) --------- ------- ---------
Balance, Dec. 31, 2002 $2,155,527 ($ 95,526) $2,060,001 Net income 1,593,959 189,788 1,783,747 Cash distributions ( 1,532,000) ( 185,679) ( 1,717,679) --------- ------- ---------
Balance, Dec. 31, 2003 $2,217,486 ($ 91,417) $2,126,069 ========= ======= =========
The accompanying notes are an integral part of these combined financial statements.
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-F GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP II-F Combined Statements of Cash Flows For the Years Ended December 31, 2003, 2002, and 2001
2003 2002 2001 ------------ ------------ ------------
CASH FLOWS FROM OPERATING ACTIVITIES: Net income $1,783,747 $1,116,619 $1,522,782 Adjustments to reconcile net income to net cash provided by operating activities: Cumulative effect of change in accounting for asset retirement obligations (Note 1) ( 4,938) - - Depreciation, depletion, and amortization of oil and gas properties 135,340 201,371 292,165 Gain on sale of oil and gas properties ( 58,644) ( 50,440) ( 24,447) (Increase) decrease in accounts receivable - oil and gas sales ( 2,378) ( 123,270) 211,110 (Increase) decrease in deferred charge 3,875 1,414 ( 3,529) Increase (decrease) in accounts payable ( 5,607) 22,078 27,760 Increase (decrease) in gas imbalance payable ( 3,146) ( 1,252) 514 Increase in accrued liability 1,502 1,568 1,534 --------- --------- --------- Net cash provided by operating activities $1,849,751 $1,168,088 $2,027,889 --------- --------- --------- CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures ($ 41,415) ($ 93,456) ($ 118,663) Proceeds from sale of oil and gas properties 60,479 55,052 24,684 --------- --------- --------- Net cash provided (used) by investing activities $ 19,064 ($ 38,404) ($ 93,979) --------- --------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES: Cash distributions ($1,717,679) ($ 955,189) ($2,096,326) --------- --------- --------- Net cash used by financing activities ($1,717,679) ($ 955,189) ($2,096,326) --------- --------- ---------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS $ 151,136 $ 174,495 ($ 162,416)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 453,233 278,738 441,154 --------- --------- ---------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 604,369 $ 453,233 $ 278,738 ========= ========= =========
The accompanying notes are an integral part of these combined financial statements.
REPORT OF INDEPENDENT AUDITORS
TO THE PARTNERS
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-G GEODYNE PRODUCTION PARTNERSHIP II-G
In our opinion, the accompanying combined balance sheets and the related combined statements of operations, changes in partners' capital (deficit) and cash flows present fairly, in all material respects, the combined financial position of the Geodyne Energy Income Limited Partnership II-G, an Oklahoma limited partnership, and Geodyne Production Partnership II-G, an Oklahoma general partnership, at December 31, 2003 and 2002, and the combined results of their operations and their cash flows for each of the three years in the period ended December 31, 2003, in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the Partnerships' management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with auditing standards generally accepted in the United States of America, which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
As discussed in Note 1 of Notes to Combined Financial Statements under the heading "New Accounting Pronouncements," effective January 1, 2003 the Partnerships changed the manner in which they account for asset retirement obligations.
PricewaterhouseCoopers LLP
Tulsa, Oklahoma March 15, 2004
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-G GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP II-G Combined Balance Sheets December 31, 2003 and 2002
ASSETS ------
2003 2002 ------------ ------------ CURRENT ASSETS: Cash and cash equivalents $1,284,869 $ 959,481 Accounts receivable: Oil and gas sales 752,979 745,529 --------- --------- Total current assets $2,037,848 $1,705,010
NET OIL AND GAS PROPERTIES, utilizing the successful efforts method 2,841,346 2,821,960
DEFERRED CHARGE 71,238 79,136 --------- --------- $4,950,432 $4,606,106 ========= =========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) -------------------------------------------
CURRENT LIABILITIES: Accounts payable $ 139,590 $ 153,893 Gas imbalance payable 10,091 16,907 Asset retirement obligation - current (Note 1) 10,082 - --------- --------- Total current liabilities $ 159,763 $ 170,800
LONG-TERM LIABILITIES: Accrued liability $ 31,668 $ 31,075 Asset retirement obligation (Note 1) 199,686 - --------- --------- Total long-term liabilities $ 231,354 $ 31,075
PARTNERS' CAPITAL (DEFICIT): General Partner ($ 87,509) ($ 97,205) Limited Partners, issued and outstanding, 372,189 Units 4,646,824 4,501,436 --------- --------- Total Partners' capital $4,559,315 $4,404,231 --------- --------- $4,950,432 $4,606,106 ========= =========
The accompanying notes are an integral part of these combined financial statements.
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-G GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP II-G Combined Statements of Operations For the Years Ended December 31, 2003, 2002, and 2001
2003 2002 2001 ---------- ---------- ---------- REVENUES: Oil and gas sales $5,605,691 $4,023,806 $5,285,009 Interest income 6,983 6,171 33,161 Gain on sale of oil and gas properties 123,707 105,409 52,118 --------- --------- ---------
$5,736,381 $4,135,386 $5,370,288
COSTS AND EXPENSES: Lease operating $ 867,617 $ 649,734 $ 722,045 Production tax 353,554 250,469 353,557 Depreciation, depletion, and amortization of oil and gas properties 290,209 431,655 627,519 General and administrative 437,597 436,126 429,209 --------- --------- --------- $1,948,977 $1,767,984 $2,132,330 --------- --------- --------- INCOME BEFORE CUMULATIVE EFFECT OF ACCOUNTING CHANGE $3,787,404 $2,367,402 $3,237,958
Cumulative effect of change in accounting for asset retirement obligations (Note 1) 10,247 - - --------- -------- ---------
NET INCOME $3,797,651 $2,367,402 $3,237,958 ========= ========= =========
GENERAL PARTNER - NET INCOME $ 404,263 $ 274,972 $ 376,956 ========= ========= =========
LIMITED PARTNERS - NET INCOME $3,393,388 $2,092,430 $2,861,002 ========= ========= =========
NET INCOME per Unit $ 9.12 $ 5.62 $ 7.69 ========= ========= =========
UNITS OUTSTANDING 372,189 372,189 372,189 ========= ========= =========
The accompanying notes are an integral part of these combined financial statements.
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-G GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP II-G Combined Statements of Changes in Partners' Capital (Deficit) For the Years Ended December 31, 2003, 2002, and 2001
Limited General Partners Partner Total ------------ ---------- ------------
Balance, Dec. 31, 2000 $5,504,004 ($212,913) $5,291,091 Net income 2,861,002 376,956 3,237,958 Cash distributions ( 4,114,000) ( 310,249) ( 4,424,249) --------- ------- ---------
Balance, Dec. 31, 2001 $4,251,006 ($146,206) $4,104,800 Net income 2,092,430 274,972 2,367,402 Cash distributions ( 1,842,000) ( 225,971) ( 2,067,971) --------- ------- ---------
Balance, Dec. 31, 2002 $4,501,436 ($ 97,205) $4,404,231 Net income 3,393,388 404,263 3,797,651 Cash distributions ( 3,248,000) ( 394,567) ( 3,642,567) --------- ------- ---------
Balance, Dec. 31, 2003 $4,646,824 ($ 87,509) $4,559,315 ========= ======= =========
The accompanying notes are an integral part of these combined financial statements.
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-G GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP II-G Combined Statements of Cash Flows For the Years Ended December 31, 2003, 2002, and 2001
2003 2002 2001 ------------ ------------ ------------
CASH FLOWS FROM OPERATING ACTIVITIES: Net income $3,797,651 $2,367,402 $3,237,958 Adjustments to reconcile net income to net cash provided by operating activities: Cumulative effect of change in accounting for asset retirement obligations (Note 1) ( 10,247) - - Depreciation, depletion, and amortization of oil and gas properties 290,209 431,655 627,519 Gain on sale of oil and gas properties ( 123,707) ( 105,409) ( 52,118) (Increase) decrease in accounts receivable - oil and gas sales ( 7,450) ( 260,848) 450,530 (Increase) decrease in deferred charge 7,898 4,600 ( 7,063) Increase (decrease) in accounts payable ( 14,303) 48,031 58,841 Increase (decrease) in gas imbalance payable ( 6,816) ( 357) 1,122 Increase (decrease) in accrued liability 593 ( 745) 548 --------- --------- --------- Net cash provided by operating activities $3,933,828 $2,484,329 $4,317,337 --------- --------- --------- CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures ($ 93,448) ($ 197,745) ($ 254,554) Proceeds from sale of oil and gas properties 127,575 115,148 52,882 --------- --------- --------- Net cash provided (used) by investing activities $ 34,127 ($ 82,597) ($ 201,672) --------- --------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES: Cash distributions ($3,642,567) ($2,067,971) ($4,424,249) --------- --------- --------- Net cash used by financing activities ($3,642,567) ($2,067,971) ($4,424,249) --------- --------- ---------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS $ 325,388 $ 333,761 ($ 308,584)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 959,481 625,720 934,304 --------- --------- ---------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $1,284,869 $ 959,481 $ 625,720 ========= ========= =========
The accompanying notes are an integral part of these combined financial statements.
REPORT OF INDEPENDENT AUDITORS
TO THE PARTNERS
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-H GEODYNE PRODUCTION PARTNERSHIP II-H
In our opinion, the accompanying combined balance sheets and the related combined statements of operations, changes in partners' capital (deficit) and cash flows present fairly, in all material respects, the combined financial position of the Geodyne Energy Income Limited Partnership II-H, an Oklahoma limited partnership, and Geodyne Production Partnership II-H, an Oklahoma general partnership, at December 31, 2003 and 2002, and the combined results of their operations and their cash flows for each of the three years in the period ended December 31, 2003, in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of the Partnerships' management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with auditing standards generally accepted in the United States of America, which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
As discussed in Note 1 of Notes to Combined Financial Statements under the heading "New Accounting Pronouncements," effective January 1, 2003 the Partnerships changed the manner in which they account for asset retirement obligations.
PricewaterhouseCoopers LLP
Tulsa, Oklahoma March 15, 2004
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-H GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP II-H Combined Balance Sheets December 31, 2003 and 2002
ASSETS ------
2003 2002 ------------ ------------ CURRENT ASSETS: Cash and cash equivalents $ 305,096 $ 224,669 Accounts receivable: Oil and gas sales 179,434 176,539 --------- --------- Total current assets $ 484,530 $ 401,208
NET OIL AND GAS PROPERTIES, utilizing the successful efforts method 673,170 664,355
DEFERRED CHARGE 18,580 20,637 --------- --------- $1,176,280 $1,086,200 ========= =========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) -------------------------------------------
CURRENT LIABILITIES: Accounts payable $ 34,033 $ 37,271 Gas imbalance payable - 3,596 Asset retirement obligation - current (Note 1) 2,522 - --------- --------- Total current liabilities $ 36,555 $ 40,867
LONG-TERM LIABILITIES: Accrued liability $ 10,035 $ 8,079 Asset retirement obligation (Note 1) 48,857 - --------- --------- Total long-term liabilities $ 58,892 $ 8,079
PARTNERS' CAPITAL (DEFICIT): General Partner ($ 51,046) ($ 53,547) Limited Partners, issued and outstanding, 91,711 Units 1,131,879 1,090,801 --------- --------- Total Partners' capital $1,080,833 $1,037,254 --------- --------- $1,176,280 $1,086,200 ========= =========
The accompanying notes are an integral part of these combined financial statements.
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-H GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP II-H Combined Statements of Operations For the Years Ended December 31, 2003, 2002, and 2001
2003 2002 2001 ---------- -------- ---------- REVENUES: Oil and gas sales $1,335,792 $954,336 $1,257,427 Interest income 1,545 1,304 7,452 Gain on sale of oil and gas properties 29,085 24,403 12,478 --------- ------- --------- $1,366,422 $980,043 $1,277,357
COSTS AND EXPENSES: Lease operating $ 210,552 $157,453 $ 175,850 Production tax 84,803 59,851 84,768 Depreciation, depletion, and amortization of oil and gas properties 68,778 101,299 148,028 General and administrative 124,953 124,730 121,142 --------- ------- --------- $ 489,086 $443,333 $ 529,788 --------- ------- ---------
INCOME BEFORE CUMULATIVE EFFECT OF ACCOUNTING CHANGE $ 877,336 $536,710 $ 747,569
Cumulative effect of change in accounting for asset retirement obligations (Note 1) 2,536 - - --------- ------- --------- NET INCOME $ 879,872 $536,710 $ 747,569 ========= ======= =========
GENERAL PARTNER - NET INCOME $ 93,794 $ 62,658 $ 87,334 ========= ======= =========
LIMITED PARTNERS - NET INCOME $ 786,078 $474,052 $ 660,235 ========= ======= =========
NET INCOME per Unit $ 8.57 $ 5.17 $ 7.20 ========= ======= =========
UNITS OUTSTANDING 91,711 91,711 91,711 ========= ======= =========
The accompanying notes are an integral part of these combined financial statements.
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-H GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP II-H Combined Statements of Changes in Partners' Capital (Deficit) For the Years Ended December 31, 2003, 2002, and 2001
Limited General Partners Partner Total ------------ --------- ------------
Balance, Dec. 31, 2000 $1,311,514 ($54,632) $1,256,882 Net income 660,235 87,334 747,569 Cash distributions ( 950,000) ( 97,791) ( 1,047,791) --------- ------ ---------
Balance, Dec. 31, 2001 $1,021,749 ($65,089) $ 956,660 Net income 474,052 62,658 536,710 Cash distributions ( 405,000) ( 51,116) ( 456,116) --------- ------ ---------
Balance, Dec. 31, 2002 $1,090,801 ($53,547) $1,037,254 Net income 786,078 93,794 879,872 Cash distributions ( 745,000) ( 91,293) ( 836,293) --------- ------ ---------
Balance, Dec. 31, 2003 $1,131,879 ($51,046) $1,080,833 ========= ====== =========
The accompanying notes are an integral part of these combined financial statements.
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP II-H GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP II-H Combined Statements of Cash Flows For the Years Ended December 31, 2003, 2002, and 2001
2003 2002 2001 ---------- ---------- -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $879,872 $536,710 $ 747,569 Adjustments to reconcile net income to net cash provided by operating activities: Cumulative effect of change in accounting for asset retirement obligations (Note 1) ( 2,536) - - Depreciation, depletion, and amortization of oil and gas properties 68,778 101,299 148,028 Gain on sale of oil and gas properties ( 29,085) ( 24,403) ( 12,478) (Increase) decrease in accounts receivable - oil and gas sales ( 2,895) ( 61,777) 108,242 (Increase) decrease in deferred charge 2,057 ( 701) ( 2,148) Increase (decrease) in accounts payable ( 3,238) 11,798 14,068 Increase (decrease) in gas imbalance payable ( 3,596) ( 670) 273 Increase in accrued liability 1,956 1,649 423 ------- ------- --------- Net cash provided by operating activities $911,313 $563,905 $1,003,977 ------- ------- --------- CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures ($ 24,574) ($ 46,750) ($ 61,632) Proceeds from sale of oil and gas properties 29,981 26,642 12,783 ------- ------- --------- Net cash provided (used) by investing activities $ 5,407 ($ 20,108) ($ 48,849) ------- ------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($836,293) ($456,116) ($1,047,791) ------- ------- --------- Net cash used by financing activities ($836,293) ($456,116) ($1,047,791) ------- ------- ---------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS $ 80,427 $ 87,681 ($ 92,663)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 224,669 136,988 229,651 ------- ------- ---------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $305,096 $224,669 $ 136,988 ======= ======= =========
The accompanying notes are an integral part of these combined financial statements.
GEODYNE ENERGY INCOME PROGRAM II Notes to Combined Financial Statements For the Years Ended December 31, 2003, 2002, and 2001
1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Organization and Nature of Operations
The Geodyne Energy Income Limited Partnerships (the "Partnerships") were formed pursuant to a public offering of depositary units ("Units"). Upon formation, investors became limited partners (the "Limited Partners") and held Units issued by each Partnership. Geodyne Resources, Inc. is the general partner of each Partnership. Each Partnership is a general partner in the related Geodyne Production Partnership (the "Production Partnership") in which Geodyne Resources, Inc. serves as the managing partner. Limited Partner capital contributions were contributed to the related Production Partnerships for investment in producing oil and gas properties. The Partnerships were activated on the following dates with the following Limited Partner capital contributions.
Limited Date of Partner Capital Partnership Activation Contributions ----------- ------------------ ---------------
II-A July 22, 1987 $48,428,300 II-B October 14,1987 36,171,900 II-C January 14, 1988 15,462,100 II-D May 10, 1988 31,487,800 II-E September 27, 1988 22,882,100 II-F January 5, 1989 17,140,000 II-G April 10, 1989 37,218,900 II-H May 17, 1989 9,171,100
The Partnerships would have terminated on December 31, 2001 in accordance with the partnership agreements for the Partnerships. However, such partnership agreements provide that the General Partner may extend the term of each Partnership for up to five periods of two years each. The General Partner has extended the terms of the Partnerships for their second two-year extension thereby extending their termination date to December 31, 2005.
For purposes of these financial statements, the Partnerships and Production Partnerships are collectively referred to as the "Partnerships" and the general partner and managing partner are collectively referred to as the "General Partner".
An affiliate of the General Partner owned the following Units at December 31, 2003:
Number of Percent of Partnership Units Owned Outstanding Units ----------- ----------- ----------------- II-A 138,173 28.5% II-B 96,989 26.8% II-C 51,398 33.2% II-D 91,050 28.9% II-E 71,476 31.2% II-F 45,052 26.3% II-G 77,358 20.8% II-H 27,671 30.2%
The Partnerships' sole business is the development and production of oil and gas. Substantially all of the Partnerships' gas reserves are being sold regionally on the "spot market." Due to the highly competitive nature of the spot market, prices on the spot market are subject to wide seasonal and regional pricing fluctuations. In addition, such spot market sales are generally short-term in nature and are dependent upon obtaining transportation services provided by pipelines. The Partnerships' oil is sold at or near the Partnerships' wells under short-term purchase contracts at prevailing arrangements which are customary in the oil industry. The prices received for the Partnerships' oil and gas are subject to influences such as global consumption and supply trends.
Allocation of Costs and Revenues
The combination of the allocation provisions in each Partnership's limited partnership agreement and each Production Partnership's partnership agreement (collectively, the "Partnership Agreement") results in allocations of costs and income between the Limited Partners and General Partner as follows:
Before Payout(1) After Payout(1) ------------------ ------------------ General Limited General Limited Partner Partners Partner Partners -------- -------- -------- -------- Costs(2) - ------------------------ Sales commissions, pay- ment for organization and offering costs and management fee 1% 99% - - Property acquisition costs 1% 99% 1% 99% Identified development drilling 1% 99% 1% 99% Development drilling(3) 5% 95% 15% 85% General and administra- tive costs, direct administrative costs and operating costs(3) 5% 95% 15% 85%
Income(2) - ------------------------ Temporary investments of Limited Partners' subscriptions 1% 99% 1% 99% Income from oil and gas production(3) 5% 95% 15% 85% Gain on sale of produc- ing properties(3) 5% 95% 15% 85% All other income(3) 5% 95% 15% 85%
- ----------
(1) Payout occurs when total distributions to Limited Partners equal total original Limited Partner subscriptions. (2) The allocations in the table result generally from the combined effect of the allocation provisions in the Partnership Agreements. For example, the costs incurred in development drilling are allocated 95.9596% to the limited partnership and 4.0404% to the managing partner. The 95.9596% portion of these costs allocated to the limited partnership, when passed through the limited partnership, is further allocated 99% to the limited partners and 1% to the general partner. In this manner the Limited Partners are allocated 95% of such costs and the General Partner is allocated 5% of such costs. (3) If at payout the Limited Partners have received distributions at an annual rate less than 12% of their subscriptions, the percentage of income and costs allocated to the general partner and managing partner will increase to only 10% and the percentage allocated to the Limited Partners will decrease to only 90%. Thereafter, if the
distribution to Limited Partners reaches an average annual rate of 12% the allocation will change to 15% to the general partner and managing partner and 85% to the Limited Partners.
All Partnerships have achieved payout. After payout, operations and revenues for the Partnerships have been and will be allocated using the 10% / 90% after payout percentages as described in Footnote 3 to the table above.
Basis of Presentation
These financial statements reflect the combined accounts of each Partnership after the elimination of all inter-partnership transactions and balances.
Cash and Cash Equivalents
The Partnerships consider all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash equivalents are not insured, which cause the Partnerships to be subject to risk.
Credit Risks
Accrued oil and gas sales which are due from a variety of oil and gas purchasers subject the Partnerships to a concentration of credit risk. Some of these purchasers are discussed in Note 3 - Major Customers.
Oil and Gas Properties
The Partnerships follow the successful efforts method of accounting for their oil and gas properties. Under the successful efforts method, the Partnerships capitalize all property acquisition costs and development costs incurred in connection with the further development of oil and gas reserves. Property acquisition costs include costs incurred by the Partnerships or the General Partner to acquire producing properties, including related title insurance or examination costs, commissions, engineering, legal and accounting fees, and similar costs directly related to the acquisitions, plus an allocated portion of the General Partners' property screening costs. The acquisition cost to the Partnership of properties acquired by the General Partner is adjusted to reflect the net cash results of operations, including interest incurred to finance the acquisition, for the period of time the properties are held by the General Partner.
Depletion of the cost of producing oil and gas properties, amortization of related intangible drilling and development costs, and depreciation of tangible lease and well equipment are computed on the units-of-production method. The Partnerships' calculation of depreciation, depletion, and amortization includes estimated dismantlement and abandonment costs, net of estimated salvage values. The depreciation, depletion, and amortization rates, which include accretion of the asset retirement obligation, per equivalent barrel of oil produced during the years ended December 31, 2003, 2002, and 2001, were as follows:
Partnership 2003 2002 2001 ----------- ----- ----- -----
II-A $1.09 $1.30 $3.93 II-B 1.14 1.56 1.39 II-C 1.22 1.25 1.62 II-D 1.95 1.13 2.50 II-E 1.41 1.55 2.95 II-F 1.37 1.95 2.69 II-G 1.39 1.98 2.73 II-H 1.38 1.95 2.71
When complete units of depreciable property are retired or sold, the asset cost, related accumulated depreciation, and remaining asset retirement obligation, are eliminated with any gain or loss reflected in income. When less than complete units of depreciable property are retired or sold, the proceeds are credited to oil and gas properties.
The Partnerships evaluate the recoverability of the carrying costs of their proved oil and gas properties at the field level. If the unamortized costs of oil and gas properties within a field exceed the expected undiscounted future cash flows from such properties, the cost of the properties is written down to fair value, which is determined by using the discounted future cash flows from the properties. No impairment provisions were recorded by the Partnerships during the three years ended December 31, 2003.
The risk that the Partnerships will be required to record impairment provisions in the future increases as oil and gas prices decrease.
Deferred Charge
The Deferred Charge represents costs deferred for lease operating expenses incurred in connection with the Partnerships' underproduced gas imbalance positions. The rate used in calculating the deferred charge is the annual average production costs per Mcf. At December 31, 2003 and 2002, cumulative total gas sales volumes for underproduced wells were less than the
Partnerships' pro-rata share of total gas production from these wells by the following amounts:
2003 2002 ---------------------- --------------------- Partnership Mcf Amount Mcf Amount ----------- ------- -------- ------- --------
II-A 568,965 $650,100 574,382 $656,289 II-B 215,981 238,135 218,771 245,511 II-C 171,601 123,244 181,115 130,077 II-D 456,289 352,392 464,455 358,699 II-E 325,222 207,890 327,726 209,297 II-F 58,864 32,899 65,183 36,774 II-G 127,552 71,238 140,943 79,136 II-H 32,180 18,580 35,497 20,637
Accrued Liability - Other
The Accrued Liability - Other at December 31, 2002 for the II-A Partnership represents a charge accrued for the payment of a judgment related to plugging liabilities, which judgment is currently under appeal.
Accrued Liability
The Accrued Liability represents charges accrued for lease operating expenses incurred in connection with the Partnerships' overproduced gas imbalance positions. The rate used in calculating the accrued liability is the annual average production costs per Mcf. At December 31, 2003 and 2002, cumulative total gas sales volumes for overproduced wells exceeded the Partnerships' pro-rata share of total gas production from these wells by the following amounts:
2003 2002 -------------------- ------------------- Partnership Mcf Amount Mcf Amount ----------- ------- -------- ------- --------
II-A 181,687 $207,595 190,200 $217,322 II-B 45,715 48,773 49,379 52,682 II-C 49,337 35,434 41,514 29,815 II-D 127,710 98,630 124,944 96,494 II-E 12,839 8,153 11,439 7,264 II-F 27,144 16,945 26,730 15,443 II-G 56,426 31,668 55,640 31,075 II-H 14,992 10,035 13,617 8,079
Oil and Gas Sales and Gas Imbalance Payable
The Partnerships' oil and condensate production is sold, title passed, and revenue recognized at or near the Partnerships' wells under short-term purchase contracts at prevailing prices in accordance with arrangements which are customary in the oil industry. Sales of gas applicable to the Partnerships' interest in producing oil and gas leases are recorded as revenue when the gas is metered and title transferred pursuant to the gas sales contracts covering the Partnerships' interest in gas reserves. During such times as a Partnership's sales of gas exceed its pro rata ownership in a well, such sales are recorded as revenues unless total sales from the well have exceeded the Partnership's share of estimated total gas reserves underlying the property, at which time such excess is recorded as a liability. The rates per Mcf used to calculate this liability are based on the average gas prices received for the volumes at the time the overproduction occurred. This also approximates the price for which the Partnerships are currently settling this liability. At December 31, 2003 and 2002 total sales exceeded the Partnerships' share of estimated total gas reserves as follows:
2003 2002 ------------------- ------------------- Partnership Mcf Amount Mcf Amount ----------- ------ ------- ------ -------
II-A 60,975 $91,463 63,512 $95,268 II-B 31,517 47,276 31,768 47,652 II-C 17,301 25,952 17,789 26,684 II-D 29,132 43,698 28,245 42,368 II-E 28,949 43,424 28,962 43,443 II-F 2,370 3,555 4,467 6,701 II-G 6,727 10,091 11,271 16,907 II-H - - 2,397 3,596
These amounts were recorded as gas imbalance payables in accordance with the sales method. These gas imbalance payables will be settled by either gas production by the underproduced party in excess of current estimates of total gas reserves for the well or by a negotiated or contractual payment to the underproduced party.
The Partnerships have not entered into any hedging or derivative contracts in connection with their production and sale of oil and gas.
General and Administrative Overhead
The General Partner and its affiliates are reimbursed for actual general and administrative costs incurred and attributable to the conduct of the business affairs and operations of the Partnerships.
Use of Estimates in Financial Statements
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Further, the deferred charge, the gas imbalance payable, asset retirement obligations, and the accrued liability all involve estimates which could materially differ from the actual amounts ultimately realized or incurred in the near term. Oil and gas reserves (see Note 4) also involve significant estimates which could materially differ from the actual amounts ultimately realized.
Income Taxes
Income or loss for income tax purposes is includable in the income tax returns of the partners. Accordingly, no recognition has been given to income taxes in these financial statements.
New Accounting Pronouncements
Below is a brief description of Financial Accounting Standards ("FAS") recently issued by the Financial Accounting Standards Board ("FASB") which may have an impact on the Partnerships' future results of operations and financial position.
In July 2001, the FASB issued FAS No. 143, "Accounting for Asset Retirement Obligations", which is effective for fiscal years beginning after June 15, 2002 (January 1, 2003 for the Partnerships). On January 1, 2003, the Partnerships adopted FAS No. 143 and recorded an increase in capitalized cost of oil and gas properties, an increase (decrease) in net income for the cumulative effect of the change in accounting principle, and an asset retirement obligation in the following approximate amounts for each Partnership:
Increase Increase in (Decrease) in Capitalized Net Income for Cost of Oil the Change in Asset and Gas Accounting Retirement Partnership Properties Principle Obligation - ----------- ------------ -------------- ----------
II-A $292,000 $ 6,000 $286,000 II-B 212,000 4,000 208,000 II-C 68,000 100 68,000 II-D 181,000 ( 2,000) 183,000 II-E 98,000 3,000 95,000 II-F 101,000 5,000 96,000 II-G 218,000 10,000 208,000 II-H 54,000 3,000 51,000
These amounts differ significantly from the estimates disclosed in the Annual Report on Form 10-K for the year ended December 31, 2002 due to a revision of the methodology used in calculating the change in capitalized cost of oil and gas properties.
The asset retirement obligation is adjusted upwards each quarter in order to recognize accretion of the time-related discount factor. For the year ended December 31, 2003, the II-A, II-B, II-C, II-D, II-E, II-F, II-G, and II-H Partnerships recognized approximately $12,000, $9,000, $3,000, $11,000, $5,000, $5,000, $10,000 and $3,000, respectively, of an increase in depreciation, depletion, and amortization expense, which was comprised of accretion of the asset retirement obligation and depletion of the increase in capitalized cost of oil and gas properties.
The components of the change in asset retirement obligations for the year ended December 31, 2003 are as shown below.
II-A Partnership ----------------
---------- Total asset retirement obligation, January 1, 2003 $286,238 Settlements and disposals ( 17,686) Accretion expense 9,362 ------- Total asset retirement obligation, December 31, 2003 $277,914 ======= Asset retirement obligation - current $ 9,874 Asset retirement obligation - long-term 268,040
II-B Partnership ----------------
---------- Total asset retirement obligation, January 1, 2003 $208,259 Settlements and disposals ( 12,817) Accretion expense 6,699 ------- Total asset retirement obligation, December 31, 2003 $202,141 ======= Asset retirement obligation - current $ 13,046 Asset retirement obligation - long-term 189,095
II-C Partnership ----------------
---------- Total asset retirement obligation, January 1, 2003 $ 68,318 Additions and revisions 386 Settlements and disposals ( 243) Accretion expense 2,712 ------- Total asset retirement obligation, December 31, 2003 $ 71,173 ======= Asset retirement obligation - current $ 8,575 Asset retirement obligation - long-term 62,598
II-D Partnership ----------------
---------- Total asset retirement obligation, January 1, 2003 $182,622 Additions and revisions 446 Settlements and disposals ( 2,546) Accretion expense 5,468 ------- Total asset retirement obligation, December 31, 2003 $185,990 ======= Asset retirement obligation - current $ 17,137 Asset retirement obligation - long-term 168,853
II-E Partnership ----------------
---------- Total asset retirement obligation, January 1, 2003 $ 95,050 Additions and revisions 120 Settlements and disposals ( 959) Accretion expense 4,109 ------- Total asset retirement obligation, December 31, 2003 $ 98,320 ======= Asset retirement obligation - current $ 2,397 Asset retirement obligation - long-term 95,923
II-F Partnership ----------------
---------- Total asset retirement obligation, January 1, 2003 $ 96,226 Additions and revisions 208 Settlements and disposals ( 3,546) Accretion expense 5,278 ------- Total asset retirement obligation, December 31, 2003 $ 98,166 ======= Asset retirement obligation - current $ 4,566 Asset retirement obligation - long-term 93,600
II-G Partnership ----------------
---------- Total asset retirement obligation, January 1, 2003 $207,505 Additions and revisions 510 Settlements and disposals ( 7,625) Accretion expense 9,378 ------- Total asset retirement obligation, December 31, 2003 $209,768 ======= Asset retirement obligation - current $ 10,082 Asset retirement obligation - long-term 199,686
II-H Partnership ----------------
---------- Total asset retirement obligation, January 1, 2003 $ 50,790 Additions and revisions 148 Settlements and disposals ( 1,855) Accretion expense 2,296 ------- Total asset retirement obligation, December 31, 2003 $ 51,379 ======= Asset retirement obligation - current $ 2,522 Asset retirement obligation - long-term 48,857
Had FAS No. 143 been adopted at January 1, 2001 the amount of the asset retirement obligation at that date and at December 31, 2001 and 2002 would not have been materially different from the amount recorded at January 1, 2003. If this accounting policy had been in effect on January 1, 2001, the proforma impact for the Partnerships during the years ended December 31, 2002 and December 31, 2001 would have been an increase in depreciation, depletion, and amortization expense of approximately the following amounts:
December 31 -------------------- Partnership 2002 2001 ----------- ------- -------
II-A $12,000 $18,000 II-B 8,000 10,000 II-C 3,000 4,000 II-D 9,000 10,000 II-E 6,000 7,000 II-F 6,000 8,000 II-G 13,000 17,000 II-H 3,000 3,000
2. TRANSACTIONS WITH RELATED PARTIES
The Partnerships reimburse the General Partner for the general and administrative overhead applicable to the Partnerships, based on an allocation of actual costs incurred by the General Partner. When actual costs incurred benefit other partnerships and affiliates, the allocation of costs is based on the relationship of the Partnerships' reserves to the total reserves owned by all partnerships and affiliates. The General Partner believes this allocation method is reasonable. Although the actual costs incurred by the General Partner and its
affiliates have fluctuated during the three years presented, the amounts charged to the Partnerships have not fluctuated due to expense limitations imposed by the Partnership Agreements. The following is a summary of payments made to the General Partner or its affiliates by the Partnerships for general and administrative overhead costs for the years ended December 31, 2003, 2002, and 2001: Partnership 2003 2002 2001 ----------- -------- -------- --------
II-A $509,772 $509,772 $509,772 II-B 380,760 380,760 380,760 II-C 162,756 162,756 162,756 II-D 331,452 331,452 331,452 II-E 240,864 240,864 240,864 II-F 180,420 180,420 180,420 II-G 391,776 391,776 391,776 II-H 96,540 96,540 96,540
Affiliates of the Partnerships operate certain of the Partnerships' properties and their policy is to bill the Partnerships for all customary charges and cost reimbursements associated with these activities, together with any compressor rentals, consulting, or other services provided. Such charges are comparable to third party charges in the area where the wells are located and are the same as charged to other working interest owners in the wells.
3. MAJOR CUSTOMERS
The following table sets forth purchasers who individually accounted for ten percent or more of each Partnership's combined oil and gas sales for the years ended December 31, 2003, 2002 and 2001:
Partnership Purchaser Percentage - ----------- ------------------------ --------------------- 2003 2002 2001 ----- ----- ----- II-A Cinergy Marketing Company ("Cinergy") 16.5% - - Duke Energy Field Services ("Duke") 15.0% 10.9% - BP America Production Co. 14.6% 14.2% - El Paso Energy Marketing Company ("El Paso") - 27.7% 32.1% Amoco Production Company - - 12.7%
II-B Cinergy 26.0% - - Duke 14.0% - - Citation Oil & Gas Corp. ("Citation") 12.5% - - El Paso - 33.1% 40.0%
II-C Cinergy 23.5% - - Duke 12.8% - - Citation 10.8% - - El Paso - 30.7% 38.3%
II-D Cinergy 15.2% - - Vintage Petroleum Inc. 11.3% - 12.4% El Paso - 21.6% 30.4% Whiting Petroleum Corp. - 12.2% -
II-E Cinergy 23.6% - - Duke 10.6% - - El Paso - 29.4% 45.8%
II-F Cinergy 13.6% - - El Paso - 17.6% 22.5% Oneok Gas Marketing Co. ("ONEOK") - - 10.5%
II-G Cinergy 13.4% - - El Paso - 17.5% 22.4% ONEOK - - 10.3%
II-H Cinergy 13.2% - - El Paso - 17.4% 22.3% ONEOK - - 10.0%
In the event of interruption of purchases by one or more of these significant customers or the cessation or material change in availability of open access transportation by the Partnerships' pipeline transporters, the Partnerships may encounter difficulty in marketing their gas and in maintaining historic sales levels. Alternative purchasers or transporters may not be readily available.
4. SUPPLEMENTAL OIL AND GAS INFORMATION
The following supplemental information regarding the oil and gas activities of the Partnerships is presented pursuant to the disclosure requirements promulgated by the SEC.
Capitalized Costs
The capitalized costs and accumulated depreciation, depletion, amortization, and valuation allowance at December 31, 2003 and 2002 were as follows:
II-A Partnership ----------------
2003 2002 ------------- -------------
Proved properties $29,401,928 $29,571,336
Less accumulated deprecia- tion, depletion, amorti- zation, and valuation allowance ( 27,169,197) ( 27,514,977) ---------- ---------- Net oil and gas Properties $ 2,232,731 $ 2,056,359 ========== ==========
II-B Partnership ----------------
2003 2002 ------------- -------------
Proved properties $20,514,746 $20,700,114
Less accumulated deprecia- tion, depletion, amorti- zation, and valuation allowance ( 18,831,562) ( 19,094,527) ---------- ---------- Net oil and gas Properties $ 1,683,184 $ 1,605,587 ========== ==========
II-C Partnership ----------------
2003 2002 ------------- -------------
Proved properties $ 8,689,349 $ 8,861,801
Less accumulated deprecia- tion, depletion, amorti- zation, and valuation allowance ( 7,902,528) ( 8,087,153) ---------- ---------- Net oil and gas Properties $ 786,821 $ 774,648 ========== ==========
II-D Partnership ----------------
2003 2002 ------------- -------------
Proved properties $13,818,593 $14,412,771
Less accumulated deprecia- tion, depletion, amorti- zation, and valuation allowance ( 12,278,678) ( 12,929,943) ---------- ---------- Net oil and gas Properties $ 1,539,915 $ 1,482,828 ========== ==========
II-E Partnership ----------------
2003 2002 ------------- -------------
Proved properties $13,162,328 $13,109,702
Less accumulated deprecia- tion, depletion, amorti- zation, and valuation allowance ( 11,749,883) ( 11,684,674) ---------- ---------- Net oil and gas Properties $ 1,412,445 $ 1,425,028 ========== ==========
II-F Partnership ----------------
2003 2002 ------------- -------------
Proved properties $10,575,705 $10,615,042
Less accumulated deprecia- tion, depletion, amorti- zation, and valuation allowance ( 9,256,824) ( 9,303,505) ---------- ---------- Net oil and gas Properties $ 1,318,881 $ 1,311,537 ========== ==========
II-G Partnership ----------------
2003 2002 ------------- -------------
Proved properties $22,640,005 $22,694,289
Less accumulated deprecia- tion, depletion, amorti- zation, and valuation allowance ( 19,798,659) ( 19,872,329) ---------- ---------- Net oil and gas Properties $ 2,841,346 $ 2,821,960 ========== ==========
II-H Partnership ----------------
2003 2002 ------------- -------------
Proved properties $ 5,424,824 $ 5,463,297
Less accumulated deprecia- tion, depletion, amorti- zation, and valuation allowance ( 4,751,654) ( 4,798,942) ---------- ---------- Net oil and gas Properties $ 673,170 $ 664,355 ========== ==========
Costs Incurred
The Partnerships incurred no costs in connection with oil and gas acquisition or exploration activities during 2003, 2002, and 2001. Costs incurred by the Partnerships in connection with oil and gas property development activities during 2003, 2002, and 2001, were as follows:
Partnership 2003(1) 2002 2001 ----------- -------- -------- --------
II-A $102,903 $137,449 $149,585 II-B 24,971 14,939 492,951 II-C 24,478 9,993 82,009 II-D 153,431 116,640 169,317 II-E 24,348 198,005 51,785 II-F 41,415 93,456 118,663 II-G 93,448 197,745 254,554 II-H 24,574 46,750 61,632
(1) Excludes the estimated asset retirement costs for the II-A, II-B, II-C, II-D, II-E, II-F, II-G, and II-H Partnerships of approximately $174,000, $125,000, $39,000, $106,000, $61,000, $58,000, $125,000, and $30,000, respectively, recorded as part of the FAS No. 143 implementation.
Quantities of Proved Oil and Gas Reserves - Unaudited
The following tables summarize changes in net quantities of the Partnerships' proved reserves, all of which are located in the United States of America, for the periods indicated. The proved reserves at December 31, 2003, 2002, and 2001, were estimated by petroleum engineers employed by affiliates of the Partnerships. Certain reserve information was reviewed by Ryder Scott Company, L.P., an independent petroleum engineering firm. The following information includes certain gas balancing adjustments which cause the gas volumes to differ from the reserve reports prepared by the General Partner and reviewed by Ryder Scott.
II-A Partnership ----------------
Crude Natural Oil Gas (Barrels) (Mcf) --------- -----------
Proved reserves, Dec. 31, 2000 548,403 6,707,781 Production ( 67,519) ( 774,153) Sales of minerals in place - ( 60,382) Extensions and discoveries 18,433 11,955 Revision of previous estimates (125,788) ( 14,943) ------- ---------
Proved reserves, Dec. 31, 2001 373,529 5,870,258 Production ( 64,016) ( 821,485) Sales of minerals in place ( 4,154) ( 109,339) Extensions and discoveries 47,104 46,402 Revision of previous estimates 165,389 831,714 ------- ---------
Proved reserves, Dec. 31, 2002 517,852 5,817,550 Production ( 74,313) ( 717,179) Sales of minerals in place ( 3,193) ( 12,518) Extensions and discoveries 14,463 19,843 Revision of previous estimates 123,530 1,495,095 ------- ---------
Proved reserves, Dec. 31, 2003 578,339 6,602,791 ======= =========
PROVED DEVELOPED RESERVES:
December 31, 2001 373,529 5,870,258 ======= ========= December 31, 2002 517,852 5,817,550 ======= ========= December 31, 2003 578,339 6,602,791 ======= =========
II-B Partnership ----------------
Crude Natural Oil Gas (Barrels) (Mcf) --------- -----------
Proved reserves, Dec. 31, 2000 361,833 4,842,161 Production ( 49,375) ( 570,423) Extensions and discoveries 58,881 18,379 Revision of previous estimates ( 86,953) ( 7,061) ------- ---------
Proved reserves, Dec. 31, 2001 284,386 4,283,056 Production ( 40,616) ( 598,159) Sales of minerals in place ( 3,132) - Revision of previous estimates 118,986 758,648 ------- ---------
Proved reserves, Dec. 31, 2002 359,624 4,443,545 Production ( 43,725) ( 548,582) Sales of minerals in place ( 1,073) - Revision of previous estimates 135,560 1,136,134 ------- ---------
Proved reserves, Dec. 31, 2003 450,386 5,031,097 ======= =========
PROVED DEVELOPED RESERVES:
December 31, 2001 284,386 4,283,056 ======= ========= December 31, 2002 359,624 4,443,545 ======= ========= December 31, 2003 450,386 5,031,097 ======= =========
II-C Partnership ----------------
Crude Natural Oil Gas (Barrels) (Mcf) --------- -----------
Proved reserves, Dec. 31, 2000 126,153 3,391,042 Production ( 14,034) ( 302,093) Extensions and discoveries 8,281 2,345 Revision of previous estimates ( 24,922) 160,543 ------- ---------
Proved reserves, Dec. 31, 2001 95,478 3,251,837 Production ( 14,351) ( 343,662) Sales of minerals in place ( 596) ( 151,771) Revision of previous estimates 48,413 364,064 ------- ---------
Proved reserves, Dec. 31, 2002 128,944 3,120,468 Production ( 15,806) ( 315,371) Sales of minerals in place - ( 326) Revision of previous estimates 53,740 666,561 ------- ---------
Proved reserves, Dec. 31, 2003 166,878 3,471,332 ======= =========
PROVED DEVELOPED RESERVES:
December 31, 2001 95,478 3,251,837 ======= ========= December 31, 2002 128,944 3,120,468 ======= ========= December 31, 2003 166,878 3,471,332 ======= =========
II-D Partnership ----------------
Crude Natural Oil Gas (Barrels) (Mcf) --------- -----------
Proved reserves, Dec. 31, 2000 253,737 8,264,342 Production ( 18,970) ( 712,930) Sales of minerals in place ( 28,595) - Extensions and discoveries 5,656 1,961,987 Revision of previous estimates ( 18,990) (121,541) ------- ---------
Proved reserves, Dec. 31, 2001 192,838 9,391,858 Production ( 31,350) ( 795,913) Sales of minerals in place ( 6,238) (1,773,652) Extensions and discoveries 20,756 164,024 Revision of previous estimates 10,718 962,656 ------- ---------
Proved reserves, Dec. 31, 2002 186,724 7,948,973 Production ( 23,482) ( 724,786) Sales of minerals in place - ( 3,434) Revision of previous estimates 42,251 1,599,398 ------- ---------
Proved reserves, Dec. 31, 2003 205,493 8,820,151 ======= =========
PROVED DEVELOPED RESERVES:
December 31, 2001 192,838 9,391,858 ======= ========= December 31, 2002 186,724 7,948,973 ======= ========= December 31, 2003 205,493 8,820,151 ======= =========
II-E Partnership ----------------
Crude Natural Oil Gas (Barrels) (Mcf) --------- -----------
Proved reserves, Dec. 31, 2000 229,723 4,054,722 Production ( 24,064) ( 490,127) Sales of minerals in place ( 17,957) ( 3,024) Revision of previous estimates ( 41,174) 82,011 ------- ---------
Proved reserves, Dec. 31, 2001 146,528 3,643,582 Production ( 23,426) ( 488,328) Sales of minerals in place - ( 13,492) Extensions and discoveries 2,949 120,748 Revision of previous estimates 47,113 929,896 ------- ---------
Proved reserves, Dec. 31, 2002 173,164 4,192,406 Production ( 19,131) ( 467,472) Sales of minerals in place ( 1,055) ( 19,430) Extensions and discoveries 1,301 4,400 Revision of previous estimates 31,447 1,283,438 ------- ---------
Proved reserves, Dec. 31, 2003 185,726 4,993,342 ======= =========
PROVED DEVELOPED RESERVES:
December 31, 2001 146,528 3,643,582 ======= ========= December 31, 2002 173,164 4,192,406 ======= ========= December 31, 2003 185,726 4,993,342 ======= =========
II-F Partnership ----------------
Crude Natural Oil Gas (Barrels) (Mcf) --------- -----------
Proved reserves, Dec. 31, 2000 269,110 3,158,866 Production ( 30,965) ( 465,214) Sales of minerals in place ( 781) ( 1,865) Extensions and discoveries 2,802 13,721 Revision of previous estimates ( 21,641) 303,403 ------- ---------
Proved reserves, Dec. 31, 2001 218,525 3,008,911 Production ( 27,894) ( 451,358) Sales of minerals in place - ( 33,002) Extensions and discoveries 4,759 127,801 Revision of previous estimates 34,884 309,929 ------- ---------
Proved reserves, Dec. 31, 2002 230,274 2,962,281 Production ( 24,828) ( 442,255) Sales of minerals in place ( 2,571) ( 48,081) Extensions and discoveries 4,306 4,018 Revision of previous estimates 87,190 1,329,431 ------- ---------
Proved reserves, Dec. 31, 2003 294,371 3,805,394 ======= =========
PROVED DEVELOPED RESERVES:
December 31, 2001 218,525 3,008,911 ======= ========= December 31, 2002 230,274 2,962,281 ======= ========= December 31, 2003 294,371 3,805,394 ======= =========
II-G Partnership ----------------
Crude Natural Oil Gas (Barrels) (Mcf) --------- -----------
Proved reserves, Dec. 31, 2000 565,056 6,779,445 Production ( 64,898) ( 992,099) Sales of minerals in place ( 1,657) ( 5,208) Extensions and discoveries 5,979 31,001 Revision of previous estimates ( 45,326) 626,857 ------- ---------
Proved reserves, Dec. 31, 2001 459,154 6,439,996 Production ( 58,467) ( 959,663) Sales of minerals in place - ( 69,121) Extensions and discoveries 16,826 273,003 Revision of previous estimates 66,360 685,765 ------- ---------
Proved reserves, Dec. 31, 2002 483,873 6,369,980 Production ( 52,045) ( 941,870) Sales of minerals in place ( 5,382) ( 100,643) Extensions and discoveries 7,050 20,444 Revision of previous estimates 184,556 2,832,630 ------- ---------
Proved reserves, Dec. 31, 2003 618,052 8,180,541 ======= =========
PROVED DEVELOPED RESERVES:
December 31, 2001 459,154 6,439,996 ======= ========= December 31, 2002 483,873 6,369,980 ======= ========= December 31, 2003 618,052 8,180,541 ======= =========
II-H Partnership ----------------
Crude Natural Oil Gas (Barrels) (Mcf) --------- -----------
Proved reserves, Dec. 31, 2000 131,882 1,646,842 Production ( 15,054) ( 237,600) Sales of minerals in place ( 391) ( 1,779) Extensions and discoveries 388 7,897 Revision of previous estimates ( 9,535) 139,973 ------- ---------
Proved reserves, Dec. 31, 2001 107,290 1,555,333 Production ( 13,577) ( 229,923) Sales of minerals in place - ( 15,921) Extensions and discoveries 1,519 56,116 Revision of previous estimates 17,853 188,329 ------- ---------
Proved reserves, Dec. 31, 2002 113,085 1,553,934 Production ( 12,082) ( 226,604) Sales of minerals in place ( 1,246) ( 23,321) Extensions and discoveries 1,522 3,284 Revision of previous estimates 42,790 682,941 ------- ---------
Proved reserves, Dec. 31, 2003 144,069 1,990,234 ======= =========
PROVED DEVELOPED RESERVES:
December 31, 2001 107,290 1,555,333 ======= ========= December 31, 2002 113,085 1,553,934 ======= ========= December 31, 2003 144,069 1,990,234 ======= =========
5. QUARTERLY FINANCIAL DATA (Unaudited)
Summarized unaudited quarterly financial data for 2003 and 2002 are as follows:
II-A Partnership ----------------
----------------------------------------------- First Second Third Fourth Quarter Quarter Quarter Quarter ---------- ---------- ---------- ----------
Total Revenues $1,476,502 $1,572,825 $1,311,663 $1,236,180 Gross Profit (1) 1,102,997 1,248,004 973,719 864,691 Net Income 905,124 1,059,385 770,667 687,656 Limited Partners' Net Income 1.67 1.96 1.42 1.27 Per Unit
----------------------------------------------- First Second Third Fourth Quarter Quarter Quarter Quarter ---------- ---------- ---------- ----------
Total Revenues $ 789,152 $1,173,966 $ 934,000 $1,083,198 Gross Profit (1) 325,518 834,634 619,024 684,532 Net Income 89,283 619,972 460,956 474,894 Limited Partners' Net Income Per Unit .15 1.14 .85 .87
- ----------------------- (1) Total revenues less oil and gas production expenses.
II-B Partnership ----------------
----------------------------------------------- First Second Third Fourth Quarter Quarter Quarter Quarter ---------- ----------- ----------- -----------
Total Revenues $1,024,409 $1,015,707 $930,773 $893,287 Gross Profit (1) 780,583 768,700 683,017 633,564 Net Income 634,041 612,802 529,405 514,956 Limited Partners' Net Income Per Unit 1.57 1.51 1.31 1.27
----------------------------------------------- First Second Third Fourth Quarter Quarter Quarter Quarter ---------- ----------- ----------- -----------
Total Revenues $ 581,081 $ 693,623 $653,379 $707,983 Gross Profit (1) 232,791 451,685 457,951 471,675 Net Income 51,494 287,730 344,740 290,082 Limited Partners' Net Income Per Unit .11 .70 .86 .70
- ---------------------- (1) Total revenues less oil and gas production expenses.
II-C Partnership ----------------
----------------------------------------------- First Second Third Fourth Quarter Quarter Quarter Quarter ---------- ----------- ----------- -----------
Total Revenues $523,711 $512,759 $433,856 $430,880 Gross Profit (1) 406,828 387,348 315,423 306,974 Net Income 329,308 314,704 248,009 247,131 Limited Partners' Net Income Per Unit 1.90 1.82 1.43 1.43
----------------------------------------------- First Second Third Fourth Quarter Quarter Quarter Quarter (2) ---------- ----------- ----------- -----------
Total Revenues $268,077 $338,202 $325,234 $474,418 Gross Profit (1) 124,101 244,733 238,388 366,641 Net Income 36,398 166,179 188,038 302,546 Limited Partners' Net Income Per Unit .19 .95 1.09 1.75
- ---------------------- (1) Total revenues less oil and gas production expenses. (2) Significant increase in Fourth Quarter Net Income resulted from the gain on sale of several properties.
II-D Partnership ----------------
----------------------------------------------- First Second Third Fourth Quarter Quarter Quarter Quarter ---------- ----------- ----------- -----------
Total Revenues $1,043,560 $1,003,165 $939,761 $ 924,524 Gross Profit (1) 811,604 728,911 670,307 624,437 Net Income 629,705 564,528 522,651 462,501 Limited Partners' Net Income Per Unit 1.78 1.59 1.48 1.30
----------------------------------------------- First Second Third Fourth Quarter Quarter Quarter Quarter(2) ---------- ----------- ----------- -----------
Total Revenues $ 538,200 $ 809,677 $787,921 $1,980,869 Gross Profit (1) 247,999 605,024 564,516 1,812,881 Net Income 83,003 442,237 458,518 1,691,929 Limited Partners' Net Income Per Unit .22 1.24 1.31 4.83
- ---------------------- (1) Total revenues less oil and gas production expenses. (2) Significant increase in Fourth Quarter Net Income resulted from the gain on sale of several properties.
II-E Partnership ----------------
----------------------------------------------- First Second Third Fourth Quarter Quarter Quarter Quarter ---------- ----------- ----------- -----------
Total Revenues $753,393 $774,911 $658,485 $585,112 Gross Profit (1) 565,150 632,834 503,658 405,331 Net Income 458,506 535,125 391,582 308,702 Limited Partners' Net Income Per Unit 1.79 2.10 1.52 1.20
----------------------------------------------- First Second Third Fourth Quarter Quarter Quarter Quarter ---------- ----------- ----------- -----------
Total Revenues $399,243 $494,187 $589,514 $493,877 Gross Profit (1) 242,077 363,404 461,502 381,570 Net Income 100,318 238,745 371,872 296,833 Limited Partners' Net Income Per Unit .37 .92 1.45 1.16
- ---------------------- (1) Total revenues less oil and gas production expenses.
II-F Partnership ----------------
----------------------------------------------- First Second Third Fourth Quarter Quarter Quarter Quarter ---------- ----------- ----------- -----------
Total Revenues $741,486 $730,316 $596,691 $632,660 Gross Profit (1) 571,525 587,682 494,650 474,089 Net Income 475,624 503,534 402,746 401,843 Limited Partners' Net Income Per Unit 2.48 2.63 2.09 2.10
----------------------------------------------- First Second Third Fourth Quarter Quarter Quarter Quarter ---------- ----------- ----------- -----------
Total Revenues $417,293 $476,813 $528,079 $531,009 Gross Profit (1) 275,744 383,219 423,224 449,021 Net Income 158,187 287,067 329,817 341,548 Limited Partners' Net Income Per Unit .80 1.49 1.71 1.76
- ---------------------- (1) Total revenues less oil and gas production expenses.
II-G Partnership ----------------
----------------------------------------------- First Second Third Fourth Quarter Quarter Quarter Quarter ---------- ----------- ----------- -----------
Total Revenues $1,570,502 $1,558,395 $1,264,715 $1,342,769 Gross Profit (1) 1,209,012 1,253,705 1,045,415 1,007,078 Net Income 1,014,829 1,083,059 846,611 853,152 Limited Partners' Net Income Per Unit 2.44 2.60 2.03 2.05
----------------------------------------------- First Second Third Fourth Quarter Quarter Quarter Quarter ---------- ----------- ----------- -----------
Total Revenues $ 883,474 $1,011,416 $1,117,354 $1,123,142 Gross Profit (1) 582,126 811,752 892,576 948,729 Net Income 343,653 609,560 694,566 719,623 Limited Partners' Net Income Per Unit .80 1.45 1.66 1.71
- ---------------------- (1) Total revenues less oil and gas production expenses.
II-H Partnership ----------------
----------------------------------------------- First Second Third Fourth Quarter Quarter Quarter Quarter ---------- ----------- ----------- -----------
Total Revenues $371,375 $374,157 $300,141 $320,749 Gross Profit (1) 285,184 301,004 246,821 238,058 Net Income 230,253 252,471 197,686 199,462 Limited Partners' Net Income Per Unit 2.24 2.47 1.92 1.94
----------------------------------------------- First Second Third Fourth Quarter Quarter Quarter Quarter ---------- ----------- ----------- -----------
Total Revenues $208,773 $239,133 $265,143 $266,994 Gross Profit (1) 136,605 191,298 210,700 224,136 Net Income 69,326 139,032 160,567 167,785 Limited Partners' Net Income Per Unit .65 1.35 1.55 1.62
- ---------------------- (1) Total revenues less oil and gas production expenses.
INDEX TO EXHIBITS -----------------
Exh. No. Exhibit - --- -------
4.1 Agreement and Certificate of Limited Partnership dated July 22, 1987 for the Geodyne Energy Income Limited Partnership II-A, filed as Exhibit 4.1 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.2 First Amendment to Amended and Restated Certificate of Limited Partnership and First Amendment to Agreement and Certificate of Limited Partnership dated February 24, 1993 for the Geodyne Energy Income Limited Partnership II-A, filed as Exhibit 4.2 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.3 Second Amendment to Agreement and Certificate of Limited Partnership dated August 4, 1993 for the Geodyne Energy Income Limited Partnership II-A, filed as Exhibit 4.3 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.4 Third Amendment to Agreement and Certificate of Limited Partnership dated July 1, 1996 for the Geodyne Energy Income Limited Partnership II-A, filed as Exhibit 4.4 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.5 Fourth Amendment to Agreement and Certificate of Limited Partnership dated November 14, 2001 for the Geodyne Energy Income Limited Partnership II-A, filed as Exhibit 4.5 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
*4.6 Fifth Amendment to Agreement and Certificate of Limited Partnership dated November 18, 2003 for the Geodyne Energy Income Limited Partnership II-A.
4.7 Amended and Restated Certificate of Limited Partnership dated March 9, 1989 for the Geodyne Energy Income Limited Partnership II-A, filed as Exhibit 4.6 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed
with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.8 Second Amendment to Amended and Restated Certificate of Limited Partnership dated July 1, 1996, for the Geodyne Energy Income Limited Partnership II-A, filed as Exhibit 4.7 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.9 Third Amendment to Amended and Restated Certificate of Limited Partnership dated November 14, 2001, for the Geodyne Energy Income Limited Partnership II-A, filed as Exhibit 4.8 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
*4.10 Fourth Amendment to Amended and Restated Certificate of Limited Partnership dated November 21, 2003, for the Geodyne Energy Income Limited Partnership II-A.
4.11 Agreement and Certificate of Limited Partnership dated October 14, 1987 for the Geodyne Energy Income Limited Partnership II-B, filed as Exhibit 4.9 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.12 First Amendment to Amended and Restated Certificate of Limited Partnership and First Amendment to Agreement and Certificate of Limited Partnership dated February 24, 1993 for the Geodyne Energy Income Limited Partnership II-B, filed as Exhibit 4.10 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.13 Second Amendment to Agreement and Certificate of Limited Partnership dated August 4, 1993 for the Geodyne Energy Income Limited Partnership II-B, filed as Exhibit 4.11 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.14 Third Amendment to Agreement and Certificate of Limited Partnership dated July 1, 1996 for the Geodyne Energy Income Limited Partnership II-B, filed as Exhibit 4.12 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.15 Fourth Amendment to Agreement and Certificate of Limited Partnership dated November 14, 2001 for the Geodyne Energy Income Limited Partnership II-B, filed as Exhibit 4.13 to Annual Report on Form 10-K405 for period ended December
31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
*4.16 Fifth Amendment to Agreement and Certificate of Limited Partnership dated November 18, 2003, for the Geodyne Energy Income Limited Partnership II-B.
4.17 Amended and Restated Certificate of Limited Partnership dated March 9, 1989 for the Geodyne Energy Income Limited Partnership II-B, filed as Exhibit 4.14 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.18 Second Amendment to Amended and Restated Certificate of Limited Partnership dated July 1, 1996, for the Geodyne Energy Income Limited Partnership II-B, filed as Exhibit 4.15 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.19 Third Amendment to Amended and Restated Certificate of Limited Partnership dated November 14, 2001, for the Geodyne Energy Income Limited Partnership II-B, filed as Exhibit 4.16 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
*4.20 Fourth Amendment to Amended and Restated Certificate of Limited Partnership dated November 21, 2003, for the Geodyne Energy Income Limited Partnership II-B.
4.21 Agreement and Certificate of Limited Partnership dated January 13, 1988 for the Geodyne Energy Income Limited Partnership II-C, filed as Exhibit 4.17 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.22 First Amendment to Amended and Restated Certificate of Limited Partnership and First Amendment to Agreement and Certificate of Limited Partnership dated February 24, 1993 for the Geodyne Energy Income Limited Partnership II-C, filed as Exhibit 4.18 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.23 Second Amendment to Agreement and Certificate of Limited Partnership dated August 4, 1993 for the Geodyne Energy Income Limited Partnership II-C, filed as Exhibit 4.19 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.24 Third Amendment to Agreement and Certificate of Limited Partnership dated July 1, 1996 for the Geodyne Energy Income Limited Partnership II-C, filed as Exhibit 4.20 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.25 Fourth Amendment to Agreement and Certificate of Limited Partnership dated November 14, 2001 for the Geodyne Energy Income Limited Partnership II-C, filed as Exhibit 4.21 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
*4.26 Fifth Amendment to Agreement and Certificate of Limited Partnership dated November 18, 2003 for the Geodyne Energy Income Limited Partnership II-C.
4.27 Amended and Restated Certificate of Limited Partnership dated March 9, 1989 for the Geodyne Energy Income Limited Partnership II-C, filed as Exhibit 4.22 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.28 Second Amendment to Amended and Restated Certificate of Limited Partnership dated July 1, 1996, for the Geodyne Energy Income Limited Partnership II-C, filed as Exhibit 4.23 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.29 Third Amendment to Amended and Restated Certificate of Limited Partnership dated November 14, 2001, for the Geodyne Energy Income Limited Partnership II-C, filed as Exhibit 4.24 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
*4.30 Fourth Amendment to Amended and Restated Certificate of Limited Partnership dated November 21, 2003, for the Geodyne Energy Income Limited Partnership II-C.
4.31 Agreement and Certificate of Limited Partnership dated May 10, 1988 for the Geodyne Energy Income Limited Partnership II-D, filed as Exhibit 4.25 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.32 First Amendment to Amended and Restated Certificate of Limited Partnership and First Amendment to Agreement and Certificate of Limited Partnership dated February 24, 1993 for the Geodyne Energy Income Limited Partnership II-D,
filed as Exhibit 4.26 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.33 Second Amendment to Agreement and Certificate of Limited Partnership dated August 4, 1993 for the Geodyne Energy Income Limited Partnership II-D, filed as Exhibit 4.27 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.34 Third Amendment to Agreement and Certificate of Limited Partnership dated July 1, 1996 for the Geodyne Energy Income Limited Partnership II-D, filed as Exhibit 4.28 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.35 Fourth Amendment to Agreement and Certificate of Limited Partnership dated November 14, 2001 for the Geodyne Energy Income Limited Partnership II-D, filed as Exhibit 4.29 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
*4.36 Fifth Amendment to Agreement and Certificate of Limited Partnership dated November 18, 2003, for the Geodyne Energy Income Limited Partnership II-D.
4.37 Amended and Restated Certificate of Limited Partnership dated March 9, 1989 for the Geodyne Energy Income Limited Partnership II-D, filed as Exhibit 4.30 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.38 Second Amendment to Amended and Restated Certificate of Limited Partnership dated July 1, 1996, for the Geodyne Energy Income Limited Partnership II-D, filed as Exhibit 4.31 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.39 Third Amendment to Amended and Restated Certificate of Limited Partnership dated November 14, 2001, for the Geodyne Energy Income Limited Partnership II-D, filed as Exhibit 4.32 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
*4.40 Fourth Amendment to Amended and Restated Certificate of Limited Partnership dated November 21, 2003, for the Geodyne Energy Income Limited Partnership II-D.
4.41 Agreement and Certificate of Limited Partnership dated September 27, 1988 for the Geodyne Energy Income Limited Partnership II-E, filed as Exhibit 4.33 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.42 First Amendment to Amended and Restated Certificate of Limited Partnership and First Amendment to Agreement and Certificate of Limited Partnership dated February 24, 1993 for the Geodyne Energy Income Limited Partnership II-E, filed as Exhibit 4.34 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.43 Second Amendment to Agreement and Certificate of Limited Partnership dated August 4, 1993 for the Geodyne Energy Income Limited Partnership II-E, filed as Exhibit 4.35 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.44 Third Amendment to Agreement and Certificate of Limited Partnership dated August 31, 1995 for the Geodyne Energy Income Limited Partnership II-E, filed as Exhibit 4.36 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.45 Fourth Amendment to Agreement and Certificate of Limited Partnership dated July 1, 1996 for the Geodyne Energy Income Limited Partnership II-E, filed as Exhibit 4.37 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.46 Fifth Amendment to Agreement and Certificate of Limited Partnership dated November 14, 2001 for the Geodyne Energy Income Limited Partnership II-E, filed as Exhibit 4.38 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
*4.47 Sixth Amendment to Agreement and Certificate of Limited Partnership dated November 18, 2003 for the Geodyne Energy Income Limited Partnership II-E.
4.48 Amended and Restated Certificate of Limited Partnership dated March 9, 1989 for the Geodyne Energy Income Limited Partnership II-E, filed as Exhibit 4.39 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.49 Second Amendment to Amended and Restated Certificate of Limited Partnership dated July 1, 1996, for the Geodyne Energy Income Limited Partnership II-E, filed as Exhibit 4.40 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.50 Third Amendment to Amended and Restated Certificate of Limited Partnership dated November 14, 2001, for the Geodyne Energy Income Limited Partnership II-E, filed as Exhibit 4.41 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
*4.51 Fourth Amendment to Amended and Restated Certificate of Limited Partnership dated November 21, 2003, for the Geodyne Energy Income Limited Partnership III-E.
4.52 Agreement and Certificate of Limited Partnership dated January 5, 1989 for the Geodyne Energy Income Limited Partnership II-F, filed as Exhibit 4.42 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.53 Certificate of Limited Partnership dated January 5, 1989, for the Geodyne Energy Income Limited Partnership II-F, filed as Exhibit 4.42a to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.54 First Amendment to Certificate of Limited Partnership and First Amendment to Agreement and Certificate of Limited Partnership dated February 24, 1993 for the Geodyne Energy Income Limited Partnership II-F, filed as Exhibit 4.43 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.55 Second Amendment to Agreement and Certificate of Limited Partnership dated August 4, 1993 for the Geodyne Energy Income Limited Partnership II-F, filed as Exhibit 4.44 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.56 Third Amendment to Agreement and Certificate of Limited Partnership dated August 31, 1995 for the Geodyne Energy Income Limited Partnership II-F, filed as Exhibit 4.45 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.57 Fourth Amendment to Agreement and Certificate of Limited Partnership dated July 1, 1996 for the Geodyne Energy Income Limited Partnership II-F, filed as Exhibit 4.46 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.58 Fifth Amendment to Agreement and Certificate of Limited Partnership dated November 14, 2001 for the Geodyne Energy Income Limited Partnership II-F, filed as Exhibit 4.48 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
*4.59 Sixth Amendment to Agreement and Certificate of Limited Partnership dated November 18, 2003, for the Geodyne Energy Income Limited Partnership II-F.
4.60 Second Amendment to Certificate of Limited Partnership dated July 1, 1996, for the Geodyne Energy Income Limited Partnership II-F, filed as Exhibit 4.48 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.61 Third Amendment to Certificate of Limited Partnership dated November 14, 2001, for the Geodyne Energy Income Limited Partnership II-F, filed as Exhibit 4.49 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
*4.62 Fourth Amendment to Certificate of Limited Partnership dated November 21, 2003, for the Geodyne Energy Income Limited Partnership II-F.
4.63 Agreement and Certificate of Limited Partnership dated April 10, 1989 for the Geodyne Energy Income Limited Partnership II-G, filed as Exhibit 4.50 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.64 Certificate of Limited Partnership dated April 10, 1989, for the Geodyne Energy Income Limited Partnership II-G, filed as Exhibit 4.51 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.65 First Amendment to Certificate of Limited Partnership and First Amendment to Agreement and Certificate of Limited Partnership dated February 24, 1993 for the Geodyne Energy Income Limited Partnership II-G, filed as Exhibit 4.52 to Annual Report on Form 10-K405 for period ended
December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.66 Second Amendment to Agreement and Certificate of Limited Partnership dated August 4, 1993 for the Geodyne Energy Income Limited Partnership II-G, filed as Exhibit 4.53 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.67 Third Amendment to Agreement and Certificate of Limited Partnership dated August 31, 1995 for the Geodyne Energy Income Limited Partnership II-G, filed as Exhibit 4.54 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.68 Fourth Amendment to Agreement and Certificate of Limited Partnership dated July 1, 1996 for the Geodyne Energy Income Limited Partnership II-G, filed as Exhibit 4.55 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.69 Fifth Amendment to Agreement and Certificate of Limited Partnership dated November 14, 2001 for the Geodyne Energy Income Limited Partnership II-G, filed as Exhibit 4.56 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
*4.70 Sixth Amendment to Agreement and Certificate of Limited Partnership dated November 18, 2003 for the Geodyne Energy Income Limited Partnership II-G.
4.71 Second Amendment to Certificate of Limited Partnership dated July 1, 1996, for the Geodyne Energy Income Limited Partnership II-G, filed as Exhibit 4.57 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.72 Third Amendment to Certificate of Limited Partnership dated November 14, 2001, for the Geodyne Energy Income Limited Partnership II-G, filed as Exhibit 4.58 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
*4.73 Fourth Amendment to Certificate of Limited Partnership dated November 21, 2003, for the Geodyne Energy Income Limited Partnership II-G.
4.74 Agreement and Certificate of Limited Partnership dated May 17, 1989 for the Geodyne Energy Income Limited Partnership II-H, filed as Exhibit 4.59 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.75 Certificate of Limited Partnership dated May 17, 1989, for the Geodyne Energy Income Limited Partnership II-H, filed as Exhibit 4.60 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.76 First Amendment to Certificate of Limited Partnership and First Amendment to Agreement and Certificate of Limited Partnership dated February 25, 1993 for the Geodyne Energy Income Limited Partnership II-H, filed as Exhibit 4.61 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.77 Second Amendment to Agreement and Certificate of Limited Partnership dated August 4, 1993 for the Geodyne Energy Income Limited Partnership II-H, filed as Exhibit 4.62 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.78 Third Amendment to Agreement and Certificate of Limited Partnership dated August 31, 1995 for the Geodyne Energy Income Limited Partnership II-H, filed as Exhibit 4.63 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.79 Fourth Amendment to Agreement and Certificate of Limited Partnership dated July 1, 1996 for the Geodyne Energy Income Limited Partnership II-H, filed as Exhibit 4.64 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.80 Fifth Amendment to Agreement and Certificate of Limited Partnership dated November 14, 2001 for the Geodyne Energy Income Limited Partnership II-H, filed as Exhibit 4.65 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
*4.81 Sixth Amendment to Agreement and Certificate of Limited Partnership dated November 18, 2003 for the Geodyne Energy Income Limited Partnership II-H.
4.82 Second Amendment to Certificate of Limited Partnership dated July 1, 1996, for the Geodyne Energy Income Limited Partnership II-H, filed as Exhibit 4.66 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
4.83 Third Amendment to Certificate of Limited Partnership dated November 14, 2001, for the Geodyne Energy Income Limited Partnership II-H, filed as Exhibit 4.67 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
*4.84 Fourth Amendment to Certificate of Limited Partnership dated November 21, 2003, for the Geodyne Energy Income Limited Partnership II-H.
10.1 Agreement of Partnership dated July 22, 1987 for the Geodyne Production Partnership II-A, filed as Exhibit 10.1 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
10.2 First Amendment to Agreement of Partnership dated February 26, 1993 for the Geodyne Production Partnership II-A, filed as Exhibit 10.2 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
10.3 Second Amendment to Agreement of Partnership dated July 1, 1996 for the Geodyne Production Partnership II-A, filed as Exhibit 10.3 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
10.4 Third Amendment to Agreement of Partnership dated November 14, 2001 for the Geodyne Production Partnership II-A, filed as Exhibit 10.4 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
*10.5 Fourth Amendment to Agreement of Partnership dated November 18, 2003 for the Geodyne Production Partnership II-A.
10.6 Agreement of Partnership dated July 22, 1987 for the Geodyne Production Partnership II-B, filed as Exhibit 10.5 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
10.7 First Amendment to Agreement of Partnership dated February 26, 1993 for the Geodyne Production Partnership II-B,
filed as Exhibit 10.6 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
10.8 Second Amendment to Agreement of Partnership dated July 1, 1996 for the Geodyne Production Partnership II-B, filed as Exhibit 10.7 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
10.9 Third Amendment to Agreement of Partnership dated November 14, 2001 for the Geodyne Production Partnership II-B, filed as Exhibit 10.8 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
*10.10 Fourth Amendment to Agreement of Partnership dated November 18, 2003 for the Geodyne Production Partnership II-B.
10.11 Agreement of Partnership dated July 22, 1987 for the Geodyne Production Partnership II-C, filed as Exhibit 10.9 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
10.12 First Amendment to Agreement of Partnership dated February 26, 1993 for the Geodyne Production Partnership II-C, filed as Exhibit 10.10 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
10.13 Second Amendment to Agreement of Partnership dated July 1, 1996 for the Geodyne Production Partnership II-C, filed as Exhibit 10.11 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
10.14 Third Amendment to Agreement of Partnership dated November 14, 2001 for the Geodyne Production Partnership II-C, filed as Exhibit 10.12 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
*10.15 Fourth Amendment to Agreement of Partnership dated November 18, 2003 for the Geodyne Production Partnership II-C.
10.16 Agreement of Partnership dated July 22, 1987 for the Geodyne Production Partnership II-D, filed as Exhibit 10.13 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
10.17 First Amendment to Agreement of Partnership dated February 26, 1993 for the Geodyne Production Partnership II-D, filed as Exhibit 10.14 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
10.18 Second Amendment to Agreement of Partnership dated July 1, 1996 for the Geodyne Production Partnership II-D, filed as Exhibit 10.15 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
10.19 Third Amendment to Agreement of Partnership dated November 14, 2001 for the Geodyne Production Partnership II-D, filed as Exhibit 10.16 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
*10.20 Fourth Amendment to Agreement of Partnership dated November 18, 2003 for the Geodyne Production Partnership II-D.
10.21 Agreement of Partnership dated July 22, 1987 for the Geodyne Production Partnership II-E, filed as Exhibit 10.17 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
10.22 First Amendment to Agreement of Partnership dated February 26, 1993 for the Geodyne Production Partnership II-E, filed as Exhibit 10.18 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
10.23 Second Amendment to Agreement of Partnership dated July 1, 1996 for the Geodyne Production Partnership II-E, filed as Exhibit 10.19 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
10.24 Third Amendment to Agreement of Partnership dated November 14, 2001 for the Geodyne Production Partnership II-E, filed as Exhibit 10.20 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
*10.25 Fourth Amendment to Agreement of Partnership dated November 18, 2003 for the Geodyne Production Partnership II-E.
10.26 Agreement of Partnership dated July 22, 1987 for the Geodyne Production Partnership II-F, filed as Exhibit 10.21 to Annual Report on Form 10-K405 for period ended
December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
10.27 First Amendment to Agreement of Partnership dated February 26, 1993 for the Geodyne Production Partnership II-F, filed as Exhibit 10.22 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
10.28 Second Amendment to Agreement of Partnership dated July 1, 1996 for the Geodyne Production Partnership II-F, filed as Exhibit 10.23 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
10.29 Third Amendment to Agreement of Partnership dated November 14, 2001 for the Geodyne Production Partnership II-F, filed as Exhibit 10.24 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
*10.30 Fourth Amendment to Agreement of Partnership dated November 18, 2003 for the Geodyne Production Partnership II-F.
10.31 Agreement of Partnership dated July 22, 1987 for the Geodyne Production Partnership II-G, filed as Exhibit 10.25 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
10.32 First Amendment to Agreement of Partnership dated February 26, 1993 for the Geodyne Production Partnership II-G, filed as Exhibit 10.26 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
10.33 Second Amendment to Agreement of Partnership dated July 1, 1996 for the Geodyne Production Partnership II-G, filed as Exhibit 10.27 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
10.34 Third Amendment to Agreement of Partnership dated November 14, 2001 for the Geodyne Production Partnership II-G, filed as Exhibit 10.28 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
*10.35 Fourth Amendment to Agreement of Partnership dated November 18, 2003 for the Geodyne Production Partnership II-G.
10.36 Agreement of Partnership dated July 22, 1987 for the Geodyne Production Partnership II-H, filed as Exhibit 10.29 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
10.37 First Amendment to Agreement of Partnership dated February 26, 1993 for the Geodyne Production Partnership II-H, filed as Exhibit 10.30 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
10.38 Second Amendment to Agreement of Partnership dated July 1, 1996 for the Geodyne Production Partnership II-H, filed as Exhibit 10.31 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
10.39 Third Amendment to Agreement of Partnership dated November 14, 2001 for the Geodyne Production Partnership II-H, filed as Exhibit 10.32 to Annual Report on Form 10-K405 for period ended December 31, 2001, filed with the SEC on February 26, 2002 and is hereby incorporated by reference.
*10.40 Fourth Amendment to Agreement of Partnership dated November 18, 2003 for the Geodyne Production Partnership II-H.
*23.1 Consent of Ryder Scott Company, L.P. for Geodyne Energy Income Limited Partnership II-A.
*23.2 Consent of Ryder Scott Company, L.P. for Geodyne Energy Income Limited Partnership II-B.
*23.3 Consent of Ryder Scott Company, L.P. for Geodyne Energy Income Limited Partnership II-C.
*23.4 Consent of Ryder Scott Company, L.P. for Geodyne Energy Income Limited Partnership II-D.
*23.5 Consent of Ryder Scott Company, L.P. for Geodyne Energy Income Limited Partnership II-E.
*23.6 Consent of Ryder Scott Company, L.P. for Geodyne Energy Income Limited Partnership II-F.
*23.7 Consent of Ryder Scott Company, L.P. for Geodyne Energy Income Limited Partnership II-G.
*23.8 Consent of Ryder Scott Company, L.P. for Geodyne Energy Income Limited Partnership II-H.
*31.1 Certification by Dennis R. Neill required by Rule 13a-14(a)/15d-14(a) for the Geodyne Energy Income Limited Partnership II-A.
*31.2 Certification by Craig D. Loseke required by Rule 13a-14(a)/15d-14(a) for the Geodyne Energy Income Limited Partnership II-A.
*31.3 Certification by Dennis R. Neill required by Rule 13a-14(a)/15d-14(a) for the Geodyne Energy Income Limited Partnership II-B.
*31.4 Certification by Craig D. Loseke required by Rule 13a-14(a)/15d-14(a) for the Geodyne Energy Income Limited Partnership II-B.
*31.5 Certification by Dennis R. Neill required by Rule 13a-14(a)/15d-14(a) for the Geodyne Energy Income Limited Partnership II-C.
*31.6 Certification by Craig D. Loseke required by Rule 13a-14(a)/15d-14(a) for the Geodyne Energy Income Limited Partnership II-C.
*31.7 Certification by Dennis R. Neill required by Rule 13a-14(a)/15d-14(a) for the Geodyne Energy Income Limited Partnership II-D.
*31.8 Certification by Craig D. Loseke required by Rule 13a-14(a)/15d-14(a) for the Geodyne Energy Income Limited Partnership II-D.
*31.9 Certification by Dennis R. Neill required by Rule 13a-14(a)/15d-14(a) for the Geodyne Energy Income Limited Partnership II-E.
*31.10 Certification by Craig D. Loseke required by Rule 13a-14(a)/15d-14(a) for the Geodyne Energy Income Limited Partnership II-E.
*31.11 Certification by Dennis R. Neill required by Rule 13a-14(a)/15d-14(a) for the Geodyne Energy Income Limited Partnership II-F.
*31.12 Certification by Craig D. Loseke required by Rule 13a-14(a)/15d-14(a) for the Geodyne Energy Income Limited Partnership II-F.
*31.13 Certification by Dennis R. Neill required by Rule 13a-14(a)/15d-14(a) for the Geodyne Energy Income Limited Partnership II-G.
*31.14 Certification by Craig D. Loseke required by Rule 13a-14(a)/15d-14(a) for the Geodyne Energy Income Limited Partnership II-G.
*31.15 Certification by Dennis R. Neill required by Rule 13a-14(a)/15d-14(a) for the Geodyne Energy Income Limited Partnership II-H.
*31.16 Certification by Craig D. Loseke required by Rule 13a-14(a)/15d-14(a) for the Geodyne Energy Income Limited Partnership II-H.
*32.1 Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for the Geodyne Energy Income Limited Partnership II-A.
*32.2 Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for the Geodyne Energy Income Limited Partnership II-B.
*32.3 Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for the Geodyne Energy Income Limited Partnership II-C.
*32.4 Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for the Geodyne Energy Income Limited Partnership II-D.
*32.5 Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for the Geodyne Energy Income Limited Partnership II-E.
*32.6 Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for the Geodyne Energy Income Limited Partnership II-F.
*32.7 Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for the Geodyne Energy Income Limited Partnership II-G.
*32.8 Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for the Geodyne Energy Income Limited Partnership II-H.
All other Exhibits are omitted as inapplicable.
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*Filed herewith.