SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarter ended March 31, 2004
Commission File Number:
I-D: 0-15831 I-E: 0-15832 I-F: 0-15833
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-D
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-E
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-F
--------------------------------------------------------
(Exact name of Registrant as specified in its Articles)
I-D 73-1265223
I-E 73-1270110
Oklahoma I-F 73-1292669
- ---------------------------- -------------------------------
(State or other jurisdiction (I.R.S. Employer Identification
of incorporation or Number)
organization)
Two West Second Street, Tulsa, Oklahoma 74103
------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:(918) 583-1791
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No
------ ------
Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Exchange Act).
Yes No X
------ ------
-1-
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-D
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-D
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
2004 2003
----------- ------------
CURRENT ASSETS:
Cash and cash equivalents $208,856 $257,054
Accounts receivable:
Oil and gas sales 137,929 129,047
-------- --------
Total current assets $346,785 $386,101
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 387,621 391,322
DEFERRED CHARGE 86,567 86,567
-------- --------
$820,973 $863,990
======== ========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 18,376 $ 24,251
Gas imbalance payable 28,358 28,358
Asset retirement obligation - current
(Note 1) 830 252
-------- --------
Total current liabilities $ 47,564 $ 52,861
LONG-TERM LIABILITIES:
Accrued liability $ 35,408 $ 35,408
Asset retirement obligation
(Note 1) 29,305 29,596
-------- --------
Total long-term liabilities $ 64,713 $ 65,004
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 20,627) ($ 23,613)
Limited Partners, issued and
outstanding, 7,195 units 729,323 769,738
-------- --------
Total Partners' capital $708,696 $746,125
-------- --------
$820,973 $863,990
======== ========
The accompanying condensed notes are an integral part of
these combined financial statements.
-2-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-D
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-D
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2004 AND 2003
(Unaudited)
2004 2003
-------- --------
REVENUES:
Oil and gas sales $218,478 $268,704
Interest income 198 282
-------- --------
$218,676 $268,986
COSTS AND EXPENSES:
Lease operating $ 35,122 $ 47,726
Production tax 15,250 18,493
Depreciation, depletion, and
amortization of oil and gas
properties 7,510 9,534
General and administrative
(Note 2) 27,139 31,758
-------- --------
$ 85,021 $107,511
-------- --------
INCOME BEFORE CUMULATIVE EFFECT
OF ACCOUNTING CHANGE $133,655 $161,475
Cumulative effect of change in
accounting for asset retirement
obligations (Note 1) - 1,099
-------- --------
NET INCOME $133,655 $162,574
======== ========
GENERAL PARTNER - NET INCOME $ 21,070 $ 25,452
======== ========
LIMITED PARTNERS - NET INCOME $112,585 $137,122
======== ========
NET INCOME per unit $ 15.65 $ 19.06
======== ========
UNITS OUTSTANDING 7,195 7,195
======== ========
The accompanying condensed notes are an integral part of
these combined financial statements.
-3-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-D
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-D
COMBINED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2004 AND 2003
(Unaudited)
2004 2003
---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $133,655 $162,574
Adjustments to reconcile net
income to net cash provided
by operating activities:
Cumulative effect of change in
accounting for asset retirement
obligations (Note 1) - ( 1,099)
Depreciation, depletion, and
amortization of oil and gas
properties 7,510 9,534
Settlement of asset retirement
obligation - ( 518)
Increase in accounts receivable -
oil and gas sales ( 8,882) ( 86,525)
Increase (decrease) in accounts
payable ( 7,586) 20,341
-------- --------
Net cash provided by operating
activities $124,697 $104,307
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 1,815) ($ 6,625)
Proceeds from sale of oil and
gas properties 4 30
-------- --------
Net cash used by investing
activities ($ 1,811) ($ 6,595)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($171,084) ($115,360)
-------- --------
Net cash used by financing activities ($171,084) ($115,360)
-------- --------
NET DECREASE IN CASH AND CASH
EQUIVALENTS ($ 48,198) ($ 17,648)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 257,054 171,131
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $208,856 $153,483
======== ========
The accompanying condensed notes are an integral part of
these combined financial statements.
-4-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-E
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-E
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
2004 2003
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $1,282,673 $1,541,576
Accounts receivable:
Oil and gas sales 881,233 806,189
---------- ----------
Total current assets $2,163,906 $2,347,765
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 2,161,768 2,200,076
DEFERRED CHARGE 455,095 455,095
---------- ----------
$4,780,769 $5,002,936
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 179,400 $ 240,583
Accrued liability - other (Note 1) 88,892 88,892
Gas imbalance payable 92,999 92,999
Asset retirement obligation -
current 8,774 5,347
---------- ----------
Total current liabilities $ 370,065 $ 427,821
LONG-TERM LIABILITIES:
Accrued liability $ 186,239 $ 186,239
Asset retirement obligation
(Note 1) 274,208 275,883
---------- ----------
Total long-term liabilities $ 460,447 $ 462,122
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 75,578) ($ 99,284)
Limited Partners, issued and
outstanding, 41,839 units 4,025,835 4,212,277
---------- ----------
Total Partners' capital $3,950,257 $4,112,993
---------- ----------
$4,780,769 $5,002,936
========== ==========
The accompanying condensed notes are an integral part of
these combined financial statements.
-5-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-E
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-E
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2004 AND 2003
(Unaudited)
2004 2003
---------- ----------
REVENUES:
Oil and gas sales $1,376,237 $1,582,451
Interest income 1,263 1,878
---------- ----------
$1,377,500 $1,584,329
COSTS AND EXPENSES:
Lease operating $ 311,232 $ 329,628
Production tax 88,290 101,748
Depreciation, depletion, and
amortization of oil and gas
properties 56,071 68,783
General and administrative
(Note 2) 129,885 133,034
---------- ----------
$ 585,478 $ 633,193
---------- ----------
INCOME BEFORE CUMULATIVE EFFECT
OF ACCOUNTING CHANGE $ 792,022 $ 951,136
Cumulative effect of change in
accounting for asset retirement
obligations (Note 1) - 4,178
---------- ----------
NET INCOME $ 792,022 $ 955,314
========== ==========
GENERAL PARTNER - NET INCOME $ 126,464 $ 152,060
========== ==========
LIMITED PARTNERS - NET INCOME $ 665,558 $ 803,254
========== ==========
NET INCOME per unit $ 15.91 $ 19.20
========== ==========
UNITS OUTSTANDING 41,839 41,839
========== ==========
The accompanying condensed notes are an integral part of
these combined financial statements.
-6-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-E
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-E
COMBINED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2004 AND 2003
(Unaudited)
2004 2003
------------ ------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 792,022 $ 955,314
Adjustments to reconcile net
income to net cash provided
by operating activities:
Cumulative effect of change in
accounting for asset retirement
obligations (Note 1) - ( 4,178)
Depreciation, depletion, and
amortization of oil and gas
properties 56,071 68,783
Increase in accounts receivable -
oil and gas sales ( 75,044) ( 473,071)
Increase (decrease) in accounts
payable ( 69,374) 27,393
---------- ----------
Net cash provided by operating
activities $ 703,675 $ 574,241
---------- ----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 7,820) ($ 34,351)
Proceeds from the sale of oil and
gas properties - 1,698
---------- ----------
Net cash used by investing activities ($ 7,820) ($ 32,653)
---------- ----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($ 954,758) ($ 695,337)
---------- ----------
Net cash used by financing activities ($ 954,758) ($ 695,337)
---------- ----------
NET DECREASE IN CASH AND CASH
EQUIVALENTS ($ 258,903) ($ 153,749)
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 1,541,576 1,098,557
---------- ----------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $1,282,673 $ 944,808
========== ==========
The accompanying condensed notes are an integral part of
these combined financial statements.
-7-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-F
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-F
COMBINED BALANCE SHEETS
(Unaudited)
ASSETS
March 31, December 31,
2004 2003
------------ ------------
CURRENT ASSETS:
Cash and cash equivalents $ 464,403 $ 513,327
Accounts receivable:
Oil and gas sales 288,215 262,908
---------- ----------
Total current assets $ 752,618 $ 776,235
NET OIL AND GAS PROPERTIES, utilizing
the successful efforts method 798,166 811,852
DEFERRED CHARGE 347,840 347,840
---------- ----------
$1,898,624 $1,935,927
========== ==========
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
CURRENT LIABILITIES:
Accounts payable $ 88,858 $ 112,239
Accrued liability - other (Note 1) 62,225 62,225
Gas imbalance payable 30,890 30,890
Asset retirement obligation -
current 4,948 3,481
---------- ----------
Total current liabilities $ 186,921 $ 208,835
LONG-TERM LIABILITIES:
Accrued liability $ 151,391 $ 151,391
Asset retirement obligation
(Note 1) 118,210 118,854
---------- ----------
Total long-term liabilities $ 269,601 $ 270,245
PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 6,281) ($ 13,564)
Limited Partners, issued and
outstanding, 14,321 units 1,448,383 1,470,411
---------- ----------
Total Partners' capital $1,442,102 $1,456,847
---------- ----------
$1,898,624 $1,935,927
========== ==========
The accompanying condensed notes are an integral part of
these combined financial statements.
-8-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-F
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-F
COMBINED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2004 AND 2003
(Unaudited)
2004 2003
-------- ----------
REVENUES:
Oil and gas sales $460,173 $539,662
Interest income 400 578
-------- --------
$460,573 $540,240
COSTS AND EXPENSES:
Lease operating $114,779 $117,659
Production tax 27,444 33,086
Depreciation, depletion, and
amortization of oil and gas
properties 21,869 22,155
General and administrative
(Note 2) 48,277 52,592
-------- --------
$212,369 $225,492
-------- --------
INCOME BEFORE CUMULATIVE EFFECT
OF ACCOUNTING CHANGE $248,204 $314,748
Cumulative effect of change in
accounting for asset retirement
obligations (Note 1) - ( 318)
-------- --------
NET INCOME $248,204 $314,430
======== ========
GENERAL PARTNER - NET INCOME $ 40,232 $ 50,224
======== ========
LIMITED PARTNERS - NET INCOME $207,972 $264,206
======== ========
NET INCOME per unit $ 14.52 $ 18.45
======== ========
UNITS OUTSTANDING 14,321 14,321
======== ========
The accompanying condensed notes are an integral part of
these combined financial statements.
-9-
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-F
GEODYNE ENERGY INCOME PRODUCTION PARTNERSHIP I-F
COMBINED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2004 AND 2003
(Unaudited)
2004 2003
---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $248,204 $314,430
Adjustments to reconcile net
income to net cash provided
by operating activities:
Cumulative effect of change in
accounting for asset retirement
obligations (Note 1) - 318
Depreciation, depletion, and
amortization of oil and gas
properties 21,869 22,155
Increase in accounts receivable -
oil and gas sales ( 25,307) ( 120,455)
Decrease in accounts payable ( 27,094) ( 5,969)
-------- --------
Net cash provided by operating
activities $217,672 $210,479
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 3,647) ($ 12,982)
Proceeds from the sale of oil and
gas properties - 677
-------- --------
Net cash used by investing
activities ($ 3,647) ($ 12,305)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($262,949) ($164,243)
-------- --------
Net cash used by financing activities ($262,949) ($164,243)
-------- --------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS ($ 48,924) $ 33,931
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 513,327 316,892
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $464,403 $350,823
======== ========
The accompanying condensed notes are an integral part of
these combined financial statements.
-10-
GEODYNE ENERGY INCOME PROGRAM I LIMITED PARTNERSHIPS
CONDENSED NOTES TO THE COMBINED FINANCIAL STATEMENTS
MARCH 31, 2004
(Unaudited)
1. ACCOUNTING POLICIES
-------------------
The combined balance sheets as of March 31, 2004, combined statements of
operations for the three months ended March 31, 2004 and 2003, and
combined statements of cash flows for the three months ended March 31,
2004 and 2003 have been prepared by Geodyne Resources, Inc., the General
Partner of the limited partnerships, without audit. Each limited
partnership is a general partner in the related Geodyne Energy Income
Production Partnership in which Geodyne Resources, Inc. serves as the
managing partner. Unless the context indicates otherwise, all references
to a "Partnership" or the "Partnerships" are references to the limited
partnership and its related production partnership, collectively, and all
references to the "General Partner" are references to the general partner
of the limited partnerships and the managing partner of the production
partnerships, collectively. In the opinion of management the financial
statements referred to above include all necessary adjustments, consisting
of normal recurring adjustments, to present fairly the combined financial
position at March 31, 2004, the combined results of operations for the
three months ended March 31, 2004 and 2003, and the combined cash flows
for the three months ended March 31, 2004 and 2003.
Information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted accounting
principles have been condensed or omitted. The accompanying interim
financial statements should be read in conjunction with the Partnerships'
Annual Report on Form 10-K filed for the year ended December 31, 2003. The
results of operations for the period ended March 31, 2004 are not
necessarily indicative of the results to be expected for the full year.
The Limited Partners' net income or loss per unit is based upon each
$1,000 initial capital contribution.
RECLASSIFICATION
----------------
Certain prior year balances have been reclassed to conform with current
year presentation.
-11-
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 Partner's
property screening costs. The acquisition cost to the Partnerships 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 costs 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 unit-of-production
method. The Partnerships' depletion, depreciation, and amortization
includes estimated dismantlement and abandonment costs and estimated
salvage value of the equipment.
When complete units of depreciable property are retired or sold, the asset
cost and related accumulated depreciation are eliminated with any gain or
loss (including the elimination of the asset retirement obligation)
reflected in income. When less than complete units of depreciable property
are retired or sold, the proceeds are credited to oil and gas properties.
ACCRUED LIABILITY - OTHER
-------------------------
The Accrued Liability - Other at March 31, 2004 and December 31, 2003 for
the I-E and I-F Partnerships represents a charge accrued for the payment
of a judgment related to plugging liabilities, which judgment is currently
under appeal.
-12-
ASSET RETIREMENT OBLIGATIONS
- ----------------------------
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
(Decrease)
Increase in
in Net Income
Capitalized for the
Cost of Oil Change in Asset
and Gas Accounting Retirement
Partnerships Properties Principle Obligation
------------ ----------- ---------- ----------
I-D $ 30,000 $ 1,000 $ 29,000
I-E 278,000 4,000 274,000
I-F 119,000 ( 300) 119,000
The asset retirement obligation will be adjusted upwards each quarter in
order to recognize accretion of the time-related discount factor. For the
three months ended March 31, 2004, the I-D, I-E, and I-F Partnerships
recognized approximately $300, $2,000, and $1,000, 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 three
months ended March 31, 2004 and 2003 are as shown below.
-13-
I-D Partnership
---------------
Three Months Three Months
Ended Ended
3/31/2004 3/31/2003
------------ ------------
Total Asset Retirement
Obligation, January 1 $ 29,848 $ 29,376
Settlements and Disposals - ( 1,216)
Accretion Expense 287 315
-------- --------
Total Asset Retirement
Obligation, End of Quarter $ 30,135 $ 28,475
======== ========
Asset Retirement Obligation -
Current $ 830 $ -
Asset Retirement Obligation -
Long-Term 29,305 28,475
I-E Partnership
---------------
Three Months Three Months
Ended Ended
3/31/2004 3/31/2003
------------ ------------
Total Asset Retirement
Obligation, January 1 $281,230 $273,582
Accretion Expense 1,752 2,456
-------- --------
Total Asset Retirement
Obligation, End of Quarter $282,982 $276,038
======== ========
Asset Retirement Obligation -
Current $ 8,774 $ -
Asset Retirement Obligation -
Long-Term 274,208 276,038
-14-
I-F Partnership
---------------
Three Months Three Months
Ended Ended
3/31/2004 3/31/2003
------------ ------------
Total Asset Retirement
Obligation, January 1 $122,335 $119,428
Accretion Expense 823 1,115
-------- --------
Total Asset Retirement
Obligation, End of Quarter $123,158 $120,543
======== ========
Asset Retirement Obligation -
Current $ 4,948 $ -
Asset Retirement Obligation -
Long-Term 118,210 120,543
2. TRANSACTIONS WITH RELATED PARTIES
---------------------------------
The Partnerships' partnership agreements provide for reimbursement to the
General Partner for all direct general and administrative expenses and for
the general and administrative overhead applicable to the Partnerships
based on an allocation of actual costs incurred. During the three months
ended March 31, 2004, the following payments were made to the General
Partner or its affiliates by the Partnerships:
Direct General Administrative
Partnership and Administrative Overhead
----------- ------------------- ---------------
I-D $ 7,153 $ 19,986
I-E 13,665 116,220
I-F 8,497 39,780
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 their activities.
-15-
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
USE OF FORWARD-LOOKING STATEMENTS AND ESTIMATES
- -----------------------------------------------
This Quarterly 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
Quarterly 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, and otherwise indicated.
GENERAL
- -------
The Partnerships are engaged in the business of acquiring and operating
producing oil and gas properties located in the continental United States.
In general, a Partnership acquired producing properties and did not engage
in development drilling or enhanced recovery projects, except as an
incidental part of the management of the producing properties acquired.
Therefore, the economic life of each Partnership, and its related
Production Partnership, is limited to the period of time required to fully
produce its acquired oil and gas reserves. The net proceeds from the oil
and gas operations are distributed to the Limited Partners and the General
Partner in accordance with the terms of the Partnerships' partnership
agreements.
-16-
LIQUIDITY AND CAPITAL RESOURCES
- -------------------------------
The Partnerships began operations and investors were assigned their rights
as Limited Partners, having made capital contributions in the amounts and
on the dates set forth below:
Limited
Date of Partner Capital
Partnership Activation Contributions
----------- ------------------ ---------------
I-D March 4, 1986 $ 7,194,700
I-E September 10, 1986 41,839,400
I-F December 16, 1986 14,320,900
In general, the amount of funds available for acquisition of producing
properties was equal to the capital contributions of the Limited Partners,
less 15% for sales commissions and organization and management fees. All
of the Partnerships have fully invested their capital contributions.
Net proceeds from the operations less necessary operating capital are
distributed to the Limited Partners on a quarterly basis. Revenues and net
proceeds of a Partnership are largely dependent upon the volumes of oil
and gas sold and the prices received for such oil and gas. While the
General Partner cannot predict future pricing trends, it believes the
working capital available as of March 31, 2004 and the net revenue
generated from future operations will provide sufficient working capital
to meet current and future obligations.
Occasional expenditures for new wells or well recompletions or workovers,
however, may reduce or eliminate cash available for a particular quarterly
cash distribution.
Pursuant to the terms of the Partnerships' partnership agreements (the
"Partnership Agreements"), the Partnerships would have terminated on
December 31, 1999. 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 third two year extension period to December 31,
2005. As of the date of this Quarterly Report, the General Partner has not
determined whether to further extend the term of any Partnership.
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
-17-
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 Partner's property screening
costs. The acquisition cost to the Partnerships of the 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 unit-of-production
method. The Partnerships' calculation of depreciation, depletion, and
amortization includes estimated dismantlement and abandonment costs and
estimated salvage value of the equipment. When complete units of
depreciable property are retired or sold, the asset cost and related
accumulated depreciation are eliminated with any gain or loss (including
the elimination of the asset retirement obligation) 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 oil and gas
properties within a field exceeds 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 estimated 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 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 rate used in calculating the Deferred Charge and Accrued Liability is
the annual average production costs 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
-18-
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. 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 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
(Decrease)
Increase in
in Net Income
Capitalized for the
Cost of Oil Change in Asset
and Gas Accounting Retirement
Partnerships Properties Principle Obligation
------------ ----------- ---------- ----------
I-D $ 30,000 $ 1,000 $ 29,000
I-E 278,000 4,000 274,000
I-F 119,000 ( 300) 119,000
The asset retirement obligation will be adjusted upwards each quarter in
order to recognize accretion of the time-related discount factor. For the
three months ended March 31, 2004, the I-D, I-E, and I-F Partnerships
recognized
-19-
approximately $300, $2,000, and $1,000, 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.
PROVED RESERVES AND NET PRESENT VALUE
- -------------------------------------
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 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.
The following tables summarize changes in net quantities of the
Partnerships' proved reserves, all of which are located in the United
States, for the periods indicated. The proved reserves were estimated by
petroleum engineers employed by affiliates of the Partnerships, and are
annually reviewed by an independent engineering firm. "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. The following
information includes certain gas balancing adjustments which cause the gas
volume to differ from the reserve reports prepared by the General Partner.
-20-
I-D Partnership
---------------
Crude Natural
Oil Gas
(Barrels) (Mcf)
--------- -----------
Proved reserves, Dec. 31, 2003 60,374 1,618,197
Production ( 847) ( 39,051)
Extensions and discoveries 1,748 983
Revisions of previous
estimates 92 2,225
------- ---------
Proved reserves, March 31, 2004 61,367 1,582,354
======= =========
I-E Partnership
---------------
Crude Natural
Oil Gas
(Barrels) (Mcf)
--------- -----------
Proved reserves, Dec. 31, 2003 421,996 8,460,984
Production ( 11,579) ( 215,701)
Extensions and discoveries 7,547 4,246
Revisions of previous
estimates 12,342 11,905
------- ---------
Proved reserves, March 31, 2004 430,306 8,261,434
======= =========
I-F Partnership
---------------
Crude Natural
Oil Gas
(Barrels) (Mcf)
--------- -----------
Proved reserves, Dec. 31, 2003 197,264 2,585,274
Production ( 5,237) ( 61,429)
Extensions and discoveries 3,519 1,980
Revisions of previous
estimates 5,842 10,243
------- ---------
Proved reserves, March 31, 2004 201,388 2,536,068
======= =========
-21-
The net present value of the Partnerships' reserves may change
dramatically as oil and gas prices change or as volumes change for the
reasons described above. 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.
The following table indicates the estimated net present value of the
Partnerships' proved reserves as of March 31, 2004 and December 31, 2003.
Net present value attributable to the Partnerships' proved reserves was
calculated on the basis of current costs and prices as of the date of
estimation. Such prices were not escalated except in certain circumstances
where escalations were fixed and readily determinable in accordance with
applicable contract provisions. The table also indicates the gas prices in
effect on the dates corresponding to the reserve valuations. Changes in
the oil and gas prices cause the estimates of remaining economically
recoverable reserves, as well as the values placed on said reserves to
fluctuate. 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 March 31,
2004. There can be no assurance that the prices used in calculating the
net present value of the Partnerships' proved reserves at March 31, 2004
will actually be realized for such production.
Net Present Value of Reserves
-----------------------------
Partnership 3/31/04 12/31/03
----------- ----------- -----------
I-D $ 4,525,368 $ 4,506,015
I-E 24,589,562 24,355,021
I-F 7,807,309 7,501,060
Oil and Gas Prices
----------------------------
Pricing 3/31/04 12/31/03
----------- ----------- -----------
Oil (Bbl) $ 32.50 $ 29.25
Gas (Mcf) 5.63 5.77
RESULTS OF OPERATIONS
- ---------------------
GENERAL DISCUSSION
The following general discussion should be read in conjunction with the
analysis of results of operations provided below.
-22-
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 to 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.
-23-
I-D PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 2004 COMPARED TO THE THREE MONTHS ENDED MARCH
31, 2003.
Three Months Ended March 31,
----------------------------
2004 2003
-------- --------
Oil and gas sales $218,478 $268,704
Oil and gas production expenses $ 50,372 $ 66,219
Barrels produced 847 882
Mcf produced 39,051 41,385
Average price/Bbl $ 33.53 $ 31.86
Average price/Mcf $ 4.87 $ 5.81
As shown in the table above, total oil and gas sales decreased $50,226
(18.7%) for the three months ended March 31, 2004 as compared to the three
months ended March 31, 2003. Of this decrease, approximately (i) $14,000
was related to a decrease in volumes of gas sold and (ii) $37,000 was
related to a decrease in the average price of gas sold. Volumes of oil and
gas sold decreased 35 barrels and 2,334 Mcf, respectively, for the three
months ended March 31, 2004 as compared to the three months ended March
31, 2003. Average oil prices increased to $33.53 per barrel for the three
months ended March 31, 2004 from $31.86 per barrel for the three months
ended March 31, 2003. Average gas prices decreased to $4.87 per Mcf for
the three months ended March 31, 2004 from $5.81 per Mcf for the three
months ended March 31, 2003.
Oil and gas production expenses (including lease operating expenses and
production taxes) decreased $15,847 (23.9%) for the three months ended
March 31, 2004 as compared to the three months ended March 31, 2003. This
decrease was primarily due to (i) expenses incurred on one significant
well related to the abandonment of that well during the three months ended
March 31, 2003 due to severe mechanical problems and (ii) 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 23.1% for the
three months ended March 31, 2004 from 24.6% for the three months ended
March 31, 2003.
Depreciation, depletion, and amortization of oil and gas properties
decreased $2,024 (21.2%) for the three months ended March 31, 2004 as
compared to the three months ended March 31, 2003. This decrease was
primarily due to upward revisions in the estimates of remaining oil and
gas reserves at March 31, 2004 as compared to March 31, 2003. As a
percentage of oil and gas sales, this expense decreased to 3.4% for the
three months ended March 31, 2004 from 3.5% for the three months ended
March 31, 2003.
-24-
General and administrative expenses decreased $4,619 (14.5%) for the three
months ended March 31, 2004 as compared to the three months ended March
31, 2003. As a percentage of oil and gas sales, these expenses increased
to 12.4% for the three months ended March 31, 2004 from 11.8% for the
three months ended March 31, 2003.
The Limited Partners have received cash distributions through March 31,
2004 totaling $16,892,175 or 234.79% of Limited Partners' capital
contributions.
I-E PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 2004 COMPARED TO THE THREE MONTHS ENDED MARCH
31, 2003.
Three Months Ended March 31,
----------------------------
2004 2003
---------- ----------
Oil and gas sales $1,376,237 $1,582,451
Oil and gas production expenses $ 399,522 $ 431,376
Barrels produced 11,579 11,706
Mcf produced 215,701 213,245
Average price/Bbl $ 30.86 $ 29.98
Average price/Mcf $ 4.72 $ 5.78
As shown in the table above, total oil and gas sales decreased $206,214
(13.0%) for the three months ended March 31, 2004 as compared to the three
months ended March 31, 2003. Of this decrease, approximately $227,000 was
related to a decrease in the average price of gas sold. Volumes of oil
sold decreased 127 barrels, while volumes of gas sold increased 2,456 Mcf
for the three months ended March 31, 2004 as compared to the three months
ended March 31, 2003. Average oil prices increased to $30.86 per barrel
for the three months ended March 31, 2004 from $29.98 per barrel for the
three months ended March 31, 2003. Average gas prices decreased to $4.72
per Mcf for the three months ended March 31, 2004 from $5.78 per Mcf for
the three months ended March 31, 2003.
Oil and gas production expenses (including lease operating expenses and
production taxes) decreased $31,854 (7.4%) for the three months ended
March 31, 2004 as compared to the three months ended March 31, 2003. As a
percentage of oil and gas sales, these expenses increased to 29.0% for the
three months ended March 31, 2004 from 27.3% for the three months ended
March 31, 2003.
-25-
Depreciation, depletion, and amortization of oil and gas properties
decreased $12,712 (18.5%) for the three months ended March 31, 2004 as
compared to the three months ended March 31, 2003. This decrease was
primarily due to upward revisions in the estimates of remaining oil and
gas reserves at March 31, 2004 as compared to March 31, 2003. This
decrease was partially offset by an increase in depletable oil and gas
properties primarily due to recompletion activities on one significant
well in 2003. As a percentage of oil and gas sales, this expense decreased
to 4.1% for the three months ended March 31, 2004 from 4.3% for the three
months ended March 31, 2003.
General and administrative expenses decreased $3,149 (2.4%) for the three
months ended March 31, 2004 as compared to the three months ended March
31, 2003. As a percentage of oil and gas sales, these expenses increased
to 9.4% for the three months ended March 31, 2004 from 8.4% for the three
months ended March 31, 2003. This percentage increase was primarily due to
the decrease in oil and gas sales.
The Limited Partners have received cash distributions through March 31,
2004 totaling $68,903,552 or 164.69% of Limited Partners' capital
contributions.
I-F PARTNERSHIP
THREE MONTHS ENDED MARCH 31, 2004 COMPARED TO THE THREE MONTHS ENDED MARCH
31, 2003.
Three Months Ended March 31,
----------------------------
2004 2003
-------- --------
Oil and gas sales $460,173 $539,662
Oil and gas production expenses $142,223 $150,745
Barrels produced 5,237 5,585
Mcf produced 61,429 70,164
Average price/Bbl $ 31.23 $ 30.02
Average price/Mcf $ 4.83 $ 5.30
As shown in the table above, total oil and gas sales decreased $79,489
(14.7%) for the three months ended March 31, 2004 as compared to the three
months ended March 31, 2003. Of this decrease, approximately (i) $10,000
and $46,000, respectively, were related to decreases in volumes of oil and
gas sold and (ii) $29,000 was related to a decrease in the average price
of gas sold. Volumes of oil and gas sold decreased 348 barrels and 8,735
Mcf, respectively, for the three months ended March 31, 2004 as compared
to the three months ended March 31, 2003. The decrease in volumes of gas
sold was primarily due to normal declines in production. Average oil
prices increased to $31.23 per barrel for the three months ended March 31,
2004 from $30.02 per barrel for the three months ended March 31, 2003.
Average gas prices decreased to $4.83 per Mcf for the three months ended
March 31, 2004 from $5.30 per Mcf for the three months ended March 31,
2003.
-26-
Oil and gas production expenses (including lease operating expenses and
production taxes) decreased $8,522 (5.7%) for the three months ended March
31, 2004 as compared to the three months ended March 31, 2003. As a
percentage of oil and gas sales, these expenses increased to 30.9% for the
three months ended March 31, 2004 from 27.9% for the three months ended
March 31, 2003. 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 $286 (1.3%) for the three months ended March 31, 2004 as
compared to the three months ended March 31, 2003. This decrease was
primarily due to upward revisions in the estimates of remaining oil and
gas reserves at March 31, 2004 as compared to March 31, 2003. This
decrease was partially offset by an increase in depletable oil and gas
properties primarily due to recompletion activities on one significant
well in 2003. As a percentage of oil and gas sales, this expense increased
to 4.8% for the three months ended March 31, 2004 from 4.1% for the three
months ended March 31, 2003. This percentage increase was primarily due to
the decrease in the average price of gas sold.
General and administrative expenses decreased $4,315 (8.2%) for the three
months ended March 31, 2004 as compared to the three months ended March
31, 2003. As a percentage of oil and gas sales, these expenses increased
to 10.5% for the three months ended March 31, 2004 from 9.7% for the three
months ended March 31, 2003.
The Limited Partners have received cash distributions through March 31,
2004 totaling $21,706,664 or 151.57% of Limited Partners' capital
contributions.
-27-
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK.
The Partnerships do not hold any market risk sensitive instruments.
ITEM 4. EVALUATION OF DISCLOSURE 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.
-28-
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
As discussed in the Partnerships' Annual Report on Form 10-K for the
year ended December 31, 2003 the I-E and I-F Partnerships are
involved in 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. The primary remaining
issue in this lawsuit is the Partnerships' appeal of a decision
granting The Newton Corp. $300 plus attorneys' fees, for which the
Partnerships have made significant accruals. On May 7, 2004 the
Texas Supreme Court agreed to consider the Partnerships' appeal of
this decision. A final decision from the Texas Supreme Court is not
expected until 2005.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
31.1 Certification by Dennis R. Neill required by Rule
13a-14(a)/15d-14(a) for the I-D Partnership.
31.2 Certification by Craig D. Loseke required by Rule
13a-14(a)/15d-14(a) for the I-D Partnership.
31.3 Certification by Dennis R. Neill required by Rule
13a-14(a)/15d-14(a) for the I-E Partnership.
31.4 Certification by Craig D. Loseke required by Rule
13a-14(a)/15d-14(a) for the I-E Partnership.
31.5 Certification by Dennis R. Neill required by Rule
13a-14(a)/15d-14(a) for the I-F Partnership.
31.6 Certification by Craig D. Loseke required by Rule
13a-14(a)/15d-14(a) for the I-F Partnership.
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 I-D
Partnership.
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 I-E
Partnership.
-29-
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 I-F
Partnership.
(b) Reports on Form 8-K.
Current Report on Form 8-K filed during the first quarter of
2004:
Date of Event: February 4, 2004
Date Filed with SEC: February 4, 2004
Items Included: Item 5 - Other Events
Item 7 - Exhibits
-30-
SIGNATURES
Pursuant to the requirements 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 authorized.
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-D
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-E
GEODYNE ENERGY INCOME LIMITED PARTNERSHIP I-F
(Registrant)
BY: GEODYNE RESOURCES, INC.
General Partner
Date: May 12, 2004 By: /s/Dennis R. Neill
--------------------------------
(Signature)
Dennis R. Neill
President
Date: May 12, 2004 By: /s/Craig D. Loseke
--------------------------------
(Signature)
Craig D. Loseke
Chief Accounting Officer
-31-
INDEX TO EXHIBITS
-----------------
Exh.
No. Exhibit
- ---- -------
31.1 Certification by Dennis R. Neill required by Rule 13a-14(a)/15d-14(a)
for the Geodyne Energy Income Limited Partnership I-D.
31.2 Certification by Craig D. Loseke required by Rule 13a-14(a)/15d-14(a)
for the Geodyne Energy Income Limited Partnership I-D.
31.3 Certification by Dennis R. Neill required by Rule 13a-14(a)/15d-14(a)
for the Geodyne Energy Income Limited Partnership I-E.
31.4 Certification by Craig D. Loseke required by Rule 13a-14(a)/15d-14(a)
for the Geodyne Energy Income Limited Partnership I-E.
31.5 Certification by Dennis R. Neill required by Rule 13a-14(a)/15d-14(a)
for the Geodyne Energy Income Limited Partnership I-F.
31.6 Certification by Craig D. Loseke required by Rule 13a-14(a)/15d-14(a)
for the Geodyne Energy Income Limited Partnership I-F.
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 I-D.
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 I-E.
33.3 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 I-F.
-32-