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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, 2005


Commission File Number: P-7: 0-20265 P-8: 0-20264




GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-7
GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-8
---------------------------------------------------------------------
(Exact name of Registrant as specified in its Articles)



P-7 73-1367186
Oklahoma P-8 73-1378683
---------------------------- -------------------------------
(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 INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-7
BALANCE SHEETS
(Unaudited)


ASSETS


March 31, December 31,
2005 2004
------------ ------------

CURRENT ASSETS:
Cash and cash equivalents $1,175,770 $1,158,634
Accounts receivable:
Net Profits 84,940 -
---------- ----------
Total current assets $1,260,710 $1,158,634

NET PROFITS INTERESTS, net, utilizing
the successful efforts method 3,912,151 3,727,027
---------- ----------
$5,172,861 $4,885,661
========== ==========

LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)


CURRENT LIABILITIES:
Accounts payable:
Net Profits $ - $ 37,237
---------- ----------
Total current liabilities $ - $ 37,237

PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 29,208) ($ 44,682)
Limited Partners, issued and
outstanding, 188,702 units 5,202,069 4,893,106
---------- ----------
Total Partners' capital $5,172,861 $4,848,424
---------- ----------
$5,172,861 $4,885,661
========== ==========







The accompanying condensed notes are an integral part of
these financial statements.



-2-




GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-7
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2005 AND 2004
(Unaudited)


2005 2004
-------- --------

REVENUES:
Net Profits $877,584 $553,581
Interest income 4,225 925
-------- --------
$881,809 $554,506

COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 51,925 $ 65,714
General and administrative
(Note 2) 74,091 58,253
-------- --------
$126,016 $123,967
-------- --------

NET INCOME $755,793 $430,539
======== ========
GENERAL PARTNER - NET INCOME $ 79,830 $ 24,109
======== ========
LIMITED PARTNERS - NET INCOME $675,963 $406,430
======== ========
NET INCOME per unit $ 3.58 $ 2.15
======== ========
UNITS OUTSTANDING 188,702 188,702
======== ========







The accompanying condensed notes are an integral part of
these financial statements.



-3-




GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-7
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2005 AND 2004
(Unaudited)


2005 2004
------------ ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 755,793 $430,539
Adjustments to reconcile net income
to net cash provided by
operating activities:
Depletion of Net Profits
Interests 51,925 65,714
Net change in accounts receivable
(accounts payable ) - Net
Profits ( 164,315) ( 248,942)
---------- --------
Net cash provided by operating
activities $ 643,403 $247,311
---------- --------

CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($ 194,911) ($ 10,812)
---------- --------
Net cash used by investing activities ($ 194,911) ($ 10,812)
---------- --------

CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($ 431,356) ($264,916)
---------- --------
Net cash used by financing
activities ($ 431,356) ($264,916)
---------- --------

NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS $ 17,136 ($ 28,417)

CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 1,158,634 973,753
---------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $1,175,770 $945,336
========== ========






The accompanying condensed notes are an integral part of
these financial statements.



-4-




GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-8
BALANCE SHEETS
(Unaudited)


ASSETS


March 31, December 31,
2005 2004
------------ ------------

CURRENT ASSETS:
Cash and cash equivalents $ 731,008 $ 745,323
Accounts receivable:
Net Profits 52,635 -
---------- ----------
Total current assets $ 783,643 $ 745,323

NET PROFITS INTERESTS, net, utilizing
the successful efforts method 2,347,610 2,245,692
---------- ----------
$3,131,253 $2,991,015
========== ==========



LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)


CURRENT LIABILITIES:
Accounts payable:
Net Profits $ - $ 9,813
---------- ----------
Total current liabilities $ - $ 9,813

PARTNERS' CAPITAL (DEFICIT):
General Partner ($ 8,638) ($ 13,891)
Limited Partners, issued and
outstanding, 116,168 units 3,139,891 2,995,093
---------- ----------
Total Partners' capital $3,131,253 $2,981,202
---------- ----------
$3,131,253 $2,991,015
========== ==========






The accompanying condensed notes are an integral part of
these financial statements.



-5-




GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-8
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2005 AND 2004
(Unaudited)


2005 2004
-------- --------

REVENUES:
Net Profits $529,384 $372,424
Interest income 2,684 643
-------- --------
$532,068 $373,067

COSTS AND EXPENSES:
Depletion of Net Profits
Interests $ 31,018 $ 38,689
General and administrative
(Note 2) 54,026 37,754
-------- --------
$ 85,044 $ 76,443
-------- --------

NET INCOME $447,024 $296,624
======== ========
GENERAL PARTNER - NET INCOME $ 47,226 $ 33,080
======== ========
LIMITED PARTNERS - NET INCOME $399,798 $263,544
======== ========
NET INCOME per unit $ 3.44 $ 2.27
======== ========
UNITS OUTSTANDING 116,168 116,168
======== ========







The accompanying condensed notes are an integral part of
these financial statements.



-6-




GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME LIMITED PARTNERSHIP P-8
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2005 AND 2004
(Unaudited)


2005 2004
---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $447,024 $296,624
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depletion of Net Profits
Interests 31,018 38,689
Net change in accounts receivable
(accounts payable) - Net
Profits ( 76,677) ( 153,506)
-------- --------
Net cash provided by operating
activities $401,365 $181,807
-------- --------

CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures ($118,707) ($ 5,594)
-------- --------
Net cash used by investing activities ($118,707) ($ 5,594)
-------- --------

CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions ($296,973) ($236,575)
-------- --------
Net cash used by financing activities ($296,973) ($236,575)
-------- --------

NET DECREASE IN CASH AND CASH
EQUIVALENTS ($ 14,315) ($ 60,362)

CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD 745,323 675,203
-------- --------
CASH AND CASH EQUIVALENTS AT
END OF PERIOD $731,008 $614,841
======== ========




The accompanying condensed notes are an integral part of
these financial statements.



-7-




GEODYNE INSTITUTIONAL/PENSION ENERGY INCOME PROGRAM II LIMITED PARTNERSHIPS
CONDENSED NOTES TO THE FINANCIAL STATEMENTS
MARCH 31, 2005
(Unaudited)


1. ACCOUNTING POLICIES
-------------------

The balance sheets as of March 31, 2005, statements of operations for the
three months ended March 31, 2005 and 2004, and statements of cash flows
for the three months ended March 31, 2005 and 2004 have been prepared by
Geodyne Resources, Inc., the General Partner (the "General Partner") of
the Geodyne Institutional/Pension Energy Income Program II Limited
Partnerships (individually, the "P-7 Partnership" or the "P-8
Partnership", as the case may be, or, collectively, the "Partnerships"),
without audit. In the opinion of management the financial statements
referred to above include all necessary adjustments, consisting of normal
recurring adjustments, to present fairly the financial position at March
31, 2005, the results of operations for the three months ended March 31,
2005 and 2004, and the cash flows for the three months ended March 31,
2005 and 2004.

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, 2004. The
results of operations for the period ended March 31, 2005 are not
necessarily indicative of the results to be expected for the full year.

As used in these financial statements, the Partnerships' net profits and
royalty interests in oil and gas sales are referred to as "Net Profits"
and the Partnerships' net profits and royalty interests in oil and gas
properties are referred to as "Net Profits Interests". The working
interests from which Partnerships' Net Profits Interests are carved are
referred to as "Working Interests".

The Limited Partners' net income or loss per unit is based upon each $100
initial capital contribution.



-8-




NET PROFITS INTERESTS
---------------------

The Partnerships follow the successful efforts method of accounting for
their Net Profits Interests. Under the successful efforts method, the
Partnerships capitalize all acquisition costs. Property acquisition costs
include costs incurred by the Partnerships or the General Partner to
acquire a net profits interest or other non-operating interest in
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 Net Profits Interests 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 prior to their transfer to the
Partnerships.

Depletion of the costs of Net Profits Interests is computed on the
unit-of-production method. The Partnerships' calculation of depletion of
its Net Profits Interests includes estimated dismantlement and abandonment
costs and estimated salvage value of the equipment.

The Partnerships do not directly bear capital costs. However, the
Partnerships indirectly bear certain capital costs incurred by the owners
of the Working Interests to the extent such capital costs are charged
against the applicable oil and gas revenues in calculating the Net Profits
payable to the Partnerships. For financial reporting purposes only, such
capital costs are reported as capital expenditures in the Partnerships'
Statements of Cash Flows.


ASSET RETIREMENT OBLIGATIONS
----------------------------

The Partnerships' wells must be properly plugged and abandoned after their
oil and gas reserves are exhausted. The Partnerships follow FAS No. 143,
"Accounting for Asset Retirement Obligations" in accounting for the future
expenditures that will be necessary to plug and abandon these wells. FAS
No. 143 requires the estimated plugging and abandonment obligations to be
recognized in the period in which they are incurred (i.e. when the well is
drilled or acquired) if a reasonable estimate of fair value can be made
and to be capitalized as part of the carrying amount of the well.




-9-




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, 2005, the P-7 and P-8 Partnerships recognized
approximately $5,000 and $4,000, respectively, of an increase in depletion
of Net Profits Interests, which was comprised of accretion of the asset
retirement obligation and depletion of the increase in Net Profits
Interests.

The components of the change in asset retirement obligations for the three
months ended March 31, 2005 and 2004 are as shown below.

P-7 Partnership
---------------

Three Months Three Months
Ended Ended
3/31/2005 3/31/2004
------------ ------------

Total Asset Retirement
Obligation, January 1 $326,907 $317,713
Additions and revisions 4,033 -
Accretion expense 3,865 2,223
-------- --------
Total Asset Retirement
Obligation, End of Quarter $334,805 $319,936
======== ========

P-8 Partnership
---------------

Three Months Three Months
Ended Ended
3/31/2005 3/31/2004
------------ ------------

Total Asset Retirement
Obligation, January 1 $239,986 $234,524
Additions and revisions 2,429 -
Accretion expense 2,873 1,328
-------- --------
Total Asset Retirement
Obligation, End of Quarter $245,288 $235,852
======== ========



-10-





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, 2005, the following payments were made to the General
Partner or its affiliates by the Partnerships:

Direct General Administrative
Partnership and Administrative Overhead
----------- ------------------- ---------------
P-7 $24,432 $49,659
P-8 23,456 30,570

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.



-11-




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 were formed for the purpose of acquiring Net Profits
Interests located in the continental United States. In general, each
Partnership acquired passive interests in producing properties and does
not directly engage in development drilling or enhanced recovery projects.
Therefore, the economic life of each Partnership is limited to the period
of time required to fully produce its acquired oil and gas reserves. A Net
Profits Interest entitles the Partnerships to a portion of the oil and gas
sales less operating and production expenses and development costs
generated by the owner of the underlying Working Interests. The net
proceeds from the oil and gas operations are distributed to the Limited
Partners and General Partner in accordance with the terms of the
Partnerships' Partnership Agreements.



-12-




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
----------- ------------------ ---------------

P-7 February 28, 1992 $18,870,200
P-8 February 28, 1992 11,616,800

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 Partnerships' Net Profits Interests 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, 2005 and the net
revenue generated from future operations will provide sufficient working
capital to meet current and future obligations.

Occasional expenditures by the Affiliated Programs for new wells or well
recompletions or workovers may, however, reduce or eliminate cash
available for a particular quarterly cash distribution. During the three
months ended March 31, 2005, capital expenditures affecting the P-7 and
P-8 Partnerships' Net Profits Interests totaled $229,151 and $127,634,
respectively. These costs were indirectly incurred primarily as a result
of (i) recompletion activities on the Fed. 11-20S-34E #3 well in Lea
County, New Mexico and (ii) drilling activities in a large unitized
property, the Robertson North Unit in Gaines County, Texas. As of the date
of this Quarterly Report, these activities are still in progress.

Any other capital expenditures incurred by the Partnerships during the
three months ended March 31, 2005 and 2004 were not significant to the
Partnerships' cash flows.



-13-





Pursuant to the terms of the Partnerships' partnership agreements (the
"Partnership Agreements"), the Partnerships were scheduled to terminate on
February 28, 2002. 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 extension thereby extending their
termination date to December 31, 2005. The General Partner has not
determined whether it will further extend the term of either Partnership.


CRITICAL ACCOUNTING POLICIES
- ----------------------------

The Partnerships follow the successful efforts method of accounting for
their Net Profits Interests. Under the successful efforts method, the
Partnerships capitalize all acquisition costs. Such acquisition costs
include costs incurred by the Partnerships or the General Partner to
acquire a Net Profits Interest, 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 net
acquisition cost to the Partnerships of the Net Profits Interests in
properties acquired by the General Partner consists of the cost of
acquiring the underlying properties adjusted for the net cash results of
operations, including any interest incurred to finance the acquisition,
for the period of time the properties are held by the General Partner.

Depletion of the cost of Net Profits Interests is computed on the
unit-of-production method. The Partnerships' calculation of depletion of
their Net Profits Interests includes estimated dismantlement and
abandonment costs and estimated salvage value of the equipment.

The Partnerships evaluate the recoverability of the carrying costs of
their Net Profits Interests in proved oil and gas properties for each oil
and gas field (rather than separately for each well). If the unamortized
cost of a Net Profits Interest within a field exceeds the expected
undiscounted future cash flows from such Net Profits Interest, the cost of
the Net Profits Interest is written down to fair value, which is
determined by using the estimated discounted future cash flows from the
Net Profits Interest.




-14-




Accounts Receivable (Accounts Payable) - Net Profits

Revenues from a Net Profits Interest consist of a share of the oil and gas
sales of the property, less operating and production expenses. The
Partnerships accrue for oil and gas revenues less expenses from the Net
Profits Interests. Sales of gas applicable to the Net Profits Interests
are recorded as revenue when the gas is metered and title transferred
pursuant to the gas sales contracts. During such times as sales of gas
exceed a Partnership's pro rata share of estimated total gas reserves
attributable to the underlying property, such excess is recorded as a
liability. The rates per Mcf used to calculate this liability are based on
the average gas price for which the Partnerships are currently settling
this liability. This liability is recorded as a reduction of accounts
receivable.

Included in accounts receivable (payable) - Net Profits are amounts which
represent costs deferred or accrued for Net Profits relating to lease
operating expenses incurred in connection with the net underproduced or
overproduced gas imbalance positions. The rate used in calculating the
deferred charge or accrued liability is the annual average production
costs per Mcf. Also included in accounts receivable (payable) - Net
Profits is the asset retirement obligation.


ASSET RETIREMENT OBLIGATIONS
- ----------------------------

The Partnerships' wells must be properly plugged and abandoned after their
oil and gas reserves are exhausted. The Partnerships follow FAS No. 143,
"Accounting for Asset Retirement Obligations" in accounting for the future
expenditures that will be necessary to plug and abandon these wells. FAS
No. 143 requires the estimated plugging and abandonment obligations to be
recognized in the period in which they are incurred (i.e. when the well is
drilled or acquired) if a reasonable estimate of fair value can be made
and to be capitalized as part of the carrying amount of the well.


NEW ACCOUNTING PRONOUNCEMENTS
- -----------------------------

The Partnerships are not aware of any recently issued accounting
pronouncements that would have an impact on the Partnerships' future
results of operations and financial position.




-15-





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.

P-7 Partnership
---------------

Crude Natural
Oil Gas
(Barrels) (Mcf)
----------- ------------

Proved reserves, Dec. 31, 2004 1,520,139 5,480,079
Production ( 18,445) ( 90,852)
Extensions and discoveries 40,363 21,489
Revisions of previous
estimates 45,094 119,300
--------- ---------

Proved reserves, March 31, 2005 1,587,151 5,530,016
========= =========




-16-





P-8 Partnership
---------------

Crude Natural
Oil Gas
(Barrels) (Mcf)
---------- -----------

Proved reserves, Dec. 31, 2004 897,719 3,525,893
Production ( 10,599) ( 57,194)
Extensions and discoveries 24,550 13,178
Revisions of previous
estimates 25,823 71,881
------- ---------

Proved reserves, March 31, 2005 937,493 3,553,758
======= =========

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, 2005 and December 31, 2004.
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 oil and 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,
2005. There can be no assurance that the prices used in calculating the
net present value of the Partnerships' proved reserves at March 31, 2005
will actually be realized for such production.

Net Present Value of Reserves
-------------------------------------------
Partnership 3/31/05 12/31/04
----------- ----------- -----------
P-7 $29,713,837 $22,479,398
P-8 18,468,721 14,013,719



-17-





Oil and Gas Prices
--------------------------------------------
Pricing 3/31/05 12/31/04
----------- ----------- -----------
Oil (Bbl) $ 55.31 $ 43.36
Gas (Mcf) 7.17 6.02


RESULTS OF OPERATIONS
- ---------------------

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 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


-18-




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 (or high 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 the 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 declines in production
experienced on all remaining wells.

P-7 PARTNERSHIP

THREE MONTHS ENDED MARCH 31, 2005 COMPARED TO THE THREE MONTHS ENDED MARCH
31, 2004.

Three Months Ended March 31,
-----------------------------
2005 2004
-------- --------
Net Profits $877,584 $553,581
Barrels produced 18,445 20,503
Mcf produced 90,852 79,488
Average price/Bbl $ 46.61 $ 33.00
Average price/Mcf $ 5.24 $ 4.38

As shown in the table above, total Net Profits increased $324,003 (58.5%)
for the three months ended March 31, 2005 as compared to the three months
ended March 31, 2004. Of this increase, approximately (i) $251,000 and
$78,000, respectfully, were related to increases in the average prices of
oil and gas sold, (ii) $50,000 was related to an increase in volumes of
gas sold, and (iii) $13,000 was related to a decrease in production
expenses. These increases were partially offset by a decrease of
approximately $68,000 related to a decrease in volumes of



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oil sold. Volumes of oil sold decreased 2,058 barrels, while volumes of
gas sold increased 11,364 Mcf for the three months ended March 31, 2005 as
compared to the three months ended March 31, 2004. The decrease in volumes
of oil sold was primarily due to normal declines in production. The
increase in volumes of gas sold was primarily due to an increase in
production on several wells within one unit due to successful workovers of
those wells during early 2004. The decrease in production expenses was
primarily due to workover expenses incurred on several wells during the
three months ended March 31, 2004. This decrease was partially offset by
(i) workover expenses incurred on several other wells during the three
months ended March 31, 2005 and (ii) an increase in production taxes
associated with the increase in oil and gas sales.

Depletion of Net Profits Interests decreased $13,789 (21.0%) for the three
months ended March 31, 2005 as compared to the three months ended March
31, 2004. This decrease was primarily due to upward revisions in the
estimates of remaining oil and gas reserves since March 31, 2004. As a
percentage of Net Profits, this expense decreased to 5.9% for the three
months ended March 31, 2005 from 11.9% for the three months ended March
31, 2004. 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
depletion of Net Profits Interests.

General and administrative expenses increased $15,838 for the three months
ended March 31, 2005 as compared to the three months ended March 31, 2004.
As a percentage of Net Profits, these expenses decreased to 8.4% for the
three months ended March 31, 2005 from 10.5% for the three months ended
March 31, 2004. This percentage decrease was primarily due to the
increases in the average prices of oil and gas sold.

Cumulative cash distributions to the Limited Partners through March 31,
2005 were $20,167,916 or 106.88% of Limited Partners' capital
contributions.

P-8 PARTNERSHIP

THREE MONTHS ENDED MARCH 31, 2005 COMPARED TO THE THREE MONTHS ENDED MARCH
31, 2004.

Three Months Ended March 31,
-----------------------------
2005 2004
-------- --------
Net Profits $529,384 $372,424
Barrels produced 10,599 12,517
Mcf produced 57,194 59,600
Average price/Bbl $ 46.73 $ 32.73
Average price/Mcf $ 5.50 $ 4.34



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As shown in the table above, total Net Profits increased $156,960 (42.1%)
for the three months ended March 31, 2005 as compared to the three months
ended March 31, 2004. Of this increase, approximately (i) $148,000 and
$66,000, respectfully, were related to increases in the average prices of
oil and gas sold and (ii) $15,000 was related to a decrease in production
expenses. These increases were partially offset by a decrease of
approximately $63,000 related to a decrease in volumes of oil sold.
Volumes of oil and gas sold decreased 1,918 barrels and 2,406 Mcf,
respectively, for the three months ended March 31, 2005 as compared to the
three months ended March 31, 2004. 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 the three months ended March 31, 2005. The decrease in
production expenses was primarily due to workover expenses incurred on
several wells during the three months ended March 31, 2004. This decrease
was partially offset by (i) workover expenses incurred on several other
wells during the three months ended March 31, 2005 and (ii) an increase in
production taxes associated with the increase in oil and gas sales.

Depletion of Net Profits Interests decreased $7,671 (19.8%) for the three
months ended March 31, 2005 as compared to the three months ended March
31, 2004. This decrease was primarily due to upward revisions in the
estimates of remaining oil and gas reserves since March 31, 2004. As a
percentage of Net Profits, this expense decreased to 5.9% for the three
months ended March 31, 2005 from 10.4% for the three months ended March
31, 2004. 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
depletion of Net Profits Interests.

General and administrative expenses increased $16,272 for the three months
ended March 31, 2005 as compared to the three months ended March 31, 2004.
As a percentage of Net Profits, these expenses increased to 10.2% for the
three months ended March 31, 2005 from 10.1% for the three months ended
March 31, 2004.

Cumulative cash distributions to the Limited Partners through March 31,
2005 were $13,518,583 or 116.37% of Limited Partners' capital
contributions.





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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK

The Partnerships do not hold any market risk sensitive instruments.

ITEM 4. 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.





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PART II. OTHER INFORMATION


ITEM 6. EXHIBITS

31.1 Certification by Dennis R. Neill required by Rule
13a-14(a)/15d-14(a) for the P-7 Partnership.

31.2 Certification by Craig D. Loseke required by Rule
13a-14(a)/15d-14(a) for the P-7 Partnership.

31.3 Certification by Dennis R. Neill required by Rule
13a-14(a)/15d-14(a) for the P-8 Partnership.

31.4 Certification by Craig D. Loseke required by Rule
13a-14(a)/15d-14(a) for the P-8 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 P-7 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 P-8 Partnership.




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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 INSTITUTIONAL/PENSION ENERGY
INCOME LIMITED PARTNERSHIP P-7
GEODYNE INSTITUTIONAL/PENSION ENERGY
INCOME LIMITED PARTNERSHIP P-8

(Registrant)

BY: GEODYNE RESOURCES, INC.

General Partner


Date: May 13, 2005 By: /s/Dennis R. Neill
--------------------------------
(Signature)
Dennis R. Neill
President


Date: May 13, 2005 By: /s/Craig D. Loseke
--------------------------------
(Signature)
Craig D. Loseke
Chief Accounting Officer



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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 Institutional/Pension Energy Income Limited Partnership P-7.

31.2 Certification by Craig D. Loseke required by Rule 13a-14(a)/15d-14(a) for
the Geodyne Institutional/Pension Energy Income Limited Partnership P-7.

31.3 Certification by Dennis R. Neill required by Rule 13a-14(a)/15d-14(a) for
the Geodyne Institutional/Pension Energy Income Limited Partnership P-8.

31.4 Certification by Craig D. Loseke required by Rule 13a-14(a)/15d-14(a) for
the Geodyne Institutional/Pension Energy Income Limited Partnership P-8.

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
Institutional/Pension Energy Income Limited Partnership P-7.

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
Institutional/Pension Energy Income Limited Partnership P-8.


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