-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, H6nhOfZy/QgcNENZ73NOQhPWGdVPtL//EWG7Q0FrGs8auIBiL9P0anpBx8XKfIQc PHIohoztCzv4+fL7TE2Iog== 0001020215-98-000004.txt : 19980508 0001020215-98-000004.hdr.sgml : 19980508 ACCESSION NUMBER: 0001020215-98-000004 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980331 FILED AS OF DATE: 19980507 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: ATLAS ENERGY FOR THE NINETIES PUBLIC NO 5 LTD CENTRAL INDEX KEY: 0001020215 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] STATE OF INCORPORATION: PA FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 333-09991 FILM NUMBER: 98612872 BUSINESS ADDRESS: STREET 1: 311 ROUSER ROAD CITY: MOON TOWNSHIP STATE: PA ZIP: 15108 BUSINESS PHONE: 4122622830 10QSB 1 U.S. Securities and Exchange Commission Washington, D.C. 20549 Form 10-QSB (Mark One) [ X ] QUARTERLY REPORT PURSUANT SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 1998 [ ] TRANSITION REPORT PURSUANT SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission file number 333-09991 Atlas-Energy for the Nineties-Public #5 Ltd. (Name of small business issuer in its charter) Pennsylvania 25-1795703 (State or other jurisdiction of ( I.R.S. Employer identification No.) incorporated or organization) 311 Rouser Road, Moon Township, Pennsylvania 15108 (Address of principal executive offices) (Zip Code) Issuer's telephone (412) 262-2830 (Former name, former address and former fiscal year, if changed since last report) Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No Transitional Small Business Disclosure Format (check one): Yes X No - ----------------------------------------------------------------------------- PART I Item 1. Financial Statements The unaudited Financial Statements of Atlas-Energy for the Nineties-Public #5 Ltd. (the "Partnership") for the period January 1, 1998 to March 31, 1998 Item 2. Description of Business The Partnership has drilled and completed approximately 35.91 net wells to the Clinton/Medina formation in Mercer and Venango Counties, Pennsylvania. As of March 31, 1998, all 35.91 net wells are in production. The first quarterly distribution was on June 9, 1997 for natural gas production during January, February and March, 1997. Net Production revenue for the three months was $319,764 includes pumpers fees of $275.00 per month per well Expenses for this period include $75.00 per month per well for administrative costs. For the next twelve months management believes that the Partnership has adequate capital. No other wells will be drilled and, therefore, no additional funds will be required. Although management does not anticipate that the Partnership will have to do so, any additional funds which may be required will be obtained from production revenues from Partnership wells or from borrowings by the Partnership from Atlas or its affiliates, although Atlas is not contractually committed to make such a loan. No borrowings will be obtained from third parties. PART II Item 1. Legal Proceeding None Item 2. Changes in Securities None Item 3. Defaults Upon Senior Securities None Item 4. Submission of Matters to a Vote of Securities Holders None Item 5. Other Matters None Item 6. Reports on Form 8-K The registrant filed no reports on Form 8-K during the last quarter of the period covered by this report. - ----------------------------------------------------------------------------- UNAUDITED FINANCIAL STATEMENTS ATLAS-ENERGY FOR THE NINETIES--PUBLIC #5 LTD. A PENNSYLVANIA LIMITED PARTNERSHIP CONSOLIDATED BALANCE SHEET (UNAUDITED) As of March 31, 1998 and December 31, 1997 BALANCE SHEET - (UNAUDITED) ASSETS 3/31/98 12/31/97 Increase (Decrease) - ----------------------------------------------------------------------------- Cash $ 5,415 $ 7,979 $ ( 2,564) Accounts receivable 319,764 393,734 (73,970) ------- ------- --------- TOTAL CURRENT ASSETS 325,179 401,713 (76,534) Oil and gas wells and leases 7,171,254 7,412,992 (241,738) Organizational and syndication costs 1,028,491 1,063,161 (34,670) ---------- ---------- ---------- TOTAL ASSETS $8,524,924 $8,877,866 $(352,942) ========== ========== ========== LIABILITIES AND PARTNERS' CAPITAL Accounts payable $ 10,741 12,099 (1,358) Partners' capital 8,514,183 8,865,767 (351,584) --------- --------- --------- TOTAL LIABILITIES AND PARTNERS CAPITAL $8,524,924 $8,877,866 $(352,942) ========= ========= ========= - -------------------------------------------------------------------------- ATLAS-ENERGY FOR THE NINETIES--PUBLIC #5 LTD. A PENNSYLVANIA LIMITED PARTNERSHIP STATEMENT OF INCOME For the three months ended March 31, 1998 and 1997 Three Months Ended First Quarter Ended March 31, March 31, 1998 1997 1998 1997 ------------------ ------------------- REVENUE Natural gas sales $412,892 $134,445 $412,892 $134,445 Less direct operating costs: Royalty interest 52,306 16,771 52,306 16,771 Other 40,822 14,677 40,822 14,677 ---------- -------- -------- -------- 93,128 31,448 93,128 31,448 ---------- -------- -------- -------- Net Production Revenues 319,764 102,997 319,764 102,997 Interest Income 1,976 140 1,976 140 ---------- -------- -------- -------- Total Revenue 321,740 103,137 321,740 103,137 EXPENSES Depletion and depreciation of oil and gas wells and leases 241,738 81,375 241,738 81,375 Amortization of organization and syndication costs 34,670 11,634 34,670 11,634 General and administrat. fees 7,535 3,075 7,535 3,075 Professional fees 9,468 7,446 9,468 7,446 Other 320 3,798 320 3,798 ---------- ------- ------- ------- Total Expenses 293,731 107,328 293,731 107,328 ---------- ------- ------- ------- NET (LOSS) $ 28,009 $(4,191) $ 28,009 $(4,191) ========== ======== ========= ======== - ----------------------------------------------------------------- ATLAS-ENERGY FOR THE NINETIES--PUBLIC #5 LTD. A PENNSYLVANIA LIMITED PARTNERSHIP STATEMENT OF CASH FLOWS (UNAUDITED) For the three months ended March 31, 1998 and 1997 Three Months Ended March 31, 1998 1997 -------------------- Increase (Decrease) in Cash Cash flows from operating activities Net Income (Loss) $ 28,009 $(4,191) Adjustments to reconcile net income to net cash provided by operating activities: Depletion and depreciation 241,738 81,375 Amortization 34,670 11,634 Decrease (Increase) accounts receivable 73,970 (97,623) (Decrease) Increase in accounts payable (1,358) 14,069 ----------- ---------- Net cash provided by operating activities 377,029 5,264 Cash flows used in financing activities: Distributions to Partners ( 379,593) ( 21,639) ---------- --------- Net (Decrease) in Cash (2,564) (16,375) Cash at beginning of period 7,979 21,639 Cash at end of period $5,415 $5,264 ========== ======== - --------------------------------------------------------------------- ATLAS-ENERGY FOR THE NINETIES--PUBLIC #5 LTD. A PENNSYLVANIA LIMITED PARTNERSHIP STATEMENT OF CHANGES IN PARTNERS' CAPITAL ACCOUNTS For the three months ended March 31, 1998 MANAGING GENERAL OTHER PARTNER PARTNERS TOTAL BALANCE AT JANUARY 1, 1998 $1,530,389 $7,335,378 $8,865,767 Participation in revenue and expenses: Natural gas sales 79,941 239,823 319,764 Interest 494 1,482 1,976 Depletion and depreciation ( 11,043) ( 230,695) (241,738) Amortization ( 34,670) 0 (34,670) Other costs ( 4,331) ( 12,992) (17,323) ----------- ---------- -------- Net income (loss) 30,391 ( 2,382) 28,009 Distributions (125,840) ( 253,753) (379,593 ----------- ----------- ---------- BALANCE AT MARCH 31, 1998 $1,434,940 $7,079,243 $8,514,183 =========== ========== ========== - ----------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS (UNAUDITED) ATLAS-ENERGY FOR THE NINETIES--PUBLIC #5 LTD. A PENNSYLVANIA LIMITED PARTNERSHIP March 31, 1998 1. INTERIM FINANCIAL STATEMENTS The financial statements as of March 31, 1998 and for the three months then ended have been prepared by the management of the Partnership without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted pursuant to such rules and regulations, although the Partnership believes that the disclosures are adequate to make the information presented not misleading. These financial statements should be read in conjunction with the audited December 31, 1997 financial statements. In the opinion of management, all adjustments (consisting of only normal recurring accruals) considered necessary for presentation have been included. 2. SIGNIFICANT ACCOUNTING POLICIES The Partnership uses the successful efforts method of accounting for oil and gas activities. Costs to acquire mineral interests in oil and gas properties, drill and equip wells and organizational and syndication costs are capitalized. Oil and gas properties are periodically assessed and when unamortized costs exceed expected future net cash flows, a loss is recognized by a charge to income. Capitalized costs of oil and gas wells, leases and organization and syndication costs are depreciated, depleted and amortized by the unit of production method. - ----------------------------------------------------------------------------- MANAGEMENT'S DISCUSSION AND ANALYSIS Management's discussion and analysis should be read in conjunction with the financial statements and notes thereto. Results of Operations - --------------------- Three Months (Quarter) Ended March 31, 1998 - ------------------------------------------- Net production revenue for the three months ended March 31, 1998 are up $216,767 (210%) due primarily to normal inclines in natural gas production from 55,945 Mcf in the three months ended March 31, 1997 to 166,260 Mcf in the current three months. The production inclines are net of increases in revenues and operating costs attributable to wells being on-line for the full period in the current three months compared with the prior year. Natural gas prices increased by $.08/Mcf to $2.48/Mcf during the current three months. Financial Position - ------------------ Liquidity - --------- The partnership's working capital, for the first quarter ending March 31, 1998, decreased 19.3% from $389,614 at December 31, 1997 to $314,438 at March 31, 1998. The decrease is due to the comparison of a full years activity versus the first quarter activity. Upon comparing quarter to quarter results, there is an increase of 254% attributable to wells being on-line for the full period in the current three months compared with the prior year. Capital Resources - ----------------- There were no new material commitments for capital expenditures during the period and the Partnership does not expect any in the foreseeable future. SIGNATURES In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Atlas-Energy for the Nineties--Public #5 Ltd. By (Signature and Title): Atlas Resources, Inc., Managing General Partner By (Signature and Title): /s/ James R. O'Mara James R. O'Mara President, Chief Executive Officer and a Director Date: March 31, 1998 In Accordance with the Exchange Act, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title): /s/ James R. O'Mara James R. O'Mara President, Chief Executive Officer and a Director Date: March 31, 1998 By (Signature and Title): /S/ Tony C. Banks Tony C. Banks Vice President and Chief Financial Officer Date: March 31, 1998 - ------------------------------------------------------------------------ EX-27 2
5 3-MOS DEC-31-1998 MAR-30-1997 5,415 0 319,764 0 0 325,179 9,557,6629 (1,357,917) 8,524,924 10,741 0 0 0 0 0 8,524,924 412,892 414,868 334,866 334,866 51,993 0 0 28,009 0 28,009 0 0 0 28,009 0 0
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