-----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, VvPZ3hXfMjG0m//PmjVQ83rSpV5VznUoU0tnPIYLCDC3pqgzUl2Ex7n6gqt1C8M1 a4EThOQWSrzKh2SmTmLi0A== 0001020215-98-000007.txt : 19981109 0001020215-98-000007.hdr.sgml : 19981109 ACCESSION NUMBER: 0001020215-98-000007 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980930 FILED AS OF DATE: 19981106 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: 98739447 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 September 30, 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 Sept. 30, 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 Sept. 30, 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 nine months was $712,359 which 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 Sept. 30, 1998 and December 31, 1997 BALANCE SHEET - (UNAUDITED) ASSETS 9/30/98 12/31/97 Increase (Decrease) - ----------------------------------------------------------------------------- Cash $ 11,804 $ 7,979 $ 3,825 Accounts receivable 174,184 393,734 (219,550) ------- ------- --------- TOTAL CURRENT ASSETS 185,988 401,713 (215,725) Oil and gas wells and leases 6,794,020 7,412,992 (618,972) Organizational and syndication costs 974,389 1,063,161 (88,772) ---------- ---------- ---------- TOTAL ASSETS $7,954,397 $8,877,866 $(923,469) ========== ========== ========== LIABILITIES AND PARTNERS' CAPITAL Accounts payable $ 10,645 12,099 (1,454) Partners' capital 7,943,752 8,865,767 (922,015) --------- --------- --------- TOTAL LIABILITIES AND PARTNERS CAPITAL $7,954,397 $8,877,866 $(923,469) ========= ========= ========= - -------------------------------------------------------------------------- ATLAS-ENERGY FOR THE NINETIES--PUBLIC #5 LTD. A PENNSYLVANIA LIMITED PARTNERSHIP STATEMENT OF INCOME For the nine months ended Sept. 30, 1998 and 1997 Nine Months Ended Third Quarter Ended Sept. 30, Sept. 30, 1998 1997 1998 1997 ------------------ ------------------- REVENUE Natural gas sales $953,011 $1,020,696 $240,981 $448,505 Less direct operating costs: Royalty interest 120,888 128,995 30,554 57,019 Other 119,764 103,408 36,243 44,072 ---------- -------- -------- -------- 240,652 232,403 66,797 101,091 ---------- -------- -------- -------- Net Production Revenues 712,359 788,293 174,184 347,414 Interest Income 5,033 2,074 1,251 1,695 ---------- -------- -------- -------- Total Revenue 717,392 790,367 175,435 349,109 EXPENSES Depletion and depreciation of oil and gas wells and leases 618,972 586,818 174,350 295,023 Amortization of organization and syndication costs 88,772 83,555 25,005 42,007 General and administrat. fees 21,942 18,192 7,061 7,705 Professional fees 9,528 10,131 (60) 2,685 Other 571 1,284 102 139 ---------- ------- ------- -------- Total Expenses 739,785 699,980 206,458 347,559 ---------- ------- ------- -------- NET INCOME (LOSS) $(22,393) $ 90,387 $(31,023) $ 1,550 ========== ========= ========= ======== - ----------------------------------------------------------------------------- ATLAS-ENERGY FOR THE NINETIES--PUBLIC #5 LTD. A PENNSYLVANIA LIMITED PARTNERSHIP STATEMENT OF CASH FLOWS (UNAUDITED) For the nine months ended Sept. 30, 1998 and 1997 Nine Months Ended Sept. 30, 1998 1997 -------------------- Increase (Decrease) in Cash Cash flows from operating activities Net Income (Loss) $(22,393) $90,387 Adjustments to reconcile net income to net cash provided by operating activities: Depletion and depreciation 618,972 586,818 Amortization 88,772 83,555 Decrease (Increase) accounts receivable 219,550 (347,232) (Decrease) Increase in accounts payable (1,454) 15,195 ----------- ---------- Net cash provided by operating activities 903,447 428,723 Cash flows used in financing activities: Distributions to Partners ( 899,621) (440,916) ---------- --------- Net (Decrease) in Cash 3,825 (12,193) Cash at beginning of period 7,979 21,639 --------- -------- Cash at end of period $11,804 $9,446 ========== ========= - ---------------------------------------------------------------------------- ATLAS-ENERGY FOR THE NINETIES--PUBLIC #5 LTD. A PENNSYLVANIA LIMITED PARTNERSHIP STATEMENT OF CHANGES IN PARTNERS' CAPITAL ACCOUNTS For the nine months ended Sept. 30, 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 178,090 534,269 712,359 Interest 1,258 3,775 5,033 Depletion and depreciation ( 28,275) ( 590,697) (618,972) Amortization ( 88,772) 0 (88,772) Other costs ( 8,010) ( 24,031) (32,041) ----------- ---------- -------- Net income (loss) 54,291 ( 76,684) (22,393) Distributions (255,847) ( 643,774) (899,621) ----------- ----------- ---------- BALANCE AT JUNE 30, 1998 $1,328,833 $6,614,920 $7,943,752 =========== ========== ========== - ----------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS (UNAUDITED) ATLAS-ENERGY FOR THE NINETIES--PUBLIC #5 LTD. A PENNSYLVANIA LIMITED PARTNERSHIP Sept. 30, 1998 1. INTERIM FINANCIAL STATEMENTS The financial statements as of Sept. 30, 1998 and for the nine months then ended have been prepared by the management of the Partnership without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted pursuant to such rules and regulations, although the Partnership believes that the disclosures are adequate to make the information presented not misleading. These financial statements should be read in conjunction with the audited December 31, 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 - --------------------- Nine Months Ended Sept. 30, 1998 - ------------------------------ Net production revenue for the nine months ended Sept. 30, 1998 are down $75,934 (9.6%) due primarily to normal declines in natural gas production from 459,177 Mcf in the nine months ended Sept. 30, 1997 to 425,710 Mcf in the current nine months. The production declines are net of decreases in revenues and operating costs. Natural gas prices increased by $.02/Mcf to $2.24/Mcf during the current nine months. Quarter Ended Sept. 30,1998 - -------------------------- Net production revenue for the three months ended Sept. 30, 1998 are down $173,230 (50%) due primarily to normal declines in natural gas production from 202,725 Mcf in the three months ended Sept. 30, 1997 to 119,913 Mcf in the current three months. Natural gas prices decreased by $.20/Mcf to $2.01/Mcf during the current three months. Financial Position - ------------------ Liquidity - --------- The partnership's working capital decreased 55% from $389,614 at December 31, 1997 to $175,343 at Sept. 30, 1998. The decrease is attributable to normal declines in natural gas production which result in lower receivables for gas produced but not yet sold at the end of the reporting period. Capital Resources - ----------------- There were no new material commitments for capital expenditures during the period and the Partnership does not expect any in the foreseeable future. SIGNATURES In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Atlas-Energy for the Nineties--Public #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: Sept. 30, 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: Sept. 30, 1998 By (Signature and Title): /S/ Tony C. Banks Tony C. Banks Vice President and Chief Financial Officer Date: Sept. 30, 1998 - ------------------------------------------------------------------------ EX-27 2
5 9-MOS DEC-31-1998 SEP-30-1998 11,804 0 174,184 0 0 185,988 9,557,593 (1,789,184) 7,954,397 10,645 0 0 0 0 0 7,954,397 953,011 958,044 859,624 859,624 120,813 0 0 (22,393) 0 (22,393) 0 0 0 (22,393) 0 0
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