-----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, Kp5FrT7yi3zZvIYL37jk7oqEZiVEkd3tn+nRdVqVntWFdv6fAYAR8siyqIymfoJd Yc41YFZf2nNp8r4LycTuFQ== 0000912057-00-024444.txt : 20000516 0000912057-00-024444.hdr.sgml : 20000516 ACCESSION NUMBER: 0000912057-00-024444 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000331 FILED AS OF DATE: 20000515 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ATLAS ENERGY FOR THE NINETIES PUBLIC NO 7 LTD CENTRAL INDEX KEY: 0001067662 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 251814688 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 333-62167 FILM NUMBER: 632400 BUSINESS ADDRESS: STREET 1: 311 ROUSER ROAD CITY: MOON TOWNSHIP STATE: PA ZIP: 15108 BUSINESS PHONE: 4122622830 MAIL ADDRESS: STREET 1: 311 ROUSER ROAD CITY: MOON TOWNSHIP STATE: PA ZIP: 15108 10QSB 1 10QSB 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, 2000 / / TRANSITION REPORT PURSUANT SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission file number 333-62167 Atlas-Energy for the Nineties-Public #7 Ltd. (Name of small business issuer in its charter) Pennsylvania 25-1814688 (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 #7 Ltd. (the "Partnership") for the period January 1, 2000 to March 31, 2000. Item 2. Description of Business The Partnership has placed into production 57.5 net wells to the Clinton/Medina formation in Mercer and Lawrence counties, Pennsylvania and Stark and Trumbull counties in Ohio. As of March 31, 2000, all 57.5 net wells are in production. The first quarterly distribution was on July 10, 1999 for natural gas production during January, February, March and April, 1999. Natural gas sales revenue for the three months was $383,690 which includes landowner royalties. Expenses for this period include $75.00 per month per well for administrative costs and $275.00 per month per well for pumpers fees. 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. 12-May-00 ATLAS-ENERGY FOR THE NINETIES--PUBLIC #7 LTD. A PENNSYLVANIA LIMITED PARTNERSHIP BALANCE SHEET AS OF MARCH 31, 2000 and DECEMBER 31, 1999
MARCH 31 2000 December 31 Increase (unaudited) 1999 (Decrease) --------------------------------------------------- ASSETS CURRENT ASSETS Cash $ 261,036 $ 305,963 $ (44,927) Accounts receivable 305,599 360,833 (55,234) --------------------------------------------------- TOTAL CURRENT ASSETS 566,635 666,796 (100,161) Oil and Gas drilling contracts/leases, net of accum. depl. & amort. 5,158,575 5,384,146 (225,571) --------------------------------------------------- TOTAL ASSETS $5,725,210 $6,050,942 $(325,732) =================================================== LIABILITIES AND PARTNERS' CAPITAL Accounts payable $ 26,333 $ 27,081 $ (748) Partners' Capital 5,698,877 6,023,861 (324,984) --------------------------------------------------- TOTAL LIABILITIES AND PARTNERS' CAPITAL $5,725,210 $6,050,942 $(325,732) ===================================================
The notes to Financial Statements are an integral part of this statement. ATLAS-ENERGY FOR THE NINETIES--PUBLIC #7 LTD. A PENNSYLVANIA LIMITED PARTNERSHIP STATEMENT OF INCOME (Unaudited) For the three months ended March 31, 2000 and 1999
Three Months Ended March 31, REVENUE 2000 1999 - ------- ------------------------------------ Natural gas sales $383,690 $103,363 Interest income 2,654 92 ------------- ------------- Total Revenue 386,344 103,455 EXPENSES - -------- Well Operating Expense 78,091 14,373 Depletion and depreciation of oil and gas wells and leases 225,573 81,470 General and administrative fees 11,615 2,944 Professional fees 0 5,259 Other 208 589 ------------- ------------- Total Expenses 315,487 104,635 ------------- ------------- Net Earnings (Loss) $ 70,857 $ (1,180) ============= ============= The notes to Financial Statements are an integral part of this statement.
ATLAS-ENERGY FOR THE NINETIES--PUBLIC #7 LTD. A PENNSYLVANIA LIMITED PARTNERSHIP STATEMENT OF CASH FLOWS (Unaudited) For the three months ended March 31, 2000 and 1999
THREE MONTHS ENDED MARCH 31, INCREASE (DECREASE) IN CASH 2000 1999 --------------------------- Cash flows from operating activities Net Earnings (Loss) $70,857 ($1,180) Adjustments to reconcile net earnings to net cash provided by operating activities: Depletion and depreciation 225,573 81,470 (Increase) Decrease in accounts receivable 55,234 (59,397) Increase (Decrease) in accounts payable (749) 8,783 -------- ------- Cash provided by operating activities 350,915 29,676 Cash flows used in financing activities: Distributions to Partners (395,842) (29,592) -------- ------- Net Increase (Decrease) in Cash (44,927) 84 Cash at beginning of period 305,963 0 -------- ------- Cash at end of period $261,036 $84 ======== =======
The notes to Financial Statements are an integral part of this statement. *************** ATLAS-ENERGY FOR THE NINETIES--PUBLIC #7 LTD. A PENNSYLVANIA LIMITED PARTNERSHIP STATEMENT OF CHANGES IN PARTNERS' CAPITAL ACCOUNTS (Unaudited) For the three months ended March 31, 2000
MANAGING GENERAL OTHER PARTNER PARTNERS TOTAL ------------ ----------- ---------- BALANCE AT JANUARY 1, 2000 ($2,022,335) $8,046,196 $6,023,861 Participation in revenue and expenses: Net Production Revenues 94,736 210,863 305,599 Interest 823 1,832 2,655 Depletion and depreciation (52,874) (172,699) (225,573) Other costs (3,665) (8,158) (11,823) ------------ ----------- ---------- Net Earnings 39,020 31,838 70,858 Distributions (73,627) (322,215) (395,842) ------------ ----------- ---------- BALANCE AT March 31, 2000 ($2,056,942) $7,755,819 $5,698,877 =========== =========== ==========
The notes to Financial Statements are an integral part of this statement. NOTES TO FINANCIAL STATEMENTS (UNAUDITED) ATLAS-ENERGY FOR THE NINETIES--PUBLIC #7 LTD. A PENNSYLVANIA LIMITED PARTNERSHIP 1. INTERIM FINANCIAL STATEMENTS The financial statements as of March 31, 2000 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 the 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, 1999 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 and drill and equip wells 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 and leases are depreciated, depleted and amortized by the unit of production method. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS ATLAS-ENERGY FOR THE NINETIES-PUBLIC #7 LTD. Management's discussion and analysis should be read in conjunction with the financial statements and notes thereto. RESULTS OF OPERATIONS THREE MONTHS ENDED MARCH 31, 2000 Natural gas sales revenue for the three months ended March 31, 2000 was up $280,327 (271%) due primarily to increases in natural gas production which increased from 58,193 Mcf in the three months ended March 31, 1999 to 161,123 Mcf in the current three months. The increase in gas production results primarily from new wells turned on-line in the current three months. Natural gas prices increased by $.69 /Mcf to $2.72/Mcf during the current three months. FINANCIAL CONDITION LIQUIDITY The increase in cash provided by operating activities and distributions to partners during the three months ended March 31, 2000 results primarily from higher cash received from sales of natural gas. The Partnership's working capital decreased from $639,715 at December 31, 1999 to $540,302 at March 31, 2000. The decrease is attributable to distributions to partners and normal declines in natural gas production from the levels at the end of 1999 which result in lower receivables in connection with sales of gas produced. 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 #7 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: May 15, 2000 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: May 15, 2000 By (Signature and Title): /S/ Tony C. Banks Tony C. Banks Vice President and Chief Financial Officer Date: May 15, 2000 EX-27 2 EXHIBIT 27
5 1,000 3-MOS DEC-31-1999 JAN-01-2000 MAR-31-2000 261,036 0 305,599 0 0 566,635 13,704,820 (8,546,245) 5,725,210 26,333 0 0 0 0 0 5,725,210 438,023 440,677 54,333 54,333 315,487 0 0 70,857 0 70,857 0 0 0 70,857 0 0
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