-----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, Cpz4JKlL5LUsmHSwctFQQLgk3QvRWXizbhvbD5fjCYXuXTNCc98hqefWvPUWQWxN cSJOIL1sdjOKdu0AwdMPzg== 0001067662-99-000002.txt : 19990514 0001067662-99-000002.hdr.sgml : 19990514 ACCESSION NUMBER: 0001067662-99-000002 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990331 FILED AS OF DATE: 19990513 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: 99619251 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 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, 1999 [ ] 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, 1999 to March 31, 1999 Item 2. Description of Business The Partnership has spudded approximately 53 net wells to the Clinton/Medina formation in Mercer and Lawrence Counties, Pennsylvania and Stark and Trumbull Counties, Ohio. As of March 31, 1999, 29.5 net wells are in production. The first quarterly distribution will be on July 10, 1999 for natural gas production during January, February, March and April, 1999. Net Production revenue for the three months was $103,363 which includes landowners 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. - ----------------------------------------------------------------------------- UNAUDITED FINANCIAL STATEMENTS ATLAS-ENERGY FOR THE NINETIES--PUBLIC #7 LTD. A PENNSYLVANIA LIMITED PARTNERSHIP CONSOLIDATED BALANCE SHEET (UNAUDITED) As of March 31, 1999 and December 31, 1998 BALANCE SHEET - (UNAUDITED) ASSETS 3/31/99 12/31/98 Increase (Decrease) Cash $ 84 $ -0- $ 84 Accounts receivable 88,989 29,592 59,397 ------- ------- --------- TOTAL CURRENT ASSETS 89,073 29,592 59,481 Oil and gas wells and leases 13,961,066 14,042,536 (81,470) Organizational and syndication costs -0- 1,798,253 (1,798,253) ---------- ---------- ---------- TOTAL ASSETS $14,050,139 $15,870,381$(1,820,242) ========== ========== ========== LIABILITIES AND PARTNERS' CAPITAL Accounts payable $ 8,782 -0- 8,782 Partners' capital 14,041,357 15,870,381 (1,829,024) ---------- ---------- --------- TOTAL LIABILITIES AND PARTNERS CAPITAL $14,050,139 $15,870,381 $(1,820,242) ========== ========== ========= - -------------------------------------------------------------------------- ATLAS-ENERGY FOR THE NINETIES--PUBLIC #7 LTD. A PENNSYLVANIA LIMITED PARTNERSHIP STATEMENT OF INCOME For the three months ended March 31, 1999 and 1998 Three Months Ended First Quarter Ended March 31, March 31, 1999 1998 1999 1998 ------------------ ------------------- REVENUE Natural gas sales $103,363 $ -0- $103,363 $ -0- Interest Income 92 -0- 92 -0- ---------- -------- --------- -------- Total Revenue 103,455 -0- 103,455 -0- EXPENSES Well operating expense 14,373 -0- 14,373 -0- Depletion and depreciation of oil and gas wells and leases 81,470 -0- 81,470 -0- General and administrat. fees 2,944 -0- 2,944 -0- Professional fees 5,259 -0- 5,259 -0- Other 589 -0- 589 -0- ---------- ------- ------- ------- Total Expenses 104,635 -0- 104,635 -0- ---------- ------- ------- ------- NET (LOSS) $ (1,180) $ -0- $ (1,180) $ -0- ========== ======== ========= ======== - ----------------------------------------------------------------------------- ATLAS-ENERGY FOR THE NINETIES--PUBLIC #7 LTD. A PENNSYLVANIA LIMITED PARTNERSHIP STATEMENT OF CASH FLOWS (UNAUDITED) For the three months ended March 31, 1999 and 1998 Three Months Ended March 31, 1999 1998 -------------------- Increase (Decrease) in Cash Cash flows from operating activities Net (Loss) $ (1,180) $ -0- Adjustments to reconcile net income to net cash provided by operating activities: Depletion and depreciation 81,470 -0- (Increase) accounts receivable (59,397) -0- Increase in accounts payable 8,783 -0- ----------- ---------- Net cash provided by operating activities 29,676 -0- Cash flows used in financing activities: Distributions to Partners (29,592) -0- ---------- --------- Net Increase in Cash 84 -0- Cash at beginning of period -0- -0- ---------- --------- Cash at end of period $ 84 $ -0- ========== ========= - --------------------------------------------------------------------- ATLAS-ENERGY FOR THE NINETIES--PUBLIC #7 LTD. A PENNSYLVANIA LIMITED PARTNERSHIP STATEMENT OF CHANGES IN PARTNERS' CAPITAL ACCOUNTS For the three months ended March 31, 1999 MANAGING GENERAL OTHER PARTNER PARTNERS TOTAL BALANCE AT JANUARY 1, 1999 $3,852,439 $12,017,942 $15,870,381 Participation in revenue and expenses: Net production revenues 27,587 61,403 88,990 Interest 29 63 92 Depletion and depreciation ( 11,929) ( 69,541) ( 81,470) Organization & syndication write-off (1,798,253) -0- (1,798,253) Other costs ( 2,725) ( 6,066) ( 8,791) ----------- ---------- -------- Net (loss) (1,785,291) ( 14,141) (1,799,432) Distributions -0- ( 29,592) ( 29,592) ----------- ----------- ---------- BALANCE AT MARCH 31, 1999 $2,067,148 $11,974,209 $14,041,357 =========== ========== ========== - ----------------------------------------------------------------------------- NOTES TO FINANCIAL STATEMENTS (UNAUDITED) ATLAS-ENERGY FOR THE NINETIES--PUBLIC #7 LTD. A PENNSYLVANIA LIMITED PARTNERSHIP March 31, 1999 1. INTERIM FINANCIAL STATEMENTS The financial statements as of March 31, 1999 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, 1998 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. In 1998, the AICPA issued Statement of Position 98-5 ("SOP 98-5"), Reporting on the Costs of Start-Up Activities. This statement requires costs of start-up activities and organization costs, as defined, to be expensed as incurred. The partnership is required to adopt the provisions of SOP 98-5 effective January 1, 1999 and as a result has written-off the unamortized organization and syndication costs as a charge against Partners' Capital. - ----------------------------------------------------------------------------- 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, 1999 - ------------------------------------------- The Partnership commenced production in January, 1999. Net production revenue for the three months ended March 31, 1999 amounted to $103,363. The Partnership's net production revenue of $103,363 resulted from the production of 58,193 Mcf's at an average rate of $2.03/Mcf, net of operating costs. Financial Position - ------------------ Liquidity - --------- The partnership's working capital increased 171% from $29,592 at December 31, 1998 to $80,290 at March 31, 1999. The increase is attributable to the commencement of natural gas production for new wells turned on-line during the quarter, which resulted in higher 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 #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: March 31, 1999 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, 1999 By (Signature and Title): /S/ Tony C. Banks Tony C. Banks Vice President and Chief Financial Officer Date: March 31, 1999 - ------------------------------------------------------------------------ EX-27 2
5 3-MOS DEC-31-1999 MAR-31-1999 84 0 88,989 0 0 89,073 14,042,536 (81,470) 14,050,139 8,782 0 0 0 0 0 14,050,139 118,139 118,231 14,776 14,776 104,635 0 0 (1,180) 0 (1,180) 0 0 0 (1,180) 0 0
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