10QSB 1 a10qsb.txt FORM 10-QSB 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 June 30, 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 #8 Ltd. (Name of small business issuer in its charter) Pennsylvania 25-1836294 (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 #8 Ltd. (the "Partnership") for the period January 1, 2000 to June 30, 2000. Item 2. Description of Business The Partnership has placed 118 net wells in production in the Clinton/Medina formation in Mercer and Lawrence Counties, Pennsylvania and Stark and Trumbull Counties, Ohio. As of June 30, 2000, all 118 net wells are in production. The first quarterly distribution was made in June 2000 for natural gas production during January, February, March, 2000. Net Production revenue for the three months was $630,422 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. 10-Aug-00 ATLAS-ENERGY FOR THE NINETIES--PUBLIC #8 LTD. A PENNSYLVANIA LIMITED PARTNERSHIP BALANCE SHEET AS OF JUNE 30, 2000 & DECEMBER 31, 1999
June 30, 2000 December 31, Increase (unaudited) 1999 (Decrease) ------------------------------------------- ASSETS CURRENT ASSETS Cash $ 6,678 $ - $ 6,678 Accounts receivable 567,859 567,859 ------------------------------------------- TOTAL CURRENT ASSETS 574,537 0 574,537 Oil and Gas drilling contracts/leases,net of accum. depl. & amort. 12,147,526 12,573,810 (426,284) ------------------------------------------- TOTAL ASSETS $ 12,722,063 $ 12,573,810 $ 148,253 =========================================== LIABILITIES AND PARTNERS' CAPITAL Accounts payable $ 28,869 $ 15,003 $ 13,866 Partners' Capital 12,693,194 12,558,807 134,387 ------------------------------------------- TOTAL LIABILITIES AND PARTNERS' CAPITAL $ 12,722,063 $ 12,573,810 $ 148,253 ===========================================
The notes to Financial Statements are an integral part of this statement. ATLAS-ENERGY FOR THE NINETIES--PUBLIC #8 LTD. A PENNSYLVANIA LIMITED PARTNERSHIP STATEMENT OF INCOME (Unaudited) FOR THE SIX MONTHS ENDED JUNE 30, 2000 & 1999
SIX MONTHS ENDED SECOND QUARTER ENDED JUNE 30, JUNE 30, REVENUE 2000 1999 2000 1999 ------- ------------------------- -------------------- Natural gas sales $769,316 $0 $630,422 $0 Interest Income 19,994 19,994 -------- -------- -------- -------- Total Revenue 789,310 0 650,416 0 EXPENSES -------- Well Operating Expense 77,592 0 62,563 0 Depletion and depreciation of oil and gas wells and leases 426,285 0 342,509 0 General and administrative fees 29,526 0 26,764 0 Miscellaneous 417 - 417 - -------- -------- -------- -------- Total Expenses 533,820 - 432,253 - -------- -------- -------- -------- Net Earnings $255,490 - $218,163 - ======================= ===================
The notes to Financial Statements are an integral part of this statement. ATLAS-ENERGY FOR THE NINETIES--PUBLIC #8 LTD. A PENNSYLVANIA LIMITED PARTNERSHIP STATEMENT OF CASH FLOWS (Unaudited) FOR THE SIX MONTHS ENDED JUNE 30, 2000 & 1999
SIX MONTHS ENDED ---------------- June 30, -------- Increase (Decrease) in Cash --------------------------- 2000 1999 ---------------------- Cash flows from operating activities Net Earnings $ 255,490 $ 0 Adjustments to reconcile net earnings to net cash provided by operating activities: Depletion and depreciation 426,285 0 (Increase) in accounts receivable (567,859) 0 Increase in accounts payable 13,866 0 --------- --------- Cash provided by operating activities 127,782 0 Cash flows used in financing activities: Distributions to Partners (121,104) 0 --------- --------- Net Increase in Cash 6,678 0 Cash at beginning of period 0 0 --------- --------- Cash at end of period $ 6,678 $ 0 ========= =========
The notes to Financial Statements are an integral part of this statement. ATLAS-ENERGY FOR THE NINETIES--PUBLIC #8 LTD. A PENNSYLVANIA LIMITED PARTNERSHIP STATEMENT OF CHANGES IN PARTNERS' CAPITAL ACCOUNTS (Unaudited) For the six months ended June 30, 2000
MANAGING GENERAL OTHER PARTNER PARTNERS TOTAL ------------ ------------ ------------ BALANCE AT JANUARY 1, 2000 $1,469,832 $11,088,975 $12,558,807 Participation in revenue and expenses: Net Production Revenues 200,600 491,124 691,724 Depletion and depreciation (139,283) (287,002) (426,285) Other costs (Net) (2,885) (7,063) (9,948) ------------ ------------ ------------ Net Earnings 58,432 197,059 255,491 Distributions (35,121) (85,983) (121,104) ------------ ------------ ------------ BALANCE at JUNE 30, 2000 $1,493,143 $11,200,051 $12,693,194 ============ ============ ============
The notes to Financial Statements are an integral part of this statement. NOTES TO FINANCIAL STATEMENTS (UNAUDITED) ATLAS-ENERGY FOR THE NINETIES--PUBLIC #8 LTD. A PENNSYLVANIA LIMITED PARTNERSHIP 1. INTERIM FINANCIAL STATEMENTS The financial statements as of June 30, 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 #8 LTD. Management's discussion and analysis should be read in conjunction with the financial statements and notes thereto. RESULTS OF OPERATIONS SIX MONTHS ENDED JUNE 30, 2000 The Partnership commenced production in January, 2000. Natural gas sales revenue for the six months ended June 30, 2000 amounted to $769,316 based on gas production of 304,489 Mcf. The average sales price for gas production during this period was $2.82/Mcf. THREE MONTHS ENDED JUNE 30, 2000 Natural gas sales revenue for the three months ended June 30, 2000 amounted to $630,422 based on gas production of 244,649 Mcf. The average sales price for gas production during this period was $2.87/Mcf. FINANCIAL CONDITION LIQUIDITY There was one cash payment to the Partnership from the initial production from the wells in this program and one distribution to investors during the three months ended June 30, 2000. The Partnership's working capital increased from $(15,003) at December 31, 1999 to $545,668 at June 30, 2000. The increase is attributable to the commencement of natural gas production for new wells turned on-line during the first half of the year, which resulted in higher 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 #8 Ltd. By (Signature and Title:) Atlas Resources, Inc., Managing General Partner By (Signature and Title:) /s/ Tony C. Banks Tony C. Banks President, Chief Executive Officer and a Director Date: August 14, 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/ Tony C. Banks Tony C. Banks President, Chief Executive Officer and a Director Date: August 14, 2000 By: (Signature and Title:) /s/ William R. Seiler William R. Seiler Vice President, Chief Financial Officer, and Controller Date: August 14, 2000