10QSB 1 a2030293z10qsb.txt 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 September 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 September 30, 2000. Item 2. Description of Business The Partnership has placed 54.66 net wells in production in the Clinton/Medina formation in Mercer and Lawrence Counties, Pennsylvania and Stark and Trumbull Counties, Ohio. As of September 30, 2000, all 54.66 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 $871,243 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 drilling funds will be required. 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. Management does not anticipate that the Partnership will need to borrow. 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. 09-Nov-00 ATLAS-ENERGY FOR THE NINETIES--PUBLIC #8 LTD. A PENNSYLVANIA LIMITED PARTNERSHIP BALANCE SHEET AS OF SEPTEMBER 30, 2000 & DECEMBER 31, 1999
September 30, 2000 December 31, Increase (unaudited) 1999 (Decrease) -------------------------------------------------- ASSETS CURRENT ASSETS Cash $ 14,512 $ - $ 14,512 Accounts receivable 792,015 792,015 --------------- ------------- ------------- TOTAL CURRENT ASSETS 806,527 0 806,527 Oil and Gas drilling contracts/leases,net of accum. depl. & amort. 11,751,563 12,573,810 (822,247) --------------- ------------- ------------- TOTAL ASSETS $ 12,558,090 $ 12,573,810 $ (15,720) =============== ============= ============= LIABILITIES AND PARTNERS' CAPITAL Accounts payable $ 23,429 $ 15,003 $ 8,426 Partners' Capital 12,534,661 12,558,807 (24,146) --------------- ------------- ------------- TOTAL LIABILITIES AND PARTNERS' CAPITAL $ 12,558,090 $ 12,573,810 $ (15,720) =============== ============= =============
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 NINE MONTHS ENDED SEPTEMBER 30, 2000 & 1999
NINE MONTHS ENDED THIRD QUARTER ENDED SEPTEMBER 30, SEPTEMBER 30, REVENUE 2000 1999 2000 1999 ------- ----------------------------- ----------------------------- Natural gas sales $1,640,559 - $871,243 - Interest Income 19,263 - (731) - ------------ ------------ ------------ ------------ Total Revenue 1,659,822 - 870,512 - EXPENSES --------- Well Operating Expense 156,788 - 79,196 - Depletion and depreciation of oil and gas wells and leases 822,247 - 395,962 - General and administrative fees 41,596 - 12,071 - Miscellaneous 1,138 - 721 - ------------ ------------ ------------ ------------ Total Expenses 1,021,769 - 487,950 - ------------ ------------ ------------ ------------ Net Earnings $ 638,053 - $ 382,562 - ============ ============ ============ ============
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 NINE MONTHS ENDED SEPTEMBER 30, 2000 & 1999
NINE MONTHS ENDED ---------------------- SEPTEMBER 30, ---------------------- INCREASE (DECREASE) IN CASH 2000 1999 ---------------------- Cash flows from operating activities Net Earnings $ 638,053 $ - Adjustments to reconcile net earnings to net cash provided by operating activities: Depletion and depreciation 822,247 - (Increase) in accounts receivable (792,015) - Increase in accounts payable 8,425 - ----------- --------- Cash provided by operating activities 676,710 - Cash flows used in financing activities: Distributions to Partners (662,198) - ----------- --------- Net Increase in Cash 14,512 - Cash at beginning of period 0 - ----------- --------- Cash at end of period $ 14,512 $ - =========== =========
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 nine months ended September 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 430,294 1,053,477 1,483,771 Depletion and depreciation (254,112) (568,135) (822,247) Other costs (Net) (6,807) (16,664) (23,471) ------------- ------------- ------------- Net Earnings 169,375 468,678 638,053 Distributions (192,038) (470,161) (662,199) ------------- ------------- ------------- BALANCE at SEPTEMBER 30, 2000 $ 1,447,169 $ 11,087,492 $ 12,534,661 ============= ============= =============
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 September 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 NINE MONTHS ENDED SEPTEMBER 30, 2000 The Partnership commenced production in January, 2000. Natural gas sales revenue for the nine months ended September 30, 2000 amounted to $1,640,559 based on gas production of 587,319 Mcf. The average sales price for gas production during this period was $3.09/Mcf. THREE MONTHS ENDED SEPTEMBER 30, 2000 Natural gas sales revenue for the three months ended September 30, 2000 amounted to $871,243 based on gas production of 282,830 Mcf. The average sales price for gas production during this period was $3.36/Mcf. FINANCIAL CONDITION LIQUIDITY The initial distribution to partners was made during the second quarter of 2000. The Partnership's working capital increased from $(15,003) at December 31, 1999 to $783,099 at September 30, 2000. The increase is attributable to natural gas production during the current quarter, 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: November 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: November 14, 2000 By: (Signature and Title:) /s/ William R. Seiler William R. Seiler Vice President, Chief Financial Officer, and Controller Date: November 14, 2000