-----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, R78fT+KUO5yZ+S7E5awsCrTnh0Lpr225UJgpd5D26fnaR9mHLSOk6z32rPI++Umg IrqsZUpJDSXA6VKDHt+frQ== 0000912057-01-515987.txt : 20010516 0000912057-01-515987.hdr.sgml : 20010516 ACCESSION NUMBER: 0000912057-01-515987 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20010331 FILED AS OF DATE: 20010515 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ATLAS ENERGY FOR NINETIES PUBLIC NO 8 LTD CENTRAL INDEX KEY: 0001088451 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 251836294 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 333-82389 FILM NUMBER: 1638051 BUSINESS ADDRESS: STREET 1: 311 ROUSER RD CITY: MOON TOWNSHIP STATE: PA ZIP: 15108 BUSINESS PHONE: 4122622830 MAIL ADDRESS: STREET 1: 311 ROUSER RD CITY: MOON TOWNSHIP STATE: PA ZIP: 15108 10QSB 1 a2049506z10qsb.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 March 31, 2001 [ ] TRANSITION REPORT PURSUANT SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from___________ to ____________ Commission file number Atlas America - 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 principle 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 America Public # 8 Ltd. (the "Partnership") for the period January 1, 2001 to March 31, 2001. Item 2. Description of Business The Partnership has spudded approximately 54.66 net wells to the Clinton/Medina formation in Mercer, Lawrence, Warren and Venango Counties, Pennsylvania and Trumbull County in Ohio. As of March 31, 2001, all wells are in production. Net Production revenue for the first three months was $1,064,632 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 Altas 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. 14-May-01 ATLAS AMERICA - PUBLIC #8 LTD. A PENNSYLVANIA LIMITED PARTNERSHIP BALANCE SHEET As of March 31, 2001 & December 31, 2000
MAR 31 2001 December 31 Increase (unaudited) 2000 (Decrease) ------------------------------------------ ASSETS CURRENT ASSETS Cash $ 22,346 $ 19,790 $ 2,556 Accounts receivable 992,707 785,058 207,649 ------------------------------------------ TOTAL CURRENT ASSETS 1,015,053 804,848 210,205 Oil and Gas drilling contracts/leases,net of accum. depl. & amort. 11,995,796 11,583,170 412,626 ------------------------------------------ TOTAL ASSETS $ 13,010,849 $ 12,388,018 $ 622,831 ========================================= LIABILITIES AND PARTNERS' CAPITAL Accounts payable $ 20,925 $ 22,876 $ (1,951) Partners' Capital 12,989,924 12,365,142 624,782 ------------------------------------------ TOTAL LIABILITIES AND PARTNERS' CAPITAL $ 13,010,849 $ 12,388,018 $ 622,831 =========================================
The notes to Financial Statements are an integral part of this statement. ATLAS AMERICA - PUBLIC #8 LTD. A PENNSYLVANIA LIMITED PARTNERSHIP STATEMENT OF INCOME (Unaudited) For the three months ended March 31, 2001 and 2000
Three Months Ended Mar 31, --------------------------- REVENUE 2001 2000 - ------- ---------- -------- Natural gas sales $1,048,036 $138,894 Interest 4,695 -0- ---------- -------- Total Revenue 1,052,731 138,894 EXPENSES - -------- Well Operating Expense 55,329 15,029 Depletion and depreciation of oil and gas wells and leases 157,318 83,776 General and administrative fees 13,204 2,761 ---------- -------- Total Expenses 225,851 101,566 ---------- -------- Net Earnings (Loss) $ 826,880 $ 37,328 ========== ========
The notes to Financial Statements are an integral part of this statement. ATLAS AMERICA - PUBLIC #8 LTD. A PENNSYLVANIA LIMITED PARTNERSHIP STATEMENT OF CASH FLOWS (Unaudited) For the three months ended March 31, 2001 and 2000
Three Months Ended Mar 31, Increase (Decrease) in Cash -------------------------- --------------------------- 2001 2000 -------------------------- Cash flows from operating activities Net Earnings $ 826,880 $ 37,328 Adjustments to reconcile net earnings to net cash provided by operating activities: Depletion and depreciation 157,318 83,776 (Increase) Decrease in accounts receivable (207,649) (123,865) Increase (Decrease) in accounts payable (1,951) 2,761 --------- --------- Cash provided by operating activities 774,598 0 Cash flows used in financing activities: Distributions to Partners (772,042) 0 --------- --------- Net Increase in Cash 2,556 0 Cash at beginning of period 19,790 0 --------- --------- Cash at end of period $22,346 $0 ========= =========
ATLAS AMERICA - PUBLIC #8 LTD. A PENNSYLVANIA LIMITED PARTNERSHIP STATEMENT OF CHANGES IN PARTNERS' CAPITAL ACCOUNTS (Unaudited) For the three months ended March 31, 2001
MANAGING GENERAL OTHER PARTNER PARTNERS TOTAL ---------- ----------- ----------- BALANCE AT JANUARY 1, 2001 $2,153,794 $10,781,292 $12,935,086 Participation in revenue and expenses: Net Production Revenues 287,885 $704,822 992,707 Interest 1,362 $3,333 4,695 Depletion and depreciation (45,622) ($111,696) (157,318) Other costs(G&A) (3,829) ($9,375) (13,204) ---------- ----------- ----------- Net Earnings 239,796 587,084 826,880 Cumulative effect of change in accounting principle 0 0 0 Distributions (223,892) ($548,150) (772,042) ---------- ----------- ----------- BALANCE AT MARCH 31, 2001 $2,169,698 $10,820,226 $12,989,924 ========== =========== ===========
The notes to Financial Statements are an integral part of this statement. NOTES TO FINANCIAL STATEMENTS (UNAUDITED) ATLAS AMERICA PUBLIC # 8 LTD. A PENNSYLVANIA LIMITED PARTNERSHIP 1. INTERIM FINANCIAL STATEMENTS The financial statements as of March 31, 2001 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, 2000 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 AMERICA PUBLIC # 8 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, 2001 Natural gas sales revenue for the three months ended March 31, 2001 amounted to $1,048,036 based on gas production of 164,681 Mcf. The average sales price for gas production during this period was $6.36/Mcf. FINANCIAL CONDITION LIQUIDITY The Partnership's working capital increased from $762,182 at December 31, 2000 to $971,782 at March 31, 2001. The increase is attributable to the unusually high winter natural gas prices. 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 America Public # 9 Ltd. By (Signature and Title:) Atlas Resources, Inc., Managing General Partner By (Signature and Title:) /s/ Frank Carolas Executive Vice President Date: May 14, 2001 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/ Frank Carolas Executive Vice President Date: May 14, 2001 By: (Signature and Title:) /s/ Louis Tierno, Jr. Corporate Controller Date: May 14, 2001 -----END PRIVACY-ENHANCED MESSAGE-----