0001185185-18-000851.txt : 20180511 0001185185-18-000851.hdr.sgml : 20180511 20180511142904 ACCESSION NUMBER: 0001185185-18-000851 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 51 CONFORMED PERIOD OF REPORT: 20180331 FILED AS OF DATE: 20180511 DATE AS OF CHANGE: 20180511 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Energy 11, L.P. CENTRAL INDEX KEY: 0001581552 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 463070515 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-55615 FILM NUMBER: 18826353 BUSINESS ADDRESS: STREET 1: 814 EAST MAIN STREET CITY: RICHMOND STATE: VA ZIP: 23219 BUSINESS PHONE: 804-344-8121 MAIL ADDRESS: STREET 1: 814 EAST MAIN STREET CITY: RICHMOND STATE: VA ZIP: 23219 FORMER COMPANY: FORMER CONFORMED NAME: American Energy XI, L.P. DATE OF NAME CHANGE: 20130715 10-Q 1 energy11-10q033118.htm 10-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 

 
FORM 10-Q
 

 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended March 31, 2018
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _______ TO _______
 
Commission File Number 000-55615
 
Energy 11, L.P.
(Exact name of registrant as specified in its charter)
 
Delaware
46-3070515
(State or other jurisdiction
of incorporation or organization)
(IRS Employer
Identification No.)
 
 
120 W 3rd Street, Suite 220
Fort Worth, Texas
76102
(Address of principal executive offices) 
(Zip Code)
 
(817) 882-9192
(Registrant’s telephone number, including area code)
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 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   No 
 
 Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes    No
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer   
 
 
 
Accelerated filer
Non-accelerated filer      (Do not check if a smaller reporting company)
 
 
 
Smaller reporting company  
Emerging growth company   
 
 
 
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes    No 
 
As of April 30, 2018, the Partnership had 18,973,474 common units outstanding.


Energy 11, L.P.
Form 10-Q
Index
 
 
Page Number
PART I.  FINANCIAL INFORMATION
 
 
 
 
Item 1.
 
 
 
 
 
 
 
3
 
 
 
 
 
 
4
 
 
 
 
 
 
5
 
 
 
 
 
 
6
 
 
 
 
 
Item 2.
14
 
 
 
 
 
Item 3.
21
 
 
 
 
 
Item 4.
21
 
 
 
 
PART II.  OTHER INFORMATION
 
 
 
 
Item 1.
22
 
 
 
 
 
Item 1A.
22
 
 
 
 
 
Item 2.
22
 
 
 
 
 
Item 3.
22
 
 
 
 
 
Item 4.
22
 
 
 
 
 
Item 5.
22
 
 
 
 
 
Item 6.
22
 
 
 
 
23
 
 
 
PART I. FINANCIAL INFORMATION

Item 1.  Financial Statements

Energy 11, L.P.
 Consolidated Balance Sheets
(Unaudited)

             
    March 31,    
December 31,
 
 
2018
    2017  
             
Assets
           
Cash and cash equivalents
 
$
2,734,467
   
$
11,090,846
 
Oil, natural gas and natural gas liquids revenue receivable
   
7,035,455
     
6,219,193
 
Other current assets
   
158,803
     
162,930
 
Total Current Assets
   
9,928,725
     
17,472,969
 
                 
Oil and natural gas properties, successful efforts method, net of accumulated depreciation,
depletion and amortization of $28,885,163 and $24,934,190, respectively
   
322,409,071
     
321,766,616
 
Total Assets
 
$
332,337,796
   
$
339,239,585
 
 
               
Liabilities
               
Accounts payable and accrued expenses
 
$
4,476,869
   
$
2,733,131
 
Derivative liability
   
1,715,642
     
1,026,965
 
Total Current Liabilities
   
6,192,511
     
3,760,096
 
 
               
Revolving credit facility
   
13,000,000
     
20,000,000
 
Asset retirement obligations
   
1,243,676
     
1,226,879
 
Total Liabilities
   
20,436,187
     
24,986,975
 
                 
Partners’ Equity
               
Limited partners’ interest (18,973,474 common units issued and outstanding, respectively)
   
311,903,336
     
314,254,337
 
General partner’s interest
   
(1,727
)
   
(1,727
)
Class B Units (62,500 units issued and outstanding, respectively)
   
-
     
-
 
Total Partners’ Equity
   
311,901,609
     
314,252,610
 
 
               
Total Liabilities and Partners’ Equity
 
$
332,337,796
   
$
339,239,585
 
 
See notes to consolidated financial statements.


3


Energy 11, L.P.
 Consolidated Statements of Operations
(Unaudited)
 
   
 
Three Months Ended
   
Three Months Ended
 
  
 
March 31, 2018
   
March 31, 2017
 
 
           
Oil, natural gas and natural gas liquids revenues
 
$
13,067,734
   
$
10,141,266
 
 
               
Operating costs and expenses
               
Production expenses
   
2,934,666
     
2,731,854
 
Production taxes
   
1,075,125
     
857,733
 
General and administrative expenses
   
381,616
     
501,741
 
Depreciation, depletion, amortization and accretion
   
3,967,770
     
3,256,258
 
Total operating costs and expenses
   
8,359,177
     
7,347,586
 
 
               
Operating income
   
4,708,557
     
2,793,680
 
 
               
Loss on derivatives
   
(1,162,255
)
   
-
 
Interest expense, net
   
(220,857
)
   
(172,609
)
Total other expense, net
   
(1,383,112
)
   
(172,609
)
 
               
Net income
 
$
3,325,445
   
$
2,621,071
 
 
               
Basic and diluted net income per common unit
 
$
0.18
   
$
0.17
 
 
               
Weighted average common units outstanding - basic and diluted
   
18,973,474
     
15,809,588
 
 
See notes to consolidated financial statements.

4


Energy 11, L.P.
Consolidated Statements of Cash Flows
(Unaudited)

   
Three Months Ended
   
Three Months Ended
 
   
March 31, 2018
   
March 31, 2017
 
             
Cash flow from operating activities:
           
Net income
 
$
3,325,445
   
$
2,621,071
 
                 
Adjustments to reconcile net income to cash from operating activities:
               
Depreciation, depletion, amortization and accretion
   
3,967,770
     
3,256,258
 
Loss on mark-to-market of derivatives
   
688,677
     
-
 
Non-cash expenses, net
   
11,352
     
23,449
 
                 
Changes in operating assets and liabilities:
               
Oil, natural gas and natural gas liquids revenue receivable
   
(816,262
)
   
(2,977,569
)
Other current assets
   
(5,380
)
   
22,933
 
Accounts payable and accrued expenses
   
(118,935
)
   
717,514
 
 
               
Net cash flow provided by operating activities
   
7,052,667
     
3,663,656
 
 
               
Cash flow from investing activities:
               
Cash paid for acquisition of oil and natural gas properties
   
-
     
(98,327,930
)
Additions to oil and natural gas properties
   
(2,730,755
)
   
(114,612
)
                 
Net cash flow used in investing activities
   
(2,730,755
)
   
(98,442,542
)
 
               
Cash flow from financing activities:
               
Cash paid for loan costs
   
(1,845
)
   
-
 
Payments on revolving credit facility
   
(7,000,000
)
   
-
 
Net proceeds related to issuance of units
   
-
     
58,504,622
 
Distributions paid to limited partners
   
(5,676,446
)
   
(5,488,149
)
Payments on note payable
   
-
     
(40,000,000
)
                 
Net cash flow used in financing activities
   
(12,678,291
)
   
13,016,473
 
 
               
Decrease in cash and cash equivalents
   
(8,356,379
)
   
(81,762,413
)
Cash and cash equivalents, beginning of period
   
11,090,846
     
86,800,596
 
 
               
Cash and cash equivalents, end of period
 
$
2,734,467
   
$
5,038,183
 
 
               
Interest paid
 
$
231,792
   
$
158,904
 
                 
Supplemental non-cash information:
               
Note payable assumed in Acquisition No. 2
   
-
     
40,000,000
 
Note payable assumed in Acquisition No. 3
   
-
     
33,000,000
 


See notes to consolidated financial statements.

5


Energy 11, L.P.
Notes to Consolidated Financial Statements
March 31, 2018
(Unaudited)
 
Note 1.  Partnership Organization
 
Energy 11, L.P. (the “Partnership”) is a Delaware limited partnership formed to acquire producing and non-producing oil and natural gas properties onshore in the United States and to develop those properties. The initial capitalization of the Partnership of $1,000 occurred on July 9, 2013. The Partnership completed its best-efforts offering on April 24, 2017 with a total of approximately 19.0 million common units sold for gross proceeds of $374.2 million and proceeds net of offering costs of $349.6 million.

As of March 31, 2018, the Partnership owned an approximate 26-27% non-operated working interest in 217 currently producing wells, 4 wells currently being drilled and approximately 247 future development sites in the Sanish field located in Mountrail County, North Dakota (collectively, the “Sanish Field Assets”), which is part of the Bakken shale formation in the Greater Williston Basin. Whiting Petroleum Corporation (“Whiting”), one of the largest producers in the basin, operates substantially all of the Sanish Field Assets.
 
The general partner of the Partnership is Energy 11 GP, LLC (the “General Partner”). The General Partner manages and controls the business affairs of the Partnership.

The Partnership’s fiscal year ends on December 31.
 
Note 2.  Summary of Significant Accounting Policies
 
Basis of Presentation

The accompanying unaudited financial statements have been prepared in accordance with the instructions for Article 10 of SEC Regulation S-X. Accordingly, they do not include all of the information required by generally accepted accounting principles (“GAAP”) in the United States. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These unaudited financial statements should be read in conjunction with the Partnership’s audited consolidated financial statements included in its 2017 Annual Report on Form 10-K. Operating results for the three months ended March 31, 2018 are not necessarily indicative of the results that may be expected for the twelve-month period ending December 31, 2018. 
 
Use of Estimates
 
The preparation of financial statements in conformity with United States GAAP requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

Net Income Per Common Unit
 
Basic net income per common unit is computed as net income divided by the weighted average number of common units outstanding during the period. Diluted net income per common unit is calculated after giving effect to all potential common units that were dilutive and outstanding for the period. There were no common units with a dilutive effect for the three months ended March 31, 2018 and 2017. As a result, basic and diluted outstanding common units were the same. The Class B units and Incentive Distribution Rights, as defined below, are not included in net income per common unit until such time that it is probable Payout (as discussed in Note 8) will occur.

Recently Adopted Accounting Standards

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606), that amends the former revenue recognition guidance and provides a revised comprehensive revenue recognition model with customers that contains principles that an entity will apply to determine the measurement of revenue and timing of when it is recognized. ASU 2014-09 is effective for annual and interim periods beginning after December 15, 2017. The Partnership adopted this standard on January 1, 2018 using the modified retrospective approach.

6

Impact of Topic 606 Adoption

In accordance with Topic 606, the Partnership completed a detailed review of its revenue contracts, which represent all of the Partnership’s revenue streams, including oil, natural gas and natural gas liquids sales, to determine the effect of the new standard for the three months ended March 31, 2018. The Partnership did not record a change to its opening retained earnings as of January 1, 2018, as there was no material change to the timing or pattern of revenue recognition due to the adoption of ASC 606. The Partnership is bound by a joint operating agreement with the operator of each of its producing wells. Under the joint operating agreement, the Partnership’s proportionate share of production is marketed at the discretion of the operators. Virtually all of the Partnership’s contracts’ pricing provisions are tied to a market index, with certain adjustments based on, among other factors, whether a well delivers to a gathering or transmission line, quality of oil, natural gas and natural gas liquids and prevailing supply and demand conditions, so that prices fluctuate to remain competitive with other available suppliers. The Partnership typically satisfies its performance obligations upon transfer of control of its products and records the related revenue in the month production is delivered to the purchaser. Settlement receipts for sales of oil, natural gas and natural gas liquids may not be received for two to three months after the date production is delivered by the operator, and as a result, the Partnership is required to estimate the amount of production delivered by the operator and the price that will be received for the sale of the product. The Partnership records the differences between estimates and the actual amounts received for product sales in the month that payment is received from the operator. Historically, differences between the Partnership’s revenue estimates and actual revenue received have not been significant.

The following table disaggregates the Partnership’s revenue streams that are summarized as “Oil, natural gas and natural gas liquids revenues” on the consolidated statements of operations for the three months ended March 31, 2018 and 2017.
 
   
Three Months Ended
March 31, 2018
   
Three Months Ended
March 31, 2017
 
             
Oil revenues
 
$
10,644,693
   
$
8,443,214
 
Natural gas revenues
   
932,998
     
670,282
 
Natural gas liquids revenues
   
1,490,043
     
1,027,770
 
   
$
13,067,734
   
$
10,141,266
 
 
 
Recently Issued Accounting Standards

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets as right-of-use assets and lease liabilities. The standard is effective for annual and interim periods beginning after December 15, 2018 with early adoption permitted. The Partnership expects to adopt this standard as of January 1, 2019. The Partnership is still evaluating the impact this standard will have on its consolidated financial statements and related disclosures.

Note 3.  Oil and Natural Gas Investments

On December 18, 2015, the Partnership completed its purchase (“Acquisition No. 1”) of an approximate 11% non-operated working interest in the Sanish Field Assets for approximately $159.6 million. The Partnership accounted for Acquisition No. 1 as a business combination, and therefore expensed, as incurred, transaction costs associated with this acquisition. These costs included, but were not limited to, due diligence, reserve reports, legal and engineering services and site visits.

On January 11, 2017, the Partnership completed its purchase (“Acquisition No. 2”) of an additional approximate 11% non-operated working interest in the Sanish Field Assets for approximately $128.5 million. The Partnership accounted for Acquisition No. 2 as a purchase of a group of similar assets, and therefore capitalized transaction costs associated with this acquisition. Total transaction costs incurred for Acquisition No. 2 were approximately $43,000. The Partnership also recorded an asset retirement obligation liability of approximately $0.8 million in conjunction with this acquisition. Acquisition No. 2 increased the Partnership’s non-operated working interest in the Sanish Field Assets to approximately 22-23%.

On March 31, 2017, the Partnership completed its purchase (“Acquisition No. 3”) of an additional approximate average 10.5% non-operated working interest in 82 of the Partnership’s then 216 existing producing wells and 150 of the Partnership’s then 253 future development locations in the Sanish Field Assets for approximately $52.4 million. The Partnership accounted for Acquisition No. 3 as a purchase of a group of similar assets, and therefore capitalized transaction costs associated with this acquisition. Total transaction costs incurred for Acquisition No. 3 were approximately $80,000. The Partnership also recorded an asset retirement obligation liability of approximately $0.3 million in conjunction with this acquisition. Acquisition No. 3 increased the Partnership’s total non-operated working interest in the Sanish Field Assets to approximately 26-27%.

7

The following unaudited pro forma financial information for the three-month period ended March 31, 2017 has been prepared as if Acquisitions No. 2 and No. 3 of the Sanish Field Assets had occurred on January 1, 2017. The unaudited pro forma financial information was derived from the historical Statements of Operations of the Partnership and the historical information provided by the sellers. The unaudited pro forma financial information does not purport to be indicative of the results of operations that would have occurred had the acquisitions of the Sanish Field Assets and related financings occurred on the basis assumed above, nor is such information indicative of the Partnership’s expected future results of operations.

   
Three Months Ended
March 31, 2017
 
Revenues
 
$
12,456,650
 
Net income
 
$
2,869,027
 
 
In October and November 2017, the Partnership elected to participate in the drilling and completion of six new wells. Two of the six wells were completed in March 2018. These two wells were completed and are being operated by Whiting, and the Partnership has an estimated approximate 29% non-operated working interest in these two wells. The other four wells are being drilled and will be operated by Oasis Petroleum, Inc. (NYSE: OAS), and the Partnership will have an estimated approximate 7-9% non-operated working interest in these four wells. These four wells are anticipated to be completed in the second quarter of 2018. In total, the Partnership’s capital expenditures for the drilling and completion of the six wells discussed above are estimated to be approximately $7.0 million, of which approximately $5.3 million had been incurred as of March 31, 2018, including approximately $4.0 million in the first quarter of 2018.

Note 4.  Debt

As part of the financing for Acquisition No. 2 completed on January 11, 2017, the Partnership executed a note (“Seller Note 2”) in favor of the sellers in the original principal amount of $40.0 million. The Partnership paid the $40.0 million Seller Note 2, which bore interest at 5%, in full on February 23, 2017.

As part of the financing for Acquisition No. 3 completed on March 31, 2017, the Partnership executed a note (“Seller Note 3”) in favor of the sellers in the original principal amount of $33.0 million. Seller Note 3 bore interest at 5% per annum and was payable in full no later than August 1, 2017 (“Maturity Date”). In July 2017, the Partnership and the sellers executed a First Amendment to Seller Note 3 (“Amended Note”), which extended the maturity date to June 29, 2018 (“Extended Maturity Date”). The Amended Note also bore interest at 5% per annum. The Partnership paid the outstanding balance on the Amended Note of approximately $5.9 million, including interest, on November 21, 2017 in conjunction with the closing on the credit facility discussed below. There was no penalty for prepayment of the Amended Note.

On November 21, 2017, the Partnership, as the borrower, entered into a loan agreement (the “Loan Agreement”) with Bank SNB (the “Lender”), which provides for a revolving credit facility (the “Credit Facility”) with an approved initial commitment amount of $20 million (the “Revolver Commitment Amount”), subject to borrowing base restrictions. The commitment amount may be increased up to $75 million with Lender approval. The Partnership paid an origination fee of 0.30% of the Revolver Commitment Amount, or $60,000, and is subject to additional origination fees of 0.30% for any borrowings made in excess of the Revolver Commitment Amount. The Partnership is also required to pay an unused facility fee of 0.50% on the unused portion of the Revolver Commitment Amount, based on the amount of borrowings outstanding during a quarter. The maturity date is November 21, 2019.

The interest rate, subject to certain exceptions, is equal to the London Inter-Bank Offered Rate (LIBOR) plus a margin ranging from 2.50% to 3.50%, depending upon the Partnership’s borrowing base utilization, as calculated under the terms of the Loan Agreement. At March 31, 2018, the borrowing base was $30 million and the interest rate for the Credit Facility was 5.06%.

The Credit Facility is available to provide additional liquidity for capital investments, including the completion of the four wells described in “Note 3. Oil and Gas Investments,” and other corporate working capital requirements. Under the terms of the Loan Agreement, the Partnership may make voluntary prepayments, in whole or in part, at any time with no penalty. The Credit Facility is secured by a mortgage and first lien position on at least 80% of the Partnership’s producing wells.

The Credit Facility contains mandatory prepayment requirements, customary affirmative and negative covenants and events of default. The financial covenants include:

· a maximum leverage ratio
· a minimum current ratio
· maximum distributions

8

The Partnership was in compliance with the applicable covenants at March 31, 2018.

As of March 31, 2018, the outstanding balance on the Credit Facility was $13.0 million, which approximates its fair market value. The Partnership estimated the fair value of its Credit Facility by discounting the future cash flows of the instrument at estimated market rates consistent with the maturity of a debt obligation with similar credit terms and credit characteristics, which are Level 3 inputs under the fair value hierarchy. Market rates take into consideration general market conditions and maturity.

Note 5.  Asset Retirement Obligations

The Partnership records an asset retirement obligation (“ARO”) and capitalizes the asset retirement costs in oil and natural gas properties in the period in which the asset retirement obligation is incurred based upon the fair value of an obligation to perform site reclamation, dismantle facilities or plug and abandon wells. After recording these amounts, the ARO is accreted to its future estimated value using an assumed cost of funds and the additional capitalized costs are depreciated on a unit-of-production basis. Inherent in the present value calculation are numerous assumptions and judgments including the ultimate settlement amounts, inflation factors, credit adjusted discount rates, timing of settlement and changes in the legal, regulatory, environmental and political environments. To the extent future revisions of these assumptions impact the present value of the existing asset retirement obligation, a corresponding adjustment is made to the oil and natural gas property balance. The changes in the aggregate ARO are as follows:
 
 
 
2018
   
2017
 
Balance as of January 1
 
$
1,226,879
   
$
70,623
 
Liabilities incurred - Acquisition No. 2
   
-
     
781,628
 
Liabilities incurred - Acquisition No. 3
   
-
     
289,827
 
Revisions
   
-
     
36,625
 
Accretion expense
   
16,797
     
11,172
 
Balance as of March 31
 
$
1,243,676
   
$
1,189,875
 
 
Note 6.  Fair Value of Financial Instruments

The Partnership follows authoritative guidance related to fair value measurement and disclosure, which establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy categorizes assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement using market participant assumptions at the measurement date. Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows:

·
Level 1: Quoted prices in active markets for identical assets
·
Level 2: Significant other observable inputs – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, either directly or indirectly, for substantially the full term of the financial instrument
·
Level 3: Significant unobservable inputs

The Partnership’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and the consideration of factors specific to the asset or liability. The Partnership’s policy is to recognize transfers in or out of a fair value hierarchy as of the end of the reporting period for which the event or change in circumstances caused the transfer. The Partnership has consistently applied the valuation techniques discussed above for all periods presented. During the three months ended March 31, 2018 and 2017, there were no transfers in or out of Level 1, Level 2, or Level 3 assets and liabilities measured on a recurring basis.

9

As required, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Partnership did not have any financial assets and liabilities that were accounted for at fair value as of March 31, 2017, except for those instruments discussed below in “Fair Value of Other Financial Instruments.” The following table sets forth by level within the fair value hierarchy the Partnership’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2018.
 
   
Fair Value Measurements at March 31, 2018
 
   
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
   
Significant Other
Observable Inputs
(Level 2)
   
Significant Unobservable
Inputs
(Level 3)
 
Commodity derivatives - current assets
 
$
-
   
$
-
   
$
-
 
Commodity derivatives - current liabilities
   
-
     
(1,715,642
)
   
-
 
Total
 
$
-
   
$
(1,715,642
)
 
$
-
 

The Level 2 instruments presented in the table above consist of Partnership’s costless collar commodity derivative instruments. The fair value of the Partnership’s derivative financial instruments is determined based upon future prices, volatility and time to maturity, among other things. Counterparty statements are utilized to determine the value of the commodity derivative instruments and are reviewed and corroborated using various methodologies and significant observable inputs. The fair value of the commodity derivatives noted above are included in the Partnership’s consolidated balance sheet in Derivative liability at March 31, 2018. See additional detail in Note 7. Risk Management.

Fair Value of Other Financial Instruments

The carrying value of the Partnership’s cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities reflect these items’ cost, which approximates fair value based on the timing of the anticipated cash flows, current market conditions and short-term maturity of these instruments. In addition, see Note 4. Debt for the fair value discussion on the Partnership’s debt.

Note 7.  Risk Management

Participation in the oil and gas industry exposes the Partnership to risks associated with potentially volatile changes in energy commodity prices, and therefore, the Partnership’s future earnings are subject to these risks. In December 2017, the Partnership began to utilize derivative contracts to manage the commodity price risk on the Partnership’s future oil production it will produce and sell and to reduce the effect of volatility in commodity price changes to provide a base level of cash flow from operations. All derivative instruments are recorded on the Partnership’s balance sheet as assets or liabilities measured at fair value.
 
At March 31, 2018 and December 31, 2017, the Partnership’s costless collar derivative instruments were in a net loss position; therefore, the current Derivative liability on the consolidated balance sheets was approximately $1.7 million and $1.0 million, respectively, which approximated fair value. The Partnership has not designated its derivative instruments as hedges for accounting purposes and has not entered into such instruments for speculative trading purposes. As a result, when derivatives do not qualify or are not designated as a hedge, the changes in the fair value are recognized on the Partnership’s consolidated statements of operations as a gain or loss on derivative instruments. The Partnership recognized a total net loss on its derivative instruments of approximately $1.2 million for the three months ended March 31, 2018, which was recorded in the consolidated statements of operations as Loss on derivatives. The loss was comprised of (i) $0.5 million of losses the Partnerships recognized on settled derivatives during the period and (ii) $0.7 million of a mark-to-market loss incurred on derivative instruments outstanding at period end.

The Partnership determines the estimated fair value of derivative instruments using a market approach based on several factors, including quoted market prices in active markets and quotes from third parties, among other things. The Partnership also performs an internal valuation to ensure the reasonableness of third-party quotes. In consideration of counterparty credit risk, the Partnership assessed the possibility of whether the counterparty to the derivative would default by failing to make any contractually-required payments. Additionally, the Partnership considers that it is of substantial credit quality and has the financial resources and willingness to meet its potential repayment obligations associated with the derivative transactions. See additional discussion above in Note 6. Fair Value of Financial Instruments.

10

The following table presents settlements on matured derivative instruments and non-cash losses on open derivative instruments for the period presented. Settlements on matured derivatives below reflect losses on derivative contracts which matured during the period, calculated as the difference between the contract price and the market settlement price. Non-cash losses below represent the change in fair value of derivative instruments which were held at period-end.

   
Three Months Ended
March 31, 2018
 
Settlements on matured derivatives
 
$
(473,578
)
Loss on mark-to-market of derivatives
   
(688,677
)
Loss on derivatives
 
$
(1,162,255
)


The Partnership’s derivative contracts are costless collars, which are used to establish floor and ceiling prices on future anticipated oil production. The Partnership did not pay or receive a premium related to the costless collar agreements. The contracts are settled monthly. The follow table reflects the open costless collar agreements as of March 31, 2018.
 
Settlement Period
 
Basis
 
Oil (Barrels)
   
Floor / Ceiling Prices ($)
   
Fair Value of Asset /
(Liability) at
March 31, 2018
 
04/01/18 - 12/31/18
 
NYMEX
   
216,000
   
$
52.00 / 57.05
   
$
(1,500,989
)
04/01/18 - 12/31/18
 
NYMEX
   
27,000
   
$
55.00 / 61.35
     
(93,432
)
04/01/18 - 12/31/18
 
NYMEX
   
27,000
   
$
55.00 / 62.25
     
(78,638
)
04/01/18 - 12/31/18
 
NYMEX
   
27,000
   
$
56.00 / 65.25
     
(33,223
)
04/01/18 - 12/31/18
 
NYMEX
   
27,000
   
$
58.00 / 66.50
     
(9,360
)
                       
$
(1,715,642
)

All of the Partnership’s outstanding derivative instruments are covered by an International Swap Dealers Association Master Agreement (“ISDA”) entered into with the counterparty. The ISDA may provide that as a result of certain circumstances, such as cross-defaults, a counterparty may require all outstanding derivative instruments under an ISDA to be settled immediately. The Partnership has netting arrangements with the counterparty that provide for offsetting payables against receivables from separate derivative instruments.

Note 8.  Capital Contribution and Partners’ Equity
 
At inception, the General Partner and organizational limited partner made initial capital contributions totaling $1,000 to the Partnership.  Upon closing of the minimum offering, the organizational limited partner withdrew its initial capital contribution of $990, the General Partner received Incentive Distribution Rights (defined below).

The Partnership completed its best-efforts offering of common units on April 24, 2017. As of the conclusion of the offering on April 24, 2017, the Partnership had completed the sale of approximately 19.0 million common units for total gross proceeds of $374.2 million and proceeds net of offerings costs of $349.6 million.
 
Under the agreement with David Lerner Associates, Inc. (the “Dealer Manager”), the Dealer Manager received a total of 6% in selling commissions and a marketing expense allowance based on gross proceeds of the common units sold.  The Dealer Manager will also be paid a contingent incentive fee, which is a cash payment of up to an amount equal to 4% of gross proceeds of the common units sold based on the performance of the Partnership. Based on the common units sold through the best-efforts offering, the total contingent fee is a maximum of approximately $15.0 million.

Prior to “Payout,” which is defined below, all of the distributions made by the Partnership, if any, will be paid to the holders of common units.  Accordingly, the Partnership will not make any distributions with respect to the Incentive Distribution Rights or with respect to Class B units and will not make the contingent incentive payments to the Dealer Manager, until Payout occurs.
  
The Partnership Agreement provides that Payout occurs on the day when the aggregate amount distributed with respect to each of the common units equals $20.00 plus the Payout Accrual. The Partnership Agreement defines “Payout Accrual” as 7% per annum simple interest accrued monthly until paid on the Net Investment Amount outstanding from time to time. The Partnership Agreement defines Net Investment Amount initially as $20.00 per unit, regardless of the amount paid for the unit. If at any time the Partnership distributes to holders of common units more than the Payout Accrual, the amount the Partnership distributes in excess of the Payout Accrual will reduce the Net Investment Amount.

11

All distributions made by the Partnership after Payout, which may include all or a portion of the proceeds of the sale of all or substantially all of the Partnership’s assets, will be made as follows:
 
·
First, (i) to the Record Holders of the Incentive Distribution Rights, 35%; (ii) to the Record Holders of the Outstanding Class B units, pro rata based on the number of Class B units owned, 35% multiplied by a fraction, the numerator of which is the number of Class B units outstanding and the denominator of which is 100,000 (currently, there are 62,500 Class B units outstanding; therefore, Class B units could receive 21.875%); (iii) to the Dealer Manager, as the Dealer Manager contingent incentive fee paid under the Dealer Manager Agreement, 30%, and (iv) the remaining amount, if any (currently 13.125%), to the Record Holders of outstanding common units, pro rata based on their percentage interest until such time as the Dealer Manager receives the full amount of the Dealer Manager contingent incentive fee under the Dealer Manager Agreement;

·
Thereafter, (i) to the Record Holders of the Incentive Distribution Rights, 35%; (ii) to the Record Holders of the Outstanding Class B units, pro rata based on the number of Class B units owned, 35% multiplied by a fraction, the numerator of which is the number of Class B units outstanding and the denominator of which is 100,000 (currently, there are 62,500 Class B units outstanding; therefore, Class B units could receive 21.875%); (iii) the remaining amount to the Record Holders of outstanding common units, pro rata based on their percentage interest (currently 43.125%).
 
For the three months ended March 31, 2018 and 2017, the Partnership paid distributions of $0.299178 and $0.349041 per common unit, or $5.7 million and $5.5 million, respectively.

In the fourth quarter of 2017, the General Partner approved an adjustment to the annualized distribution rate to an annualized return of six percent based on a limited partner’s Net Investment Amount of $20.00 per common unit. The six percent distribution rate was effective with the November 29, 2017 distribution. The difference between any distribution and an annualized return of seven percent based on the Net Investment Amount is required to be paid before final Payout occurs as defined above. As of March 31, 2018, the accumulated unpaid distributions totaled $0.084383 per common unit, or approximately $1.6 million.

In March 2018, the General Partner approved an increase to the annualized distribution rate back to seven percent based on a limited partner’s Net Investment Amount. The seven percent distribution rate was effective with the April 26, 2018 distribution.

Note 9.  Related Parties
 
The Partnership has, and is expected to continue to engage in, significant transactions with related parties. These transactions cannot be construed to be at arm’s length and the results of the Partnership’s operations may be different than if conducted with non-related parties. The General Partner’s Board of Directors oversees and reviews the Partnership’s related party relationships and is required to approve any significant modifications to any existing related party transactions, as well as any new significant related party transactions.

For the three months ended March 31, 2018 and 2017, approximately $71,000 and $80,000 of general and administrative costs were incurred by a member of the General Partner and have been or will be reimbursed by the Partnership. At March 31, 2018, approximately $71,000 was due to a member of the General Partner and is included in Accounts payable and accrued expenses on the consolidated balance sheets.

The members of the General Partner are affiliates of Glade M. Knight, Chairman and Chief Executive Officer, David S. McKenney, Chief Financial Officer, Anthony F. Keating, III, Co-Chief Operating Officer and Michael J. Mallick, Co-Chief Operating Officer. Mr. Knight and Mr. McKenney are also the Chief Executive Officer and Chief Financial Officer of Energy Resources 12 GP, LLC, the general partner of Energy Resources 12, L.P. (“ER12”), a limited partnership that also invests in producing and non-producing oil and gas properties on-shore in the United States. On January 31, 2018, the Partnership entered into a cost sharing agreement with ER12 that gives ER12 access to the Partnership’s personnel and administrative resources, including accounting, asset management and other day-to-day management support. The shared day-to-day costs are split evenly between the two partnerships and any direct third-party costs are paid by the party receiving the services. The shared costs are based on actual costs incurred with no mark-up or profit to the Partnership. The agreement may be terminated at any time by either party upon 60 days written notice.

The Partnership leases office space in Oklahoma City, Oklahoma on a month-to-month basis from an affiliate of the General Partner. For the three months ended March 31, 2018 and 2017, the Partnership paid $25,611 to the affiliate of the General Partner.

12

The office space is shared between the Partnership and ER12; therefore, under the cost sharing agreement, the monthly payment of $8,537 is split between the two partnerships. In addition to the office space, the cost sharing agreement reduces the costs to the Partnership for accounting and asset management services provided through a member of the General Partner noted above. The compensation due to Clifford J. Merritt, President of the General Partner, is also a shared cost between the Partnership and ER12. For the three months ended March 31, 2018, approximately $47,000 of expenses subject to the cost sharing agreement were incurred by the Partnership and will be reimbursed by ER12. At March 31, 2018, the approximately $47,000 due to the Partnership from ER12 is included in Other current assets in the consolidated balance sheets.

In November 2017, ER12 engaged Regional Energy Investors, LP (“REI”) to perform advisory and consulting services, including supporting ER12 through closing and post-closing on the purchase of certain oil and gas properties in North Dakota. REI is owned by entities that are controlled by Mr. Keating and Mr. Mallick and has engaged Mr. Merritt to support its operations. With the fees received from ER12 for advisory and consulting services, REI paid certain personnel utilized by the Partnership, including Mr. Merritt, an aggregate total of $500,000.

Note 10.  Subsequent Events

In April 2018, the Partnership declared and paid $2.0 million, or $0.107397 per outstanding common unit, in distributions to its holders of common units.
13


Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Certain statements within this report may constitute forward-looking statements. Forward-looking statements are those that do not relate solely to historical fact. They include, but are not limited to, any statement that may predict, forecast, indicate or imply future results, performance, achievements or events. You can identify these statements by the use of words such as “may,” “will,” “could,” “anticipate,” “believe,” “estimate,” “expect,” “intend,” “predict,” “continue,” “further,” “seek,” “plan” or “project” and variations of these words or comparable words or phrases of similar meaning.
 
These forward-looking statements include such things as:
 
·
references to future success in the Partnership’s drilling and marketing activities;
·
the Partnership’s business strategy;
·
estimated future distributions;
·
estimated future capital expenditures;
·
sales of the Partnership’s properties and other liquidity events;
·
competitive strengths and goals; and
·
other similar matters.
 
These forward-looking statements reflect the Partnership’s current beliefs and expectations with respect to future events and are based on assumptions and are subject to risks and uncertainties and other factors outside the Partnership’s control that may cause actual results to differ materially from those projected. Such factors include, but are not limited to, those described under “Risk Factors” and the following:
 
·
that the Partnership’s strategy of acquiring oil and gas properties on attractive terms and developing those properties may not be successful or that the Partnership’s operations on properties acquired may not be successful;
·
general economic, market, or business conditions;
·
changes in laws or regulations;
·
the risk that the wells in which the Partnership acquires an interest are productive, but do not produce enough revenue to return the investment made;
·
the risk that the wells the Partnership drills do not find hydrocarbons in commercial quantities or, even if commercial quantities are encountered, that actual production is lower than expected on the productive life of wells is shorter than expected;
·
current credit market conditions and the Partnership’s ability to obtain long-term financing or refinancing debt for the Partnership’s drilling activities in a timely manner and on terms that are consistent with what the Partnership projects;
·
uncertainties concerning the price of oil and natural gas, which may decrease and remain low for prolonged periods; and
·
the risk that any hedging policy the Partnership employs to reduce the effects of changes in the prices of the Partnership’s production will not be effective.
 
Although the Partnership believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, the Partnership cannot assure investors that its expectations will be attained or that any deviations will not be material. Investors are cautioned that forward-looking statements speak only as of the date they are made and that, except as required by law, the Partnership undertakes no obligation to update these forward-looking statements to reflect any future events or circumstances. All subsequent written or oral forward-looking statements attributable to the Partnership or to individuals acting on its behalf are expressly qualified in their entirety by this section.

The following discussion and analysis should be read in conjunction with the Partnership’s Unaudited Consolidated Financial Statements and Notes thereto, appearing elsewhere in this Quarterly Report on Form 10-Q, as well as the information contained in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2017.

Overview

The Partnership was formed as a Delaware limited partnership. The General Partner is Energy 11 GP, LLC (the “General Partner”). The initial capitalization of the Partnership of $1,000 occurred on July 9, 2013. The Partnership began offering common units of limited partner interest (the “common units”) on a best-efforts basis on January 22, 2015, the date the Partnership’s initial Registration Statement on Form S-1 (File No. 333-197476) was declared effective by the SEC. The Partnership completed its best-efforts offering on April 24, 2017. Total common units sold were approximately 19.0 million for gross proceeds of $374.2 million and proceeds net of offering costs of $349.6 million.

14


As of March 31, 2018, the Partnership owned an approximate 26-27% non-operated working interest in 217 currently producing wells, 4 wells currently being drilled and approximately 247 future development sites in the Sanish field located in Mountrail County, North Dakota (collectively, the “Sanish Field Assets”). Substantially all of the Sanish Field Assets are operated by Whiting Petroleum Corporation (“Whiting”) (NYSE: WLL), a publicly traded oil and gas company and one of the largest producers in the basin.

The Partnership has no officers, directors or employees. Instead, the General Partner manages the day-to-day affairs of the Partnership. All decisions regarding the management of the Partnership made by the General Partner are made by the Board of Directors of the General Partner and its officers.

The Partnership was formed to acquire and develop oil and gas properties located onshore in the United States. On December 18, 2015, the Partnership completed its first purchase (“Acquisition No. 1”) in the Sanish field, acquiring an approximate 11% non-operated working interest in the Sanish Field Assets for approximately $159.6 million. On January 11, 2017, the Partnership closed on its second purchase (“Acquisition No. 2”) in the Sanish field, acquiring an additional approximate 11% non-operated working interest in the Sanish Field Assets for approximately $128.5 million. On March 31, 2017, the Partnership closed on its third purchase (“Acquisition No. 3”) in the Sanish field, acquiring an additional approximate average 10.5% non-operated working interest in 82 of the Partnership’s then 216 existing producing wells and 150 of the Partnership’s then 253 future development locations in the Sanish Field Assets for approximately $52.4 million.

In October and November 2017, the Partnership elected to participate in the drilling and completion of six new wells. Two of the six wells were completed in March 2018. These two wells were completed and are being operated by Whiting, and the Partnership has an estimated approximate 29% non-operated working interest in these two wells. The other four wells are being drilled and will be operated by Oasis Petroleum, Inc. (NYSE: OAS), and the Partnership will have an estimated approximate 7-9% non-operated working interest in these four wells. These four wells are anticipated to be completed in the second quarter of 2018. In total, the Partnership’s capital expenditures for the drilling and completion of the six wells discussed above are estimated to be approximately $7.0 million, of which approximately $5.3 million had been incurred as of March 31, 2018, including approximately $4.0 million in the first quarter of 2018.

Current Price Environment

Oil, natural gas and natural gas liquids (“NGL”) prices are determined by many factors outside of the Partnership’s control. Historically, world-wide oil and natural gas prices and markets have been subject to significant change, and may continue to be in the future. In 2017, monthly average oil prices (based on daily settlements of monthly contracts traded on the NYMEX) ranged from a low of $45.18 per barrel in June 2017 to a high of $57.88 in December 2017. The monthly average of $63.70 per barrel of oil in January 2018 represented the highest monthly average since November 2014.

From January 1, 2017 through December 31, 2017, natural gas prices stabilized between approximately $2.81 per MMBtu (December 2017) and $3.30 per MMBtu (January 2017). For the three months ended March 31, 2018, the average price for natural gas was $3.03.

Factors contributing to world-wide commodity pricing volatility include real or perceived geopolitical risks in oil-producing regions of the world, particularly the Middle East; forecasted levels of global economic growth combined with forecasted global supply; supply levels of oil and natural gas due to exploration and development activities in the United States; actions taken by the Organization of Petroleum Exporting Countries; and the strength of the U.S. dollar in international currency markets. In addition to commodity price fluctuations, the Partnership faces the challenge of natural production volume declines. As reservoirs are depleted, oil and natural gas production from Partnership wells will decrease.

The following table lists average NYMEX prices for oil and natural gas for the three months ended March 31, 2018 and 2017.
 
   
Three Months Ended March 31,
 
 
  2018    
2017
 
Average market closing prices (1)
           
     Oil (per Bbl)
 
$
62.91
   
$
51.78
 
     Natural gas (per Mcf)
 
$
3.08
   
$
3.02
 

 
(1)
Based on average NYMEX futures closing prices (oil) and NYMEX/Henry Hub spot prices (natural gas)

15


The Partnership’s revenues are highly sensitive to changes in oil and natural gas prices and to levels of production. Future growth is dependent on the Partnership’s ability to add reserves in excess of production. Dependent on available cash flow, the Partnership intends to seek opportunities to invest in its existing producing wells, drill new wells on existing leasehold sites like the six wells discussed above and/or acquire additional reserves.

Results of Operations

In evaluating financial condition and operating performance, the most important indicators on which the Partnership focuses are (1) total quarterly production in barrel of oil equivalent (“BOE”) units, (2) average sales price per unit for oil, natural gas and natural gas liquids, (3) production costs per BOE and (4) capital expenditures.

The Partnership closed on its first purchase (original approximate 11% working interest) of the Sanish Field Assets in December 2015, then completed its second purchase (approximate additional 11% working interest) and its third purchase (additional approximate 4-5% working interest) of the Sanish Field Assets on January 11, 2017 and March 31, 2017, respectively. The comparability of operating results for the three months ended March 31, 2018 and 2017 are impacted by these transactions. The following is a summary of the results from operations, including production, of the Partnership’s non-operated working interest for the three months ended March 31, 2018 and 2017.
 
 
 
Three Months Ended March 31,
 
 
 
2018
   
Percent of Revenue
   
2017
   
Percent of Revenue
 
Total revenues
  $
13,067,734
     
100.0
%
  $
10,141,266
     
100.0
%
Production expenses
   
2,934,666
     
22.5
%
   
2,731,854
     
26.9
%
Production taxes
   
1,075,125
     
8.2
%
   
857,733
     
8.5
%
Depreciation, depletion, amortization and accretion
   
3,967,770
     
30.4
%
   
3,256,258
     
32.1
%
General, administration and other expense
   
381,616
     
2.9
%
   
501,741
     
4.9
%
 
                               
Production (BOE):
                               
  Oil
   
189,788
             
184,581
         
  Natural gas
   
39,381
             
31,424
         
  Natural gas liquids
   
39,360
             
34,223
         
    Total
   
268,529
             
250,228
         
 
                               
Average sales price per unit:
                               
  Oil (per Bbl)
 
$
56.09
           
$
45.74
         
  Natural gas (per Mcf)
   
3.95
             
3.56
         
  Natural gas liquids (per Bbl)
   
37.86
             
30.03
         
  Combined (per BOE)
   
48.66
             
40.53
         
 
                               
Average unit cost per BOE:
                               
  Production expenses
   
10.93
             
10.92
         
  Production taxes
   
4.00
             
3.43
         
  Depreciation, depletion and amortization
   
14.78
             
13.01
         
                                 
Capital expenditures
  $
4,593,428
            $
175,583
         
 

16


Oil, Natural Gas and NGL Revenues
 
For the three months ended March 31, 2018, revenues for oil, natural gas and NGL sales were $13.1 million. Revenues for the sale of crude oil were $10.6 million, which resulted in a realized price of $56.09 per barrel. Revenues for the sale of natural gas were $0.9 million, which resulted in a realized price of $3.95 per Mcf. Revenues for the sale of NGLs were $1.5 million, which resulted in a realized price of $37.86 per BOE of production. For the three months ended March 31, 2017, revenues for oil, natural gas and NGL sales were $10.1 million. Revenues for the sale of crude oil were $8.4 million, which resulted in a realized price of $45.74 per barrel. Revenues for the sale of natural gas were $0.7 million, which resulted in a realized price of $3.56 per Mcf. Revenues for the sale of NGLs were $1.0 million, which resulted in a realized price of $30.03 per BOE of production.

The Partnership benefited from increases in commodity prices for oil, natural gas and NGLs during the first three months of 2018, as market prices during the first quarter of 2018 were higher than prices in the first quarter of 2017. Price gains were partially offset by the natural decline in production from existing wells. The Partnership expects to offset a portion of the natural decline in its production volumes in the second quarter of 2018 as the new six wells discussed above begin producing. Production for the Sanish Field Assets was approximately 3,000 BOE per day for the three months ended March 31, 2018. If the Partnership had completed Acquisitions 2 and 3 effective January 1, 2017, the Partnership estimates production for the Sanish Field Assets would have been approximately 3,400 BOE per day for the three months ended March 31, 2017.

Production is dependent on the investment in existing wells and the development of new wells. As noted above, the Partnership does not anticipate to realize any significant increases to overall production from new wells until the second quarter of 2018. If the Partnership or its operator is unable or it is not cost beneficial to invest in existing wells or develop new wells, production will decline.
 
Operating Costs and Expenses

Production Expenses

Production expenses are daily costs incurred by the Partnership to bring oil and natural gas out of the ground and to market, along with the daily costs incurred to maintain producing properties. Such costs include field personnel compensation, salt water disposal, utilities, maintenance, repairs and servicing expenses related to the Partnership’s oil and natural gas properties, along with the gathering and processing contract in effect for the extraction, transportation and treatment of natural gas.
 
For the three months ended March 31, 2018 and 2017, production expenses were $2.9 million and $2.7 million, respectively, and production expenses per BOE of production were $10.93 and $10.92, respectively. The Partnership anticipates production expenses may increase in the second and third quarters of 2018 due to (i) specific well workovers performed by the operator to return wells nearby recently completed wells to full production and (ii) the operator may complete certain well repair and maintenance in warmer spring and summer months in North Dakota.
 
Production Taxes

North Dakota’s oil tax structure is comprised of two main taxes: the production tax and the extraction tax. The production tax is 5%. The extraction tax rate is also 5% of the gross value at the well. This rate can increase to 6% if the high-price trigger, defined as the average price of a barrel of oil exceeding a trigger price of $90 for each month in any consecutive three-month period, is in effect. The 6% rate would remain in effect until the average price is less than $90 per barrel for each month in any consecutive three-month period.

The production tax on gas is subject to a price index change on July 1 of each calendar year. The rate applicable for the first half of 2017 was $0.0601 per Mcf. The new rate, which became effective July 1, 2017 and will run through June 30, 2018, is $0.0555 per Mcf.

Production taxes for the three months ended March 31, 2018 and 2017 were $1.1 million (8.2% of revenue) and $0.9 million (8.5% of revenue), respectively.
 
17

 
Depreciation, Depletion, Amortization and Accretion (“DD&A”)
 
DD&A of capitalized drilling and development costs of producing oil, natural gas and NGL properties are computed using the unit-of-production method on a field basis based on total estimated proved developed oil, natural gas and NGL reserves. Costs of acquiring proved properties are depleted using the unit-of-production method on a field basis based on total estimated proved developed and undeveloped reserves. DD&A for the three months ended March 31, 2018 and 2017 was $4.0 million and $3.3 million, and DD&A per BOE of production was $14.78 and $13.01, respectively. The increase in DD&A expense per BOE of production is primarily due to the decrease of the Partnership’s estimated proved undeveloped reserves (“PUDs”) resulting from changes in the future drill schedule along with the Partnership’s investment in new wells.

General and Administrative Costs

General and administrative costs for the three months ended March 31, 2018 and 2017 were $0.4 million and $0.5 million, respectively. The principal components of general and administrative expense are accounting, legal and consulting fees. The decline is primarily due to the cost sharing agreement discussed below.
 
Loss on Derivatives
 
In December 2017, January 2018 and March 2018, the Partnership entered into derivative contracts (costless collars) with the objective to manage the commodity price risk on a portion of anticipated 2018 oil production. The Partnership’s loss on derivative instruments for the three months ended March 31, 2018 was $1.2 million. The loss is comprised of (i) $0.5 million of losses on settled derivatives during the period, and (ii) $0.7 million of a mark-to-market loss incurred on derivative instruments outstanding at period end. The Partnership’s recognized losses on settled derivatives of $0.5 million represented 105,000 barrels of produced oil, resulting in a loss of $4.51 per barrel of oil.

The table below summarizes the Partnership’s outstanding derivative contracts (costless collars – purchased put options and written call options) on the Partnership’s 2018 oil production.

 
 
Costless Collar
Volumes (Bbl)
 
 
Weighted Average
Floor / Ceiling Prices ($)
 
2018
 
324,000
 
 
53.33 / 59.31
 

 
Interest Expense

Interest expense, net, for the three months ended March 31, 2018 and 2017 was $0.2 million in each period. The primary component of Interest expense, net, during the three months ended March 31, 2018 was interest expense on the Credit Facility, described below, while the primary component during the three months ended March 31, 2017 was interest expense on the notes payable executed in conjunction with Acquisitions No. 2 and No. 3.

Supplemental Non-GAAP Measure

The Partnership uses “Adjusted EBITDAX”, defined as earnings before (i) interest expense, net; (ii) income taxes; (iii) depreciation, depletion, amortization and accretion, (iv) exploration expenses; and (v) (gain)/loss on the mark-to-market of derivative instruments, as a key supplemental measure of its operating performance. This non-GAAP financial measure should be considered along with, but not as alternatives to, net income, operating income, cash flow from operating activities or other measures of financial performance presented in accordance with GAAP. Adjusted EBITDAX is not necessarily indicative of funds available to fund the Company’s cash needs, including its ability to make cash distributions. Although Adjusted EBITDAX, as calculated by the Partnership, may not be comparable to Adjusted EBITDAX as reported by other companies that do not define such terms exactly as the Partnership defines such terms, the Partnership believes this supplemental measure is useful to investors when comparing the Partnership’s results between periods and with other energy companies.

The Partnership believes that the presentation of EBITDAX is important to provide investors with additional information (i) to provide an important supplemental indicator of the operational performance of the Partnership’s business without regard to financing methods and capital structure, and (ii) to measure the operational performance of the Partnership’s operator.

18


The following table reconciles the Partnership’s GAAP net income to Adjusted EBITDAX for the three months ended March 31, 2018 and 2017.
 
   
Three Months Ended March 31,
 
 
2018
    2017  
Net income
 
$
3,325,445
   
$
2,621,071
 
Interest expense, net
   
220,857
     
172,609
 
Depreciation, depletion, amortization and accretion
   
3,967,770
     
3,256,258
 
Exploration expenses
   
-
     
-
 
Non-cash loss on mark-to-market of derivatives
   
688,677
     
-
 
   Adjusted EBITDAX
 
$
8,202,749
   
$
6,049,938
 
 
Liquidity and Capital Resources

With the completion of the Partnership’s best-efforts offering in April 2017, the Partnership’s principal sources of liquidity are cash on hand, the cash flow generated from properties the Partnership has acquired and availability under the Partnership’s revolving credit facility, discussed below. The Partnership anticipates that cash on hand, cash flow from operations and availability under the credit facility will be adequate to meet its anticipated liquidity requirements for at least the next 12 months, including the funding of the capital expenditures discussed above to complete the six new wells.

Financing

On November 21, 2017, the Partnership, as the borrower, entered into a loan agreement (the “Loan Agreement”) with Bank SNB (the “Lender”), which provides for a revolving credit facility (the “Credit Facility”) with an approved initial commitment amount of $20 million (the “Revolver Commitment Amount”), subject to borrowing base restrictions. The commitment amount may be increased up to $75 million with Lender approval. The Partnership paid an origination fee of 0.30% of the Revolver Commitment Amount, or $60,000, and is subject to additional origination fees of 0.30% for any borrowings made in excess of the Revolver Commitment Amount. The Partnership is also required to pay an unused facility fee of 0.50% on the unused portion of the Revolver Commitment Amount, based on the amount of borrowings outstanding during a quarter. The maturity date is November 21, 2019.

The interest rate, subject to certain exceptions, is equal to the London Inter-Bank Offered Rate (LIBOR) plus a margin ranging from 2.50% to 3.50%, depending upon the Partnership’s borrowing base utilization, as calculated under the terms of the Loan Agreement. At March 31, 2018, the borrowing base was $30 million and the interest rate for the Credit Facility was 5.06%.

The Credit Facility is available to provide additional liquidity for capital investments, including the completion of the six wells described below in “Oil and Gas Properties” and other corporate working capital requirements. Under the terms of the Loan Agreement, the Partnership may make voluntary prepayments, in whole or in part, at any time with no penalty. The Credit Facility is secured by a mortgage and first lien position on at least 80% of the Partnership’s producing wells.

The Credit Facility contains mandatory prepayment requirements, customary affirmative and negative covenants and events of default. The financial covenants include:

· a maximum leverage ratio
· a minimum current ratio
· maximum distributions

The Partnership was in compliance with the applicable covenants at March 31, 2018.

At March 31, 2018, the outstanding balance on the Credit Facility was $13.0 million.

19

 
Partners Equity 

The Partnership completed its best-efforts offering of common units on April 24, 2017. As of the conclusion of the offering on April 24, 2017, the Partnership sold approximately 19.0 million common units for total gross proceeds of $374.2 million and proceeds net of offering costs of $349.6 million.

Under the agreement with the Dealer Manager, the Dealer Manager received a total of 6% in selling commissions and a marketing expense allowance based on gross proceeds of the common units sold. The Dealer Manager will also be paid a contingent incentive fee, which is a cash payment of up to an amount equal to 4% of gross proceeds of the common units sold based on the performance of the Partnership. Based on the common units sold in the offering, the total contingent fee is a maximum of approximately $15.0 million, which will only be paid if Payout occurs, as defined in “Note 8. Capital Contribution and Partners’ Equity” in Part I, Item 1 of this Form 10-Q.
 
Distributions

For the three months ended March 31, 2018 and 2017, the Partnership paid distributions of $0.299178 and $0.349041 per common unit, or $5.7 million and $5.5 million, respectively. The Partnership generated $7.1 million and $3.7 million, respectively, in cash flow from operations for the three months ended March 31, 2018 and 2017.

In the fourth quarter of 2017, the General Partner approved an adjustment to the annualized distribution rate to an annualized return of six percent based on a limited partner’s Net Investment Amount of $20.00 per common unit. The new distribution rate was effective with the November 29, 2017 distribution. The difference between any distribution and an annualized return of seven percent based on the Net Investment Amount is required to be paid before final Payout occurs as defined above. As of March 31, 2018, the accumulated unpaid distributions totaled $0.084383 per common unit, or approximately $1.6 million.

In March 2018, the General Partner approved an increase to the annualized distribution rate back to seven percent based on a limited partner’s Net Investment Amount. The seven percent distribution rate was effective with the April 26, 2018 distribution. While the Partnership’s goal is to maintain a relatively stable distribution rate over the life of its program, the General Partner monitors monthly Partnership distributions in conjunction with the Partnership’s projected cash requirements for operations, capital expenditures for new wells and debt service.

Oil and Natural Gas Properties

The Partnership incurred approximately $4.6 million and $0.2 million in capital expenditures for the three months ended March 31, 2018 and 2017, respectively. The Partnership estimates that approximately $1.7 million of estimated capital expenditures remain in conjunction with the drilling and completion of the six new wells discussed above. Including the remaining capital costs for the six new wells, the Partnership expects to invest approximately $3.0 to $5.0 million in capital expenditures during the remainder of 2018.
 
Since the Partnership is not the operator of any of its oil and natural gas properties, it is difficult to predict levels of future participation in the drilling and completion of new wells and their associated capital expenditures. This makes capital expenditures for drilling and completion projects difficult to forecast for the remainder of 2018 and current estimated capital expenditures could be significantly different from amounts actually invested.

Transactions with Related Parties
 
The Partnership has, and is expected to continue to engage in, significant transactions with related parties.  These transactions cannot be construed to be at arm’s length and the results of the Partnership’s operations may be different than if conducted with non-related parties.  The General Partner’s Board of Directors oversees and reviews the Partnership’s related party relationships and is required to approve any significant modifications to existing related party transactions, as well as any new significant related party transactions.

See further discussion in “Note 9. Related Parties” in Part I, Item 1 of this Form 10-Q.

Subsequent Events

In April 2018, the Partnership declared and paid $2.0 million, or $0.107397 per outstanding common unit, in distributions to its holders of common units.

20


Item 3.  Quantitative and Qualitative Disclosures About Market Risk

Information regarding the Partnership’s hedging programs to mitigate commodity risks is contained in Item 1 – Financial Statements (Unaudited) and Notes to Consolidated Financial Statements: Note 7. Risk Management and Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations, appearing elsewhere within this Quarterly Report on Form 10-Q.

The Partnership also has a variable interest rate on its Credit Facility that is subject to market changes in interest rates. Information regarding the Partnership’s Credit Facility is contained in Item 1 – Financial Statements (Unaudited) and Notes to Consolidated Financial Statements: Note 4. Debt and Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations, appearing elsewhere within this Quarterly Report on Form 10-Q.

Item 4.  Controls and Procedures

Evaluation of Disclosure Controls and Procedures
 
In accordance with Exchange Act Rule 13a–15 and 15d–15 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the Partnership carried out an evaluation, under the supervision and with the participation of management, including the Chief Executive Officer and the Chief Financial Officer of the General Partner, of the effectiveness of the Partnership’s disclosure controls and procedures as of the end of the period covered by this report. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Partnership’s disclosure controls and procedures were effective as of March 31, 2018 to provide reasonable assurance that information required to be disclosed in the Partnership’s reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. The Partnership’s disclosure controls and procedures include controls and procedures designed to ensure that information required to be disclosed in reports filed or submitted under the Exchange Act is accumulated and communicated to management, including the Chief Executive Officer and the Chief Financial Officer of the General Partner, as appropriate, to allow timely decisions regarding required disclosure.
 
Change in Internal Controls Over Financial Reporting
 
There have not been any changes in the Partnership’s internal controls over financial reporting that occurred during the quarterly period ended March 31, 2018 that have materially affected, or are reasonably likely to materially affect, the Partnership’s internal controls over financial reporting.
 


21


PART II. OTHER INFORMATION
 
Item 1.  Legal Proceedings.
 
At the end of the period covered by this Quarterly Report on Form 10-Q, the Partnership was not a party to any material, pending legal proceedings.

Item 1A.  Risk Factors

For a discussion of the Partnership’s potential risks and uncertainties, see the section titled “Risk Factors” in the 2017 Form 10-K. There have been no material changes to the risk factors previously disclosed in the 2017 Form 10-K.
 
Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds.

Not applicable.

Item 3.  Defaults upon Senior Securities.
 
Not applicable.
 
Item 4.  Mine Safety Disclosures.
 
Not applicable.
 
Item 5.  Other Information.
 
Not applicable.
 
Item 6.  Exhibits.
 
Exhibit No.
 
Description
31.1
 
31.2
 
32.1
 
32.2
 
101
 
The following materials from Energy 11, L.P.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2018 formatted in XBRL (eXtensible Business Reporting Language): (i) the Balance Sheets, (ii) the Statements of Operations, (iii) the Statements of Cash Flows, and (iv) related notes to these financial statements, tagged as blocks of text and in detail*
 
 
 

*Filed herewith.
 

22


SIGNATURES
 
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
Energy 11, L.P.
 
 
 
 
By: Energy 11 G.P., LLC, its General Partner 
 
 
 
 
By:
/s/ Glade M. Knight
 
 
 
Glade M. Knight
 
 
Chief Executive Officer
(Principal Executive Officer)
 
 
 
 
 
 
 
By:
/s/ David S. McKenney
 
 
 
David S. McKenney
 
 
Chief Financial Officer
(Principal Financial and Accounting Officer)
 
 
 
 
 
 
 
Date: May 11, 2018
 
 
 
 
23
EX-31.1 2 ex31-1.htm EX-31.1
EXHIBIT 31.1
 
CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO RULE 13a-14(a)/15D-14(a)
 
I, Glade M. Knight, certify that:
 
1.
I have reviewed this Quarterly Report on Form 10-Q of Energy 11, L.P. (the “registrant”);
 
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 
a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
 
 
b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

  
Date:  May 11, 2018
By:
/s/ Glade M. Knight
 
 
Name:
Glade M. Knight
 
Title:
General Partner, Chief Executive Officer
 
 
(Principal Executive Officer)

EX-31.2 3 ex31-2.htm EX-31.2

EXHIBIT 31.2
 
CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO RULE 13a-14(a)/15D-14(a)
  
I, David McKenney, certify that:
 
1.
I have reviewed this Quarterly Report on Form 10-Q of Energy 11, L.P. (the “registrant”);
 
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 
a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
 
 
b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date:  May 11, 2018
By:
/s/ David S. McKenney
 
 
Name:
David S. McKenney
 
Title:
General Partner, Chief Financial Officer (Principal Financial and Accounting Officer)
 
 
 
EX-32.1 4 ex32-1.htm EX-32.1

EXHIBIT 32.1
 
CERTIFICATION FURNISHED PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
 
This certification is furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350) and accompanies the Quarterly Report on Form 10-Q (the “Form 10-Q”) for the three months ended March 31, 2018 of Energy 11, L.P. (the “Partnership”).  I, Glade M. Knight, the Chief Executive Officer of the Partnership, certify that, based on my knowledge:

(1)  
The Form 10-Q fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934; and

(2)  
The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Partnership as of and for the periods covered in this report.
 
 
 
 
Date:  May 11, 2018
By:
/s/ Glade M. Knight
 
 
Name:
Glade M. Knight
 
Title:
General Partner, Chief Executive Officer (Principal Executive Officer)
 
EX-32.2 5 ex32-2.htm EX-32.2

EXHIBIT 32.2
 
CERTIFICATION FURNISHED PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
 
This certification is furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350) and accompanies the Quarterly Report on Form 10-Q (the “Form 10-Q”) for the three months ended March 31, 2018 of Energy 11, L.P. (the “Partnership”).  I, David McKenney, the Chief Financial Officer of the Partnership, certify that, based on my knowledge:

(1)  
The Form 10-Q fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934; and

(2)  
The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Partnership as of and for the periods covered in this report.
 
 
 
 
Date: May 11, 2018
By:
/s/ David S. McKenney
 
 
Name:
David S. McKenney
 
Title:
General Partner, Chief Financial Officer (Principal Financial and Accounting Officer)
EX-101.INS 6 energy11-20180331.xml XBRL INSTANCE DOCUMENT 0001581552 2018-03-31 0001581552 2017-12-31 0001581552 2018-01-01 2018-03-31 0001581552 2017-01-01 2017-12-31 0001581552 2017-01-01 2017-03-31 0001581552 2016-12-31 0001581552 2017-03-31 0001581552 energy11:AcquisitionNo2Member 2018-01-01 2018-03-31 0001581552 energy11:AcquisitionNo2Member 2017-01-01 2017-03-31 0001581552 energy11:AcquisitionNo3Member 2018-01-01 2018-03-31 0001581552 energy11:AcquisitionNo3Member 2017-01-01 2017-03-31 0001581552 2018-04-30 0001581552 2013-07-09 2013-07-09 0001581552 energy11:BestEffortsOfferingMember 2013-07-01 2017-04-24 0001581552 us-gaap:MinimumMember energy11:SanishFieldLocatedInMountrailCountyNorthDakotaMember 2018-01-01 2018-03-31 0001581552 us-gaap:MaximumMember energy11:SanishFieldLocatedInMountrailCountyNorthDakotaMember 2018-01-01 2018-03-31 0001581552 energy11:SanishFieldLocatedInMountrailCountyNorthDakotaMember 2018-03-31 0001581552 energy11:SanishFieldLocatedInMountrailCountyNorthDakotaMember 2018-01-01 2018-03-31 0001581552 us-gaap:OilReservesMember 2018-01-01 2018-03-31 0001581552 us-gaap:OilReservesMember 2017-01-01 2017-03-31 0001581552 us-gaap:NaturalGasReservesMember 2018-01-01 2018-03-31 0001581552 us-gaap:NaturalGasReservesMember 2017-01-01 2017-03-31 0001581552 us-gaap:NaturalGasLiquidsReservesMember 2018-01-01 2018-03-31 0001581552 us-gaap:NaturalGasLiquidsReservesMember 2017-01-01 2017-03-31 0001581552 energy11:AcquisitionNo1Member energy11:SanishFieldLocatedInMountrailCountyNorthDakotaMember 2015-12-18 2015-12-18 0001581552 energy11:AcquisitionNo2Member energy11:SanishFieldLocatedInMountrailCountyNorthDakotaMember 2017-01-11 2017-01-11 0001581552 energy11:AcquisitionNo2Member energy11:SanishFieldLocatedInMountrailCountyNorthDakotaMember 2017-01-01 2017-12-31 0001581552 energy11:AcquisitionNo2Member us-gaap:MinimumMember energy11:SanishFieldLocatedInMountrailCountyNorthDakotaMember 2017-01-11 0001581552 energy11:AcquisitionNo2Member us-gaap:MaximumMember energy11:SanishFieldLocatedInMountrailCountyNorthDakotaMember 2017-01-11 0001581552 energy11:AcquisitionNo3Member energy11:SanishFieldLocatedInMountrailCountyNorthDakotaMember 2017-03-31 2017-03-31 0001581552 energy11:AcquisitionNo3Member energy11:SanishFieldLocatedInMountrailCountyNorthDakotaMember 2017-03-31 0001581552 energy11:AcquisitionNo3Member energy11:SanishFieldLocatedInMountrailCountyNorthDakotaMember 2017-03-01 2017-03-31 0001581552 energy11:AcquisitionNo3Member energy11:SanishFieldLocatedInMountrailCountyNorthDakotaMember 2017-01-01 2017-12-31 0001581552 energy11:AcquisitionNo3Member us-gaap:MinimumMember energy11:SanishFieldLocatedInMountrailCountyNorthDakotaMember 2017-03-31 0001581552 energy11:AcquisitionNo3Member us-gaap:MaximumMember energy11:SanishFieldLocatedInMountrailCountyNorthDakotaMember 2017-03-31 0001581552 energy11:SanishFieldLocatedInMountrailCountyNorthDakotaMember 2017-11-30 0001581552 energy11:WhitingPetroleumMember energy11:SanishFieldLocatedInMountrailCountyNorthDakotaMember 2017-11-30 0001581552 energy11:OasisPetroleumIncMember energy11:SanishFieldLocatedInMountrailCountyNorthDakotaMember 2017-11-30 0001581552 energy11:OasisPetroleumIncMember energy11:SanishFieldLocatedInMountrailCountyNorthDakotaMember us-gaap:MinimumMember 2017-11-30 0001581552 energy11:OasisPetroleumIncMember energy11:SanishFieldLocatedInMountrailCountyNorthDakotaMember us-gaap:MaximumMember 2017-11-30 0001581552 energy11:SanishFieldLocatedInMountrailCountyNorthDakotaMember 2017-10-01 2018-03-31 0001581552 energy11:AcquisitionNo2Member us-gaap:NotesPayableOtherPayablesMember 2017-02-23 2017-02-23 0001581552 energy11:AcquisitionNo2Member us-gaap:NotesPayableOtherPayablesMember 2017-01-11 0001581552 energy11:AcquisitionNo2Member us-gaap:NotesPayableOtherPayablesMember 2017-01-11 2017-01-11 0001581552 energy11:AcquisitionNo3Member us-gaap:NotesPayableOtherPayablesMember 2017-03-31 0001581552 energy11:AcquisitionNo3Member us-gaap:NotesPayableOtherPayablesMember 2017-03-31 2017-03-31 0001581552 energy11:AcquisitionNo3Member us-gaap:NotesPayableOtherPayablesMember 2017-07-01 2017-07-31 0001581552 energy11:AcquisitionNo3Member us-gaap:NotesPayableOtherPayablesMember 2017-11-21 2017-11-21 0001581552 us-gaap:RevolvingCreditFacilityMember 2017-11-21 0001581552 us-gaap:RevolvingCreditFacilityMember 2017-11-21 2017-11-21 0001581552 us-gaap:RevolvingCreditFacilityMember us-gaap:MinimumMember us-gaap:LondonInterbankOfferedRateLIBORMember 2017-11-21 2017-11-21 0001581552 us-gaap:RevolvingCreditFacilityMember us-gaap:MaximumMember us-gaap:LondonInterbankOfferedRateLIBORMember 2017-11-21 2017-11-21 0001581552 us-gaap:RevolvingCreditFacilityMember 2018-03-31 0001581552 us-gaap:RevolvingCreditFacilityMember 2018-01-01 2018-03-31 0001581552 us-gaap:FairValueInputsLevel1Member 2018-03-31 0001581552 us-gaap:FairValueInputsLevel2Member 2018-03-31 0001581552 us-gaap:FairValueInputsLevel3Member 2018-03-31 0001581552 energy11:B040118123118Member energy11:CostlessCollarAgreements1Member us-gaap:PriceRiskDerivativeMember 2018-01-01 2018-03-31 0001581552 energy11:B040118123118Member energy11:CostlessCollarAgreements1Member us-gaap:PriceRiskDerivativeMember 2018-03-31 0001581552 energy11:B040118123118Member energy11:CostlessCollarAgreements2Member us-gaap:PriceRiskDerivativeMember 2018-01-01 2018-03-31 0001581552 energy11:B040118123118Member energy11:CostlessCollarAgreements2Member us-gaap:PriceRiskDerivativeMember 2018-03-31 0001581552 energy11:B040118123118Member energy11:CostlessCollarAgreements3Member us-gaap:PriceRiskDerivativeMember 2018-01-01 2018-03-31 0001581552 energy11:B040118123118Member energy11:CostlessCollarAgreements3Member us-gaap:PriceRiskDerivativeMember 2018-03-31 0001581552 energy11:B040118123118Member energy11:CostlessCollarAgreements4Member us-gaap:PriceRiskDerivativeMember 2018-01-01 2018-03-31 0001581552 energy11:B040118123118Member energy11:CostlessCollarAgreements4Member us-gaap:PriceRiskDerivativeMember 2018-03-31 0001581552 energy11:B040118123118Member energy11:CostlessCollarAgreements5Member us-gaap:PriceRiskDerivativeMember 2018-01-01 2018-03-31 0001581552 energy11:B040118123118Member energy11:CostlessCollarAgreements5Member us-gaap:PriceRiskDerivativeMember 2018-03-31 0001581552 2017-10-01 2017-12-31 0001581552 2017-11-29 2017-11-29 0001581552 2016-01-01 2016-12-31 0001581552 us-gaap:SubsequentEventMember 2018-04-26 2018-04-26 0001581552 us-gaap:GeneralPartnerMember 2018-01-01 2018-03-31 0001581552 us-gaap:GeneralPartnerMember 2017-01-01 2017-03-31 0001581552 us-gaap:GeneralPartnerMember 2018-03-31 0001581552 us-gaap:AffiliatedEntityMember 2018-01-01 2018-03-31 0001581552 us-gaap:AffiliatedEntityMember 2017-01-01 2017-03-31 0001581552 us-gaap:AffiliatedEntityMember 2018-03-31 0001581552 energy11:ConsultingServicesProvidedToGeneralPartnerMember us-gaap:PresidentMember 2018-01-01 2018-03-31 0001581552 us-gaap:SubsequentEventMember 2018-04-01 2018-04-30 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure utr:bbl iso4217:USD compsci:item 2734467 11090846 7035455 6219193 158803 162930 9928725 17472969 322409071 321766616 332337796 339239585 4476869 2733131 1715642 1026965 6192511 3760096 13000000 20000000 1243676 1226879 20436187 24986975 311903336 314254337 -1727 -1727 0 0 311901609 314252610 332337796 339239585 28885163 24934190 18973474 18973474 18973474 18973474 62500 62500 62500 62500 13067734 10141266 2934666 2731854 1075125 857733 381616 501741 3967770 3256258 8359177 7347586 4708557 2793680 -1162255 0 -220857 -172609 -1383112 -172609 3325445 2621071 0.18 0.17 18973474 15809588 2621071 3256258 -688677 0 11352 23449 816262 2977569 5380 -22933 -118935 717514 7052667 3663656 0 98327930 2730755 114612 -2730755 -98442542 1845 0 -7000000 0 0 58504622 5676446 5488149 0 40000000 -12678291 13016473 -8356379 -81762413 86800596 5038183 231792 158904 0 40000000 0 33000000 Energy 11, L.P. 10-Q --12-31 18973474 false 0001581552 Yes No Smaller Reporting Company No 2018 Q1 2018-03-31 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; "> <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 1.&#xa0; Partnership Organization</div><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Energy 11, L.P. (the &#x201c;Partnership&#x201d;) is a Delaware limited partnership formed to acquire producing and non-producing oil and natural gas properties onshore in the United States and to develop those properties. The initial capitalization of the Partnership of $1,000 occurred on July 9, 2013. The Partnership completed its best-efforts offering on April 24, 2017 with a total of approximately 19.0 million common units sold for gross proceeds of $374.2 million and proceeds net of offering costs of $349.6 million.</div><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">As of March 31, 2018, the Partnership owned an approximate 26-27% non-operated working interest in 217 currently producing wells, 4 wells currently being drilled and approximately 247 future development sites in the Sanish field located in Mountrail County, North Dakota (collectively, the &#x201c;Sanish Field Assets&#x201d;), which is part of the Bakken shale formation in the Greater Williston Basin. Whiting Petroleum Corporation (&#x201c;Whiting&#x201d;), one of the largest producers in the basin, operates substantially all of the Sanish Field Assets.</div><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The general partner of the Partnership is Energy 11 GP, LLC (the &#x201c;General Partner&#x201d;). The General Partner manages and controls the business affairs of the Partnership.</div><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Partnership&#x2019;s fiscal year ends on December 31.</div><br/></div> Delaware 1000 19000000 374200000 349600000 0.26 0.27 217 4 247 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; "> <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 2.&#xa0; Summary of Significant Accounting Policies</div><br/><div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Basis of Presentation</div><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The accompanying unaudited financial statements have been prepared in accordance with the instructions for Article 10 of SEC Regulation S-X. Accordingly, they do not include all of the information required by generally accepted accounting principles (&#x201c;GAAP&#x201d;) in the United States. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These unaudited financial statements should be read in conjunction with the Partnership&#x2019;s audited consolidated financial statements included in its 2017 Annual Report on Form 10-K. Operating results for the three months ended March 31, 2018 are not necessarily indicative of the results that may be expected for the twelve-month period ending December 31, 2018.&#xa0;</div><br/><div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Use of Estimates</div><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The preparation of financial statements in conformity with United States GAAP requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.</div><br/><div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Net Income Per Common Unit</div><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Basic net income per common unit is computed as net income divided by the weighted average number of common units outstanding during the period. Diluted net income per common unit is calculated after giving effect to all potential common units that were dilutive and outstanding for the period. There were no common units with a dilutive effect for the three months ended March 31, 2018 and 2017. As a result, basic and diluted outstanding common units were the same.&#xa0;The Class B units and Incentive Distribution Rights, as defined below, are not included in net income per common unit until such time that it is probable Payout (as discussed in Note 8) will occur.</div><br/><div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Recently Adopted Accounting Standards</div><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">In May 2014, the Financial Accounting Standards Board (&#x201c;FASB&#x201d;) issued Accounting Standard Update (&#x201c;ASU&#x201d;) 2014-09, <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Revenue from Contracts with Customers (Topic 606)</font>, that amends the former revenue recognition guidance and provides a revised comprehensive revenue recognition model with customers that contains principles that an entity will apply to determine the measurement of revenue and timing of when it is recognized. ASU 2014-09 is effective for annual and interim periods beginning after December 15, 2017. The Partnership adopted this standard on January 1, 2018 using the modified retrospective approach.</div><br/><div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 0.1pt; MARGIN-LEFT: 0.1pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.1pt">Impact of Topic 606 Adoption</div><br/><div style="margin-left: 0.4pt; margin-right: 0.2pt; text-align: left; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">In accordance with Topic 606, the Partnership completed a detailed review of its revenue contracts, which represent all of the Partnership&#x2019;s revenue streams, including oil, natural gas and natural gas liquids sales, to determine the effect of the new standard for the three months ended March 31, 2018. The Partnership did not record a change to its opening retained earnings as of January 1, 2018, as there was no material change to the timing or pattern of revenue recognition due to the adoption of ASC 606. The Partnership is bound by a joint operating agreement with the operator of each of its producing wells. Under the joint operating agreement, the Partnership&#x2019;s proportionate share of production is marketed at the discretion of the operators. Virtually all of the Partnership&#x2019;s contracts&#x2019; pricing provisions are tied to a market index, with certain adjustments based on, among other factors, whether a well delivers to a gathering or transmission line, quality of oil, natural gas and natural gas liquids and prevailing supply and demand conditions, so that prices fluctuate to remain competitive with other available suppliers. The Partnership typically satisfies its performance obligations upon transfer of control of its products and records the related revenue in the month production is delivered to the purchaser. Settlement receipts for sales of oil, natural gas and natural gas liquids may not be received for two to three months after the date production is delivered by the operator, and as a result, the Partnership is required to estimate the amount of production delivered by the operator and the price that will be received for the sale of the product. The Partnership records the differences between estimates and the actual amounts received for product sales in the month that payment is received from the operator. Historically, differences between the Partnership&#x2019;s revenue estimates and actual revenue received have not been significant.</div><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 35.8pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 0.2pt; FONT-SIZE: 10pt">The following table disaggregates the Partnership&#x2019;s revenue streams that are summarized as &#x201c;Oil, natural gas and natural gas liquids revenues&#x201d; on the consolidated statements of operations for the three months ended March 31, 2018 and 2017.</div><br/><table style="WIDTH: 75%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; margin-left: auto; margin-right: auto;" id="z7e1459551231445da34c0c3137e955a3" cellspacing="0" cellpadding="0"> <tr> <td style="PADDING-BOTTOM: 2px; WIDTH: 47%; VERTICAL-ALIGN: top" valign="bottom">&#xa0;</td> <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2"> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three Months Ended</div> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">March 31, 2018</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2"> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three Months Ended</div> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">March 31, 2017</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> </tr> <tr> <td style="WIDTH: 47%; VERTICAL-ALIGN: top" valign="bottom">&#xa0;</td> <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#xa0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#xa0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> </tr> <tr> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 47%; VERTICAL-ALIGN: top" valign="bottom"> <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Oil revenues</div> </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div> </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">10,644,693</div> </td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div> </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">8,443,214</div> </td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> </tr> <tr> <td style=" WIDTH: 47%; VERTICAL-ALIGN: top" valign="bottom"> <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Natural gas revenues</div> </td> <td style=" WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: right; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">932,998</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style=" WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: right; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">670,282</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> </tr> <tr> <td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 47%; VERTICAL-ALIGN: top" valign="bottom"> <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Natural gas liquids revenues</div> </td> <td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,490,043</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,027,770</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> </tr> <tr> <td style="PADDING-BOTTOM: 4px; WIDTH: 47%; VERTICAL-ALIGN: top" valign="bottom">&#xa0;</td> <td style="PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div> </td> <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">13,067,734</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style="PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div> </td> <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">10,141,266</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> </tr> </table><br/><div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Recently Issued Accounting Standards</div><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets as right-of-use assets and lease liabilities. The standard is effective for annual and interim periods beginning after December 15, 2018 with early adoption permitted. The Partnership expects to adopt this standard as of January 1, 2019. The Partnership is still evaluating the impact this standard will have on its consolidated financial statements and related disclosures.</div><br/></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; "> <div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Basis of Presentation</div><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The accompanying unaudited financial statements have been prepared in accordance with the instructions for Article 10 of SEC Regulation S-X. Accordingly, they do not include all of the information required by generally accepted accounting principles (&#x201c;GAAP&#x201d;) in the United States. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These unaudited financial statements should be read in conjunction with the Partnership&#x2019;s audited consolidated financial statements included in its 2017 Annual Report on Form 10-K. Operating results for the three months ended March 31, 2018 are not necessarily indicative of the results that may be expected for the twelve-month period ending December 31, 2018.&#xa0;</div></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; "> <div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Use of Estimates</div><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The preparation of financial statements in conformity with United States GAAP requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.</div></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; "> <div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Net Income Per Common Unit</div><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Basic net income per common unit is computed as net income divided by the weighted average number of common units outstanding during the period. Diluted net income per common unit is calculated after giving effect to all potential common units that were dilutive and outstanding for the period. There were no common units with a dilutive effect for the three months ended March 31, 2018 and 2017. As a result, basic and diluted outstanding common units were the same.&#xa0;The Class B units and Incentive Distribution Rights, as defined below, are not included in net income per common unit until such time that it is probable Payout (as discussed in Note 8) will occur.</div></div> 0 0 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; "> <div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Recently Adopted Accounting Standards</div><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">In May 2014, the Financial Accounting Standards Board (&#x201c;FASB&#x201d;) issued Accounting Standard Update (&#x201c;ASU&#x201d;) 2014-09, <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Revenue from Contracts with Customers (Topic 606)</font>, that amends the former revenue recognition guidance and provides a revised comprehensive revenue recognition model with customers that contains principles that an entity will apply to determine the measurement of revenue and timing of when it is recognized. ASU 2014-09 is effective for annual and interim periods beginning after December 15, 2017. The Partnership adopted this standard on January 1, 2018 using the modified retrospective approach.</div><br/><div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 0.1pt; MARGIN-LEFT: 0.1pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.1pt">Impact of Topic 606 Adoption</div><br/><div style="margin-left: 0.4pt; margin-right: 0.2pt; text-align: left; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">In accordance with Topic 606, the Partnership completed a detailed review of its revenue contracts, which represent all of the Partnership&#x2019;s revenue streams, including oil, natural gas and natural gas liquids sales, to determine the effect of the new standard for the three months ended March 31, 2018. The Partnership did not record a change to its opening retained earnings as of January 1, 2018, as there was no material change to the timing or pattern of revenue recognition due to the adoption of ASC 606. The Partnership is bound by a joint operating agreement with the operator of each of its producing wells. Under the joint operating agreement, the Partnership&#x2019;s proportionate share of production is marketed at the discretion of the operators. Virtually all of the Partnership&#x2019;s contracts&#x2019; pricing provisions are tied to a market index, with certain adjustments based on, among other factors, whether a well delivers to a gathering or transmission line, quality of oil, natural gas and natural gas liquids and prevailing supply and demand conditions, so that prices fluctuate to remain competitive with other available suppliers. The Partnership typically satisfies its performance obligations upon transfer of control of its products and records the related revenue in the month production is delivered to the purchaser. Settlement receipts for sales of oil, natural gas and natural gas liquids may not be received for two to three months after the date production is delivered by the operator, and as a result, the Partnership is required to estimate the amount of production delivered by the operator and the price that will be received for the sale of the product. The Partnership records the differences between estimates and the actual amounts received for product sales in the month that payment is received from the operator. Historically, differences between the Partnership&#x2019;s revenue estimates and actual revenue received have not been significant.</div><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 35.8pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 0.2pt; FONT-SIZE: 10pt">The following table disaggregates the Partnership&#x2019;s revenue streams that are summarized as &#x201c;Oil, natural gas and natural gas liquids revenues&#x201d; on the consolidated statements of operations for the three months ended March 31, 2018 and 2017.</div><br/><table style="WIDTH: 75%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; margin-left: auto; margin-right: auto;" id="z7e1459551231445da34c0c3137e955a3" cellspacing="0" cellpadding="0"> <tr> <td style="PADDING-BOTTOM: 2px; WIDTH: 47%; VERTICAL-ALIGN: top" valign="bottom">&#xa0;</td> <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2"> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three Months Ended</div> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">March 31, 2018</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2"> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three Months Ended</div> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">March 31, 2017</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> </tr> <tr> <td style="WIDTH: 47%; VERTICAL-ALIGN: top" valign="bottom">&#xa0;</td> <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#xa0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#xa0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> </tr> <tr> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 47%; VERTICAL-ALIGN: top" valign="bottom"> <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Oil revenues</div> </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div> </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">10,644,693</div> </td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div> </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">8,443,214</div> </td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> </tr> <tr> <td style=" WIDTH: 47%; VERTICAL-ALIGN: top" valign="bottom"> <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Natural gas revenues</div> </td> <td style=" WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: right; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">932,998</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style=" WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: right; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">670,282</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> </tr> <tr> <td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 47%; VERTICAL-ALIGN: top" valign="bottom"> <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Natural gas liquids revenues</div> </td> <td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,490,043</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,027,770</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> </tr> <tr> <td style="PADDING-BOTTOM: 4px; WIDTH: 47%; VERTICAL-ALIGN: top" valign="bottom">&#xa0;</td> <td style="PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div> </td> <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">13,067,734</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style="PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div> </td> <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">10,141,266</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> </tr> </table><br/><div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Recently Issued Accounting Standards</div><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets as right-of-use assets and lease liabilities. The standard is effective for annual and interim periods beginning after December 15, 2018 with early adoption permitted. The Partnership expects to adopt this standard as of January 1, 2019. The Partnership is still evaluating the impact this standard will have on its consolidated financial statements and related disclosures.</div></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; "> The following table disaggregates the Partnership&#x2019;s revenue streams that are summarized as &#x201c;Oil, natural gas and natural gas liquids revenues&#x201d; on the consolidated statements of operations for the three months ended March 31, 2018 and 2017.<br /><br /><table style="WIDTH: 75%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; margin-left: auto; margin-right: auto;" id="z7e1459551231445da34c0c3137e955a3" cellspacing="0" cellpadding="0"> <tr> <td style="PADDING-BOTTOM: 2px; WIDTH: 47%; VERTICAL-ALIGN: top" valign="bottom">&#xa0;</td> <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2"> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three Months Ended</div> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">March 31, 2018</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2"> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three Months Ended</div> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">March 31, 2017</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> </tr> <tr> <td style="WIDTH: 47%; VERTICAL-ALIGN: top" valign="bottom">&#xa0;</td> <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#xa0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#xa0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> </tr> <tr> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 47%; VERTICAL-ALIGN: top" valign="bottom"> <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Oil revenues</div> </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div> </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">10,644,693</div> </td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div> </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">8,443,214</div> </td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> </tr> <tr> <td style=" WIDTH: 47%; VERTICAL-ALIGN: top" valign="bottom"> <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Natural gas revenues</div> </td> <td style=" WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: right; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">932,998</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style=" WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: right; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">670,282</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> </tr> <tr> <td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 47%; VERTICAL-ALIGN: top" valign="bottom"> <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Natural gas liquids revenues</div> </td> <td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,490,043</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,027,770</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> </tr> <tr> <td style="PADDING-BOTTOM: 4px; WIDTH: 47%; VERTICAL-ALIGN: top" valign="bottom">&#xa0;</td> <td style="PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div> </td> <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">13,067,734</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style="PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div> </td> <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">10,141,266</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> </tr> </table></div> 10644693 8443214 932998 670282 1490043 1027770 10141266 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; "> <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 3.&#xa0; Oil and Natural Gas Investments</div><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">On December 18, 2015, the Partnership completed its purchase (&#x201c;Acquisition No. 1&#x201d;) of an approximate 11% non-operated working interest in the Sanish Field Assets for approximately $159.6 million. The Partnership accounted for Acquisition No. 1 as a business combination, and therefore expensed, as incurred, transaction costs associated with this acquisition. These costs included, but were not limited to, due diligence, reserve reports, legal and engineering services and site visits.</div><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">On January 11, 2017, the Partnership completed its purchase (&#x201c;Acquisition No. 2&#x201d;) of an additional approximate 11% non-operated working interest in the Sanish Field Assets for approximately $128.5 million. The Partnership accounted for Acquisition No. 2 as a purchase of a group of similar assets, and therefore capitalized transaction costs associated with this acquisition. Total transaction costs incurred for Acquisition No. 2 were approximately $43,000. The Partnership also recorded an asset retirement obligation liability of approximately $0.8 million in conjunction with this acquisition. Acquisition No. 2 increased the Partnership&#x2019;s non-operated working interest in the Sanish Field Assets to approximately 22-23%.</div><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">On March 31, 2017, the Partnership completed its purchase (&#x201c;Acquisition No. 3&#x201d;) of an additional approximate average 10.5% non-operated working interest in 82 of the Partnership&#x2019;s then 216 existing producing wells and 150 of the Partnership&#x2019;s then 253 future development locations in the Sanish Field Assets for approximately $52.4 million. The Partnership accounted for Acquisition No. 3 as a purchase of a group of similar assets, and therefore capitalized transaction costs associated with this acquisition. Total transaction costs incurred for Acquisition No. 3 were approximately $80,000. The Partnership also recorded an asset retirement obligation liability of approximately $0.3 million in conjunction with this acquisition. Acquisition No. 3 increased the Partnership&#x2019;s total non-operated working interest in the Sanish Field Assets to approximately 26-27%.</div><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The following unaudited pro forma financial information for the three-month period ended March 31, 2017 has been prepared as if Acquisitions No. 2 and No. 3 of the Sanish Field Assets had occurred on January 1, 2017.&#xa0;The unaudited pro forma financial information was derived from the historical Statements of Operations of the Partnership and the historical information provided by the sellers.&#xa0;The unaudited pro forma financial information does not purport to be indicative of the results of operations that would have occurred had the acquisitions of the Sanish Field Assets and related financings occurred on the basis assumed above, nor is such information indicative of the Partnership&#x2019;s expected future results of operations.</div><br/><table style="WIDTH: 75%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; margin-left: auto; margin-right: auto;" id="zbda76c200c5f4fcfb0f4bf15c1430722" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="PADDING-BOTTOM: 2px; WIDTH: 60%; VERTICAL-ALIGN: top" valign="bottom">&#xa0;</td> <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2"> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three Months Ended</div> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">March 31, 2017</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> </tr> <tr> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 60%; VERTICAL-ALIGN: top" valign="bottom"> <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Revenues</div> </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div> </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">12,456,650</div> </td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> </tr> <tr> <td style=" WIDTH: 60%; VERTICAL-ALIGN: top" valign="bottom"> <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Net income</div> </td> <td style=" WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,869,027</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> </tr> </table><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 0.1pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.1pt">In October and November 2017, the Partnership elected to participate in the drilling and completion of six new wells. Two of the six wells were completed in March 2018. These two wells were completed and are being operated by Whiting, and the Partnership has an estimated approximate 29% non-operated working interest in these two wells. The other four wells are being drilled and will be operated by Oasis Petroleum, Inc. (NYSE: OAS), and the Partnership will have an estimated approximate 7-9% non-operated working interest in these four wells. These four wells are anticipated to be completed in the second quarter of 2018. In total, the Partnership&#x2019;s capital expenditures for the drilling and completion of the six wells discussed above are estimated to be approximately $7.0 million, of which approximately $5.3 million had been incurred as of March 31, 2018, including approximately $4.0 million in the first quarter of 2018.</div><br/></div> 0.11 159600000 0.11 128500000 43000 800000 0.22 0.23 0.105 82 216 150 253 52400000 80000 300000 0.26 0.27 6 2 2 0.29 4 0.07 0.09 7000000 5300000 4000000 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; "> The following unaudited pro forma financial information for the three-month period ended March 31, 2017 has been prepared as if Acquisitions No. 2 and No. 3 of the Sanish Field Assets had occurred on January 1, 2017. The unaudited pro forma financial information was derived from the historical Statements of Operations of the Partnership and the historical information provided by the sellers. The unaudited pro forma financial information does not purport to be indicative of the results of operations that would have occurred had the acquisitions of the Sanish Field Assets and related financings occurred on the basis assumed above, nor is such information indicative of the Partnership&#x2019;s expected future results of operations.<br /><br /><table style="WIDTH: 75%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; margin-left: auto; margin-right: auto;" id="zbda76c200c5f4fcfb0f4bf15c1430722" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="PADDING-BOTTOM: 2px; WIDTH: 60%; VERTICAL-ALIGN: top" valign="bottom">&#xa0;</td> <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2"> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three Months Ended</div> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">March 31, 2017</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> </tr> <tr> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 60%; VERTICAL-ALIGN: top" valign="bottom"> <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Revenues</div> </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div> </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">12,456,650</div> </td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> </tr> <tr> <td style=" WIDTH: 60%; VERTICAL-ALIGN: top" valign="bottom"> <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Net income</div> </td> <td style=" WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div> </td> <td style="TEXT-ALIGN: right; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2,869,027</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> </tr> </table></div> 12456650 2869027 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; "> <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 4.&#xa0; Debt</div><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">As part of the financing for Acquisition No. 2 completed on January 11, 2017, the Partnership executed a note (&#x201c;Seller Note 2&#x201d;) in favor of the sellers in the original principal amount of $40.0 million. The Partnership paid the $40.0 million Seller Note 2, which bore interest at 5%, in full on February 23, 2017.</div><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">As part of the financing for Acquisition No. 3 completed on March 31, 2017, the Partnership executed a note (&#x201c;Seller Note 3&#x201d;) in favor of the sellers in the original principal amount of $33.0 million. Seller Note 3 bore interest at 5% per annum and was payable in full no later than August 1, 2017 (&#x201c;Maturity Date&#x201d;). In July 2017, the Partnership and the sellers executed a First Amendment to Seller Note 3 (&#x201c;Amended Note&#x201d;), which extended the maturity date to June 29, 2018 (&#x201c;Extended Maturity Date&#x201d;). The Amended Note also bore interest at 5% per annum. The Partnership paid the outstanding balance on the Amended Note of approximately $5.9 million, including interest, on November 21, 2017 in conjunction with the closing on the credit facility discussed below. There was no penalty for prepayment of the Amended Note.</div><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">On November 21, 2017, the Partnership, as the borrower, entered into a loan agreement (the &#x201c;Loan Agreement&#x201d;) with Bank SNB (the &#x201c;Lender&#x201d;), which provides for a revolving credit facility (the &#x201c;Credit Facility&#x201d;) with an approved initial commitment amount of $20 million (the &#x201c;Revolver Commitment Amount&#x201d;), subject to borrowing base restrictions. The commitment amount may be increased up to $75 million with Lender approval. The Partnership paid an origination fee of 0.30% of the Revolver Commitment Amount, or $60,000, and is subject to additional origination fees of 0.30% for any borrowings made in excess of the Revolver Commitment Amount. The Partnership is also required to pay an unused facility fee of 0.50% on the unused portion of the Revolver Commitment Amount, based on the amount of borrowings outstanding during a quarter. The maturity date is November 21, 2019.</div><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The interest rate, subject to certain exceptions, is equal to the London Inter-Bank Offered Rate (LIBOR) plus a margin ranging from 2.50% to 3.50%, depending upon the Partnership&#x2019;s borrowing base utilization, as calculated under the terms of the Loan Agreement. At March 31, 2018, the borrowing base was $30 million and the interest rate for the Credit Facility was 5.06%.</div><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Credit Facility is available to provide additional liquidity for capital investments, including the completion of the four wells described in &#x201c;Note 3. Oil and Gas Investments,&#x201d; and other corporate working capital requirements. Under the terms of the Loan Agreement, the Partnership may make voluntary prepayments, in whole or in part, at any time with no penalty. The Credit Facility is secured by a mortgage and first lien position on at least 80% of the Partnership&#x2019;s producing wells.</div><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Credit Facility contains mandatory prepayment requirements, customary affirmative and negative covenants and events of default. The financial covenants include:</div><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#xb7; a maximum leverage ratio</div><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#xb7; a minimum current ratio</div><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#xb7; maximum distributions</div><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Partnership was in compliance with the applicable covenants at March 31, 2018.</div><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">As of March 31, 2018, the outstanding balance on the Credit Facility was $13.0 million, which approximates its fair market value. The Partnership estimated the fair value of its Credit Facility by discounting the future cash flows of the instrument at estimated market rates consistent with the maturity of a debt obligation with similar credit terms and credit characteristics, which are Level 3 inputs under the fair value hierarchy. Market rates take into consideration general market conditions and maturity.</div><br/></div> 40000000 40000000 0.05 2017-02-23 33000000 0.05 2017-08-01 2018-06-29 5900000 20000000 The commitment amount may be increased up to $75 million 0.0030 60000 0.0030 0.0050 0.0250 0.0350 30000000 0.0506 4 The Credit Facility is secured by a mortgage and first lien position on at least 80% of the Partnership&#x2019;s producing wells. The Credit Facility contains mandatory prepayment requirements, customary affirmative and negative covenants and events of default. The financial covenants include:&#xb7; a maximum leverage ratio&#xb7; a minimum current ratio&#xb7; maximum distributions The Partnership was in compliance with the applicable covenants at March 31, 2018. 13000000 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; "> <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 5.&#xa0; Asset Retirement Obligations</div><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Partnership records an asset retirement obligation (&#x201c;ARO&#x201d;) and capitalizes the asset retirement costs in oil and natural gas properties in the period in which the asset retirement obligation is incurred based upon the fair value of an obligation to perform site reclamation, dismantle facilities or plug and abandon wells. After recording these amounts, the ARO is accreted to its future estimated value using an assumed cost of funds and the additional capitalized costs are depreciated on a unit-of-production basis. Inherent in the present value calculation are numerous assumptions and judgments including the ultimate settlement amounts, inflation factors, credit adjusted discount rates, timing of settlement and changes in the legal, regulatory, environmental and political environments. To the extent future revisions of these assumptions impact the present value of the existing asset retirement obligation, a corresponding adjustment is made to the oil and natural gas property balance. The changes in the aggregate ARO are as follows:</div><br/><table style="WIDTH: 75%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; margin-left: auto; margin-right: auto;" id="z0ce13ddc902649eabcb0edc0f258c170" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="PADDING-BOTTOM: 2px; WIDTH: 47%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#xa0;</div> </td> <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: middle" valign="bottom" colspan="2"> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2018</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: middle" valign="bottom" colspan="2"> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2017</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> </tr> <tr> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 47%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Balance as of January 1</div> </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div> </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,226,879</div> </td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div> </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">70,623</div> </td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> </tr> <tr> <td style=" WIDTH: 47%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 5pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Liabilities incurred - Acquisition No. 2</div> </td> <td style=" WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: right; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">-</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style=" WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: right; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">781,628</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> </tr> <tr> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 47%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 5pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Liabilities incurred - Acquisition No. 3</div> </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">-</div> </td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">289,827</div> </td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> </tr> <tr> <td style=" WIDTH: 47%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 5pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Revisions</div> </td> <td style=" WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: right; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">-</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style=" WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: right; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">36,625</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> </tr> <tr> <td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 47%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 5pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Accretion expense</div> </td> <td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">16,797</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">11,172</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> </tr> <tr> <td style="PADDING-BOTTOM: 4px; WIDTH: 47%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Balance as of March 31</div> </td> <td style="PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div> </td> <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,243,676</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style="PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div> </td> <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,189,875</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> </tr> </table><br/></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; "> The changes in the aggregate ARO are as follows:<br /><br /><table style="WIDTH: 75%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; margin-left: auto; margin-right: auto;" id="z0ce13ddc902649eabcb0edc0f258c170" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="PADDING-BOTTOM: 2px; WIDTH: 47%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#xa0;</div> </td> <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: middle" valign="bottom" colspan="2"> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2018</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: middle" valign="bottom" colspan="2"> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2017</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> </tr> <tr> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 47%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Balance as of January 1</div> </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div> </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,226,879</div> </td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div> </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">70,623</div> </td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> </tr> <tr> <td style=" WIDTH: 47%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 5pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Liabilities incurred - Acquisition No. 2</div> </td> <td style=" WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: right; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">-</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style=" WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: right; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">781,628</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> </tr> <tr> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 47%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 5pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Liabilities incurred - Acquisition No. 3</div> </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">-</div> </td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">289,827</div> </td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> </tr> <tr> <td style=" WIDTH: 47%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 5pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Revisions</div> </td> <td style=" WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: right; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">-</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style=" WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: right; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">36,625</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> </tr> <tr> <td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 47%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 5pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Accretion expense</div> </td> <td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">16,797</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">11,172</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> </tr> <tr> <td style="PADDING-BOTTOM: 4px; WIDTH: 47%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Balance as of March 31</div> </td> <td style="PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div> </td> <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,243,676</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style="PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div> </td> <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1,189,875</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> </tr> </table></div> 1226879 70623 0 781628 0 289827 0 36625 16797 11172 1243676 1189875 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; "> <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 6.&#xa0; Fair Value of Financial Instruments</div><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Partnership follows authoritative guidance related to fair value measurement and disclosure, which establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy categorizes assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement using market participant assumptions at the measurement date. Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows:</div><br/><table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="z001e74a48a8e452cb60341c2f875bb43" class="DSPFListTable" cellspacing="0" cellpadding="0"> <tr> <td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right"> <div style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#xb7;</div> </td> <td style="WIDTH: auto; VERTICAL-ALIGN: top"> <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Level 1: Quoted prices in active markets for identical assets</div> </td> </tr> </table><br/><table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="zf9fc00225b8f4e69936ddcae3d5a7af8" class="DSPFListTable" cellspacing="0" cellpadding="0"> <tr> <td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right"> <div style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#xb7;</div> </td> <td style="WIDTH: auto; VERTICAL-ALIGN: top"> <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Level 2: Significant other observable inputs &#x2013; inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, either directly or indirectly, for substantially the full term of the financial instrument</div> </td> </tr> </table><br/><table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="z19182f74e28d4dcf84cdc06482d07462" class="DSPFListTable" cellspacing="0" cellpadding="0"> <tr> <td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right"> <div style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#xb7;</div> </td> <td style="WIDTH: auto; VERTICAL-ALIGN: top"> <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Level 3: Significant unobservable inputs</div> </td> </tr> </table><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Partnership&#x2019;s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and the consideration of factors specific to the asset or liability. The Partnership&#x2019;s policy is to recognize transfers in or out of a fair value hierarchy as of the end of the reporting period for which the event or change in circumstances caused the transfer. The Partnership has consistently applied the valuation techniques discussed above for all periods presented. During the three months ended March 31, 2018 and 2017, there were no transfers in or out of Level 1, Level 2, or Level 3 assets and liabilities measured on a recurring basis.</div><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">As required, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Partnership did not have any financial assets and liabilities that were accounted for at fair value as of March 31, 2017, except for those instruments discussed below in &#x201c;Fair Value of Other Financial Instruments.&#x201d; The following table sets forth by level within the fair value hierarchy the Partnership&#x2019;s financial assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2018.</div><br/><table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="zc5ecd8ec6a864fbdb8c657fe680c7a78" cellspacing="0" cellpadding="0"> <tr> <td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">&#xa0;</td> <td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="10"> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fair Value Measurements at March 31, 2018</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> </tr> <tr> <td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">&#xa0;</td> <td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2"> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Quoted Prices in</div> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Active Markets for </div> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Identical Assets</div> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(Level 1)</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" colspan="2"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Significant Other </div> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Observable Inputs</div> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(Level 2)</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" colspan="2"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Significant Unobservable </div> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Inputs</div> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(Level 3)</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> </tr> <tr style="HEIGHT: 12px"> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 58%; VERTICAL-ALIGN: top" valign="bottom"> <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Commodity derivatives - current assets</div> </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div> </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">-</div> </td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div> </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">-</div> </td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div> </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">-</div> </td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> </tr> <tr> <td style="PADDING-BOTTOM: 2px; WIDTH: 58%; VERTICAL-ALIGN: top" valign="bottom"> <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Commodity derivatives - current liabilities</div> </td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">-</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,715,642</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div> </td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">-</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> </tr> <tr> <td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 58%; VERTICAL-ALIGN: top" valign="bottom"> <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Total</div> </td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div> </td> <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">-</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div> </td> <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,715,642</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div> </td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div> </td> <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">-</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> </tr> </table><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Level 2 instruments presented in the table above consist of Partnership&#x2019;s costless collar commodity derivative instruments. The fair value of the Partnership&#x2019;s derivative financial instruments is determined based upon future prices, volatility and time to maturity, among other things. Counterparty statements are utilized to determine the value of the commodity derivative instruments and are reviewed and corroborated using various methodologies and significant observable inputs. The fair value of the commodity derivatives noted above are included in the Partnership&#x2019;s consolidated balance sheet in Derivative liability at March 31, 2018. See additional detail in Note 7. Risk Management.</div><br/><div style="TEXT-ALIGN: left; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Fair Value of Other Financial Instruments</div><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The carrying value of the Partnership&#x2019;s cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities reflect these items&#x2019; cost, which approximates fair value based on the timing of the anticipated cash flows, current market conditions and short-term maturity of these instruments. In addition, see Note 4. Debt for the fair value discussion on the Partnership&#x2019;s debt.</div><br/></div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; "> The following table sets forth by level within the fair value hierarchy the Partnership&#x2019;s financial assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2018.<br /><br /><table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="zc5ecd8ec6a864fbdb8c657fe680c7a78" cellspacing="0" cellpadding="0"> <tr> <td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">&#xa0;</td> <td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="10"> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fair Value Measurements at March 31, 2018</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> </tr> <tr> <td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">&#xa0;</td> <td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2"> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Quoted Prices in</div> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Active Markets for </div> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Identical Assets</div> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(Level 1)</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" colspan="2"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Significant Other </div> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Observable Inputs</div> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(Level 2)</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" colspan="2"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Significant Unobservable </div> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Inputs</div> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(Level 3)</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> </tr> <tr style="HEIGHT: 12px"> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 58%; VERTICAL-ALIGN: top" valign="bottom"> <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Commodity derivatives - current assets</div> </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div> </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">-</div> </td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div> </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">-</div> </td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div> </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">-</div> </td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> </tr> <tr> <td style="PADDING-BOTTOM: 2px; WIDTH: 58%; VERTICAL-ALIGN: top" valign="bottom"> <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Commodity derivatives - current liabilities</div> </td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">-</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,715,642</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div> </td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">-</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> </tr> <tr> <td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 58%; VERTICAL-ALIGN: top" valign="bottom"> <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Total</div> </td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div> </td> <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">-</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div> </td> <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,715,642</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div> </td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div> </td> <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">-</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> </tr> </table></div> 0 0 0 0 1715642 0 0 -1715642 0 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; "> <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 7.&#xa0; Risk Management</div><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Participation in the oil and gas industry exposes the Partnership to risks associated with potentially volatile changes in energy commodity prices, and therefore, the Partnership&#x2019;s future earnings are subject to these risks. In December 2017, the Partnership began to utilize derivative contracts to manage the commodity price risk on the Partnership&#x2019;s future oil production it will produce and sell and to reduce the effect of volatility in commodity price changes to provide a base level of cash flow from operations. All derivative instruments are recorded on the Partnership&#x2019;s balance sheet as assets or liabilities measured at fair value.</div><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">At March 31, 2018 and December 31, 2017, the Partnership&#x2019;s costless collar derivative instruments were in a net loss position; therefore, the current Derivative liability on the consolidated balance sheets was approximately $1.7 million and $1.0 million, respectively, which approximated fair value. The Partnership has not designated its derivative instruments as hedges for accounting purposes and has not entered into such instruments for speculative trading purposes. As a result, when derivatives do not qualify or are not designated as a hedge, the changes in the fair value are recognized on the Partnership&#x2019;s consolidated statements of operations as a gain or loss on derivative instruments. The Partnership recognized a total net loss on its derivative instruments of approximately $1.2 million for the three months ended March 31, 2018, which was recorded in the consolidated statements of operations as Loss on derivatives.&#xa0;The loss was comprised of (i) $0.5 million of losses the Partnerships recognized on settled derivatives during the period and (ii) $0.7 million of a mark-to-market loss incurred on derivative instruments outstanding at period end.</div><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Partnership determines the estimated fair value of derivative instruments using a market approach based on several factors, including quoted market prices in active markets and quotes from third parties, among other things. The Partnership also performs an internal valuation to ensure the reasonableness of third-party quotes. In consideration of counterparty credit risk, the Partnership assessed the possibility of whether the counterparty to the derivative would default by failing to make any contractually-required payments. Additionally, the Partnership considers that it is of substantial credit quality and has the financial resources and willingness to meet its potential repayment obligations associated with the derivative transactions. See additional discussion above in Note 6. Fair Value of Financial Instruments.</div><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The following table presents settlements on matured derivative instruments and non-cash losses on open derivative instruments for the period presented. Settlements on matured derivatives below reflect losses on derivative contracts which matured during the period, calculated as the difference between the contract price and the market settlement price. Non-cash losses below represent the change in fair value of derivative instruments which were held at period-end.</div><br/><table style="WIDTH: 75%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; margin-left: auto; margin-right: auto;" id="z7efc602673c54380af3a45e3c5a84408" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="PADDING-BOTTOM: 2px; WIDTH: 60%; VERTICAL-ALIGN: top" valign="bottom">&#xa0;</td> <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2"> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three Months Ended </div> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">March 31, 2018</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> </tr> <tr> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 60%; VERTICAL-ALIGN: top" valign="bottom"> <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Settlements on matured derivatives</div> </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div> </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(473,578</div> </td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div> </td> </tr> <tr> <td style="PADDING-BOTTOM: 2px; WIDTH: 60%; VERTICAL-ALIGN: top" valign="bottom"> <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Loss on mark-to-market of derivatives</div> </td> <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(688,677</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div> </td> </tr> <tr> <td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 60%; VERTICAL-ALIGN: top" valign="bottom"> <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Loss on derivatives</div> </td> <td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div> </td> <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,162,255</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div> </td> </tr> </table><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Partnership&#x2019;s derivative contracts are costless collars, which are used to establish floor and ceiling prices on future anticipated oil production. The Partnership did not pay or receive a premium related to the costless collar agreements. The contracts are settled monthly. The follow table reflects the open costless collar agreements as of March 31, 2018.</div><br/><table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="za3608cc4d5f949ff9efc0e21850fa638" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; WIDTH: 31%; VERTICAL-ALIGN: bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Settlement Period</div> </td> <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; WIDTH: 11%; VERTICAL-ALIGN: bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Basis</div> </td> <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" colspan="2"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Oil (Barrels)</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" colspan="2"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Floor / Ceiling Prices ($)</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2"> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fair Value of Asset / </div> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(Liability) at</div> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">March 31, 2018</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> </tr> <tr> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31%; VERTICAL-ALIGN: top" valign="bottom"> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">04/01/18 - 12/31/18</div> </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#xa0;</td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: top" valign="bottom"> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">NYMEX</div> </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">216,000</div> </td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div> </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">52.00 / 57.05</div> </td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div> </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,500,989</div> </td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div> </td> </tr> <tr> <td style=" WIDTH: 31%; VERTICAL-ALIGN: top" valign="bottom"> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">04/01/18 - 12/31/18</div> </td> <td style=" WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#xa0;</td> <td style=" WIDTH: 11%; VERTICAL-ALIGN: top" valign="bottom"> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">NYMEX</div> </td> <td style=" WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: right; WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">27,000</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style=" WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div> </td> <td style="TEXT-ALIGN: right; WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">55.00 / 61.35</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style=" WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: right; WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(93,432</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div> </td> </tr> <tr> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31%; VERTICAL-ALIGN: top" valign="bottom"> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">04/01/18 - 12/31/18</div> </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#xa0;</td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: top" valign="bottom"> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">NYMEX</div> </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">27,000</div> </td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div> </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">55.00 / 62.25</div> </td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(78,638</div> </td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div> </td> </tr> <tr> <td style=" WIDTH: 31%; VERTICAL-ALIGN: top" valign="bottom"> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">04/01/18 - 12/31/18</div> </td> <td style=" WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#xa0;</td> <td style=" WIDTH: 11%; VERTICAL-ALIGN: top" valign="bottom"> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">NYMEX</div> </td> <td style=" WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: right; WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">27,000</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style=" WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div> </td> <td style="TEXT-ALIGN: right; WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">56.00 / 65.25</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style=" WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: right; WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(33,223</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div> </td> </tr> <tr> <td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 31%; VERTICAL-ALIGN: top" valign="bottom"> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">04/01/18 - 12/31/18</div> </td> <td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#xa0;</td> <td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: top" valign="bottom"> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">NYMEX</div> </td> <td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">27,000</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div> </td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">58.00 / 66.50</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(9,360</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div> </td> </tr> <tr> <td style=" WIDTH: 31%; VERTICAL-ALIGN: top" valign="bottom">&#xa0;</td> <td style=" WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#xa0;</td> <td style=" WIDTH: 11%; VERTICAL-ALIGN: top" valign="bottom">&#xa0;</td> <td style=" WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: right; WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style=" WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: right; WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style=" WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div> </td> <td style="TEXT-ALIGN: right; WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,715,642</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div> </td> </tr> </table><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">All of the Partnership&#x2019;s outstanding derivative instruments are covered by an International Swap Dealers Association Master Agreement (&#x201c;ISDA&#x201d;) entered into with the counterparty. The ISDA may provide that as a result of certain circumstances, such as cross-defaults, a counterparty may require all outstanding derivative instruments under an ISDA to be settled immediately. The Partnership has netting arrangements with the counterparty that provide for offsetting payables against receivables from separate derivative instruments.</div><br/></div> 1700000 1000000 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; "> The following table presents settlements on matured derivative instruments and non-cash losses on open derivative instruments for the period presented. Settlements on matured derivatives below reflect losses on derivative contracts which matured during the period, calculated as the difference between the contract price and the market settlement price. Non-cash losses below represent the change in fair value of derivative instruments which were held at period-end.<br /><br /><table style="WIDTH: 75%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; margin-left: auto; margin-right: auto;" id="z7efc602673c54380af3a45e3c5a84408" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="PADDING-BOTTOM: 2px; WIDTH: 60%; VERTICAL-ALIGN: top" valign="bottom">&#xa0;</td> <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2"> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three Months Ended </div> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">March 31, 2018</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> </tr> <tr> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 60%; VERTICAL-ALIGN: top" valign="bottom"> <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Settlements on matured derivatives</div> </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div> </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(473,578</div> </td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div> </td> </tr> <tr> <td style="PADDING-BOTTOM: 2px; WIDTH: 60%; VERTICAL-ALIGN: top" valign="bottom"> <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Loss on mark-to-market of derivatives</div> </td> <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(688,677</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div> </td> </tr> <tr> <td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 60%; VERTICAL-ALIGN: top" valign="bottom"> <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Loss on derivatives</div> </td> <td style="PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div> </td> <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 12%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,162,255</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div> </td> </tr> </table></div> 473578 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; "> The follow table reflects the open costless collar agreements as of March 31, 2018.<br /><br /><table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="za3608cc4d5f949ff9efc0e21850fa638" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; WIDTH: 31%; VERTICAL-ALIGN: bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Settlement Period</div> </td> <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; WIDTH: 11%; VERTICAL-ALIGN: bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Basis</div> </td> <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" colspan="2"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Oil (Barrels)</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: center; VERTICAL-ALIGN: bottom" colspan="2"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Floor / Ceiling Prices ($)</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2"> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Fair Value of Asset / </div> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(Liability) at</div> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">March 31, 2018</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> </tr> <tr> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31%; VERTICAL-ALIGN: top" valign="bottom"> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">04/01/18 - 12/31/18</div> </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#xa0;</td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: top" valign="bottom"> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">NYMEX</div> </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">216,000</div> </td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div> </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">52.00 / 57.05</div> </td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div> </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,500,989</div> </td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div> </td> </tr> <tr> <td style=" WIDTH: 31%; VERTICAL-ALIGN: top" valign="bottom"> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">04/01/18 - 12/31/18</div> </td> <td style=" WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#xa0;</td> <td style=" WIDTH: 11%; VERTICAL-ALIGN: top" valign="bottom"> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">NYMEX</div> </td> <td style=" WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: right; WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">27,000</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style=" WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div> </td> <td style="TEXT-ALIGN: right; WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">55.00 / 61.35</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style=" WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: right; WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(93,432</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div> </td> </tr> <tr> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 31%; VERTICAL-ALIGN: top" valign="bottom"> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">04/01/18 - 12/31/18</div> </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#xa0;</td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: top" valign="bottom"> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">NYMEX</div> </td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">27,000</div> </td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div> </td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">55.00 / 62.25</div> </td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style="BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(78,638</div> </td> <td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div> </td> </tr> <tr> <td style=" WIDTH: 31%; VERTICAL-ALIGN: top" valign="bottom"> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">04/01/18 - 12/31/18</div> </td> <td style=" WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#xa0;</td> <td style=" WIDTH: 11%; VERTICAL-ALIGN: top" valign="bottom"> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">NYMEX</div> </td> <td style=" WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: right; WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">27,000</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style=" WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div> </td> <td style="TEXT-ALIGN: right; WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">56.00 / 65.25</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style=" WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: right; WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(33,223</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div> </td> </tr> <tr> <td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 31%; VERTICAL-ALIGN: top" valign="bottom"> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">04/01/18 - 12/31/18</div> </td> <td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#xa0;</td> <td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 11%; VERTICAL-ALIGN: top" valign="bottom"> <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">NYMEX</div> </td> <td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">27,000</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div> </td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">58.00 / 66.50</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style="PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(9,360</div> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div> </td> </tr> <tr> <td style=" WIDTH: 31%; VERTICAL-ALIGN: top" valign="bottom">&#xa0;</td> <td style=" WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#xa0;</td> <td style=" WIDTH: 11%; VERTICAL-ALIGN: top" valign="bottom">&#xa0;</td> <td style=" WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: right; WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style=" WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: right; WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom">&#xa0;</td> <td style=" WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#xa0;</td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">$</div> </td> <td style="TEXT-ALIGN: right; WIDTH: 16%; VERTICAL-ALIGN: bottom" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">(1,715,642</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom; white-space: nowrap;" valign="bottom"> <div style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">)</div> </td> </tr> </table></div> NYMEX 216000 52.00 57.05 1500989 NYMEX 27000 55.00 61.35 93432 NYMEX 27000 55.00 62.25 78638 NYMEX 27000 56.00 65.25 33223 NYMEX 27000 58.00 66.50 9360 1715642 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; "> <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 8.&#xa0; Capital Contribution and Partners&#x2019; Equity</div><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">At inception, the General Partner and organizational limited partner made initial capital contributions totaling $1,000 to the Partnership.&#xa0;&#xa0;Upon closing of the minimum offering, the organizational limited partner withdrew its initial capital contribution of $990, the General Partner received Incentive Distribution Rights (defined below).</div><br/><div style="TEXT-ALIGN: left; MARGIN-TOP: 0.1pt; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 0.1pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.1pt">The Partnership completed its best-efforts offering of common units on April 24, 2017. As of the conclusion of the offering on April 24, 2017, the Partnership had completed the sale of approximately 19.0 million common units for total gross proceeds of $374.2 million and proceeds net of offerings costs of $349.6 million.</div><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Under the agreement with David Lerner Associates, Inc. (the &#x201c;Dealer Manager&#x201d;), the Dealer Manager received a total of 6% in selling commissions and a marketing expense allowance based on gross proceeds of the common units sold.&#xa0;&#xa0;The Dealer Manager will also be paid a contingent incentive&#xa0;fee, which is a cash payment of up to an amount equal to 4% of gross proceeds of the common units sold based on the performance of the Partnership. Based on the common units sold through the best-efforts offering, the total contingent fee is a maximum of&#xa0;approximately $15.0 million.</div><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Prior to &#x201c;Payout,&#x201d; which is defined below, all of the distributions made by the Partnership, if any, will be paid to the holders of common units.&#xa0;&#xa0;Accordingly, the Partnership will not make any distributions with respect to the Incentive Distribution Rights or with respect to Class B units and will not make the contingent incentive payments to the Dealer Manager, until Payout occurs.</div><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Partnership Agreement provides that Payout occurs on the day when the aggregate amount distributed with respect to each of the common units equals $20.00 plus the Payout Accrual.&#xa0;The Partnership Agreement defines &#x201c;Payout Accrual&#x201d; as 7% per annum simple interest accrued monthly until paid on the Net Investment Amount outstanding from time to time.&#xa0;The Partnership Agreement defines Net Investment Amount initially as $20.00 per unit, regardless of the amount paid for the unit.&#xa0;If at any time the Partnership distributes to holders of common units more than the Payout Accrual, the amount the Partnership distributes in excess of the Payout Accrual will reduce the Net Investment Amount.</div><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">All distributions made by the Partnership after Payout, which may include all or a portion of the proceeds of the sale of all or substantially all of the Partnership&#x2019;s assets, will be made as follows:</div><br/><table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="z4d5bf0942d7d4cad9adff86f26e3b5fd" class="DSPFListTable" cellspacing="0" cellpadding="0"> <tr> <td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right"> <div style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#xb7;</div> </td> <td style="WIDTH: auto; VERTICAL-ALIGN: top"> <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">First, (i) to the Record Holders of the Incentive Distribution Rights, 35%; (ii) to the Record Holders of the Outstanding Class B units, pro rata based on the number of Class B units owned, 35% multiplied by a fraction, the numerator of which is the number of Class B units outstanding and the denominator of which is 100,000 (currently, there are 62,500 Class B units outstanding; therefore, Class B units could receive 21.875%); (iii) to the Dealer Manager, as the Dealer Manager contingent incentive fee paid under the Dealer Manager Agreement, 30%, and (iv) the remaining amount, if any (currently 13.125%), to the Record Holders of outstanding common units, pro rata based on their percentage interest until such time as the Dealer Manager receives the full amount of the Dealer Manager contingent incentive fee under the Dealer Manager Agreement;</div> </td> </tr> </table><br/><table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="zbdcdc93f0f464f0cb0f1fa484032990d" class="DSPFListTable" cellspacing="0" cellpadding="0"> <tr> <td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right"> <div style="TEXT-ALIGN: left; FONT-FAMILY: Symbol, serif; MARGIN-LEFT: 18pt; FONT-SIZE: 10pt">&#xb7;</div> </td> <td style="WIDTH: auto; VERTICAL-ALIGN: top"> <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Thereafter, (i) to the Record Holders of the Incentive Distribution Rights, 35%; (ii) to the Record Holders of the Outstanding Class B units, pro rata based on the number of Class B units owned, 35% multiplied by a fraction, the numerator of which is the number of Class B units outstanding and the denominator of which is 100,000 (currently, there are 62,500 Class B units outstanding; therefore, Class B units could receive 21.875%); (iii) the remaining amount to the Record Holders of outstanding common units, pro rata based on their percentage interest (currently 43.125%).</div> </td> </tr> </table><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">For the three months ended March 31, 2018 and 2017, the Partnership paid distributions of $0.299178 and $0.349041 per common unit, or $5.7 million and $5.5 million, respectively.</div><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">In the fourth quarter of 2017, the General Partner approved an adjustment to the annualized distribution rate to an annualized return of six percent based on a limited partner&#x2019;s Net Investment Amount of $20.00 per common unit. The six percent distribution rate was effective with the November 29, 2017 distribution. The difference between any distribution and an annualized return of seven percent based on the Net Investment Amount is required to be paid before final Payout occurs as defined above. As of March 31, 2018, the accumulated unpaid distributions totaled $0.084383 per common unit, or approximately $1.6 million.</div><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">In March 2018, the General Partner approved an increase to the annualized distribution rate back to seven percent based on a limited partner&#x2019;s Net Investment Amount. The seven percent distribution rate was effective with the April 26, 2018 distribution.</div><br/></div> 990 0.06 0.04 15000000 The Partnership Agreement provides that Payout occurs on the day when the aggregate amount distributed with respect to each of the common units equals $20.00 plus the Payout Accrual.&#xa0;The Partnership Agreement defines &#x201c;Payout Accrual&#x201d; as 7% per annum simple interest accrued monthly until paid on the Net Investment Amount outstanding from time to time.&#xa0;The Partnership Agreement defines Net Investment Amount initially as $20.00 per unit, regardless of the amount paid for the unit.&#xa0;If at any time the Partnership distributes to holders of common units more than the Payout Accrual, the amount the Partnership distributes in excess of the Payout Accrual will reduce the Net Investment Amount.All distributions made by the Partnership after Payout, which may include all or a portion of the proceeds of the sale of all or substantially all of the Partnership&#x2019;s assets, will be made as follows:&#xb7;First, (i) to the Record Holders of the Incentive Distribution Rights, 35%; (ii) to the Record Holders of the Outstanding Class B units, pro rata based on the number of Class B units owned, 35% multiplied by a fraction, the numerator of which is the number of Class B units outstanding and the denominator of which is 100,000 (currently, there are 62,500 Class B units outstanding; therefore, Class B units could receive 21.875%); (iii) to the Dealer Manager, as the Dealer Manager contingent incentive fee paid under the Dealer Manager Agreement, 30%, and (iv) the remaining amount, if any (currently 13.125%), to the Record Holders of outstanding common units, pro rata based on their percentage interest until such time as the Dealer Manager receives the full amount of the Dealer Manager contingent incentive fee under the Dealer Manager Agreement;&#xb7;Thereafter, (i) to the Record Holders of the Incentive Distribution Rights, 35%; (ii) to the Record Holders of the Outstanding Class B units, pro rata based on the number of Class B units owned, 35% multiplied by a fraction, the numerator of which is the number of Class B units outstanding and the denominator of which is 100,000 (currently, there are 62,500 Class B units outstanding; therefore, Class B units could receive 21.875%); (iii) the remaining amount to the Record Holders of outstanding common units, pro rata based on their percentage interest (currently 43.125%). 0.299178 0.349041 0.06 20.00 0.06 0.07 0.084383 1600000 0.07 0.07 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; "> <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 9.&#xa0; Related Parties</div><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Partnership has, and is expected to continue to engage in, significant transactions with related parties. These transactions cannot be construed to be at arm&#x2019;s length and the results of the Partnership&#x2019;s operations may be different than if conducted with non-related parties.&#xa0;The General Partner&#x2019;s Board of Directors oversees and reviews the Partnership&#x2019;s related party relationships and is required to approve any significant modifications to any existing related party transactions, as well as any new significant related party transactions.</div><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 0.1pt; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.1pt">For the three months ended March 31, 2018 and 2017, approximately $71,000 and $80,000 of general and administrative costs were incurred by a member of the General Partner and have been or will be reimbursed by the Partnership. At March 31, 2018, approximately $71,000 was due to a member of the General Partner and is included in Accounts payable and accrued expenses on the consolidated balance sheets.</div><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The members of the General Partner are affiliates of Glade M. Knight, Chairman and Chief Executive Officer, David S. McKenney, Chief Financial Officer, Anthony F. Keating, III, Co-Chief Operating Officer and Michael J. Mallick, Co-Chief Operating Officer. Mr. Knight and Mr. McKenney are also the Chief Executive Officer and Chief Financial Officer of Energy Resources 12 GP, LLC, the general partner of Energy Resources 12, L.P. (&#x201c;ER12&#x201d;), a limited partnership that also invests in producing and non-producing oil and gas properties on-shore in the United States. On January 31, 2018, the Partnership entered into a cost sharing agreement with ER12 that gives ER12 access to the Partnership&#x2019;s personnel and administrative resources, including accounting, asset management and other day-to-day management support. The shared day-to-day costs are split evenly between the two partnerships and any direct third-party costs are paid by the party receiving the services. The shared costs are based on actual costs incurred with no mark-up or profit to the Partnership. The agreement may be terminated at any time by either party upon 60 days written notice.</div><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Partnership leases office space in Oklahoma City, Oklahoma on a month-to-month basis from an affiliate of the General Partner. For the three months ended March 31, 2018 and 2017, the Partnership paid $25,611 to the affiliate of the General Partner.</div><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The office space is shared between the Partnership and ER12; therefore, under the cost sharing agreement, the monthly payment of $8,537 is split between the two partnerships. In addition to the office space, the cost sharing agreement reduces the costs to the Partnership for accounting and asset management services provided through a member of the General Partner noted above. The compensation due to Clifford J. Merritt, President of the General Partner, is also a shared cost between the Partnership and ER12. For the three months ended March 31, 2018, approximately $47,000 of expenses subject to the cost sharing agreement were incurred by the Partnership and will be reimbursed by ER12. At March 31, 2018, the approximately $47,000 due to the Partnership from ER12 is included in Other current assets in the consolidated balance sheets.</div><br/><div style="text-align: left; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">In November 2017, ER12 engaged Regional Energy Investors, LP (&#x201c;REI&#x201d;) to perform advisory and consulting services, including supporting ER12 through closing and post-closing on the purchase of certain oil and gas properties in North Dakota. REI is owned by entities that are controlled by Mr. Keating and Mr. Mallick and has engaged Mr. Merritt to support its operations. With the fees received from ER12 for advisory and consulting services, REI paid certain personnel utilized by the Partnership, including Mr. Merritt, an aggregate total of $500,000.</div><br/></div> 71000 80000 71000 25611 25611 8537 -47000 47000 500000 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; "> <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Note 10.&#xa0; Subsequent Events</div><br/><div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; MARGIN-RIGHT: 0.1pt">In April 2018, the Partnership declared and paid $2.0 million, or $0.107397 per outstanding common unit, in distributions to its holders of common units.</div><br/></div> 2000000 0.107397 EX-101.SCH 7 energy11-20180331.xsd XBRL TAXONOMY EXTENSION SCHEMA 001 - Statement - Consolidated Balance Sheets link:presentationLink link:definitionLink link:calculationLink 002 - Statement - Consolidated Balance Sheets (Parentheticals) link:presentationLink link:definitionLink link:calculationLink 003 - Statement - Consolidated Statements of Operations link:presentationLink link:definitionLink link:calculationLink 004 - Statement - Consolidated Statements of Cash Flows link:presentationLink link:definitionLink link:calculationLink 005 - Disclosure - Partnership Organization link:presentationLink link:definitionLink link:calculationLink 006 - Disclosure - Summary of Significant Accounting Policies link:presentationLink link:definitionLink link:calculationLink 007 - Disclosure - Oil and Natural Gas Investments link:presentationLink link:definitionLink link:calculationLink 008 - Disclosure - Debt link:presentationLink link:definitionLink link:calculationLink 009 - Disclosure - Asset Retirement Obligations link:presentationLink link:definitionLink link:calculationLink 010 - Disclosure - Fair Value of Financial Instruments link:presentationLink link:definitionLink link:calculationLink 011 - Disclosure - Risk Management link:presentationLink link:definitionLink link:calculationLink 012 - Disclosure - Capital Contribution and Partners' Equity link:presentationLink link:definitionLink link:calculationLink 013 - Disclosure - Related Parties link:presentationLink link:definitionLink link:calculationLink 014 - Disclosure - Subsequent Events link:presentationLink link:definitionLink link:calculationLink 015 - Disclosure - Accounting Policies, by Policy (Policies) link:presentationLink link:definitionLink link:calculationLink 016 - Disclosure - Summary of Significant Accounting Policies (Tables) link:presentationLink link:definitionLink link:calculationLink 017 - Disclosure - Oil and Natural Gas Investments (Tables) link:presentationLink link:definitionLink link:calculationLink 018 - Disclosure - Asset Retirement Obligations (Tables) link:presentationLink link:definitionLink link:calculationLink 019 - Disclosure - Fair Value of Financial Instruments (Tables) link:presentationLink link:definitionLink link:calculationLink 020 - Disclosure - Risk Management (Tables) link:presentationLink link:definitionLink link:calculationLink 021 - Disclosure - Partnership Organization (Details) link:presentationLink link:definitionLink link:calculationLink 022 - Disclosure - Summary of Significant Accounting Policies (Details) link:presentationLink link:definitionLink link:calculationLink 023 - Disclosure - Summary of Significant Accounting Policies (Details) - Disaggregation of Revenue link:presentationLink link:definitionLink link:calculationLink 024 - Disclosure - Oil and Natural Gas Investments (Details) link:presentationLink link:definitionLink link:calculationLink 025 - Disclosure - Oil and Natural Gas Investments (Details) - Business Acquisition, Pro Forma Information link:presentationLink link:definitionLink link:calculationLink 026 - Disclosure - Debt (Details) link:presentationLink link:definitionLink link:calculationLink 027 - Disclosure - Asset Retirement Obligations (Details) - Schedule of Asset Retirement Obligations link:presentationLink link:definitionLink link:calculationLink 028 - Disclosure - Fair Value of Financial Instruments (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis link:presentationLink link:definitionLink link:calculationLink 029 - Disclosure - Risk Management (Details) link:presentationLink link:definitionLink link:calculationLink 030 - Disclosure - Risk Management (Details) - Schedule of Derivative Instruments in Statement of Financial Position, Fair Value link:presentationLink link:definitionLink link:calculationLink 031 - Disclosure - Risk Management (Details) - Schedule of Derivative Instruments link:presentationLink link:definitionLink link:calculationLink 032 - Disclosure - Capital Contribution and Partners' Equity (Details) link:presentationLink link:definitionLink link:calculationLink 033 - Disclosure - Related Parties (Details) link:presentationLink link:definitionLink link:calculationLink 034 - Disclosure - Subsequent Events (Details) link:presentationLink link:definitionLink link:calculationLink 000 - Document - Document And Entity Information link:presentationLink link:definitionLink link:calculationLink EX-101.CAL 8 energy11-20180331_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 9 energy11-20180331_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 10 energy11-20180331_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE EX-101.PRE 11 energy11-20180331_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 12 R1.htm IDEA: XBRL DOCUMENT v3.8.0.1
Document And Entity Information - shares
3 Months Ended
Mar. 31, 2018
Apr. 30, 2018
Document and Entity Information [Abstract]    
Entity Registrant Name Energy 11, L.P.  
Document Type 10-Q  
Current Fiscal Year End Date --12-31  
Entity Common Stock, Shares Outstanding   18,973,474
Amendment Flag false  
Entity Central Index Key 0001581552  
Entity Current Reporting Status Yes  
Entity Voluntary Filers No  
Entity Filer Category Smaller Reporting Company  
Entity Well-known Seasoned Issuer No  
Document Period End Date Mar. 31, 2018  
Document Fiscal Year Focus 2018  
Document Fiscal Period Focus Q1  
XML 13 R2.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Balance Sheets - USD ($)
Mar. 31, 2018
Dec. 31, 2017
Assets    
Cash and cash equivalents $ 2,734,467 $ 11,090,846
Oil, natural gas and natural gas liquids revenue receivable 7,035,455 6,219,193
Other current assets 158,803 162,930
Total Current Assets 9,928,725 17,472,969
Oil and natural gas properties, successful efforts method, net of accumulated depreciation, depletion and amortization of $28,885,163 and $24,934,190, respectively 322,409,071 321,766,616
Total Assets 332,337,796 339,239,585
Liabilities    
Accounts payable and accrued expenses 4,476,869 2,733,131
Derivative liability 1,715,642 1,026,965
Total Current Liabilities 6,192,511 3,760,096
Revolving credit facility 13,000,000 20,000,000
Asset retirement obligations 1,243,676 1,226,879
Total Liabilities 20,436,187 24,986,975
Partners’ Equity    
Limited partners’ interest (18,973,474 common units issued and outstanding, respectively) 311,903,336 314,254,337
General partner’s interest (1,727) (1,727)
Class B Units (62,500 units issued and outstanding, respectively) 0 0
Total Partners’ Equity 311,901,609 314,252,610
Total Liabilities and Partners’ Equity $ 332,337,796 $ 339,239,585
XML 14 R3.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Balance Sheets (Parentheticals) - USD ($)
Mar. 31, 2018
Dec. 31, 2017
Oil and natural gas properties, accumulated depreciation, depletion and amortization (in Dollars) $ 28,885,163 $ 24,934,190
Limited partners' interest, common units issued 18,973,474 18,973,474
Limited partners' interest, common units outstanding 18,973,474 18,973,474
Class B Units, units issued 62,500 62,500
Class B Units, units outstanding 62,500 62,500
XML 15 R4.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Statements of Operations - USD ($)
3 Months Ended 12 Months Ended
Mar. 31, 2018
Dec. 31, 2017
Oil, natural gas and natural gas liquids revenues $ 13,067,734 $ 10,141,266
Operating costs and expenses    
Production expenses 2,934,666 2,731,854
Production taxes 1,075,125 857,733
General and administrative expenses 381,616 501,741
Depreciation, depletion, amortization and accretion 3,967,770 3,256,258
Total operating costs and expenses 8,359,177 7,347,586
Operating income 4,708,557 2,793,680
Loss on derivatives (1,162,255) 0
Interest expense, net (220,857) (172,609)
Total other expense, net (1,383,112) (172,609)
Net income $ 3,325,445 $ 2,621,071
Basic and diluted net income per common unit (in Dollars per share) $ 0.18 $ 0.17
Weighted average common units outstanding - basic and diluted (in Shares) 18,973,474 15,809,588
XML 16 R5.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flow from operating activities:    
Net income (loss) $ 3,325,445 $ 2,621,071
Adjustments to reconcile net income to cash from operating activities:    
Depreciation, depletion, amortization and accretion 3,967,770 3,256,258
Loss on derivatives 688,677 0
Non-cash expenses, net 11,352 23,449
Changes in operating assets and liabilities:    
Oil, natural gas and natural gas liquids revenue receivable (816,262) (2,977,569)
Other current assets (5,380) 22,933
Accounts payable and accrued expenses (118,935) 717,514
Net cash flow provided by operating activities 7,052,667 3,663,656
Cash flow from investing activities:    
Cash paid for acquisition of oil and natural gas properties 0 (98,327,930)
Additions to oil and natural gas properties (2,730,755) (114,612)
Net cash flow used in investing activities (2,730,755) (98,442,542)
Cash flow from financing activities:    
Cash paid for loan costs (1,845) 0
Net proceeds from revolving credit facility (7,000,000) 0
Net proceeds related to issuance of units 0 58,504,622
Distributions paid to limited partners (5,676,446) (5,488,149)
Payments on note payable 0 (40,000,000)
Net cash flow provided by (used in) financing activities (12,678,291) 13,016,473
Increase (decrease) in cash and cash equivalents (8,356,379) (81,762,413)
Cash and cash equivalents, beginning of period 11,090,846 86,800,596
Cash and cash equivalents, end of period 2,734,467 5,038,183
Interest paid 231,792 158,904
Acquisition No. 2 [Member]    
Supplemental non-cash information:    
Note payable assumed in Acquisition 0 40,000,000
Acquisition No. 3 [Member]    
Supplemental non-cash information:    
Note payable assumed in Acquisition $ 0 $ 33,000,000
XML 17 R6.htm IDEA: XBRL DOCUMENT v3.8.0.1
Partnership Organization
3 Months Ended
Mar. 31, 2018
Disclosure Text Block [Abstract]  
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]
Note 1.  Partnership Organization

Energy 11, L.P. (the “Partnership”) is a Delaware limited partnership formed to acquire producing and non-producing oil and natural gas properties onshore in the United States and to develop those properties. The initial capitalization of the Partnership of $1,000 occurred on July 9, 2013. The Partnership completed its best-efforts offering on April 24, 2017 with a total of approximately 19.0 million common units sold for gross proceeds of $374.2 million and proceeds net of offering costs of $349.6 million.

As of March 31, 2018, the Partnership owned an approximate 26-27% non-operated working interest in 217 currently producing wells, 4 wells currently being drilled and approximately 247 future development sites in the Sanish field located in Mountrail County, North Dakota (collectively, the “Sanish Field Assets”), which is part of the Bakken shale formation in the Greater Williston Basin. Whiting Petroleum Corporation (“Whiting”), one of the largest producers in the basin, operates substantially all of the Sanish Field Assets.

The general partner of the Partnership is Energy 11 GP, LLC (the “General Partner”). The General Partner manages and controls the business affairs of the Partnership.

The Partnership’s fiscal year ends on December 31.

XML 18 R7.htm IDEA: XBRL DOCUMENT v3.8.0.1
Summary of Significant Accounting Policies
3 Months Ended
Mar. 31, 2018
Accounting Policies [Abstract]  
Significant Accounting Policies [Text Block]
Note 2.  Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited financial statements have been prepared in accordance with the instructions for Article 10 of SEC Regulation S-X. Accordingly, they do not include all of the information required by generally accepted accounting principles (“GAAP”) in the United States. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These unaudited financial statements should be read in conjunction with the Partnership’s audited consolidated financial statements included in its 2017 Annual Report on Form 10-K. Operating results for the three months ended March 31, 2018 are not necessarily indicative of the results that may be expected for the twelve-month period ending December 31, 2018. 

Use of Estimates

The preparation of financial statements in conformity with United States GAAP requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

Net Income Per Common Unit

Basic net income per common unit is computed as net income divided by the weighted average number of common units outstanding during the period. Diluted net income per common unit is calculated after giving effect to all potential common units that were dilutive and outstanding for the period. There were no common units with a dilutive effect for the three months ended March 31, 2018 and 2017. As a result, basic and diluted outstanding common units were the same. The Class B units and Incentive Distribution Rights, as defined below, are not included in net income per common unit until such time that it is probable Payout (as discussed in Note 8) will occur.

Recently Adopted Accounting Standards

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606), that amends the former revenue recognition guidance and provides a revised comprehensive revenue recognition model with customers that contains principles that an entity will apply to determine the measurement of revenue and timing of when it is recognized. ASU 2014-09 is effective for annual and interim periods beginning after December 15, 2017. The Partnership adopted this standard on January 1, 2018 using the modified retrospective approach.

Impact of Topic 606 Adoption

In accordance with Topic 606, the Partnership completed a detailed review of its revenue contracts, which represent all of the Partnership’s revenue streams, including oil, natural gas and natural gas liquids sales, to determine the effect of the new standard for the three months ended March 31, 2018. The Partnership did not record a change to its opening retained earnings as of January 1, 2018, as there was no material change to the timing or pattern of revenue recognition due to the adoption of ASC 606. The Partnership is bound by a joint operating agreement with the operator of each of its producing wells. Under the joint operating agreement, the Partnership’s proportionate share of production is marketed at the discretion of the operators. Virtually all of the Partnership’s contracts’ pricing provisions are tied to a market index, with certain adjustments based on, among other factors, whether a well delivers to a gathering or transmission line, quality of oil, natural gas and natural gas liquids and prevailing supply and demand conditions, so that prices fluctuate to remain competitive with other available suppliers. The Partnership typically satisfies its performance obligations upon transfer of control of its products and records the related revenue in the month production is delivered to the purchaser. Settlement receipts for sales of oil, natural gas and natural gas liquids may not be received for two to three months after the date production is delivered by the operator, and as a result, the Partnership is required to estimate the amount of production delivered by the operator and the price that will be received for the sale of the product. The Partnership records the differences between estimates and the actual amounts received for product sales in the month that payment is received from the operator. Historically, differences between the Partnership’s revenue estimates and actual revenue received have not been significant.

The following table disaggregates the Partnership’s revenue streams that are summarized as “Oil, natural gas and natural gas liquids revenues” on the consolidated statements of operations for the three months ended March 31, 2018 and 2017.

   
Three Months Ended
March 31, 2018
   
Three Months Ended
March 31, 2017
 
             
Oil revenues
 
$
10,644,693
   
$
8,443,214
 
Natural gas revenues
   
932,998
     
670,282
 
Natural gas liquids revenues
   
1,490,043
     
1,027,770
 
   
$
13,067,734
   
$
10,141,266
 

Recently Issued Accounting Standards

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets as right-of-use assets and lease liabilities. The standard is effective for annual and interim periods beginning after December 15, 2018 with early adoption permitted. The Partnership expects to adopt this standard as of January 1, 2019. The Partnership is still evaluating the impact this standard will have on its consolidated financial statements and related disclosures.

XML 19 R8.htm IDEA: XBRL DOCUMENT v3.8.0.1
Oil and Natural Gas Investments
3 Months Ended
Mar. 31, 2018
Oil and Gas Property [Abstract]  
Oil and Gas Properties [Text Block]
Note 3.  Oil and Natural Gas Investments

On December 18, 2015, the Partnership completed its purchase (“Acquisition No. 1”) of an approximate 11% non-operated working interest in the Sanish Field Assets for approximately $159.6 million. The Partnership accounted for Acquisition No. 1 as a business combination, and therefore expensed, as incurred, transaction costs associated with this acquisition. These costs included, but were not limited to, due diligence, reserve reports, legal and engineering services and site visits.

On January 11, 2017, the Partnership completed its purchase (“Acquisition No. 2”) of an additional approximate 11% non-operated working interest in the Sanish Field Assets for approximately $128.5 million. The Partnership accounted for Acquisition No. 2 as a purchase of a group of similar assets, and therefore capitalized transaction costs associated with this acquisition. Total transaction costs incurred for Acquisition No. 2 were approximately $43,000. The Partnership also recorded an asset retirement obligation liability of approximately $0.8 million in conjunction with this acquisition. Acquisition No. 2 increased the Partnership’s non-operated working interest in the Sanish Field Assets to approximately 22-23%.

On March 31, 2017, the Partnership completed its purchase (“Acquisition No. 3”) of an additional approximate average 10.5% non-operated working interest in 82 of the Partnership’s then 216 existing producing wells and 150 of the Partnership’s then 253 future development locations in the Sanish Field Assets for approximately $52.4 million. The Partnership accounted for Acquisition No. 3 as a purchase of a group of similar assets, and therefore capitalized transaction costs associated with this acquisition. Total transaction costs incurred for Acquisition No. 3 were approximately $80,000. The Partnership also recorded an asset retirement obligation liability of approximately $0.3 million in conjunction with this acquisition. Acquisition No. 3 increased the Partnership’s total non-operated working interest in the Sanish Field Assets to approximately 26-27%.

The following unaudited pro forma financial information for the three-month period ended March 31, 2017 has been prepared as if Acquisitions No. 2 and No. 3 of the Sanish Field Assets had occurred on January 1, 2017. The unaudited pro forma financial information was derived from the historical Statements of Operations of the Partnership and the historical information provided by the sellers. The unaudited pro forma financial information does not purport to be indicative of the results of operations that would have occurred had the acquisitions of the Sanish Field Assets and related financings occurred on the basis assumed above, nor is such information indicative of the Partnership’s expected future results of operations.

   
Three Months Ended
March 31, 2017
 
Revenues
 
$
12,456,650
 
Net income
 
$
2,869,027
 

In October and November 2017, the Partnership elected to participate in the drilling and completion of six new wells. Two of the six wells were completed in March 2018. These two wells were completed and are being operated by Whiting, and the Partnership has an estimated approximate 29% non-operated working interest in these two wells. The other four wells are being drilled and will be operated by Oasis Petroleum, Inc. (NYSE: OAS), and the Partnership will have an estimated approximate 7-9% non-operated working interest in these four wells. These four wells are anticipated to be completed in the second quarter of 2018. In total, the Partnership’s capital expenditures for the drilling and completion of the six wells discussed above are estimated to be approximately $7.0 million, of which approximately $5.3 million had been incurred as of March 31, 2018, including approximately $4.0 million in the first quarter of 2018.

XML 20 R9.htm IDEA: XBRL DOCUMENT v3.8.0.1
Debt
3 Months Ended
Mar. 31, 2018
Debt Disclosure [Abstract]  
Debt Disclosure [Text Block]
Note 4.  Debt

As part of the financing for Acquisition No. 2 completed on January 11, 2017, the Partnership executed a note (“Seller Note 2”) in favor of the sellers in the original principal amount of $40.0 million. The Partnership paid the $40.0 million Seller Note 2, which bore interest at 5%, in full on February 23, 2017.

As part of the financing for Acquisition No. 3 completed on March 31, 2017, the Partnership executed a note (“Seller Note 3”) in favor of the sellers in the original principal amount of $33.0 million. Seller Note 3 bore interest at 5% per annum and was payable in full no later than August 1, 2017 (“Maturity Date”). In July 2017, the Partnership and the sellers executed a First Amendment to Seller Note 3 (“Amended Note”), which extended the maturity date to June 29, 2018 (“Extended Maturity Date”). The Amended Note also bore interest at 5% per annum. The Partnership paid the outstanding balance on the Amended Note of approximately $5.9 million, including interest, on November 21, 2017 in conjunction with the closing on the credit facility discussed below. There was no penalty for prepayment of the Amended Note.

On November 21, 2017, the Partnership, as the borrower, entered into a loan agreement (the “Loan Agreement”) with Bank SNB (the “Lender”), which provides for a revolving credit facility (the “Credit Facility”) with an approved initial commitment amount of $20 million (the “Revolver Commitment Amount”), subject to borrowing base restrictions. The commitment amount may be increased up to $75 million with Lender approval. The Partnership paid an origination fee of 0.30% of the Revolver Commitment Amount, or $60,000, and is subject to additional origination fees of 0.30% for any borrowings made in excess of the Revolver Commitment Amount. The Partnership is also required to pay an unused facility fee of 0.50% on the unused portion of the Revolver Commitment Amount, based on the amount of borrowings outstanding during a quarter. The maturity date is November 21, 2019.

The interest rate, subject to certain exceptions, is equal to the London Inter-Bank Offered Rate (LIBOR) plus a margin ranging from 2.50% to 3.50%, depending upon the Partnership’s borrowing base utilization, as calculated under the terms of the Loan Agreement. At March 31, 2018, the borrowing base was $30 million and the interest rate for the Credit Facility was 5.06%.

The Credit Facility is available to provide additional liquidity for capital investments, including the completion of the four wells described in “Note 3. Oil and Gas Investments,” and other corporate working capital requirements. Under the terms of the Loan Agreement, the Partnership may make voluntary prepayments, in whole or in part, at any time with no penalty. The Credit Facility is secured by a mortgage and first lien position on at least 80% of the Partnership’s producing wells.

The Credit Facility contains mandatory prepayment requirements, customary affirmative and negative covenants and events of default. The financial covenants include:

· a maximum leverage ratio

· a minimum current ratio

· maximum distributions

The Partnership was in compliance with the applicable covenants at March 31, 2018.

As of March 31, 2018, the outstanding balance on the Credit Facility was $13.0 million, which approximates its fair market value. The Partnership estimated the fair value of its Credit Facility by discounting the future cash flows of the instrument at estimated market rates consistent with the maturity of a debt obligation with similar credit terms and credit characteristics, which are Level 3 inputs under the fair value hierarchy. Market rates take into consideration general market conditions and maturity.

XML 21 R10.htm IDEA: XBRL DOCUMENT v3.8.0.1
Asset Retirement Obligations
3 Months Ended
Mar. 31, 2018
Asset Retirement Obligation Disclosure [Abstract]  
Asset Retirement Obligation Disclosure [Text Block]
Note 5.  Asset Retirement Obligations

The Partnership records an asset retirement obligation (“ARO”) and capitalizes the asset retirement costs in oil and natural gas properties in the period in which the asset retirement obligation is incurred based upon the fair value of an obligation to perform site reclamation, dismantle facilities or plug and abandon wells. After recording these amounts, the ARO is accreted to its future estimated value using an assumed cost of funds and the additional capitalized costs are depreciated on a unit-of-production basis. Inherent in the present value calculation are numerous assumptions and judgments including the ultimate settlement amounts, inflation factors, credit adjusted discount rates, timing of settlement and changes in the legal, regulatory, environmental and political environments. To the extent future revisions of these assumptions impact the present value of the existing asset retirement obligation, a corresponding adjustment is made to the oil and natural gas property balance. The changes in the aggregate ARO are as follows:

 
 
2018
   
2017
 
Balance as of January 1
 
$
1,226,879
   
$
70,623
 
Liabilities incurred - Acquisition No. 2
   
-
     
781,628
 
Liabilities incurred - Acquisition No. 3
   
-
     
289,827
 
Revisions
   
-
     
36,625
 
Accretion expense
   
16,797
     
11,172
 
Balance as of March 31
 
$
1,243,676
   
$
1,189,875
 

XML 22 R11.htm IDEA: XBRL DOCUMENT v3.8.0.1
Fair Value of Financial Instruments
3 Months Ended
Mar. 31, 2018
Fair Value Disclosures [Abstract]  
Fair Value Disclosures [Text Block]
Note 6.  Fair Value of Financial Instruments

The Partnership follows authoritative guidance related to fair value measurement and disclosure, which establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy categorizes assets and liabilities measured at fair value into one of three different levels depending on the observability of the inputs employed in the measurement using market participant assumptions at the measurement date. Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows:

·
Level 1: Quoted prices in active markets for identical assets

·
Level 2: Significant other observable inputs – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, either directly or indirectly, for substantially the full term of the financial instrument

·
Level 3: Significant unobservable inputs

The Partnership’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and the consideration of factors specific to the asset or liability. The Partnership’s policy is to recognize transfers in or out of a fair value hierarchy as of the end of the reporting period for which the event or change in circumstances caused the transfer. The Partnership has consistently applied the valuation techniques discussed above for all periods presented. During the three months ended March 31, 2018 and 2017, there were no transfers in or out of Level 1, Level 2, or Level 3 assets and liabilities measured on a recurring basis.

As required, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Partnership did not have any financial assets and liabilities that were accounted for at fair value as of March 31, 2017, except for those instruments discussed below in “Fair Value of Other Financial Instruments.” The following table sets forth by level within the fair value hierarchy the Partnership’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2018.

   
Fair Value Measurements at March 31, 2018
 
   
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
   
Significant Other
Observable Inputs
(Level 2)
   
Significant Unobservable
Inputs
(Level 3)
 
Commodity derivatives - current assets
 
$
-
   
$
-
   
$
-
 
Commodity derivatives - current liabilities
   
-
     
(1,715,642
)
   
-
 
Total
 
$
-
   
$
(1,715,642
)
 
$
-
 

The Level 2 instruments presented in the table above consist of Partnership’s costless collar commodity derivative instruments. The fair value of the Partnership’s derivative financial instruments is determined based upon future prices, volatility and time to maturity, among other things. Counterparty statements are utilized to determine the value of the commodity derivative instruments and are reviewed and corroborated using various methodologies and significant observable inputs. The fair value of the commodity derivatives noted above are included in the Partnership’s consolidated balance sheet in Derivative liability at March 31, 2018. See additional detail in Note 7. Risk Management.

Fair Value of Other Financial Instruments

The carrying value of the Partnership’s cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities reflect these items’ cost, which approximates fair value based on the timing of the anticipated cash flows, current market conditions and short-term maturity of these instruments. In addition, see Note 4. Debt for the fair value discussion on the Partnership’s debt.

XML 23 R12.htm IDEA: XBRL DOCUMENT v3.8.0.1
Risk Management
3 Months Ended
Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Activities Disclosure [Text Block]
Note 7.  Risk Management

Participation in the oil and gas industry exposes the Partnership to risks associated with potentially volatile changes in energy commodity prices, and therefore, the Partnership’s future earnings are subject to these risks. In December 2017, the Partnership began to utilize derivative contracts to manage the commodity price risk on the Partnership’s future oil production it will produce and sell and to reduce the effect of volatility in commodity price changes to provide a base level of cash flow from operations. All derivative instruments are recorded on the Partnership’s balance sheet as assets or liabilities measured at fair value.

At March 31, 2018 and December 31, 2017, the Partnership’s costless collar derivative instruments were in a net loss position; therefore, the current Derivative liability on the consolidated balance sheets was approximately $1.7 million and $1.0 million, respectively, which approximated fair value. The Partnership has not designated its derivative instruments as hedges for accounting purposes and has not entered into such instruments for speculative trading purposes. As a result, when derivatives do not qualify or are not designated as a hedge, the changes in the fair value are recognized on the Partnership’s consolidated statements of operations as a gain or loss on derivative instruments. The Partnership recognized a total net loss on its derivative instruments of approximately $1.2 million for the three months ended March 31, 2018, which was recorded in the consolidated statements of operations as Loss on derivatives. The loss was comprised of (i) $0.5 million of losses the Partnerships recognized on settled derivatives during the period and (ii) $0.7 million of a mark-to-market loss incurred on derivative instruments outstanding at period end.

The Partnership determines the estimated fair value of derivative instruments using a market approach based on several factors, including quoted market prices in active markets and quotes from third parties, among other things. The Partnership also performs an internal valuation to ensure the reasonableness of third-party quotes. In consideration of counterparty credit risk, the Partnership assessed the possibility of whether the counterparty to the derivative would default by failing to make any contractually-required payments. Additionally, the Partnership considers that it is of substantial credit quality and has the financial resources and willingness to meet its potential repayment obligations associated with the derivative transactions. See additional discussion above in Note 6. Fair Value of Financial Instruments.

The following table presents settlements on matured derivative instruments and non-cash losses on open derivative instruments for the period presented. Settlements on matured derivatives below reflect losses on derivative contracts which matured during the period, calculated as the difference between the contract price and the market settlement price. Non-cash losses below represent the change in fair value of derivative instruments which were held at period-end.

   
Three Months Ended
March 31, 2018
 
Settlements on matured derivatives
 
$
(473,578
)
Loss on mark-to-market of derivatives
   
(688,677
)
Loss on derivatives
 
$
(1,162,255
)

The Partnership’s derivative contracts are costless collars, which are used to establish floor and ceiling prices on future anticipated oil production. The Partnership did not pay or receive a premium related to the costless collar agreements. The contracts are settled monthly. The follow table reflects the open costless collar agreements as of March 31, 2018.

Settlement Period
 
Basis
 
Oil (Barrels)
   
Floor / Ceiling Prices ($)
   
Fair Value of Asset /
(Liability) at
March 31, 2018
 
04/01/18 - 12/31/18
 
NYMEX
   
216,000
   
$
52.00 / 57.05
   
$
(1,500,989
)
04/01/18 - 12/31/18
 
NYMEX
   
27,000
   
$
55.00 / 61.35
     
(93,432
)
04/01/18 - 12/31/18
 
NYMEX
   
27,000
   
$
55.00 / 62.25
     
(78,638
)
04/01/18 - 12/31/18
 
NYMEX
   
27,000
   
$
56.00 / 65.25
     
(33,223
)
04/01/18 - 12/31/18
 
NYMEX
   
27,000
   
$
58.00 / 66.50
     
(9,360
)
                       
$
(1,715,642
)

All of the Partnership’s outstanding derivative instruments are covered by an International Swap Dealers Association Master Agreement (“ISDA”) entered into with the counterparty. The ISDA may provide that as a result of certain circumstances, such as cross-defaults, a counterparty may require all outstanding derivative instruments under an ISDA to be settled immediately. The Partnership has netting arrangements with the counterparty that provide for offsetting payables against receivables from separate derivative instruments.

XML 24 R13.htm IDEA: XBRL DOCUMENT v3.8.0.1
Capital Contribution and Partners' Equity
3 Months Ended
Mar. 31, 2018
Partners' Capital Notes [Abstract]  
Partners' Capital Notes Disclosure [Text Block]
Note 8.  Capital Contribution and Partners’ Equity

At inception, the General Partner and organizational limited partner made initial capital contributions totaling $1,000 to the Partnership.  Upon closing of the minimum offering, the organizational limited partner withdrew its initial capital contribution of $990, the General Partner received Incentive Distribution Rights (defined below).

The Partnership completed its best-efforts offering of common units on April 24, 2017. As of the conclusion of the offering on April 24, 2017, the Partnership had completed the sale of approximately 19.0 million common units for total gross proceeds of $374.2 million and proceeds net of offerings costs of $349.6 million.

Under the agreement with David Lerner Associates, Inc. (the “Dealer Manager”), the Dealer Manager received a total of 6% in selling commissions and a marketing expense allowance based on gross proceeds of the common units sold.  The Dealer Manager will also be paid a contingent incentive fee, which is a cash payment of up to an amount equal to 4% of gross proceeds of the common units sold based on the performance of the Partnership. Based on the common units sold through the best-efforts offering, the total contingent fee is a maximum of approximately $15.0 million.

Prior to “Payout,” which is defined below, all of the distributions made by the Partnership, if any, will be paid to the holders of common units.  Accordingly, the Partnership will not make any distributions with respect to the Incentive Distribution Rights or with respect to Class B units and will not make the contingent incentive payments to the Dealer Manager, until Payout occurs.

The Partnership Agreement provides that Payout occurs on the day when the aggregate amount distributed with respect to each of the common units equals $20.00 plus the Payout Accrual. The Partnership Agreement defines “Payout Accrual” as 7% per annum simple interest accrued monthly until paid on the Net Investment Amount outstanding from time to time. The Partnership Agreement defines Net Investment Amount initially as $20.00 per unit, regardless of the amount paid for the unit. If at any time the Partnership distributes to holders of common units more than the Payout Accrual, the amount the Partnership distributes in excess of the Payout Accrual will reduce the Net Investment Amount.

All distributions made by the Partnership after Payout, which may include all or a portion of the proceeds of the sale of all or substantially all of the Partnership’s assets, will be made as follows:

·
First, (i) to the Record Holders of the Incentive Distribution Rights, 35%; (ii) to the Record Holders of the Outstanding Class B units, pro rata based on the number of Class B units owned, 35% multiplied by a fraction, the numerator of which is the number of Class B units outstanding and the denominator of which is 100,000 (currently, there are 62,500 Class B units outstanding; therefore, Class B units could receive 21.875%); (iii) to the Dealer Manager, as the Dealer Manager contingent incentive fee paid under the Dealer Manager Agreement, 30%, and (iv) the remaining amount, if any (currently 13.125%), to the Record Holders of outstanding common units, pro rata based on their percentage interest until such time as the Dealer Manager receives the full amount of the Dealer Manager contingent incentive fee under the Dealer Manager Agreement;

·
Thereafter, (i) to the Record Holders of the Incentive Distribution Rights, 35%; (ii) to the Record Holders of the Outstanding Class B units, pro rata based on the number of Class B units owned, 35% multiplied by a fraction, the numerator of which is the number of Class B units outstanding and the denominator of which is 100,000 (currently, there are 62,500 Class B units outstanding; therefore, Class B units could receive 21.875%); (iii) the remaining amount to the Record Holders of outstanding common units, pro rata based on their percentage interest (currently 43.125%).

For the three months ended March 31, 2018 and 2017, the Partnership paid distributions of $0.299178 and $0.349041 per common unit, or $5.7 million and $5.5 million, respectively.

In the fourth quarter of 2017, the General Partner approved an adjustment to the annualized distribution rate to an annualized return of six percent based on a limited partner’s Net Investment Amount of $20.00 per common unit. The six percent distribution rate was effective with the November 29, 2017 distribution. The difference between any distribution and an annualized return of seven percent based on the Net Investment Amount is required to be paid before final Payout occurs as defined above. As of March 31, 2018, the accumulated unpaid distributions totaled $0.084383 per common unit, or approximately $1.6 million.

In March 2018, the General Partner approved an increase to the annualized distribution rate back to seven percent based on a limited partner’s Net Investment Amount. The seven percent distribution rate was effective with the April 26, 2018 distribution.

XML 25 R14.htm IDEA: XBRL DOCUMENT v3.8.0.1
Related Parties
3 Months Ended
Mar. 31, 2018
Related Party Transactions [Abstract]  
Related Party Transactions Disclosure [Text Block]
Note 9.  Related Parties

The Partnership has, and is expected to continue to engage in, significant transactions with related parties. These transactions cannot be construed to be at arm’s length and the results of the Partnership’s operations may be different than if conducted with non-related parties. The General Partner’s Board of Directors oversees and reviews the Partnership’s related party relationships and is required to approve any significant modifications to any existing related party transactions, as well as any new significant related party transactions.

For the three months ended March 31, 2018 and 2017, approximately $71,000 and $80,000 of general and administrative costs were incurred by a member of the General Partner and have been or will be reimbursed by the Partnership. At March 31, 2018, approximately $71,000 was due to a member of the General Partner and is included in Accounts payable and accrued expenses on the consolidated balance sheets.

The members of the General Partner are affiliates of Glade M. Knight, Chairman and Chief Executive Officer, David S. McKenney, Chief Financial Officer, Anthony F. Keating, III, Co-Chief Operating Officer and Michael J. Mallick, Co-Chief Operating Officer. Mr. Knight and Mr. McKenney are also the Chief Executive Officer and Chief Financial Officer of Energy Resources 12 GP, LLC, the general partner of Energy Resources 12, L.P. (“ER12”), a limited partnership that also invests in producing and non-producing oil and gas properties on-shore in the United States. On January 31, 2018, the Partnership entered into a cost sharing agreement with ER12 that gives ER12 access to the Partnership’s personnel and administrative resources, including accounting, asset management and other day-to-day management support. The shared day-to-day costs are split evenly between the two partnerships and any direct third-party costs are paid by the party receiving the services. The shared costs are based on actual costs incurred with no mark-up or profit to the Partnership. The agreement may be terminated at any time by either party upon 60 days written notice.

The Partnership leases office space in Oklahoma City, Oklahoma on a month-to-month basis from an affiliate of the General Partner. For the three months ended March 31, 2018 and 2017, the Partnership paid $25,611 to the affiliate of the General Partner.

The office space is shared between the Partnership and ER12; therefore, under the cost sharing agreement, the monthly payment of $8,537 is split between the two partnerships. In addition to the office space, the cost sharing agreement reduces the costs to the Partnership for accounting and asset management services provided through a member of the General Partner noted above. The compensation due to Clifford J. Merritt, President of the General Partner, is also a shared cost between the Partnership and ER12. For the three months ended March 31, 2018, approximately $47,000 of expenses subject to the cost sharing agreement were incurred by the Partnership and will be reimbursed by ER12. At March 31, 2018, the approximately $47,000 due to the Partnership from ER12 is included in Other current assets in the consolidated balance sheets.

In November 2017, ER12 engaged Regional Energy Investors, LP (“REI”) to perform advisory and consulting services, including supporting ER12 through closing and post-closing on the purchase of certain oil and gas properties in North Dakota. REI is owned by entities that are controlled by Mr. Keating and Mr. Mallick and has engaged Mr. Merritt to support its operations. With the fees received from ER12 for advisory and consulting services, REI paid certain personnel utilized by the Partnership, including Mr. Merritt, an aggregate total of $500,000.

XML 26 R15.htm IDEA: XBRL DOCUMENT v3.8.0.1
Subsequent Events
3 Months Ended
Mar. 31, 2018
Subsequent Events [Abstract]  
Subsequent Events [Text Block]
Note 10.  Subsequent Events

In April 2018, the Partnership declared and paid $2.0 million, or $0.107397 per outstanding common unit, in distributions to its holders of common units.

XML 27 R16.htm IDEA: XBRL DOCUMENT v3.8.0.1
Accounting Policies, by Policy (Policies)
3 Months Ended
Mar. 31, 2018
Accounting Policies [Abstract]  
Basis of Accounting, Policy [Policy Text Block]
Basis of Presentation

The accompanying unaudited financial statements have been prepared in accordance with the instructions for Article 10 of SEC Regulation S-X. Accordingly, they do not include all of the information required by generally accepted accounting principles (“GAAP”) in the United States. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These unaudited financial statements should be read in conjunction with the Partnership’s audited consolidated financial statements included in its 2017 Annual Report on Form 10-K. Operating results for the three months ended March 31, 2018 are not necessarily indicative of the results that may be expected for the twelve-month period ending December 31, 2018. 
Use of Estimates, Policy [Policy Text Block]
Use of Estimates

The preparation of financial statements in conformity with United States GAAP requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Earnings Per Share, Policy [Policy Text Block]
Net Income Per Common Unit

Basic net income per common unit is computed as net income divided by the weighted average number of common units outstanding during the period. Diluted net income per common unit is calculated after giving effect to all potential common units that were dilutive and outstanding for the period. There were no common units with a dilutive effect for the three months ended March 31, 2018 and 2017. As a result, basic and diluted outstanding common units were the same. The Class B units and Incentive Distribution Rights, as defined below, are not included in net income per common unit until such time that it is probable Payout (as discussed in Note 8) will occur.
New Accounting Pronouncements, Policy [Policy Text Block]
Recently Adopted Accounting Standards

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606), that amends the former revenue recognition guidance and provides a revised comprehensive revenue recognition model with customers that contains principles that an entity will apply to determine the measurement of revenue and timing of when it is recognized. ASU 2014-09 is effective for annual and interim periods beginning after December 15, 2017. The Partnership adopted this standard on January 1, 2018 using the modified retrospective approach.

Impact of Topic 606 Adoption

In accordance with Topic 606, the Partnership completed a detailed review of its revenue contracts, which represent all of the Partnership’s revenue streams, including oil, natural gas and natural gas liquids sales, to determine the effect of the new standard for the three months ended March 31, 2018. The Partnership did not record a change to its opening retained earnings as of January 1, 2018, as there was no material change to the timing or pattern of revenue recognition due to the adoption of ASC 606. The Partnership is bound by a joint operating agreement with the operator of each of its producing wells. Under the joint operating agreement, the Partnership’s proportionate share of production is marketed at the discretion of the operators. Virtually all of the Partnership’s contracts’ pricing provisions are tied to a market index, with certain adjustments based on, among other factors, whether a well delivers to a gathering or transmission line, quality of oil, natural gas and natural gas liquids and prevailing supply and demand conditions, so that prices fluctuate to remain competitive with other available suppliers. The Partnership typically satisfies its performance obligations upon transfer of control of its products and records the related revenue in the month production is delivered to the purchaser. Settlement receipts for sales of oil, natural gas and natural gas liquids may not be received for two to three months after the date production is delivered by the operator, and as a result, the Partnership is required to estimate the amount of production delivered by the operator and the price that will be received for the sale of the product. The Partnership records the differences between estimates and the actual amounts received for product sales in the month that payment is received from the operator. Historically, differences between the Partnership’s revenue estimates and actual revenue received have not been significant.

The following table disaggregates the Partnership’s revenue streams that are summarized as “Oil, natural gas and natural gas liquids revenues” on the consolidated statements of operations for the three months ended March 31, 2018 and 2017.

   
Three Months Ended
March 31, 2018
   
Three Months Ended
March 31, 2017
 
             
Oil revenues
 
$
10,644,693
   
$
8,443,214
 
Natural gas revenues
   
932,998
     
670,282
 
Natural gas liquids revenues
   
1,490,043
     
1,027,770
 
   
$
13,067,734
   
$
10,141,266
 

Recently Issued Accounting Standards

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets as right-of-use assets and lease liabilities. The standard is effective for annual and interim periods beginning after December 15, 2018 with early adoption permitted. The Partnership expects to adopt this standard as of January 1, 2019. The Partnership is still evaluating the impact this standard will have on its consolidated financial statements and related disclosures.
XML 28 R17.htm IDEA: XBRL DOCUMENT v3.8.0.1
Summary of Significant Accounting Policies (Tables)
3 Months Ended
Mar. 31, 2018
Accounting Policies [Abstract]  
Disaggregation of Revenue [Table Text Block]
The following table disaggregates the Partnership’s revenue streams that are summarized as “Oil, natural gas and natural gas liquids revenues” on the consolidated statements of operations for the three months ended March 31, 2018 and 2017.

   
Three Months Ended
March 31, 2018
   
Three Months Ended
March 31, 2017
 
             
Oil revenues
 
$
10,644,693
   
$
8,443,214
 
Natural gas revenues
   
932,998
     
670,282
 
Natural gas liquids revenues
   
1,490,043
     
1,027,770
 
   
$
13,067,734
   
$
10,141,266
 
XML 29 R18.htm IDEA: XBRL DOCUMENT v3.8.0.1
Oil and Natural Gas Investments (Tables)
3 Months Ended
Mar. 31, 2018
Oil and Gas Property [Abstract]  
Business Acquisition, Pro Forma Information [Table Text Block]
The following unaudited pro forma financial information for the three-month period ended March 31, 2017 has been prepared as if Acquisitions No. 2 and No. 3 of the Sanish Field Assets had occurred on January 1, 2017. The unaudited pro forma financial information was derived from the historical Statements of Operations of the Partnership and the historical information provided by the sellers. The unaudited pro forma financial information does not purport to be indicative of the results of operations that would have occurred had the acquisitions of the Sanish Field Assets and related financings occurred on the basis assumed above, nor is such information indicative of the Partnership’s expected future results of operations.

   
Three Months Ended
March 31, 2017
 
Revenues
 
$
12,456,650
 
Net income
 
$
2,869,027
 
XML 30 R19.htm IDEA: XBRL DOCUMENT v3.8.0.1
Asset Retirement Obligations (Tables)
3 Months Ended
Mar. 31, 2018
Asset Retirement Obligation Disclosure [Abstract]  
Schedule of Asset Retirement Obligations [Table Text Block]
The changes in the aggregate ARO are as follows:

 
 
2018
   
2017
 
Balance as of January 1
 
$
1,226,879
   
$
70,623
 
Liabilities incurred - Acquisition No. 2
   
-
     
781,628
 
Liabilities incurred - Acquisition No. 3
   
-
     
289,827
 
Revisions
   
-
     
36,625
 
Accretion expense
   
16,797
     
11,172
 
Balance as of March 31
 
$
1,243,676
   
$
1,189,875
 
XML 31 R20.htm IDEA: XBRL DOCUMENT v3.8.0.1
Fair Value of Financial Instruments (Tables)
3 Months Ended
Mar. 31, 2018
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
The following table sets forth by level within the fair value hierarchy the Partnership’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2018.

   
Fair Value Measurements at March 31, 2018
 
   
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
   
Significant Other
Observable Inputs
(Level 2)
   
Significant Unobservable
Inputs
(Level 3)
 
Commodity derivatives - current assets
 
$
-
   
$
-
   
$
-
 
Commodity derivatives - current liabilities
   
-
     
(1,715,642
)
   
-
 
Total
 
$
-
   
$
(1,715,642
)
 
$
-
 
XML 32 R21.htm IDEA: XBRL DOCUMENT v3.8.0.1
Risk Management (Tables)
3 Months Ended
Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]
The following table presents settlements on matured derivative instruments and non-cash losses on open derivative instruments for the period presented. Settlements on matured derivatives below reflect losses on derivative contracts which matured during the period, calculated as the difference between the contract price and the market settlement price. Non-cash losses below represent the change in fair value of derivative instruments which were held at period-end.

   
Three Months Ended
March 31, 2018
 
Settlements on matured derivatives
 
$
(473,578
)
Loss on mark-to-market of derivatives
   
(688,677
)
Loss on derivatives
 
$
(1,162,255
)
Schedule of Derivative Instruments [Table Text Block]
The follow table reflects the open costless collar agreements as of March 31, 2018.

Settlement Period
 
Basis
 
Oil (Barrels)
   
Floor / Ceiling Prices ($)
   
Fair Value of Asset /
(Liability) at
March 31, 2018
 
04/01/18 - 12/31/18
 
NYMEX
   
216,000
   
$
52.00 / 57.05
   
$
(1,500,989
)
04/01/18 - 12/31/18
 
NYMEX
   
27,000
   
$
55.00 / 61.35
     
(93,432
)
04/01/18 - 12/31/18
 
NYMEX
   
27,000
   
$
55.00 / 62.25
     
(78,638
)
04/01/18 - 12/31/18
 
NYMEX
   
27,000
   
$
56.00 / 65.25
     
(33,223
)
04/01/18 - 12/31/18
 
NYMEX
   
27,000
   
$
58.00 / 66.50
     
(9,360
)
                       
$
(1,715,642
)
XML 33 R22.htm IDEA: XBRL DOCUMENT v3.8.0.1
Partnership Organization (Details)
shares in Millions
3 Months Ended 46 Months Ended
Jul. 09, 2013
USD ($)
Mar. 31, 2018
USD ($)
Mar. 31, 2017
USD ($)
Apr. 24, 2017
USD ($)
shares
Partnership Organization (Details) [Line Items]        
Limited Liability Company or Limited Partnership, Business, Formation State Delaware      
Partners' Capital Account, Contributions (in Dollars) $ 1,000      
Proceeds, Net of Offering Costs, from Issuance of Common Limited Partners Units (in Dollars)   $ 0 $ 58,504,622  
Best-Efforts Offering [Member]        
Partnership Organization (Details) [Line Items]        
Partners' Capital Account, Units, Sale of Units (in Shares) | shares       19.0
Proceeds from Issuance of Common Limited Partners Units (in Dollars)       $ 374,200,000
Proceeds, Net of Offering Costs, from Issuance of Common Limited Partners Units (in Dollars)       $ 349,600,000
Sanish Field Located in Mountrail County, North Dakota [Member]        
Partnership Organization (Details) [Line Items]        
Productive Oil Wells, Number of Wells, Net   217    
Wells in Process of Drilling   4    
Gas and Oil Area Undeveloped, Net   247    
Minimum [Member] | Sanish Field Located in Mountrail County, North Dakota [Member]        
Partnership Organization (Details) [Line Items]        
Gas and Oil Area Developed, Net   26.00%    
Maximum [Member] | Sanish Field Located in Mountrail County, North Dakota [Member]        
Partnership Organization (Details) [Line Items]        
Gas and Oil Area Developed, Net   27.00%    
XML 34 R23.htm IDEA: XBRL DOCUMENT v3.8.0.1
Summary of Significant Accounting Policies (Details) - shares
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Accounting Policies [Abstract]    
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 0 0
XML 35 R24.htm IDEA: XBRL DOCUMENT v3.8.0.1
Summary of Significant Accounting Policies (Details) - Disaggregation of Revenue - USD ($)
3 Months Ended 12 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Dec. 31, 2017
Disaggregation of Revenue [Line Items]      
$ 13,067,734 $ 10,141,266 $ 10,141,266
Oil [Member]      
Disaggregation of Revenue [Line Items]      
Oil revenues 10,644,693 8,443,214  
Natural Gas [Member]      
Disaggregation of Revenue [Line Items]      
Natural gas revenues 932,998 670,282  
Natural Gas Liquids [Member]      
Disaggregation of Revenue [Line Items]      
Natural gas liquids revenues $ 1,490,043 $ 1,027,770  
XML 36 R25.htm IDEA: XBRL DOCUMENT v3.8.0.1
Oil and Natural Gas Investments (Details)
1 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended
Mar. 31, 2017
USD ($)
Jan. 11, 2017
USD ($)
Dec. 18, 2015
USD ($)
Mar. 31, 2017
USD ($)
Mar. 31, 2018
USD ($)
Mar. 31, 2017
USD ($)
Mar. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Nov. 30, 2017
Oil and Natural Gas Investments (Details) [Line Items]                  
Development Wells Drilled, Net Productive         2        
Sanish Field Located in Mountrail County, North Dakota [Member]                  
Oil and Natural Gas Investments (Details) [Line Items]                  
Productive Oil Wells, Number of Wells, Net         217   217    
Gas and Oil Area Undeveloped, Net         247        
Wells in Process of Drilling         4   4    
Estimated Capital Expenditures, Drilling and Completion of Wells (in Dollars)             $ 7,000,000    
Costs Incurred, Development Costs (in Dollars)         $ 4,000,000   $ 5,300,000    
Sanish Field Located in Mountrail County, North Dakota [Member] | Whiting Petroleum [Member]                  
Oil and Natural Gas Investments (Details) [Line Items]                  
Working Interest                 29.00%
Wells in Process of Drilling                 2
Sanish Field Located in Mountrail County, North Dakota [Member] | Minimum [Member]                  
Oil and Natural Gas Investments (Details) [Line Items]                  
Gas and Oil Area Developed, Net         26.00%        
Sanish Field Located in Mountrail County, North Dakota [Member] | Maximum [Member]                  
Oil and Natural Gas Investments (Details) [Line Items]                  
Gas and Oil Area Developed, Net         27.00%        
Acquisition No. 1 [Member] | Sanish Field Located in Mountrail County, North Dakota [Member]                  
Oil and Natural Gas Investments (Details) [Line Items]                  
Gas and Oil Area Developed, Net     11.00%            
Business Combination, Consideration Transferred (in Dollars)     $ 159,600,000            
Acquisition No. 2 [Member]                  
Oil and Natural Gas Investments (Details) [Line Items]                  
Asset Retirement Obligation, Liabilities Incurred (in Dollars)         $ 0 $ 781,628      
Acquisition No. 2 [Member] | Sanish Field Located in Mountrail County, North Dakota [Member]                  
Oil and Natural Gas Investments (Details) [Line Items]                  
Gas and Oil Area Developed, Net   11.00%              
Business Combination, Consideration Transferred (in Dollars)   $ 128,500,000              
Acquisition Costs, Period Cost (in Dollars)               $ 43,000  
Asset Retirement Obligation, Liabilities Incurred (in Dollars)   $ 800,000              
Acquisition No. 2 [Member] | Sanish Field Located in Mountrail County, North Dakota [Member] | Minimum [Member]                  
Oil and Natural Gas Investments (Details) [Line Items]                  
Working Interest   22.00%              
Acquisition No. 2 [Member] | Sanish Field Located in Mountrail County, North Dakota [Member] | Maximum [Member]                  
Oil and Natural Gas Investments (Details) [Line Items]                  
Working Interest   23.00%              
Acquisition No. 3 [Member]                  
Oil and Natural Gas Investments (Details) [Line Items]                  
Asset Retirement Obligation, Liabilities Incurred (in Dollars)         $ 0 $ 289,827      
Acquisition No. 3 [Member] | Sanish Field Located in Mountrail County, North Dakota [Member]                  
Oil and Natural Gas Investments (Details) [Line Items]                  
Gas and Oil Area Developed, Net 10.50%                
Business Combination, Consideration Transferred (in Dollars)       $ 52,400,000          
Acquisition Costs, Period Cost (in Dollars)               $ 80,000  
Asset Retirement Obligation, Liabilities Incurred (in Dollars) $ 300,000                
Number of Producing Partnership Wells Acquired 82                
Productive Oil Wells, Number of Wells, Net 216     216   216      
Number of Future Development Partnership Locations Acquired 150                
Gas and Oil Area Undeveloped, Net 253                
Acquisition No. 3 [Member] | Sanish Field Located in Mountrail County, North Dakota [Member] | Minimum [Member]                  
Oil and Natural Gas Investments (Details) [Line Items]                  
Working Interest 26.00%     26.00%   26.00%      
Acquisition No. 3 [Member] | Sanish Field Located in Mountrail County, North Dakota [Member] | Maximum [Member]                  
Oil and Natural Gas Investments (Details) [Line Items]                  
Working Interest 27.00%     27.00%   27.00%      
Sanish Field Located in Mountrail County, North Dakota [Member]                  
Oil and Natural Gas Investments (Details) [Line Items]                  
Wells in Process of Drilling                 6
Sanish Field Located in Mountrail County, North Dakota [Member] | Oasis Petroleum, Inc. [Member]                  
Oil and Natural Gas Investments (Details) [Line Items]                  
Wells in Process of Drilling                 4
Sanish Field Located in Mountrail County, North Dakota [Member] | Minimum [Member] | Oasis Petroleum, Inc. [Member]                  
Oil and Natural Gas Investments (Details) [Line Items]                  
Working Interest                 7.00%
Sanish Field Located in Mountrail County, North Dakota [Member] | Maximum [Member] | Oasis Petroleum, Inc. [Member]                  
Oil and Natural Gas Investments (Details) [Line Items]                  
Working Interest                 9.00%
XML 37 R26.htm IDEA: XBRL DOCUMENT v3.8.0.1
Oil and Natural Gas Investments (Details) - Business Acquisition, Pro Forma Information
3 Months Ended
Mar. 31, 2017
USD ($)
Business Acquisition, Pro Forma Information [Abstract]  
Revenues $ 12,456,650
Net income $ 2,869,027
XML 38 R27.htm IDEA: XBRL DOCUMENT v3.8.0.1
Debt (Details) - USD ($)
1 Months Ended 3 Months Ended
Nov. 21, 2017
Mar. 31, 2017
Feb. 23, 2017
Jan. 11, 2017
Jul. 31, 2017
Mar. 31, 2018
Mar. 31, 2017
Dec. 31, 2017
Debt (Details) [Line Items]                
Repayments of Debt           $ 0 $ 40,000,000  
Long-term Line of Credit           13,000,000   $ 20,000,000
Lines of Credit, Fair Value Disclosure           13,000,000    
Revolving Credit Facility [Member]                
Debt (Details) [Line Items]                
Debt Instrument, Face Amount $ 20,000,000              
Line of Credit Facility, Borrowing Capacity, Description The commitment amount may be increased up to $75 million              
Line of Credit Facility, Commitment Fee Percentage 0.30%              
Line of Credit Facility, Commitment Fee Amount $ 60,000              
Line of Credit Facility, Commitment Fee in Excess of Revolver Amount, Percentage 0.30%              
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage 0.50%              
Line of Credit Facility, Maximum Borrowing Capacity           $ 30,000,000    
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate           5.06%    
Wells in Process of Drilling           4    
Line of Credit Facility, Collateral The Credit Facility is secured by a mortgage and first lien position on at least 80% of the Partnership’s producing wells.              
Line of Credit Facility, Covenant Terms The Credit Facility contains mandatory prepayment requirements, customary affirmative and negative covenants and events of default. The financial covenants include:· a maximum leverage ratio· a minimum current ratio· maximum distributions              
Line of Credit Facility, Covenant Compliance           The Partnership was in compliance with the applicable covenants at March 31, 2018.    
Minimum [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]                
Debt (Details) [Line Items]                
Debt Instrument, Basis Spread on Variable Rate 2.50%              
Maximum [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]                
Debt (Details) [Line Items]                
Debt Instrument, Basis Spread on Variable Rate 3.50%              
Acquisition No. 2 [Member] | Notes Payable, Other Payables [Member]                
Debt (Details) [Line Items]                
Repayments of Debt     $ 40,000,000          
Debt Instrument, Outstanding Balance       $ 40,000,000        
Debt Instrument, Interest Rate, Stated Percentage       5.00%        
Debt Instrument, Maturity Date       Feb. 23, 2017        
Acquisition No. 3 [Member] | Notes Payable, Other Payables [Member]                
Debt (Details) [Line Items]                
Repayments of Debt $ 5,900,000              
Debt Instrument, Interest Rate, Stated Percentage   5.00%         5.00%  
Debt Instrument, Maturity Date   Aug. 01, 2017     Jun. 29, 2018      
Debt Instrument, Face Amount   $ 33,000,000         $ 33,000,000  
XML 39 R28.htm IDEA: XBRL DOCUMENT v3.8.0.1
Asset Retirement Obligations (Details) - Schedule of Asset Retirement Obligations - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Asset Retirement Obligations (Details) - Schedule of Asset Retirement Obligations [Line Items]    
Balance $ 1,226,879 $ 70,623
Revisions 0 36,625
Accretion expense 16,797 11,172
Balance 1,243,676 1,189,875
Acquisition No. 2 [Member]    
Asset Retirement Obligations (Details) - Schedule of Asset Retirement Obligations [Line Items]    
Liabilities incurred 0 781,628
Acquisition No. 3 [Member]    
Asset Retirement Obligations (Details) - Schedule of Asset Retirement Obligations [Line Items]    
Liabilities incurred $ 0 $ 289,827
XML 40 R29.htm IDEA: XBRL DOCUMENT v3.8.0.1
Fair Value of Financial Instruments (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis - USD ($)
Mar. 31, 2018
Dec. 31, 2017
Fair Value of Financial Instruments (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Commodity derivatives - current liabilities $ (1,715,642) $ (1,026,965)
Fair Value, Inputs, Level 1 [Member]    
Fair Value of Financial Instruments (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Commodity derivatives - current assets 0  
Commodity derivatives - current liabilities 0  
Total 0  
Fair Value, Inputs, Level 2 [Member]    
Fair Value of Financial Instruments (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Commodity derivatives - current assets 0  
Commodity derivatives - current liabilities (1,715,642)  
Total (1,715,642)  
Fair Value, Inputs, Level 3 [Member]    
Fair Value of Financial Instruments (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]    
Commodity derivatives - current assets 0  
Commodity derivatives - current liabilities 0  
Total $ 0  
XML 41 R30.htm IDEA: XBRL DOCUMENT v3.8.0.1
Risk Management (Details) - USD ($)
3 Months Ended 12 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]      
Derivative Liability $ 1,700,000   $ 1,000,000
Gain (Loss) on Price Risk Derivatives, Net (1,162,255)   $ 0
Derivative, Loss on Derivative 473,578    
Derivative, Gain (Loss) on Derivative, Net $ (688,677) $ 0  
XML 42 R31.htm IDEA: XBRL DOCUMENT v3.8.0.1
Risk Management (Details) - Schedule of Derivative Instruments in Statement of Financial Position, Fair Value - USD ($)
3 Months Ended 12 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Dec. 31, 2017
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Abstract]      
Settlements on matured derivatives $ (473,578)    
Loss on mark-to-market of derivatives (688,677) $ 0  
Loss on derivatives $ (1,162,255)   $ 0
XML 43 R32.htm IDEA: XBRL DOCUMENT v3.8.0.1
Risk Management (Details) - Schedule of Derivative Instruments
3 Months Ended
Mar. 31, 2018
USD ($)
$ / item
bbl
Derivative [Line Items]  
Fair Value of Asset (Liability) (in Dollars) | $ $ (1,715,642)
04/01/18 - 12/31/18 [Member] | Price Risk Derivative [Member] | Costless Collar Agreements #1 [Member]  
Derivative [Line Items]  
Basis NYMEX
Oil (Barrels) (in Barrels (of Oil)) | bbl 216,000
Floor Price 52.00
Ceiling Price 57.05
Fair Value of Asset (Liability) (in Dollars) | $ $ (1,500,989)
04/01/18 - 12/31/18 [Member] | Price Risk Derivative [Member] | Costless Collar Agreements #2 [Member]  
Derivative [Line Items]  
Basis NYMEX
Oil (Barrels) (in Barrels (of Oil)) | bbl 27,000
Floor Price 55.00
Ceiling Price 61.35
Fair Value of Asset (Liability) (in Dollars) | $ $ (93,432)
04/01/18 - 12/31/18 [Member] | Price Risk Derivative [Member] | Costless Collar Agreements #3 [Member]  
Derivative [Line Items]  
Basis NYMEX
Oil (Barrels) (in Barrels (of Oil)) | bbl 27,000
Floor Price 55.00
Ceiling Price 62.25
Fair Value of Asset (Liability) (in Dollars) | $ $ (78,638)
04/01/18 - 12/31/18 [Member] | Price Risk Derivative [Member] | Costless Collar Agreements #4 [Member]  
Derivative [Line Items]  
Basis NYMEX
Oil (Barrels) (in Barrels (of Oil)) | bbl 27,000
Floor Price 56.00
Ceiling Price 65.25
Fair Value of Asset (Liability) (in Dollars) | $ $ (33,223)
04/01/18 - 12/31/18 [Member] | Price Risk Derivative [Member] | Costless Collar Agreements #5 [Member]  
Derivative [Line Items]  
Basis NYMEX
Oil (Barrels) (in Barrels (of Oil)) | bbl 27,000
Floor Price 58.00
Ceiling Price 66.50
Fair Value of Asset (Liability) (in Dollars) | $ $ (9,360)
XML 44 R33.htm IDEA: XBRL DOCUMENT v3.8.0.1
Capital Contribution and Partners' Equity (Details) - USD ($)
$ / shares in Units, shares in Millions
1 Months Ended 3 Months Ended 12 Months Ended 46 Months Ended
Apr. 26, 2018
Nov. 29, 2017
Jul. 09, 2013
Apr. 30, 2018
Mar. 31, 2018
Dec. 31, 2017
Mar. 31, 2017
Dec. 31, 2016
Apr. 24, 2017
Capital Contribution and Partners' Equity (Details) [Line Items]                  
Partners' Capital Account, Contributions     $ 1,000            
Distributions to organizational limited partner     $ 990            
Proceeds, Net of Offering Costs, from Issuance of Common Limited Partners Units         $ 0   $ 58,504,622    
Managing Dealer, Selling Commissions, Percentage         6.00%        
Managing Dealer, Maximum Contingent Incentive Fee on Gross Proceeds, Percentage         4.00%        
Maximum Contingent Offering Costs, Selling Commissions and Marketing Expenses         $ 15,000,000        
Key Provisions of Operating or Partnership Agreement, Description         The Partnership Agreement provides that Payout occurs on the day when the aggregate amount distributed with respect to each of the common units equals $20.00 plus the Payout Accrual. The Partnership Agreement defines “Payout Accrual” as 7% per annum simple interest accrued monthly until paid on the Net Investment Amount outstanding from time to time. The Partnership Agreement defines Net Investment Amount initially as $20.00 per unit, regardless of the amount paid for the unit. If at any time the Partnership distributes to holders of common units more than the Payout Accrual, the amount the Partnership distributes in excess of the Payout Accrual will reduce the Net Investment Amount.All distributions made by the Partnership after Payout, which may include all or a portion of the proceeds of the sale of all or substantially all of the Partnership’s assets, will be made as follows:·First, (i) to the Record Holders of the Incentive Distribution Rights, 35%; (ii) to the Record Holders of the Outstanding Class B units, pro rata based on the number of Class B units owned, 35% multiplied by a fraction, the numerator of which is the number of Class B units outstanding and the denominator of which is 100,000 (currently, there are 62,500 Class B units outstanding; therefore, Class B units could receive 21.875%); (iii) to the Dealer Manager, as the Dealer Manager contingent incentive fee paid under the Dealer Manager Agreement, 30%, and (iv) the remaining amount, if any (currently 13.125%), to the Record Holders of outstanding common units, pro rata based on their percentage interest until such time as the Dealer Manager receives the full amount of the Dealer Manager contingent incentive fee under the Dealer Manager Agreement;·Thereafter, (i) to the Record Holders of the Incentive Distribution Rights, 35%; (ii) to the Record Holders of the Outstanding Class B units, pro rata based on the number of Class B units owned, 35% multiplied by a fraction, the numerator of which is the number of Class B units outstanding and the denominator of which is 100,000 (currently, there are 62,500 Class B units outstanding; therefore, Class B units could receive 21.875%); (iii) the remaining amount to the Record Holders of outstanding common units, pro rata based on their percentage interest (currently 43.125%).        
Distribution Made to Limited Partner, Distributions Paid, Per Unit (in Dollars per share)         $ 0.299178   $ 0.349041    
Distribution Made to Limited Partner, Cash Distributions Paid         $ 5,676,446   $ 5,488,149    
Distribution Made to Limited Partner, Distribution Rate   6.00%     7.00% 6.00%   7.00%  
Partners Capital Account, Units Sold, Price Per Unit   $ 20.00              
Distribution at Payout to limited partner, per common unit (in Dollars per share)         $ 0.084383        
Distribution at Payout to limited partner         $ 1,600,000        
Best-Efforts Offering [Member]                  
Capital Contribution and Partners' Equity (Details) [Line Items]                  
Partners' Capital Account, Units, Sale of Units (in Shares)                 19.0
Proceeds from Issuance of Common Limited Partners Units                 $ 374,200,000
Proceeds, Net of Offering Costs, from Issuance of Common Limited Partners Units                 $ 349,600,000
Subsequent Event [Member]                  
Capital Contribution and Partners' Equity (Details) [Line Items]                  
Distribution Made to Limited Partner, Distributions Paid, Per Unit (in Dollars per share)       $ 0.107397          
Distribution Made to Limited Partner, Cash Distributions Paid       $ 2,000,000          
Distribution Made to Limited Partner, Distribution Rate 7.00%                
XML 45 R34.htm IDEA: XBRL DOCUMENT v3.8.0.1
Related Parties (Details) - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
General Partner [Member]    
Related Parties (Details) [Line Items]    
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party $ 71,000 $ 80,000
Due to Related Parties, Current 71,000  
Affiliated Entity [Member]    
Related Parties (Details) [Line Items]    
Operating Leases, Rent Expense 25,611 $ 25,611
Operating Leases, Rent Expense, Minimum Rentals 8,537  
General Partner Reimbursement (47,000)  
Due from Related Parties 47,000  
President [Member] | Consulting Services Provided to General Partner [Member]    
Related Parties (Details) [Line Items]    
Payment Made By Related Party to Others $ 500,000  
XML 46 R35.htm IDEA: XBRL DOCUMENT v3.8.0.1
Subsequent Events (Details) - USD ($)
1 Months Ended 3 Months Ended
Apr. 30, 2018
Mar. 31, 2018
Mar. 31, 2017
Subsequent Events (Details) [Line Items]      
Distribution Made to Limited Partner, Cash Distributions Paid   $ 5,676,446 $ 5,488,149
Distribution Made to Limited Partner, Distributions Paid, Per Unit   $ 0.299178 $ 0.349041
Subsequent Event [Member]      
Subsequent Events (Details) [Line Items]      
Distribution Made to Limited Partner, Cash Distributions Paid $ 2,000,000    
Distribution Made to Limited Partner, Distributions Paid, Per Unit $ 0.107397    
EXCEL 47 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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end XML 48 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 49 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 51 FilingSummary.xml IDEA: XBRL DOCUMENT 3.8.0.1 html 79 154 1 false 31 0 false 6 false false R1.htm 000 - Document - Document And Entity Information Sheet http://www.energyeleven.com/role/DocumentAndEntityInformation Document And Entity Information Cover 1 false false R2.htm 001 - Statement - Consolidated Balance Sheets Sheet http://www.energyeleven.com/role/ConsolidatedBalanceSheet Consolidated Balance Sheets Statements 2 false false R3.htm 002 - Statement - Consolidated Balance Sheets (Parentheticals) Sheet http://www.energyeleven.com/role/ConsolidatedBalanceSheet_Parentheticals Consolidated Balance Sheets (Parentheticals) Statements 3 false false R4.htm 003 - Statement - Consolidated Statements of Operations Sheet http://www.energyeleven.com/role/ConsolidatedIncomeStatement Consolidated Statements of Operations Statements 4 false false R5.htm 004 - Statement - Consolidated Statements of Cash Flows Sheet http://www.energyeleven.com/role/ConsolidatedCashFlow Consolidated Statements of Cash Flows Statements 5 false false R6.htm 005 - Disclosure - Partnership Organization Sheet http://www.energyeleven.com/role/PartnershipOrganization Partnership Organization Notes 6 false false R7.htm 006 - Disclosure - Summary of Significant Accounting Policies Sheet http://www.energyeleven.com/role/SummaryofSignificantAccountingPolicies Summary of Significant Accounting Policies Notes 7 false false R8.htm 007 - Disclosure - Oil and Natural Gas Investments Sheet http://www.energyeleven.com/role/OilandNaturalGasInvestments Oil and Natural Gas Investments Notes 8 false false R9.htm 008 - Disclosure - Debt Sheet http://www.energyeleven.com/role/Debt Debt Notes 9 false false R10.htm 009 - Disclosure - Asset Retirement Obligations Sheet http://www.energyeleven.com/role/AssetRetirementObligations Asset Retirement Obligations Notes 10 false false R11.htm 010 - Disclosure - Fair Value of Financial Instruments Sheet http://www.energyeleven.com/role/FairValueofFinancialInstruments Fair Value of Financial Instruments Notes 11 false false R12.htm 011 - Disclosure - Risk Management Sheet http://www.energyeleven.com/role/RiskManagement Risk Management Notes 12 false false R13.htm 012 - Disclosure - Capital Contribution and Partners' Equity Sheet http://www.energyeleven.com/role/CapitalContributionandPartnersEquity Capital Contribution and Partners' Equity Notes 13 false false R14.htm 013 - Disclosure - Related Parties Sheet http://www.energyeleven.com/role/RelatedParties Related Parties Notes 14 false false R15.htm 014 - Disclosure - Subsequent Events Sheet http://www.energyeleven.com/role/SubsequentEvents Subsequent Events Notes 15 false false R16.htm 015 - Disclosure - Accounting Policies, by Policy (Policies) Sheet http://www.energyeleven.com/role/AccountingPoliciesByPolicy Accounting Policies, by Policy (Policies) Policies http://www.energyeleven.com/role/SummaryofSignificantAccountingPolicies 16 false false R17.htm 016 - Disclosure - Summary of Significant Accounting Policies (Tables) Sheet http://www.energyeleven.com/role/SummaryofSignificantAccountingPoliciesTables Summary of Significant Accounting Policies (Tables) Tables http://www.energyeleven.com/role/SummaryofSignificantAccountingPolicies 17 false false R18.htm 017 - Disclosure - Oil and Natural Gas Investments (Tables) Sheet http://www.energyeleven.com/role/OilandNaturalGasInvestmentsTables Oil and Natural Gas Investments (Tables) Tables http://www.energyeleven.com/role/OilandNaturalGasInvestments 18 false false R19.htm 018 - Disclosure - Asset Retirement Obligations (Tables) Sheet http://www.energyeleven.com/role/AssetRetirementObligationsTables Asset Retirement Obligations (Tables) Tables http://www.energyeleven.com/role/AssetRetirementObligations 19 false false R20.htm 019 - Disclosure - Fair Value of Financial Instruments (Tables) Sheet http://www.energyeleven.com/role/FairValueofFinancialInstrumentsTables Fair Value of Financial Instruments (Tables) Tables http://www.energyeleven.com/role/FairValueofFinancialInstruments 20 false false R21.htm 020 - Disclosure - Risk Management (Tables) Sheet http://www.energyeleven.com/role/RiskManagementTables Risk Management (Tables) Tables http://www.energyeleven.com/role/RiskManagement 21 false false R22.htm 021 - Disclosure - Partnership Organization (Details) Sheet http://www.energyeleven.com/role/PartnershipOrganizationDetails Partnership Organization (Details) Details http://www.energyeleven.com/role/PartnershipOrganization 22 false false R23.htm 022 - Disclosure - Summary of Significant Accounting Policies (Details) Sheet http://www.energyeleven.com/role/SummaryofSignificantAccountingPoliciesDetails Summary of Significant Accounting Policies (Details) Details http://www.energyeleven.com/role/SummaryofSignificantAccountingPoliciesTables 23 false false R24.htm 023 - Disclosure - Summary of Significant Accounting Policies (Details) - Disaggregation of Revenue Sheet http://www.energyeleven.com/role/DisaggregationofRevenueTable Summary of Significant Accounting Policies (Details) - Disaggregation of Revenue Details http://www.energyeleven.com/role/SummaryofSignificantAccountingPoliciesTables 24 false false R25.htm 024 - Disclosure - Oil and Natural Gas Investments (Details) Sheet http://www.energyeleven.com/role/OilandNaturalGasInvestmentsDetails Oil and Natural Gas Investments (Details) Details http://www.energyeleven.com/role/OilandNaturalGasInvestmentsTables 25 false false R26.htm 025 - Disclosure - Oil and Natural Gas Investments (Details) - Business Acquisition, Pro Forma Information Sheet http://www.energyeleven.com/role/BusinessAcquisitionProFormaInformationTable Oil and Natural Gas Investments (Details) - Business Acquisition, Pro Forma Information Details http://www.energyeleven.com/role/OilandNaturalGasInvestmentsTables 26 false false R27.htm 026 - Disclosure - Debt (Details) Sheet http://www.energyeleven.com/role/DebtDetails Debt (Details) Details http://www.energyeleven.com/role/Debt 27 false false R28.htm 027 - Disclosure - Asset Retirement Obligations (Details) - Schedule of Asset Retirement Obligations Sheet http://www.energyeleven.com/role/ScheduleofAssetRetirementObligationsTable Asset Retirement Obligations (Details) - Schedule of Asset Retirement Obligations Details http://www.energyeleven.com/role/AssetRetirementObligationsTables 28 false false R29.htm 028 - Disclosure - Fair Value of Financial Instruments (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis Sheet http://www.energyeleven.com/role/ScheduleofFairValueAssetsandLiabilitiesMeasuredonRecurringBasisTable Fair Value of Financial Instruments (Details) - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis Details http://www.energyeleven.com/role/FairValueofFinancialInstrumentsTables 29 false false R30.htm 029 - Disclosure - Risk Management (Details) Sheet http://www.energyeleven.com/role/RiskManagementDetails Risk Management (Details) Details http://www.energyeleven.com/role/RiskManagementTables 30 false false R31.htm 030 - Disclosure - Risk Management (Details) - Schedule of Derivative Instruments in Statement of Financial Position, Fair Value Sheet http://www.energyeleven.com/role/ScheduleofDerivativeInstrumentsinStatementofFinancialPositionFairValueTable Risk Management (Details) - Schedule of Derivative Instruments in Statement of Financial Position, Fair Value Details http://www.energyeleven.com/role/RiskManagementTables 31 false false R32.htm 031 - Disclosure - Risk Management (Details) - Schedule of Derivative Instruments Sheet http://www.energyeleven.com/role/ScheduleofDerivativeInstrumentsTable Risk Management (Details) - Schedule of Derivative Instruments Details http://www.energyeleven.com/role/RiskManagementTables 32 false false R33.htm 032 - Disclosure - Capital Contribution and Partners' Equity (Details) Sheet http://www.energyeleven.com/role/CapitalContributionandPartnersEquityDetails Capital Contribution and Partners' Equity (Details) Details http://www.energyeleven.com/role/CapitalContributionandPartnersEquity 33 false false R34.htm 033 - Disclosure - Related Parties (Details) Sheet http://www.energyeleven.com/role/RelatedPartiesDetails Related Parties (Details) Details http://www.energyeleven.com/role/RelatedParties 34 false false R35.htm 034 - Disclosure - Subsequent Events (Details) Sheet http://www.energyeleven.com/role/SubsequentEventsDetails Subsequent Events (Details) Details http://www.energyeleven.com/role/SubsequentEvents 35 false false All Reports Book All Reports energy11-20180331.xml energy11-20180331.xsd energy11-20180331_cal.xml energy11-20180331_def.xml energy11-20180331_lab.xml energy11-20180331_pre.xml http://fasb.org/us-gaap/2017-01-31 http://xbrl.sec.gov/dei/2014-01-31 true true ZIP 53 0001185185-18-000851-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001185185-18-000851-xbrl.zip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
&@U.9-+ =WNT[75#& CL#K09BE:0[A)^T@FRJK >5:T@NC M:(T!I)3$""TMJX9ELB+3%I[G($KNQ+;N8UV3-85S% %,'5\WN)&5+[Z6E)QB M]>"B,FR#(RE;U*RTG-EA"'B^Q!,OB.ASA67T9Z&&G^,Z76K"(ZK)D:[%B"9G)4!"V9L/28P#:L>)B\UN^ X6U3BX/9 M!I1'+##KP6(#"VQ"@D="X@V.CLEM>GX^BA130C+V^Q&P2Y8D$=@H>TN+><+G+Q6TD/ S?^BMZ^\._X M;4!2!6M(IL9 5@=#S>CWM)&L3S6]UR?PES[J]>2H"M8$[0V/OY0N@+5-::SM M4@\XU0;R]H%8E4G-FP+1GJ#)%UPCZ(Z:Q)^92?R!FL0E<6QM@795!:_&HBOW M?@>X66SE^MO+7:3W.:,HUV^-F16O<8/>GO@'$=S01%*C>@B1"Z][0ZW3'S:@ MGIXI\JE%@4_-)%(>JD*,/$DY]TS&?BZOOK-Y1<:V1(2]J%R5'?75_C+%!J-1 M9S DH [6C]OLB'_Q#C=WH^_'-^+8QL9G+6R(CYA;+ 0#+XZQ:P=A%R3\RBEI MJI/NCY&-'2G>*9F626^@%SJ]D&;M/C#Z8^&1N17.X1OF>^8W-OGP _W>(R1U M'9Q%+;K8I%>V]I)WNZ%>?>[2YUYRYMBF'OGJ&:J[)FSJ57[:I@FZ-I!'AM$S M^]-Q;SR=CLG4D(FJC/KR5!]H3^,N7N]WVJKH*B>8MFX?6Q5UMY=2J\GUQC6] M<=AB/]O4F[BC0[WQ15J;&/+C3M!("LY$F1 ;EAL& M;8'Y=92QL?Q>TH,LK*T"5%SEUKF?++6;F[RY:'C)D]GEWAM9>:.,I*ZDJ&\T M_+BQY;:=_^(IXE2VS*H^B)6Z_/WSA]\VWTJ_Z/75(S"WWTC]X9&#.*\_?QN2)CQXUE793JGE_NY4Z+!PQ MMM7-[?#LOA16/#1[Y?!8O]]G]O] .=(:L/\%^PM-O).A/-8Z/2U;ZK5M?+A' M&:?PICN#2YX.G]]0=N/6])M:?PXC<*W^&NZI;V M>8,+N;L*KZ?&6@1RS2UG6XAWW:$.[J#0^-+NIQMPBSBRU4*T1R.AH;/+RY;< M_HB?XO=D=@;Q<<^PRNZFB#%[=%'N:!KXD3W$;< M?X W#8WA)QQ++2.$\#0*AA ,(6Y>VFHH*9VATN\,>FJ> L+A_8*JH6);6-IQ M;D51U'0'PA4M9 WW@?;EG&!#-NFM8_5+\4UIKB_C5KFTF9R> MM/ZD_?.(%V 73#T?GW>TD'?$M&ACS8I^JO @[8#H>=COBS?S*B,!0S;"'-ND MN=.ISU]?Z$OD2* $=A#U UY.EGU'NQ[Z!$8!0*I:BJ:%(,?4T==ESOXM@S8UP?%N,"@.4D?Z^Z JAVJ:W.6J)CH.BX^"WTQU.=!P4/"4Z#GY+//:"KTM%QT%QNRLZ M#HH:P_4@.=B5$C6&&\PS:?#^^R!J08J.@]\"N[?[:N$%BY?H."BD3$B9Z#C8 M&E*U+['_X$\Y!UALX!#/*R\EH[DE*>Y[3*8598U;RHJ'9J\<'NN+CH,M9O]O M3Q.+CH.BXZ"X#1"W <)Q(VX#1,?!;YCCA:ORN2X$1,?!;T?*Q+X2G3M$QT'A MFA>N^=;37+CFOS&'D'#-MY05#\T^/SS6%QT'6\S^WYXF%AT'1S021,=!T7'PI4BOZ#@H.@ZV4<@. M\\ G.@[N$3_A6&H9(82G43"$8 AQ\])60TET'&Q#@=1,][7RTJ<_8QL[>VDY M][1T7[:D:']855/TC_=R3U:4D:)J\.]G,I\0[X]37M;SE%;UC/L ^@K_G98% MN['\+\GT[)=7Q]3M658L-0=?-2*7KC-W'1+HWO+29:T*3^;82.\7UP9J)"5= M)Q/[U3.AF:T0JRJ#BF9Q:W"I)@(MQ$;GSY2PQ7J9 9GGT1YE.^H]';+JJV-: M)J$,UP3DRO*\I_JBG3AAR87A_N %S*GU9'H_& MI2M6 ?LQTVE;J)EQ(_*GMEW-[ O-G)H9;JUE&E R WD'IMT(513(_EZ4S%YQ MHGFE^U,R^\,-6'.L]31U4Q6SA8(9*(U(GM9R!;,W-%NE8-0=&'8C5/>H8/:) M$\U3V:."V1MNP)K#T4 K[<'0M(+1&I&\7ML5S+[0;)6"Z>W L!NAB@IFL!\% MLT^<:/CM'A7,WG #UM0T5=7VH6#ZC4A>O^T*9E]HMDK!#'9@V(U0104SVH^" MV2=.-.YECPIF;[C1(]*@?+FJ]4MSF.;.@GD7T5#I#WH;GM_2P%WK7N 0SX=E ML@+=!@DC_IGE&[;KAQYI=9NKM0'"C79N7%FF'\DFC8Z2:S6)TU,Z!10\:Q*B MXI)TQY0B@O-G@6KC=]*'OT(K6*;O%_#SQ(L[;*U'DWYS?GGVX1*@TP:+YC!/ MT#P)),LQR *1Z=!68I\(X )H9YN$<_IP"FV2J>7 8Q-BNX_?'^W$!I]/;CZ=7W;OKJ[?2O*1LFB6 M,_CH%Q\^WL7#%^2$/W3#!(4^E;#0778=@9KSA4V0^$CK"?&#+IE.70_[W?,E M0R+#8V $4#U)NZ:>+#S+EM0>[8LQ/))._&C!87D,._3YXM#%CL?)O]?)LY4T MT\T42/BKK]NTL8F^6'CN5]"\ ;&7DC(^DH&W;!OGR0 'L#/^E>X];/$*;QF$ MF!2^[[1A[TB-WT-AB7]V6!?K"%B?-NCC;_7&1X/HK=W88Q]:@AJIE'9Q3T$J M4=*9_F"9T@7Q4#A.?-\U+* FC CR<22]QC<2K6B\.R- >D_ZK#OZ/?&27\QW MW[.%RSZ0B)O.%P!H-_@GR"] ;%-U@@ME^3[5,4A\76+MP_$W\G5!'!]@QJZ) M.@BL--%]& S6J;B0C-%2J^[#=E"JD^Z*<#["0L(TO@OL#BK'0CA0J0 42"HK M4A;)(%-".GB[;LPD.)3 T[H_@S>7E+0 3KA %:D#1U'#6")_A8 ^?-7[)_Y< M$_X$8?QY03Q@Y3FE!'\CK7^E]^F'BV,%,\\-[V?TUU*I9DO(%BJ%/:#*<)SK M7[GB3NB0E<'OE'XBA.T7"[ VJ6K(\/BUOG3#H)-F[F2A,_M"!SDS6@DSM8WX M;$>=+/-KU)$L4%O.LL,X+F(VOIG.8)7@N;QR+67B$\-P/6R(:2^+*I,.[K@! M@/&%X'PYZ*CH>\1?$".()E^](;I>X:536P<6?L\Y#&4W.RW7_ 49BJ3$CV;. MRF('!@PLW+%Q&237,$+/;S\KY3?1^&B#0@XZEF"?5SW(HA7)JJDO@<6(PS4T MO'H/\A2ICGCMB%E8!*(#7Y9I#ZIO?.D[5<8DB 5LOYQ+Z/3 /1[\?I15BN7P M,Y;W2V0D&B8C*KHO#?^)J@I8P@%EX5NX=18DF,\/@,MP8YC"44<*8&$H"\%_-T*D?'QN4P)$>D(V MP +)V9%P13R3-N?EU.:+0P&G!L:,.0!2H)R#K =4_!BL.EA:P1:8LU_R6'=NB['D_G""71IR4; ^IN=/'3.SL[)/ M3S8$"K#N\U[1_ML5-'^F'L\]LS^9RN.>:@[-GJ&;8]V<3D>#J3H@VJ0_Y6=P M./4!:OR=L]OKCQ>P+G#I32)CGW10<"5/ M#_2L20T[U 3T +R>-6?<1[#RZ+32/+0#:V%;:/6!2,/FHQN)MP4&(#"L2\>( MS<250Z=@1*N)&@#$<>>64Q@'!)EZ6UZ#M> !?;BQ!QN"#O\_4+'[2_7P[]BS ML#O!627[E.&&<"+@QS-)58Y&P_X_OZ)[.84(21%.U)4 +I3S1)I4J?W MU INL#S<\1$%@#"Q6)B%XH>P)'0?+R<#IR7[;1KB>9(;+M.-J+:>8#E=L6&T M]//O'Q/3,(VQ-I6GO4%O*AL3>:I,]=ZH)VOJ>"R+_4/L'YESE4>HL28VD0/; M1$KT^%.KZM3VT./;P]%ZR:BI+MMQQ/G(SYK!#+8#=HJ&TSYL&J:4[4Q-^:+< MI4YWYNPY"9W:\A'H7V7(WH2_M-Y8[BGT%)Q:D@Z><[[K'PTS3G/XHA]]T8D\ M%, 6]K+]I\9S)L93-_2"F?17")1B,I=0KW"IAFY/ZM@&]$U4?_26/3]6>$NF:1]&:O6.)'20 MI"82Z42./ZH0J+&EJ.7K.E8CF6^3%U2> 4G13 ME94>[EF!5T!UZTC]T"D1&^HL)U1:Y%%/&VFETI)WDA_2U1$(!Z-,0I55P@#& M+.S7/JDE"A/=^((/5JSZ-IS/^3LS8&T.YU>1 ZY ,^R]8J&*"8@U0SB.H\P@ M).C]4E'>INV6S[I)[MRKS+WX!2,('_]4]V?I-_QK=N2JC%Q16)C(^,?0!@RU M.S?ZE ^O&)_M[C-$"J/>J;N!+ M-AH*!'20PJG^[,NIE<+-,7A^2LO93+%A^\SXAN>1<-M:@=@B;LA<3?TXN^&7N+52^Q=$5[L M0W1 ""]VJ[W8L70)']_!BEA+?'S)R6MK:ZZD3$/AV),]Z!0..6!)_PSXY/- M_!FL@;^-E3] *Y_YY%+I!%N"M6<$>VD$APF"PP*"S,W8)((K3J[50]V@6;WJ M8#;@]7"NC"!"Z8P8>92*1\U-@2C!(^=/P. _D#1$VK\%^:)9,V6+D\=@1#%0 MQY?N T,A_IA#@=JX*1PV .#X*9>@-@([K\$3(I$I>#)(^&A0Q&'8+!^E'SD) MF F>'P:6\90JYR?09 K MVIF3G@Z+HG"R\!@>\<<_;N%41_X*8:_^\ #_E"8Z-H!=>EN\(=3ACT\O M[SS=\9D9=R Y>&U+P1NG4_ X:>F1W")^ZR\_\@ZCF>ZS,QZ8W)B=8@3LVHF= M@T+J_JR?+7=)E)WQO:O#T0#@.K/@: &'&0#B 4 CA&42>.3!(H_^ M:K#3\R_97X@#/.=':Y2^&N2W5/0 GEZ8N6O2C]&%'GV ? 4E@>>4["3IM:&> MA$>"1V2?ON, DZ4'KGZU-;=^NRUC?@P-S*.863=,1\:E/-GIG/Q]) M/SGHZNE(IS/=PF0X2J?3F46FTH>OQ @IBUS!NP;ZDUB"X^V1]-GXB3@.67;X MLQ\M!XB&6<3QLR? O"X(\D>8A%"O04REV)T0OTDBXM3YHN*9"M*KBY_!UXXNCZ27JO/7"KI%'0\ \!4MP'R MQ9%TY4A@;H6ZM\Q%;J1W;=J4C H9E4Q4'Q(>9"@@V7Q8Q(_!?D_=H/1O$$*\ M'2FFO&?W(P#9=V$12W66%Q&VPX6>3LY$GC(:O8R _1?=I!0>FK>/?CF\ NP& M;A=O E._^^$"+TAXP .>R\STDTQ)(COY"QL.G)H ZQ M-,% 1IK!9N)900!D 6,+8#\,%9IF<1MC;F@F+Q:BH?6^46*NOMCZ#(:73JT M-%_\)PVNH9LUL@O]@ L#.Q*]/D6E&BG?"@U])#46B/B=VN\,%"6.&%HW\T$L M3G8E_$@.TN*7N1,%$J&NR7CBDTN42S[\;=?K:D$Y+97^5T!]) MYQC":%KT&H6O01KZS@H(^+6P'S]2IB7I%7BBZIB6R6N[2&M$(1%)NOHZ4PI$ M-@GENV.Q#F@L48,^LL=.;0N3W4VZ1Q,/I;TC78-2AJF2VZW6@RL MBC+QD4E@+%5R%'_F!3#!H+IG!6VX@<4")^# "];5==:VNOEPGC&MD,"\Y ,( MZ(/ENV#EX"HBP?"N$=8_$INT5<$- _S(S1DF2%$9'EKC!)BH&]?EX>4EP#Z9 M8>@F1IF ^:7#^E18918B[='Z(5_<0#^2 '9<:I8(S] M&O1A'Q_E#WYF]=W8RRL#@'[OTR@Z%+;<358%9W M)#J-]_);OI5?\X/$G5NF4/Z(C?]2U/KYN]ZU<&=58>[:TF_SC6'[RG8J44T M'5JBA20U:BQ7EA?;Q :M9.SCC4++-LY<&K+('R4.$=#DVB$"&+VA1KDD.T%8 MJ)C\E!%TNZ!,HVT8LS036/>/']Y\G7@V_?C_ 5!+ P04 " "Y3$Q+3(P,3@P,S,Q+GAS9.U=X7/:N!+_?G^% M'E]>;UXI =*TR32Y(1!2VA#R DUZO;GI"%N $B,3R2:0O_Y)L@T&VQ(.-'7O M>>:FE]C:U6]WI=7N2E8^_#$;6V"**,,V.2Z4W^P5 "*&;6(R/"Y\Z19KW7JK M5?CC!(#?/ORK6 3GB" *'62"_AS@^BMG_#LH@KH]GG0-#%K$X6\-!T\1?T8X M7_X[?S]RG,E1J?3X^/C&X$V9@2EBMDL-Q,0#4"SR#D#01YTBT<,1:%(,VG . MRF50KA[M\_\.P%FC!RI[Y?<>S6\?9NR(&2,TA@!9:(R(T[3IN($&T+6FP9#JTY,PGJ,1;((J- G @'2+G$HX1 MFT #K9 )+0SGO,"/ O"ONE8M+.,0F&TAND^)">A\7BP/% M12B7OK8ONE+QB[:DLVH<%?EOR7@9-/?65R^ET*GA@A5(Q80XD!BKX@PD M,3H@(;8#'3Z^3[R'_N/)!).!?>(_X@^%DH\"PURC 9!J/Q*J.2XP/)Y8PESR MV8BBP7$AD*(8 /UNP?X;CC5H!JE!;0NI[5J:4'O")PKFA@L-"\D@0KTJL'A= MXGTBZV()NU!:B+\KL284O;A8O$_&9[,TW+IT.Q3-1(,7%XWWB0F.$VRW9C.@ M]>*R\3X-UXJSVHI@HFV/BP+$#U^N6VI'(#GS]839%C;%TG *+3'1NR.$N$_! MYE+Z[_1[8L,%A@#%TA GW*/Q=:K+QYM<1.2:MF0#?#Y ,F(?2NOD() X1@LU*TVYWC:JF17[557V6[Q@ MP!Z SD0$HYPLGY(I;%>';-2T[$>ET1:-3J("K9AK?W-S"9Y ,,W-I3$7=TL. M?\%&>-*A0TCPD\00L5A2NSAUKECM+;=4 S/#LIE+$?\EQ F$6<59*K=38*>N M.QY#.K<'73PD/-$T('%JAF&[Q.$9]!6?!P:/I")FVY!,:\6#=2OZC,5D"[$& M2]X@8!X_ W/3+DS;P3Q2,"^AXU)HG4/6(E/$'.G+(O94M=6L=N_638W;?A@0.XS.OM==*KU6X*=58%)]B!%D]Y'(K[KNB?+]U!*'WVX&)G'LVR-B'2SZS*NNE\ MOB#,6$82 >M_ X]Y'D)H)ABR1/(JU!87O*^]5D^P:F2">=3 )\\GF":_ZC/T MX'*)SZ:Q*U2D@7[B[$>3IH '\)CDN9$N\HODJJ=S^5/4VRF:ZDT5J5+$)+*O MQ4ZTQQ&\"A[&%7)S"Z8N7/1@WWIV^<(G5OO'+2H8X)770V[KYU=KJ=>P\-73P^5= MJ3DV1[>L_;5UO?8/ M.6^]P849' XI\B(N>W M7KM(>O_HQI>JL2Z&KT2*5\\9X1Z/$ I![>/(8_WG M)FY)+FX#$F5"7HE4Q[1YF]J5Y=8,K'GJ,DP08S7CP<5,@K^BMOA< ;;(0/Q/ M/(J?QVEHM=,Z4E7;V,2\;8 $A*"\!AP,D&A ",X_?VW;UI6COI,TD$ZMJ95$ \J-*?4FC!3,U'66T)0,4(B%->71B'PZ MQHZ#19E%JI-QWWB!81];6&S9M1$4%C)M]IQ"AK5#9 NF6I<>*=)M M5-))&$-+VM?>>&)R=0BA!0%=>/U6-*,G_Q[?2NY%(<2]2)U+& M:[F9HMZ@@2B>0O%1:VCV8+(XVQZJQ5[97D2TF.LZI[ ];TV9HJHO'":X@26T M%:^!2>BX_XIO"0"^#GF0//+88HP]:_!L&&]4=4>_4HZ+W.WOX*Q8TF*0AE87 M*U2??W LS_6?=X0L<8V/;:6?NKI#9?D:_\SC9&B#N!=W7)A&Y*=@D3\5@SHBN)1L5PI5LMO M9LP,[H1(B4(([5UOD Y%0/<<%.J[6A)P2 QARB&$$TE80I;#%KR*2UX+0.GT M$KT$9Q/5K%,)Q1P*Q90/ML81OI(F'1:;7"K@Z '%WU^SX5 )"$3?;R-*\&\J MDIT>%X+8NJ,H(M;Z/-"&!@?@70 BK\(YXL\P&;9X+B;F;0% O]5Q@4?EXMH. MV6K"E6";/4EGNM1WEP1;EL@4@K:,+TSU1\J ML=<*8[78PEAGK3"658UL)\SJV$Q26&S>UUH6#3J*HD%6];83F4HGS]7>+Z46 M[=Q:S0RS)5L"MM#JN28+M0V$3':)^!CH# 9(P*[;S&%-:H];C+DB).@,ZO9X M+**<,?93*M')%QXXL56Y>2,><--YG.0#:#&-Z-Z[OG>-#'^!^MC94B';"ZAR M&QUL^:;?A5I(I!K++7LOD%YE/$_#%R[D:@=81) M1DL.$_SD-\46[ O[,-,Y&G%*:KA]U(KJ8H>2_5#E\>Q/PF?96 1V+)-BW=>< MF(]TM\W6;[:&Y@M*KO)G+P(C8\/[A656Y);(<;P'5U+(ACV&F 1*\FZ%/3+E MPY^PD"2@4\QF+VCL44B8N&;8)MD2* F>+DZ/_[P@DUYE$\C)XU%-G;%9O"G8 M).OR (FG_SRHK5$$&SQ&LNP),GF87UZ,5SY8A:HYS4\8K0I\*H>^0O:%F'&" M^7T2!PT1_=FBK6-,LI=H3DQ.>N7=@3OWKI>T:;:28^S*6R% M637T&?,[:0 KULI;F]X+_.).?DZ_K<_Q-E^VS(77,26.U4MWW$>T,^!CW'0- M\776TAG?(LOR3L)3<;%_-CS.YH"U,C==;GGD.V09'2U9!3L/F94_'?BD.>L? M23F;31 QL>#(&I2CXWKEOD_\N0D+"4Z=@=1MQBM\::5)'"&ACP(RZ:HC^%1Q M1*AQQAQP+++DH%8T7V9W'=<1CM*4:9KE;7-O/3H7SO<'U">U\!.'HU!.9U"7 M&)K0$/GJ7%2IL5RLF@BUR-G,0(QUQ(>'MC5%M#867PI>>>L/'*)L1,*[$"11 M2RD.[V5R4J?&KXA)4O#*F$]X%O)D1X[9@DT;FJAGAS-,:*WN\HA[T\,4[ IB M,^O;'KL0,=GGRG/*?" T$+00[2*YF,HIRY@DSYB'28$W<="L\FC#&1Z[8S$@ M^3-$6D0PP%/$W55'X&$LV%G,MC*>)XA"2ZOLG)4MU:CF>036AO0>B=8R0F,[ MV6K[D2OV3D14>.GHU%V=K.'WU]#)R*A*C5JA@<"O^U[?O^! ;K9W;%8WMUUG7<6.9F*,2H56, M\>)!:D[HQ6_H9%$\-=C$P]YK._U9E"P68[(W#=U__EZY_+Y[?VQ=,N/JK,E;6KI@YE:OOU?0[[]Y\KW M]M>0[ZU.OK-R>5$1_FA;8F.294LT!<+DLUCB!.\5KBA_DE7UA'#7AO.S!;LCX+NR(+7Y16>_8U M&LJ]KC/9UV*0L(NK;*D@#>2D(2!YR+27QTY4A!'A>5&'E,YOT @;%KJX:MJT MC0D>8R;"$!YT>$)D4"D[$2A)9;#^99MN1/0*?:-U)&UL[5UM<]JX%O[>7^'+?KEW.I20I.222;I# M($E)(;! 7MJ=G8ZP!2@1%I%LP/GU*QGS8K"-L:V8=#K3F1!'Z#EZ'NE(.CI6 MS_Z<#K$RAI0AHI]G\I\.,@K45:(AO7^>N6MG2^URM9KY\XNB?#C[3S:K7$,= M4F! 3>E:"BK_UQC^3\DJ93(9 M3#ZIO"A3$86,F%2%3#Q0LED.H,PQRA0*A%/EBB*E#BPEGU?R1Z?'_%]!N:QT ME,.#_/]GW_EPAI'^W 4,*KPA.CO/K$!-NQ1_(K2?.SPX.,K-"V9F)4^GXH&K M_.3(+ITO%HLY^Z^+H@QY%>35YG./]5I;'< AR"*=&4!7!0!#I\Q^6",J,&QJ MM]JE^)80OV7GQ;+B439_F#W*?YHR+6,3]T%1SBC!L 5[BFWYJ6&-X'F&H>$( M"X/L9P,*>^<9(6#?RN>S@L6#HUDU?\R?_J0_N7",8*0)#2X %DUJ#R T,HJ MN&M578V9?1%B.(:ZT#(G"N5\Z\A]D6AME??<(6P;_/,0ZI$-7J]&V"S/Z#)@ M@RM,)E&M77P_EWQ7J" &^GT*^W8G)KV6,,.$'= 5586W-[">G#/VDS1<#$G- MQ)#TK@"B]P";L,08-!C0M1H"7821@2"K0\!,"C6BMZ!J4LJ]W@5@B.WZHJ"FZ-D/ZHIMSTY'.!RH"N$D8$D(MVA*#C_BPRWZM JR: MV.Y#-&=[W%/GS_)06RP^1,AZ4GV(.\X^C^\ 99] M9F=+A>,HZ;;_N'PQN4A82%,RRH!2B_=,6P(9+0@'G%LJL*)[B;J;"*@Z-Y%_ MW!#=/9$Z)7+,' [MVK*(=\+Y]WN4#+?H:)"=Z2-4@Y2OK#+*!*+^P! ?>=.B M"-9 F -> W9#D&[8:RW(C N$>>$^=RB0&\$'#).A66CLQ6C=5]W"L^A(=[@F M7<3AUC &D$KW#AXH+A>QGY)X4..0?[1.?G2?+,\9+P=T>O1Z\>I-Z;HKBMRA MYP.I2CAT??BYDDT!6%8#!99[2R M)I7HC#Q08O2WDJH2DT^Q36 )!\V9XT^H";6W:;@K?1+A#OG8@5S)F?>XCI'"1[A70G3H]VKA*^RR"([(9UV.B5*=20) >\ M4G_*T^!6ME>I2':VLV?@%C00M4,.C2Y<@4NR6Z*GFKO@UWGX= ..+\ENJ1 MM&H":NB0LC(8(0-@&;*L0\191@TYM]I:A\Z.ZO";Z=.,.#>J[.%+W^?'#'\:%=_IR,Y6W-7_2G/?2'(=].1J$M=870EMGRG>(1EJ7+NKO@*E$,3QQTG8L893P)BC)N(2S/A%A*FV(=,0,:L=# M)*JQ#7+OQ\=6SA)=:53@B$(5V8;SSQC:?'#L(:$&>K6?RXGOA<#=>ZW"L><( M=IR(8(V1R.9#>G\VQ]8(DW-Z[ $3U0LL/'X;8,B<3"*ITZ(+*-5>%""7YZ3H MIB@P%6&/F[,Y=C9GE6ST:>66Z,1MB,0)Q1\L>A3J&B!=<-?0FQ2IL(78\_*P M@$DZ?]T.FOJYRE9A71/E=A*W;?EV4VV>>>*R3))8OECIQJ1V$LB?KX0#4[Q. MN;.A&V!NJ9WZ_O=#_?[XG[\?U9$Y_:Y_+FJO)^/^=TN_JYB3ZQ-://EV^'37 ML1@^&:NO!_C&*)KC%KOI/-9A'4YJUM?BUV]/A6IAU!VKE>E3K70S;M^0PQOU MA@'3/'X=5BF^GASVT,5%\95U>P;K3W]T&OG[G/XXZ,'F=:_\G#\ZO+\ZLKX; MG=MRJ="X>*Z<-!YSG0I&S=>7VZ?K^T*[_5*\+F-K,&T]?'RE#^3'P_7S4W54M*X*:')1O'TI M5P^G][5"_OO'QX]$Q\9?QY?6YY=_E'*[-4OP3Z]S>G4#URSK-7MMV7/N94," MAF'@.5PZT:!%OGMDS\L)$97P#>L8<5LNK#LF@DP+/4OB!19IQ]\[H$=>UJ?D MPM+LXCLJZNK_;K82S-C]O1^6H]A..^4D\W?%L3-M!^T*[CN>/\/QZDA9V) R,:=L3P=.VBO-!CI"):]MNJ'5)27TQ$X<;[&G*R$[>B M[N7B($!X=[[)=E(W=V#96!FE7%+PQR6&]_H-7H]*.Z%L \]A2%5QDQQ+0'')\.AB*FZW7 J1 -R[5#E1OA,^C#:R]7%:$';J^!&[&E>(L)BHB M@PIU3=&8.M!@A[C[AVC":AG6!$B3H6(T0_8U_A!2Y8CL;P:68L0D5B>&"NQ* MF6LW,/9Q21A2LTV^?$-$$<>D]TTL3>[6B;:^-Y:AUD[XZ3K9*%2M'96%#E0$ MOS#^"[7>TPT$W-[R=ED#@;?.O?/LTQVW&+PVIXK=]@JKWTMY MT1_(O&M][VIL,DE[B[IO@6%2@+D9D?CT^'JZ3B$\JUXM]W%R,9FM(>Z>M+@$ MK]>2;J9S!)HW: @Z(7\[KYK(59>Q3W5GD*LO/!H+EGOSV>_KBR1(%NY6H^Q\@DG#X<6_R_:7?L?C=X9.$L,IM-+1 M$G.2OK]M#4JR^UM'2W51%U.I3>IV='=GB_\[0,CX+U!+ P04 " "Y3$Q+3(P,3@P,S,Q7V1E9BYX;6SM75MS MVSBR?M]?XROT6@TNAL__^-Q[N\\8$*],'CW;/^'Y\]V<."$ MKA?,WCW[,-D]G!R/1L_^\7\[.W_Y^:^[NSOO<8 )BK"[<[O8\8[_)YK_[\[N MSG$XOY\XWLXHB-A?G84?MHY(][.!5KL[._O[!_\])+]]WKG].1FY\7S_1^7 MS_SE9]\+OMPBBG?8BP3TW;,B^?/#_:R+SY;?O.G1_Y!X?O? M#I)O[[]]^W8O^>OJJ]2K^R(;=G_O]XOSB7.'YVC7"VB$ H<3H-Y/-/GP/'10 ME(A6R-=.XS?X;[O9UW;Y1[O[+W8/]G]XI.Z*1?8=-UJ1R0_P:F_YQV=<7CL[ M/Y/0Q]=XNI.\XD_1XAZ_>T:]^;W/.4\^NR-X^NX91WJVV-_?Y>)^?K"D][?L MTS_)GPQA&OJ>R\$Z0CY_]\D=QM&S'4[BP_6H\-;+![&/'W# 0=_C7]IK'&.O M+V[_O$($!]$=CCP'^=0$\^4A0=]EQ*;K'$\B]O.<$=7EOSP,YQF.Z6-$[\[\ M\)LNMZOG$S;-\LG B]AO],Z['Y,9"KSOR1168;5IB+W4S)ED=Q+/YX@LPNG$ MFP7>E&E<$!TZ3A@'$3/B5TQBCH>5U%IR1(B7&7ML%KF7*(H)\M\C.F)K"(VX M0BJ]0=LPYA7[!-\J3;OD^\9MPB&E.+IF)HL@?L364Q,IXBX8RS?JU1[]\VYLBQF9#9H].OL1F#JI)6GC4MMJJ-/EHD/RDAWC**:8;E%IH;=.M#+&#IN,9UI&7Q47\5\6 0 MRW#S*J#^!L*QS"_(@N5 _1WD!C3_(L750IWOVND? L)',T"J;\'_Z1\GNH# NR)W#N ML!O[3%T%LT_)JDH/:GR=6%%>3<2$!<%J_YXS5%?A4@-7[])!'MW) E@? 7NF M7Q=&QQM"!BZ>-9BK'\ TFS);7PWF58:%6$.*6V0=Z=<.8'YO6-PM:UF/^B&,2?4D=)(E MX3!P3YE%BA8YYTYILK6-L[9JB#BR_#:<)65'0?P0Z57R"J['"//#OUT73U'L M1\]V4C)YUE=C>$&TQQ[92[^S5WT\U0-@7L,Y\@)M5I=/PPKVC@U!G/@6[ZX( MJ_%;-T!.,]H% MKO!CA ,7NQE?_.$N1YC+I9S1]$.G0,CGI\(AR>CXZ!;[[Y[%='>&T/V?*V>: M,8A'[$=:*ZCD=:>(WB;OG#[,)+;_9@_[$[S_?2\^&\M5-;:I<]S MZFP#\KO>1BP970-Z2(HL,_PS3E)5D-.5])DI">+8\0LK_[(<7NNV=LLY%_24TT)@X.$/'"PT8P8!3(D"U")3\K/TEYNR1,!$S_-MV.Z$_\-WJ _(YQNJP^@8$;+P@ED2 MX(- 1(YPYMW90*I>*_,H20H/:O49>SZC_A[17T/V>DF*)J;1D>>S+\^NL8,9 M1\N#)?/P2=,&7)M,0"@O0_$4U,(PNL-DR>9Q3,C28S2/5I5*P69L(C U@DDA M> &T $"L$FR;U:YZ@I4%CV<#;LB(=L%1(M)[#B8TFGLGTZG(8DN<'07NI<8 M9E[(4]_LE4A%C"F4!Z:A7'()-WO ?&B)*:.LI=6I)#&'=*2>.[9F+$ZBT/ER M%_KNZL0!TJN6IFW5"9#SN.7E*%R%M";/\O"37J$%]S<8"^P3-EX^+0%R?5(@ M;W?U4M7WPD14$3+(;%WG'?2#:RN]X0+9+D:AI][1S@+BM7$HR2AL@QD%]QVY M/1]/CPEV/2 P?,Y MSH$-G45X5+2VP]4'RCS 0)S:BYC)K7Y0 M ,'D8+6&,!)_=41IO/8.>PL!Y6D/X@A=5HX@1^AB\N,XXIT<>0],.UCF&7@2 M@!8D*HS+:B=(CK^E=>]9@B8%GI825#<^AUQ&A+.E! U@W M\5Z)4+05&RFW(#407MB&1+8AD6U(9!L2V89$MB&1;4@DM^.>(!_3M+T>:$2C M0&@P 8FB>(!JNN[Y30K,,SL.F;O&>[\\WC,5PZ 5KF*BFYSSHR ZF13&KD%% M-W:X:%+BT('!$C6+92ZRBML4ZRO+#69%6A.Z08^ &-72L1JVT0*H7EP@2?)I M?A&/V[IS)AK.%,\=!P1)1')@LTDH0;'YTZM+L7,^LN&G'5H0*AUEM"2Q:B7: ME?B$P*Q"PQX^*FI;R+VKB DL#VRE0LL@V'E(8?HQU)#9_ !GG6QDLKOU%B?& M-":W1=W42!*LS%1"TW VA6S\*R))8=V S* M]+#M,I"P17(RV+ MG15XPNR3&!^R24R0P"#-6D@E8 M-62!SA4FN=.ZTIGZG7?/=\_%N@SV(3_DXW<...RO)YX?1S#GW#",;L8>64$5 MS$$$X]9_PM[LCHU_^,!XF.'+F+_^>*K :.[U>E K4'YM%C%(*A.H6+6T/^;>'_-WLY5'UFB:H8_XF4H#^D,'#_D9!@72_J:/&?R08PYWY MBXE"NJY2A_\"=14!5A(AS'9"2!@F'4 ./8MY 2:Q \D06)4FY\A>AB\N"EZ. M5"^)V@'L!7^EK4FAJ42]%,S.F7IB!UU%?O 41'Y0$KGAW NVK>/^YQ4)'SSF MQAXM/E">?[KRVP^=R'M8%AD#)F-H<#& <@ =V<+$'O^;0EOZ&BV.?)EU[P[= MSW%VA7%XC9FG[W@^+E"^"3=@=H+P:?& P(R&P* '8^6WZ0JUB@ Y ;4S'-H. M!+NU4%T?2JX_ SH7%!.UW$^_-^2%PH=+<>;E4+PO'WL-\!/'9F)V+[3H"><6 M6<,DH#$B!".*3_#RWQS'6=DIH$>@0-WFZ8.9A5Y%U& GI%4FLN;T'!70TC1?3IXU@D59(O=K$IMS?/[G;&M MG%C MH=NX&.X*W2I;D&9GF7$93U>TDU(U2+M=H;5YJ[&$DM>9Z*H4P>K1'8Q=>L;> MY1K?KZASG:.0%U3)$=Y ZP*J)R X5*G,@;8ZXRGX^D4DTRG.$N\F1[O_=SGE1=2/.NN?5"=&E/=W+#!=VHT,&6XQ->F>_=QERL%\C%-V&1 2Z _'?H M%?) 2BWT&-G(E!9%JZ ) (0OV)A^1#],/3X[P\.>UI(!3=-\ ) PL:^VA_*C"^,.'JRBN M%)4?S4>ELA2A+!06N"M&DW +:#!*FOC0/24%,:=0OS7N0BU9&!/N7:>_Y H[ MDNG/=^3K2]S8!FV.W7U Y#68L3JS52=+C0KHR%\FX:?/8O%/GB'WY"Z31:2.GG=.<%\.ZE'Z95'W%S#A;:I-?5Q%-Y*\B MV[2&(X@7-\ZCU8,!":TIY,,:!TBV75:?$W,2S^>(+,+IQ)L%WM1S4!"ER4?, M1%VQEW;XODVS.J@R$&B-3S,US1!/JTQ 9YXD9SX*W$L4Q03Y[Q%=+N;)-.]PK4DE702T4W@C,3/-L]/4!]C%J(V>Y59D(BS; M+LI3U/Z>E3\)TFJ7[-U&ZX40U$.KI]2AX"P_'JA:-Y&RJ]'MT!7+PQI$)5<+ MV*(^4B0 9TD2O0M!MB -U,M-+K,)/JQ@6= M.NT$+!!T\@]31$5\G:##+*P%Q,(%82[>2&(27Q+\=>8 MK9*G#]TV1.61(.=*(RWM"V9+ \*>I302LUNG) "P<';2+*^-\Z&JASM'B^2G M#I[3T \2>3]_.IZ6!D[% JK\DI2'=) H*TR8RJ\/%(^GIS3RYFP= LD=+U&P M&3*$R#T,RBNH"ENHJLWFI2,F]%MH[S:$[$FR;@V8S@F=IZEEZK7TB M%-B(IQ1AFZFV:O-%4I";EH[1DHNTFAC_E=E(1]5K"MCH9R&9HU$PY?_PCV!= M;446K%YJII*QI"S;38Q4-B=_K%<4W=WI?T4.R,2YPV[L,Q]?($K88(XZ%W:[ M-W?+"-$1^J:M68*K5J!@7@?-91@;H-N L?J#= &\9&] %HSJI_2HG47$1N+YI>(V-S9 MMYB,4A%N63(R06NMH^_580T\%HVT+&[.)!%I%A/,?<(KU]AS>P6GGJ2] M+!)EB!ID)I$^HM6+.9FMB9^BUE0Y_YQ-HZ3B7->_M-D[=5Q9X%Z2C[BCA .C:O#KTGR,<9,= $AP*A8: C M$):P77//D2W)W(0.@2XY"I '&(H_('^F*EFH M[4<;\<(ETGV#6R1NSSC"XEL2L>Q]);WFW:;G&J$HQT2]?F>UU#>/?((CY/E4 MAHF&LP6!NV28M+:O;82/F@.)/EX_?R[1R[$$L.(4W%"3P)@X]#!DY:&..9I( M 9Y:"4\W ">9P-#+GG^8 G5YURC@88B8*&19C-3IB$#918B51&@).YC3$CGT M+)ZD[T,7]2%A44K;]T &^7GUEN3XN)8*P6SV$%7D1\\ M!9$?2)^"F"U=@#!.S<2L;/![\#$EQ-PSKKEL9;8OC0G!(%?K*-&W<&:P"=C7 M0B$\>S"J#=?XP:-)2#BKV^]5&6K(VZFYW@1UJ,-"7*.MN5]LY.+0<0CF/YP^ MWC-_KE]]J!#O?^G>!$VH8B!Q2::UH&&I(@;55L2$=14QB@V0)+!VD.9=I1V\+6HD_<#81".U6#'BU6/_[B8<+P MN5N<,R/F0P5&)2EO1)RT?P-0V\I;@!'4F>B*:,IY\LY53N""K&H,])+NW!)O M59M2M4#+"7HC\(8)S"HC;C%&VQ/>.X)L[-VFC6AO*AT/OX*FB5SX,,-^G<5W9 MO'3TCGE8,@!NRU D93D":&^7)L0 9K%B(9[W)B9]_D;Q M:/6*E[@7,]!,W&(P>)/T0HB1[*&!G7!Q;>\,;]U2)6QKJ;+*0M6*>IKIZU*? MZ2^(;!HF;<#6AY2.@_7OP):^3,WB7(;1@@8;7I$R4*>$-8GW3 !ELN"FNXFH MY>6\3Z@;Y0ZVTUI3O"*>@WD+MS5I"H2YF.B3QUQ"[K+[LPU:@C4K/.K\5L@. M4#5DNB^&<&V>2B1ZK*"0 *;>D%FJ9%A/8!Q%2QI7C*?0K1[7B7RMN@&L]UVJ M5[;"Z6S]FQN/LS;2JSOO4I1UJ43@Y[_N[N[\^]/%QY?_^??OSGW\^$?PZJW[ M_WO_SV^?7H]?WM@W/R^/G\\->'R:_ABU^=7RF*XY??YR/BO__V8NH=';W] M3F^G$9T]_NMFO/]Q+_C];HJOWD^/O^P?O/AX=K#X([JY/#Y\/3[Z MS8GO77W_>OEY[VSNWGVB%[^//IZ3X/R?7S\Z)_B7&5Z\/;GY\OBOS^/7)PN' M7CS^=O;Q]63R]>W[8W]Q]WC]Z>_?R:?P7Y_>?_D\NO_\]>'L^8?P\XGEO@Q4>D0K/9M)$1(F6DYFT/'9Y%IBYI3R=CUPN0FM]*S7?LEH;3UB M==*#J?UJHPF372#$S&(V@4G$0"J^,L+'!+M>E-O*'2WR'$#911FR9(^SUHD/ 1O>7V1I8+#QH3*Q#7&))<\F*Z*"#KE>AL$\#'"$ MR.(RY))!_N&<7S/],?3C.?"9L8BXQ8;"JL )Y6BX=7R5@S,_#$FRIX(%+4=G M6',K+R#QPM\Q+H[N>X!B1<5.2I(V$FOI&%_E:V#/4I[R"5/@"8.-5#?B%DG9 M&=,HNA2W5VT>0Y^Y7U>(1.P/],Z['Y,9"KSO2:.1-&]=/Z.Z?=R*&*7\1]DQ M.Z08M9-0[ULA,Q[08MW<;D(1FX(;+"6@SAEB.H;K&@4SN!O\5H-#F2'Y#@T* M.EJXKV\M'ZAJ^H0$7/@^/SS\64O;)7QE5:O(&72#F*, <]A5$K3="_4D90UY M2'6-D7]*>7;X8> >.DX\CWWVBWN"[PEVO'3Z48=X]U'2I^V*A&PV1PNX"T6[ M,&0KX[6S!>L& \AM<3(\7:(Y7C,#EW&@S8M=8VIBQV,_T[2Q[V.H,)FXST[LS#OGO. MOXG=47#!(_"$SE 70U<5'F$:GTRF;470\ MG6+>144G6:%Q%(L=*@3N23%AH5D,0/N<.6-:!9'(?S>Q0LQB3]0\X% MS.X_.F[*:H: 3K#>(!5&&843Y&]UZ$?+; \E4PR8#R;N.D M03Z$+LB0'2S:4C(%2J:HI_V!R2ZY)'H\37[L#](*91@PULKBEKET7>,4/.7C$D?C:>8\ M\,133440'9)W)V;H!40MS2K1# ^\19?O?L>*-9MMEU&:_[ M2@"W##-8X-I$DP+RVA@@.0/AQ@Y/)F*$/V'?IY:9@OC$;%DC&'P7)]*=L@W9"/)]];P:!7R.M@:+6++L4JQ\-1Q0*_.:J>E>#,E&M9XB$C#J] J3R1TB>)G"#_*J1ABSF$PLUHS"58!F<)"+^/4Y#9F]0(%[ MB:*8()^9D%'P@&F4;YK]3-=N�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end