Attached files
file | filename |
---|---|
EX-32.1 - Reef Global Energy VI, L.P. | v166445_ex32-1.htm |
EX-32.2 - Reef Global Energy VI, L.P. | v166445_ex32-2.htm |
EX-31.2 - Reef Global Energy VI, L.P. | v166445_ex31-2.htm |
EX-31.1 - Reef Global Energy VI, L.P. | v166445_ex31-1.htm |
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM 10-Q
x
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
For
the Quarterly Period Ended September 30, 2009
OR
o
|
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: 333-122935-01
REEF
GLOBAL ENERGY VI, L.P.
(Exact
name of registrant as specified in its charter)
Nevada
|
20-3170768
|
(State
or other jurisdiction of
incorporation
or organization)
|
(I.R.S.
employer
identification
no.)
|
1901
N. Central Expressway, Suite 300
Richardson,
Texas 75080
|
75080-3609
|
(Address
of principal executive offices)
|
(Zip
code)
|
Registrant’s
telephone number, including area code:
|
(972)-437-6792
|
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 x No o
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 o No o
Indicate
by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting company. See
the definitions of “large accelerated filer,” “accelerated filer” and “smaller
reporting company” in Rule 12b-2 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 o No x
As of
September 30, 2009, the registrant had 75.363 units of general partner interest
held by the managing general partner, and 1,431.897 units of limited partner
interest outstanding.
Reef
Global Energy VI, L.P.
Form
10-Q Index
PART
I -- FINANCIAL INFORMATION
|
|||
1
|
|||
ITEM
1.
|
Financial
Statements (Unaudited)
|
2
|
|
Condensed
Balance Sheets
|
3
|
||
Condensed
Statements of Operations
|
4
|
||
Condensed
Statements of Cash Flows
|
|||
Notes
to Condensed Financial Statements
|
|||
ITEM
2.
|
Management’s
Discussion and Analysis of Financial Condition and Results of
Operations
|
8
|
|
ITEM
3.
|
Quantitative
and Qualitative Disclosures About Market Risk
|
13
|
|
ITEM
4T.
|
Controls
and Procedures
|
||
13
|
|||
PART
II —
OTHER INFORMATION
|
|||
ITEM
1.
|
Legal
Proceedings
|
14
|
|
ITEM
2.
|
Unregistered
Sales of Equity Securities and Use of Proceeds
|
14
|
|
ITEM
3.
|
Default
Upon Senior Securities
|
14
|
|
ITEM
4.
|
Submission
of Matters to a Vote of Security Holders
|
14
|
|
ITEM
5.
|
Other
Information
|
14
|
|
ITEM
6.
|
Exhibits
|
15
|
|
Signatures
|
16
|
i
PART
I FINANCIAL INFORMATION
Item
1. Financial Statements
Reef
Global Energy VI, L.P.
Condensed
Balance Sheets
September
30,
2009
|
December
31,
2008
|
|||||||
(unaudited)
|
||||||||
Assets
|
||||||||
Current
assets:
|
||||||||
Cash
and cash equivalents
|
$ | 160,649 | $ | 1,125,458 | ||||
Accounts
receivable
|
15,786 | 2,680 | ||||||
Accounts
receivable from affiliates
|
756,791 | 144,486 | ||||||
Total
current assets
|
933,226 | 1,272,624 | ||||||
Oil
and gas properties, full cost method of accounting:
|
||||||||
Proved
properties, net of accumulated depletion of $27,890,889 and
$22,961,256
|
5,626,414 | 10,266,854 | ||||||
Net
oil and gas properties
|
5,626,414 | 10,266,854 | ||||||
Total
Assets
|
6,559,640 | 11,539,478 | ||||||
Liabilities
and partnership equity
|
||||||||
Current
liabilities:
|
||||||||
Accounts
payable
|
122,620 | $ | 5,161 | |||||
Accounts
payable to affiliates
|
— | 144,789 | ||||||
Total
current liabilities
|
122,620 | 149,950 | ||||||
Long-term
liabilities:
|
||||||||
Asset
retirement obligation
|
397,280 | 386,346 | ||||||
Total
long-term liabilities
|
397,280 | 386,346 | ||||||
Partnership
equity
|
||||||||
Limited
partners
|
5,552,738 | 10,235,797 | ||||||
Managing
general partner
|
487,002 | 767,385 | ||||||
Partnership
equity
|
6,039,740 | 11,003,182 | ||||||
Total
liabilities and partnership equity
|
$ | 6,559,640 | $ | 11,539,478 |
See
accompanying notes to condensed financial statements.
1
Reef
Global Energy VI, L.P.
Condensed
Statements of Operations
(Unaudited)
For
the three months ended
September
30,
|
For
the nine months ended
September
30,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Revenues
|
$ | 1,069,597 | $ | 2,738,367 | $ | 3,497,689 | $ | 7,648,464 | ||||||||
Costs
and expenses:
|
||||||||||||||||
Lease
operating expenses
|
137,433 | 115,549 | 561,384 | 546,621 | ||||||||||||
Production
taxes
|
49,453 | 187,102 | 232,777 | 512,991 | ||||||||||||
General
and administrative
|
158,155 | 163,537 | 542,971 | 500,081 | ||||||||||||
Accretion
of asset retirement obligation
|
4,917 | 4,035 | 17,309 | 17,855 | ||||||||||||
Depreciation,
depletion and amortization
|
469,914 | 609,481 | 1,799,775 | 1,641,793 | ||||||||||||
Property
impairment
|
709,017 | — | 3,126,350 | — | ||||||||||||
Total
costs and expenses
|
1,528,889 | 1,079,704 | 6,280,566 | 3,219,341 | ||||||||||||
Income
(loss) from operations
|
(459,292 | ) | 1,658,663 | (2,782,877 | ) | 4,429,123 | ||||||||||
Other
income:
|
||||||||||||||||
Interest
income
|
282 | 1,494 | 2,869 | 13,179 | ||||||||||||
Total
other income
|
282 | 1,494 | 2,869 | 13,179 | ||||||||||||
Net
income (loss)
|
$ | (459,010 | ) | $ | 1,660,157 | $ | (2,780,008 | ) | $ | 4,442,302 | ||||||
Net
income (loss) per general partner unit
|
$ | — | $ | — | $ | — | $ | 1,575.32 | ||||||||
Net
income (loss) per limited partner unit
|
$ | (348.56 | ) | $ | 940.55 | $ | (1,965.88 | ) | $ | 2,515.87 | ||||||
Net
income (loss) per managing general partner unit
|
$ | 532.05 | $ | 4,158.26 | $ | 463.46 | $ | 11,143.78 |
See
accompanying notes to condensed financial statements.
2
Reef
Global Energy VI, L.P.
Condensed
Statements of Cash Flows
(Unaudited)
For
the nine months ended
September
30,
|
||||||||
2009
|
2008
|
|||||||
Operating
Activities
|
||||||||
Net
income (loss)
|
$ | (2,780,008 | ) | $ | 4,442,302 | |||
Adjustments
to reconcile net income (loss) to net cash provided
by operating activities:
|
||||||||
Depreciation,
depletion and amortization
|
1,799,775 | 1,641,793 | ||||||
Property
impairment
|
3,126,350 | — | ||||||
Accretion
of asset retirement obligation
|
17,309 | 17,855 | ||||||
Changes
in operating assets and liabilities:
|
||||||||
Accounts
receivable
|
(13,106 | ) | — | |||||
Accounts
receivable from affiliates
|
(612,305 | ) | (900,888 | ) | ||||
Accounts
payable
|
117,459 | 3,723 | ||||||
Accounts
payable to affiliates
|
(144,789 | ) | — | |||||
Net
cash provided by operating activities
|
1,510,685 | 5,204,785 | ||||||
Investing
Activities
|
||||||||
Property
acquisition and development
|
(289,193 | ) | (1,245,788 | ) | ||||
Plugging
and abandonment costs paid from
asset retirement
obligation
|
(2,867 | ) | (1,245 | ) | ||||
Net
cash used in investing activities
|
(292,060 | ) | (1,247,033 | ) | ||||
Financing
Activities
|
||||||||
Partner
capital contributions
|
7,605 | 18,979 | ||||||
Offering
costs
|
(144,789 | ) | (450,000 | ) | ||||
Partner
distributions
|
(2,046,250 | ) | (4,906,500 | ) | ||||
Net
cash used in financing activities
|
(2,183,434 | ) | (5,337,521 | ) | ||||
Net
decrease in cash and cash equivalents
|
(964,809 | ) | (1,379,769 | ) | ||||
Cash
and cash equivalents at beginning of period
|
1,125,458 | 2,366,065 | ||||||
Cash
and cash equivalents at end of period
|
$ | 160,649 | $ | 986,296 | ||||
Supplemental
disclosure of non-cash investing transactions
|
||||||||
Property
additions and asset retirement obligation
|
$ | — | $ | 35,166 | ||||
Adjustment
to asset retirement obligation
|
$ | 3,508 | $ | 7,813 | ||||
Supplemental
disclosure of non-cash financing transactions
|
||||||||
Managing
partner contributions included in accounts receivable from
affiliates
|
$ | — | $ | 8,138 | ||||
Offering
costs included in accounts payable to affiliates
|
$ | — | $ | 294,789 |
See
accompanying notes to condensed financial statements.
3
Reef
Global Energy VI, L.P.
Notes
to Condensed Financial Statements (unaudited)
September
30, 2009
1.
Organization and Basis of Presentation
The
financial statements of Reef Global Energy VI, L.P. (the “Partnership”) have
been prepared pursuant to the rules and regulations of the Securities and
Exchange Commission (the “SEC”). Certain information and footnote disclosure
normally included in annual financial statements prepared in accordance with
accounting principles generally accepted in the United States have been
condensed or omitted pursuant to those rules and regulations. We have recorded
all transactions and adjustments necessary to fairly present the financial
statements included in this Quarterly Report on Form 10-Q (this “Quarterly
Report”). The adjustments are normal and recurring. The following notes describe
only the material changes in accounting policies, account details, or financial
statement notes during the first nine months of 2009. Therefore, please read
these condensed financial statements and notes to condensed financial statements
together with the audited financial statements and notes to financial statements
contained in the Partnership’s Annual Report on Form 10-K for the period ended
December 31, 2008 (the “Annual Report”).
2.
Summary of Accounting Policies
Oil
and Natural Gas Properties
The
Partnership follows the full cost method of accounting for crude oil and natural
gas properties. Under this method, all direct costs and certain indirect costs
associated with acquisition of properties and successful as well as unsuccessful
exploration and development activities are capitalized. Depreciation, depletion,
and amortization of capitalized crude oil and natural gas properties and
estimated future development costs, excluding unproved properties, are based on
the unit-of-production method using estimated proved reserves. For these
purposes, proved natural gas reserves are converted to equivalent barrels of
crude oil (“EBO”) at a rate of 6 MCF to 1 Bbl. Net capitalized costs of crude
oil and natural gas properties, as adjusted for asset retirement obligations,
are limited to the lower of unamortized cost or the cost ceiling, defined as the
sum of the present value of estimated future net revenues from proved reserves
based on prices in effect at the end of the period held constant and discounted
at 10 percent, plus the lower of cost or fair value of unproved properties, if
any. Pursuant to full cost accounting rules, the Partnership performs a ceiling
test quarterly as of the balance sheet date on its proved crude oil and natural
gas properties. Excess capitalized costs are charged to property impairment
expense. No gain or loss is recognized upon sale or disposition of crude oil and
natural gas properties, unless such a sale would significantly alter the rate of
depletion and amortization. During the three month period ended September 30,
2009 the Partnership recognized impairment expense of $709,017. During the nine
month period ended September 30, 2009 the Partnership recognized a property
impairment expense of $3,126,350.
Unproved
properties consist of undeveloped leasehold interest. Investments in unproved
properties are not depleted pending determination of the existence of proved
reserves. Unproved properties are assessed for impairment quarterly as of the
balance sheet date by considering the primary lease term, the holding period of
the properties, geologic data obtained relating to the properties, and other
drilling activity in the immediate area of the properties. Any impairment
resulting from this quarterly assessment is reported as property impairment
expense in the current period, as appropriate. During the three and nine month
periods ended September 30, 2009, the Partnership recognized no impairment of
unproved properties.
Asset
Retirement Obligation
Asset
retirement costs and liabilities associated with future site restoration and
abandonment of long-lived assets are initially measured at fair value which
approximates the cost a third party would incur in performing the tasks
necessary to retire such assets. The fair value is recognized in the financial
statements as the present value of expected future cash expenditures for site
restoration and abandonment. Subsequent to the initial measurement, the effect
of the passage of time on the liability for the net asset retirement obligation
(accretion expense) and the amortization of the asset retirement cost are
recognized in the results of operations. No gain or loss is
recognized upon abandonment and restoration of crude oil and natural gas
properties, unless such abandonment and restoration would significantly alter
the rate of depletion and amortization.
4
The
following table summarizes the Partnership’s asset retirement obligation for the
nine months ended September 30, 2009 and the year ended December 31,
2008.
Nine
months
ended
September
30,
2009
|
Year
Ended
December
31,
2008
|
|||||||
Beginning
asset retirement obligation
|
$ | 386,346 | $ | 305,215 | ||||
Additions
related to new properties
|
— | 35,166 | ||||||
Accretion
expense
|
17,309 | 60,786 | ||||||
Retirement
related to property abandonment and restoration
|
(6,375 | ) | (14,821 | ) | ||||
Ending
asset retirement obligation
|
$ | 397,280 | $ | 386,346 |
Fair
Value of Financial Instruments
The
estimated fair values for financial instruments have been determined at discrete
points in time based on relevant market information. These estimates involve
uncertainties and cannot be determined with precision. The estimated fair
value of cash, accounts receivable and accounts payable approximates their
carrying value due to their short-term nature.
Recently
Adopted Accounting Pronouncements
Accounting
Standards Codification
In
June 2009, the FASB issued guidance on the accounting standards
codification and the hierarchy of generally accepted accounting principles. The
accounting standards codification is intended to be the source of authoritative
US GAAP and reporting standards as issued by the Financial Accounting
Standards Board (“FASB”). Its primary purpose is to improve clarity and use of
existing standards by grouping authoritative literature under common topics.
This statement is effective for financial statements issued for interim and
annual periods ending after September 15, 2009. Effective July 1,
2009, the Partnership will describe the authoritative guidance used within the
footnotes but will cease using numerical references. The accounting standards
codification does not change or alter existing US GAAP, and there is no
expected impact on the Partnership’s financial position, results of operations
or cash flows.
Fair
Value Measurement of Liabilities
In
August 2009, the FASB issued new guidance for the accounting for the fair
value measurement of liabilities. The new guidance provides
clarification that in certain circumstances in which a quoted price in an active
market for the identical liability is not available, a company is required to
measure fair value using one or more of the following valuation techniques: the
quoted price of the identical liability when traded as an asset, the quoted
prices for similar liabilities or similar liabilities when traded as assets,
and/or another valuation technique that is consistent with the principles of
fair value measurements. The new guidance is effective for interim and
annual periods beginning after August 27, 2009. The Partnership does
not expect that the provisions of the new guidance will have a
material effect on its results of operations, financial position or
liquidity.
Subsequent
Events
In
May 2009, the FASB issued new guidance for accounting for subsequent
events. The new guidance incorporates guidance
into accounting literature that was previously addressed only in auditing
standards. The statement refers to subsequent events that provide
additional evidence about conditions that existed at the balance-sheet date as
“recognized subsequent events”. Subsequent events which provide evidence
about conditions that arose after the balance-sheet date but prior to the
issuance of the financial statements are referred to as ‘non-recognized
subsequent events”. It also requires companies to disclose the date
through which subsequent events have been evaluated and whether this date is the
date the financial statements were issued or the date the financial statements
were available to be issued. This guidance is effective for interim and
annual periods ending after June 15, 2009. The Partnership evaluated
subsequent events up through November 12, 2009, the day the financial statements
were issued.
5
Recognition
and Presentation of Other-Than-Temporary Impairments
In April
2009, the FASB issued new guidance related to the presentation and disclosure of
other-than-temporary impairments on debt and equity securities. The
new guidance amends the other-than-temporary impairment guidance for debt
securities to make the guidance more operational and to improve the presentation
and disclosure of other-than-temporary impairments on debt and equity securities
in the financial statements. The guidance does not amend existing
recognition and measurement guidance for equity securities, but does establish a
new method of recognizing and reporting for debt
securities. Disclosure requirements for impaired debt and equity
securities have been expanded significantly and are now required quarterly, as
well as annually. This guidance became effective for interim and
annual reporting periods ending after June 15, 2009. Comparative
disclosures are required for periods ending after the initial
adoption. This guidance did not have a material impact on the
Partnership’s financial position, results of operations or cash
flows.
Interim
Reporting of Fair Value of Financial Instruments
In
April 2009, the FASB issued new guidance related to the disclosure of the
fair value of financial instruments. The new guidance amends SFAS No. 107,
“Disclosures about Fair Value of Financial Instruments,” to require disclosures
about fair value of financial instruments for interim reporting
periods. The guidance also amends APB Opinion No. 28, “Interim
Financial Reporting,” to require those disclosures about the fair value of
financial instruments in summarized financial information at interim reporting
periods. This guidance is effective for reporting periods ending
after June 15, 2009. The adoption of this guidance did not have any
impact on the Partnership’s results of operations, cash flows, or financial
position.
Fair
Value Measurements
In
February 2008, the FASB issued new guidance for the accounting for
non-financial assets and non-financial liabilities. The new guidance
delayed the effective date of SFAS No. 157, “Fair Value Measurements” for
nonfinancial assets and liabilities, except for items that are recognized or
disclosed at fair value in the financial statements on a recurring basis at
least annually. The adoption of this guidance was immaterial to the
Partnership’s results of operations, cash flows and financial
positions.
Newly
Issued But Not Effective Accounting Standards
Modernization
of Oil and Gas Reporting
In
January 2009, the SEC issued revisions to the oil and gas reporting disclosures,
“Modernization of Oil and Gas Reporting; Final Rule” (“the Final Rule”). In
addition to changing the definition and disclosure requirements for oil and gas
reserves, the Final Rule changes the requirements for determining quantities of
oil and gas reserves. The Final Rule also changes certain accounting
requirements under the full cost method of accounting for oil and gas
activities. The amendments are designed to modernize the requirements for the
determination of oil and gas reserves, aligning them with current practices and
updating them for changes in technology. The Final Rule is effective for annual
reports on Form 10-K for fiscal years ending on or after December 31, 2009. The
Partnership has not yet determined the impact, if any, of the Final Rule on the
financial statements.
3.
Transactions with Affiliates
The
Partnership has no employees. Reef Exploration, L.P. (“RELP”), an affiliate of
Reef Oil & Gas Partners, L.P. (“Reef”), the managing general partner of the
Partnership, employs a staff including geologists, petroleum engineers, landmen
and accounting personnel who administer all of the Partnership’s operations. The
Partnership reimburses RELP for technical and administrative services at cost.
The Partnership reimburses RELP for technical and administrative services at
cost. During the three and nine month periods ended September 30, 2009, the
Partnership incurred technical services costs of $1,004 and $1,004,
respectively. During the three and nine month periods ended September 30, 2009
the Partnership incurred administrative costs totaling $131,145 and $430,522,
respectively. During the three and nine month periods ended September
30, 2008, the Partnership incurred technical services costs capitalized as
project costs of $53,604 and $499,617, respectively. The Partnership
incurred administrative costs included as general and administrative expenses of
$162,144 and $420,283 during the three and nine month periods ended September
30, 2008, respectively.
6
Reef
contributed 1% of all leasehold, drilling and completion costs when incurred
during the drilling phase of Partnership operations. In addition, Reef purchased
5% of the Partnership units and paid 5% of the 99% of these costs paid by the
unit holders (4.95%). As of September 30, 2009, this 1% obligation totaled
$0. During the year ended December 31, 2008, this 1% obligation
totaled $12,019.
RELP
processes joint interest billings and revenues on behalf of the Partnership. At
September 30, 2009, RELP owed the Partnership $756,791 for net revenues
processed in excess of joint interest and technical and administrative services
charges. At December 31, 2008, RELP owed the Partnership $144,486 for net
revenues processed in excess of joint interest and technical and administrative
services charges. The cash associated with net revenues processed by RELP is
normally received by RELP from oil and gas purchasers 30-60 days after the end
of the month to which the revenues pertain.
Accounts
payable to affiliates as of September 30, 2009 and December 31, 2008 included $0
and $144,789, respectively, for the unpaid portion of the 15% management fee due
Reef for organization and offering costs, including sales commissions. The
management fee was payable in two parts. Reef initially received an amount not
to exceed 13.5% of the total offering proceeds to recover actual commissions and
organization and offering costs. The balance payable at December 31, 2008
represents the unpaid portion of the management fee in excess of actual
commissions and organization and offering costs, which were paid to Reef from
the oil and gas cash flows available for partner distributions, at a rate not to
exceed $1 million per year. The Partnership reimbursed this amount to Reef at a
rate of $50,000 per month, and completed payment of the December 31, 2008
balance due during March 2009.
4.
Commitments and Contingencies
The
Partnership is not currently involved in any legal proceedings.
5. Partnership
Equity
Information
regarding the number of units outstanding and the net income (loss) per type of
Partnership unit for the three and nine month periods ended September 30, 2009
is detailed below:
For the three months ended September
30, 2009
Type of Unit
|
Number
of Units
|
Net
income (loss)
|
Net
income (loss) per unit
|
|||||||||
Managing
general partner units
|
75.363 | $ | 40,096 | $ | 532.05 | |||||||
Limited
partner units
|
1,431.897 | (499,106 | ) | $ | (348.56 | ) | ||||||
Total
|
1,507.260 | $ | (459,010 | ) |
For the nine months ended September 30,
2009
Type of Unit
|
Number
of Units
|
Net
income (loss )
|
Net
income (loss) per unit
|
|||||||||
Managing
general partner units
|
75.363 | $ | 34,927 | $ | 463.46 | |||||||
Limited
partner units
|
1,431.897 | (2,814,935 | ) | $ | (1,965.88 | ) | ||||||
Total
|
1,507.260 | $ | (2,780,008 | ) |
7
6.
Subsequent Events
Beginning
with March 2009, oil sales prices increased from levels below $40 per barrel to
between $60 and $70 per barrel. As a result of this increase in prices, in
October 2009, Reef approved the conversion of one of the eight wells on the Sand
Dunes development prospect located in Eddy County, New Mexico to a salt water
disposal well. The conversion work is expected to begin in December 2009. Upon
completion of the salt water disposal well, three of the Sand Dunes wells will
be placed on full time production. RELP believes, based upon testing already
performed, that the disposal capacity of the well to be converted will be such
that only three Sand Dunes wells can be placed on full time production. However,
if possible, additional wells may be placed on production at a later date. The
estimated cost of the well conversion to this Partnership is expected to be
approximately $79,280. This cost will be paid for by the Partnership
by retaining a portion of the funds normally paid out in distributions to the
partners. Based upon the September 30, 2009 oil and gas pricing used in
preparation of the Partnership’s September 30, 2009 reserve report, the proved
developed non-producing reserves associated with the three wells expected to be
placed on production are estimated to be 6,091 barrels of crude oil and 5,377
MCF of natural gas.
Item
2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
The
following is a discussion of the Partnership’s financial position, results of
operations, liquidity and capital resources. This discussion should be read in
conjunction with our financial statements and the related notes thereto,
included in the Annual Report.
This
Quarterly Report contains forward-looking statements that involve risks and
uncertainties. You should exercise extreme caution with respect to all
forward-looking statements made in this Quarterly Report. Specifically,
the following statements are forward-looking:
|
·
|
statements
regarding the state of the oil and gas industry and the opportunity to
profit within the oil and gas industry, competition, pricing, level of
production, or the regulations that may affect the
Partnership;
|
|
·
|
statements
regarding the plans and objectives of Reef for future operations,
including, without limitation, the uses of Partnership funds and the size
and nature of the costs the Partnership expects to incur and people and
services the Partnership may
employ;
|
|
·
|
any
statements using the words “anticipate,” “believe,” “estimate,” “expect”
and similar such phrases or words;
and
|
|
·
|
any
statements of other than historical
fact.
|
Reef
believes that it is important to communicate its future expectations to the
partners. Forward-looking statements reflect the current view of
management with respect to future events and are subject to numerous risks,
uncertainties and assumptions, including, without limitation, the risk factors
listed in the section captioned “RISK FACTORS” contained in the Reef Global
Ventures II Drilling Program’s (the “Program”) prospectus and prospectus
supplement each dated July 8, 2005. Although Reef believes that the expectations
reflected in such forward-looking statements are reasonable, Reef can give no
assurance that such expectations will prove to have been correct. Should
any one or more of these or other risks or uncertainties materialize or should
any underlying assumptions prove incorrect, actual results are likely to vary
materially from those described herein. There can be no assurance that the
projected results will occur, that these judgments or assumptions will prove
correct or that unforeseen developments will not occur.
Reef does
not intend to update its forward-looking statements. All subsequent
written and oral forward-looking statements attributable to Reef or persons
acting on its behalf are expressly qualified in their entirety by the applicable
cautionary statements.
8
Overview
Reef
Global Energy VI, L.P. is a Nevada limited partnership formed to acquire,
explore, develop and produce crude oil, natural gas, and natural gas liquids for
the benefit of its investor partners. The Partnership’s primary purposes are to
generate revenues from the production of crude oil and natural gas, distribute
cash flow to investors, and provide tax benefits to investors. The Partnership
purchased working interests in twenty developmental prospects. The Partnership
participated in the drilling of eight successful developmental wells on eight
developmental prospects located in Acadia Parish, Louisiana, Pittsburg County,
Oklahoma, and Palo Pinto, Jackson, Harris, Galveston, and Lavaca (two prospects)
County, Texas. Four of the wells located in Jackson and Lavaca (two prospects)
County, Texas and Acadia Parish, Louisiana have ceased production. The
Partnership participated in the drilling of eleven unsuccessful developmental
wells on eleven developmental prospects located in West Baton Rouge, Acadia,
Calcasieu, and Cameron Parish, Louisiana, and in Hardin, Upton, Ector,
Jefferson, Lavaca, Reeves, and Dawson County, Texas. The Partnership purchased a
working interest in the Sand Dunes developmental prospect in Eddy County, New
Mexico, and participated in the drilling of eight unsuccessful developmental
wells on this prospect (see below).
The
Partnership also purchased working interests in fourteen exploratory prospects,
and participated in the drilling of sixteen exploratory and eight developmental
wells on those prospects, including the well drilled in March 2009 (see below).
The Partnership participated in the drilling of eight successful exploratory
wells, seven successful developmental wells, one unsuccessful exploratory well,
and one unsuccessful developmental well on seven exploratory prospects located
in Terrebonne and St. Martin Parish, Louisiana, Sterling, Jefferson (two
prospects) and Live Oak County, Texas, and offshore in U.S. Coastal waters in
the Gulf of Mexico. The Partnership participated in the drilling of seven
unsuccessful exploratory wells on seven exploratory prospects located in West
Baton Rouge, Beauregard, and Cameron Parish, Louisiana, Brazoria, Lavaca, and
San Patricio County, Texas, and offshore in U.S. Coastal waters in the Gulf of
Mexico. Of the fifteen successful wells, three wells located in St. Martin and
Terrebonne Parish, Louisiana and in Live Oak County, Texas have ceased
production.
Subsequent
to completing its drilling phase of operations in the first quarter of 2008, the
Partnership drilled two additional wells on one of the Partnership’s exploratory
prospects located in Live Oak County, Texas. One of these wells was successful
and began production operations in November 2008, and the second well, drilled
in March 2009, was unsuccessful. These wells are included in the summaries of
wells in the preceding paragraphs. While there are currently no plans to drill
any additional wells, one of the existing Sand Dunes wells will be converted to
a salt water disposal well during the fourth quarter of 2009. The
Partnership is allowed to borrow funds in accordance with the Partnership
Agreement, or utilize cash flows from successful wells in order to conduct
further development upon prospects initially purchased by and drilled upon by
the Partnership during the drilling phase of operations.
A
“prospect” is generally defined as a contiguous oil and gas leasehold estate, or
lesser interest in a leasehold estate, upon which drilling operations may be
conducted. A prospect may be characterized as “exploratory” or “developmental”
based upon the type of well to be drilled on the prospect. A development well is
a well drilled within a proved area of an oil or gas reservoir to the depth of a
stratigraphic horizon known to be productive. Generally an exploratory well is
any well that is not a development well, including wells drilled to find and
produce crude oil or natural gas in an unproven area, wells drilled to find a
new reservoir in a field previously found to be productive of crude oil or
natural gas, or wells drilled to extend a known reservoir. In this Quarterly
Report, we use the term “successful” to refer to wells that are drilled, tested,
and either capable of or actually producing in commercial quantities. We use the
term “unsuccessful” to refer to wells that do not meet one or more of these
criteria.
The table
below summarizes Partnership expenditures at September 30, 2009 by
classification of well. Drilling, completion, and facilities costs include
$303,397 capitalized as asset retirement cost.
9
Leasehold
Costs
|
Drilling,
Completion, and Facilities Costs
|
Total
Costs
|
||||||||||
Developmental
wells
|
$ | 1,554,179 | $ | 19,237,966 | $ | 20,792,145 | ||||||
Exploratory
wells
|
1,241,273 | 11,483,885 | 12,725,158 | |||||||||
Total
|
$ | 2,795,452 | $ | 30,721,851 | $ | 33,517,303 |
The
Partnership participated in the drilling of eight developmental wells on the
Sand Dunes prospect located in Eddy County, New Mexico during the fourth quarter
of 2007 and the first quarter of 2008. Initial testing confirmed the presence of
crude oil and natural gas in all eight wells. However, the field was temporarily
shut-in because of the lack of electric service and because of the high cost of
trucking offsite the salt water volumes associated with the production of the
crude oil and natural gas from the wells. Electrical service to the eight Sand
Dunes wells was connected in September 2008. Based upon initial testing, larger
bottom hole pumps were placed below the well perforations in three of the wells
and testing was resumed in late September 2008 to determine the three wells’
commercial productivity. Water continued to be trucked offsite, and RELP applied
for and received a permit which would allow for the conversion of one of the
existing eight Sand Dunes wells into a water disposal well. RELP also
explored the possibility of drilling a ninth well as a salt water disposal well
for the field. Testing results on two of the three wells were positive, and salt
water production volumes declined as a result of pumping off the wells using the
larger bottom hole pumps. However, the price of crude oil also declined at a
rapid rate while testing was being conducted. In late December 2008 two of the
three testing wells were shut-in again. Crude oil prices continued declining to
a level below $40 per barrel. In February 2009, following a mechanical failure
in the third testing well, RELP, as operator, shut-in the field. The eight wells
cannot be commercially productive without efficient salt water disposal
capabilities, and none of the options regarding salt water disposal were
economically viable at first quarter 2009 commodity prices. As a result, as of
December 31, 2008, the eight Sand Dunes wells were classified as unsuccessful,
and there are no crude oil and natural gas reserves for these wells included in
the September 30, 2009 reserve information presented in this Quarterly Report.
Subsequent to September 30, 2009, primarily as a result of the recent increase
in crude oil prices, Reef has approved the conversion of one of the existing
Sand Dunes wells to a salt water disposal well (see Note 6 of the Notes to
Condensed Financial Statements (unaudited)).
The
Partnership also owns interests in unproved property consisting of un-drilled
leasehold interest (11 potential drilling locations) in the Sand Dunes prospect.
The Partnership fully impaired this unproved property during the fourth quarter
of 2008 based upon the eight already drilled Sand Dunes wells being classified
as unsuccessful at December 31, 2008. The Partnership currently has no plans to
conduct any drilling operations on this acreage.
Critical
Accounting Policies
There
have been no changes from the Critical Accounting Policies described in the
Annual Report.
Liquidity
and Capital Resources
The
Partnership was funded with initial capital contributions totaling $37,398,898.
Reef purchased 75.363 general partner units, or 5% of the total units sold, for
$1,601,464. Investor partners purchased 1,190.561 units of general partner
interest and 241.336 units of limited partner interest for $35,797,434. As of
September 30, 2009, Reef has also contributed $316,361 in connection with its
obligation to pay 1% of all leasehold, drilling, and completion costs.
Organization and offering costs totaled $5,369,615, leaving capital
contributions of $32,345,644 available for Partnership activities. As of
September 30, 2009, the Partnership has expended $33,213,901 on prospect and
property acquisitions, drilling and completion costs in connection with its
participation in the drilling of fifty-one wells and has expended $138,317 on
general and administrative expenses. The total of these expenses is $961,793 in
excess of the capital available for Partnership activities. Expenditures in
excess of available capital were deducted from Partnership
distributions. At September 30, 2009, the Partnership had recovered
the entire amount. The Partnership does not operate in any other industry
segment, and operates solely in the United States.
10
The
Partnership has working capital of $810,606 at September 30, 2009. Subsequent to
expending the initial available partner capital contributions on prospect and
property acquisitions and drilling and completion costs of Partnership wells,
the Partnership has minimal working capital, primarily consisting of cash and
accounts receivable from RELP related to oil and gas sales from productive
properties processed by RELP, net of joint interest billings and overhead
charges processed by RELP, which the Partnership uses to pay monthly cash
distributions to investors.
Results
of Operations
The
following is a comparative discussion of the results of operations for the
periods indicated. It should be read in conjunction with the condensed financial
statements and the related notes to the condensed financial statements included
in this Quarterly Report.
The
following table provides information about sales volumes and crude oil and
natural gas prices for the periods indicated. Equivalent barrels of oil (“EBO”)
are computed by converting 6 MCF of natural gas to 1 barrel of crude
oil.
For
the three months
ended
September 30
|
For
the nine months
ended
September 30
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Sales
volumes:
|
||||||||||||||||
Oil
(Barrels)
|
8,702 | 8,790 | 29,383 | 22,642 | ||||||||||||
Natural
gas (Mcf)
|
153,070 | 162,091 | 541,904 | 486,302 | ||||||||||||
Average
sales prices received:
|
||||||||||||||||
Oil
(Barrels)
|
$ | 65.14 | $ | 117.52 | $ | 47.98 | $ | 113.86 | ||||||||
Natural
gas (Mcf)
|
$ | 3.28 | $ | 10.52 | $ | 3.85 | $ | 10.43 |
The
Partnership owned interests in sixteen productive wells during the third quarter
of 2009, and sixteen productive wells in the third quarter of 2008. The Rob L RA
SUA CL&F #1 well located in Terrebonne Parish, Louisiana (“Gumbo II”) began
production operations in May 2008, and is included in the productive well count
for the third quarter of 2009 and 2008. The Gumbo II well is one of three
significant wells in which the Partnership owns a working interest. Management
expects overall production volumes sold during 2009 to approximate 2008 volumes
as a result of the Gumbo II well producing for the entire calendar year of 2009.
The well began production during May 2008, and did not reach full production
capacity until July 2008. However, Reef anticipates that the Partnership has
already achieved its peak production levels, and although Reef expects overall
volumes sold during 2009 to approximate 2008 volumes, Reef also expects
individual quarterly volumes to decrease throughout the remainder of
2009.
Sales
volumes from the Partnership’s three significant wells, the Gumbo II, the HBR A
Big Gas Unit well located in Galveston County, Texas (“HBR A”) and the ST
278L/279L #1 well located in the Gulf of Mexico (“Dolphin B”) totaled 7,810
barrels of crude oil and 132,932 MCF of natural gas, or 89.8% and 86.8% of third
quarter 2009 volumes, respectively. During the third quarter of 2008, the Gumbo
II, HBR A and the Dolphin B volumes totaled 6,882 barrels of crude oil and
121,012 MCF of natural gas, or 78.3% and 74.7% of third quarter 2008 volumes,
respectively. Overall sales volumes were slightly lower during the third quarter
of 2009 compared to the third quarter of 2008. Total revenues fell by
60.9% due to the steep decline in the average sales prices of crude oil and
natural gas from the third quarter of 2008 to the third quarter of 2009, as
shown in the table above, as well as the decrease in overall sales
volumes.
Net
proved crude oil and natural gas reserves of the Partnership at September 30,
2009 and 2008 are detailed below. Net proved crude oil and natural
gas reserves declined overall from September 30, 2008 to September 30,
2009. Net proved crude oil and natural gas reserves at September 30,
2008 include proved developed non-producing reserves from the Partnership’s
eight Sand Dunes wells which were declared unsuccessful during the fourth
quarter of 2008. Net proved non-producing reserves attributable to the
Partnership’s interest in the Sand Dunes wells in the September 2008 reserve
study were 36,308 barrels of crude oil and 77,676 MCF of natural
gas. There are no crude oil and natural gas reserves for the
unsuccessful Sand Dunes wells included in the September 30, 2009 reserve
information presented in this Quarterly Report. Net proved crude oil and natural
gas reserves at September 30, 2009 and 2008 include only those quantities that
management expects to recover commercially using current prices, costs, existing
regulatory practices, and technology as of the date indicated. Therefore, any
changes in future prices, costs, regulations, technology or other unforeseen
factors could materially increase or decrease the proved reserve estimates. No
additional development costs are required to recover these proved reserves at
September 30, 2009. All of the Partnership’s reserves are located in
the United States.
11
The
Partnership owned interests in sixteen productive wells as of September 30,
2009. The Partnership’s reserves are highly concentrated in three of these
wells. These three wells are the Gumbo II well , the Dolphin B well, and the HBR
A well. These three wells have total estimated proved reserves of 43,835 barrels
of crude oil and 1,087,394 MCF of natural gas at September 30,
2009. Using a conversion factor of 6 MCF to 1 barrel of oil, these
three wells have approximately 67.3% of total Partnership reserves at September
30, 2009.
Net
proved reserves
|
Oil
(BBL)
|
Gas
(MCF)
|
||||||
September
30, 2009
|
65,818 | 1,611,034 | ||||||
September
30, 2008
|
133,821 | 2,698,874 |
Three
months ended September 30, 2009 compared to the three months ended September 30,
2008
The
Partnership had a net loss of $459,010 for the three month period ended
September 30, 2009, compared to net income totaling $1,660,157 for the three
month period ended September 30, 2008.
The
Partnership incurred property impairment expense of $709,017 during the three
month period ended September 30, 2009, resulting primarily from declining crude
oil and natural gas prices. No impairment charges were taken during the three
month period ended September 30, 2008. Depletion expense decreased from $609,481
for the three month period ending September 30, 2008 to $469,914 for the three
month period ended September 30, 2009. The net effect of these two non-cash
items was additional expense of $569,450 incurred during the third quarter of
2009.
Overall
sales volumes decreased slightly during the third quarter of 2009. In
addition, there were sharp declines in the sales prices received for the
Partnership’s production. The average oil price received on a comparative basis
declined from $117.52 per barrel of crude oil during the third quarter of 2008
to $65.14 per barrel during the third quarter of 2009, a drop of 44.6%. Gas
prices also declined significantly; from an average price of $10.52 per MCF of
natural gas produced during the quarter ended September 30, 2008 to $3.28 per
MCF for the quarter ended September 30, 2009, a decline of 68.8%. Overall the
Partnership’s oil and gas sales revenues dropped by approximately $1,668,769 or
60.9% for the quarter ended September 30, 2009. The Partnership’s sales revenue
declined as a result of lower crude oil and natural gas prices and a decrease in
overall sales volumes in the third quarter of 2009 as compared to the third
quarter of 2008.
Lease
operating costs increased from $115,549 during the quarter ended September 30,
2008 to $137,433 for the quarter ended September 30, 2009. This is primarily due
to increased marketing and gathering expenses related to the Gumbo II and HBR A
wells during the third quarter of 2009. These increases were
partially offset by decreases in expenses related to the Sand Dunes wells, which
incurred higher operating costs in 2008 due to the costs of electricity, salt
water disposal, equipment rental, and sub-surface repairs and maintenance during
the testing of the Sand Dunes wells in 2008.
General
and administrative costs decreased from $163,537 incurred during the third
quarter of 2008 to $158,155 incurred during the third quarter of 2009, due
primarily to decreases in overhead charges from Reef. These decreases
were partially offset by increased direct costs charged to the
Partnership. The Reef administrative fee during the third quarter of
2009 was $129,260, compared to $157,101 during the third quarter of
2008.
Nine
months ended September 30, 2009 compared to the nine months ended September 30,
2008
The
Partnership had a net loss of $2,780,008 for the nine month period ended
September 30, 2009, compared to net income totaling $4,442,302 for the nine
month period ended September 30, 2008.
12
The
Partnership incurred no property impairment expense during the nine month period
ended September 30, 2008. However, the decline in oil and gas prices has
resulted in impairment expense of proved properties totaling $3,126,350 for the
nine month period ending September 30, 2009. Depletion expense also increased
from $1,641,793 for the first nine months of 2008 to $1,799,775 for the first
nine months of 2009, as increased sales volumes and decreased reserves for the
first nine months of 2009 led to a higher overall depletion rate. The net effect
of these two non-cash items was additional expense of $3,284,333 incurred during
the first nine months of 2009.
While
overall sales volumes increased during the first nine months of 2009, primarily
as a result of the Gumbo II well which began producing during the second quarter
of 2008, there were sharp declines in the sales prices received for the
Partnership’s production. The average oil price received on a comparative basis
declined from $113.86 per barrel of crude oil during the first nine months of
2008 to $47.98 per barrel during the first nine months of 2009, a drop of 57.9%.
Natural gas prices also declined significantly; from an average price of $10.43
per MCF of natural gas produced during the first nine months ended September 30,
2008 to $3.85 per MCF for the first nine months ended September 30, 2009, a
decline of 63.1%. Overall the Partnership’s oil and gas sales revenues dropped
by approximately $4,150,775 or 55.6% for the nine months ended September 30,
2009as a result of lower 2009 crude oil and natural gas prices.
Lease
operating costs increased from $546,621 during the nine months ended September
30, 2008 to $561,384 for the nine months ended September 30, 2009. This is
primarily due to increased marketing and gathering expenses related to the Gumbo
II and HBR A wells during 2009. These increases were partially offset
by decreases in expenses related to the Sand Dunes wells, which incurred higher
operating costs in 2008 due to the costs of electricity, salt water disposal,
equipment rental, and sub-surface repairs and maintenance during the testing of
the Sand Dunes wells in 2008.
General
and administrative costs increased from $500,081 incurred during the first nine
months of 2008 to $542,971 incurred during the first nine months of 2009,
primarily due to increases in direct costs charged to the Partnerships.
Effective April 1, 2008 Reef implemented a new method for allocating overhead
that takes actual overhead and allocates it based upon the summation of
revenues, expenses, and actual capital costs incurred. Reef administrative fees
during the nine months ended September 30, 2009 were $415,602, compared to
$415,223 for the nine months ended September 30, 2008
Item
3. Quantitative and Qualitative Disclosures About Market Risk
Not
Applicable.
Item
4T. Controls and Procedures
Evaluation
of Disclosure Controls and Procedures
As the
managing general partner of the Partnership, Reef maintains a system of controls
and procedures designed to provide reasonable assurance as to the reliability of
the financial statements and other disclosures included in this report, as well
as to safeguard assets from unauthorized use or disposition. The Partnership,
under the supervision and with participation of its management, including the
principal executive officer and principal financial officer, evaluated the
effectiveness of its “disclosure controls and procedures” as such term is
defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended
(the “Exchange Act”), as of the end of the period covered by this Quarterly
Report. Based on that evaluation, the principal executive officer and principal
financial officer have concluded that the Partnership’s disclosure controls and
procedures are effective to ensure that information required to be disclosed by
the Partnership in reports that it files or submits under the Exchange Act is
recorded, processed, summarized, and reported within the time periods specified
in Securities and Exchange Commission rules and forms, and includes controls and
procedures designed to ensure that information required to be disclosed by us in
such reports is accumulated and communicated to our management, including the
principal executive officer and principal financial officer, as appropriate to
allow timely decisions regarding financial disclosure.
13
Changes
in Internal Controls
There
have not been any changes in the Partnership’s internal controls over financial
reporting during the fiscal quarter ended September 30, 2009 that have
materially affected, or are reasonably likely to materially affect, the
Partnership’s internal control over financial reporting.
PART
II – OTHER INFORMATION
Item
1. Legal Proceedings
None.
Item
2. Unregistered Sales of Equity Securities and Use of
Proceeds
Use
of Proceeds
In
connection with the Registration Statement filed on Form S-1 (No. 333-122935)
and declared effective July 7, 2005, Reef filed a final prospectus for the
Program on July 8, 2005. On July 8, 2005, Reef filed a prospectus supplement
describing the Partnership and commenced the offering of units in the
Partnership. All sales of Partnership units were made through the Program’s
dealer-manager, Reef Securities, Inc., and a number of soliciting dealers. The
offering terminated October 31, 2005. Under the terms of the offering, a minimum
of 40 Partnership units at a price of $25,000 per unit were required to be sold
in order to form the Partnership. Upon meeting this requirement, the Partnership
was formed on July 18, 2005.
The
Partnership registered a total of 400 units of limited partner interests and
1,600 units of general partner interests. The aggregate offering amount
registered was $50,000,000. During the offering period that terminated on
October 31, 2005, the Partnership sold 1,431.897 units to investor partners,
consisting of 241.336 units of limited partner interest and 1,190.561 units of
additional general partner interest. Reef purchased 75.363 general partner
units, equaling 5.00% of the total Partnership units sold. The Partnership did
not sell the remaining registered units. Total offering proceeds were
$37,398,898. Reef is also obligated to contribute 1% of all leasehold, drilling,
and completion costs as incurred. At September 30, 2009, Reef had contributed
$316,361 to the Partnership in connection with this obligation.
All units
except those purchased by Reef paid a 15% management fee to Reef to pay for the
Partnership organization and offering costs, including sales commissions. These
costs totaled $5,369,615, leaving capital contributions of $32,345,644 available
for Partnership oil and gas operations. As of September 30, 2009, the
Partnership had expended $33,213,901 on property acquisitions and prepayments
and $138,317 on pre-production general and administrative expenses. Expenditures
in excess of available capital began being deducted from Partnership
distributions in August 2008. At September 30, 2009, the Partnership
had recovered the entire amount.
Item
3. Default Upon Senior Securities
None.
Item
4. Submission of Matters to a Vote of Security Holders
None.
Item
5. Other Information
None.
14
Item
6. Exhibits
Exhibits
31.1
|
Certification
of Principal Executive Officer pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002.
|
|
31.2
|
Certification
of Principal Financial Officer pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002.
|
|
32.1
|
Certification
of the Principal Executive Officer pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002.
|
|
32.2
|
Certification
of the Principal Financial Officer pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002.
|
15
SIGNATURES
Pursuant
to the requirements 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.
REEF
GLOBAL ENERGY VI, L.P.
|
|||
By: |
Reef
Oil & Gas Partners, L.P.
Managing
General Partner
|
||
By: |
Reef
Oil & Gas Partners, GP, LLC
|
||
Dated:
November 16, 2009
|
By:
|
/s/
Michael J. Mauceli
|
|
Michael
J. Mauceli
Manager
and Member
(principal
executive officer)
|
Dated:
November 16, 2009
|
By:
|
/s/
David M. Tierney
|
|
David
M. Tierney
Treasurer
and Principal Accounting Officer
Reef
Exploration, L.P.
(principal
financial and accounting officer)
|
16
EXHIBIT
INDEX
Exhibits
31.1
|
Certification
of Principal Executive Officer pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002.
|
|
31.2
|
Certification
of Principal Financial Officer pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002.
|
|
32.1
|
Certification
of the Principal Executive Officer pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002.
|
|
32.2
|
Certification
of the Principal Financial Officer pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002.
|
17