ROCKIES REGION 2007 LP - FORM 10-Q - August 14, 2015

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EX-31.1 - 302 CERTIFICATION OF CHIEF EXECUTIVE OFFICER - ROCKIES REGION 2007 LPrr07-ex311_20150630.htm
EX-31.2 - 302 CERTIFICATION OF CHIEF FINANCIAL OFFICER - ROCKIES REGION 2007 LPrr07-ex312_20150630.htm
EX-32.1 - 906 CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER - ROCKIES REGION 2007 LPrr07-ex321_20150630.htm



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 10-Q

S  QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934

For the quarterly period ended June 30, 2015
or

£  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934 FOR THE TRANSITION PERIOD ____________ TO ____________

Commission File Number 000-53201

Rockies Region 2007 Limited Partnership

(Exact name of registrant as specified in its charter)
 
West Virginia
 
26-0208835
 
 
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
 

1775 Sherman Street, Suite 3000
Denver, Colorado 80203
(Address of principal executive offices) (Zip code)

Registrant's telephone number, including area code: (303) 860-5800

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 R No £

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, 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 R No £

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 definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer  £
 
Accelerated filer  £
 
 
 
 
 
 
 
Non-accelerated filer £
 
Smaller reporting company R
 
 
(Do not check if a smaller reporting company)
 
 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes £  No R

As of June 30, 2015, this Partnership had 4,470 units of limited partnership interest and no units of additional general partnership interest outstanding.


Rockies Region 2007 Limited Partnership


TABLE OF CONTENTS





SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 ("Exchange Act") regarding this Partnership's business, financial condition and results of operations. PDC Energy, Inc. (“PDC”) is the Managing General Partner of this Partnership. All statements other than statements of historical facts included in and incorporated by reference into this report are “forward-looking statements” within the meaning of the safe harbor provisions of the United States ("U.S.") Private Securities Litigation Reform Act of 1995. Words such as expects, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements herein. These statements relate to, among other things: estimated crude oil, natural gas and natural gas liquids ("NGLs") reserves; additional development plans; anticipated capital expenditures and projects; the impact of high line pressures and the timing, availability, cost and effect of additional midstream facilities and services going forward; and the Managing General Partner's future strategies, plans and objectives.

The above statements are not the exclusive means of identifying forward-looking statements herein. Although forward-looking statements contained in this report reflect the Managing General Partner's good faith judgment, such statements can only be based on facts and factors currently known to the Managing General Partner. Consequently, forward-looking statements are inherently subject to risks and uncertainties, including known and unknown risks and uncertainties incidental to the development, production and marketing of crude oil, natural gas and NGLs, and actual outcomes may differ materially from the results and outcomes discussed in the forward-looking statements.

Important factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to:
•
changes in worldwide production volumes and demand, including economic conditions that might impact demand;
•
volatility of commodity prices for crude oil, natural gas and NGLs;
•
impact of governmental policies and/or regulations, including changes in environmental and other laws, the interpretation and enforcement related to those laws and regulations, liabilities arising thereunder and the costs to comply with those laws and regulations;
•
potential declines in the value of this Partnership's crude oil, natural gas and NGLs properties resulting in impairments;
•
changes in estimates of proved reserves;
•
inaccuracy of reserve estimates and expected production rates;
•
potential for production decline rates from this Partnership's wells being greater than expected;
•
availability of future cash flows for investor distributions or funding of development activities;
•
timing and extent of this Partnership's success in further developing and producing from this Partnership's reserves;
•
the Managing General Partner's ability to secure supplies and services at reasonable prices;
•
availability of sufficient pipeline, gathering and other transportation facilities and related infrastructure to process and transport this Partnership's production in the Wattenberg Field, and the impact of these facilities on the price this Partnership receives for its production;
•
timing and receipt of necessary regulatory permits;
•
risks incidental to the operation of crude oil and natural gas wells;
•
future cash flows, liquidity and financial condition;
•
competition within the oil and gas industry;
•
success of the Managing General Partner in marketing this Partnership's crude oil, natural gas and NGLs;
•
impact of environmental events, governmental and other third-party responses to such events and the Managing General Partner's ability to insure adequately against such events;
•
cost of pending or future litigation;
•
the Managing General Partner's ability to retain or attract senior management and key technical employees; and
•
success of strategic plans, expectations and objectives for future operations of the Managing General Partner.

Further, this Partnership urges the reader to carefully review and consider the cautionary statements and disclosures made in this Quarterly Report on Form 10-Q, this Partnership's Annual Report on Form 10-K for the year ended December 31, 2014 (the “2014 Form 10-K”) filed with the U.S. Securities and Exchange Commission (“SEC”) on March 30, 2015 and this Partnership's other filings with the SEC for further information on risks and uncertainties that could affect this Partnership's business, financial condition, results of operations and cash flows. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this report. This Partnership undertakes no obligation to update any forward-looking statements in order to reflect any event or circumstance occurring after the date of this report or currently unknown facts or conditions or the occurrence of unanticipated events. All forward looking statements are qualified in their entirety by this cautionary statement.

- 1-

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

Rockies Region 2007 Limited Partnership
Condensed Balance Sheets
(unaudited)

 
June 30, 2015
 
December 31, 2014
Assets
 
 
 

Current assets:
 
 
 

Cash and cash equivalents
$
496,020

 
$
628,520

Accounts receivable
167,782

 
168,421

Crude oil inventory
42,960

 
37,394

Total current assets
706,762

 
834,335

Crude oil and natural gas properties, successful efforts method, at cost
15,719,466

 
15,661,273

Less: Accumulated depreciation, depletion and amortization
(9,237,258
)
 
(8,836,596
)
Crude oil and natural gas properties, net
6,482,208

 
6,824,677

Total Assets
$
7,188,970

 
$
7,659,012

 
 
 
 
Liabilities and Partners' Equity
 
 
 
Current liabilities:
 
 
 
Accounts payable and accrued expenses
$
14,372

 
$
19,545

Due to Managing General Partner-other, net
168,737

 
178,150

Current portion of asset retirement obligations
311,505

 
—

Total current liabilities
494,614

 
197,695

Asset retirement obligations
1,461,065

 
1,702,926

Total liabilities
1,955,679

 
1,900,621

 
 
 
 
Commitments and contingent liabilities


 


 
 
 
 
Partners' equity:
 
 
 
   Managing General Partner
(3,257,630
)
 
(3,063,343
)
   Limited Partners - 4,470 units issued and outstanding
8,490,921

 
8,821,734

Total Partners' equity
5,233,291

 
5,758,391

Total Liabilities and Partners' Equity
$
7,188,970

 
$
7,659,012

    






See accompanying notes to unaudited condensed financial statements.

- 2-

Rockies Region 2007 Limited Partnership
Condensed Statements of Operations
(unaudited)

 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2015
 
2014
 
2015
 
2014
Revenues:
 
 
 
 
 
 
 
Crude oil, natural gas and NGLs sales
$
418,711

 
$
847,932

 
$
845,067

 
$
2,048,299

 
 
 
 
 
 
 
 
Operating costs and expenses:
 
 
 
 
 
 
 
Crude oil, natural gas and NGLs production costs
251,953

 
260,163

 
520,618

 
500,336

Direct costs - general and administrative
33,698

 
26,367

 
55,411

 
62,620

Depreciation, depletion and amortization
193,736

 
490,474

 
400,662

 
1,165,186

Accretion of asset retirement obligations
35,177

 
18,264

 
69,644

 
36,177

Total operating costs and expenses
514,564

 
795,268

 
1,046,335

 
1,764,319

 
 
 
 
 
 
 
 
Net income (loss)
$
(95,853
)
 
$
52,664

 
$
(201,268
)
 
$
283,980

 
 
 
 
 
 
 
 
Net income (loss) allocated to partners
$
(95,853
)
 
$
52,664

 
$
(201,268
)
 
$
283,980

Less: Managing General Partner interest in net income (loss)
(35,466
)
 
19,486

 
(74,469
)
 
105,073

Net income (loss) allocated to Investor Partners
$
(60,387
)
 
$
33,178

 
$
(126,799
)
 
$
178,907

 
 
 
 
 
 
 
 
Net income (loss) per Investor Partner unit
$
(14
)
 
$
7

 
$
(28
)
 
$
40

 
 
 
 
 
 
 
 
Investor Partner units outstanding
4,470

 
4,470

 
4,470

 
4,470






See accompanying notes to unaudited condensed financial statements.

- 3-

Rockies Region 2007 Limited Partnership
Condensed Statements of Cash Flows
(unaudited)

 
Six Months Ended June 30,
 
2015
 
2014
Cash flows from operating activities:
 
 
 
Net income (loss)
$
(201,268
)
 
$
283,980

Adjustments to net income (loss) to reconcile to net cash from operating activities:
 
 
 
Depreciation, depletion and amortization
400,662

 
1,165,186

Accretion of asset retirement obligations
69,644

 
36,177

Changes in assets and liabilities:
 
 
 
Accounts receivable
639

 
126,484

Crude oil inventory
(5,566
)
 
21,180

Other assets
—

 
89,630

Accounts payable and accrued expenses
(5,173
)
 
(6,295
)
Due to Managing General Partner-other, net
(9,413
)
 
22,751

Net cash from operating activities
249,525

 
1,739,093

 
 
 
 
Cash flows from investing activities:
 
 
 
Capital expenditures for crude oil and natural gas properties
(58,193
)
 
(105,830
)
Net cash from investing activities
(58,193
)
 
(105,830
)
 
 
 
 
Cash flows from financing activities:
 
 
 
Distributions to Partners
(323,832
)
 
(1,543,633
)
Net cash from financing activities
(323,832
)
 
(1,543,633
)
 
 
 
 
Net change in cash and cash equivalents
(132,500
)
 
89,630

Cash and cash equivalents, beginning of period
628,520

 
570,376

Cash and cash equivalents, end of period
$
496,020

 
$
660,006






See accompanying notes to unaudited condensed financial statements.

- 4-



ROCKIES REGION 2007 LIMITED PARTNERSHIP
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
June 30, 2015
(unaudited)


Note 1 - General and Basis of Presentation

Rockies Region 2007 Limited Partnership (this “Partnership” or the “Registrant”) was organized in 2007 as a limited partnership, in accordance with the laws of the State of West Virginia, for the purpose of engaging in the exploration and development of crude oil and natural gas properties. Business operations commenced upon closing of an offering for the private placement of Partnership units. Upon funding, this Partnership entered into a Drilling and Operating Agreement (“D&O Agreement”) with the Managing General Partner which authorizes PDC to conduct and manage this Partnership's business. In accordance with the terms of the Limited Partnership Agreement (the “Agreement”), the Managing General Partner is authorized to manage all activities of this Partnership and initiates and completes substantially all Partnership transactions.

As of June 30, 2015, there were 1,771 Investor Partners in this Partnership. PDC is the designated Managing General Partner of this Partnership and owns a 37% Managing General Partner ownership in this Partnership. According to the terms of the Agreement, revenues, costs and cash distributions of this Partnership are allocated 63% to the Investor Partners, which are shared pro rata based upon the number of units in this Partnership, and 37% to the Managing General Partner. The Managing General Partner may repurchase Investor Partner units under certain circumstances provided by the Agreement, upon request of an individual Investor Partner. Through June 30, 2015, the Managing General Partner had repurchased 95 units of Partnership interest from the Investor Partners at an average price of $3,339 per unit. As of June 30, 2015, the Managing General Partner owned 38.3% of this Partnership, including the repurchased interest.

In the Managing General Partner's opinion, the accompanying condensed financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary for a fair presentation of this Partnership's results for interim periods in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and with the instructions to Form 10-Q and Article 8 of Regulation S-X of the SEC. Accordingly, pursuant to such rules and regulations, certain notes and other financial information included in the audited financial statements have been condensed or omitted. The information presented in this Quarterly Report on Form 10-Q should be read in conjunction with this Partnership's audited financial statements and notes thereto included in this Partnership's 2014 Form 10-K. This Partnership's accounting policies are described in the Notes to Financial Statements in this Partnership's 2014 Form 10-K and updated, as necessary, in this Quarterly Report on Form 10-Q. The results of operations and cash flows for the three and six months ended June 30, 2015 are not necessarily indicative of the results to be expected for the full year or any future period.


Note 2 - Summary of Significant Accounting Policies

Recently Adopted Accounting Standards

In April 2014, the Financial Accounting Standards Board issued changes related to the criteria for determining which disposals can be presented as discontinued operations and modified related disclosure requirements. Under the new pronouncement, a discontinued operation is defined as a disposal of a component of an organization that represents a strategic shift and that has a major effect on the organization's operations and financial results. These changes are to be applied prospectively for new disposals or components of this Partnership's business classified as held for sale during interim and annual periods beginning after December 15, 2014, with early adoption permitted. Adoption of this guidance did not impact this Partnership's financial statements.


- 5-



ROCKIES REGION 2007 LIMITED PARTNERSHIP
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
June 30, 2015
(unaudited)

Recently Issued Accounting Standards    

In May 2014, the FASB and the International Accounting Standards Board ("IASB") issued their converged standard on revenue recognition that provides a single, comprehensive model that entities will apply to determine the measurement of revenue and timing of when it is recognized. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The standard outlines a five-step approach to apply the underlying principle: (a) identify the contract with the customer, (b) identify the separate performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to separate performance obligations and (e) recognize revenue when (or as) each performance obligation is satisfied. The revenue standard is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period, and can be adopted under the full retrospective method or simplified transition method. Entities are permitted to adopt the revenue standard early, beginning with annual reporting periods after December 15, 2016. The Managing General Partner of this Partnership is currently evaluating the impact these changes will have on this Partnership's financial statements.

In August 2014, the FASB issued a new standard related to the disclosure of uncertainties about an entity's ability to continue as a going concern. The new standard will explicitly require management to assess an entity's ability to continue as a going concern every reporting period and to provide related footnote disclosures in certain circumstances. The new standard will be effective for all entities in the first annual period ending after December 15, 2016, with early adoption permitted. The Managing General Partner of this Partnership is currently evaluating the impact these changes will have on this Partnership's financial statements.

In January 2015, the FASB issued new accounting guidance eliminating from current accounting guidance the concept of extraordinary items, which, among other things, required an entity to segregate extraordinary items considered to be unusual and infrequent from the results of ordinary operations and show the item separately in the income statement, net of tax, after income from continuing operations. This guidance is effective for public entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. Adoption of this guidance is not expected to have a significant impact on this Partnership's financial statements.

In February 2015, the FASB issued an accounting update modifying existing consolidation guidance for reporting organizations that are required to evaluate whether they should consolidate certain legal entities. The amendments in this update are effective for fiscal years and interim periods within those years beginning after December 15, 2015, and require either a retrospective or a modified retrospective approach to adoption. Early adoption is permitted. Adoption of this guidance is not expected to have a significant impact on this Partnership's financial statements.


- 6-



ROCKIES REGION 2007 LIMITED PARTNERSHIP
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
June 30, 2015
(unaudited)

Note 3 - Transactions with Managing General Partner

The Managing General Partner transacts business on behalf of this Partnership under the authority of the D&O Agreement. Revenues and other cash inflows received by the Managing General Partner on behalf of this Partnership are distributed to the partners, net of corresponding operating costs and other cash outflows incurred on behalf of this Partnership.

The following table presents transactions with the Managing General Partner reflected in the condensed balance sheets line item “Due to Managing General Partner-other, net,” which remain undistributed or unsettled with this Partnership's investors as of the dates indicated:

    
 
June 30, 2015
 
December 31, 2014
Crude oil, natural gas and NGLs sales revenues
collected from this Partnership's third-party customers
$
108,497

 
$
219,542

Other (1)
(277,234
)
 
(397,692
)
Total Due to Managing General Partner-other, net
$
(168,737
)
 
$
(178,150
)

(1)
All other unsettled transactions between this Partnership and the Managing General Partner. The majority of these are capital expenditures, operating costs and general and administrative costs that have not been deducted from distributions.

The following table presents Partnership transactions with the Managing General Partner for the three and six months ended June 30, 2015 and 2014. “Well operations and maintenance” is included in the “Crude oil, natural gas and NGLs production costs” line item on the condensed statements of operations.    
 
 Three Months Ended June 30,
 
Six Months Ended June 30,
 
2015
 
2014
 
2015
 
2014
 Well operations and maintenance
$
253,327

 
$
214,313

 
$
509,058

 
$
400,850

 Direct costs - general and administrative
33,698

 
26,367

 
55,411

 
62,620

 Cash distributions (1)
39,496

 
276,981

 
123,716

 
584,005


(1)
Cash distributions include $1,377 and $3,898 during the three and six months ended June 30, 2015, respectively, and $6,309 and $12,861 during the three and six months ended June 30, 2014, respectively, related to cash distributions for Investor Partner units repurchased by PDC.

Note 4 - Fair Value Measurements

This Partnership's fair value measurements were estimated pursuant to a fair value hierarchy that requires this Partnership to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date, giving the highest priority to quoted prices in active markets (Level 1) and the lowest priority to unobservable data (Level 3). In some cases, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. In these cases, the lowest level input that is significant to a fair value measurement in its entirety determines the applicable level in the fair value hierarchy. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgment, considering factors specific to the asset or liability, and may affect the valuation of the assets and liabilities and their placement within the fair value hierarchy levels. The carrying value of the financial instruments included in current assets and current liabilities approximate fair value due to the short-term maturities of these instruments.

The Managing General Partner utilizes fair value, on a non-recurring basis, to perform impairment testing on this Partnership's crude oil and natural gas properties by comparing net capitalized costs, or carrying value, to estimated undiscounted

- 7-



ROCKIES REGION 2007 LIMITED PARTNERSHIP
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
June 30, 2015
(unaudited)

future net cash flows. If net capitalized costs exceed undiscounted future net cash flows, the measurement of impairment is based on estimated fair value and is measured by the amount by which the net capitalized costs exceed their fair value.

Note 5 - Commitments and Contingencies

Legal Proceedings

Neither this Partnership nor PDC, in its capacity as the Managing General Partner of this Partnership, are party to any pending legal proceeding that PDC believes would have a materially adverse effect on this Partnership's business, financial condition, results of operations or liquidity.

Environmental

Due to the nature of the oil and gas industry, this Partnership is exposed to environmental risks. The Managing General Partner has various policies and procedures in place to prevent environmental contamination and mitigate the risks from environmental contamination. The Managing General Partner conducts periodic reviews to identify changes in this Partnership's environmental risk profile. Liabilities are accrued when environmental remediation efforts are probable and the costs can be reasonably estimated. These liabilities are reduced as remediation efforts are completed or are adjusted as a consequence of subsequent periodic reviews.

As of June 30, 2015, this Partnership had accrued environmental remediation liabilities of $2,000, which is included in accounts payable and accrued expenses on the condensed balance sheet. This Partnership had no liabilities for environmental remediation efforts as of December 31, 2014.

The Managing General Partner is not currently aware of any environmental claims existing as of June 30, 2015 which have not been provided for or would otherwise be expected to have a material impact on this Partnership's condensed financial statements. However, there can be no assurance that current regulatory requirements will not change or that unknown past non-compliance with environmental laws will not be discovered on this Partnership's properties.


Note 6 - Asset Retirement Obligations

The following table presents the changes in the carrying amount of the asset retirement obligations associated with this Partnership's working interest in crude oil and natural gas properties:

 
Amount
 
 
Balance at December 31, 2014
$
1,702,926

Accretion expense
69,644

Balance at June 30, 2015
1,772,570

Less current portion
(311,505
)
Long-term portion
$
1,461,065

 
The current portion of the asset retirement obligations relates to wells that are producing minimal or no hydrocarbons and are expected to be plugged and abandoned within the next 12 months.


- 8-


ROCKIES REGION 2007 LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)



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

Partnership Overview

Rockies Region 2007 Limited Partnership engages in the development, production and sale of crude oil, natural gas and NGLs. This Partnership began crude oil and natural gas operations in August 2007 and currently operates 75 gross (73.9 net) wells located in the Wattenberg Field of Colorado. The Managing General Partner markets this Partnership's crude oil, natural gas and NGLs production to midstream marketers. Crude oil, natural gas and NGLs are sold primarily under market-sensitive contracts in which the price varies as a result of market forces. PDC does not charge a separate fee for the marketing of the crude oil, natural gas and NGLs because these services are covered by the monthly well operating charge. Seasonal factors, such as effects of weather on prices received, costs incurred and availability of PDC or third-party owned pipeline capacity, and other factors such as high pressures in the gathering system whether caused by heat or third-party facilities issues, may impact this Partnership's results.
 
Partnership Operating Results Overview

Crude oil, natural gas and NGLs sales decreased 59%, or $1,203,000, for the six months ended June 30, 2015 compared to the same period of 2014, attributable to the decrease in the average sales price per barrel of crude oil equivalent ("Boe") of 53% and the decline in sales volume of 12%, period-over-period. The average sales price per Boe was $24.96 for the six months ended June 30, 2015 compared to $53.28 for the same period a year ago. Further deterioration of commodity prices could result in impairment charges to this Partnership's crude oil and natural gas properties.

As a result of the decreased sales revenues, this Partnership experienced a significant decrease in cash flows from operations. For the six months ended June 30, 2015, this Partnership had net cash from operations of $250,000, as compared to net cash from operations of $1,739,000 for the comparable period of 2014. Accordingly, cash distributions decreased 79% to $324,000 during the six months ended June 30, 2015 compared to $1,544,000 during the six months ended June 30, 2014.
 


- 9-


ROCKIES REGION 2007 LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)


Results of Operations

Summary Operating Results

The following table presents selected information regarding this Partnership’s results of operations:
 
Three months ended June 30,
 
Six months ended June 30,
 
2015
 
2014
 
 Change
 
2015
 
2014
 
 Change
Number of gross productive wells (end of period)
75

 
75

 
—

 
75

 
75

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Production(1)
 
 
 
 
 
 
 
 
 
 
 
Crude oil (Bbl)
6,730

 
6,980

 
(4
)%
 
14,561

 
17,487

 
(17
)%
Natural gas (Mcf)
31,977

 
30,465

 
5
 %
 
67,491

 
70,497

 
(4
)%
NGLs (Bbl)
4,083

 
4,079

 
*

 
8,041

 
9,209

 
(13
)%
Crude oil equivalent (Boe)(2)
16,143

 
16,137

 
*

 
33,851

 
38,446

 
(12
)%
Average Boe per day
177

 
177

 
*

 
187

 
212

 
(12
)%
 
 
 
 
 
 
 
 
 
 
 
 
Crude oil, natural gas and NGLs sales
 
 
 
 
 
 
 
 
 
 
 
Crude oil
$
318,285

 
$
638,013

 
(50
)%
 
$
615,245

 
$
1,560,672

 
(61
)%
Natural gas
62,881

 
127,057

 
(51
)%
 
143,703

 
300,757

 
(52
)%
NGLs
37,545

 
82,862

 
(55
)%
 
86,119

 
186,870

 
(54
)%
Total crude oil, natural gas and NGLs sales
$
418,711

 
$
847,932

 
(51
)%
 
$
845,067

 
$
2,048,299

 
(59
)%
 
 
 
 
 
 
 
 
 
 
 
 
Average selling price
 
 
 
 
 
 
 
 
 
 
 
Crude oil (per Bbl)
$
47.29

 
$
91.41

 
(48
)%
 
$
42.25

 
$
89.25

 
(53
)%
Natural gas (per Mcf)
1.97

 
4.17

 
(53
)%
 
2.13

 
4.27

 
(50
)%
NGLs (per Bbl)
9.20

 
20.31

 
(55
)%
 
10.71

 
20.29

 
(47
)%
Crude oil equivalent (per Boe)
25.94

 
52.55

 
(51
)%
 
24.96

 
53.28

 
(53
)%
 
 
 
 
 
 
 
 
 
 
 
 
Average cost per Boe
 
 
 
 
 
 
 
 
 
 
 
Crude oil, natural gas and NGLs production cost(3)
$
15.61

 
$
16.12

 
(3
)%
 
$
15.38

 
$
13.01

 
18
 %
Depreciation, depletion and amortization
12.00

 
30.39

 
(61
)%
 
11.84

 
30.31

 
(61
)%
 
 
 
 
 
 
 
 
 
 
 
 
Operating costs and expenses
 
 
 
 
 
 
 
 
 
 
 
Direct costs - general and administrative
$
33,698

 
$
26,367

 
28
 %
 
$
55,411

 
$
62,620

 
(12
)%
Depreciation, depletion and amortization
193,736

 
490,474

 
(61
)%
 
400,662

 
1,165,186

 
(66
)%
 
 
 
 
 
 
 
 
 
 
 
 
Cash distributions
$
103,023

 
$
731,545

 
(86
)%
 
$
323,832

 
$
1,543,633

 
(79
)%

*Percentage change is not meaningful, or equal to or greater than 250%.
Amounts may not recalculate due to rounding.
_______________
(1) Production is net and determined by multiplying the gross production volume of properties in which this Partnership has an interest by the average percentage of the leasehold or other property interest this Partnership owns.
(2) One Bbl of crude oil or NGL equals six Mcf of natural gas.
(3) Represents crude oil, natural gas and NGLs operating expenses, including production taxes.


- 10-


ROCKIES REGION 2007 LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)




Definitions used throughout Management’s Discussion and Analysis of Financial Condition and Results of Operations:

Bbl - One barrel of crude oil or NGLs or 42 gallons of liquid volume.
Boe - Barrels of crude oil equivalent.
Mcf - One thousand cubic feet of natural gas volume.

Crude Oil, Natural Gas and NGLs Sales

Crude Oil, Natural Gas and NGLs Pricing. This Partnership's results of operations depend upon many factors, particularly the price of crude oil, natural gas and NGLs and the Managing General Partner's ability to market this Partnership's production effectively. Crude oil, natural gas and NGLs prices are among the most volatile of all commodity prices. The price of crude oil increased during the first half of 2015 from the lows of December 2014, but prices remained far lower than they were in the first half of 2014. Natural gas prices remain at the low levels seen since late 2014 and are at significantly lower levels than the first half of 2014. NGL prices declined significantly during the first half of 2015 and also remain at low levels relative to those experienced in the first half of 2014. These declines in price have had a material impact on this Partnership's financial results and resulted in decreased cash flows from operations for the six months ended June 30, 2015.

Crude oil pricing is predominately driven by the physical market, supply and demand, financial markets and national and international politics. Crude oil is sold under various purchase contracts with monthly pricing provisions based on NYMEX pricing, adjusted for differentials. The Managing General Partner is currently pursuing various alternatives with respect to oil transportation, particularly in the Wattenberg Field, with a view toward improving pricing. Natural gas prices vary by region and locality, depending upon the distance to markets, availability of pipeline capacity and supply and demand relationships in that region or locality. The price this Partnership receives for its natural gas is based on CIG and local utility prices, adjusted for certain deductions. This Partnership's price for NGLs is based on a combination of prices from the Conway hub in Kansas and Mt. Belvieu in Texas where this production is marketed. Due to an oversupply and growing inventories of nearly all domestic NGLs products, this Partnership's realized sales price for NGLs has declined significantly and the Managing General Partner expects this trend to continue.

This Partnership currently uses the "net-back" method of accounting for crude oil, natural gas and NGLs production as the majority of the purchasers of these commodities also provide transportation, gathering and processing services. This Partnership sells commodities at the wellhead and collects a price and recognizes revenues based on the wellhead sales price as transportation and processing costs downstream of the wellhead are incurred by the purchaser and reflected in the wellhead price. The net-back method results in the recognition of a sales price that is below the indices for which the production is based.

As expected, this Partnership experienced higher than normal gathering system pressures in the Wattenberg Field by its primary third-party midstream provider through the second quarter of 2015. The Lucerne II processing plant commissioned by this Partnership's third-party midstream provider began initial operations in June 2015, resulting in immediate reductions in system line pressures. The Managing General Partner anticipates further line pressure reductions in the second half of 2015. Further, the Managing General Partner expects sustained relief of gathering system pressure through 2016, depending upon the impact of reduced drilling activity in the field going forward. Like most producers, this Partnership relies on third-party midstream service providers to construct compression, gathering and processing facilities to keep pace with production growth in the basin. As a result, the timing and availability of additional facilities going forward is beyond this Partnership's and the Managing General Partner's control. Although additional production may result from decreases in the gathering system pressure, the Managing General Partner does not expect this would have a significant enough effect to dramatically improve this Partnership's cash flows in the absence of considerable improvement of commodity prices.

Of the 75 wells in this partnership, 12 wells did not produce hydrocarbons or produced less than five Boe during all periods presented. Of the 63 remaining wells, 31 wells had a decrease in production totaling approximately 11.4 MBoe, or 34%, during the six months ended June 30, 2015 compared to the same prior year period and 32 wells had an increase in production totaling approximately 7.3 MBoe, or 22%, during the six months ended June 30, 2015 compared to the same prior year period. The Managing General Partner is performing a study to identify wells that have the potential to increase production by incurring minimal expense, wells that would require significant capital expenditure and wells that are uneconomical. The study will not be

- 11-


ROCKIES REGION 2007 LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)


completed until system line pressures in the field stabilize. The analysis is currently in-process and is expected to be completed in 2015. The Managing General Partner expects that upon completion of the study, a portion of this Partnership's wells may be plugged and abandoned. As a result, as of June 30, 2015, this Partnership has classified a portion of the asset retirement obligation as a current liability.

Six months ended June 30, 2015 as compared to six months ended June 30, 2014

Crude oil, natural gas and NGLs sales decreased to $845,000 during the six months ended June 30, 2015 compared to $2,048,000 during the six months ended June 30, 2014, primarily due to a 53% decrease in the average sales price per Boe, and to a lesser extent, a 12% decrease in production. The average sales price per Boe was $24.96 for the current year six month period compared to $53.28 for the same period a year ago. For the six months ended June 30, 2015 compared to the same period of 2014, crude oil, natural gas and NGLs production, on an energy equivalency-basis, decreased 12%, mainly due to high line pressure hindering primarily natural gas production in six wells from flowing into a third-party gathering system and due to the normal production declines for this stage in the wells’ production life cycle.

Crude oil sales decreased by $945,000, or 61%, during the six months ended June 30, 2015 when compared to the same prior year period, primarily attributable to a decrease in the average selling price of 53% per Bbl and a production volume decrease of 17%. The average selling price per Bbl was $42.25 for the current year six month period compared to $89.25 for the same prior year period. Natural gas sales decreased by $157,000, or 52%, during the six months ended June 30, 2015 when compared to the same prior year period, primarily due to a decrease in average selling price of 50% per Mcf and a production volume decrease of 4%. The average selling price per Mcf was $2.13 for the current year six month period compared to $4.27 for the same prior year period. NGLs sales decreased by $101,000, or 54%, during the six months ended June 30, 2015 when compared to the same prior year period, primarily due to a decrease in the average selling price of 47% per Bbl and a production volume decrease of 13%. The average selling price per Bbl was $10.71 for the current year six month period compared to $20.29 for the same prior year period. Further deterioration of commodity prices could result in impairment charges to this Partnership's crude oil and natural gas properties.

Three months ended June 30, 2015 as compared to three months ended June 30, 2014

Crude oil, natural gas and NGLs sales decreased to $419,000 during the three months ended June 30, 2015 compared to $848,000 during the three months ended June 30, 2014, primarily due to a 51% decrease in the average sales price per Boe. The average sales price per Boe was $25.94 for the current year three month period compared to $52.55 for the same period a year ago. For the three months ended June 30, 2015 compared to the same period of 2014, crude oil, natural gas and NGLs production, on an energy equivalency-basis, remained consistent as declines due to high line pressure in six wells and due to the normal production declines for this stage in the wells’ production life cycle were offset by production from nine wells which were shut-in during the three months ended June 30, 2014 for pipeline repairs performed by our third-party midstream provider.

Crude oil sales decreased by $320,000, or 50%, during the three months ended June 30, 2015 when compared to the same prior year period, primarily attributable to a decrease in the average selling price of 48% per Bbl. The average selling price per Bbl was $47.29 for the current year three month period compared to $91.41 for the same prior year period. Natural gas sales decreased by $64,000, or 51%, during the three months ended June 30, 2015 when compared to the same prior year period, primarily due to a decrease in average selling price of 53% per Mcf. The average selling price per Mcf was $1.97 for the current year three month period compared to $4.17 for the same prior year period. NGLs sales decreased by $45,000, or 55%, during the three months ended June 30, 2015 when compared to the same prior year period due to a decrease in the average selling price of 55% per Bbl. The average selling price per Bbl was $9.20 for the current year three month period compared to $20.31 for the same prior year period.

Crude Oil, Natural Gas and NGLs Production Costs

Generally, crude oil, natural gas and NGLs production costs vary with changes in total crude oil, natural gas and NGLs sales and production volumes. Production taxes are estimates by the Managing General Partner based on tax rates determined using published information. These estimates are subject to revision based on actual amounts determined during future filings by the Managing General Partner with the taxing authorities. Production taxes vary directly with crude oil, natural gas and NGLs

- 12-


ROCKIES REGION 2007 LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)


sales. Fixed monthly well operating costs increase on a per unit basis as production decreases. In addition, general oil field services and all other costs vary and can fluctuate based on services required, but are expected to increase as wells age and require more extensive repair and maintenance. These costs include water hauling and disposal, equipment repairs and maintenance, snow removal, environmental compliance and remediation and service rig workovers.

Six months ended June 30, 2015 as compared to six months ended June 30, 2014

Crude oil, natural gas and NGLs production costs for the six months ended June 30, 2015 increased $20,000 compared to the same period in 2014. The period-over-period increase was primarily attributable to an increase in regulatory compliance expenses, contract labor and well swabbing and wireline work, offset in part by a decrease in production taxes consistent with sales declines from 2014.

Three months ended June 30, 2015 as compared to three months ended June 30, 2014

Crude oil, natural gas and NGLs production costs for the three months ended June 30, 2015 decreased $8,000 compared to the same period in 2014. The period-over-period decrease was primarily attributable to a decrease in environmental and regulatory compliance expenses and production taxes consistent with sales declines from 2014, offset in part by an increase in costs for additional contract labor, well service rig costs, compressor rental costs and well swabbing and wireline work.

Depreciation, Depletion and Amortization

Six months ended June 30, 2015 as compared to six months ended June 30, 2014

Depreciation, depletion and amortization ("DD&A") expense related to crude oil and natural gas properties is directly related to proved reserves and production volumes. DD&A expense decreased $765,000 during the six months ended June 30, 2015 compared to the same period in 2014, mainly attributable to a lower DD&A expense rate in 2015, and to a lesser extent, the 12% decrease in production volumes. The DD&A expense rate per Boe decreased to $11.84 for the first six months of 2015 compared to $30.31 during the same period in 2014, primarily due to the effect of an impairment recorded on proved oil and natural gas properties in December 2014, which lowered the net book value of this Partnership's properties by $15.8 million.

Three months ended June 30, 2015 as compared to three months ended June 30, 2014

DD&A expense decreased $297,000 during the three months ended June 30, 2015 compared to the same period in 2014, mainly attributable to a lower DD&A expense rate in 2015. The DD&A expense rate per Boe decreased to $12.00 for the three months ended June 30, 2015 compared to $30.39 during the same period in 2014, primarily due to the effect of an impairment recorded on proved oil and natural gas properties in December 2014, which lowered the net book value of this Partnership's properties by $15.8 million.


Financial Condition, Liquidity and Capital Resources

This Partnership's primary source of liquidity has been cash flows from operating activities. Fluctuations in this Partnership's operating cash flows are substantially driven by changes in commodity prices and sales volumes. This source of cash has been primarily used to fund this Partnership's operating costs, direct costs-general and administrative, capital program and distributions to the Investor Partners and the Managing General Partner.

This Partnership's future operations are expected to be conducted with available funds and revenues generated from crude oil, natural gas and NGLs production activities. Crude oil, natural gas and NGLs production from existing properties are generally expected to continue a gradual decline in the rate of production over the remaining life of the wells. Therefore, this Partnership anticipates a lower annual level of crude oil, natural gas and NGLs production and, therefore, lower revenues, unless commodity prices increase. Under these circumstances, decreased production would have a material adverse impact on this Partnership's operations and may result in reduced cash distributions to the Managing General Partner and Investor Partners through the remainder of 2015 and beyond.

- 13-


ROCKIES REGION 2007 LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)



Working Capital

At June 30, 2015, this Partnership had working capital of $212,000, compared to working capital of $637,000 at December 31, 2014. The decrease of $425,000 between June 30, 2015 and December 31, 2014 was primarily due to the following changes:

•
an increase in current asset retirement obligations of $312,000; and
•
a decrease in cash and cash equivalents of $133,000.

The $133,000 decrease in cash and cash equivalents is primarily attributable to cash utilized to fund operating activities, capital expenditures and cash distributions to the partners.

Additional Development Plan activities, as described in this Partnership's 2014 Form 10-K, have been suspended. This Partnership may recommence Additional Development Plan activities if commodity prices significantly increase and the high line pressure situation improves. If the Additional Development Plan recommences, funding will be provided by the withholding of distributable cash flows from the Managing General Partner and Investor Partners. If there are no such cash flows, the Additional Development Plan activities will not recommence. Future working capital balances are expected to fluctuate by increasing during periods of Additional Development Plan funding and decreasing during periods when payments are made for refracturing or recompletion activities.

Although the D&O Agreement permits this Partnership to borrow funds on its behalf for Partnership activities, the Managing General Partner does not anticipate electing to fund any portion of this Partnership's refracturing and recompletion activities, if any, through borrowings. Partnership borrowings, should any occur, will be non-recourse to the Investor Partners. Accordingly, this Partnership, rather than the Investor Partners, will be responsible for repaying any amounts borrowed.

Cash Flows

Operating Activities

This Partnership's cash flows from operating activities in 2015 were primarily impacted by commodity prices, production volumes, operating costs and direct costs-general and administrative expenses. The key components for the changes in this Partnership's cash flows from operating activities are described in more detail in Results of Operations above.

Net cash flows from operating activities were $250,000 for the six months ended June 30, 2015 compared to $1,739,000 for the comparable period in 2014. The decrease of $1,489,000 in cash from operating activities was primarily due to the following:

•
a decrease in crude oil, natural gas and NGLs sales of $1,203,000;
•
a decrease in changes in operating assets and liabilities of $273,000; and
•
an increase in crude oil, natural gas and NGLs production costs of $20,000.

Investing Activities

Cash flows from investing activities consist of investments in equipment. From time to time, this Partnership invests in equipment which supports treatment, delivery and measurement of crude oil, natural gas and NGLs or environmental protection. During the six months ended June 30, 2015, investment in equipment was $58,000 compared to $106,000 during the six months ended June 30, 2014.

- 14-


ROCKIES REGION 2007 LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)



Financing Activities

This Partnership initiated monthly cash distributions to investors in May 2008 and has distributed $113.2 million through June 30, 2015. The table below presents cash distributions to this Partnership's investors. Distributions to the Managing General Partner represent amounts distributed to the Managing General Partner for its 37% general partner interest in this Partnership and Investor Partner distributions include amounts distributed to Investor Partners for their 63% ownership share in this Partnership, including amounts distributed to the Managing General Partner for limited partnership units repurchased.
Distributions
 
 
 
 
 
 
 
Three Months Ended June 30,
 
Managing General Partner
 
Investor Partners
 
Total
2015
 
$
38,119

 
$
64,904

 
$
103,023

2014
 
270,672

 
460,873

 
731,545

 
 
 
 
 
 
 
Six Months Ended June 30,
 
Managing General Partner
 
Investor Partners
 
Total
2015
 
$
119,818

 
$
204,014

 
$
323,832

2014
 
571,144

 
972,489

 
1,543,633

 
 
 
 
 
 
 

Six months ended June 30, 2015 as compared to six months ended June 30, 2014

The decrease in cash distributions during the six months ended June 30, 2015 as compared to the same period in 2014 is primarily due to a decrease in cash flows from operations during 2015 resulting from the decrease in the average sales price per Boe and lower production.

Three months ended June 30, 2015 as compared to three months ended June 30, 2014

The decrease in cash distributions during the three months ended June 30, 2015 as compared to the same period in 2014 is primarily due to a decrease in cash flows from operations during 2015 resulting from the decrease in the average sales price per Boe.

Off-Balance Sheet Arrangements

As of June 30, 2015, this Partnership had no off-balance sheet arrangements, as defined under SEC rules, which have or are reasonably likely to have a material current or future effect on this Partnership's financial condition, results of operations, liquidity, capital expenditures or capital resources.

Commitments and Contingencies

See Note 5, Commitments and Contingencies, to the accompanying condensed financial statements included elsewhere in this report.

- 15-


ROCKIES REGION 2007 LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)



Recent Accounting Standards

See Note 2, Summary of Significant Accounting Policies, to the accompanying condensed financial statements included elsewhere in this report.

Critical Accounting Policies and Estimates

The preparation of the accompanying condensed financial statements in conformity with U.S. GAAP requires management to use judgment in making estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenue and expenses.

There have been no significant changes to this Partnership's critical accounting policies and estimates or in the underlying accounting assumptions and estimates used in these critical accounting policies from those disclosed in the financial statements and accompanying notes contained in this Partnership's 2014 Form 10-K.


- 16-


ROCKIES REGION 2007 LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)


Item 3. Quantitative and Qualitative Disclosures About Market Risk

Not applicable.

Item 4. Controls and Procedures

This Partnership has no direct management or officers. The management, officers and other employees that provide services on behalf of this Partnership are employed by the Managing General Partner.

(a)    Evaluation of Disclosure Controls and Procedures

As of June 30, 2015, PDC, as Managing General Partner on behalf of this Partnership, carried out an evaluation, under the supervision and with the participation of the Managing General Partner's management, including the Chief Executive Officer and the Chief Financial Officer, of the effectiveness of the design and operation of this Partnership's disclosure controls and procedures pursuant to Exchange Act Rules 13a-15(e) and 15d-15(e).

Based on the results of this evaluation, the Managing General Partner's Chief Executive Officer and Chief Financial Officer concluded that this Partnership's disclosure controls and procedures were effective as of June 30, 2015.

(b)    Changes in Internal Control over Financial Reporting
 
During the three months ended June 30, 2015, PDC, the Managing General Partner, made no changes in this Partnership's internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that have materially affected or are reasonably likely to materially affect this Partnership's internal control over financial reporting.

- 17-


ROCKIES REGION 2007 LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)



PART II – OTHER INFORMATION

Item 1.    Legal Proceedings

Neither this Partnership nor PDC, in its capacity as the Managing General Partner of this Partnership, are party to any pending legal proceeding that PDC believes would have a materially adverse effect on this Partnership's business, financial condition, results of operations or liquidity.

Item 1A. Risk Factors

Not applicable.

Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds

Unit Repurchase Program. Beginning in May 2011, the third anniversary of the date of the first Partnership cash distributions, Investor Partners of this Partnership are permitted to request that the Managing General Partner repurchase their respective individual Investor Partner units, up to an aggregate total limit during any calendar year for all requesting Investor Partner unit repurchases of 10% of the initial subscription units.

The following table presents information about the Managing General Partner's limited partner unit repurchases during the three months ended June 30, 2015:

Period
 
Total Number of
 Units Repurchased
 
Average Price Paid
 Per Unit
April 1-30, 2015
 
—

 
$
—

May 1-31, 2015
 
9.83

 
743

June 1-30, 2015
 
4.00

 
745

     Total
 
13.83

 
$
743



Item 3.    Defaults Upon Senior Securities

Not applicable.

Item 4.    Mine Safety Disclosures

Not applicable.

Item 5.    Other Information

None.


- 18-


ROCKIES REGION 2007 LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)


Item 6.    Exhibits Index
 
 
 
 
Incorporated by Reference
 
 
Exhibit
Number
 
Exhibit Description
 
Form
 
SEC File
Number
 
Exhibit
 
Filing Date
 
Filed
Herewith
 
 
 
 
 
 
 
 
 
 
 
 
 
31.1
 
Certification by Chief Executive Officer of PDC Energy, Inc., the Managing General Partner of this Partnership, pursuant to Rule 13a-14(a)/15d-14(a) of the Exchange Act Rules, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
 
 
 
 
 
 
 
 
 
X
 
 
 
 
 
 
 
 
 
 
 
 
 
31.2
 
Certification by Chief Financial Officer of PDC Energy, Inc., the Managing General Partner of this Partnership, pursuant to Rule 13a-14(a)/15d-14(a) of the Exchange Act Rules, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
 
 
 
 
 
 
 
 
 
X
 
 
 
 
 
 
 
 
 
 
 
 
 
32.1*
 
Certifications by Chief Executive Officer and Chief Financial Officer of PDC Energy, Inc., the Managing General Partner of this Partnership, pursuant to Title 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
101.INS
 
XBRL Instance Document
 
 
 
 
 
 
 
 
 
X
 
 
 
 
 
 
 
 
 
 
 
 
 
101.SCH
 
XBRL Taxonomy Extension Schema Document
 
 
 
 
 
 
 
 
 
X
 
 
 
 
 
 
 
 
 
 
 
 
 
101.CAL
 
XBRL Taxonomy Extension Calculation Linkbase Document
 
 
 
 
 
 
 
 
 
X
 
 
 
 
 
 
 
 
 
 
 
 
 
101.DEF
 
XBRL Taxonomy Extension Definition Linkbase Document
 
 
 
 
 
 
 
 
 
X
 
 
 
 
 
 
 
 
 
 
 
 
 
101.LAB
 
XBRL Taxonomy Extension Label Linkbase Document
 
 
 
 
 
 
 
 
 
X
 
 
 
 
 
 
 
 
 
 
 
 
 
101.PRE
 
XBRL Taxonomy Extension Presentation Linkbase Document
 
 
 
 
 
 
 
 
 
X
*Furnished herewith.

- 19-


ROCKIES REGION 2007 LIMITED PARTNERSHIP
(A West Virginia Limited Partnership)





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.

Rockies Region 2007 Limited Partnership
By its Managing General Partner
PDC Energy, Inc.

 
By: /s/ Barton R. Brookman
 
 
Barton R. Brookman
President and Chief Executive Officer
of PDC Energy, Inc.
 
 
August 14, 2015
 
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated:


Signature
 
Title
Date
 
 
 
 
/s/ Barton R. Brookman
 
President and Chief Executive Officer
August 14, 2015
Barton R. Brookman
 
PDC Energy, Inc.
Managing General Partner of the Registrant
 
 
 
(principal executive officer)
 
 
 
 
 
/s/ Gysle R. Shellum
 
Chief Financial Officer
August 14, 2015
Gysle R. Shellum
 
PDC Energy, Inc.
Managing General Partner of the Registrant
 
 
 
(principal financial officer)
 
 
 
 
 
/s/ R. Scott Meyers
 
Chief Accounting Officer
August 14, 2015
R. Scott Meyers
 
PDC Energy, Inc.
Managing General Partner of the Registrant
 
 
 
(principal accounting officer)
 
 

- 20-

ROCKIES REGION 2007 LP Reports