Everflow Eastern Partners Lp
Everflow Eastern Partners, L.P. (the “Company”), a Delaware limited
partnership, engages in the business of oil and gas acquisition, exploration,
development and production. The Company was formed for the purpose of consolidating
the business and oil and gas properties of Everflow Eastern, Inc., an Ohio corporation
(“EEI”), and the oil and gas properties owned by certain limited
partnerships and working interest programs managed or operated by EEI (the “Programs”).
Everflow Management Limited, LLC (the “General Partner”), an Ohio
limited liability company, is the general partner of the Company.
The Company has participated on an on-going basis in the acquisition, exploration,
development and production of undeveloped oil and gas properties and has pursued
the acquisition of producing oil and gas properties.
The Company has two subsidiaries. EEI was organized as an Ohio corporation
in February 1979 and, since the consummation of the Exchange Offer, has been
a wholly-owned subsidiary of the Company. EEI is engaged in the business of
oil and gas production.
The properties of the Company consist in large part of fractional undivided
working interests in properties containing proved reserves of oil and gas located
in the Appalachian Basin region of Ohio and Pennsylvania. Approximately 56%
of the estimated total future cash inflows related to the Company’s crude
oil and natural gas reserves are attributable to crude oil reserves. The majority
of such properties are located in Ohio and consist primarily of proved producing
properties with established production histories.
The Company’s operations since February 1991 primarily involve the production
and sale of oil and gas and the drilling and development of approximately 443
(net) wells. The Company serves as the operator of approximately 59% of the
gross wells and 76% of the net wells which comprise the Company’s properties.
The Company expects to hold its producing properties until the oil and gas
reserves underlying such properties are substantially depleted. However, the
Company may, from time to time, sell any of its producing or other properties
or leasehold interests if the Company believes that such sale would be in its
best interest.
%