UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒

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

For the quarterly period ended ~~September~~March 3031, ~~2019~~2020

☐

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

For the transition period from ____________ to ____________

Commission File No. 000-53648

MEWBOURNE ENERGY PARTNERS 08-A, L.P.

Delaware		26-2055065
(State or jurisdiction of incorporation or organization)		(I.R.S. Employer Identification Number)

3901 South Broadway, Tyler, Texas		75701
(Address of principal executive offices)		(Zip code)

Registrant’s Telephone Number, including area code:

(903) 561-2900

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Exchange Act: None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 of 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☐ (Do not check if a smaller reporting company) Smaller reporting company ☒ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark if the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

MEWBOURNE ENERGY PARTNERS 08-A, L.P.

INDEX

Part I - Financial Information				Page No.
	Item 1. Financial Statements
		Condensed Balance Sheets -		3
			September 30, 2019 (Unaudited) and December 31, 2018
			March 31, 2020 (Unaudited) and December 31, 2019
		Condensed Statements of Operations (Unaudited) -		4
			For the three months ended September 30, 2019 and 2018
			For the three months ended March 31, 2020 and 2019
			and the nine months ended September 30, 2019 and 2018
		Condensed Statement of Changes In Partners’ Capital (Unaudited) -		5
			For the nine months ended September 30, 2019
			For the three months ended March 31, 2020 and 2019
		Condensed Statements of Cash Flows (Unaudited) -		6
			For the nine months ended September 30, 2019 and 2018
			For the three months ended March 31, 2020 and 2019
		Notes to Condensed Financial Statements		7
	Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			1110
	Item 3. Quantitative and Qualitative Disclosures about Market Risk			1412
	Item 4. Disclosure Controls and Procedures			1412
Part II - Other Information
	Item 1. Legal Proceedings			1513
	Item 6. Exhibits and Reports on Form 8-K			1513

MEWBOURNE ENERGY PARTNERS 08-A, L.P.

Part I - Financial Information

Item 1. Financial Statements

MEWBOURNE ENERGY PARTNERS 08-A, L.P.

CONDENSED BALANCE SHEETS

	September 30, 2019			December 31, 2018
	March 31, 2020			December 31, 2019
	(Unaudited)
ASSETS
Cash	$	324,~~380~~358		$	3,~~230~~320
Accounts receivable, affiliate		~~186~~149,~~063~~639			~~379~~251,~~765~~135
Prepaid state taxes		1,195			897
Total current assets		173,997			254,455
Total current assets		190,638			383,892
Oil and gas properties at cost, full-cost method		69,793,010			69,784,674
Oil and gas properties at cost, full-cost method		69,784,486			69,889,036
Less accumulated depreciation, depletion, amortization
and cost ceiling write-downs		(65,~~264~~999,~~312~~654	)		(6465,~~403~~928,~~172~~787	)
		4,520,174			5,485,864
		3,793,356			3,855,887
Total assets	$	43,~~710~~967,~~812~~353		$	54,~~869~~110,~~756~~342
LIABILITIES AND PARTNERS’ CAPITAL
Accounts payable, affiliate	$	~~102~~107,~~338~~838		$	~~141~~78,~~825~~423
Total current liabilities		~~102~~107,~~338~~838			~~141~~78,~~825~~423
Asset retirement obligation		1,~~512~~546,~~042~~769			1,~~608~~528,~~866~~952
Total liabilities		1,~~614~~654,~~380~~607			1,~~750~~607,~~691~~375
Partners’ capital		32,~~096~~312,~~432~~746			42,~~119~~502,~~065~~967
Total liabilities and partners’ capital	$	43,~~710~~967,~~812~~353		$	54,~~869~~110,~~756~~342

The accompanying notes are an integral part of the financial statements.

MEWBOURNE ENERGY PARTNERS 08-A, L.P.

CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)

	For the					For the
	For the Three Months Ended
	Three Months Ended					Nine Months Ended
	March 31,
	September 30,					September 30,
	2020			2019
	2019			2018		2019		2018
Revenues:
Revenues:
Oil sales	$	156,384		$	195,326
Oil sales	$	162,190		$	256,554	$	598,619	$	887,860
Gas sales		111,302			281,332
Gas sales		129,216			418,386		587,916		1,244,788
Total revenues		267,686			476,658
Total revenues		291,406			674,940		1,186,535		2,132,648
Expenses:
Expenses:
Lease operating expense		197,658			231,167
Lease operating expense		239,952			218,558		679,657		677,314
Production taxes		14,208			30,293
Production taxes		15,621			30,974		66,088		109,974
Administrative and general expense		41,739			38,713
Administrative and general expense		19,262			29,580		92,929		117,968
Depreciation, depletion, and amortization		70,867			79,745
Depreciation, depletion, and amortization		64,182			101,486		221,436		299,807
Asset retirement obligation accretion		17,817			18,830
Asset retirement obligation accretion		13,104			17,535		50,768		53,685
Total expenses		342,289			398,748
Total expenses		352,121			398,133		1,110,878		1,258,748
Net (loss) income	$	(74,603	)	$	77,910
Net (loss) income	$	(60,715	)	$	276,807	$	75,657	$	873,900

The accompanying notes are an integral part of the financial statements.

MEWBOURNE ENERGY PARTNERS 08-A, L.P.

CONDENSED STATEMENT OF CHANGES IN PARTNERS’ CAPITAL For the ~~nine~~three months ended ~~September~~March 3031, 2020 and 2019 (Unaudited)

	Partners’ Capital
	2020			2019
Balance at December 31, 2018	$	4,119,065
Beginning balance	$	2,502,967		$	4,119,065
Cash distributions		(1115,~~098,290~~618	)		(228,290	)
Net income		75,657
Net (loss) income		(74,603	)		77,910
Balance at September 30, 2019	$	3,096,432
Ending balance	$	2,312,746		$	3,968,685

The accompanying notes are an integral part of the financial statements.

MEWBOURNE ENERGY PARTNERS 08-A, L.P.

CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)

	Nine Months Ended
	Three Months Ended
	September 30,
	March 31,
	2019			2018
	2020			2019
Cash flows from operating activities:
Net income	$	75,657		$	873,900
Net (loss) income	$	(74,603	)	$	77,910
Adjustments to reconcile net income to net cash
Adjustments to reconcile net (loss) income to net cash
provided by operating activities:
Depreciation, depletion, and amortization		~~221~~70,~~436~~867			~~299~~79,~~807~~745
Asset retirement obligation accretion		5017,~~768~~817			5318,~~685~~830
Plugging and abandonment cost paid from asset retirement obligation		~~(972~~—	)		(~~4,250~~607	)
Changes in operating assets and liabilities:
Accounts receivable, affiliate		~~193~~101,~~702~~496			2886,~~717~~377
Prepaid state taxes		~~(298~~—	)		(~~819~~298	)
Accounts payable, affiliate		(429,~~574~~415	)		(134,~~911~~643	)
Net cash provided by operating activities		~~535~~144,~~719~~992			1227,~~249,129~~314
Cash flows from investing activities:
Proceeds from sale of oil and gas properties		585,391			—
Development of oil and gas properties		(8,336	)		(254	)
Development of oil and gas properties		(22,670	)		(122,433	)
Net cash used in investing activities		(8,336	)		(254	)
Net cash provided by (used in) investing activities		562,721			(122,433	)
Cash flows from financing activities:
Cash distributions to partners		(1115,~~098,290~~618	)		(1228,~~139,562~~290	)
Net cash used in financing activities		(1115,~~098,290~~618	)		(1228,~~139,562~~290	)
Net increase (decrease) in cash		~~150~~21,038			(121,~~866~~230	)
Cash, beginning of period		3,~~230~~320			153,~~304~~230
Cash, end of period	$	324,~~380~~358		$	2,~~438~~000
Supplemental Cash Flow Information:
Change to net oil & gas properties related to asset retirement
obligation liabilities	$	~~(146,620~~—	)	$	~~(12~~1,~~599~~459	)
Changes to oil and gas property additions included in accounts payable, affiliate	$	~~(34,913~~—	)	$	—16

The accompanying notes are an integral part of the financial statements.

MEWBOURNE ENERGY PARTNERS 08-A, L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS

(Unaudited)

1. Description of Business

Mewbourne Energy Partners 08-A, L.P., (the “Registrant” or the “Partnership”), a Delaware limited partnership engaged primarily in oil and gas development and production in Texas, Oklahoma, and New Mexico, was organized on March 7, 2008. The offering of limited and general partner interests began May 1, 2008 as a part of a private placement pursuant to Section 4(2) of the Securities Act of 1933 and Regulation D promulgated thereunder, and concluded August 4, 2008, with total investor contributions of $73,000,000 originally being sold to accredited investors of which $68,105,000 were sold to accredited investors as general partner interests and $4,895,000 were sold to accredited investors as limited partner interests. During 2010, all general partner equity interests were converted to limited partner equity interests. In accordance with the laws of the State of Delaware, Mewbourne Development Corporation (“MD”), a Delaware Corporation, has been appointed as the Partnership’s managing general partner. MD has no significant equity interest in the Partnership.

2. Summary of Significant Accounting Policies

Reference is hereby made to the Registrant’s Annual Report on Form 10-K for ~~2018~~2019, which contains a summary of significant accounting policies followed by the Partnership in the preparation of its financial statements. These policies are also followed in preparing the quarterly report included herein.

In the opinion of management, the accompanying unaudited financial statements contain all adjustments of a normal recurring nature necessary to present fairly our financial position, results of operations, cash flows and partners’ capital for the periods presented. The results of operations for the interim periods are not necessarily indicative of the final results expected for the full year. In preparing these financial statements, the Partnership has evaluated subsequent events for potential recognition and disclosure through the date the financial statements were issued.

Full Cost Accounting

The Partnership follows the full-cost method of accounting for its oil and gas activities. Under the full-cost method, all productive and non-productive costs incurred in the acquisition, exploration and development of oil and gas properties are capitalized. Depreciation, depletion and amortization of oil and gas properties subject to amortization is computed on the units-of-production method based on the proved reserves underlying the oil and gas properties. At ~~September~~March 3031, ~~2019~~2020 and ~~2018~~2019, all capitalized costs were subject to amortization. Proceeds from the sale or other disposition of properties are credited to the full cost pool. Gains and losses are not recognized unless such adjustments would significantly alter the relationship between capitalized costs and the proved oil and gas reserves. Capitalized costs are subject to a quarterly ceiling test that limits such costs to the aggregate of the present value of estimated future net cash flows of proved reserves, computed using the 12-month unweighted average of first-day-of-the-month oil and natural gas prices, discounted at 10%, and the lower of cost or fair value of unproved properties. If unamortized costs capitalized exceed the ceiling, the excess is charged to expense in the period the excess occurs. There were no cost ceiling write-downs for the ~~nine~~three months ended ~~September 30~~March 31, ~~2019~~2020 or ~~2018~~2019.

Recent Accounting Developments

In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, “Leases.” ASU 2016-02 requires the recognition of lease assets and lease liabilities by lessees for those leases currently classified as operating leases and makes certain changes to the way lease expenses are accounted for. This update is effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. This update should be applied using a modified retrospective approach, and early adoption is permitted. In January 2018, the FASB issued ASU 2018-01, which permits an entity to elect an optional transition practical expedient to not evaluate land easements that exist or expire before the Partnership’s adoption of Topic 842 and that were not previously accounted for as leases under Topic 840. The Partnership adopted the new standard on the effective date of January 1, 2019. As the Partnership has no leases, this standard had no impact on its financial statements.

3. Asset Retirement Obligations

The Partnership has recognized an estimated asset retirement obligation liability (“ARO”) for future plugging and abandonment costs. A liability for the estimated fair value of the future plugging and abandonment costs is recorded with a corresponding increase in the full cost pool at the time a new well is drilled. Depletion expense associated with estimated plugging and abandonment costs is recognized in accordance with the full cost methodology.

The Partnership estimates a liability for plugging and abandonment costs based on historical experience and estimated well life. The liability is discounted using the credit-adjusted risk-free rate. Revisions to the liability could occur due to changes in well plugging and abandonment costs or well useful lives, or if federal or state regulators enact new well restoration requirements. The Partnership recognizes accretion expense in connection with the discounted liability over the remaining life of the well.

A reconciliation of the Partnership’s liability for well plugging and abandonment costs for the ~~nine~~three months ended ~~September 30~~March 31, ~~2019~~2020 and the year ended December 31, ~~2018~~2019 is as follows:

	2019			2018
	2020			2019
Balance, beginning of period	$	1,~~608~~528,~~866~~952		$	1,~~571~~608,~~440~~866
Liabilities incurred		~~1,122~~—			~~360~~1,122
Liabilities reduced due to settlements, plugging and abandonments, and sales		(148,714	)		(34,514	)
Liabilities reduced due to settlements		—			(148,724	)
Accretion expense		5017,~~768~~817			7167,~~580~~688
Balance, end of period	$	1,~~512~~546,~~042~~769		$	1,~~608~~528,~~866~~952

4. Oil and Gas Sales

The Partnership’s oil and condensate production is sold and revenue recognized at or near the Partnership’s wells under short-term purchase contracts at prevailing prices in accordance with arrangements which are customary in the oil industry. Sales of gas applicable to the Partnership’s interest are recorded as revenue when the gas is metered and title transferred pursuant to the gas sales contracts covering the Partnership’s interest in gas reserves. The Partnership uses the sales method to recognize oil and gas revenue whereby revenue is recognized for the amount of production taken regardless of the amount for which the Partnership is entitled based on its working interest ownership.

Substantially all the Partnership’s accounts receivable result from oil and natural gas sales by Mewbourne Oil Company (MOC) to third parties in the oil and natural gas industry. This concentration of customers may impact the Partnership’s overall credit risk in that these entities may be similarly affected by changes in economic and other conditions. Historically, the Partnership has not experienced significant credit losses on such receivables. No bad debt expense was recorded for the three months ended March 31, 2020 or 2019. The Partnership cannot ensure that such losses will not occur in the future.

The Partnership has only non-operated working interests in oil and gas wells and receives monthly net revenue checks from the operator of these oil and gas wells. Each unit of oil and gas is accounted for as a separate performance obligation. It recognizes revenue for oil and condensate when control transfers to the purchaser at a contractually specified delivery point at or near the wellhead at market prices in accordance with the contractual arrangement. Sales of gas applicable to the Partnership’s interest are recorded as revenue when the gas is metered and control is transferred pursuant to the gas sales contracts covering the Partnership’s interest in gas reserves.

Substantially all the Partnership’s accounts receivable result from oil and natural gas sales to third parties in the oil and natural gas industry. This concentration of customers may impact the Partnership’s overall credit risk in that these entities may be similarly affected by changes in economic and other conditions. Historically, the Partnership has not experienced significant credit losses on such receivables. No bad debt expense was recorded for the nine months ended September 30, 2019 or 2018. The Partnership cannot ensure that such losses will not occur in the future.

The Partnership has only non-operated working interests in oil and gas wells and receives monthly net revenue checks from the operator of these oil and gas wells. It recognizes revenue for oil and condensate when control transfers to the purchaser at a contractually specified delivery point at or near the wellhead at prevailing prices in accordance with arrangements which are customary in the oil and gas industry. Sales of gas applicable to the Partnership’s interest are recorded as revenue when the gas is metered and control is transferred pursuant to the gas sales contracts covering the Partnership’s interest in gas reserves.

The Partnership has reviewed its partnership, joint operating and marketing agreements as they relate to its non-operated working interests and this ASU, which includes provisions regarding revenues and expenses under a gross-versus-net presentation as it relates to principal vs agent relationship and has evaluated the impact on the presentation of its revenues and expenses under this gross-versus-net presentation guidance. Based on its review of how information about revenue has been presented for other purposes, including disclosures presented outside the financial statements and information used by management for evaluating performance operations, the appropriate categories for the disaggregation of revenue are oil and gas sales, as presented in the Partnership’s financial statements and related disclosures.

Disaggregation of Revenue

The Partnership has identified two material revenue streams in its business: oil sales and natural gas sales. Revenue attributable to each of the Partnership’s identified revenue streams is disaggregated in the ~~Condensed~~ Statements of Operations.

Principal versus agent

In the case of the non-operating agreements, the operator is responsible for providing the goods due to its contractual obligations with the purchaser. Based on the joint operating and marketing agreement arrangements between the Partnership and operator, the Partnership does not take title to the product prior to the operator’s ultimate sale to a customer. The operator is responsible for fulfilling promises to provide specified goods and remitting proceeds back to the Partnership for the Partnership’s proportionate share of the total product sold. MOC, rather than the Partnership, is primarily responsible for fulfilling promises to provide specified goods. MOC, as the operator, enters into the sales contract with the third-party customers and directs all activities from the wellhead to the delivery point that make the commodity available to the customer; there is no agreement between the Partnership and the customers. In the event a production delay occurs because of, for example, well-equipment failure, MOC is responsible for correcting the issues preventing fulfillment of its promises to deliver product to its customers.

9Accounts Receivable, affiliate

Transaction price allocated to remaining performance obligations

For the Partnership’s product sales, the Partnership has utilized the practical expedient in ASC 606 that states that it is not required to disclose the transaction price allocated to remaining performance obligations if the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. Under the operator’s sales contracts, each unit of product represents a separate performance obligation; therefore, future volumes are wholly unsatisfied and disclosure of the transaction price allocated to remaining performance obligations is not required.

Contract balances

Under the Partnership’s joint operating and marketing agreements, the Partnership is entitled to consideration as production occurs at the wellhead and the value of such consideration is an estimate. Final amounts are only determined upon sale by the operator to the ultimate third-party customer, and recorded in “Accounts receivable, affiliate” in its balance sheet.

Sale of Wells

In the third quarter of 2019, the Partnership received $585,391 in sales proceeds from the sale of its interests in oil and gas wells to Summit West Resources L.P. and Longfellow Energy L.P. Under the full cost method, all oil and gas properties in each country are combined into a common pool. Conceptually, each property loses its separate identity, and sales and abandonments of properties are generally treated as adjustments of capitalized costs with no gains or losses recognized unless material to reserves or to the rate of depletion. Due to immateriality, these sales proceeds were recorded as an adjustment to the full cost pool and no gain or loss was recognized.

5. Related Party Transactions

In accordance with the laws of the State of Delaware, MD has been appointed as the Partnership’s managing general partner. MD has no significant equity interest in the Partnership. Mewbourne Oil Company (“MOC”) is operator of oil and gas properties owned by the Partnership. Mewbourne Holdings, Inc. is the parent of both MD and MOC. Substantially all transactions are with MD and MOC.

In the ordinary course of business, MOC will incur certain costs that will be passed on to owners of the well for which the costs were incurred. The Partnership will receive ~~their~~its portion of these costs based upon ~~their~~its ownership in each well incurring the costs. These costs are referred to as operator charges and are standard and customary in the oil and gas industry. Operator charges include recovery of gas marketing costs, fixed rate overhead, supervision, pumping, and equipment furnished by the operator, some of which will be included in the full cost pool pursuant to Rule 4-10(c)(2) of Regulation S-X. Services and operator charges are billed in accordance with the program and ~~partnership~~Partnership agreements.

In accordance with the Partnership agreement, during any calendar year the total amount of administrative expenses allocated to the Partnership by MOC shall not exceed the greater of (a) 3.5% of the Partnership’s gross revenue from the sale of oil and natural gas production during each year (calculated without any deduction for operating costs or other costs and expenses) or (b) the sum of $50,000 plus 0.25% of the capital contributions of limited and general partners.

109

The Partnership participates in oil and gas activities through the ~~Program~~program. The Partnership and MD are the parties to the ~~Program~~program, and the costs and revenues are allocated between them as follows:

	Partnership			MD (1)
Revenues:
Proceeds from disposition of depreciable and depletable properties		70	%		30	%
All other revenues		70	%		30	%

Costs and expenses:
Organization and offering costs (1)		0	%		100	%
Lease acquisition costs (1)		0	%		100	%
Tangible and intangible drilling costs (1)		100	%		0	%
Operating costs, reporting and legal expenses, general and
administrative expenses and all other costs		70	%		30	%

(1) As noted above, pursuant to the ~~Program~~program, MD must contribute 100% of organization and offering costs and lease acquisition costs which should approximate 20% of total capital costs. To the extent that organization and offering costs and lease acquisition costs are less than 20% of total capital costs, MD is responsible for tangible drilling costs until its share of the ~~Program~~program’s total capital costs reaches approximately 20%. The Partnership’s financial statements reflect its respective proportionate interest in the ~~Program~~program.

6. COVID-19 and OPEC

In March 2020, the new strain of coronavirus ("COVID-19") was declared a global pandemic and, as a result, consumer demand decreased due to governments putting in place new travel restrictions in an effort to curtail the spread of the coronavirus. In addition, in March 2020, members of OPEC failed to agree on production levels which resulted in an increased supply. These global situations led to a substantial decrease in oil prices and an increasingly volatile market. In April 2020, even though OPEC announced that it had reached an agreement to cut production by 9.7 million barrels per day, oil prices did not increase. Oil prices decreased to $24.02 per barrel on May 11, 2020, down from $61.14 on December 31, 2019, and gas prices decreased to $1.70 per million British Thermal Units (Btu), down from $2.09 on December 31, 2019.

Declines in oil and natural gas prices affect the Partnership's revenues and partner distributions and reduce the amount of oil and natural gas that the Partnership can produce economically. Management is actively monitoring the global situation and the impact on the Partnership's financial condition, liquidity, operations, industry, and workforce. Although the Partnership cannot estimate the length or gravity of the impacts of these events at this time, if the pandemic and/or decreased oil prices continue, they will have a material adverse effect on the Partnership's results of future operations, financial position, and liquidity in the year 2020. During the current economic downturn, if future lease operating expenses and production taxes are in excess of total revenues from the sale of crude oil and natural gas, the Partnership will be carried by the operator. The Partnership has no planned drilling activity. If oil or natural gas prices remain depressed or continue to decline, the Partnership will be required to record oil and gas property write-downs.

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") was signed into law, which is aimed at supporting the U.S. economy and providing emergency assistance to individuals, families, and businesses affected by the COVID-19 pandemic. Due to the structure of the Partnership, the CARES Act does not impact the Partnership's business.

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Liquidity and Capital Resources

Mewbourne Energy Partners 08-A, L.P. (“the Partnership”) was formed March 7, 2008~~. The offering of limited and general partnership interests began May 1~~, ~~2008 and concluded August 4, 2008,~~ with total investor contributions of $73,000,000. During 2010, all general partner equity interests were converted to limited partner equity interests.

Future capital requirements and operations will be conducted with available funds generated from oil and gas activities. No bank borrowing is anticipated. The Partnership had net working capital of $8866,~~300~~159 at ~~September~~March 3031, ~~2019~~2020. During the current economic downturn, if future lease operating expenses and production taxes are in excess of total revenues from the sale of crude oil and natural gas, the Partnership will be carried by the operator.

During the ~~nine~~three months ended ~~September~~March 3031, ~~2019~~2020, the Partnership made cash distributions to the investor partners (including state tax payments for the benefit of investor partners) in the amount of $1115,~~098,290~~618 as compared to $1228,~~139,562~~290 for the ~~nine~~three months ended ~~September~~ 30March 31, ~~2018~~2019. Since inception, the Partnership has made distributions of $72,~~603~~760,~~609,~~436 inclusive of state tax payments.

The sale of crude oil and natural gas produced by the Partnership will be affected by a number of factors that are beyond the Partnership’s control. These factors include the price of crude oil and natural gas, the fluctuating supply of and demand for these products, competitive fuels, refining, transportation, extensive federal and state regulations governing the production and sale of crude oil and natural gas, and other competitive conditions. It is impossible to predict with any certainty the future effect of these factors on the Partnership.

1110

Results of Operations

For the three months ended ~~September~~March 3031, ~~2019~~2020 as compared to the three months ended ~~September~~March 3031, ~~2018~~2019:

	Three Months Ended September 30,
	Three Months Ended March 31,
	2019		2018
	2020		2019
Oil sales	$	~~162~~156,~~190~~384	$	~~256~~195,~~554~~326
Barrels produced		3,~~052~~523		4,~~332~~112
Average price/bbl	$	5344.1439	$	5947.2250
Gas sales	$	~~129~~111,~~216~~302	$	~~418~~281,~~386~~332
Mcf produced		83102,~~584~~280		~~135~~110,~~212~~618
Average price/mcf	$	1.5509	$	32.0954

Oil and gas revenues. AsOil ~~shown in the above table, total oil~~ and gas sales decreased by $~~383~~208,~~534~~972, a 5643.8% decline, for the three months ended ~~September~~March 3031, ~~2019~~2020 as compared to the three months ended ~~September~~March 3031, ~~2018~~2019.

Of this decrease, $2612,~~342~~797 and $~~209~~160,~~356~~957 were due to decreases in the average prices of oil and gas sold, respectively. The average prices fell to $5344.1439 from $5947.2250 per barrel (bbl) and to $1.5509 from $32.0954 per thousand cubic feet (mcf) for the three months ended ~~September~~March 3031, ~~2019~~2020 as compared to the three months ended March ~~September 30~~31, ~~2018~~2019.

Also contributing to the lower revenue were decreases of $6826,~~022~~ 145 and $799,~~814~~073 from declines in the volumes of oil and gas sold, respectively, by ~~1,280~~589 bbls and 518,~~628~~338 mcf for the three months ended March ~~September 30~~31, ~~2019~~2020 as compared to the three months ended ~~September~~March 3031, ~~2018.~~ ~~The sale of interests in some oil and gas wells did not have a material impact on the overall decline in production~~2019.

Lease operations. Lease operating expense during the three months ended ~~September~~March 3031, ~~2019~~2020 ~~increased~~decreased to $~~239~~197,~~952~~658 from $~~218~~231,~~558~~167 for the three months ended ~~September~~March 3031, ~~2018~~2019 due to ~~more~~fewer well repairs and workovers.

Production taxes. Production taxes during the three months ended ~~September~~March 3031, ~~2019~~2020 decreased to $1514,~~621~~208 from $30,~~974~~293 for the three months ended ~~September~~March 3031, ~~2018~~2019. This was due to lower overall oil and gas revenue for the three months ended ~~September~~March 3031, ~~2019~~2020.

Administrative and general expense. Administrative and general expense for the three months ended ~~September~~March 3031, ~~2019~~2020 ~~fell~~rose to $1941,~~262~~739 from $2938,~~580~~ 713 for the three months ended ~~September~~March 3031, ~~2018~~2019 due to increased ~~decreased~~legal ~~administrative~~and reporting expenses allocable to the Partnership.

Depreciation, depletion and amortization. Depreciation, depletion and amortization for the three months ended ~~September~~March 3031, ~~2019~~2020 decreased to $6470,~~182~~867 from $~~101~~79,~~486~~745 for the three months ended ~~September~~March 3031, 2019 ~~2018~~ due to the overall decline in ~~production~~ ~~and to the reduction of the full cost pool by $585,391 from the sale of its interests in oil and gas wells~~production. ~~Due to immateriality, these sales proceeds were recorded as a reduction to the full cost pool in accordance with the full cost method of accounting.~~

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Results of Operations

For the nine months ended September 30, 2019 as compared to the nine months ended September 30, 2018:

	Nine Months Ended September 30,
	2019		2018
Oil sales	$	598,619	$	887,860
Barrels produced		11,384		14,571
Average price/bbl	$	52.58	$	60.93
Gas sales	$	587,916	$	1,244,788
Mcf produced		281,972		400,607
Average price/mcf	$	2.09	$	3.11

Oil and gas revenues. As shown in the above table, total oil and gas sales decreased by $946,113, a 44.4% decline, for the nine months ended September 30, 2019 as compared to the nine months ended September 30, 2018.

Of this decrease, $121,655 and $409,516 were due to decreases in the average prices of oil and gas sold, respectively. The average prices fell to $52.58 from $60.93 per barrel (bbl) and to $2.09 from $3.11 per thousand cubic feet (mcf) for the nine months ended September 30, 2019 as compared to the nine months ended September 30, 2018.

Also contributing to the lower revenue were decreases of $167,586 and $247,356 from declines in the volumes of oil and gas sold, respectively, by 3,187 bbls and 118,635 mcf for the nine months ended September 30, 2019 as compared to the nine months ended September 30, 2018. The sale of interests in some oil and gas wells did not have a material impact on the overall decline in production.

Lease operations. Lease operating expense during the nine months ended September 30, 2019 increased to $679,657 from $677,314 for the nine months ended September 30, 2018 due to more well repairs and workovers.

Production taxes. Production taxes during the nine months ended September 30, 2019 decreased to $66,088 from $109,974 for the nine months ended September 30, 2018. This was due to lower overall oil and gas revenue for the nine months ended September 30, 2019.

Administrative and general expense. Administrative and general expense for the nine months ended September 30, 2019 fell to $92,929 from $117,968 for the nine months ended September 30, 2018 due to decreased administrative expenses allocable to the Partnership.

Depreciation, depletion and amortization. Depreciation, depletion and amortization for the nine months ended September 30, 2019 decreased to $221,436 from $299,807 for the nine months ended September 30, 2018 due to the overall decline in production and to the reduction of the full cost pool by $585,391 from the sale of its interests in oil and gas wells. Due to immateriality, these sales proceeds were recorded as a reduction to the full cost pool in accordance with the full cost method of accounting.

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

1. Interest Rate Risk

The Partnership Agreement allows borrowings from banks or other financial sources of up to 20% of the total capital contributions to the Partnership without investor approval. Should the Partnership elect to borrow monies for additional development activity on Partnership properties, it will be subject to the interest rate risk inherent in borrowing activities. Changes in interest rates could significantly affect the Partnership’s results of operations and the amount of net cash flow available for partner distributions. Also, to the extent that changes in interest rates affect general economic conditions, the Partnership will be affected by such changes.

2. Commodity Price Risk

The Partnership does not expect to engage in commodity futures trading or hedging activities or enter into derivative financial instrument transactions for trading or other speculative purposes. The Partnership currently expects to sell a significant amount of its production from successful oil and gas wells on a month-to-month basis at market prices. Accordingly, the Partnership is at risk for the volatility in commodity prices inherent in the oil and gas industry, and the level of commodity prices will have a significant impact on the Partnership’s results of operations. For the ~~nine~~three months ended ~~September~~March 3031, ~~2019~~2020, a 10% change in the price received for oil and gas production would have had an approximate $~~119~~27,000 impact on revenue.

3. Exchange Rate Risk

The Partnership currently has no income from foreign sources or operations in foreign countries that would subject it to currency exchange rate risk. The Partnership does not currently expect to purchase any prospects located outside of either the United States or United States coastal waters in the Gulf of Mexico.

Item 4.

Disclosure Controls and Procedures

MD 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. MD’s Chief Executive Officer and Chief Financial Officer have evaluated the effectiveness of the design and operation of its disclosure controls and procedures with the assistance and participation of other members of management. Based upon that evaluation, MD’s Chief Executive Officer and Chief Financial Officer concluded that its disclosure controls and procedures are effective for gathering, analyzing and disclosing the information the Partnership is required to disclose in the reports it files under the Securities Exchange Act of 1934 within the time periods specified in the SEC’s rules and forms. Since MD’s December 31, ~~2018~~2019 annual report on internal control over financial reporting, and for the quarter ended ~~September~~March 3031, ~~2019~~2020, there have been no changes in MD’s internal controls or in other factors which have materially affected, or are reasonably likely to materially affect, the internal controls over financial reporting.

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Part II – Other Information

Item 1.

Legal Proceedings

From time to time, the Registrant may be a party to certain legal actions and claims arising in the ordinary course of business. While the outcome of these events cannot be predicted with certainty, the Partnership does not expect these matters to have a material effect on its financial position or results of operations.

Item 6.

Exhibits and Reports on Form 8-K

(a)	Exhibits filed herewith.
	31.1	Certification of CEO Pursuant to Section 302 of Sarbanes-Oxley Act of 2002.
	31.2	Certification of CFO Pursuant to Section 302 of Sarbanes-Oxley Act of 2002.
	32.1	Certification of CEO Pursuant to Section 906 of Sarbanes-Oxley Act of 2002.
	32.2	Certification of CFO Pursuant to Section 906 of Sarbanes-Oxley Act of 2002.
	101	The following materials from the Partnership’s Quarterly Report on Form 10-Q for the quarter ended ~~September~~March 3031, ~~2019~~2020 formatted in Extensible Business Reporting Language (XBRL): (i) the Condensed Balance Sheets, (ii) the Condensed Statements of Operations, (iii) the Condensed Statement of Changes in Partners’ Capital, (iv) the Condensed Statements of Cash Flows, and (v) related notes.
(b)	Reports on Form 8-K
		None
	None.

1513

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Partnership has duly caused this report to be signed on its behalf by the undersigned thereto duly authorized.

		Mewbourne Energy Partners 08-A, L.P.

		By:	Mewbourne Development Corporation
			Managing General Partner

Date: ~~November 14~~ May 15, ~~2019~~2020


		By:	/s/ J. Roe Buckley
			J. Roe Buckley Chairman of the Board Executive Vice President Chief Financial Officer

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INDEX TO EXHIBITS

EXHIBIT NUMBER	DESCRIPTION
31.1	Certification of CEO Pursuant to Section 302 of Sarbanes-Oxley Act of 2002.
31.2	Certification of CFO Pursuant to Section 302 of Sarbanes-Oxley Act of 2002.
32.1	Certification of CEO Pursuant to Section 906 of Sarbanes-Oxley Act of 2002.
32.2	Certification of CFO Pursuant to Section 906 of Sarbanes-Oxley Act of 2002.
101	The following materials from the Partnership’s Quarterly Report on Form 10-Q for the quarter ended ~~September~~March 3031, ~~2019~~2020 formatted in Extensible Business Reporting Language (XBRL): (i) the Condensed Balance Sheets, (ii) the Condensed Statements of Operations, (iii) the Condensed Statement of Changes in Partners’ Capital, (iv) the Condensed Statements of Cash Flows, and (v) related notes.

1715

Filing Compare · MEWBOURNE ENERGY PARTNERS 08-A LP