**Table of Contents**

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# **UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

# **Washington, D.C. 20549**

 

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## **FORM 10-Q**

## ** **

| **x**      | ** ** | **QUARTERLY  REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE  ACT OF 1934**                                                                                                          |
|------------|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ** ** | ** ** | ** **                                                                                                                                                                                                       |
| ** ** | ** ** | **For the Quarterly Period Ended  June 30, 2008**                                                                                                                                                           |
| ** ** | ** ** |                                                                                                                                                                                                             |
| **OR**     |
| ** ** | ** ** |                                                                                                                                                                                                             |
| **o**      | ** ** | **TRANSITION  REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE  ACT OF 1934**                                                                                                        |
| ** ** | ** ** |                                                                                                                                                                                                             |
| ** ** | ** ** | **For the Transition Period from                    to            ** |

# ** **

# **CommissionFile Number: 333-122935-01**

 

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**REEF GLOBAL ENERGY VI, L.P.**

(Exact name of registrant as specified in its charter)

 

| **Nevada**

(State or other  jurisdiction of

incorporation or  organization)                                            | ** ** | **20-3170768**

(I.R.S. employer

identification  no.) |
|--------------------------------------------------------------------------------------------------------------------------|------------|--------------------------------------------------------|
|                                                                                                                     |       |                                                   |
| **1901 N.  Central Expressway, Suite 300**

**Richardson,  Texas 75080**

(Address of  principal executive offices) | ** ** | **75080-3609**

(Zip code)                             |
| ** **                                                                                                               | ** ** | ** **                                             |
| Registrant’s  telephone number, including area code: ** (972)-437-6792**                                       |

 

Indicate by check mark whether the registrant (1) has filed all reportsrequired to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorterperiod that the registrant was required to file such reports), and (2) hasbeen subject to such filing requirements for the past 90 days. Yes  x    No  o

 

Indicate by check markwhether the registrant is a large accelerated filer, an accelerated filer, anon-accelerated filer, or a smaller reporting company. See the definitions of “largeaccelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2of the Exchange Act.

 
| Large accelerated filer  o |   | Accelerated filer o |   | Non-accelerated filer o |   | Smaller reporting  company x |
|----------------------------|--------|---------------------|--------|-------------------------|--------|------------------------------|

 

Indicate by check markwhether the registrant is a shell company (as defined in Rule 12b-2 of theExchange Act). Yes o    No x

 

**As of June 30, 2008, the registrant had 75.363units of general partner interest held by the managing general partner,1,190.561 units of additional general partner interest and 241.336 units oflimited partner interest outstanding.**

 

 

 

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**ReefGlobal Energy VI, L.P.**

**Form 10-QIndex**

 
| **PART I —  FINANCIAL INFORMATION** |
|-----------------------------------------------|
|                                          |
| **ITEM  1.**                                  | **Financial Statements (Unaudited)** |
|                                          | *Condensed Balance  Sheets* |
|                                          | *Condensed  Statements of Operations* |
|                                          | *Condensed  Statements of Cash Flows* |
|                                          | *Notes to Condensed Financial Statements* |
|                                          |   |
| **ITEM 2.**                                   | **Management’s  Discussion and Analysis of Financial Condition and Results of Operations** |
|                                          |   |
| **ITEM 3.**                                   | **Quantitative  and Qualitative Disclosures About Market Risk** |
|                                          |   |
| **ITEM 4T.**                                  | **Controls and  Procedures** |
|                                          |
| **PART II  — OTHER INFORMATION**    |
|                                          |
| **ITEM 1.**                                   | **Legal Proceedings** |
|                                          |   |
| **ITEM 2.**                                   | **Unregistered  Sales of Equity Securities and Use of Proceeds** |
|                                          |   |
| **ITEM 3.**                                   | **Default Upon  Senior Securities** |
|                                          |   |
| **ITEM 4.**                                   | **Submission of  Matters to a Vote of Security Holders** |
|                                          |   |
| **ITEM 5.**                                   | **Other Information** |
|                                          |   |
| **ITEM  6.**                                  | **Exhibits** |
|                                          |   |
| **Signatures**                                |   |

 

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# **PART I FINANCIAL INFORMATION**

# ** **

## **Item 1. Financial Statements**

## ** **

**Reef Global Energy VI, L.P.**

**Condensed Balance Sheets**

 
| ** **                                                                      | ** ** | **June 30,** | ** **     | **December 31,** | ** ** |
|---------------------------------------------------------------------------------|------------|-------------------|----------------|-----------------------|------------|
| ** **                                                                      | ** ** | **2008**          | ** **     | **2007**              | ** ** |
| ** **                                                                      | ** ** | **(Unaudited)**   | ** **     | ** **            | ** ** |
|                                                                            |       |              |           |                  |       |
| **Assets**                                                                      |       |              |           |                  |       |
|                                                                            |       |              |           |                  |       |
| **Current  assets:**                                                            |       |              |           |                  |       |
| Cash and cash  equivalents                                                      | ** ** | **$**             | 487,158        | ** **            | **$**      | 2,366,065 | ** ** |
| Accounts receivable  from affiliates                                            |       | 1,711,170         |           | 15,098                |       |
| **Total  current assets**                                                       | ** ** | **2,198,328**     | ** **     | **2,381,163**         | ** ** |
|                                                                            |       |              |           |                  |       |
| **Oil and  gas properties, full cost method of accounting:**                    |       |              |           |                  |       |
| Proved  properties, net of accumulated depletion of $21,673,063 and $20,632,938 |       | 11,084,132        |           | 11,359,244            |       |
| Unproved  properties                                                            |       | 172,930           |           | 172,930               |       |
| **Net oil  and gas properties**                                                 | ** ** | **11,257,062**    | ** **     | **11,532,174**        | ** ** |
| ** **                                                                      | ** ** | ** **        | ** **     | ** **            | ** ** |
| **Total  assets**                                                               | ** ** | **$**             | **13,455,390** | ** **            | **$**      | **13,913,337** | ** ** |
|                                                                            |       |              |           |                  |       |
| **Liabilities  and partnership equity**                                         |       |              |           |                  |       |
|                                                                            |       |              |           |                  |       |
| **Current  liabilities:**                                                       |       |              |           |                  |       |
| Accounts payable                                                                | ** ** | **$**             | 2,681          | ** **            | **$**      | 1,981 | ** ** |
| Accounts payable  to affiliates                                                 |       | 444,789           |           | 661,692               |       |
| **Total  current liabilities**                                                  | ** ** | **447,470**       | ** **     | **663,673**           | ** ** |
|                                                                            |       |              |           |                  |       |
| **Long-term  liabilities:**                                                     |       |              |           |                  |       |
| Accounts payable  to affiliates                                                 |       | —            |           | 144,789               |       |
| Asset retirement  obligation                                                    |       | 334,734           |           | 305,215               |       |
| **Total  long-term liabilities**                                                | ** ** | **334,734**       | ** **     | **450,004**           | ** ** |
|                                                                            |       |              |           |                  |       |
| **Partnership  equity:**                                                        |       |              |           |                  |       |
| General partners                                                                |       | 9,804,001         |           | 9,975,966             |       |
| Limited partners                                                                |       | 1,987,417         |           | 2,022,276             |       |
| Managing general  partner                                                       |       | 881,768           |           | 801,418               |       |
| **Partnership  equity**                                                         | ** ** | **12,673,186**    | ** **     | **12,799,660**        | ** ** |
| ** **                                                                      | ** ** | ** **        | ** **     | ** **            | ** ** |
| **Total  liabilities and partnership equity**                                   | ** ** | **$**             | **13,455,390** | ** **            | **$**      | **13,913,337** | ** ** |

 

*Seeaccompanying notes to condensed financial statements.*

 

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**Reef Global Energy VI, L.P.**

**Condensed Statements ofOperations**

*** ***
| ** **                                           | ** ** | **For the three months ended  June 30 (unaudited)** | ** **    | **For the six months ended  June 30 (unaudited)** | ** ** |
|------------------------------------------------------|------------|-----------------------------------------------------------------------------------|---------------|---------------------------------------------------------------------------------|------------|
| ** **                                           | ** ** | **2008**                                                                          | ** **    | **2007**                                                                        | ** ** | **2008** | ** ** | **2007** | ** ** |
|                                                 |       |                                                                              |          |                                                                            |       |   |   |   |   |
| **Revenues:**                                        |       |                                                                              |          |                                                                            |       |   |   |   |   |
| Oil and gas  income                                  | ** ** | **$**                                                                             | 2,989,817     | ** **                                                                      | **$**      | 862,040 | ** ** | **$** | 4,910,097 | ** ** | **$** | 1,371,771 | ** ** |
| **Total  revenues**                                  | ** ** | **2,989,817**                                                                     | ** **    | **862,040**                                                                     | ** ** | **4,910,097** | ** ** | **1,371,771** | ** ** |
|                                                 |       |                                                                              |          |                                                                            |       |   |   |   |   |
| **Costs  and expenses:**                             |       |                                                                              |          |                                                                            |       |   |   |   |   |
| Lease operating  expenses                            |       | 224,651                                                                           |          | 78,454                                                                          |       | 431,072 |   | 130,626 |   |
| Production taxes                                     |       | 190,686                                                                           |          | 55,624                                                                          |       | 325,889 |   | 95,160 |   |
| Depreciation,  depletion and amortization            |       | 537,624                                                                           |          | 764,470                                                                         |       | 1,032,312 |   | 1,476,114 |   |
| Property  impairment                                 |       | —                                                                            |          | 3,133,114                                                                       |       | — |   | 9,466,246 |   |
| Accretion of  asset retirement obligation            |       | 9,760                                                                             |          | 13,950                                                                          |       | 13,820 |   | 21,347 |   |
| General and  administrative                          |       | 220,720                                                                           |          | 78,300                                                                          |       | 336,544 |   | 113,345 |   |
| **Total  costs and expenses**                        | ** ** | **1,183,441**                                                                     | ** **    | **4,123,912**                                                                   | ** ** | **2,139,637** | ** ** | **11,302,838** | ** ** |
|                                                 |       |                                                                              |          |                                                                            |       |   |   |   |   |
| **Income  (loss) from operations**                   | ** ** | **1,806,376**                                                                     | ** **    | **(3,261,872**                                                                  | **)**      | **2,770,460** | ** ** | **(9,931,067** | **)** |
|                                                 |       |                                                                              |          |                                                                            |       |   |   |   |   |
| **Other  income:**                                   |       |                                                                              |          |                                                                            |       |   |   |   |   |
| Interest income                                      |       | 1,111                                                                             |          | 118,545                                                                         |       | 11,685 |   | 275,750 |   |
| **Total  other income**                              | ** ** | **1,111**                                                                         | ** **    | **118,545**                                                                     | ** ** | **11,685** | ** ** | **275,750** | ** ** |
|                                                 |       |                                                                              |          |                                                                            |       |   |   |   |   |
| **Net  income (loss)**                               | ** ** | **$**                                                                             | **1,807,487** | ** **                                                                      | **$**      | **(3,143,327** | **)** | **$** | **2,782,145** | ** ** | **$** | **(9,655,317** | **)** |
|                                                 |       |                                                                              |          |                                                                            |       |   |   |   |   |
| Net income  (loss) per general partner unit          |       | $                                                                                 | 1,032.01      |                                                                            | $          | (2,109.20 | ) | $ | 1,575.32 |   | $ | (6,421.76 | ) |
| Net income  (loss) per limited partner unit          |       | $                                                                                 | 1,032.01      |                                                                            | $          | (2,109.20 | ) | $ | 1,575.32 |   | $ | (6,421.76 | ) |
| Net income  (loss) per managing general partner unit |       | $                                                                                 | 4,375.56      |                                                                            | $          | (1,634.30 | ) | $ | 6,985.52 |   | $ | (6,104.00 | ) |

 

*See accompanying notes tocondensed financial statements.*

 

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**Reef Global Energy VI, L.P.**

**Condensed Statements of CashFlows**

 
| ** **                                                                                | ** ** | **For the six months ended  June 30, (unaudited)** | ** **  |
|-------------------------------------------------------------------------------------------|------------|----------------------------------------------------------------------------------|-------------|
| ** **                                                                                | ** ** | **2008**                                                                         | ** **  | **2007** | ** ** |
| ** **                                                                                | ** ** | ** **                                                                       | ** **  | ** ** | ** ** |
| **Operating  Activities**                                                                 |       |                                                                             |        |   |   |
| Net income  (loss)                                                                        | ** ** | **$**                                                                            | 2,782,145   | ** ** | **$** | (9,655,317 | ) |
| Adjustments for  non-cash transactions:                                                   | ** ** | ** **                                                                       | ** **  | ** ** | ** ** |
| Depreciation,  depletion and amortization                                                 |       | 1,032,312                                                                        |        | 1,476,114 |   |
| Property  impairment                                                                      |       | —                                                                           |        | 9,466,246 |   |
| Accretion of  asset retirement obligation                                                 |       | 13,820                                                                           |        | 21,347 |   |
| Adjustments to  reconcile net income (loss) to net cash provided by operating activities: | ** ** | ** **                                                                       | ** **  | ** ** | ** ** |
| Changes in  operating assets and liabilities:                                             | ** ** | ** **                                                                       | ** **  | ** ** | ** ** |
| Accounts  receivable from affiliates                                                      |       | (1,709,035                                                                       | )           | (481,611 | ) |
| Accounts payable                                                                          |       | 700                                                                              |        | (1,384 | ) |
| Accounts payable  to affiliates                                                           |       | —                                                                           |        | 37,420 |   |
| **Net  cash provided by operating activities**                                            | ** ** | **2,119,942**                                                                    | ** **  | **862,815** | ** ** |
| ** **                                                                                | ** ** | ** **                                                                       | ** **  | ** ** | ** ** |
| **Investing  Activities**                                                                 | ** ** | ** **                                                                       | ** **  | ** ** | ** ** |
| Property  acquisition and development                                                     |       | (801,948                                                                         | )           | (7,030,955 | ) |
| Plugging and  abandonment costs paid from ARO                                             |       | (1,245                                                                           | )           | — |   |
| **Net  cash used in investing activities**                                                | ** ** | **(803,193**                                                                     | **)**       | **(7,030,955** | **)** |
| ** **                                                                                | ** ** | ** **                                                                       | ** **  | ** ** | ** ** |
| **Financing  Activities**                                                                 | ** ** | ** **                                                                       | ** **  | ** ** | ** ** |
| Partner capital  contributions                                                            |       | 16,844                                                                           |        | 114,294 |   |
| Offering costs                                                                            |       | (300,000                                                                         | )           | — |   |
| Partner  distributions                                                                    |       | (2,912,500                                                                       | )           | (1,222,750 | ) |
| **Net  cash used in financing activities**                                                | ** ** | **(3,195,656**                                                                   | **)**       | **(1,108,456** | **)** |
| ** **                                                                                | ** ** | ** **                                                                       | ** **  | ** ** | ** ** |
| **Net  decrease in cash and cash equivalents**                                            | ** ** | **(1,878,907**                                                                   | **)**       | **(7,276,596** | **)** |
| Cash and cash  equivalents at beginning of period                                         |       | 2,366,065                                                                        |        | 15,641,945 |   |
|                                                                                      |       |                                                                             |        |   |   |
| **Cash  and cash equivalents at end of period**                                           | ** ** | **$**                                                                            | **487,158** | ** ** | **$** | **8,365,349** | ** ** |
| ** **                                                                                | ** ** | ** **                                                                       | ** **  | ** ** | ** ** |
| **Supplemental  disclosure of non-cash investing transactions**                           | ** ** | ** **                                                                       | ** **  | ** ** | ** ** |
| Property  additions included in accounts payable to affiliates                            | ** ** | **$**                                                                            | —      | ** ** | **$** | 96,826 | ** ** |
| Property  additions and asset retirement obligation                                       | ** ** | **$**                                                                            | 24,757      | ** ** | **$** | 22,439 | ** ** |
| Adjustment to  asset retirement obligation                                                | ** ** | **$**                                                                            | 7,813       | ** ** | **$** | — | ** ** |
| **Supplemental  disclosure of non-cash financing transactions**                           | ** ** |                                                                             | ** **  |   | ** ** |
| Managing partner  contributions included in accounts receivable from affiliates           | ** ** | **$**                                                                            | 2,135       | ** ** | **$** | 111 | ** ** |
| Offering costs  included in accounts payable to affiliates                                | ** ** | **$**                                                                            | 444,789     | ** ** | **$** | — | ** ** |
| Offering costs  included in long-term accounts payable to affiliates                      | ** ** | **$**                                                                            | —      | ** ** | **$** | 804,789 | ** ** |

 

*See accompanying notes tocondensed financial statements.*

 

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**ReefGlobal Energy VI, L.P.**

**Notes to Condensed Financial Statements(unaudited)**

 

**1. Organization and Basis ofPresentation**

 

The financial statementsof Reef Global Energy VI, L.P. (the “Partnership”) have been prepared pursuantto the rules and regulations of the Securities and Exchange Commission(the “SEC”). Certain information and footnote disclosure normally included inannual financial statements prepared in accordance with accounting principlesgenerally accepted in the United States have been condensed or omitted pursuantto those rules and regulations. We have recorded all transactions andadjustments necessary to fairly present the financial statements included inthis Quarterly Report on Form 10-Q (this “Quarterly Report”). Theadjustments are normal and recurring. The following notes describe only thematerial changes in accounting policies, account details, or financialstatement notes during the first six months of 2008. Therefore, please readthese condensed financial statements and notes to condensed financialstatements together with the audited financial statements and notes tofinancial statements contained in the Partnership’s Annual Report on Form 10-Kfor the period ended December 31, 2007 (the “Annual Report”).

 

**2. Summary of Accounting Policies**

 

**Oil and Natural Gas Properties**

 

The Partnership followsthe full cost method of accounting for crude oil and natural gas properties.Under this method, all direct costs and certain indirect costs associated withacquisition of properties and successful as well as unsuccessful explorationand development activities are capitalized. Depreciation, depletion, andamortization of capitalized crude oil and natural gas properties and estimatedfuture development costs, excluding unproved properties, are based on theunit-of-production method using estimated proved reserves. For these purposes,proved natural gas reserves are converted to equivalent barrels of crude oil ata rate of 6 Mcf to 1 Bbl. Net capitalized costs of crude oil and natural gasproperties, as adjusted for asset retirement obligations, are limited to thelower of unamortized cost or the cost ceiling, defined as the sum of thepresent value of estimated future net revenues from proved reserves based onprices in effect at the end of the period held constant and discounted at 10percent, plus the lower of cost or fair value of unproved properties, if any.Pursuant to full cost accounting rules, the Partnership performs a ceiling testquarterly as of the balance sheet date on its proved crude oil and natural gasproperties. Excess capitalized costs are charged to property impairmentexpense. No gain or loss is recognized upon sale or disposition of crude oiland natural gas properties, unless such a sale would significantly alter therate of depletion and amortization. During the three and six month periodsended June 30, 2008, the Partnership recognized no property impairmentexpense.

 

Unprovedproperties consist of undeveloped leasehold interest. Investments in unprovedproperties are not depleted pending determination of the existence of provedreserves. Unproved properties are assessed for impairment quarterly as of thebalance sheet date by considering the primary lease term, the holding period ofthe properties, geologic data obtained relating to the properties, and otherdrilling activity in the immediate area of the properties. Any impairmentresulting from this quarterly assessment is reported as property impairmentexpense in the current period, as appropriate. During the three and six monthperiods ended June 30, 2008, the Partnership recognized no impairment ofunproved properties.

 

**AssetRetirement Obligations**

 

ThePartnership accounts for its asset retirement obligations in accordance withStatement of Financial Accounting Standards (“SFAS”) No. 143, “Accountingfor Asset Retirement Obligations” (“SFAS No. 143”). Asset retirement costsand liabilities associated with future site restoration and abandonment oflong-lived assets are initially measured at fair value which approximates thecost a third party would incur in performing the tasks necessary to retire suchassets. The fair value is recognized in the financial statements as the presentvalue of expected future cash expenditures for site restoration andabandonment. Subsequent to the initial measurement, the effect of the passageof time on the liability of the net asset retirement obligation (accretionexpense) and the amortization of the asset retirement cost are recognized inthe results of operations. No gain or loss is recognized upon abandonment andrestoration of crude oil and natural gas properties, unless such abandonmentand restoration would significantly alter the rate of depletion andamortization.

 

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Thefollowing table summarizes the Partnership’s asset retirement obligation forthe six months ended June 30, 2008 and the year ended December 31,2007.

 

| ** **                                                  | ** ** | **Six months ended  June 30, 2008** | ** ** | **Year ended  December 31, 2007** | ** ** |
|-------------------------------------------------------------|------------|---------------------------------------------------------|------------|--------------------------------------------------|------------|
| Beginning asset  retirement obligation                      | ** ** | $                                                       | 305,215    |                                             | $          | 203,803 |   |
| Additions  related to new properties                        |       | 24,757                                                  |       | 66,996                                           |       |
| Accretion  expense                                          |       | 13,820                                                  |       | 34,416                                           |       |
| Retirement  related to property abandonment and restoration |       | (9,058                                                  | )          | —                                           |       |
| Ending asset  retirement obligation                         | ** ** | $                                                       | 334,734    |                                             | $          | 305,215 |   |

 

**3. Transactions with Affiliates**

 

The Partnership has noemployees. Reef Exploration, L.P. (“RELP”), an affiliate of Reef Oil &Gas Partners, L.P. (“Reef”), the managing general partner, employs a staffincluding geologists, petroleum engineers, landmen and accounting personnel whoadminister all of the Partnership’s operations. The Partnership reimburses RELPfor technical and administrative services at cost. During the three and sixmonth periods ended June 30, 2008, the Partnership incurred technicalservices and administrative costs totaling $161,730 and $283,870, respectively.Of these amounts, $9,267 and $25,730 represent technical services costscapitalized as project costs, and $152,463 and $258,140 representadministrative costs included as general and administrative expenses.

 

Reef contributes 1% ofall leasehold, drilling and completion costs when incurred. In addition, Reefpurchased 5% of the Partnership units and pays 5% of the 99% of these costspaid by the unit holders (4.95%). During the six months ended June 30,2008, this 1% obligation totaled $3,881. At June 30, 2008 and December 31,2007, Reef owed the Partnership $2,135 and $15,098 in connection with thisobligation. The Partnership settles its balances with Reef and RELP on aquarterly basis.

 

RELP processes jointinterest billings and revenues on behalf of the Partnership. At June 30,2008, RELP owed the Partnership $1,709,035 for net revenues processed in excessof joint interest and technical and administrative services charges. At December 31,2007, the Partnership owed RELP $61,692 in connection with joint interest invoices(primarily for drilling of wells) and technical and administrative servicescharges in excess of net revenues. The cash associated with net revenuesprocessed by RELP is normally received by RELP from oil and gas purchasers30-60 days after the end of the month to which the revenues pertain.

 

Accounts payable toaffiliates at June 30, 2008 and December 31, 2007 also includes$444,789 and $744,789, respectively, for the unpaid portion of the 15%management fee due to Reef for organization and offering costs, including salescommissions. The management fee is payable in two parts. Reef initiallyreceived reimbursement for actual commissions and organization and offeringcosts as incurred, up to a maximum of 13.5%. The remaining balance is beingpaid to Reef from cash flows available for partner distributions, at a rate notto exceed $1 million per year. The Partnership began reimbursing Reef $50,000per month beginning in January 2008. During the first six months of 2008,the Partnership paid $300,000 of the unpaid management fee balance due to Reef.The remaining $444,789 balance due at June 30, 2008 has been classified asa current liability because the Partnership expects to complete payment of thebalance due within the next twelve months.

 

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**4.Partnership Equity**

 

Information regarding thenumber of units outstanding and the net income per type of Partnership unit forthe three and six month periods ended June 30, 2008 is detailed below:

 

For the threemonths ended June 30, 2008

 
| **Type of Unit**      | ** ** | **Number of  Units** | ** ** | **Net income** | ** ** | **Net income  per unit** | ** ** |
|---------------------------------|------------|---------------------------|------------|---------------------|------------|------------------------------------|------------|
| Managing general  partner units |       | 75.363                    |       | $                   | 329,756    |                               | $          | 4,375.56 |   |
| General partner  units          |       | 1,190.561                 |       | 1,228,670           |       | $                                  | 1,032.01   |   |
| Limited partner  units          |       | 241.336                   |       | 249,061             |       | $                                  | 1,032.01   |   |
| Total                           |       | 1,507.260                 |       | $                   | 1,807,487  |                               |       |   |

 

For the six monthsended June 30, 2008

 
| **Type of Unit**      | ** ** | **Number of  Units** | ** ** | **Net income** | ** ** | **Net loss  per unit** | ** ** |
|---------------------------------|------------|---------------------------|------------|---------------------|------------|----------------------------------|------------|
| Managing general  partner units |       | 75.363                    |       | $                   | 526,450    |                             | $          | 6,985.52 |   |
| General partner  units          |       | 1,190.561                 |       | 1,875,514           |       | $                                | 1,575,32   |   |
| Limited partner  units          |       | 241.336                   |       | 380,181             |       | $                                | 1,575.32   |   |
| Total                           |       | 1,507.260                 |       | $                   | 2,782,145  |                             |       |   |

 

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

 

The following is a discussion of the Partnership’s financialposition, results of operations, liquidity and capital resources. Thisdiscussion should be read in conjunction with our financial statements and therelated notes thereto, included in the Annual Report.

 

This Quarterly Reportcontains forward-looking statements that involve risks and uncertainties. You should exercise extreme caution with respect to all forward-lookingstatements made in this Quarterly Report.  Specifically, the followingstatements are forward-looking:

 

·                  statements regarding the state of the oiland gas industry and the opportunity to profit within the oil and gas industry,competition, pricing, level of production, or the regulations that may affectthe Partnership;

 

·                  statements regarding the plans andobjectives of Reef for future operations, including, without limitation, theuses of Partnership funds and the size and nature of the costs the Partnershipexpects to incur and people and services the Partnership may employ;

 

·                  any statements using the words “anticipate,”“believe,” “estimate,” “expect” and similar such phrases or words; and

 

·                  any statements of other than historicalfact.

 

Reef believes that it isimportant to communicate its future expectations to the partners. Forward-looking statements reflect the current view of management with respectto future events and are subject to numerous risks, uncertainties andassumptions, including, without limitation, the risk factors listed in thesection captioned “RISK FACTORS” contained in the Reef Global Ventures IIDrilling Program’s (the “Program”) prospectus and prospectus supplement eachdated July 8, 2005. Although Reef believes that the expectations reflectedin such forward-looking statements are reasonable, Reef can give no assurancethat such expectations will prove to have been correct.  Should any one ormore of these or other risks or uncertainties materialize or should anyunderlying assumptions prove incorrect, actual results are likely to varymaterially from those described herein.  There can be no assurance thatthe projected results will occur, that these judgments or assumptions will provecorrect or that unforeseen developments will not occur.

 

Reef does not intend toupdate its forward-looking statements.  All subsequent written and oralforward-looking statements attributable to Reef or persons acting on its behalfare expressly qualified in their entirety by the applicable cautionarystatements.

 

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**Overview**

 

Reef Global Energy VI,L.P. is a Nevada limited partnership formed to acquire, explore, develop andproduce crude oil, natural gas, and natural gas liquids for the benefit of itsinvestor partners. The Partnership’s primary purposes are to generate revenuesfrom the production of crude oil and natural gas, distribute cash flow toinvestors, and provide tax benefits to investors. The Partnership purchased workinginterests in twenty developmental prospects. The Partnership participated inthe drilling of eight successful developmental wells on eight developmentalprospects located in Acadia Parish, Louisiana, Pittsburg County, Oklahoma, andPalo Pinto, Jackson, Harris, Galveston, and Lavaca (two prospects) County,Texas. Three of the wells located in Jackson and Lavaca County, Texas andAcadia Parish, Louisiana have ceased production. The Partnership participatedin the drilling of eleven unsuccessful developmental wells on elevendevelopmental prospects located in West Baton Rouge, Acadia, Calcasieu, andCameron Parish, Louisiana, and in Hardin, Upton, Ector, Jefferson, Lavaca,Reeves, and Dawson County, Texas. The Partnership purchased a working interest inthe Sand Dunes developmental prospect in Eddy County, New Mexico, and hasparticipated in the drilling of eight developmental wells on this prospect (seebelow). The Partnership also purchased working interests in fourteenexploratory prospects, upon which a total of fourteen exploratory and eightdevelopmental wells have been drilled. The Partnership participated in thedrilling of seven successful exploratory wells, seven successful developmentalwells, and one unsuccessful developmental well on seven exploratory prospectslocated in Terrebonne and St. Martin Parish, Louisiana, Sterling, Jefferson(two prospects) and Live Oak County, Texas, and offshore in U.S. Coastal watersin the Gulf of Mexico. The Partnership expects to participate in the drilling ofan additional exploratory well on the prospect in Live Oak County, Texas whichwill begin drilling operations in late August 2008.  The Partnership participated in the drillingof seven unsuccessful exploratory wells on seven exploratory prospects locatedin West Baton Rouge, Beauregard, and Cameron Parish, Louisiana, Brazoria,Lavaca, and San Patricio County, Texas, and offshore in U.S. Coastal waters inthe Gulf of Mexico. Of the fourteen successful wells, three wells located inSt. Martin and Terrebonne Parish, Louisiana and in Live Oak County, Texas haveceased production.

 

A “prospect” is generallydefined as a contiguous oil and gas leasehold estate, or lesser interest in aleasehold estate, upon which drilling operations may be conducted. A prospect maybe characterized as “exploratory” or “developmental” based upon the type ofwell to be drilled on the prospect. A development well is a well drilled withina proved area of an oil or gas reservoir to the depth of a stratigraphichorizon known to be productive. Generally an exploratory well is any well thatis not a development well, including wells drilled to find and produce oil orgas in an unproven area, wells drilled to find a new reservoir in a fieldpreviously found to be productive of oil or gas, or wells drilled to extend aknown reservoir. In this Quarterly Report, we use the term “successful” torefer to wells that are drilled, tested, and either capable of or actuallyproducing in commercial quantities. We use the tern “unsuccessful” to refer towells that do not meet one or more of these criteria. The Partnership estimatesthat total drilling, completion and facilities expenditures, including thecosts of the well to be drilled in August and the estimated cost of saltwater disposal facilities for the Sand Dunes wells, will exceed availablecapital by approximately $1,048,000. The Partnership will begin recovery ofthis amount in August 2008 by reducing Partnership monthly distributionsover the next six to eight months. The Partnership does not operate in anyother industry segment, and operates solely in the United States.

 

The table belowsummarizes Partnership drilling expenditures at June 30, 2008 byclassification of well. Drilling, completion, and facilities costs include$292,988 capitalized as asset retirement cost.

 
| ** **           | ** ** | **Leasehold  Costs** | ** ** | **Drilling,  Completion,  and Facilities  Costs** | ** ** | **Total Costs** | ** ** |
|----------------------|------------|----------------------|------------|--------------------------------------------------------|------------|----------------------|------------|
| Developmental  wells |       | $                    | 1,467,011  |                                                   | $          | 18,857,774           |       | $ | 20,324,785 |   |
| Exploratory  wells   |       | 1,236,951            |       | 11,183,387                                             |       | 12,420,338           |       |
| Unproved  properties |       | 172,930              |       | —                                                 |       | 172,930              |       |
| Total                |       | $                    | 2,876,892  |                                                   | $          | 30,041,161           |       | $ | 32,918,053 |   |

 

The Partnership has participated in the drilling of eight wells on itsSand Dunes prospect.  Followinginitial testing which confirmed the presence of crude oil and natural gas, alleight of the Sand Dunes wells have been temporarily shut in due to the highcost associated with salt water disposal and generator rental. 

 

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Generators had been rented to provide power tothe wells during their initial testing period and associated salt waterproduced was trucked off-site by an independent contractor. In order to reduceoverall costs, installation of electric service to the well-site locations isproceeding, and a more cost effective method of salt water disposal is beingexplored. To date, RELP, the operator of these wells, has been unsuccessful inlocating a long-term economic solution for disposing of produced salt water;however, RELP continues to evaluate its options for salt water disposal. ThePartnership anticipates having electric service in place by the end of August 2008,and plans to resume the testing of two or three Sand Dunes wells at that time.However, the Partnership estimates that it will be at least an additional 180days from the date of this Quarterly Report before efficient salt waterdisposal capability is in place for the Sand Dunes prospect.

 

The unproved propertiesowned by the Partnership at June 30, 2008 consist of un-drilled leaseholdinterests (11 potential drilling locations) in the Sand Dunes prospect. ThePartnership does not have available capital to drill these potential locations.The Partnership may sell all or a part of these leasehold interests to thirdparties or other partnerships managed by Reef. However, the Partnership ispermitted to borrow funds or utilize cash flows from existing productiveproperties in order to conduct future drilling on this prospect. Partnerapproval would not need to be obtained for borrowing activity, as the estimatedadditional cost is not in excess of 25% of the Partnership’s original aggregatecapital contributions. Until such time as the productive capability of theeight Sand Dunes wells already drilled can be fully analyzed, it is unknownwhether the Partnership will drill additional wells on the Sand Dunes prospector sell all or a portion of the acreage. The estimated cost to the Partnershipof participating in future drilling operations related to the un-drilledleasehold interests in the Sand Dunes prospect at its current working interestownership level is approximately $150,000-$200,000 per location.

 

**CriticalAccounting Policies**

 

There have been no changes from the Critical Accounting Policiesdescribed in the Annual Report.

 

**Liquidityand Capital Resources**

 

The Partnership wasfunded with initial capital contributions totaling $37,398,898. Reef purchased75.363 general partner units, or 5% of the total units sold, for $1,601,464.Investor partners purchased 1,190.561 units of general partner interest and241.336 units of limited partner interest for $35,797,434. As of June 30,2008, Reef has also contributed or accrued $300,618 in connection with itsobligation to pay 1% of all leasehold, drilling, and completion costs.Organization and offering costs totaled $5,369,615, leaving capitalcontributions of $32,329,901 available for Partnership activities. ThePartnership expects to expend approximately $1,048,000 in excess of theavailable capital on the thirty-five developmental and fifteen exploratorywells referred to above. With the exception of costs to be spent in connectionwith salt water disposal facilities for the Sand Dunes wells, these funds areexpected to be expended over a period of approximately thirty-nine monthsbeginning in July 2005 through September 2008. Expenditures in excessof available capital will be deducted from Partnership distributions over a sixto eight month period beginning in August 2008.

 

During this quarter,completion operations were finished on the Rob L RA SUA CL&F #1 (“Gumbo II”)well located in Terrebonne Parish, Louisiana, and the well began productionoperations in May 2008. The operator of the well slowly increasedproduction volumes to their current levels during the first 30-45 days ofproduction. The well is currently producing approximately 14 million cubic feetof natural gas per day and 1,300 barrels of condensate (oil) per day. ThePartnership owns an estimated 3.4% revenue interest in the well’s production,and expects the well to have a significant positive impact on overallprofitability of the Partnership. In June 2008, the four Sand Dunes wellsundergoing extended testing and evaluation were shut-in due to the high cost associatedwith salt water disposal and generator rental. Upon installation of electricity to the Sand Dunes well-site locations,which is expected to occur by the end of August 2008, testing will resumeon two or three of the Sand Dunes wells in order to determine their potentialcommercial productivity. One Partnership developmental well located in LavacaCounty, Texas ceased producing during this quarter and is expected to beplugged and abandoned.  At June 30,2008, the Partnership had sixteen producing wells. The Partnership also agreedto participate in an exploratory well located on an existing Partnershipexploratory prospect in Live Oak County, Texas. This well is expected to begindrilling operations in late August. The estimated well cost of $150,000 is apart of the $1,048,000 budget deficit referred to above, which will berecovered through a reduction of Partnership distributions over a six to eightmonth period beginning in August 2008.

 

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The Partnership hasworking capital of $1,750,858 at June 30, 2008, which includes a cashdeficit of $433,481 in connection with drilling, completion, and facilitiescosts and $2,184,339 of interest income and net revenues available fordistribution to investor partners. The Partnership has expended $32,763,382 todate in connection with the purchase of leasehold interests, drilling activity,and pre-production administrative costs. Excess drilling, completion, andfacilities costs are being recovered through a reduction of partnerdistributions from productive wells. Subsequent to expending the initialavailable partner capital contributions on drilling and completion of wells andrelated facilities, the Partnership has minimal working capital, primarilyconsisting of cash and accounts receivable from RELP related to oil and gassales processed by RELP, which the Partnership will use to pay monthly cashdistributions to investors.

 

**Resultsof Operations**

 

The following is acomparative discussion of the results of operations for the periods indicated.It should be read in conjunction with the condensed financial statements andthe related notes to the condensed financial statements included in thisQuarterly Report.

 

The following tableprovides information about sales volumes and oil and natural gas prices for theperiods indicated.

 
| ** **                               | ** ** | **For the three months  ended June 30,** | ** ** | **For the six months ended  June 30,** | ** ** |
|------------------------------------------|------------|-------------------------------------------------------------------|------------|-----------------------------------------------------------------|------------|
| ** **                               | ** ** | **2008**                                                          | ** ** | **2007**                                                        | ** ** | **2008** | ** ** | **2007** | ** ** |
| Sales volumes:                           |       |                                                              |       |                                                            |       |   |   |   |   |
| Oil (Barrels)                            |       | 7,580                                                             |       | 5,399                                                           |       | 13,852 |   | 6,973 |   |
| Natural gas  (Mcf)                       |       | 170,332                                                           |       | 72,242                                                          |       | 324,211 |   | 131,858 |   |
| Equivalent  barrels (6 Mcf equals 1 Bbl) |       | 35,969                                                            |       | 17,439                                                          |       | 67,887 |   | 28,949 |   |
|                                     |       |                                                              |       |                                                            |       |   |   |   |   |
| Average sales  prices received:          |       |                                                              |       |                                                            |       |   |   |   |   |
| Oil (Barrels)                            |       | $                                                                 | 125.84     |                                                            | $          | 61.29 |   | $ | 111.54 |   | $ | 60.01 |   |
| Natural gas  (Mcf)                       |       | $                                                                 | 11.95      |                                                            | $          | 7.35 |   | $ | 10.38 |   | $ | 7.23 |   |

 

The Partnership hadseventeen productive wells at the beginning of the second quarter of 2008, oneof which ceased production during the quarter. During the comparable quarter of2007, the Partnership had sixteen productive wells. However, none of the threelargest producers during the second quarter of 2008 were productive during thesecond quarter of 2007. Approximately 67.9% of total Partnership reserves areconcentrated in three wells which became productive in September 2007, January 2008,and May 2008. During the second quarter of 2008, these three wellsaccounted for 5,119 barrels (67.5%) and 129,326 Mcf (75.9%) of total productionduring the quarter. One of these three wells, the Gumbo II well, beganproduction in May 2008. The operator of the well slowly increasedproduction rates from the well during the first 30-45 days of production.Because the well did not reach its current production level of approximately 14million cubic feet of natural gas per day and 1,300 barrels of condensate (oil)per day until late June 2008, the Partnership expects production volumesduring the third quarter of 2008 from the Gumbo II well to exceed secondquarter volumes. We anticipate that during the third quarter of 2008, thePartnership will achieve its peak production levels and expect that quarterlyvolumes will thereafter begin to decline.

 

Net proved oil andnatural gas reserves of the Partnership at June 30, 2008 and 2007 includeproved developed producing reserves and proved developed non-producingreserves. Net proved oil and natural gas reserves at June 30, 2008 and2007 include only those quantities that we expect to recover commercially usingcurrent prices, costs, existing regulatory practices, and technology as of thedate indicated. Therefore, any changes in future prices, costs, regulations,technology or other unforeseen factors could materially increase or decreasethe proved reserve estimates. Additional development costs required to recoverthese proved reserves are estimated at approximately $116,000 as of June 30,2008. All of the Partnership’s reserves are located in the United States.

 

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Estimated proveddeveloped non-producing reserves at June 30, 2008 included in the abovetotals which are attributable to the eight Sand Dunes wells are 39,012 barrelsof oil and 82,707 Mcf of natural gas.

 

The Partnership hassixteen productive wells at June 30, 2008. The Partnership’s reserves arehighly concentrated in three of these sixteen wells. These three wells are theGumbo II well in Terrebonne Parish, Louisiana, the Dolphin B well in the Gulfof Mexico, and the HBR A Big Gas Unit well in Galveston County, Texas. Thesethree wells have total estimated proved reserves of 91,303 barrels of oil and2,425,717 Mcf of natural gas at June 30, 2008.  Using a conversion factor of 6 Mcf to 1barrel of oil, these three wells have approximately 67.9% of total Partnershipreserves at June 30, 2008.

 
| **Net proved reserves** | ** ** | **Oil (BBL)** | ** ** | **Gas (MCF)** | ** ** |
|-----------------------------------|------------|--------------------|------------|--------------------|------------|
| June 30,  2008               |       | 170,697            |       | 3,352,291          |       |
| June 30,  2007               |       | 51,716             |       | 722,372            |       |

 

**Threemonths ended June 30, 2008 compared to the three months ended June 30,2007**

 

The Partnership had netincome totaling $1,807,487 for the three month period ended June 30, 2008,compared to a net loss of $3,143,327 for the three month period ended June 30,2007.

 

Partnership revenuestotaled $2,989,817 for the three months ended June 30, 2008 compared to$862,040 for the comparable period in 2007. The Partnership’s three largestwells accounted for 67.5% of oil sales volumes and 75.9% of gas sales volumesduring the second quarter of 2008. None of these three wells produced duringthe second quarter of 2007.

 

While the percentageincrease in oil and gas sales volumes totaled 40.4% for oil and 235.8% for gas,overall revenues increased 346.8% because of higher prices associated with theincreased sales volumes. As shown in the table above, oil prices more thandoubled and gas prices increased by approximately 62.5% during the three monthperiod ended June 30, 2008 compared to the same period of 2007.

 

Production expensesaveraged $11.55 per equivalent barrel of oil produced during the second quarterof 2008 compared to $7.69 per equivalent barrel of oil produced during thesecond quarter of 2007. The Sand Dunes wells, prior to being shut-in in midJune, had a net operating loss totaling $38,612 during the three month periodending June 30, 2008. Excluding revenues and expenses related to the SandDunes prospect, production expenses averaged $9.89 per equivalent barrel of oilduring the second quarter of 2008.

 

During the three monthperiod ended June 30, 2007, the Partnership incurred property impairmentcost totaling $3,133,114. The impairment resulted from major downward revisionsin the estimated reserves of four Partnership wells which had begun productionoperations during the prior six months. The impairment cost was the majorreason for the net loss during the quarter. As a result of the threesignificant discoveries beginning in September 2007, the Partnership hashad no impairment cost subsequent to the second quarter of 2007.

 

General andadministrative costs incurred during the three months ended June 30, 2008and 2007 increased from $78,300 in 2007 to $220,720 in 2008. Effective April 1,2008, Reef increased overhead charges to the Partnership in order to recover theactual overhead costs allocable to the Partnership. Not all allocable generaland administrative expenses were charged to the Partnership in 2007. BeginningApril 1, 2008, Reef implemented a new method for allocating overhead that takesactual overhead and allocates it to the Partnership based on the Partnership’srelative portion of total revenues, expenses and capital costs. The impact tothe Partnership during the second quarter of 2008 was an increase of $116,673over the amount charged during the second quarter of 2007. We expect theoverhead charge to increase or stay at the same level during the third quarterof 2008 depending upon the total revenues, expenses and capital costs for thethird quarter of 2008.

 

**Sixmonths ended June 30, 2008 compared to the six months ended June 30,2007**

 

The Partnership had netincome totaling $2,782,145 for the six month period ended June 30, 2008,compared to a net loss of $9,655,317 for the six month period ended June 30,2007.

 

During the first sixmonths of 2007, the Partnership incurred impairment costs totaling $9,466,246.Approximately $4,060,000 of the impairment was the result of the drilling ofthree unsuccessful wells during the first quarter of 2007, and the remainderwas the result of reserve reductions on successful Partnership wells.

 

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The Partnership did not havesignificant reserve levels and significant associated future estimateddiscounted net cash flow levels from existing reserves during the first half of2007 to cover the capitalized costs of these dry holes, or to cover the drop infuture estimated discounted cash flows which occurred as a result of thereserve reductions. Because of the three significant reserve discoveriesbeginning with the well completed in September 2007, as well as thesignificant upward trend in oil and gas prices, the Partnership now has futureestimated discounted cash flows from its reserves that are significantly inexcess of capitalized costs, and the Partnership has not recorded anyimpairment expense subsequent to the six month period ended June 30, 2007.

 

Partnership revenuestotaled $4,910,097 for the six months ended June 30, 2008 compared to$1,371,771 for the comparable period in 2007. The difference is primarily dueto the results of the Gumbo II well in Terrebonne Parish, Louisiana, theDolphin B well in the Gulf of Mexico, and the HBR A Big Gas Unit in GalvestonCounty, Texas, which accounted for no sales volumes and no revenues during thesix months ended June 30, 2007, and accounted for 67.8% of the gas salesvolumes, 61.2% of the oil sales volumes, and $3,263,594 (66.5%) of totalrevenues for the six month period ended June 30, 2008, as well as thetremendous increases in oil and gas prices between these two periods. Had thevolumes sold during the first half of 2008 been sold at the same average pricesreceived during the first half of 2007, revenues from those sales would havebeen approximately $3,175,000. Thus, the difference in pricing alone accountsfor over 35% of the revenues received during the first half of 2008.  Because the Partnership will have three fullmonths of sales volumes from the Gumbo II well during the third quarter of2008, we expect production and sales volumes to peak next quarter. We expectthat average prices received for our sales may decline slightly from secondquarter levels, but anticipate an increase in total sales revenues based uponincreased sales volumes.

 

Production expensesaveraged $11.15 per equivalent barrel of oil produced during the first sixmonths of 2008 compared to $7.80 per equivalent barrel of oil produced duringthe half of 2007. The Sand Dunes wells, prior to being shut-in in mid June 2008,had a net operating loss totaling $58,858 during the first half of 2008.Excluding Sand Dunes revenues and expenses, production expenses averaged $9.71per equivalent barrel of oil during the first half of 2008.

 

General andadministrative costs incurred during the six months ended June 30, 2008and 2007 increased from $113,345 in 2007 to $336,544 in 2008. During the firstquarter of 2008 as compared to 2007, the increase totaled approximately $90,000,and was related to the overall increased well count and activities of thePartnership. Effective April 1, 2008, Reef increased overhead charges tothe Partnership in order to recover the actual overhead costs allocable to thePartnership. Not all allocable general and administrative expenses were chargedto the Partnership in 2007. Beginning April 1, 2008, Reef implemented a newmethod for allocating overhead that takes actual overhead and allocates it tothe Partnership based on the Partnership’s relative portion of total revenues,expenses and capital costs. The impact to the Partnership during the secondquarter of 2008 was an increase of $116,673 over the amount charged during thesecond quarter of 2007. We expect the overhead charge to increase or stay atthe same level during the third quarter of 2008 depending upon the totalrevenues, expenses and capital costs for the third quarter of 2008.

 

**Item 3.Quantitative and Qualitative Disclosures About Market Risk**

 

Not Applicable

 

**Item 4T. Controls and Procedures**

 

**Evaluation of Disclosure Controls and Procedures**

 

As the managing generalpartner of the Partnership, Reef maintains a system of controls and proceduresdesigned to provide reasonable assurance as to the reliability of the financialstatements and other disclosures included in this report, as well as tosafeguard assets from unauthorized use or disposition. The Partnership, underthe supervision and with participation of its management, including theprincipal executive officer and principal financial officer, evaluated theeffectiveness of its “disclosure controls and procedures” as such term isdefined in Rule 13a-15(e) under the Securities Exchange Act of 1934,as amended (the “Exchange Act”), as of the end of the period covered by thisQuarterly Report. Based on that evaluation, the principal executive officer andprincipal financial officer have concluded that the Partnership’s disclosurecontrols and procedures are effective to ensure that information required to bedisclosed by the Partnership in reports that it files or submits under theExchange Act is recorded, processed, summarized, and reported within the timeperiods specified in Securities and Exchange Commission rules and forms,and includes controls and procedures designed to ensure that informationrequired to be disclosed by us in such reports is accumulated and communicatedto our management, including the principal executive officer and principalfinancial officer, as appropriate to allow timely decisions regarding financialdisclosure.

 

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**Changesin Internal Controls**

 

Therehave not been any changes in the Partnership’s internal controls over financialreporting during the fiscal quarter ended June 30, 2008 that havematerially affected, or are reasonably likely to materially affect, thePartnership’s internal control over financial reporting.

 

**PART II – OTHER INFORMATION**

 

**Item 1. Legal Proceedings**

 

None.

 

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

 

**Use ofProceeds**

 

In connection with theRegistration Statement filed on Form S-1 (No. 333-122935) anddeclared effective July 7, 2005, Reef filed a final prospectus for theProgram on July 8, 2005. On July 8, 2005, Reef filed a prospectussupplement describing the Partnership and commenced the offering of units inthe Partnership. All sales of Partnership units were made through the Program’sdealer-manager, Reef Securities, Inc., and a number of soliciting dealers.The offering terminated October 31, 2005. Under the terms of the offering,a minimum of 40 Partnership units at a price of $25,000 per unit were requiredto be sold in order to form the Partnership. Upon meeting this requirement, thePartnership was formed on July 18, 2005.

 

The Partnershipregistered a total of 400 units of limited partner interests and 1,600 units ofgeneral partner interests. The aggregate offering amount registered was$50,000,000. During the offering period that terminated on October 31,2005, the Partnership sold 1,431.897 units to investor partners, consisting of241.336 units of limited partner interest and 1,190.561 units of additionalgeneral partner interest. Reef purchased 75.363 general partner units, equaling5.00% of the total Partnership units sold. The Partnership did not sell theremaining registered units. Total offering proceeds were $37,398,898. Reef isalso obligated to contribute 1% of all leasehold, drilling, and completioncosts as incurred. At June 30, 2008, Reef had contributed or accrued$300,618 to the Partnership in connection with this obligation.

 

All units except thosepurchased by Reef paid a 15% management fee to Reef to pay for the Partnershiporganization and offering costs, including sales commissions. These coststotaled $5,369,615, leaving capital contributions of $32,329,901 available forPartnership oil and gas operations. As of June 30, 2008, the Partnershiphad expended $32,625,065 on property acquisitions and prepayments and $138,317on general and administrative expenses. The Partnership will expend additionalfunds in connection with the drilling of an exploratory well located on anexisting Partnership exploratory prospect in Live Oak County, Texas during thethird quarter and is expected to expend funds on salt water disposal facilitiesfor the wells located on the Sand Dunes prospect. Expenditures in excess ofavailable capital are being deducted from Partnership distributions beginningin August 2008.

 

**Item 3. Default Upon Senior Securities**

 

None.

 

**Item 4. Submission of Matters to a Vote of Security Holders**

 

None.

 

**Item 5. Other Information**

 

None.

 

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**Item 6. Exhibits**

 
| ** ** | **Exhibits** | ** ** | ** **                                                                                                         |
|------------|--------------|------------|--------------------------------------------------------------------------------------------------------------------|
|       |         |       |                                                                                                               |
|       | 31.1         |       | Certification of  Principal Executive Officer pursuant to Section 302 of the  Sarbanes-Oxley Act of 2002.     |
|       |         |       |                                                                                                               |
|       | 31.2         |       | Certification of  Principal Financial Officer pursuant to Section 302 of the  Sarbanes-Oxley Act of 2002.     |
|       |         |       |                                                                                                               |
|       | 32.1         |       | Certification of the  Principal Executive Officer pursuant to Section 906 of the  Sarbanes-Oxley Act of 2002. |
|       |         |       |                                                                                                               |
|       | 32.2         |       | Certification of the  Principal Financial Officer pursuant to Section 906 of the  Sarbanes-Oxley Act of 2002. |

 

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**SIGNATURES**

 

Pursuant to therequirements of the Securities Exchange Act of 1934, the registrant has dulycaused this report to be signed on its behalf by the undersigned, thereuntoduly authorized.

 
|       |                  |       | REEF GLOBAL ENERGY VI, L.P. |
|------------|-----------------------|------------|-----------------------------|
|       |                  |       |                        |   |
|       |                  |       | By:                         | Reef  Oil & Gas Partners, L.P. |
|       |                  |       |                        | Managing General  Partner |
|       |                  |       |                        |   |
|       |                  |       | By:                         | Reef Oil &  Gas Partners, GP, LLC |
|       |                  |       |                        |   |
|       |                  |       |                        |   |
| Dated:     | August 19,  2008 |       | By:                         |   /s/  Michael J. Mauceli |
| ** ** | ** **            | ** ** |                        | **Michael  J. Mauceli** |
|       |                  |       |                        | Manager and  Member |
| * *   | * *              | * *   |                        | *(principal  executive officer)* |
|       |                  |       |                        |   |
|       |                  |       |                        |   |
| Dated:     | August 19,  2008 |       | By:                         |   /s/  David M Tierney |
| ** ** | ** **            | ** ** |                        | **David  M. Tierney** |
|       |                  |       |                        | Chief Accounting  Officer – Public Partnerships |
|       |                  |       |                        | Reef  Exploration, L.P. |
| * *   | * *              | * *   |                        | *(principal financial and  accounting officer)* |

 

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