UNITED
STATES
 SECURITIES
AND EXCHANGE COMMISSION
 Washington,
D.C. 20549
 ___________________
 
 FORM
10-Q
 
 x
              QUARTERLY
      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
      1934
 
 For
the Quarterly Period Ended June 30, 2009
 
 OR
 
 o
              TRANSITION
      REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF
      1934
 
 For
the Transition Period from ________ to ________
 
 Commission
File Number: 333-122935-01
 ___________________
 
 REEF
GLOBAL ENERGY VI, L.P.
 (Exact
name of registrant as specified in its charter)
  Nevada
                  (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 reports required to
be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. Yes x    No
o
 
 Indicate
by check mark whether the registrant has submitted electronically and posted on
its corporate Web site, if any, every Interactive Data File required to be
submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this
chapter) during the preceding 12 months (or for such shorter period that the
registrant was required to submit and post such files). Yes o No o
 
 Indicate
by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting company. See
the definitions of “large accelerated filer,” “accelerated filer” and “smaller
reporting company” in Rule 12b-2 of the Exchange Act.
  Large
      accelerated filer o
                Accelerated
      filer o
                Non-accelerated
      filer o
                Smaller
      reporting company x
 Indicate
by check mark whether the registrant is a shell company (as defined in Rule
12b-2 of the Exchange Act). Yes oNox
  As of
June 30, 2009, the registrant had 75.363 units of general partner interest held
by the managing general partner, and 1,431.897 units of limited partner interest
outstanding.
 Reef
Global Energy VI, L.P.
 Form
10-Q Index
 
  PART
      I -- FINANCIAL INFORMATIONITEM
      1.
                Financial
      Statements (Unaudited)Condensed
      Balance Sheets
                1Condensed
      Statements of Operations
                2Condensed
      Statements of Cash Flows
                3Notes
      to Condensed Financial Statements
                4ITEM
      2.
                Management’s
      Discussion and Analysis of Financial Condition and Results of
      Operations
                7ITEM
      3.
                Quantitative
      and Qualitative Disclosures About Market Risk
                12ITEM
      4T.
                Controls
      and Procedures
                13PART
      II -- OTHER INFORMATIONITEM
      1.
                Legal
      Proceedings
                13ITEM
      2.
                Unregistered
      Sales of Equity Securities and Use of Proceeds
                13ITEM
      3.
                Default
      Upon Senior Securities
                14ITEM
      4.
                Submission
      of Matters to a Vote of Security Holders
                14ITEM
      5.
                Other
      Information
                14ITEM
      6.
                Exhibits
                14Signatures




i




PART
I FINANCIAL INFORMATION
 
 Item
1. Financial Statements
 Reef
Global Energy VI, L.P.
 Condensed
Balance Sheets
 
 June
      30,
                2009
              
              
              December
      31,
                2008(unaudited)AssetsCurrent
      assets:Cash
      and cash equivalents
              
              $
              154,435
              
              
              $
              1,125,458Accounts
      receivable
              
              
              2,680
              
              
              
              2,680Accounts
      receivable from affiliates
              
              
              565,619
              
              
              
              144,486Total
      current assets
              
              
              722,734
              
              
              
              1,272,624Oil
      and gas properties, full cost method of accounting:Proved
      properties, net of accumulated depletion of $26,711,958 and
      $22,961,256
              
              
              6,800,218
              
              
              
              10,266,854Net
      oil and gas properties
              
              
              6,800,218
              
              
              
              10,266,854Total
      Assets
              
              $
              7,522,952
              
              
              $
              11,539,478Liabilities
      and partnership equityCurrent
      liabilities:Accounts
      payable
              
              $
              56,115
              
              
              $
              5,161Accounts
      payable to affiliates
              
              
              --
              
              
              
              144,789Total
      current liabilities
              
              
              56,115
              
              
              
              149,950Long-term
      liabilities:Asset
      retirement obligation
              
              
              392,363
              
              
              
              386,346Total
      long-term liabilities
              
              
              392,363
              
              
              
              386,346Partnership
      equityLimited
      partners
              
              
              6,554,220
              
              
              
              10,235,797Managing
      general partner
              
              
              520,254
              
              
              
              767,385Partnership
      equity
              
              
              7,074,474
              
              
              
              11,003,182Total
      liabilities and partnership equity
              
              $
              7,522,952
              
              
              $
              11,539,478
  See
accompanying notes to condensed financial statements.
  1
 
 Reef
Global Energy VI, L.P.
 Condensed
Statements of Operations
 (Unaudited)
 
 For
      the three months ended
                June
      30
              
              
              For
      the six months ended
                June
      302009
              
              
              2008
              
              
              2009
              
              
              2008Revenues
              
              $
              1,194,009
              
              
              $
              2,989,817
              
              
              $
              2,428,092
              
              
              $
              4,910,097Costs
      and expenses:Lease
      operating expenses
              
              
              177,162
              
              
              
              224,651
              
              
              
              423,952
              
              
              
              431,072Production
      taxes
              
              
              93,244
              
              
              
              190,686
              
              
              
              183,325
              
              
              
              325,889General
      and administrative
              
              
              230,583
              
              
              
              220,720
              
              
              
              384,815
              
              
              
              336,544Accretion
      of asset retirement obligation
              
              
              4,830
              
              
              
              9,760
              
              
              
              12,392
              
              
              
              13,820Depreciation,
      depletion and amortization
              
              
              527,829
              
              
              
              537,624
              
              
              
              1,329,861
              
              
              
              1,032,312Property
      impairment
              
              
              --
              
              
              
              --
              
              
              
              2,417,333
              
              
              
              --Total
      costs and expenses
              
              
              1,033,648
              
              
              
              1,183,441
              
              
              
              4,751,678
              
              
              
              2,139,637Income
      (loss) from operations
              
              
              160,361
              
              
              
              1,806,376
              
              
              
              (2,323,586
              )
              
              
              2,770,460Other
      income:Interest
      income
              
              
              529
              
              
              
              1,111
              
              
              
              2,587
              
              
              
              11,685Total
      other income
              
              
              529
              
              
              
              1,111
              
              
              
              2,587
              
              
              
              11,685Net
      income (loss)
              
              $
              160,890
              
              
              $
              1,807,487
              
              
              $
              (2,320,999
              )
              
              $
              2,782,145Net
      income (loss) per general partner unit
              
              $
              --
              
              
              $
              1,032.01
              
              
              $
              --
              
              
              $
              1,575.32Net
      income (loss) per limited partner unit
              
              $
              61.02
              
              
              $
              1,032.01
              
              
              $
              (1,617.32
              )
              
              $
              1,575.32Net
      income (loss) per managing general partner unit
              
              $
              975.47
              
              
              $
              4,375.56
              
              
              $
              (68.58
              )
              
              $
              6,985.52
  See
accompanying notes to condensed financial statements.
  2
  Reef Global Energy VI,
L.P.
 Condensed
Statements of Cash Flows
 (Unaudited)
 
 For
      the three months ended
                June
      302009
              
              
              2008Operating
      ActivitiesNet
      income (loss)
              
              $
              (2,320,999
              )
              
              $
              2,782,145Adjustments
      for non-cash transactions:Depreciation,
      depletion and amortization
              
              
              1,329,861
              
              
              
              1,032,312Property
      impairment
              
              
              2,417,333
              
              
              
              --Accretion
      of asset retirement obligation
              
              
              12,392
              
              
              
              13,820Adjustments
      to reconcile net income (loss) to net cashprovided
      by operating activities:Changes
      in operating assets and liabilities:Accounts
      receivable from affiliates
              
              
              (421,133
              )
              
              
              (1,709,035
              )Accounts
      payable
              
              
              50,954
              
              
              
              700Accounts
      payable to affiliates
              
              
              (144,789
              )
              
              
              --Net
      cash provided by operating activities
              
              
              923,619
              
              
              
              2,119,942Investing
      ActivitiesProperty
      acquisition and development
              
              
              (284,066
              )
              
              
              (801,948
              )Plugging
      and abandonment costs paid from asset retirement
obligation
              
              
              (2,867
              )
              
              
              (1,245
              )Net
      cash used in investing activities
              
              
              (286,933
              )
              
              
              (803,193
              )Financing
      ActivitiesPartner
      capital contributions
              
              
              7,605
              
              
              
              16,844Offering
      costs
              
              
              (144,789
              )
              
              
              (300,000
              )Partner
      distributions
              
              
              (1,470,525
              )
              
              
              (2,912,500
              )Net
      cash used in financing activities
              
              
              (1,607,709
              )
              
              
              (3,195,656
              )Net
      decrease in cash and cash equivalents
              
              
              (971,023
              )
              
              
              (1,878,907
              )Cash
      and cash equivalents at beginning of period
              
              
              1,125,458
              
              
              
              2,366,065Cash
      and cash equivalents at end of period
              
              $
              154,435
              
              
              $
              487,158Supplemental
      disclosure of non-cash investing transactionsProperty
      additions and asset retirement obligation
              
              $
              --
              
              
              $
              24,757Adjustment
      to asset retirement obligation
              
              $
              --
              
              
              $
              7,813Supplemental
      disclosure of non-cash financing transactionsManaging
      partner contributions included in accounts receivable from
      affiliates
              
              $
              --
              
              
              $
              2,135Offering
      costs included in accounts payable to affiliates
              
              $
              --
              
              
              $
              444,789
  See
accompanying notes to condensed financial statements.
  3
  Reef
Global Energy VI, L.P.
 Notes
to Condensed Financial Statements (unaudited)
 June
30, 2009
 
 1.
Organization and Basis of Presentation
 
 The
financial statements of Reef Global Energy VI, L.P. (the “Partnership”) have
been prepared pursuant to the rules and regulations of the Securities and
Exchange Commission (the “SEC”). Certain information and footnote disclosure
normally included in annual financial statements prepared in accordance with
accounting principles generally accepted in the United States have been
condensed or omitted pursuant to those rules and regulations. We have recorded
all transactions and adjustments necessary to fairly present the financial
statements included in this Quarterly Report on Form 10-Q (this “Quarterly
Report”). The adjustments are normal and recurring. The following notes describe
only the material changes in accounting policies, account details, or financial
statement notes during the first six months of 2009. Therefore, please read
these condensed financial statements and notes to condensed financial statements
together with the audited financial statements and notes to financial statements
contained in the Partnership’s Annual Report on Form 10-K for the period ended
December 31, 2008 (the “Annual Report”).  The results of operations
for the three and six month periods ended June 30, 2009 are not necessarily
indicative of the results that may be expected for the year ending December 31,
2009.
 
 2.
Summary of Accounting Policies
 
 Oil
and Natural Gas Properties
 
 The
Partnership follows the full cost method of accounting for crude oil and natural
gas properties. Under this method, all direct costs and certain indirect costs
associated with acquisition of properties and successful as well as unsuccessful
exploration and development activities are capitalized. Depreciation, depletion,
and amortization of capitalized crude oil and natural gas properties and
estimated future development costs, excluding unproved properties, are based on
the unit-of-production method using estimated proved reserves. For these
purposes, proved natural gas reserves are converted to equivalent barrels of
crude oil at a rate of 6 MCF to 1 Bbl. Net capitalized costs of crude oil and
natural gas properties, as adjusted for asset retirement obligations, are
limited to the lower of unamortized cost or the cost ceiling, defined as the sum
of the present value of estimated future net revenues from proved reserves based
on prices in effect at the end of the period held constant and discounted at 10
percent, plus the lower of cost or fair value of unproved properties, if any.
Pursuant to full cost accounting rules, the Partnership performs a ceiling test
quarterly as of the balance sheet date on its proved crude oil and natural gas
properties. Excess capitalized costs are charged to property impairment expense.
No gain or loss is recognized upon sale or disposition of crude oil and natural
gas properties, unless such a sale would significantly alter the rate of
depletion and amortization. During the three month period ended June 30, 2009
the Partnership recognized no impairment expense. During the six month period
ended June 30, 2009 the Partnership recognized a property impairment expense of
$2,417,333.
 
 Unproved
properties consist of undeveloped leasehold interest. Investments in unproved
properties are not depleted pending determination of the existence of proved
reserves. Unproved properties are assessed for impairment quarterly as of the
balance sheet date by considering the primary lease term, the holding period of
the properties, geologic data obtained relating to the properties, and other
drilling activity in the immediate area of the properties. Any impairment
resulting from this quarterly assessment is reported as property impairment
expense in the current period, as appropriate. During the three month period
ended June 30, 2009, the Partnership recognized no impairment of unproved
properties.
 
 Asset
Retirement Obligation
 
 The
Partnership accounts for its asset retirement obligations in accordance with
Statement of Financial Accounting Standards (“SFAS”) No. 143, “Accounting for
Asset Retirement Obligations” (“SFAS No. 143”). Asset retirement costs and
liabilities associated with future site restoration and abandonment of
long-lived assets are initially measured at fair value which approximates the
cost a third party would incur in performing the tasks necessary to retire such
assets. The fair value is recognized in the financial statements as the present
value of expected future cash expenditures for site restoration and abandonment.
Subsequent to the initial measurement, the effect of the passage of time on the
liability for the net asset retirement obligation (accretion expense) and the
amortization of the asset retirement cost are recognized in the results of
operations.  No gain or loss is recognized upon abandonment and
restoration of crude oil and natural gas properties, unless such abandonment and
restoration would significantly alter the rate of depletion and
amortization.
  4
 
 The
following table summarizes the Partnership’s asset retirement obligation for the
six months ended June 30, 2009 and the year ended December 31,
2008.
 
 
 Six
      months ended
                June
      30, 2009
              
              
              Year
      Ended
                December
      31, 2008Beginning
      asset retirement obligation
              
              $
              386,346
              
              
              $
              305,215Additions
      related to new properties
              
              
              --
              
              
              
              35,166Accretion
      expense
              
              
              12,392
              
              
              
              60,786Retirement
      related to property abandonment and restoration
              
              
              (6,375
              )
              
              
              (14,821
              )Ending
      asset retirement obligation
              
              $
              392,363
              
              
              $
              386,346
 
 
 Fair
Value of Financial Instruments
 
 The
estimated fair values for financial instruments under FSP SFAS No. 107-1,
Interim Disclosures about Fair Value of Financial Instruments, are determined at
discrete points in time based on relevant market information. These estimates
involve uncertainties and cannot be determined with precision. The
estimated fair value of cash, accounts receivable and accounts payable
approximates their carrying value due to their short-term
nature.
 
 New
Accounting Pronouncements
 
 Subsequent
Events
 
 In
May 2009, the Financial Accounting Standards Board (the
“FASB”)  issued SFAS No. 165, “Subsequent Events” (“SFAS
165”).  This statement incorporates guidance into accounting literature
that was previously addressed only in auditing standards.  The statement
refers to subsequent events that provide additional evidence about conditions
that existed at the balance-sheet date as “recognized subsequent events”. 
Subsequent events which provide evidence about conditions that arose after the
balance-sheet date but prior to the issuance of the financial statements are
referred to as ‘non-recognized subsequent events”.  It also requires
companies to disclose the date through which subsequent events have been
evaluated and whether this date is the date the financial statements were issued
or the date the financial statements were available to be issued.  This
statement is effective for interim and annual periods ending after June 15,
2009.  The Partnership evaluated subsequent events up to immediately prior
to the issuance of these financial statements.
 
 Recognition
and Presentation of Other-Than-Temporary Impairments
 
 In April
2009, the FASB issued FSP No. FAS 115-2 and FAS 124-2, “Recognition and
Presentation of Other-Than-Temporary Impairments”, which amends the
other-than-temporary impairment guidance for debt securities to make the
guidance more operational and to improve the presentation and disclosure of
other-than-temporary impairments on debt and equity securities in the financial
statements.  FSP No. FAS 115-2 and FAS 124-2 do not amend existing
recognition and measurement guidance for equity securities, but do establish a
new method of recognizing and reporting for debt
securities.  Disclosure requirements for impaired debt and equity
securities have been expanded significantly and are now required quarterly, as
well as annually.  FSP No. FAS 115-2 and FAS 124-2 became effective
for interim and annual reporting periods ending after June 15,
2009.  Comparative disclosures are required for periods ending after
the initial adoption.  FSP No. FAS 115-2 and FAS 124-2 did not have a
material impact on the Partnership’s financial position, results of operations
or cash flows.
  5
  Interim
Reporting of Fair Value of Financial Instruments
 
 In April
2009, the Financial Accounting Standards Board (the “FASB”) issued FASB Staff
Position FSP FAS 107-1 and Accounting Principles Board (“APB”) Opinion No. 28-1
(“FSP FAS 107-1”), “Interim Disclosures about Fair Value of Financial
Instruments.”  FSP FAS 107-1 amends SFAS No. 107, “Disclosures about
Fair Value of Financial Instruments,” to require disclosures about fair value of
financial instruments for interim reporting periods.  The FSP FAS
107-1 also amends APB Opinion No. 28, “Interim Financial Reporting,” to require
those disclosures about the fair value of financial instruments in summarized
financial information at interim reporting periods.  FSP FAS 107-1 is
effective for reporting periods ending after June 15, 2009.The adoption of FSP
FAS 107-1 did not have any impact on the Partnership’s results of operations,
cash flows, or financial position.
 
 Fair
Value Measurements
 
 On
January 1, 2009, the Partnership adopted FASB Staff Position FSP FAS No. 157-2
(“FSP FAS No. 157-2”), which delayed the effective date of SFAS No. 157, “Fair
Value Measurements” for nonfinancial assets and liabilities, except for items
that are recognized or disclosed at fair value in the financial statements on a
recurring basis at least annually.  The adoption of FSP FAS No. 157-2
was immaterial to the Partnership’s results of operations, cash flows and
financial positions.
 
 Modernization
of Oil and Gas Reporting
 
 In
January 2009, the SEC issued revisions to the oil and gas reporting disclosures,
“Modernization of Oil and Gas Reporting; Final Rule” (“the Final Rule”). In
addition to changing the definition and disclosure requirements for oil and gas
reserves, the Final Rule changes the requirements for determining quantities of
oil and gas reserves. The Final Rule also changes certain accounting
requirements under the full cost method of accounting for oil and gas
activities. The amendments are designed to modernize the requirements for the
determination of oil and gas reserves, aligning them with current practices and
updating them for changes in technology. The Final Rule is effective for annual
reports on Form 10-K for fiscal years ending on or after December 31, 2009. The
Partnership has not yet determined the impact, if any, of the Final Rule on the
financial statements.
 
 3.
Transactions with Affiliates
 
 The
Partnership has no employees. Reef Exploration, L.P. (“RELP”), an affiliate of
Reef Oil & Gas Partners, L.P. (“Reef”), the managing general partner of the
Partnership, employs a staff including geologists, petroleum engineers, landmen
and accounting personnel who administer all of the Partnership’s operations. The
Partnership reimburses RELP for technical and administrative services at cost.
During the three and six month periods ended June 30, 2009, the Partnership did
not incur any technical services capitalized as project costs. During the three
and six month periods ended June 30, 2009 the Partnership incurred
administrative costs totaling $165,922 and $299,376,
respectively.  During the three and six month periods ended June 30,
2008, the Partnership incurred technical services and administrative costs
totaling $161,730 and $283,870, respectively. Of these amounts, $9,267 and
$25,730 represent technical services costs capitalized as project costs, and
$152,463 and $258,140 represent administrative costs included as general and
administrative expenses.
 
 Reef
contributes 1% of all leasehold, drilling and completion costs when incurred. In
addition, Reef purchased 5% of the Partnership units and pays 5% of the 99% of
these costs paid by the unit holders (4.95%). As of June 30, 2009, this 1%
obligation totaled $0.  At December 31, 2008, Reef owed the
Partnership $12,019 in connection with this obligation. The Partnership settles
its balances with Reef and RELP on a quarterly basis.
  6
 
 RELP
processes joint interest billings and revenues on behalf of the Partnership. At
June 30, 2009, RELP owed the Partnership $565,619 for net revenues processed in
excess of joint interest and technical and administrative services charges. At
December 31, 2008, RELP owed the Partnership $144,486 for joint interest charges
(primarily for drilling of wells) and technical and administrative services
charges processed in excess of net revenues. The cash associated with net
revenues processed by RELP is normally received by RELP from oil and gas
purchasers 30-60 days after the end of the month to which the revenues
pertain.
 
 Accounts
payable to affiliates as of June 30, 2009 and December 31, 2008 also included $0
and $144,789, respectively, for the unpaid portion of the 15% management fee due
Reef for organization and offering costs, including sales commissions. The
management fee is payable in two parts. Reef initially received an amount not to
exceed 13.5% of the total offering proceeds to recover actual commissions and
organization and offering costs. The balances payable at June 30, 2009 and
December 31, 2008 represent the unpaid portion of the management fee in excess
of actual commissions and organization and offering costs, and are paid to Reef
from the oil and gas cash flows available for partner distributions, at a rate
not to exceed $1 million per year. During 2007, the Partnership reimbursed
$600,000 of this amount to Reef. The Partnership reimbursed this amount to Reef
at a rate of $50,000 per month, and completed payment of the balance due during
March 2009.
 
 4.
Commitments and Contingencies
 
 The
Partnership is not currently involved in any legal proceedings.
 
 5.  Partnership
Equity
 
 Information
regarding the number of units outstanding and the net income (loss) per type of
Partnership unit for the three and six month periods ended June 30, 2009 is
detailed below:
 
 For the three months ended June 30,
2009
 Type of Unit
              
              Number
      of
                Units
              
              
              Net
      income
              
              
              Net
      income
                per
      unitManaging
      general partner units
              
              
              75.363
              
              
              $
              73,514
              
              
              $
              975.47Limited
      partner units
              
              
              1,431.897
              
              
              
              87,376
              
              
              $
              61.02Total
              
              
              1,507.260
              
              
              $
              160,890
 
 For the six months ended June 30,
2009
 
 Type of Unit
              
              Number
      of
                Units
              
              
              Net
      loss
              
              
              Net
      loss per
                unitManaging
      general partner units
              
              
              75.363
              
              
              $
              (5,169
              )
              
              $
              (68.58
              )Limited
      partner units
              
              
              1,431.897
              
              
              
              (2,315,830
              )
              
              $
              (1,617.32
              )Total
              
              
              1,507.260
              
              
              $
              (2,320,999
              )
 
 
 Item
2.  Management's Discussion and Analysis of Financial Condition and
Results of Operations
 
 The
following is a discussion of the Partnership’s financial position, results of
operations, liquidity and capital resources. This discussion should be read in
conjunction with our financial statements and the related notes thereto,
included in the Annual Report.
 
 This
Quarterly Report contains forward-looking statements that involve risks and
uncertainties.  You should exercise extreme caution with respect to all
forward-looking statements made in this Quarterly Report.  Specifically,
the following statements are forward-looking:
 
 ·
              statements
      regarding the state of the oil and gas industry and the opportunity to
      profit within the oil and gas industry, competition, pricing, level of
      production, or the regulations that may affect the
      Partnership;
  ·
              statements
      regarding the plans and objectives of Reef for future operations,
      including, without limitation, the uses of Partnership funds and the size
      and nature of the costs the Partnership expects to incur and people and
      services the Partnership may
employ;
  7
  ·
              any
      statements using the words “anticipate,” “believe,” “estimate,” “expect”
      and similar such phrases or words;
and
 
 ·
              any
      statements of other than historical
fact.
  Reef
believes that it is important to communicate its future expectations to the
partners.  Forward-looking statements reflect the current view of
management with respect to future events and are subject to numerous risks,
uncertainties and assumptions, including, without limitation, the risk factors
listed in the section captioned “RISK FACTORS” contained in the Reef Global
Ventures II Drilling Program’s (the “Program”) prospectus and prospectus
supplement each dated July 8, 2005. Although Reef believes that the expectations
reflected in such forward-looking statements are reasonable, Reef can give no
assurance that such expectations will prove to have been correct.  Should
any one or more of these or other risks or uncertainties materialize or should
any underlying assumptions prove incorrect, actual results are likely to vary
materially from those described herein.  There can be no assurance that the
projected results will occur, that these judgments or assumptions will prove
correct or that unforeseen developments will not occur.
  Reef does
not intend to update its forward-looking statements.  All subsequent
written and oral forward-looking statements attributable to Reef or persons
acting on its behalf are expressly qualified in their entirety by the applicable
cautionary statements.
 
 Overview
 
 Reef
Global Energy VI, L.P. is a Nevada limited partnership formed to acquire,
explore, develop and produce crude oil, natural gas, and natural gas liquids for
the benefit of its investor partners. The Partnership’s primary purposes are to
generate revenues from the production of crude oil and natural gas, distribute
cash flow to investors, and provide tax benefits to investors. The Partnership
purchased working interests in twenty developmental prospects. The Partnership
participated in the drilling of eight successful developmental wells on eight
developmental prospects located in Acadia Parish, Louisiana, Pittsburg County,
Oklahoma, and Palo Pinto, Jackson, Harris, Galveston, and Lavaca (two prospects)
County, Texas. Four of the wells located in Jackson and Lavaca (two prospects)
County, Texas and Acadia Parish, Louisiana have ceased production. The
Partnership participated in the drilling of eleven unsuccessful developmental
wells on eleven developmental prospects located in West Baton Rouge, Acadia,
Calcasieu, and Cameron Parish, Louisiana, and in Hardin, Upton, Ector,
Jefferson, Lavaca, Reeves, and Dawson County, Texas. The Partnership purchased a
working interest in the Sand Dunes developmental prospect in Eddy County, New
Mexico, and has participated in the drilling of eight unsuccessful developmental
wells on this prospect (see below).
 
 The
Partnership also purchased working interests in fourteen exploratory prospects,
and participated in the drilling of sixteen exploratory and eight developmental
on those prospects, including the well drilled in March 2009 (see below). The
Partnership participated in the drilling of eight successful exploratory wells,
seven successful developmental wells, one unsuccessful exploratory well, and one
unsuccessful developmental well on seven exploratory prospects located in
Terrebonne and St. Martin Parish, Louisiana, Sterling, Jefferson (two prospects)
and Live Oak County, Texas, and offshore in U.S. Coastal waters in the Gulf of
Mexico. During March 2009, the Partnership participated in the drilling of an
additional exploratory well on the prospect in Live Oak County, Texas which was
unsuccessful.  The Partnership participated in the drilling of seven
unsuccessful exploratory wells on seven exploratory prospects located in West
Baton Rouge, Beauregard, and Cameron Parish, Louisiana, Brazoria, Lavaca, and
San Patricio County, Texas, and offshore in U.S. Coastal waters in the Gulf of
Mexico. Of the fifteen successful wells, three wells located in St. Martin and
Terrebonne Parish, Louisiana and in Live Oak County, Texas have ceased
production.
 
 Subsequent
to completing its drilling phase of operations in the first quarter of 2008, the
Partnership has participated in the drilling of two additional wells on one of
the Partnership’s exploratory prospects located in Live Oak County, Texas. One
of these wells was successful and began production operations in November 2008,
and the second well was unsuccessful. These wells are included in the summaries
of wells in the preceding paragraphs. While there are currently no plans to
participate in the drilling of any additional wells, the Partnership is allowed
to borrow funds in accordance with the Partnership Agreement, or utilize cash
flows from successful wells in order to conduct further development upon
prospects initially purchased by and drilled upon by the Partnership during the
drilling phase of operations.
  8
 
 A
“prospect” is generally defined as a contiguous oil and gas leasehold estate, or
lesser interest in a leasehold estate, upon which drilling operations may be
conducted. A prospect may be characterized as “exploratory” or “developmental”
based upon the type of well to be drilled on the prospect. A development well is
a well drilled within a proved area of an oil or gas reservoir to the depth of a
stratigraphic horizon known to be productive. Generally an exploratory well is
any well that is not a development well, including wells drilled to find and
produce crude oil or natural gas in an unproven area, wells drilled to find a
new reservoir in a field previously found to be productive of crude oil or
natural gas, or wells drilled to extend a known reservoir. In this Quarterly
Report, we use the term “successful” to refer to wells that are drilled, tested,
and either capable of or actually producing in commercial quantities. We use the
term “unsuccessful” to refer to wells that do not meet one or more of these
criteria.
 
 The table
below summarizes Partnership expenditures at June 30, 2009 by classification of
well. Drilling, completion, and facilities costs include $303,397 capitalized as
asset retirement cost.
 
 Leasehold
      Costs
              
              
              Drilling,
      Completion, and Facilities Costs
              
              
              Total
      CostsDevelopmental
      wells
              
              $
              1,547,283
              
              
              $
              19,223,961
              
              
              $
              20,771,244Exploratory
      wells
              
              
              1,241,273
              
              
              
              11,454,877
              
              
              
              12,696,150Total
              
              $
              2,788,556
              
              
              $
              30,678,837
              
              
              $
              33,467,394
  The
Partnership participated in the drilling of eight developmental wells on the
Sand Dunes prospect located in Eddy County, New Mexico during the fourth quarter
of 2007 and the first quarter of 2008. Initial testing confirmed the presence of
crude oil and natural gas in all eight wells. However, the field was temporarily
shut-in because of the lack of electric service and because of the high cost of
trucking offsite the salt water volumes associated with the production of the
crude oil and natural gas from the wells. Electrical service to the eight Sand
Dunes wells was connected in September 2008. Based upon initial testing, larger
bottom hole pumps were placed below the well perforations in three of the wells
and testing was resumed in late September 2008 to determine the three wells’
commercial productivity. Water continued to be trucked offsite, and RELP applied
for and received a permit which would allow for the conversion of one of the
existing eight Sand Dunes wells into a water disposal well. RELP has also
explored the possibility of drilling a ninth well as a salt water disposal well
for the field. Testing results on two of the three wells were positive, and salt
water production volumes declined as a result of pumping off the wells using the
larger bottom hole pumps. However, the price of crude oil also declined at a
rapid rate while testing was being conducted. In late December 2008 two of the
three testing wells were shut-in again. Crude oil prices continued declining to
a level below $40 per barrel. In February 2009, following a mechanical failure
in the third testing well, RELP, as operator, shut-in the field. The eight wells
cannot be commercially productive without efficient salt water disposal
capabilities, and RELP does not believe any of the options regarding salt water
disposal are economically viable at current commodity prices. As a result, as of
December 31, 2008, the eight Sand Dunes wells were classified as unsuccessful,
and there are no crude oil and natural gas reserves for these wells included in
the June 30, 2009 reserve information presented in this Quarterly Report.
However, RELP has made no plans to plug and abandon the wells at this time, and
will continue to monitor and evaluate the economics of the field based upon
commodity prices.
 
 The
Partnership also owns interests in unproved property consisting of un-drilled
leasehold interest (11 potential drilling locations) in the Sand Dunes prospect.
The Partnership fully impaired this unproved property during the fourth quarter
of 2008 based upon the eight already drilled Sand Dunes wells being classified
as unsuccessful at December 31, 2008. The Partnership currently has no plans to
participate in any drilling operations on this acreage.
 
 Critical
Accounting Policies
 
 There
have been no changes from the Critical Accounting Policies described in the
Annual Report.
  9
 
 Liquidity
and Capital Resources
 
 The
Partnership was funded with initial capital contributions totaling $37,398,898.
Reef purchased 75.363 general partner units, or 5% of the total units sold, for
$1,601,464. Investor partners purchased 1,190.561 units of general partner
interest and 241.336 units of limited partner interest for $35,797,434. As of
June 30, 2009, Reef has also contributed $316,361 in connection with its
obligation to pay 1% of all leasehold, drilling, and completion costs.
Organization and offering costs totaled $5,369,615, leaving capital
contributions of $32,345,644 available for Partnership activities. As of June
30, 2009, the Partnership has expended $33,208,779 on prospect and property
acquisitions, drilling and completion costs in connection with its participation
in the drilling of fifty-one wells and has expended $138,317 on general and
administrative expenses. The total of these expenses is $956,671 in excess of
the capital available for Partnership activities. Expenditures in excess of
available capital are being deducted from Partnership
distributions.  At June 30, 2009, the Partnership had recovered the
entire $956,671. The Partnership does not operate in any other industry segment,
and operates solely in the United States.
 
 The
Partnership has working capital of $666,619 at June 30, 2009. Subsequent to
expending the initial available partner capital contributions on prospect and
property acquisitions and drilling and completion costs of Partnership wells,
the Partnership has minimal working capital, primarily consisting of cash and
accounts receivable from RELP related to oil and gas sales from productive
properties processed by RELP, which the Partnership uses to pay monthly cash
distributions to investors.
 
 Results
of Operations
 
 The
following is a comparative discussion of the results of operations for the
periods indicated. It should be read in conjunction with the condensed financial
statements and the related notes to the condensed financial statements included
in this Quarterly Report.
  The
following table provides information about sales volumes and crude oil and
natural gas prices for the periods indicated. Equivalent barrels of oil (“EBO”)
are computed by converting 6 MCF of natural gas to 1 barrel of crude
oil.
 
 For
      the three months
                ended
      June 30
              
              
              For
      the six months
                ended
      June 302009
              
              
              2008
              
              
              2009
              
              
              2008Sales
      volumes:Oil
      (Barrels)
              
              
              10,697
              
              
              
              7,580
              
              
              
              20,681
              
              
              
              13,852Natural
      gas (Mcf)
              
              
              197,901
              
              
              
              170,332
              
              
              
              388,834
              
              
              
              324,211Average
      sales prices received:Oil
      (Barrels)
              
              $
              .46.45
              
              
              $
              125.84
              
              
              $
              40.77
              
              
              $
              111.54Natural
      gas (Mcf)
              
              $
              3.52
              
              
              $
              11.95
              
              
              $
              4.08
              
              
              $
              10.38
 
 The
Partnership owned interests in sixteen productive wells during the second
quarter of 2009, and seventeen productive wells in the second quarter of 2008.
One of the seventeen productive wells during the second quarter of 2008 ceased
production in April 2009. The Rob L RA SUA CL&F #1 well located in
Terrebonne Parish, Louisiana (“Gumbo II”) began production operations in May
2008, and is included in the productive well count for the second quarter of
2009 and 2008. The Gumbo II well is one of three significant wells in which the
Partnership owns a working interest, and sales volumes from this well more than
offset the volumes from the well that ceased production in June 2009 and the
declining production volumes from all of the other Partnership wells. Management
expects overall production volumes sold during 2009 to approximate 2008 volumes
as a result of the Gumbo II well producing for the entire calendar year of 2009.
The well began production during May 2008, and did not reach full production
capacity until July 2008. However, management anticipates that the Partnership
has already achieved its peak production levels, and although management expects
overall volumes sold during 2009 to approximate 2008 volumes, management expects
individual quarterly volumes to decrease throughout the remainder of
2009.
  10
 
 Sales
volumes from the three most significant wells in which the Partnership owns an
interest, the Gumbo II, the HBR A Big Gas Unit well located in Galveston County,
Texas (“HBR A”) and the ST 278L/279L #1 well located in the Gulf of Mexico
(“Dolphin B”) totaled 9,442 barrels of crude oil and 159,858 MCF of natural gas,
or 88.3% and 80.8% of second quarter 2009 volumes, respectively. During the
second quarter of 2008, the Gumbo II, HBR A and the Dolphin B volumes totaled
5,119 barrels of crude oil and 129,326 MCF of natural gas, or 67.5% and 75.9% of
second quarter 2008 volumes, respectively. While overall sales volumes were
higher during the second quarter of 2009 compared to the second quarter of 2008,
revenues fell by 60.1% due to the steep decline in the average sales prices of
crude oil and natural gas from the second quarter of 2008 to the second quarter
of 2009, as shown in the table above. While crude oil prices began to move
upward starting with March 2009 sales, gas prices have continued to decline,
which will adversely impact profitability during the remainder of
2009.
 
 Net
proved crude oil and natural gas reserves of the Partnership at June 30, 2009
and 2008 are detailed below.  Net proved crude oil and natural gas
reserves declined overall from June 30, 2008 to June 30, 2009.  Net
proved crude oil and natural gas reserves at June 30, 2008 include proved
developed non-producing reserves from the Partnership’s eight Sand Dunes wells
which were declared unsuccessful during the fourth quarter of 2008. Net proved
non-producing reserves attributable to the Partnership’s interest in the Sand
Dunes wells in the June 2008 reserve study were 40,247 barrels of crude oil and
329,281 MCF of natural gas.  There are no crude oil and natural gas
reserves for the unsuccessful Sand Dunes wells included in the June 30, 2009
reserve information presented in this Quarterly Report. Net proved crude oil and
natural gas reserves at June 30, 2009 and 2008 include only those quantities
that management expects to recover commercially using current prices, costs,
existing regulatory practices, and technology as of the date indicated.
Therefore, any changes in future prices, costs, regulations, technology or other
unforeseen factors could materially increase or decrease the proved reserve
estimates. No additional development costs are required to recover the
Partnership’s proved reserves at June 30, 2009. All of the Partnership’s
reserves are located in the United States.
 
 The
Partnership owned interests in sixteen productive wells as of June 30, 2009. The
Partnership’s reserves are highly concentrated in three of these wells. These
three wells are the Gumbo II, the Dolphin B well, and the HBR A well. These
three wells have total estimated proved reserves of 72,856 barrels of crude oil
and 1,525,783 MCF of natural gas at June 30, 2009.  Using a conversion
factor of 6 MCF to 1 barrel of oil, these three wells have approximately 81.8%
of total Partnership reserves at June 30, 2009.
 
 Net
      proved reserves
              Oil
      (BBL)
              Gas
      (MCF)June
      30, 2009
              85,520
              1,885,284June
      30, 2008
              170,697
              3,352,291
 
 Three
months ended June 30, 2009 compared to the three months ended June 30,
2008
 
 The
Partnership had net income of $160,890 for the three month period ended June 30,
2009, compared to net income totaling $1,807,487 for the three month period
ended June 30, 2008.
 
 The
Partnership incurred no property impairment expense during the three month
period ended June 30, 2009 or the three month period ended June 30, 2008.
Depletion expense also decreased from $537,624 for the second quarter of 2008 to
$527,829 for the second quarter of 2009, as increased sales volumes and
decreased reserves for the second quarter of 2009 led to a relatively consistent
overall depletion rate.
 
 While
overall sales volumes increased during the second quarter of 2009, primarily as
a result of the Gumbo II well which began producing during the second quarter of
2008, there were sharp declines in the sales prices received for the
Partnership’s production. The average oil price received on a comparative basis
declined from $125.84 per barrel of crude oil during the second quarter of 2008
to $46.45 per barrel during the second quarter of 2009, a drop of 63.1%. Gas
prices also declined significantly; from an average price of $11.95 per MCF of
natural gas produced during the quarter ended June 30, 2008 to $3.52 per MCF for
the quarter ended June 30, 2009, a decline of 70.5%. Overall the Partnership’s
oil and gas sales revenues dropped by approximately $1,796,000 or 60.1% for the
quarter ended June 30, 2009. The Partnership’s sales revenue declined as a
result of lower crude oil and natural gas prices in the second quarter of 2009
as compared to the second quarter of 2008.
  11
 
 Lease
operating costs decreased from $224,651 during the quarter ended June 30, 2008
compared to $177,162 for the quarter ended June 30, 2009. Operating costs
declined due to a significant decrease in lease operating expenses for the HBR A
well for the quarter ended June 30, 2009.  In addition, the costs of
electricity, salt water disposal, equipment rental, and sub-surface repairs and
maintenance during the testing of the Sand Dunes wells in 2008 caused higher
second quarter operating expenses for the Sand Dunes wells. As a result of
shutting in the eight Sand Dunes wells, lease operating costs should continue to
show a decline from comparable levels during 2008.
 
 General
and administrative costs increased from $220,720 incurred during the second
quarter of 2008 to $230,583 incurred during the second quarter of 2009.
Effective April 1, 2008 Reef implemented a new method for allocating overhead
that takes actual overhead and allocates it based upon the summation of
revenues, expenses, and actual capital costs incurred. Reef administrative fee
during the second quarter of 2009 was $156,166, compared to $105,678 during the
second quarter of 2008.  The increases in Reef administrative fees
were partially offset by decreases in other general fees and
expenses.
 
 Six
months ended June 30, 2009 compared to the six months ended June 30,
2008
 
 The
Partnership had a net loss of $2,320,999 for the six month period ended June 30,
2009, compared to net income totaling $2,782,145 for the six month period ended
June 30, 2008.
 
 The
Partnership incurred no property impairment expense during the six month period
ended June 30, 2008. However, the decline in oil and gas prices has resulted in
impairment expense of proved properties totaling $2,417,333 for the six month
period ending June 30, 2009. Depletion expense also increased from $1,032,312
for the first six months of 2008 to $1,329,861 for the first six months of 2009,
as increased sales volumes and decreased reserves for the first six months of
2009 led to a higher overall depletion rate. The net effect of these two
non-cash items was additional expense of approximately $2,715,000 incurred
during the first six months of 2009.
 
 While
overall sales volumes increased during the first six months of 2009, primarily
as a result of the Gumbo II well which began producing during the second quarter
of 2008.  There were also sharp declines in the sales prices received
for the Partnership’s production. The average oil price received on a
comparative basis declined from $111.54 per barrel of crude oil during the first
six months of 2008 to $40.77 per barrel during the first six months of 2009, a
drop of 61.7%. Gas prices also declined significantly; from an average price of
$10.38 per MCF of natural gas produced during the first six months ended June
30, 2008 to $4.08 per MCF for the first six months ended June 30, 2009, a
decline of 63.4%. Overall the Partnership’s oil and gas sales revenues dropped
by approximately $2,482,000 or 50.5% for the six months ended June 30, 2009.
Revenues declined for the first six months of 2009 compared to the first six
months of 2008 as a result of lower crude oil and natural gas
prices.
 
 Lease
operating costs decreased from $431,072 during the quarter ended June 30, 2008
compared to $423,952 for the quarter ended June 30, 2009. This is primarily due
to decreases in operating costs for the HBR A well for the six months ended June
30, 2009. In addition, the costs of electricity, salt water disposal, equipment
rental, and sub-surface repairs and maintenance during the testing of the Sand
Dunes wells in 2008 caused higher second quarter operating expenses for the Sand
Dunes wells. As a result of shutting in the eight Sand Dunes wells, lease
operating costs should continue to show a decline from comparable levels during
2008.
 
 General
and administrative costs increased from $336,544 incurred during the first six
months of 2008 to $384,815 incurred during the first six months of 2009.
Effective April 1, 2008 Reef implemented a new method for allocating overhead
that takes actual overhead and allocates it based upon the summation of
revenues, expenses, and actual capital costs incurred. Reef administrative fee
during the six months ended June 30, 2009 was $286,342, compared to $258,122 for
the six months ended June 30, 2008.   Additional increases
resulted from increases in other general fees and expenses.
 
 Item
3. Quantitative and Qualitative Disclosures About Market Risk
 
 Not
Applicable.
  12
 
 Item
4T. Controls and Procedures
 
 Evaluation
of Disclosure Controls and Procedures
 
 As the
managing general partner of the Partnership, Reef maintains a system of controls
and procedures designed to provide reasonable assurance as to the reliability of
the financial statements and other disclosures included in this report, as well
as to safeguard assets from unauthorized use or disposition. The Partnership,
under the supervision and with participation of its management, including the
principal executive officer and principal financial officer, evaluated the
effectiveness of its “disclosure controls and procedures” as such term is
defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended
(the “Exchange Act”), as of the end of the period covered by this Quarterly
Report. Based on that evaluation, the principal executive officer and principal
financial officer have concluded that the Partnership’s disclosure controls and
procedures are effective to ensure that information required to be disclosed by
the Partnership in reports that it files or submits under the Exchange Act is
recorded, processed, summarized, and reported within the time periods specified
in Securities and Exchange Commission rules and forms, and includes controls and
procedures designed to ensure that information required to be disclosed by us in
such reports is accumulated and communicated to our management, including the
principal executive officer and principal financial officer, as appropriate to
allow timely decisions regarding financial disclosure.
 
 Changes
in Internal Controls
 
 There
have not been any changes in the Partnership’s internal controls over financial
reporting during the fiscal quarter ended June 30, 2009 that have materially
affected, or are reasonably likely to materially affect, the Partnership’s
internal control over financial reporting.
 
 PART
II – OTHER INFORMATION
 
 Item
1.  Legal Proceedings
 
 None.
 
 Item
2.  Unregistered Sales of Equity Securities and Use of
Proceeds
 
 Use
of Proceeds
 
 In
connection with the Registration Statement filed on Form S-1 (No. 333-122935)
and declared effective July 7, 2005, Reef filed a final prospectus for the
Program on July 8, 2005. On July 8, 2005, Reef filed a prospectus supplement
describing the Partnership and commenced the offering of units in the
Partnership. All sales of Partnership units were made through the Program’s
dealer-manager, Reef Securities, Inc., and a number of soliciting dealers. The
offering terminated October 31, 2005. Under the terms of the offering, a minimum
of 40 Partnership units at a price of $25,000 per unit were required to be sold
in order to form the Partnership. Upon meeting this requirement, the Partnership
was formed on July 18, 2005.
 
 The
Partnership registered a total of 400 units of limited partner interests and
1,600 units of general partner interests. The aggregate offering amount
registered was $50,000,000. During the offering period that terminated on
October 31, 2005, the Partnership sold 1,431.897 units to investor partners,
consisting of 241.336 units of limited partner interest and 1,190.561 units of
additional general partner interest. Reef purchased 75.363 general partner
units, equaling 5.00% of the total Partnership units sold. The Partnership did
not sell the remaining registered units. Total offering proceeds were
$37,398,898. Reef is also obligated to contribute 1% of all leasehold, drilling,
and completion costs as incurred. At June 30, 2009, Reef had contributed
$316,361 to the Partnership in connection with this obligation.
 
 All units
except those purchased by Reef paid a 15% management fee to Reef to pay for the
Partnership organization and offering costs, including sales commissions. These
costs totaled $5,369,615, leaving capital contributions of $32,345,644 available
for Partnership oil and gas operations. As of June 30, 2009, the Partnership had
expended $33,208,779 on property acquisitions and prepayments and $138,317 on
pre-production general and administrative expenses. Expenditures in excess of
available capital began being deducted from Partnership distributions in August
2008.
  13
 
 Item
3.  Default Upon Senior Securities
 
 None.
 
 Item
4.  Submission of Matters to a Vote of Security Holders
 
 None.
 
 Item
5.  Other Information
 
 None.
 
 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.
  14
   SIGNATURES
 
 Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
  REEF
      GLOBAL ENERGY VI, L.P.By:
                Reef
      Oil & Gas Partners, L.P.
                  Managing
      General PartnerBy:
                Reef
      Oil & Gas Partners, GP, LLCDated:     August
      13, 2009
                By:
                /s/ Michael J. MauceliMichael J.
    MauceliManager
      and Member(principal executive
      officer)Dated:     August
      13, 2009
                By:
                /s/
      L. Mark PriceL. Mark PriceChief
      Financial OfficerReef
      Exploration, L.P.(principal financial and
      accounting officer)
  
  EXHIBIT
INDEX
 
 
 Exhibits
 
 
 
 31.1
              Certification
      of Principal Executive Officer pursuant to Section 302 of the
      Sarbanes-Oxley Act of 2002.
 
 31.2
              Certification
      of Principal Financial Officer pursuant to Section 302 of the
      Sarbanes-Oxley Act of 2002.
 
 32.1
              Certification
      of the Principal Executive Officer pursuant to Section 906 of the
      Sarbanes-Oxley Act of 2002.
 
 32.2
              Certification
      of the Principal Financial Officer pursuant to Section 906 of the
      Sarbanes-Oxley Act of 2002.