# **UNITED STATESSECURITIES AND EXCHANGE COMMISSION**

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

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## **FORM 10-Q**

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

# **For thequarterly period ended March 31, 2007**

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

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

(Exact name of registrant asspecified in its charter)

| **Nevada**                                 |   | **20-3170768**                        |
|--------------------------------------------|--------|---------------------------------------|
| (State or other  jurisdiction of           |   | (I.R.S. employer                      |
| incorporation or  organization)            |   | identification  no.)                  |
|                                       |   |                                  |
| **1901 N.  Central Expressway, Suite 300** |   | ** **                            |
| **Richardson,  Texas 75080**               |   | **(972)  437-6792**                   |
| (Address of  principal executive offices,  |   | (Registrant’s  telephone number, |
| including zip  code)                       |   | including area  code)                 |

 

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Indicate by checkmark whether the registrant (1) has filed all reports required to be filedby Section 13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the registrant wasrequired to file such reports), and (2) has been subject to such filingrequirements for the past 90 days. Yes x    No  o

Indicate by checkmark whether the registrant is a large accelerated filer, an accelerated filer,or a non-accelerated filer. See definition of “accelerated filer and largeaccelerated filer” in Rule 12b-2 of the Exchange Act

Large accelerated filer o                          Accelerated filer o                               Non-acceleratedfiler x

Indicate by check mark whether the registrant is ashell company (as defined in Rule 12b-2 of the Exchange Act). Yes o    No x

**As of May15, 2007, the registrant had 75.363 units 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-Q Index**
| **PART I — FINANCIAL  INFORMATION**                                                                 |       |       |
|----------------------------------------------------------------------------------------------------------|------------|------------|
| ** **                                                                                               |       |       |
| **ITEM 1. FINANCIAL  STATEMENTS (Unaudited)**                                                            |       |       |
| *Condensed Balance Sheets*                                                                               |       |       |
| *Condensed  Statement of Operations*                                                                     |       |       |
| *Condensed  Statement 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 1A. RISK FACTORS**                                                                                |       |       |
| ** **                                                                                               |       |       |
| **ITEM 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS**                                 |       |       |
| ** **                                                                                               |       |       |
| **ITEM 3.  DEFAULTS 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 IFINANCIAL INFORMATION**

## **Item1. Financial Statements**

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

**Condensed Balance Sheets**
| ** **                                              | ** ** | **March 31,** | ** **     | **December 31** | ** ** |
|---------------------------------------------------------|------------|--------------------|----------------|----------------------|------------|
| ** **                                              | ** ** | **2007**           | ** **     | **2006**             | ** ** |
| ** **                                              | ** ** | **(Unaudited)**    | ** **     | ** **           | ** ** |
| ** **                                              | ** ** | ** **         | ** **     | ** **           | ** ** |
| **Assets**                                              | ** ** | ** **         | ** **     | ** **           | ** ** |
| ** **                                              | ** ** | ** **         | ** **     | ** **           | ** ** |
| **Current assets:**                                     | ** ** | ** **         | ** **     | ** **           | ** ** |
| Cash and cash  equivalents                              |       | **$**              | 11,001,748     |                 | **$**      | 15,641,945 |   |
| Accounts  receivable from affiliates                    |       | 49,629             |           | 111,508              |       |
| **Total current assets**                                | ** ** | **11,051,377**     | ** **     | **15,753,453**       | ** ** |
|                                                    |       |               |           |                 |       |
| **Property and equipment:**                             | ** ** | ** **         | ** **     | ** **           | ** ** |
| Oil and gas  properties, full cost method of accounting |       | 22,432,279         |           | 16,815,171           |       |
| Drilling in progress                                    |       | 1,332,367          |           | 2,030,077            |       |
| Prepaid drilling  costs                                 |       | 119,452            |           | 2,161,047            |       |
| Accumulated  depreciation and depletion                 |       | (15,743,364        | )              | (8,698,588           | )          |
| **Net property and equipment**                          | ** ** | **8,140,734**      | ** **     | **12,307,707**       | ** ** |
| ** **                                              | ** ** | ** **         | ** **     | ** **           | ** ** |
| **Total assets**                                        | ** ** | **$**              | **19,192,111** | ** **           | **$**      | **28,061,160** | ** ** |
| ** **                                              | ** ** | ** **         | ** **     | ** **           | ** ** |
| **Liabilities and partnership  Equity**                 | ** ** | ** **         | ** **     | ** **           | ** ** |
|                                                    |       |               |           |                 |       |
| **Current liabilities:**                                | ** ** | ** **         | ** **     | ** **           | ** ** |
| Accounts payable                                        |       | **$**              | 209            |                 | **$**      | 1,948 | ** ** |
| Accounts payable  to affiliates                         |       | 1,241,817          |           | 3,136,602            |       |
| **Total current liabilities**                           | ** ** | **1,242,026**      | ** **     | **3,138,550**        | ** ** |
|                                                    |       |               |           |                 |       |
| **Noncurrent liabilities:**                             | ** ** | ** **         | ** **     | ** **           | ** ** |
| Accounts payable  to affiliates                         |       | 804,789            |           | 804,789              |       |
| Asset retirement  obligation                            |       | 233,639            |           | 203,803              |       |
| **Total non-current liabilities**                       | ** ** | **1,038,428**      | ** **     | **1,008,592**        | ** ** |
| ** **                                              | ** ** | ** **         | ** **     | ** **           | ** ** |
| **Partnership Equity**                                  | ** ** | ** **         | ** **     | ** **           | ** ** |
| General partners                                        |       | 13,287,929         |           | 18,801,910           |       |
| Limited partners                                        |       | 2,693,637          |           | 3,811,366            |       |
| Managing general  partner                               |       | 930,091            |           | 1,300,742            |       |
| **Partnership equity**                                  | ** ** | **16,911,657**     | ** **     | **23,914,018**       | ** ** |
| ** **                                              | ** ** | ** **         | ** **     | ** **           | ** ** |
| **Total liabilities and partnership equity**            | ** ** | **$**              | **19,192,111** | ** **           | **$**      | **28,061,160** | ** ** |

 

*Seeaccompanying notes to condensed financial statements.*

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

**Condensed Statements ofOperations**
| ** **                                           | ** ** | **For the three months ended  March 31 (unaudited)** | ** **     |
|------------------------------------------------------|------------|------------------------------------------------------------------------------------|----------------|
| ** **                                           | ** ** | **2007**                                                                           | ** **     | **2006** | ** ** |
|                                                 | ** ** | ** **                                                                         | ** **     | ** ** | ** ** |
| **Revenues:**                                        | ** ** | ** **                                                                         | ** **     | ** ** | ** ** |
| Oil and gas sales                                    | ** ** | **$**                                                                              | 509,731        |   | **$** | 16,478 | ** ** |
| **Total  revenues**                                  | ** ** | **509,731**                                                                        | ** **     | **16,478** | ** ** |
|                                                 | ** ** | ** **                                                                         | ** **     | ** ** | ** ** |
| **Costs  and expenses:**                             | ** ** | ** **                                                                         | ** **     | ** ** | ** ** |
| Lease operating expenses                             |       | 52,172                                                                             |           | 1,671 |   |
| Production taxes                                     |       | 39,536                                                                             |           | 770 |   |
| General and administrative expenses                  |       | 35,045                                                                             |           | 25,686 |   |
| Accretion of asset retirement obligation             |       | 7,397                                                                              |           | 338 |   |
| Depreciation, depletion and amortization             |       | 711,644                                                                            |           | 8,391 |   |
| Property impairment                                  |       | 6,333,132                                                                          |           | — |   |
| **Total  costs and expenses**                        | ** ** | **7,178,926**                                                                      | ** **     | **36,856** | ** ** |
|                                                 | ** ** | ** **                                                                         | ** **     | ** ** | ** ** |
| **Loss  from operations**                            | ** ** | **(6,669,195**                                                                     | **)**          | **(20,378** | **)** |
|                                                 | ** ** | ** **                                                                         | ** **     | ** ** | ** ** |
| **Other  income:**                                   | ** ** | ** **                                                                         | ** **     | ** ** | ** ** |
| Interest income                                      |       | 157,205                                                                            |           | 165,119 |   |
| **Total  other income**                              | ** ** | **157,205**                                                                        | ** **     | **165,119** | ** ** |
|                                                 | ** ** | ** **                                                                         | ** **     | ** ** | ** ** |
| **Net  income (loss)**                               | ** ** | **$**                                                                              | **(6,511,990** | **)** | **$** | **144,741** | ** ** |
|                                                 | ** ** | ** **                                                                         | ** **     | ** ** | ** ** |
| Net income  (loss) per general partner unit          |       | **$**                                                                              | (4,312,56      | ) | $ | 84.91 |   |
| Net income  (loss) per limited partner unit          |       | **$**                                                                              | (4,312.56      | ) | **$** | 84.91 | ** ** |
| Net income  (loss) per managing general partner unit |       | **$**                                                                              | (4,469.70      | ) | **$** | 307.29 | ** ** |

 

*See accompanying notes to condensedfinancial statements.*

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

**Condensed Statements of CashFlows**
| ** **                                                                         | ** ** | **For the three months ended   March 31,(unaudited)** | ** **     |
|------------------------------------------------------------------------------------|------------|-------------------------------------------------------------------------------------|----------------|
| ** **                                                                         | ** ** | **2007**                                                                            | ** **     | **2006** | ** ** |
| ** **                                                                         | ** ** | ** **                                                                          | ** **     | ** ** | ** ** |
| **Operating  Activities**                                                          |       |                                                                                |           |   |   |
| Net income  (loss)                                                                 | ** ** | **$**                                                                               | (6,511,990     | ) | **$** | 144,741 |   |
| Adjustments for  non-cash transactions:                                            |       |                                                                                |           |   |   |
| Depreciation, depletion and amortization                                           |       | 711,644                                                                             |           | 8,391 |   |
| Property impairment                                                                |       | 6,333,132                                                                           |           | — |   |
| Accretion of asset retirement obligation                                           |       | 7,397                                                                               |           | 338 |   |
| Adjustments to  reconcile net income to net cash provided by operating activities: | ** ** | ** **                                                                          | ** **     | ** ** | ** ** |
| **Changes  in operating assets and liabilities:**                                  | ** ** | ** **                                                                          | ** **     | ** ** | ** ** |
| Accounts receivable from affiliates                                                |       | 46,842                                                                              |           | 374,048 |   |
| Accounts payable                                                                   |       | (1,739                                                                              | )              | (7,405 | ) |
| Accounts payable to affiliates                                                     |       | 26,992                                                                              |           | (114,422 | ) |
| **Net  cash provided by operating activities**                                     | ** ** | **612,278**                                                                         | ** **     | **405,691** | ** ** |
|                                                                               |       |                                                                                |           |   |   |
| **Investing  Activities**                                                          | ** ** | ** **                                                                          | ** **     | ** ** | ** ** |
| Property acquisition and development                                               |       | (4,777,141                                                                          | )              | (894,521 | ) |
| **Net  cash used in investing activities**                                         | ** ** | **(4,777,141**                                                                      | **)**          | **(894,521** | **)** |
|                                                                               |       |                                                                                |           |   |   |
| **Financing  Activities**                                                          | ** ** | ** **                                                                          | ** **     | ** ** | ** ** |
| Partner capital contributions                                                      |       | 64,666                                                                              |           | 28,047 |   |
| Partner distributions                                                              |       | (540,000                                                                            | )              | (150,000 | ) |
| **Net  cash used in financing activities**                                         | ** ** | **(475,334**                                                                        | **)**          | **(121,953** | **)** |
|                                                                               |       |                                                                                |           |   |   |
| **Net  decrease in cash and cash equivalents**                                     | ** ** | **(4,640,197**                                                                      | **)**          | **(610,783** | **)** |
| Cash and cash  equivalents at beginning of period                                  |       | 15,641,945                                                                          | ** **     | **25,839,550** | ** ** |
| **Cash  and cash equivalents at end of period**                                    | ** ** | **$**                                                                               | **11,001,748** | ** ** | **$** | **25,228,767** | ** ** |
|                                                                               |       |                                                                                |           |   |   |
| **Non-cash  investing transactions:**                                              | ** ** | ** **                                                                          | ** **     | ** ** | ** ** |
| Property  additions included in accounts payable                                   | ** ** | **$**                                                                               | —         |   | **$** | 29,109 | ** ** |
| Property  additions included in accounts payable to affiliates                     | ** ** | **$**                                                                               | 1,214,825      |   | **$** | 373,933 | ** ** |
| Additions to  property and asset retirement obligation                             | ** ** | **$**                                                                               | 22,439         |   | **$** | 7,289 | ** ** |
| **Non-cash  financing transactions:**                                              | ** ** |                                                                                |           |   | ** ** |
| Managing partner  contributions included in accounts receivable from affiliates    | ** ** | **$**                                                                               | 49,629         |   | **$** | 26,304 | ** ** |

 

*See accompanying notes tocondensed financial statements.*

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

**Notes toCondensed Financial Statements (unaudited)**

**March 31, 2007**

**1.Organization and Basis of Presentation**

The financialstatements for Reef Global Energy VI, L.P. (the Partnership) have been preparedpursuant to the rules and regulations of the Securities and Exchange Commission(SEC). Certain information and footnote disclosure normally included in annualfinancial 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 Form 10-Q. The adjustments are normal and recurring. The following notes describeonly the material changes in accounting policies, account details, or financialstatement notes during the first three months of 2007. 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 Report on Form 10-K for theperiod ended December 31, 2006 (the 2006 10-K).

**2.Summary of Accounting Policies**

# **Oil and Gas Properties**

The Partnershipfollows the full cost method of accounting for crude oil and natural gasproperties. Under this method, all direct costs and certain indirect costsassociated with acquisition of properties and successful as well asunsuccessful exploration and development activities are capitalized.Depreciation, depletion, and amortization of capitalized crude oil and naturalgas properties and estimated future development costs, excluding unprovedproperties, are based on the unit-of-production method using proved reserves.  Proved gas reserves are converted toequivalent barrels at a rate of 6 Mcf to 1 Bbl. Net capitalized costs of crudeoil and natural gas properties, as adjusted for asset retirement obligations,are limited to the lower of unamortized cost or the cost ceiling, defined asthe sum of the present value of estimated future net revenues from provedreserves based on un-escalated prices discounted at 10 percent, plus the costof properties not being amortized, if any, plus the lower of cost or estimatedfair value of unproved properties included in the costs being amortized, ifany. Excess costs are charged to property impairment expense. No gain or lossis recognized upon sale or disposition of crude oil and natural gas properties,except in unusual circumstances. During the three month periods ended March 31,2007 and 2006, the Partnership recognized property impairment expense of$6,333,132 and $0, respectively.

**Asset Retirement Obligations**

Statement ofFinancial Accounting Standards No. 143, “Accounting for Retirement Obligations”(SFAS 143) addresses accounting and reporting for obligations associated withthe retirement of tangible long-lived assets and the associated assetretirement costs. SFAS 143 requires that the fair value of a liability for anasset’s retirement obligation be recorded in the period in which it is incurredand the corresponding cost capitalized by increasing the carrying amount of therelated long-lived asset. The liability is accreted to its then present valueeach period, and the capitalized cost is depreciated over the useful life ofthe related asset. SFAS 143 is effective for the Partnership as of itsinception date.

The following table summarizes the Partnership’s asset retirementobligation for the three months ended March 31, 2007 and the year endedDecember 31, 2006.
|                                        | ** ** | **Three months ended   March 31, 2007** | ** ** | **2006** | ** ** |
|----------------------------------------|------------|------------------------------------------------------------------|------------|----------|------------|
| Beginning asset  retirement obligation |       | $                                                                | 203,803    |     | $          | 1,982 |   |
| Additions  related to new properties   |       | 22,439                                                           |       | 199,253  |       |
| Accretion  expense                     |       | 7,397                                                            |       | 2,568    |       |
| Ending asset retirement  obligation    |       | $                                                                | 233,639    |     | $          | 203,803 |   |

 

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**3.Transactions with Affiliates**

Reef Oil & GasPartners, L.P. (Reef), the managing general partner, contributes 1% of allleasehold, drilling and completion costs when incurred, in addition to havingpurchased 5% of the Partnership units. During the three month periods endedMarch 31, 2007 and 2006, this 1% obligation totaled $49,629 and $26,304,respectively. The Partnership settles its balances with Reef on a quarterlybasis.

The Partnershiphas no employees. Reef Exploration, L.P. (RELP), an affiliate of Reef, employsa staff including geologists, petroleum engineers, landmen and accountingpersonnel who administer all of the Partnership’s operations. The Partnershipreimburses RELP for direct and administrative services at cost. During thethree month period ended March 31, 2007, the Partnership incurred technicalservices costs totaling $277,186, which have been capitalized as project costs.During the three month period ended March 31, 2007, the Partnership incurredgeneral and administrative costs totaling $15,935.

RELP processesrevenues and joint interest billings on behalf of the Partnership. At March 31,2007, the Partnership owed RELP $937,639 in connection with drilling andoperating invoices, net of revenues, paid by RELP on behalf of the Partnership.At March 31, 2007, the Partnership also owed RELP $277,186 of technicalservices costs and $14,492 of general and administrative costs. The Partnershipsettles its balances with RELP on a quarterly basis. Accounts payable toaffiliates at March 31, 2007 also includes $12,500 due to Reef for expensespaid by Reef on behalf of the Partnership. The Partnership settles its balanceswith Reef on a quarterly basis.

Accounts payableto affiliates at March 31, 2007 also includes $804,789 for the unpaid portionof the 15% management fee due to Reef for organization and offering costs,including sales commissions. The management fee is payable in two parts. Reefreceives reimbursement for actual commissions and organization and offering costsas incurred. The remaining balance will be paid to Reef from cash flowsavailable for partner distributions, at a rate not to exceed $1 million peryear. The timing of the recovery is solely at the discretion of the managinggeneral partner. The Partnership has not yet begun the recovery of the unpaidportion of the management fee. The liability has been classified as non-currentbecause the initial date and timing of repayment is currently unknown.

**4. PartnershipEquity**

Informationregarding the number of units outstanding and the net income per type ofPartnership unit for the three months ended March 31, 2007 and 2006 is detailedbelow:

Forthe three months ended March 31, 2007
| Type of Unit          | ** ** | **Number of   Units** | ** ** | **Net loss** | ** ** | **Net loss per   unit** | ** ** |
|---------------------------------|------------|---------------------------------|------------|-------------------|------------|----------------------------------------|------------|
| Managing general  partner units |       | 75.363                          |       | $                 | (336,850   | )                                      | $          | (4,469.70 | ) |
| General partner  units          |       | 1,190.561                       |       | (5,134,363        | )          | (4,312.56                              | )          |
| Limited partner  units          |       | 241.336                         |       | (1,040,777        | )          | (4,312.56                              | )          |
|                            |       |                            |       |              |       |                                   |       |
| Total                           |       | 1,507.260                       |       | $                 | (6,511,990 | )                                      |       |   |
|                                 |            |                                 |            |                   |            |                                        |            |  |  |

 

Forthe nine months ended March 31, 2006
| Type of Unit          | ** ** | **Number of   Units** | ** ** | **Net income** | ** ** | **Net income   per unit** | ** ** |
|---------------------------------|------------|---------------------------------|------------|---------------------|------------|------------------------------------------|------------|
| Managing general  partner units |       | 75.363                          |       | $                   | 23,159     |                                     | $          | 307.29 |   |
| General partner  units          |       | 1,190.561                       |       | 101,091             |       | 84.91                                    |       |
| Limited partner  units          |       | 241.336                         |       | 20,491              |       | 84.91                                    |       |
|                            |       |                            |       |                |       |                                     |       |
| Total                           |       | 1,507.260                       |       | $                   | 144,741    |                                     |       |   |
|                                 |            |                                 |            |                     |            |                                          |            |  |  |

 

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**Item 2. Management’s Discussion and Analysis of Financial Condition and Resultsof 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 2006 10-K.

This Report onForm 10-Q contains forward-looking statements that involve risks anduncertainties.  You should exercise extreme caution with respect to allforward-looking statements made in this Report.  Specifically, thefollowing statements are forward-looking:

·                                     statementsregarding the state of the oil and gas industry and the opportunity to profitwithin the oil and gas industry, competition, pricing, level of production, orthe regulations that may affect the Partnership;

·                                     statementsregarding the plans and objectives of Reef for future operations, including,without limitation, the uses of Partnership funds and the size and nature ofthe costs the Partnership expects to incur and people and services thePartnership may employ;

·                                     anystatements using the words “anticipate,” “believe,” “estimate,” “expect” andsimilar such phrases or words; and

·                                     anystatements of other than historical fact.

Reef believes thatit is important 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 factors listed in thesection captioned “RISK FACTORS” contained in the Program’s prospectus andprospectus supplement dated July 8, 2005. Although Reef believes that theexpectations reflected in such forward-looking statements are reasonable, Reefcan give no assurance that such expectations will prove to have beencorrect.  Should any one or more of these or other risks or uncertaintiesmaterialize or should any underlying assumptions prove incorrect, actualresults are likely to vary materially from those described herein.  Therecan be no assurance that the projected results will occur, that these judgmentsor assumptions will prove correct or that unforeseen developments will notoccur.

Reef does notintend to update its forward-looking statements.  All subsequent writtenand oral forward-looking statements attributable to Reef or persons acting onits behalf are expressly qualified in their entirety by the applicablecautionary statements.

**Overview**

Reef Global EnergyVI, L.P. is a Nevada limited partnership formed to acquire, explore, developand produce crude oil, natural gas, and natural gas liquids for the benefit ofits investor partners. The Partnership’s primary purposes are to generaterevenues from the production of oil and gas, distribute cash flow to investors,and provide tax benefits to investors. The majority of the Partnership’sproceeds will be used to purchase prospects upon which the Partnership willconduct drilling operations. The majority of the Partnership’s proceeds will beused to purchase prospects upon which the Partnership will conduct drillingoperations and to pay for such drilling operations.

The Partnershipexpects to drill approximately 40 wells in total on 31 prospects purchased withthe capital raised by the Partnership. The Partnership has purchased interestsin 13 exploratory prospects, upon which a total of 13 exploratory and nine developmentalwells are expected to be drilled, and has purchased interests in 18developmental prospects upon which a total of 18 developmental wells areexpected to be drilled. Nineteen prospects are located in Texas, 10 are locatedin Louisiana, one is located in Oklahoma, and one is located offshore in U.S.coastal waters in the Gulf of Mexico. Initial drilling operations have beencompleted on 31 prospects. The Partnership drilled six successful exploratorywells, one of which is currently shut-in, and drilled seven unsuccessfulexploratory wells. Two successful developmental wells have been drilled on oneof the exploratory prospects, and four more are expected to drill during 2007and 2008.

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One developmentalwell is currently being drilled on a second exploratory prospect, and twoadditional wells that are dependent upon the results of this well are includedin the Partnership budget. The Partnership drilled seven successful and elevenunsuccessful developmental wells.

The Partnershipoperates solely in the United States. RELP, an affiliate of the managinggeneral partner, and its predecessor entity, OREI, Inc., have expertise andhave drilled and operated wells primarily in Texas and Louisiana since 1987.

The Partnershipdoes not operate in any other industry segment. Should any prospect in whichthe Partnership has an interest be determined to warrant additional developmentactivity, the Partnership may borrow any amount up to 25% of the Partnership’saggregate capital contributions without the consent of the investor partners,provided the lender agrees it will have no recourse against individual investorpartners. The Partnership is prohibited from issuing additional cash calls toinvestor partners. Total borrowings cannot exceed 25% of the Partnership’saggregate capital contributions without the approval of the investor partners.The Partnership is not allowed to borrow funds during the drilling phase ofPartnership operations. To date, the Partnership has chosen to fund additionaldevelopmental activity on successful prospects utilizing the originalPartnership capital. Should the Partnership elect to borrow monies foradditional development activity on Partnership properties, it will be subjectto the interest rate risk inherent in borrowing activities. The Partnership ispermitted to, but has not and is not expected to, engage in commodity futurestrading or hedging activities, and therefore is subject to commodity pricerisk.   See “Item 3—Quantitative and Qualitative Disclosures AboutMarket Risk.”

**Critical Accounting Policies**

There have been no changes from the Critical Accounting Policiesdescribed in the 2006 10-K.

**Liquidity and Capital Resources**

The Partnership has working capital of $9,809,351 at March 31,2007, which includes undistributed net revenues and interest income of$439,750, leaving $9,369,601 from which to pay costs incurred during thedrilling phase of operations. Because the Partnership is not allowed to borrowfunds during the drilling phase of operations, the net capital contributions of$32,029,283, plus the additional 1% of all leasehold, drilling and completioncosts which will be contributed by Reef, are the total amount available to thePartnership for drilling and pre-production administrative costs. Please seeItem 1A of the 2006 10-K for a list of risk factors that could impact thePartnership. Interest income and net oil and gas revenues earned by thePartnership are distributed monthly to the investor partners and are notavailable for drilling activities.

The Partnership expects to utilize the remaining available capitalcontributions for developmental drilling activities on successful Partnershipprospects. While the majority of this drilling is expected to take place during2007, some of the remaining capital may not be expended until 2008.

The Partnership currently has no plans to borrow funds foradditional developmental activities on successful Partnership prospects. Oncethe current developmental drilling plans utilizing original capitalcontributions have been completed, the Partnership will assess whetheradditional development activity is warranted. The Partnership is prohibitedfrom raising additional capital through voluntary or involuntary partner cashcalls.

**Results of Operations**

**ThreeMonths Ended March 31, 2007 and 2006**

As of March 31,2006, the Partnership had drilled twelve wells, of which one was producing oiland gas, three were being completed, and eight were unsuccessful. ThePartnership had net income totaling $144,741, which was primarily the result ofearning $165,119 of interest income on invested partner capital contributions.The Partnership had a net operating loss of $20,378. Revenues from the initialproductive well in the fund, which began production operations in January 2006,were $16,478. General and administrative costs totaled $25,686. General andadministrative expenses were primarily professional fees paid in connectionwith the Partnership’s SEC reporting requirements, and administrative costsprovided by RELP. Other operating costs totaled $11,170.

7

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During the threemonths ended March 31, 2007, the Partnership incurred a net loss totaling$6,511,990, and incurred a net operating loss of $6,669,195. The Partnershipcompleted the initial drilling operations during this quarter on the 31 prospectspurchased with available net capital. The Partnership drilled thirteensuccessful and eighteen unsuccessful wells on these prospects. There are ninedevelopmental wells scheduled to be drilled on two successful Partnershipprospects, two of which have completed drilling at March 31, 2007. One of thesetwo wells began production operations during March 2007, and the second well isexpected to begin production during the second quarter. The Partnershipcompleted drilling operations on three developmental wells during the firstquarter, all of which were unsuccessful. In addition, production from threesuccessful wells drilled during the fourth quarter of 2006 began to declinemore rapidly than originally anticipated, resulting in a reduction in estimatedproved reserves from those wells. This resulted in property impairment cost of$6,333,132 for the three month period ended March 31, 2007, which is theprimary component of the net loss for the quarter.

Oil and gasrevenues during the three month period ended March 31, 2007 were $509,731.Despite the production declines mentioned above, we expect oil and gas revenuesto remain comparable to or rise slightly from first quarter levels as severalof the successful wells did not produce for the entire first quarter and onewell mentioned in the preceding paragraph will begin production operations thisquarter. Another well is expected to complete drilling operations in late May.This well is an offset to our initial exploratory well on the Gumbo prospect. Theoriginal Gumbo prospect well produced natural gas at rates of up to 20 MMCF perday for a two month period in 2006, before experiencing a mechanical failure inlate October 2006. Should the offset well prove successful, we expect theoperator of this field to sidetrack the initial well into the reservoir. Thesetwo wells have the potential to have a significant impact on future operationsof the fund.  During the second quarter,we expect general and administrative costs to rise due to professional feesincurred in connection with the annual audit of the Partnership. Interestincome will decline as partner capital is expended on drilling operations.

Net proved oil andgas reserves at March 31, 2007 and December 31, 2006 are presented below. Theestimated proved reserves of the Partnership include only those quantitieswhich are reasonably expected to be recovered from known oil and gas reservoirsunder current economic and operating conditions. Proved reserves include onlyquantities we expect to recover commercially using current prices, costs,existing regulatory practices, and technology. Therefore, any changes in futureprices, costs, regulations, technology or other unforeseen factors couldmaterially increase or decrease the estimate of proved reserves. The estimatesfor March 31, 2007 utilize the March 31 (NYMEX) price of $65.87 per barrel andnatural gas (Henry Hub) price of $7.73 per MMbtu, adjusted by property forenergy content, quality and transportation costs. The estimates for December31, 2006 utilize the December 31 (NYMEX) price of $57.75 per barrel and naturalgas (Henry Hub) price of $5.636 per MMbtu, adjusted by property for energycontent, quality and transportation costs.
| Net proved reserves | ** ** | **Oil (BBL)** | ** ** | **Gas (MCF)** | ** ** |
|-------------------------------|------------|--------------------|------------|--------------------|------------|
| December 31,  2006            |       | 69,253             |       | 1,597,089          |       |
| March 31, 2007                |       | 71,793             |       | 1,039,105          |       |

 

Thestandardized measure of discounted cash flows is computed by applying the abovequarter end prices, adjusted on a property by property basis for energycontent, quality and transportation costs, and a discount factor of 10% toproved reserves. The standardized measure of discounted cash flows does notpurport to present the fair value of our oil and natural gas reserves.
| Standardized measure of discounted cash  flows | ** ** | ** ** | ** ** |
|--------------------------------------------------------------------|------------|------------|------------|
| December 31,  2006                                                 |       | $          | 8,116,583  |   |
| March 31, 2007                                                     |       | $          | 6,688,914  |   |

 

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

**Interest Rate Risk**

The Partnershipcurrently has no borrowings. The partnership agreement prohibits bankborrowings during the Partnership’s drilling phase of operations. ThePartnership is permitted to borrow monies for additional development drillingand facilities costs on Partnership prospects already drilled. Upon completion of the drilling phase of operations,should the Partnership elect to borrow monies for additional developmentactivity on Partnership properties, it will be subject to the interest raterisk inherent in borrowing activities. Changes in interest rates couldsignificantly affect the Partnership’s results of operations and the amount ofnet cash flow available for partner distributions. Also, to the extent thatchanges in interest rates affect general economic conditions, the Partnershipis affected by such changes.

**Commodity Price Risk**

The Partnershiphas not and is not expected to engage in commodity futures trading or hedgingactivities or enter into derivative financial instrument transactions fortrading or other speculative purposes. The Partnership sells a vast majority ofits production from successful oil and gas wells on a month-to-month basis atcurrent spot market prices. Accordingly, the Partnership is at risk for thevolatility in commodity prices inherent in the oil and gas industry, and thelevel of commodity prices has a significant impact on the Partnership’s resultsof operations.

**Item 4T. Controls and Procedures**

As the ManagingGeneral Partner of the Partnership, Reef maintains a system of controls andprocedures designed to provide reasonable assurance as to the reliability ofthe financial statements and other disclosures included in this report, as wellas to safeguard assets from unauthorized use or disposition. As of the end ofthe period covered by this report, Reef’s Principal Executive Officer and ChiefFinancial Officer have evaluated the effectiveness of the design and operationof the Partnership’s disclosure controls and procedures (as defined in Rule13a-15(e) of the Securities Exchange Act of 1934) with the assistance andparticipation of other members of management. Based upon that evaluation, Reef’sPrincipal Executive Officer and Chief Financial Officer concluded that as ofMarch 31, 2007, Reef’s disclosure controls and procedures were effective at areasonable assurance level for gathering, analyzing and disclosing theinformation the Partnership is required to disclose in the reports it filesunder the Securities Exchange Act of 1934 within the time periods specified inthe SEC’s rules and forms. During our fiscal quarter ended March 31, 2007, nochanges occurred in our internal control over financial reporting (as definedin Rule 13a-15(f) under the Securities Exchange Act of 1934) that havematerially affected, or are reasonably likely to materially affect, ourinternal control over financial reporting.

**PART II – OTHER INFORMATION**

**Item 1. Legal Proceedings**

None.

**Item 1A. RISK FACTORS**

In addition to the other information set forth in this report, youshould carefully consider the risk factors discussed in Part I, Item 1A in the2006 10-K, which could materially affect our business, financial condition orfuture results. The risks described in our 2006 10-K are not the only risksfacing the Partnership. Additional risks and uncertainties not currently knownto us or that we currently deem to be immaterial also may materially adverselyaffect our business, financial condition and/or operating results. There havebeen no material changes from the risk factors previously disclosed in the 200610-K.

9

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**Item 2.  Unregistered Sales of Equity Securities andUse of Proceeds**

**Use ofProceeds**

In connection withthe Registration Statement filed on Form S-1 (No. 333-122935) and declaredeffective July 7, 2005, Reef filed a final prospectus for the Program and fileda prospectus supplement describing the Partnership on July 8, 2005. At suchtime Reef commenced the offering of units in the Partnership. All sales ofPartnership units were made through the Program’s dealer manager, ReefSecurities, Inc., and a number of soliciting dealers. The offering period endedOctober 31, 2005.

During theoffering period ending on October 31, 2005, the Partnership sold 1,431.897units to investor partners, consisting of 241.336 units of limited partnerinterest and 1190.561 units of additional general partner interest. Inaddition, Reef purchased 75.363 general partner units, equaling 5.00% of thetotal Partnership units sold. Total offering proceeds were $37,398,898. Reefwill also contribute 1% of all leasehold, drilling, and completion costs asincurred. As of March 31, 2007, Reef has contributed $185,781 and has accrued$49,629 in connection with this obligation.

All units exceptthose purchased by Reef paid a 15% management fee to Reef to pay for thePartnership organization and offering costs, including sales commissions. Thesecosts totaled $5,369,615, leaving net capital contributions of $32,029,283.These net capital contributions plus the 1% Reef contribution described above are the total amount available tothe Partnership for drilling and pre-production administrative costs. Asof March 31, 2007, the Partnership had expended $23,660,427 on propertyacquisitions and prepayments and $138,302 on general and administrativeexpenses, including amounts in accounts payable at March 31, 2007.

The Partnershipintends to utilize all remaining available Partnership capital for oil and gasactivities during 2007 and 2008.

**Item 3.  Defaults Upon Senior Securities**

None.

**Item 4.  Submission of Matters to a Vote of SecurityHolders**

None.

**Item 5.  Other Information**

None.

**Item6.  Exhibits**

Exhibits

 
| 31.1   |   | Certification of Chief Executive Officer required by  Rule 13a-14(a)/15d-14(a) pursuant to Section 302 of the Sarbanes-Oxley Act of  2002.          |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                |
| 31.2   |   | Certification of Chief Financial Officer required by  Rule 13a-14(a)/15d-14(a) pursuant to Section 302 of the Sarbanes-Oxley Act of  2002.          |
|   |   |                                                                                                                                                |
| 32.1   |   | Certification of Chief Executive Officer pursuant to  18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the  Sarbanes-Oxley Act of 2002. |
|   |   |                                                                                                                                                |
| 32.2   |   | Certification of Chief Financial Officer pursuant to  18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the  Sarbanes-Oxley Act of 2002. |

 

10

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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 thereunto dulyauthorized.
|                             |       | REEF GLOBAL ENERGY VI, L.P. |
|----------------------------------|------------|-----------------------------|
|                             |       |                        |   |
|                             |       | By:                         | Reef Oil & Gas Partners, L.P. |
|                             |       |                        | Managing General Partner |
|                             |       |                        |   |
|                             |       | By:                         | Reef Oil & Gas Partners, GP, LLC |
|                             |       |                        |   |
| Dated:   May  21, 2007 |       | By:                         | /s/ Michael J. Mauceli |   |
| ** **                       | ** ** |                        | **Michael J. Mauceli** |
|                             |       |                        | Manager and Member |
| * *                         |       |                        | *(principal executive officer)* |
| * *                         |       |                        | * * |
| Dated:   May  21, 2007 |       | By:                         | /s/**Daniel C.  Sibley | * * |
| ** **                       | ** ** |                        | **Daniel C. Sibley** |
|                             |       |                        | Chief Financial Officer |
| * *                         |       |                        | *(principal financial and accounting officer)* |

 

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