# **UNITEDSTATES**

**SECURITIES AND EXCHANGE COMMISSION**

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

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## **FORM 10-Q**

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

# **For thequarterly period ended June 30, 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 check mark whether the registrant (1) has filed allreports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorterperiod that the registrant was required to file such reports), and (2) hasbeen subject to such filing requirements for the past 90 days. Yes x      No o

Indicate by check markwhether the registrant is a large accelerated filer, an accelerated filer, or anon-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-accelerated  filer   x |
|---------------------------------------------------------|--------|---------------------------------------------------|--------|-------------------------------------------|

 

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

**As of August 14, 2007, the registrant had 75.363units held by the managing general partner, 1,190.561 units of additionalgeneral partner interest and 241.336 units of limited partner interestoutstanding.**

 

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

**Form 10-QIndex**
| **PART I — FINANCIAL  INFORMATION**                                                                 |   |   |
|----------------------------------------------------------------------------------------------------------|--------|--------|
| ** **                                                                                               |   |   |
| **ITEM 1. FINANCIAL  STATEMENTS (Unaudited)**                                                            |   |   |
| *Condensed Balance Sheets*                                                                               |   |   |
| *Condensed  Statements of Operations*                                                                    |   |   |
| *Condensed  Statements of Cash Flows*                                                                    |   |   |
| *Notes to  Condensed Financial Statements*                                                               |   |   |
| * *                                                                                                 |   |   |
| **ITEM 2.  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF  OPERATIONS** |   |   |
| ** **                                                                                               |   |   |
| **ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**                                  |   |   |
| ** **                                                                                               |   |   |
| **ITEM 4. 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**

## **Item 1. Financial Statements**

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

**Condensed Balance Sheets**
| ** **                                              | ** ** | **June 30,** | ** **     | **December 31** | ** ** |
|---------------------------------------------------------|------------|-------------------|----------------|----------------------|------------|
| ** **                                              | ** ** | **2007**          | ** **     | **2006**             | ** ** |
| ** **                                              | ** ** | **(Unaudited)**   | ** **     | ** **           | ** ** |
| ** **                                              |       |              |           |                 |       |
| **Assets**                                              |       |              |           |                 |       |
| ** **                                              |       |              |           |                 |       |
| **Current assets:**                                     |       |              |           |                 |       |
| Cash and cash  equivalents                              | ** ** | $                 | 8,365,349      |                 | $          | 15,641,945 | ** ** |
| Accounts  receivable from affiliates                    |       | 528,564           |           | 111,508              |       |
| **Total current assets**                                | ** ** | **8,893,913**     | ** **     | **15,753,453**       | ** ** |
|                                                    |       |              |           |                 |       |
| **Property and equipment:**                             |       |              |           |                 |       |
| Oil and gas  properties, full cost method of accounting |       | 23,463,670        |           | 16,815,171           |       |
| Drilling in  progress                                   |       | 1,471,722         |           | 2,030,077            |       |
| Prepaid drilling  costs                                 |       | 84,521            |           | 2,161,047            |       |
| Accumulated  depreciation and depletion                 |       | (19,640,948       | )              | (8,698,588           | )          |
| **Net property and equipment**                          | ** ** | **5,378,965**     | ** **     | **12,307,707**       | ** ** |
| ** **                                              | ** ** | ** **        | ** **     | ** **           | ** ** |
| **Total assets**                                        | ** ** | **$**             | **14,272,878** | ** **           | **$**      | **28,061,160** | ** ** |
| ** **                                              |       |              |           |                 |       |
| **Liabilities and partnership  Equity**                 |       |              |           |                 |       |
|                                                    |       |              |           |                 |       |
| **Current liabilities:**                                |       |              |           |                 |       |
| Accounts payable                                        | ** ** | $                 | 564            |                 | $          | 1,948 | ** ** |
| Accounts payable  to affiliates                         |       | 134,246           |           | 3,136,602            |       |
| **Total current liabilities**                           | ** ** | **134,810**       | ** **     | **3,138,550**        | ** ** |
|                                                    |       |              |           |                 |       |
| **Noncurrent liabilities:**                             |       |              |           |                 |       |
| Accounts payable  to affiliates                         |       | 804,789           |           | 804,789              |       |
| Asset retirement  obligation                            |       | 247,589           |           | 203,803              |       |
| **Total non-current liabilities**                       | ** ** | **1,052,378**     | ** **     | **1,008,592**        | ** ** |
| ** **                                              |       |              |           |                 |       |
| **Partnership Equity**                                  |       |              |           |                 |       |
| General partners                                        |       | 10,296,823        |           | 18,801,910           |       |
| Limited partners                                        |       | 2,087,317         |           | 3,811,366            |       |
| Managing general  partner                               |       | 701,550           |           | 1,300,742            |       |
| **Partnership equity**                                  | ** ** | **13,085,690**    | ** **     | **23,914,018**       | ** ** |
| ** **                                              | ** ** | ** **        | ** **     | ** **           | ** ** |
| **Total liabilities and partnership equity**            | ** ** | **$**             | **14,272,878** | ** **           | **$**      | **28,061,160** | ** ** |

 

*See accompanying notes tocondensed financial statements.*

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

**Condensed Statements ofOperations**
| ** **                                           | ** ** | **For the three months ended  June 30 (unaudited)** | ** **     | **For the six months ended   June 30 (unaudited)** | ** ** |
|------------------------------------------------------|------------|-----------------------------------------------------------------------------------|----------------|---------------------------------------------------------------------------------------|------------|
| ** **                                           | ** ** | **2007**                                                                          | ** **     | **2006**                                                                              | ** ** | **2007** | ** ** | **2006** | ** ** |
|                                                 |       |                                                                              |           |                                                                                  |       |   |   |   |   |
| **Revenues:**                                        |       |                                                                              |           |                                                                                  |       |   |   |   |   |
| Oil and gas income                                   | ** ** | $                                                                                 | 862,040        |                                                                                  | $          | 41,856 |   | $ | 1,371,771 |   | $ | 58,334 | ** ** |
| **Total  revenues**                                  | ** ** | **862,040**                                                                       | ** **     | **41,856**                                                                            | ** ** | **1,371,771** | ** ** | **58,334** | ** ** |
| ** **                                           |       |                                                                              |           |                                                                                  |       |   |   |   |   |
| **Costs  and expenses:**                             |       |                                                                              |           |                                                                                  |       |   |   |   |   |
| Lease operating                                      |       | 78,454                                                                            |           | 4,419                                                                                 |       | 130,626 |   | 6,090 |   |
| Production taxes                                     |       | 55,624                                                                            |           | 2,716                                                                                 |       | 95,160 |   | 3,486 |   |
| General and administrative                           |       | 78,300                                                                            |           | 32,105                                                                                |       | 113,345 |   | 57,791 |   |
| Accretion of asset retirement obligation             |       | 13,950                                                                            |           | 242                                                                                   |       | 21,347 |   | 580 |   |
| Depreciation, depletion and amortization             |       | 764,470                                                                           |           | 37,389                                                                                |       | 1,476,114 |   | 45,780 |   |
| Property impairment                                  |       | 3,133,114                                                                         |           | —                                                                                |       | 9,466,246 |   | — |   |
| **Total  costs and expenses**                        | ** ** | **4,123,912**                                                                     | ** **     | **76,871**                                                                            | ** ** | **11,302,838** | ** ** | **113,727** | ** ** |
|                                                 |       |                                                                              |           |                                                                                  |       |   |   |   |   |
| **Loss  from operations**                            | ** ** | **(3,261,872**                                                                    | **)**          | **(35,015**                                                                           | **)**      | **(9,931,067** | **)** | **(55,393** | **)** |
| ** **                                           |       |                                                                              |           |                                                                                  |       |   |   |   |   |
| **Other  income:**                                   |       |                                                                              |           |                                                                                  |       |   |   |   |   |
| Interest income                                      |       | 118,545                                                                           |           | 194,631                                                                               |       | 275,750 |   | 359,750 |   |
| **Total  other income**                              | ** ** | **118,545**                                                                       | ** **     | **194,631**                                                                           | ** ** | **275,750** | ** ** | **359,750** | ** ** |
| ** **                                           | ** ** | ** **                                                                        |           |                                                                                  |       |   |   |   |   |
| **Net  income (loss)**                               | ** ** | **$**                                                                             | **(3,143,327** | **)**                                                                                 | **$**      | **159,616** | ** ** | **$** | **(9,655,317** | **)** | **$** | **304,357** | ** ** |
|                                                 |       |                                                                              |           |                                                                                  |       |   |   |   |   |
| Net income  (loss) per general partner unit          |       | $                                                                                 | (2,109.20      | )                                                                                     | $          | 91.78 |   | $ | (6,421.76 | ) | $ | 176.69 |   |
| Net income  (loss) per limited partner unit          |       | $                                                                                 | (2,109.20      | )                                                                                     | $          | 91.78 |   | $ | (6,421.76 | ) | $ | 176.69 |   |
| Net income (loss) per  managing general partner unit |       | $                                                                                 | (1,634.30      | )                                                                                     | $          | 374.20 |   | $ | (6,104.00 | ) | $ | 681.49 |   |

 

*See accompanying notes tocondensed financial statements.*

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

**Condensed Statements of CashFlows**
| ** **                                                                                | ** ** | **For the six months ended  June 30, (unaudited)** | ** **    |
|-------------------------------------------------------------------------------------------|------------|----------------------------------------------------------------------------------|---------------|
| ** **                                                                                | ** ** | **2007**                                                                         | ** **    | **2006** | ** ** |
| ** **                                                                                | ** ** | ** **                                                                       | ** **    | ** ** | ** ** |
| **Operating  Activities**                                                                 |       |                                                                             |          |   |   |
| Net income  (loss)                                                                        | ** ** | $                                                                                | (9,655,317    | ) | $ | 304,357 | ** ** |
| Adjustments for  non-cash transactions:                                                   | ** ** | ** **                                                                       | ** **    | ** ** | ** ** |
| Depreciation, depletion and amortization                                                  |       | 1,476,114                                                                        |          | 45,780 |   |
| Property impairment                                                                       |       | 9,466,246                                                                        |          | — |   |
| Accretion of asset retirement obligation                                                  |       | 21,347                                                                           |          | 580 |   |
| Adjustments to  reconcile net income (loss) to net cash provided by operating activities: | ** ** | ** **                                                                       | ** **    | ** ** | ** ** |
| **Changes  in operating assets and liabilities:**                                         | ** ** | ** **                                                                       | ** **    | ** ** | ** ** |
| Accounts receivable from affiliates                                                       |       | (481,611                                                                         | )             | 374,048 |   |
| Accounts payable                                                                          |       | (1,384                                                                           | )             | (3,354 | ) |
| Accounts payable to affiliates                                                            |       | 37,420                                                                           |          | (212,617 | ) |
| **Net  cash provided by operating activities**                                            | ** ** | **862,815**                                                                      | ** **    | **508,794** | ** ** |
|                                                                                      | ** ** | ** **                                                                       | ** **    | ** ** | ** ** |
| **Investing  Activities**                                                                 | ** ** | ** **                                                                       | ** **    | ** ** | ** ** |
| Property acquisition and development                                                      |       | (7,030,955                                                                       | )             | (1,923,084 | ) |
| **Net  cash used in investing activities**                                                | ** ** | **(7,030,955**                                                                   | **)**         | **(1,923,084** | **)** |
|                                                                                      | ** ** | ** **                                                                       | ** **    | ** ** | ** ** |
| **Financing  Activities**                                                                 | ** ** | ** **                                                                       | ** **    | ** ** | ** ** |
| Partner capital contributions                                                             |       | 114,294                                                                          |          | 54,351 |   |
| Partner distributions                                                                     |       | (1,222,750                                                                       | )             | (312,650 | ) |
| **Net  cash used in financing activities**                                                | ** ** | **(1,108,456**                                                                   | **)**         | **(258,299** | **)** |
|                                                                                      | ** ** | ** **                                                                       | ** **    | ** ** | ** ** |
| **Net  decrease in cash and cash equivalents**                                            | ** ** | **(7,276,596**                                                                   | **)**         | **(1,672,589** | **)** |
| Cash and cash  equivalents at beginning of period                                         |       | 15,641,945                                                                       | ** **    | **25,839,550** | ** ** |
| **Cash  and cash equivalents at end of period**                                           | ** ** | **$**                                                                            | **8,365,349** | ** ** | **$** | **24,166,961** | ** ** |
|                                                                                      | ** ** | ** **                                                                       | ** **    | ** ** | ** ** |
| **Non-cash  investing transactions:**                                                     | ** ** | ** **                                                                       | ** **    | ** ** | ** ** |
| Property  additions included in accounts payable                                          | ** ** | $                                                                                | —        |   | $ | 53,659 | ** ** |
| Property  additions included in accounts payable to affiliates                            | ** ** | $                                                                                | 96,826        |   | $ | 368,586 | ** ** |
| Additions to  property and asset retirement obligation                                    | ** ** | $                                                                                | 22,439        |   | $ | 15,394 | ** ** |
| **Non-cash  financing transactions:**                                                     | ** ** |                                                                             |          |   | ** ** |
| Managing partner  contributions included in accounts receivable from affiliates           | ** ** | $                                                                                | 111           |   | $ | 30,214 | ** ** |

 

*See accompanying notes tocondensed financial statements.*

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

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

**June 30, 2007**

**1.Organization and Basis of Presentation**

Thefinancial statements for Reef Global Energy VI, L.P. (the Partnership) havebeen prepared pursuant to the rules and regulations of the Securities andExchange Commission (SEC). Certain information and footnote disclosure normallyincluded in annual financial statements prepared in accordance with accountingprinciples generally accepted in the United States have been condensed oromitted pursuant to those rules and regulations. We have recorded alltransactions and adjustments necessary to fairly present the financialstatements included in this Form 10-Q. The adjustments are normal andrecurring. The following notes describe only the material changes in accountingpolicies, account details, or financial statement notes during the first sixmonths of 2007. Therefore, please read these condensed financial statements andnotes to condensed financial statements together with the audited financialstatements and notes to financial statements contained in the Partnership’sReport on Form 10-K for the period ended December 31, 2006 (the 2006 10-K).

**2.Summary of Accounting Policies**

# **Oil andGas Properties**

ThePartnership follows the full cost method of accounting for crude oil andnatural gas properties. Under this method, all direct costs and certainindirect costs associated with acquisition of properties and successful as wellas unsuccessful 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 and six month periods endedJune 30, 2007, the Partnership recognized property impairment expense of$3,133,114 and $9,466,246, respectively.

**AssetRetirement Obligations**

Statementof Financial Accounting Standards No. 143, “Accounting for RetirementObligations” (SFAS 143) addresses accounting and reporting for obligationsassociated with the retirement of tangible long-lived assets and the associatedasset retirement costs. SFAS 143 requires that the fair value of a liabilityfor an asset’s retirement obligation be recorded in the period in which it isincurred and the corresponding cost capitalized by increasing the carryingamount of the related long-lived asset. The liability is accreted to its thenpresent value each period, and the capitalized cost is depreciated over theuseful life of the related asset.  SFAS143 is effective for the Partnership as of its inception date.

The following table summarizes the Partnership’sasset retirement obligation for the six months ended June 30, 2007 and the yearended December 31, 2006.
|                                        | ** ** | **Six months ended  June 30, 2007** | ** ** | **2006** | ** ** |
|----------------------------------------|------------|---------------------------------------------------------|------------|----------|------------|
| Beginning asset  retirement obligation |       | $                                                       | 203,803    |     | $          | 1,982 |   |
| Additions  related to new properties   |       | 22,439                                                  |       | 199,253  |       |
| Accretion  expense                     |       | 21,347                                                  |       | 2,568    |       |
| Ending asset retirement  obligation    |       | $                                                       | 247,589    |     | $          | 203,803 |   |

 

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**3.Transactions with Affiliates**

ReefOil & Gas Partners, L.P. (Reef), the managing general partner, contributes1% 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 thesecosts paid by the unit holders (4.95%). During the three and six month periodsended June 30, 2007, this 1% obligation totaled $111 and $49,740, respectively.The Partnership settles its balances with Reef on a quarterly basis.

ReefExploration, L.P. (RELP), an affiliate of Reef, processes revenues and jointinterest billings on behalf of the Partnership. At June 30, 2007, RELP owed thePartnership $528,453 for net revenues processed by RELP in excess of jointinterest billings paid by RELP on behalf of the Partnership.  The Partnership settles its balances withRELP on a quarterly basis.

ThePartnership has no employees. RELP employs a staff including geologists,petroleum engineers, landmen and accounting personnel who administer all of thePartnership’s operations. The Partnership reimburses RELP for technical andadministrative services at cost. During the three and six month periods endedJune 30, 2007, the Partnership incurred technical services costs totaling$96,826 and $374,012, which have been capitalized as project costs, andincurred general and administrative costs totaling $37,420 and $53,355.Accounts payable to affiliates at June 30, 2007 includes the $96,826 oftechnical services costs and the $37,420 of administrative costs.

Accountspayable to affiliates at June 30, 2007 also includes $804,789 for the unpaidportion of the 15% management fee due to Reef for organization and offeringcosts, including sales commissions. The management fee is payable in two parts.Reef receives reimbursement for actual commissions and organization andsyndication costs as incurred. The remaining balance will be paid to Reef fromcash flows available for partner distributions, at a rate not to exceed $1million per year. The timing of the recovery is solely at the discretion of themanaging general partner. The Partnership has not yet begun the recovery of theunpaid portion of the management fee. The liability has been classified asnon-current because the initial date and timing of repayment is currentlyunknown.

**4. Partnership Equity**

Informationregarding the number of units outstanding and the net loss per type ofPartnership unit for the three and six month periods ended June 30, 2007 isdetailed below:

For the three months ended June 30, 2007
| Type of Unit          | ** ** | **Number of   Units** | ** ** | **Net loss** | ** ** | **Net loss per   unit** | ** ** |
|---------------------------------|------------|---------------------------------|------------|-------------------|------------|----------------------------------------|------------|
| Managing general  partner units |       | 75.363                          |       | $                 | (123,166   | )                                      | $          | (1,634.30 | ) |
| General partner  units          |       | 1,190.561                       |       | (2,511,134        | )          | (2,109.20                              | )          |
| Limited partner  units          |       | 241.336                         |       | (509,027          | )          | (2,109.20                              | )          |
|                            |       |                            |       |              |       |                                   |       |
| Total                           |       | 1,507.260                       |       | $                 | (3,143,327 | )                                      |       |   |
|                                 |            |                                 |            |                   |            |                                        |            |  |  |

 

Forthe six months ended June 30, 2007
| Type of Unit          | ** ** | **Number of   Units** | ** ** | **Net loss** | ** ** | **Net loss per   unit** | ** ** |
|---------------------------------|------------|---------------------------------|------------|-------------------|------------|----------------------------------------|------------|
| Managing general  partner units |       | 75.363                          |       | $                 | (460,016   | )                                      | $          | (6,104.00 | ) |
| General partner  units          |       | 1,190.561                       |       | (7,645,497        | )          | (6,421.76                              | )          |
| Limited partner  units          |       | 241.336                         |       | (1,549,804        | )          | (6,421.76                              | )          |
|                            |       |                            |       |              |       |                                   |       |
| Total                           |       | 1,507.260                       |       | $                 | (9,655,317 | )                                      |       |   |
|                                 |            |                                 |            |                   |            |                                        |            |  |  |

 

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**Item2.  Management’s Discussion and Analysisof Financial Condition and Results of Operations.**

The following is a discussion of thePartnership’s financial position, results of operations, liquidity and capitalresources. This discussion should be read in conjunction with our financialstatements and the related notes thereto, included in the 2006 10-K.

ThisReport on Form 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.

Reefbelieves that it is important to communicate its future expectations to thepartners.  Forward-looking statements reflect the current view ofmanagement with respect to future events and are subject to numerous risks,uncertainties and assumptions, including, without limitation, the factors listedin the section captioned “RISK FACTORS” contained in the Program’sprospectus and prospectus supplement each dated July 8, 2005. Although Reefbelieves that the expectations reflected in such forward-looking statements arereasonable, Reef can give no assurance that such expectations will prove tohave been correct.  Should any one or more of these or other risks oruncertainties 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 thesejudgments or assumptions will prove correct or that unforeseen developmentswill not occur.

Reefdoes not intend to update its forward-looking statements.  All subsequentwritten and oral forward-looking statements attributable to Reef or personsacting on its behalf are expressly qualified in their entirety by theapplicable cautionary statements.

**Overview**

ReefGlobal Energy VI, L.P. is a Nevada limited partnership formed to acquire,explore, develop and produce crude oil, natural gas, and natural gas liquidsfor the benefit of its investor partners. The Partnership’s primary purposesare to generate revenues from the production of oil and gas, distribute cashflow to investors, and provide tax benefits to investors. The Partnership’scapital has been used to purchase prospects upon which the Partnership has andwill conduct drilling operations, and to pay for such drilling operations.

ThePartnership expects to drill approximately 48 wells in total on 34 prospectspurchased with the capital raised by the Partnership. These wells are currentlyexpected to comprise the drilling phase of Partnership operations, and utilizeall of the initial capital raised by the Partnership. It is expected that allof these wells will have been drilled or will be drilling by the end of 2007.During the second quarter the Partnership purchased interests in oneexploratory and two developmental prospects upon which it expects to drill oneexploratory well and 9 developmental wells. The Partnership has purchasedinterests in 14 exploratory prospects, upon which a total of 14 exploratory andseven developmental wells are expected to be drilled, and has purchasedinterests in 20 developmental prospects upon which a total of 27 developmentalwells are expected to be drilled. Twenty prospects are located in Texas, 10 arelocated in Louisiana, one is located in Oklahoma, one is located in New Mexico,and two are located offshore in United States coastal waters in the Gulf ofMexico.

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Todate, initial drilling operations have been completed on 33 prospects. ThePartnership drilled seven successful exploratory wells, one of which iscurrently shut-in and one of which is awaiting completion operations, and drilledseven unsuccessful exploratory wells. Four successful developmental wells havebeen drilled on one of the exploratory prospects, and two more are currentlydrilling. One developmental well was drilled on a second exploratory prospectduring the second quarter of 2007, and, after a review of well logs andgeologic data, is expected to be sidetracked to a new bottom hole locationduring the last half of the year.  ThePartnership has drilled eight successful and eleven unsuccessful developmentalwells, and is currently drilling the initial well on a developmental prospectpurchased during the second quarter. Eight developmental wells in total areexpected to be drilled on this prospect during the last half of 2007.

ThePartnership operates solely in the United States. RELP, an affiliate of themanaging general partner, and its predecessor entity, OREI, Inc., haveexpertise and have drilled and operated wells primarily in Texas and Louisianasince 1987.

ThePartnership does not operate in any other industry segment. Should any prospectin which the Partnership has an interest be determined to warrant additionaldevelopment activity, the Partnership may borrow any amount up to 25% of thePartnership’s aggregate capital contributions without the consent of theinvestor partners, provided the lender agrees it will have no recourse againstindividual investor partners. The Partnership is prohibited from issuingadditional cash calls to investor partners. Total borrowings cannot exceed 25%of the Partnership’s aggregate capital contributions without the approval ofthe investor partners. The Partnership is not allowed to borrow funds duringthe drilling phase of Partnership operations. To date, the Partnership haschosen to fund additional developmental activity on successful prospectsutilizing the original Partnership capital. Should the Partnership elect toborrow monies for additional development activity on Partnership properties, itwill be subject to the interest rate risk inherent in borrowing activities. ThePartnership is permitted but has not and is not expected to engage in commodityfutures trading or hedging activities, and therefore is subject to commodityprice risk.   See “Item 3—Quantitative and Qualitative DisclosuresAbout Market Risk.”

**Critical Accounting Policies**

There have been no changes from theCritical Accounting Policies described in the 2006 10-K.

**Liquidityand Capital Resources**

The Partnership has working capital of$8,759,103 at June 30, 2007, which includes $624,051 of net revenues andinterest income which will be distributed to partners. Deferred organizationand offering costs payable to Reef total $804,789, leaving $7,330,263 fromwhich to pay costs incurred during the drilling phase of operations. Becausethe Partnership is not allowed to borrow funds during the drilling phase ofoperations, the net capital contributions of $32,029,283, plus the additional1% of all leasehold, drilling and completion costs which will be contributed byReef, are the total amount available to the Partnership for drilling andpre-production administrative costs. Please see Item IA of the 2006 10-K for alist of risk factors that could impact the Partnership. Interest income and netoil and gas revenues earned by the Partnership are distributed monthly to theinvestor partners and are not available for drilling activities.

The Partnership expects to utilize theremaining available capital contributions for drilling activities during theremainder of 2007.  The Partnership expects to participate in the drillingof approximately 48 wells in total.

Todate, the Partnership has chosen to fund additional developmental activity onsuccessful prospects utilizing the original Partnership capital. After initialdrilling operations are completed, the Partnership will assess whether additional developmentactivity is warranted which may require the Partnership to borrow funds. ThePartnership is prohibited from raising additional capital through voluntary orinvoluntary partner cash calls.

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**Resultsof Operations**

**ThreeMonths Ended June 30, 2007 and 2006**

ThePartnership incurred a net loss of $3,143,327 during the three month periodended June 30, 2007, compared to net income of $159,616 for the three monthperiod ended June 30, 2006.

ThePartnership was in the initial stages of its drilling operations and had onlythree productive wells during the second quarter of 2006. Partnership netincome of $159,616 was largely the result of interest income of $194,631 earnedon unspent partner capital. The Partnership also had oil and gas revenues of$41,856 from one well which produced for the entire quarter and two other wellsthat began production during May 2006.

Duringthe second quarter of 2007, two successful developmental wells were drilled andcompleted on the Partnership’s Sugg Ranch exploratory prospect, and drillingbegan on two more developmental wells on this prospect. The two successfulwells began production operations during the second quarter along with anotherwell which was drilled on the Sugg Ranch prospect during the first quarter of2007. The addition of these three wells, combined with the fact that thePartnership had a full quarter of production from its most successful well todate, the Robertson #1 well, which began producing at the end of January, causedoil and gas revenues to increase from $509,731 during the first quarter to$862,040 during the second quarter. The Partnership had sixteen productivewells during the second quarter. The Partnership does not expect significantincreases in revenues until the wells discussed below begin productionoperations.

Twoadditional Sugg Ranch wells being drilled this quarter are not expected tobegin production operations until late September or October. The Partnershipalso completed drilling operations on the exploratory prospect and one of thetwo developmental prospects purchased during the second quarter. Theexploratory well, located offshore in the Gulf of Mexico, appears to be asuccessful well, but completion operations have not yet commenced. The developmentalwell has been completed, but wet weather in South Texas has delayed theconstruction of a pipeline and the well is not expected to begin productionoperations until late August. The Partnership purchased another developmentalprospect in New Mexico during the second quarter and is currently drilling thefirst of what is expected to be eight developmental wells on this prospect. Wedo not expect initial oil and gas production on any of these wells until thefourth quarter.

ThePartnership took property impairment costs totaling $3,133,114 during thesecond quarter, which is the major component of the $3,143,327 loss incurredduring the quarter. The property impairment was the result of major downwardrevisions in the estimated reserves of four Partnership wells which beganproduction within the past six months. The analysis of production rates,decline rates, and pressure data from these wells during their first few monthsof operations caused these engineering revisions during this quarter.

ThePartnership has one non-operated well which finished drilling operations duringthe second quarter but has not been completed. After a review of well logs andother geologic data, a proposal to sidetrack the well approximately 2500’ to anew bottom hole location has been received, and the work is expected to beginprior to November 2007. The Partnership does not currently anticipate anyfurther property impairment costs unless this well is unsuccessful. Partnershipreserves are expected to increase during the third quarter as a result of thedevelopmental wells which should begin production operations during the thirdand fourth quarters.

**ThreeMonths Ended June 30, 2007 and 2006**

ThePartnership incurred a net loss of $9,655,317 during the six month period endedJune 30, 2007, compared to net income of $304,357 for the six month periodended June 30, 2006.

As ofJune 30, 2006, the Partnership had three productive wells, two of which beganproduction operations during the second quarter of 2006, and one of which beganproduction operations during the first quarter of 2006. Partnership net incomeof $304,357 was largely the result of interest income of $359,750 earned onunspent partner capital. The Partnership also had $58,334 of oil and gasrevenues from these three wells.

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ThePartnership currently has sixteen productive wells, four additional wellsexpected to begin production operations before year end, and is participatingin an eight well developmental project in New Mexico during the last half of2007. During the first half of 2007 the Partnership added reserves from threesuccessful developmental wells drilled on its Sugg Ranch exploratory prospect.However, the Partnership took property impairment costs totaling $9,466,246.This impairment was largely due to two factors. First, the Partnership incurredapproximately $4.06 million of costs during the first quarter associated withthe drilling of three unsuccessful wells. Secondly, the reserves of fourPartnership properties which began production within the past six months werereduced by approximately $5.12 million. The analysis of production rates,decline rates, and pressure data from these wells during their first few monthsof operations caused these engineering revisions. This impairment cost was thebiggest factor in the $9,655,317 net loss for the six months ended June 30,2007. Oil & gas revenues totaled $1,371,771 during the first six months of2007, and the Partnership expects oil and gas revenues will increase during thesecond half of the year. General and administrative costs of $113,345 incurredduring the first half of 2007 should also slowly increase, primarily due toincreased general and administrative costs paid to RELP associated with theincreased levels of operational activity.

Netproved oil and gas reserves at June 30, 2007 and December 31, 2006 arepresented below. The estimated proved reserves of the Partnership include onlythose quantities which are reasonably expected to be recovered from known oiland gas reservoirs under current economic and operating conditions. Provedreserves include only quantities we expect to recover commercially usingcurrent prices, costs, existing regulatory practices, and technology.Therefore, any changes in future prices, costs, regulations, technology orother unforeseen factors could materially increase or decrease the estimate ofproved reserves. The estimates of proved reserves at June 30, 2007 use closingNYMEX prices of $70.68 per barrel and $6.77 per MMbtu, adjusted by property forenergy content, quality and transportation costs. The estimates of proved atDecember 31, 2006 use closing NYMEX prices of $57.75 per barrel and $5.635 perMMbtu, adjusted by property for energy content, quality and transportationcosts.
| Net proved reserves | ** ** | **Oil (BBL)** | ** ** | **Gas (MCF)** | ** ** |
|-------------------------------|------------|--------------------|------------|--------------------|------------|
| December 31,  2006            |       | 69,253             |       | 1,597,089          |       |
| June 30, 2007                 |       | 51,716             |       | 722,372            |       |

 

**Item3.  Quantitative and QualitativeDisclosures about Market Risk.**

**Interest Rate Risk**

ThePartnership currently has no borrowings. The partnership agreement prohibitsbank borrowings 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 ofoperations, should the Partnership elect to borrow monies for additionaldevelopment activity on Partnership properties, it will be subject to theinterest rate risk inherent in borrowing activities. Changes in interest ratescould significantly affect the Partnership’s results of operations and theamount of net cash flow available for partner distributions. Also, to theextent that changes in interest rates affect general economic conditions, thePartnership is affected by such changes.

**Commodity Price Risk**

ThePartnership has not and is not expected to engage in commodity futures tradingor hedging activities or enter into derivative financial instrumenttransactions for trading or other speculative purposes. The Partnership sells avast majority of its production from successful oil and gas wells on amonth-to-month basis at current spot market prices. Accordingly, thePartnership is at risk for the volatility in commodity prices inherent in theoil and gas industry, and the level of commodity prices has a significantimpact on the Partnership’s results of operations.

**Item 4. Controls and Procedures**

As theManaging General Partner of the Partnership, Reef maintains a system ofcontrols and procedures designed to provide reasonable assurance as to thereliability of the financial statements and other disclosures included in thisreport, as well as to safeguard assets from unauthorized use or disposition. 

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As ofthe end of the period covered by this report, Reef’s Principal Executive Officerand Chief Financial Officer have evaluated the effectiveness of the design andoperation of the Partnership’s disclosure controls and procedures (as definedin Rule 13a-15(e) of the Securities Exchange Act of 1934) with the assistanceand participation of other members of management. Based upon that evaluation,Reef’s Principal Executive Officer and Chief Financial Officer concluded thatas of June 30, 2007, Reef’s disclosure controls and procedures were effectiveat a reasonable 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 June 30, 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 –OTHERINFORMATION**

**Item 1. Legal Proceedings**

None.

**Item 1A. RISK FACTORS**

Inaddition to the other information set forth in this report, you shouldcarefully consider the risk factors discussed in Part I, Item 1A in the 2006 10-K,which could materially affect our business, financial condition or futureresults. The risks described in our 2006 10-K are not the only risks facing thePartnership. Additional risks and uncertainties not currently known to us orthat we currently deem to be immaterial also may materially adversely affectour business, financial condition and/or operating results. There have been nomaterial changes from the risk factors previously disclosed in the 2006 10-K.

**Item2.  Unregistered Sales of Equity Securitiesand Use of Proceeds**

**Use ofProceeds**

Inconnection with the Registration Statement filed on Form S-1 (No. 333-122935)and declared effective July 7, 2005, Reef filed a final prospectus for theProgram and filed a prospectus supplement describing the Partnership on July 8,2005. At such time Reef commenced the offering of units in the Partnership. Allsales of Partnership units were made through the Program’s dealer manager, ReefSecurities, Inc., and a number of soliciting dealers. The offering period endedOctober 31, 2005.

Duringthe offering 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.  Reef purchased 75.363 general partner units,equaling 5.00% of the total Partnership units sold. Total offering proceedswere $37,398,898. Reef will also contribute 1% of all leasehold, drilling, andcompletion costs as incurred. As of June 30, 2007, Reef has contributed$235,410 and has accrued $111 in connection with this obligation.

Allunits except those purchased by Reef paid a 15% management fee to Reef to payfor the Partnership organization and offering costs, including salescommissions. These costs totaled $5,369,615, leaving net capital contributionsof $32,029,283 available for Partnership oil and gas operations. These netcapital contributions plus the 1% Reef contribution described above, whichtotals $235,521 at June 30, 2007, are the total amount available to the Partnership for drilling andpre-production administrative costs. As of June 30, 2007, thePartnership had expended $24,796,239 on property acquisitions and prepaymentsand $138,302 on general and administrative expenses, including amounts inaccounts payable at June 30, 2007.

ThePartnership intends to utilize all remaining available Partnership capital foroil and gas activities during 2007 and 2008.

**Item3.  Defaults Upon Senior Securities**

None.

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**Item4.  Submission of Matters to a Vote ofSecurity Holders**

None.

**Item5.  Other Information**

None.

**Item 6. 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. |

 

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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:     | August 20, 2007 | By:                         | /s/ Michael J. Mauceli |
| ** ** | ** **      |                        | **Michael J. Mauceli** |
|       |            |                        | Manager and  Member |
|       |            |                        | *(principal  executive officer)* |
|       |            |                        | * * |
|       |            |                        | * * |
| Dated:     | August 20, 2007 | By:                         | /s/ Daniel C. Sibley |
| ** ** | ** **      |                        | **Daniel C. Sibley** |
|       |            |                        | Chief Financial  Officer |
|       |            |                        | *(principal  financial and accounting officer)* |

 

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