UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934

Date of report (Date of earliest event reported): ~~May~~December 2716, 2015

REEF OIL & GAS INCOME AND DEVELOPMENT FUND III, L.P.

(Exact name of registrant as specified in its charter)

Texas		000-53795		26-0805120
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

1901 N. Central Expressway, Suite 300 Richardson, Texas		75080
(Address of principal executive offices)		(Zip Code)

~~1901~~Registrant’s N.telephone ~~Central Expressway~~number, ~~Suite 300,~~including ~~Richardson,~~area ~~Texas~~code: ~~75080~~(972) 437-6792

(Address of principal executive offices)

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

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 1.01 Entry Into a Material Definitive Agreement

On ~~May~~December 2716, 2015, Reef Oil & Gas Income and Development Fund III, L.P. (the “Partnership”) ~~entered~~and ~~into~~Reef aOil & ~~Purchase~~Gas Income and ~~Sale~~Development ~~Agreement~~Fund ~~(the~~II (“~~Agreement~~Income Fund II”), ~~with~~an ~~Red~~affiliate ~~Sea~~of ~~2012~~the Partnership, executed an Acceptance of Offer to Purchase from California Resources Long Beach Inc. (“Purchaser”), pursuant to ~~sell~~which the Partnership’s ~~working~~and ~~interest~~Income ~~and~~Fund ~~related~~II ~~assets~~have ~~(the~~agreed ~~“Slaughter~~to ~~Dean~~sell ~~Properties”)~~their collective 0.186253% working interest in the ~~Slaughter~~Thums ~~Dean~~Long ~~field~~Beach ~~located~~Unit in(“Thums ~~Cochran~~Unit”) ~~County,~~for ~~Texas,~~a tosales ~~the~~price ~~Purchaser~~totaling ~~with~~$1,000,000. Sales anproceeds ~~effective~~will ~~date~~be ~~retroactive~~allocated $89,552 to ~~December 1~~Income Fund II and $910,448 ~~2014.~~to ~~The~~the Partnership’s ~~Slaughter~~based ~~Dean~~upon ~~Properties~~their ~~consist~~respective of working interests in ~~(i)~~ the ~~Dean~~Thums Unit,. ~~(ii) the~~The ~~Dean~~sale ~~“B”~~to ~~Unit,~~Purchaser ~~and~~is ~~(iii) the~~expected ~~Dean~~to ~~“K”~~close ~~unit~~on or before December 31, ~~and~~2015. ~~include~~The inThums ~~excess~~Long ofBeach ~~100~~Unit ~~producing,~~is ~~non-producing,~~a ~~shut~~long-lived waterflood project in, ~~water~~the ~~source,~~Wilmington ~~injection~~Field, ~~and~~located ~~disposal~~underneath ~~wells~~the Long Beach Harbor in southern California.

Under the terms of the Agreement, the total price to be paid by Purchaser for the Slaughter Dean Properties is $700,000, subject to adjustment for certain revenues and costs retroactive to December 1, 2014 as specified in the Agreement. The Purchaser has paid the 10% non-refundable deposit due the Partnership within five business days of the May 27th execution date of the Agreement, with the remainder of the purchase price due at closing, which is currently scheduled for June 12, 2015. Purchase price adjustments will be settled upon delivery to Purchaser of a final settlement statement from the Partnership within 30 days of closing.

Item 2.01 Completion of Acquisition or Disposition of Assets

The information contained in Item 1.01 of this Current Report is incorporated by reference in this Section 2.01.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit Number		Description
Exhibit 10.1		Offer to Purchase Oil, Gas and ~~Sale~~Mineral ~~Agreement~~Interest Wilmington Oil Field, Long Beach Unit, dated ~~May~~December 272, 2015 and Acceptance of Offer to Purchase, signed December 16, 2015, by and between Reef Oil & Gas Income and Development Fund ~~III~~II, L.P., Reef Oil & Gas Income and ~~Red~~Development ~~Sea~~Fund ~~2012~~III, L.P. and California Resources Long Beach Inc.

SIGNATURES

Pursuant to the requirement of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: June 3, 2015

Dated: December 22, 2015


	Reef Oil & Gas Income and Development Fund III, L.P.


	By: Reef Oil & Gas Partners, L.P.
	Managing General Partner

	By: Reef Oil & Gas Partners, GP, LLC
	its general partner

	By:	/s/Michael J. Mauceli
	Michael J. Mauceli
	Manager and Member
	(Principal Executive Officer)

Reef Oil & Gas Income and Development Fund III, L.P. By: Reef Oil & Gas Partners, L.P. Managing General Partner By: Reef Oil & Gas Partners, GP, LLC its general partner By: /s/Michael J. Mauceli Michael J. Mauceli Manager and Member (Principal Executive Officer)

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