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CODA ENERGY TO ACQUIRE MID-CONTINENT PROPERTIES

 DALLAS, June 30 /PRNewswire/ -- Coda Energy, Inc. announced that it has entered into a Purchase and Sales Agreement to acquire certain properties in the mid-continent region of the United States from a major oil company for approximately $17 million. The purchase is subject to certain approvals by the seller and must also receive clearance from the Federal regulators under the Hart-Scott-Rodino Antitrust Improvements Act.
 Coda anticipates the completion of the acquisition by late July. Financing has been approved by NationsBank, Energy Banking Group.
 Coda's chairman, Doug Miller said, "Upon completion of this transaction and the pending MJM acquisition which we recently announced, Coda's estimated SEC reserve value will be approximately $140 million. Coda will be well positioned to maximize its operating efficiencies in our core areas. Further, with an increased reserve base, our ability to optimally finance the company's continued growth should be greatly enhanced."
 Coda Energy, Inc. is an oil and gas acquisition, development and production company headquartered in Dallas, with principal operations in Texas and Oklahoma. The company's stock is traded on the NASDAQ National Market System under the symbol CODA.
 Additional information about Coda Energy, Inc. should be obtained by contacting the company's president, Ted Eubank, at Coda's headquarters, 5735 Pineland Drive, Suite 300, Dallas, Texas 75231, 214-692-1800 or 800-486-2632.
 -0- 6/30/93
 /CONTACT: Douglas H. Miller or T.W. Eubank, both of Coda Energy, Inc., 214-692-1800/
 (CODA)


CO: Coda Energy, Inc. ST: Texas IN: OIL SU:

LR -- NY021 -- 7059 06/30/93 10:19 EDT
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Publication:PR Newswire
Date:Jun 30, 1993
Words:250
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