Coho Energy Announces 1994 Financial and Operating Results and Year-End Reserves.DALLAS--(BUSINESS WIRE)--March 14, 1995--Coho Energy Inc. (NASDAQ-NMS:COHO; TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CEE cee n. The letter c. ) today reported financial and operating results for the year ended December December: see month. 31, 1994. These results reflect the acquisition of Interstate in·ter·state adj. Involving, existing between, or connecting two or more states. n. One of a system of highways extending between the major cities of the 48 contiguous United States. Noun 1. Natural Gas Co. ("ING") on December 8, 1994. Production Daily oil production for 1994 averaged 5,416 barrels, an 8% increase over the 4,988 barrels of oil reported for the year ended December 31, 1993. This gain represents Coho's ninth consecutive year of record oil production. Fourth quarter 1994 daily oil production was 5,832 barrels, a 15% increase over the 5,065 barrels for the same period in 1993. The production increases for both the fourth quarter and the full year 1994 reflect Coho's continued success in developing its Mississippi Mississippi, state, United States Mississippi (mĭs'əsĭp`ē), one of the Deep South states of the United States. It is bordered by Alabama (E), the Gulf of Mexico (S), Arkansas and Louisiana, with most of the border formed by properties. Daily gas production for the fourth quarter of 1994 was 6.8 million cubic feet as compared with the .6 million cubic feet reported in the fourth quarter of 1993. Prior to the ING acquisition Coho had only a small part of its oil equivalent production derived de·rive v. de·rived, de·riv·ing, de·rives v.tr. 1. To obtain or receive from a source. 2. from gas production. The current level of gas production from the ING properties is approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 19.8 million cubic feet per day. Operating Revenues operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. Revenues from the sale of oil and gas production for the year ended December 31, 1994 were $26.5 million compared with $28.3 million for the same period in 1993. Although oil and gas volumes increased year over year, lower realized commodity prices, particularly in the first half of the year, offset production increases. Total operating revenues for 1994 were $34.4 million, a 21% increase over the $28.3 million reported in 1993. Included in operating revenues is $7.9 million derived from ING's marketing and transportation facilities for the month of December. Financial Results For the full year 1994, Coho reported a loss of $1.7 million or $0.12 per share compared with a loss of $13.4 million or $1.12 per share. In the fourth quarter the Company recorded a $2.5 million ($0.18 per share) non-recurring charge related to a restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). plan which was developed after the review of the operations of the combined companies. The plan is designed to reduce excess overhead and operating costs operating costs npl → gastos mpl operacionales beyond the scope contemplated when the ING acquisition was made. Proved Reserves proved reserves The quantity of minerals expected to be recoverable under current economic and operating conditions. The amount of proved reserves is important in valuing the stock of a company with significant holdings in natural resources. The Company's 1994 year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. proved oil and gas reserves increased significantly from 1993. Proved oil reserves Oil reserves refer to portions of oil in place that are claimed to be recoverable under economic constraints. Oil in the ground is not a "reserve" unless it is claimed to be economically recoverable, since as the oil is extracted, the cost of recovery increases incrementally increased 10% from 24.9 million barrels reported in 1993 to 27.5 million. The increase in oil reserves is attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the success Coho is experiencing with its secondary recovery projects and exploitation activities in its fields in Mississippi. Proved gas reserves for 1994 were 100.1 billion cubic feet, a 612% increase over the gas reserves owned by Coho at the end of 1993. The significant increase in gas reserves is related to the acquisition of ING in late 1994. At year end 1994, the pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern SEC PV10 for the Company's proved reserves, using $16.00 per barrel West Texas Intermediate posted price and $1.58 per thousand cubic feet, was $164.4 million. The figure for the same period in 1993 was $81.1 million. The 102% increase over the 1993 amount reflects the increase in volumes of oil and gas proved reserves and improved commodity pricing for crude oil. Coho Energy is a Dallas Dallas, city (1990 pop. 1,006,877), seat of Dallas co., N Tex., on the Trinity River near the junction of its three forks; inc. 1871. The second largest Texas city, after Houston, and the eighth largest U.S. based independent oil and natural gas producer focusing on exploitation of underdeveloped un·der·de·vel·oped adj. Not adequately or normally developed; immature. oil properties in the Mississippi Salt Basin. -0-
COHO ENERGY, INC.
SUMMARY OF FINANCIAL RESULTS
(In Thousands, except Per Share Data)
Three Months Twelve Months
Ended Ended
December 31, December 31,
1993 1994 1993 1994
OIL PRODUCTION (BBL/D) 5,065 5,832 4,988 5,416 GAS PRODUCTION (MCF/D) 605 6,781 1,291 1,836 PRODUCTION (BOE/D) 5,166 6,962 5,203 5,722 Average Sales Price $/BBL 13.12 12.91 14.91 12.86 $/MCF 1.96 1.56 2.37 1.55 OPERATING REVENUES
Net Oil and Gas
Production $ 6,224 $ 7,906 $28,263 $26,464
Marketing and
Transportation -- 7,965 -- 7,965
$ 6,224 $15,871 $28,263 $34,429
OPERATING EXPENSES Oil and Gas Production 1,792 2,214 7,164 7,840 Marketing and Transportation -- 7,351 -- 7,351 Taxes on Oil and Gas Production 353 439 1,609 1,532 General and Administrative 835 1,086 2,997 3,505 Restructuring -- 2,494 -- 2,494 Reorganization Costs of Combination with Coho Resources Limited -- -- 1,000 -- Writedown in Carrying Value of Crude Oil and Natural Gas Properties 20,000 -- 20,000 -- Depletion and Depreciation 4,061 3,212 10,677 10,074 TOTAL OPERATING EXPENSES 27,041 16,796 43,447 32,796 INTEREST 890 1,422 3,484 4,007 INCOME TAXES (6,775) (734) (5,219) (720) NET EARNINGS (LOSS) $(14,932) $(1,613) $(13,449) $(1,654) CASH FLOW FROM OPERATING ACTIVITIES $2,549 $ 938 $12,248 $7,928 EARNINGS (LOSS) PER SHARE $(1.19) $(0.11) $(1.12) $(0.12) CASH FLOW PER SHARE $0.19 $0.06 $1.02 $0.56 WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING 12,685 14,701 12,013 14,199 -0-
COHO ENERGY INC.
CONDENSED CONSOLIDATED BALANCE SHEET
DECEMBER 31
(In Thousands)
1993 1994
ASSETS
Current Assets $6,878 $22,852
Property and Equipment 96,317 171,524
Other 1,091 2,594
$104,286 $196,970
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities $6,007 $25,231
Long Term debt 54,000 86,311
Deferred Income Taxes -- 12,887
60,007 124,429
Redeemable preferred stock -- 16,125
Shareholders' Equity 44,279 56,416
$104,286 $196,970
Common Shares Outstanding 14,007 16,783 CONTACT: Coho Energy Inc. Jeffrey Clarke Clarke , Arthur Charles Born 1917. British writer, scientist, and underwater explorer noted for his stories of space exploration. His works include 2001: A Space Odyssey (1968). , 214/991-9493 |
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