Coho Energy announces second quarter 1995 financial and operating results.DALLAS--(BUSINESS WIRE)--Aug. 10, 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 six months ended June June: see month. 30, 1995. The company reported cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses (before working capital adjustments) for the six months ended June 30, 1995, of $7.7 million, an improvement of 69% over the same period in 1994. The increase is the result of higher crude oil prices, higher oil production and the inclusion of the operations 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. . The company reported a loss for the first half of 1995 of $158,000 versus earnings of $44,000 for 1994. After provision for preferred share dividends the company reported a first half loss of $0.05 per common share compared to break even earnings per share a year ago. Total net daily production was 9,003 barrels of oil equivalent (BOE BOE Based on Experience BOE Board of Education BOE Boletín Oficial del Estado (Spanish) BOE Bank of England BOE Board of Equalization BOE Board of Elections BOE Barrel of Oil Equivalent BOE Bind on Equip ) in the first half of 1995 as compared with 5,229 barrels in the same period in 1994. Daily oil production for the second quarter of 1995 was 5,767 barrels, an 11% increase over the same quarter of 1994. In June, average net daily oil production reached 6,000 barrels, achieving a record level for the company. Gas production increased significantly from 1994 levels with a steady daily production rate of 19.9 million cubic feet for the six months in 1995. With the increased production and the addition of gas production Coho's operating costs operating costs npl → gastos mpl operacionales on a barrel of oil equivalent The barrel of oil equivalent (bboe, sometimes BOE) is a unit of energy based on the approximate energy released by burning one barrel of crude oil. The US Internal Revenue Service defines it as equal to 5.8 × 106 BTU [1]. 5. basis have decreased 26% from $4.10 per BOE in the second quarter of 1994 to $3.02 per BOE in the second quarter of 1995. Capital expenditures for the second quarter of 1995 were $7.5 million as compared with $2.8 million during the same three month period in 1994. Activity during the second quarter included the continuation of the development of the secondary recovery programs at Laurel Laurel, cities, United States Laurel. 1 Town (1990 pop. 19,438), Prince Georges co., central Md., about halfway between Washington, D.C., and Baltimore; patented in the late 1600s, inc. 1870. , implementing a secondary recovery project at Martinville and the drilling of a total of three horizontal wells at Summerland Summerland can refer to: Places
SOSO Stability Operations and Support Operations SOSO Spouse or Significant Other SOSO State Owned, State Operated and Laurel. The impact of these operations on production will be felt in the third quarter. The first half of 1995 capital expenditures were $12.3 million versus $7 million a year ago. Third quarter activity will be highlighted by the completion of a 16 square mile 3D seismic program which is being shot over the company's Martinville field. Subsequent to June 30, 1995 the company entered into an agreement to purchase and acquire operatorship and a 93.3% working interest in the Brookhaven Brookhaven. 1 City (1990 pop. 10,243), seat of Lincoln co., SW Miss.; inc. 1859. It is situated in a dairy, timber, and farm area. Oil and gas fields are nearby. The city's manufactures include wood products, apparel, lumber, wire cloth, and asphalt. field in 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 . The production in the field is currently 300 gross barrels of oil per day and produces from the Lower Tuscaloosa Tuscaloosa (təskəl  `sə), city (1990 pop. 77,759), seat of Tuscaloosa co., W central Ala., on the Black Warrior River; inc. 1819. formation. The purchase price of approximately $5.6 million
is payable over a two year period and the transaction is expected to
close by Aug. 24, 1995. Coho believes the Brookhaven field to be
similar to the other fields in Mississippi in which the company has been
able to significantly increase production and reserves.In addition, following the approval of shareholders at the annual meeting of shareholders which was held on Aug. 3, 1995, the company authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: the exchange of the outstanding preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. for 3.225 million shares of Coho common stock. The exchange of the preferred, which is subject to regulatory approval is expected to take place on or before Sept. 4, 1995. Coho Energy is a Dallas based independent oil and gas producer focussing 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)
Six Months Three Months
Ended Ended
June 30, June 30,
1995 1994 1995 1994
Oil Production (BBL/D) 5,692 5,202 5,767 5,203
Gas Production (MCF/D) 19,869 161 19,559 26
Production (BOE/D) 9,003 5,229 9,027 5,207
Average Sales Price
$/BBL $ 13.72 $ 12.80 $ 13.97 $ 13.28
$/MCF $ 1.46 $ 1.35 $ 1.50 n/a
Operating Revenues
Net Oil and Gas
Production $19,402 $12,094 $10,000 $ 6,280
Marketing and
Transportation 36,366 - 14,477 -
$55,768 $12,094 $24,477 $ 6,280
Operating Expenses
Oil and Gas
Production 5,084 3,748 2,480 1,945
Marketing and
Transportation 33,719 - 13,484 -
Taxes on Oil and
Gas production 947 674 529 374
General and
administrative 4,411 1,652 2,301 870
Depletion and
Depreciation 7,888 4,430 4,185 2,267
Total Operating Expenses 52,049 10,504 22,979 5,456
Operating income 3,719 1,590 1,498 824 Interest 3,974 1,546 2,039 876 Income tax benefit (97) - (206) (28) Net earnings (loss) (158) 44 (335) (24) Dividends on preferred stock 700 - 362 - Net earnings (loss) applicable to common stock $ (858) $ 44 $ (697) $ (24) Cash flow from operating activities $ 7,704 $ 4,554 $ 3,678 $ 2,226 Earnings (loss) per common share (0.05) 0.00 (0.04) 0.00 Weighted average number of common shares outstanding 16,783 14,007 16,783 14,007 Capital expenditures $ 12,341 $ 7,016 $ 7,468 $ 2,859
Coho Energy Inc.
Condensed Consolidated Balance Sheet
(In thousands)
June 30, 1995 Dec. 31, 1994
Assets
Current assets $ 17,790 $22,852
Property and equipment 183,405 171,524
Other 2,577 2,594
$203,772 $196,970
Liabilities and Shareholders Equity
Current liabilities 24,248 25,231
Long term debt 91,724 86,311
Other non current liabilities 5,003
Deferred income taxes 11,114 12,887
132,089 124,429
Redeemable preferred stock 16,125 16,125
Shareholders' equity 55,558 56,416
203,772 196,970
Common shares outstanding 16,783 16,783
CONTACT: Coho Energy Inc., Dallas Jeffrey Clarke or Anne Marie O'Gorman, 214/991-9493 |
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