Coho Energy reports improved third quarter 1996 results.DALLAS--(BUSINESS WIRE)--Nov. 13, 1996--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 third quarter 1996 net income of $1,326,000 or six cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. compared to a loss (after provision for preferred dividends preferred dividend n. a payment of a corporation's profits to holders of preferred shares of stock. (See: preferred stock) ) of $278,000 or two cents in the third quarter of 1995. Revenues rose 30 percent to $13.6 million from a restated $10.4 million in the same period of 1995. 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) during the quarter rose 50 percent to $6.4 million (31 cents per share) from $4.3 million (22 cents per share) last year. For the first nine months of 1996, Coho reported earnings of $3,464,000 or 17 cents per share versus a loss (after provision for preferred dividends) of $1,136,000 or seven cents per share. Revenues during this year's first nine months rose 30 percent to $38.9 million from $29.8 million (restated) last year. Cash flow from operations (before working capital adjustments) rose 52 percent to $18.2 million (89 cents per share) from $12.0 million (64 cents per share) during the first nine months of 1995. The improvement in Coho's results in the third quarter and first nine months of 1996 is due to continued increases in crude oil production and higher prices for both crude oil and natural gas. Total net daily production during the third quarter rose five percent to 9,811 equivalent barrels of oil from 9,344 barrels in the same period of 1995. Coho's 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 production during the third quarter rose 10 percent, to 6,863 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 ) per day from 6,245 BOE per day a year earlier. This gain reflects the ongoing success of the exploitation and exploration program. The last well in Coho's 1996 Martinville exploration program was drilled in the third quarter of 1996 and is currently being completed. Following a decline in production during the second and the early part of the third quarter, the Rodessa waterflood Wa´ter`flood` n. 1. A flood of water; an inundation. 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. is showing renewed response and the Rodessa flood at Martinville also continues to respond boosting current production well over the 7,000 BOE per day level. The Martinville 22-10 No. 2 exploration well completed late in the third quarter is currently flowing at 450 barrels per day Barrels per day (abbreviated BPD, bbl/d, bpd, bd or b/d) is a measurement used to describe the amount of crude oil (measured in barrels) produced or consumed by an entity in one day. and 850 thousand cubic feet of gas per day. Martinville has been a major focus area for Coho in 1996 following the completion in 1995 of a 3D seismic program. The 37 square mile 3D seismic program at Laurel is nearing completion and should add substantially to Coho's inventory of projects for the future. Coho's Louisiana Louisiana (ləwē'zēăn`ə, l  ē'–), state in the S central United States. It is bounded by Mississippi, with the Mississippi R. natural gas production rose from 17.4
million cubic feet per day in the second quarter of 1996 to 17.7 million
cubic feet per day in the third quarter of 1996. This production is
expected to increase to 19 million cubic feet per day by year-end year-end also year·endn. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. . Coho continued to reduce lifting costs during the third quarter. Average per barrel production costs during the period were $3.80, three cents higher than the third quarter of 1995. However, excluding production taxes (which are related to prices), per barrel costs were 21 cents lower than year earlier levels. Capital expenditures during the first nine months of 1996 were $40.8 million compared to $20.7 million during the first nine months of 1995. Coho's primary emphasis during 1996 has been in the Martinville, 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. , Laurel and Soso SOSO Same Old Same Old SOSO Stability Operations and Support Operations SOSO Spouse or Significant Other SOSO State Owned, State Operated fields. For the full year, Coho expects capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. to be approximately $45 million, versus $29.0 million in 1995. The board of directors recently approved a 1997 capital spending budget of $48 million, with major commitments planned in the Laurel, Brookhaven, Martinville and Soso fields. Coho Energy Inc. 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 gas producer focusing on exploitation of underdeveloped un·der·de·vel·oped adj. Not adequately or normally developed; immature. oil properties and exploration in the Mississippi Salt Basin. -0-
COHO ENERGY INC.
SUMMARY OF FINANCIAL RESULTS
(In Thousands, Except Per Share Data)
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30,
1995 1996 1995 1996
Oil production (BBL/D) 6,100 6,748 5,830 6,658
Gas production (MCF/D) 19,460 18,374 19,730 18,084
Production (BOE/D) 9,344 9,811 9,118 9,672
Average sales price
$/BBL 13.40 16.53 13.61 15.99
$/MCF 1.62 1.94 1.52 1.96
Operating revenues
Net oil and gas
production $10,418 $13,552 $29,820 $38,857
Operating expenses
Oil and gas production 2,761 2,709 7,979 8,250
Taxes on oil and gas
production 484 723 1,431 1,989
General and
administrative 1,295 1,780 4,324 5,079
Depletion and
depreciation 3,965 4,158 11,278 12,043
Total operating expenses 8,505 9,370 25,012 27,361
Interest expense (2,150) (2,000) (5,854) (5,723)
Income taxes (benefit) (90) 856 (397) 2,309
Income from
discontinued
operations 113 --- 457 ---
Net earnings (loss) (34) 1,326 (192) 3,464
Dividends on preferred
stock 244 --- 944 ---
Net earnings (loss)
applicable to common
stock $(278) $1,326 $(1,136) $3,464
Earnings (loss) per
common share $(0.02) $0.06 $(0.07) $0.17
Cash flow from
operating
activities $4,279 $6,439 $11,983 $18,232
Cash flow per common
share $0.22 $0.31 $0.64 $0.89
Weighted average
number of common
share equivalents 17,960 20,515 17,179 20,397
-0-
COHO ENERGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
(In Thousands)
Dec. 31, Sept. 30,
1995 1996
ASSETS
Current Assets $24,259 $11,912
Property and Equipment 175,899 203,468
Other 2,401 2,142
$202,559 $217,522
LIABILITIES AND SHAREHOLDERS'
EQUITY
Current Liabilities $11,309 $13,437
Long Term Debt 107,403 111,971
Deferred Income Taxes 9,526 14,220
128,238 139,628
Shareholders' Equity 74,321 77,894
$202,559 $217,522
Common Shares Outstanding 20,165 20,186
CONTACT: Coho Energy Inc., Dallas Jeffrey Clarke/Anne Marie O'Gorman 972/774-8300 |
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