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CODA ENERGY, INC. TO FORM $750 MILLION ACQUISITION VENTURE

 CODA ENERGY, INC. TO FORM $750 MILLION ACQUISITION VENTURE
 DALLAS, Sept. 3 /PRNewswire/ -- Coda Energy, Inc. (NASDAQ: CODA) today announced that it has engaged an investment banking firm to assist it in creating an oil and gas acquisitions joint venture of up to $750 million.
 It is anticipated that the venture would be composed of up to $250 million of venture equity and up to $500 million in bank financing. A major energy bank has agreed to lead a potential $500 million credit facility for the joint venture.
 Although final terms and conditions of the venture and the financing have not been completed, Coda believes that opportunities to acquire large quantities of domestic oil and gas reserves will exist for the next several years.
 Doug Miller, Coda's chairman, said "With the quality and quantity of domestic reserves on the market today we believe it is appropriate for Coda to create a vehicle through which it can participate in acquisitions on a much larger scale."
 Coda Energy, Inc. acquires, operates and exploits mid-continent oil and gas reserves. For additional information about Coda Energy, Inc. contact Doug Miller or Ted Eubank at Coda's headquarters, 9400 North Central Expressway, Lock Box 187, Dallas, Texas 75231, telephone number 214-692-1800.
 -0- 9/3/92
 /CONTACT: Douglas H. Miller or T. W. Eubank of Coda Energy, Inc., 214-692-1800/
 (CODA) CO: Coda Energy, Inc. ST: Texas IN: OIL SU:


LR -- NY077 -- 6519 09/03/92 14:53 EDT
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Publication:PR Newswire
Date:Sep 3, 1992
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