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CODA ENERGY, INC. ANNOUNCES EARNINGS FOR SECOND QUARTER 1993 (PER SHARE DATA BASED UPON PRIMARY SHARES OUTSTANDING)

 DALLAS, July 29 /PRNewswire/ -- Coda Energy, Inc. (NASDAQ-NMS: CODA) announced earnings of $29,000 from continuing operations for the second quarter of 1993 compared to earnings of $54,000 for the same period of 1992. Revenues were $5,821,000 vs. $5,339,000 a year ago, while cash flow before changes in working capital items was $1,662,000 in 1993 vs. $1,185,000 in 1992.
 For the six months ended June 30, 1993, Coda reported net income of $247,000 equal to $.03 per share and cash flow of $3,558,000, equal to $.36 per share, in revenues of $11,765,000. For the same period in 1992, net income was $188,000, $.02 per share, and cash flow as $2,617,000, $.30 per share, on revenues of $10,925,000.
 Production through June 30, 1993 was 498,000 barrels of oil and 1.3 Bcf of gas. This compares to last year's figures of 316,000 barrels of oil and 1.6 Bcf of gas.
 Ted Eubank, Coda's president, said, "Coda's crude oil prices for the six months ended June 30, 1993 averaged $18.71 per barrel, about $1 per barrel less
than our forecast at the beginning of the year. We produced almost 500,000 barrels for the 1993 six-month period which was a 57 percent increase compared to the same period in 1992. Our average price for crude oil was $18.90 per barrel for the same period in 1992.
 Coda Energy, Inc. is an oil and gas acquisition, exploitation, development and production company headquartered in Dallas, Texas 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. may 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.
 CODA ENERGY, INC. AND SUBSIDIARIES
 Consolidated Statement Of Operations
 (In Thousands, Except Per Share Amounts - Unaudited)
 Periods ended Three Months Six Months
 June 30 1993 1992 1993 1992
 Revenues:
 Oil and gas sales $ 5,606 $ 3,990 $11,375 $ 8,148
 Gas marketing sales 182 1,300 341 2,656
 Other income 33 49 49 121
 Total 5,821 5,339 11,765 10,925
 Costs and expenses
 Oil and gas production 2,899 1,963 5,823 3,936
 Gas marketing purchases 149 1,206 266 2,471
 Depletion, depreciation and
 amortization 1,415 1,106 2,843 2,331
 General and administrative 625 600 1,078 1,119
 Interest 689 382 1,381 783
 Total 5,777 5,257 11,391 10,640
 Income before income taxes 44 82 374 285
 Income tax expense 15 28 127 97
 Net income $ 29 $ 54 $ 247 $ 188
 Net income per common and common
 equivalent share:
 Primary $ 0.00 $ 0.01 $ 0.03 $ 0.02
 Fully diluted $ 0.00 $ 0.01 $ 0.02 $ 0.02
 Weighted average number of common
 and common equivalent shares
 outstanding:
 Primary 9,862 8,617 9,861 8,615
 Fully diluted 10,224 8,617 10,222 8,615
 Production data
 Oil production (Bbls) 245 154 498 316
 Gas production (Mcf) 632 713 1,275 1,595
 -0- 7/29/93
 /CONTACT: Ted Eubank, president of Coda Energy, Inc., 214-692-1800 or 800-486-2632/
 (CODA)


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

SM -- NY130 -- 7480 07/29/93 17:38 EDT
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Publication:PR Newswire
Date:Jul 29, 1993
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