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CODA ENERGY ANNOUNCES FIRST QUARTER EARNINGS

 CODA ENERGY ANNOUNCES FIRST QUARTER EARNINGS
 DALLAS, April 29 /PRNewswire/ -- Coda Energy, Inc.'s


(NASDAQ-NMS: CODA) earnings for the first quarter 1992 were $134,000 ($.02 per share) compared to net loss of $228,000 ($.03 per share) for the first quarter 1991. Revenues for the quarter increased 41 percent to $5,586,000 over the prior period in spite of natural gas prices being near record lows for Coda and crude oil prices being more the $2.00 per barrel below 1991 postings. Oil production increased 156 percent for the quarter to 161,000 barrels. Average oil and gas prices for 1992 before hedging were $18.01 per bbl and $1.36 per mcf vs. $20.18 bbl and $1.67 per mcf for the same quarter in 1991.
 The company said its cash flows from operating activities before changes in other current assets and liabilities was $1,432,000 ($.17 per share) for the 1992 quarter vs. $1,231,000 ($.14 per share) for the 1991 period.
 Douglas Miller, Coda's chairman, said, "Although the domestic energy business continues to suffer from significantly lower commodity prices, Coda's business strategy and its employees have proven we can make real annual increases even in the worst of times."
 Coda Energy, Inc. is an oil and gas acquisition and production company headquartered in Dallas, Texas, with principal operations in Texas, Colorado and Oklahoma.
 CODA ENERGY, INC. AND SUBSIDIARIES
 Consolidated Statements of Operations
 (unaudited -- in thousands, except per share amounts)
 Three months ended March 31, 1992 1991
 Revenues:
 Oil and gas sales $ 4,158 $ 2,638
 Gas marketing and plant
 sales 1,356 1,111
 Other income 72 222
 TOTAL 5,586 3,971
 Costs and expenses:
 Oil and gas production 1,973 1,165
 Gas marketing and plant
 purchases 1,265 1,073
 Depletion, depreciation
 and amortization 1,225 975
 General and administrative 519 583
 Interest 401 403
 TOTAL 5,383 4,199
 Income (loss) before
 income taxes 203 (228)
 Income tax expense 69 --
 Net income (loss) $ 134 $ (228)
 Net income (loss) per
 common and common
 equivalent share $ .02 $ (.03)
 Weighted average number
 of common and
 common equivalent shares
 outstanding 8,613 8,978
 -0- 4/29/92
 /CONTACT: Douglas H. Miller, or T.W. Eubank of Coda Energy, 214-692-1800/
 (CODA) CO: Coda Energy Inc. ST: Texas IN: OIL SU: ERN


SH -- NY045 -- 4323 04/29/92 11:31 EDT
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Publication:PR Newswire
Date:Apr 29, 1992
Words:398
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