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CODA ENERGY ANNOUNCES REVENUES, EARNINGS AND CASH FLOW INCREASES

 DALLAS, May 3 /PRNewswire/ -- Coda Energy, Inc. announced earnings of $218,000 equal to $.02 per share and cash flow of $1,896,000 or $.20 per share for the first quarter of 1993. For the same period in 1992, earnings were $134,000, equal to $.02 per share and cash flow was $1,432,000 or $.17 per share.
 Oil sales increased 62 percent to $4,719,000 in the 1993 quarter compared to $2,902,000 in 1992 while gas sales were relatively flat at $1,170,000 vs. $1,199,000. Crude oil prices averaged $18.76 per barrel in 1993 vs. $18.33 in 1992 and natural gas prices averaged $1.60 per mcf in 1993 vs. $1.36 in 1992.
 Doug Miller, Coda's chairman, said "Oil production increased approximately 57 percent primarily due to two property acquisitions which were completed in December 1992." Miller further stated that "revenues, earnings and cash flows were in line with Company expectations."
 Coda Energy, Inc. is an oil and gas acquisition and production company headquartered in Dallas, Texas with principal operations in Texas, Colorado 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, T.W. Eubank, at Coda's headquarters 5735 Pineland Drive, Suite 300, Dallas, Texas 75231, 214/692-1800.
 CODA ENERGY, INC. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (In Thousands, except per share amounts)
 (Unaudited)
 Three Months Ended
 March 31,
 1993 1992
 Revenues:
 Oil and gas sales $5,769 $4,158
 Gas marketing sales 159 1,356
 Other income 16 72
 Total 5,944 5,586
 Costs and expenses:
 Oil and gas production 2,923 1,973
 Gas marketing purchases 117 1,265
 Depletion, depreciation and
 amortization 1,429 1,225
 General and administrative 453 519
 Interest 692 401
 Total 5,614 5,383
 Income before income taxes 330 203
 Income tax expense 112 69
 Net income 218 134
 Net income per common and
 common equivalent share $ 0.02 $ 0.02
 Weighted average number of
 common and common equivalent
 shares outstanding 9,636 8,613
 Production data
 Oil production (Bbls) 253 161
 Gas production (Mcf) 643 882
 -0- 5/3/93
 /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

KD -- NY032 -- 3649 05/03/93 09:59 EDT
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Publication:PR Newswire
Date:May 3, 1993
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