CODA ENERGY TO ACQUIRE MJM OIL & GAS, INC.
DALLAS, June 15 /PRNewswire/ -- Coda Energy, Inc. (NASDAQ-NMS: CODA) announced today that it has reached an agreement in principle to acquire 100 percent of the outstanding capital stock of MJM Oil & Gas, Inc., a privately held, Texas-based energy company, for consideration valued at approximately $15 million. The oil and gas properties owned by MJM Oil & Gas, Inc. are principally located in west Texas, north Texas and western Oklahoma. Total proved reserves are estimated to be approximately 2.3 million barrels of oil and 5.3 billion cubic feet of gas. The acquisition is subject to the fulfillment of certain conditions, including the negotiation and execution of a definitive stock purchase agreement. A closing date for the acquisition has not been determined by the parties. Doug Miller, Coda's chairman, stated, "This company's properties fit into our current operating areas, provide additional development and exploitation opportunities, and may increase our ability to make future acquisitions in our core areas. Furthermore, MJM's employees share the same business philosophy and strategy pursued by Coda." Coda Energy, Inc. is an oil and gas acquisition, exploitation, development and production company headquartered in Dallas, 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. should 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. -0- 6/15/93 /CONTACT: Douglas H. Miller or T.W. Eubank of Coda Energy, Inc., 214-692-1800/ (CODA)
CO: Coda Energy, Inc.; MJM Oil & Gas, Inc. ST: Texas IN: OIL SU: TNM
CK -- NY025 -- 2021 06/15/93 10:17 EDT
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|Date:||Jun 15, 1993|
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