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CODA PURCHASES PROPERTIES IN WEST TEXAS

 DALLAS, Dec. 16 /PRNewswire/ -- Coda Energy, Inc. (NASDAQ-NMS: CODA) announced today that it has purchased certain oil and gas properties from Mobil Producing Texas & New Mexico Inc. for approximately $17.5 million. The properties are primarily located in Andrews County, Texas and specifically the Shafter Lake area. The purchase has now been approved by both companies' boards of directors and has received clearance from the Federal regulators under the Hart-Scott-Rodino Antitrust Improvements Act.
 The effective date of the acquisition is Oct. 1, 1992, and Coda anticipates completing the take over of operations on Jan. 1, 1993. A credit facility for the transaction has been approved and funded by NationsBank, Energy Banking Group.
 Coda's Chairman Doug Miller said, "This acquisition will establish a more significant operating presence in the Permian Basin area of West Texas, an area in which we plan to focus over the next few years. With this quality reserve base, this project lends itself well to our exploitation and operating cost reduction strategies."
 Coda Energy, Inc. is an oil and gas acquisition, development 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 chairman, Doug Miller, at Coda's headquarters, 9400 N. Central Expressway, Lock Box 187, Dallas, Texas 75231.
 -0- 12/16/92
 /CONTACT: Doug Miller, chairman of Coda Energy, Inc., 214-692-1800, or 800-486-2632/
 (CODA)


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

SH -- NY017 -- 7587 12/16/92 09:21 EST
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Publication:PR Newswire
Date:Dec 16, 1992
Words:269
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