COHO ANNOUNCES YEAR END OIL AND GAS RESERVES
COHO ANNOUNCES YEAR END OIL AND GAS RESERVES CALGARY, Alberta, Feb. 10 /PRNewswire/ -- Coho Resources Inc.
(NASDAQ: COHO) announced today its year-end 1991 proved oil and gas reserves as independently evaluated by The Scotia Group Inc. As at Dec. 31, 1991, the company had total proved oil reserves of 20.5 million barrels and total proved natural gas reserves of 21.8 billion cubic feet. Oil reserves increased 722,000 barrels from 1990, comprised of purchases of 323,000 barrels and upward revisions of 1.64 million barrels, offset by 1991 production of 1.28 million barrels. Natural gas reserves increased 8.6 billion cubic feet from 1990, comprised of purchases of 9.9 billion cubic feet and discoveries of .5 billion cubic feet, offset by a downward revision of 1.1 billion cubic feet and 1991 production of .6 billion cubic feet.
The majority of the upward revision of 1.64 million barrels of oil was at the Summerland, Miss., field where the recent installation of a larger pumping unit has increased oil production and the ultimate recovery factor. The substantial overall increase in natural gas reserves was as a result of the company purchasing the California prospect in East Texas during 1991. The downward revision in natural gas reserves of 1.1 billion cubic feet was primarily the result of the uneconomic production of associated gas at the company's Martinville oil field. During 1991, the company has been successful in moving substantial reserves from the proved undeveloped to the proved developed category. The lower SEC value is mainly attributable to the dramatic drop in oil prices from Dec. 31, 1990, when the WTI price was $28.44 per barrel to the Dec. 31, 1991, oil price of $19.12 per barrel. The following table sets forth the reserves and the SEC PV10 value attributed to those reserves: Oil Gas SEC PV10 SEC PV10 (Mbbls) (Mmcf) Before Tax After Tax ($000) ($000) Dec. 31, 1991 Proved Developed 11,796 9,977 Proved Undeveloped 8,687 11,784 Total 20,483 21,761 106,301 87,608 Dec. 31, 1990 Proved Developed 8,435 631 Proved Undeveloped 11,325 12,503 Total 19,760 13,134 199,022 144,429 Coho Resources Inc. is a Dallas-based company with shares listed for trading in the Over the Ccounter market on the NASDAQ National Market System. The stock symbol is COHO. -0- 2/10/92 /CONTACT: Jeffrey Clarke, 214-991-9493, or Douglas R. Martin, 403-261-9800, both of Coho Resources Inc./ (COHO) CO: Coho Resources, Inc. ST: Alberta IN: OIL SU:
JL -- LA041 -- 8492 02/10/92 17:11 EST
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|Date:||Feb 10, 1992|
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