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COHO RESOURCES ANNOUNCES SIX MONTHS RESULTS

 COHO RESOURCES ANNOUNCES SIX MONTHS RESULTS
 CALGARY, Alberta, July 22 /PRNewswire/ -- Coho Resources Inc.


(NASDAQ: COHO) announced today its financial and operating results for the six months ended June 30, 1992. These results are summarized below:
 COHO RESOURCES INC.
 Summary of Financial Results
 Six Months Ended Three Months Ended
 June 30, June 30,
 1992 1991 1992 1991
 Net oil production
 (BOE/D) 4,653 3,584 5,004 3,501
 Operating revenues
 Net oil and gas
 production $12,625 $11,581 $7,149 $5,411
 Operating expenses
 Oil and gas production 2,365 2,900 1,296 1,436
 Taxes on oil and gas
 production 751 638 434 283
 General and
 administrative 1,375 1,381 673 706
 Depletion and
 depreciation 3,540 3,600 1,587 1,824
 Total operating expenses 8,031 8,519 3,990 4,249
 Operating income 4,594 3,062 3,159 1,162
 Interest 1,145 1,472 583 777
 Income taxes (deferred) 1,304 612 971 184
 Net earnings $2,145 $978 $1,605 $201
 Cash flow from operating
 activities $7,033 $5,243 $4,184 $2,234
 Average common shares
 outstanding 11,847 11,847 11,847 11,847
 Shares outstanding at
 the end of the period 11,847 11,847 11,847 11,847
 Earnings per share $0.18 $0.08 $0.14 $0.02
 Cash flow per share $0.59 $0.44 $0.35 $0.19
 COHO RESOURCES INC.
 Condensed Balance Sheet
 (In thousands)
 June 30, Dec. 31,
 1992 1991
 Assets:
 Current assets $4,433 $7,760
 Property and equipment 98,251 85,615
 Total $102,684 $93,375
 Liabilities and stockholders'
 equity:
 Current liabilities 3,869 6,727
 Long-term debt 47,000 38,250
 Deferred taxes 3,230 1,958
 Total 54,099 46,935
 Stockholders' equity 48,585 46,440
 Total $102,684 $93,375
 For the six months ended June 30, 1992 the company has reported net earnings of $2.1 million ($0.18 per share) up 119 percent from $978,000 ($0.08 per share) for the same period in 1991.
 Net production revenue increased 9 percent from $11.6 million at June 30, 1991 to $12.6 million for the six months ended June 30, 1992. The increase in production revenues in 1992 compared to 1991 reflects a 30 percent increase in crude oil and natural gas production partially offset by an 11 percent drop in crude oil prices.
 Cash flow from operating activities for the six-month period ended June 30, 1992 of $7 million was 34 percent higher than the $5.2 million recorded for 1991.
 Production expenses, including production taxes, decreased to $3.1 million for the period ended June 30, 1992 from $3.5 million for the six months ended June 30, 1991. The decrease in operating costs reflects the company's continuing efforts to be as cost efficient as possible through revised operating procedures, and implementation of new pumping and water disposal systems.
 For the six months ended June 30, 1992, capital expenditures excluding property purchases amounted to $6.5 million compared with $17.4 million for the same period in 1991. During the first six months in 1992 the company participated in drilling one unsuccessful exploration well and performed 35 recompletions of existing wells.
 As previously announced, Coho completed the purchase of all of the onshore developed oil and gas properties of Comada Energy Ltd. effective June 1, 1992. Acquisition of these assets for a total consideration of approximately $9.6 million, added approximately 800 barrels per day of oil production and increased proved oil reserves by approximately 5.3 million barrels consisting of 3.4 million barrels of proved developed oil reserves and 1.9 million barrels of proved undeveloped oil reserves.
 Coho Resources Inc. is a Dallas-based company with shares listed for trading in the over the counter market on the NASDAQ National Market System. The stock symbol is COHO.
 -0- 7/22/92
 /CONTACT: Jeffrey Clarke, 214-991-9493 or Douglas R. Martin, 403-261-9800, both of Coho Resources/
 (COHO) CO: Coho Resources Inc. ST: Alberta IN: OIL SU: ERN


EH-AL -- LA026 -- 2195 07/22/92 18:48 EDT
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Date:Jul 22, 1992
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