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COHO RESOURCES INC. ANNOUNCES RESULTS

 COHO RESOURCES INC. ANNOUNCES RESULTS
 CALGARY, Alberta, March 23 /PRNewswire/ -- Coho Resources Inc.


(NASDAQ: COHO, Toronto, Montreal, Calgary: COH) announced today its financial and operating results for the year ended Dec. 31, 1991. These results are summarized below:
 COHO RESOURCES INC.
 Summary of Financial Results
 (In thousands, except per share data)
 Year Ended Three Months Ended
 Dec. 31, Dec. 31,
 1991 1990 1991 1990
 Oil production (BOE/D) 3,801 3,158 4,234 3,100
 Operating Revenues
 Net oil and gas production 23,954 22,297 6,387 7,266
 Operating Expenses
 Oil and gas production 5,415 5,220 1,014 1,686
 Taxes on oil and gas
 Production 1,317 1,220 335 550
 General and administrative 2,746 1,607 740 660
 Depletion and depreciation 6,768 5,832 1,446 2,418
 Total operating expenses 16,246 13,879 3,535 5,314
 Interest 2,919 1,507 691 504
 Income taxes (deferred) 1,840 2,744 812 466
 Application of net
 Operating loss carryforward --- 2,504 --- 512
 Net earnings $2,949 $6,671 $1,349 $1,494
 Cash flow from operating
 activities $11,629 $12,783 $3,606 $4,170
 Average common shares
 outstanding 11,847 9,602 11,847 11,847
 Shares outstanding at the
 end of the period 11,847 11,847 11,847 11,847
 Earnings per share $0.25 $0.69 $0.11 $0.13
 Cash flow per share $0.98 $1.33 $0.30 $0.35
 COHO RESOURCES INC.
 Condensed Balance Sheet
 (In thousands)
 As at Dec. 31
 1991 1990
 Assets
 Current assets $7,760 $9,162
 Property and equipment 85,615 73,344
 Total $93,375 $82,506
 COHO RESOURCES INC.
 Liabilities and Stockholders' Equity
 Current liabilities $6,727 $11,817
 Long term debt 38,250 27,000
 Deferred taxes 1,958 198
 Total 46,935 39,015
 Stockholders' equity 46,440 43,491
 Total 93,375 82,506
 Proven developed reserves (BOE) 13,459 8,541
 Total proven reserves (BOE) 24,110 21,949
 Present worth (SEC, before tax) 106,300 199,000
 Present worth (SEC, after tax) 87,600 144,000
 Capital Expenditures
 Property and equipment 20,697 33,432
 For the year ended Dec. 31, 1991 the company has reported net earnings of $2.9 million ($.25 per share) compared with $6.7 million ($.69 per share) for the same period in 1990. The 1990 figure included a recovery of deferred income taxes on application of net operating loss carry forwards of $2.5 million.
 Net production revenue increased 7 percent from $22.2 million to $23.9 million for the year ended Dec. 31, 1991. Production revenues increased as a result of a 14 percent increase in oil production and a 334 percent increase in gas production for the year. Fourth quarter production on a barrel of oil equivalent basis increased 36 percent over the same period last year, primarily because of the commencing of gas production from the company's North Padre, Gulf of Mexico offshore platform. For the year ended Dec. 31, 1991 the total hedging gain was $1.5 million as compared with a hedging loss of $788,000 for the same period in 1990. Forward crude oil sale activities to June 1992 include 2,000 barrels per day at an average price of $19.30 per barrel.
 Cash flow from operating activities of $11.6 million was lower than the $12.8 million recorded for 1990. Higher administrative expenses and interest charges on long-term debt were the reasons for lower cash flow.
 Oil and gas production expenses increased slightly to $5.4 million from $5.2 million for the year ended Dec. 31, 1990. Fourth quarter production expenses of $1.0 million or $2.60 per barrel of oil equivalent are sharply lower than the fourth quarter 1990 amount of $1.7 million or $5.91 per barrel of oil equivalent. General and administrative expenses have increased as a result of severance payments due to staff reductions and lower reimbursement from joint venture partners caused by reduced drilling activities. Depletion, depreciation and amortization has increased as a result of increased production.
 Net production revenues were lower during the fourth quarter of 1991 due to lower product prices.
 For the year ended Dec. 31, 1990 capital expenditures were $20.7 million, a decrease of $12.7 million from 1990.
 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- 3/23/92
 /CONTACT: Jeffrey Clarke, 214-991-9493, or Douglas R. Martin, 403-261-9800, both of Coho Resources/
 (COHO COH.) CO: Coho Resources Inc. ST: Alberta IN: OIL SU: ERN


AL -- LA025 -- 0795 03/23/92 17:54 EST
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