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COHO RESOURCES INC. ANNOUNCES RESULTS

 DALLAS, Feb. 24 /PRNewswire/ -- Coho Resources Inc. (NASDAQ-NMS: COHO) announced today its financial and operating results for the year ended Dec. 31, 1992. 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,
 1992 1991 1992 1991
 Oil production (BBL/D) 4,423 3,509 4,752 3,489
 Gas production (MCF/D) 2,376 1,752 1,529 4,477
 Operating Revenues
 Net oil and gas
 production $26,915 $23,954 $7,073 $6,387
 Operating Expenses
 Oil and gas production 5,603 5,415 1,709 1,014
 Taxes on oil and gas
 production 1,647 1,317 436 335
 General and
 administration 2,779 2,594 705 702
 Depletion and
 depreciation 7,773 6,768 2,055 1,446
 Total Operating Expenses 17,802 16,094 4,905 3,497
 Interest 3,146 3,071 868 729
 Income taxes (deferred) 2,330 1,840 562 812
 Net earnings $3,637 $2,949 $738 $1,349
 Cash flow from operating
 activities $14,352 $11,629 $3,449 $3,606
 Average common shares
 outstanding 11,847 11,847 11,847 11,847
 Earnings per share $0.31 $0.25 $0.06 $0.11
 Cash flow per share $1.21 $0.98 $0.29 $0.30
 COHO RESOURCES INC.
 CONDENSED BALANCE SHEET
 (In Thousands)
 As at Dec. 31,
 1992 1991
 Assets
 Current assets $6,705 $7,760
 Property and equipment 103,581 85,013
 Other 1,006 602
 Total $111,292 $93,375
 Liabilities and Stockholders' Equity
 Current liabilities $4,915 $6,727
 Long term debt 52,000 38,250
 Deferred taxes 5,219 2,877
 Total 62,134 47,854
 Stockholders' equity 49,158 45,521
 Total $111,292 $93,375
 Proven developed reserves (BOE) 19,356 13,459
 Total proven reserves (BOE) 32,430 24,110
 Present worth (SEC PV10, before tax) $133,852 $106,300
 Present worth (SEC PV10, after tax) $106,372 $87,608
 Capital expenditures $26,341 $20,697
 Production revenues increased 12 percent in 1992, to $26.9 million, compared with $23.9 million for 1991. This increase reflects a 26 percent increase in crude oil production offset by a 12 percent decrease in crude oil prices received. The increase in production is the result of continuing recompletion efforts at the company's major fields in Mississippi and property acquisitions.
 Capital expenditures in 1992 were $26.3 million, which included $13.0 million for proved property acquisitions.
 Dec. 31, 1992 reserves have increased 35 percent, to 32.4 million barrels of oil equivalent (BOE) compared with 24.1 million BOE in 1991. The increase is primarily attributable to the company's Soso and Summerland fields in Mississippi, as well as property acquisitions.
 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- 2/24/93
 /CONTACT: Jeffrey Clarke or Douglas R. Martin of Coho Resources, 214-991-9493/
 (COHO)


CO: Coho Resources, Inc. ST: Texas IN: OIL SU: ERN

BP-JL -- LA030 -- 0137 02/24/93 18:07 EST
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Date:Feb 24, 1993
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