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COHO RESOURCES LTD. AND COHO RESOURCES INC. ANNOUNCE BUSINESS COMBINATION

 CALGARY, Alberta, May 4 /PRNewswire/ -- At a joint board meeting of Coho Resources Ltd. (Toronto, Montreal: COH) and Coho Resources Inc. (NASDAQ: COHO), held today, it was agreed that each company would form a committee of independent directors to negotiate and recommend to their respective boards a business combination between the two companies.
 The independent committee of Coho Resources Inc. will include Roy Baker, Louis Crane and Jake Taylor. Crane and Taylor were recently elected to the board of Coho Resources Inc. to provide additional counsel and corporate advice. Crane is president of Orleans Capital Management of New Orleans, and Taylor, of Houston is a private investor and financial consultant to energy companies.
 The independent directors of Coho Resources Ltd. will include Jack Peltier, James Banister, and William Fillmore.
 Coho Resources Ltd. is a Canada-based energy company whose principal asset is a 68 percent equity interest in Coho Resources Inc., a Dallas-based oil and gas exploration and production company. The directors of both companies believe that a business combination would simplify the corporate and ownership structure of both companies and benefit shareholders.
 In the event it is determined that a business combination is advisable and acceptable to both companies and terms are agreed upon, the transaction will be submitted to the shareholders of both companies for approval.
 Coho Resources Ltd.'s shares are listed on the Toronto and Montreal stock exchanges (stock symbol: COH).
 Coho Resources Inc.'s shares trade in the over-the-counter market on the NASDAQ National Market System (stock symbol: COHO).
 -0- 5/04/93
 /CONTACT: James A. Dabbs of Coho Resources Ltd., 403-261-9800; or Douglas R. Martin of Coho Resources Inc., 214-991-9493/
 (COH. COHO)


CO: Coho Resources Ltd.; Coho Resources Inc. ST: Alberta, Texas IN: OIL SU:

JB -- LA022 -- 4313 05/04/93 12:07 EDT
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Publication:PR Newswire
Date:May 4, 1993
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