UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For quarterly period ended MARCH 31, 1995
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________
Commission File Number 0-10955
CODA ENERGY, INC.
(Exact name of registrant as specified in its charter)
Delaware 75-1842480
(State of incorporation) (IRS Employer Identification No.)
5735 Pineland Dr., Suite 300, Dallas, Texas 75231
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (214) 692-1800
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject filing requirements for
the past 90 days. X Yes No
--- ---
Indicate the number of shares outstanding of each of the issuer's classes of
common stock as of the latest practicable date.
Common Stock, $.02 Par Value 22,999,668 Shares
Outstanding at May 5, 1995
PART I - FINANCIAL INFORMATION
FINANCIAL STATEMENTS
CODA ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
ASSETS
------
(in thousands)
March 31,
December 31, 1995
1994 (Unaudited)
------------ -----------
Current Assets:
Cash and cash equivalents $ 6,474 $ 3,017
Accounts receivable - revenue 7,551 7,775
Accounts receivable - joint interest and
other 1,766 2,170
Other current assets 1,276 1,905
-------- --------
17,067 14,867
-------- --------
Amounts due from stockholders 1,375 1,375
-------- --------
Oil and gas properties (full cost
accounting method) 190,967 194,793
Less accumulated depletion, depreciation
and amortization 39,154 43,350
-------- --------
151,813 151,443
-------- --------
Gas plants and gathering systems 29,835 37,116
Less accumulated depreciation 1,492 2,118
-------- --------
28,343 34,998
-------- --------
Other properties, net 2,150 2,169
-------- --------
Other assets 2,354 2,168
-------- --------
$203,102 $207,020
======== ========
See Notes to Consolidated Financial Statements
1
CODA ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------
(in thousands, except per share accounts)
March 31,
December 31, 1995
1994 (Unaudited)
Current liabilities: ----------- ------------
Current maturities of long-term debt and notes
payable $ 424 $ 453
Accounts payable - trade 5,954 6,042
Accounts payable - revenue and other 3,599 3,285
Accrued interest 1,375 864
Income taxes payable 733 357
-------- --------
12,085 11,001
-------- --------
Long-term debt - less current maturities 105,063 109,813
-------- --------
Deferred income taxes 11,213 11,870
-------- --------
Commitments and contingent liabilities
Stockholders' equity:
Common Stock, 40,000 shares of $.02 par value
authorized; 22,228 and 21,989 shares issued at
December 31, 1994, and March 31, 1995,
respectively 445 440
Additional paid-in capital 69,977 68,272
Retained earnings since June 30, 1989 4,319 5,624
-------- --------
74,741 74,336
-------- --------
$203,102 $207,020
======== ========
See Notes to Consolidated Financial Statements
2
CODA ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(in thousands, except per share amounts)
Three Months Ended
March 31,
--------------------
1994 1995
---- ----
Revenues:
Oil and gas sales $11,242 $14,948
Gas gathering and processing 151 7,904
Other income 218 187
------- -------
11,611 23,039
------- -------
Costs and expenses:
Oil and gas production 5,341 6,563
Gas gathering and processing 154 6,730
Depletion, depreciation and amortization 3,535 4,870
General administrative 588 707
Interest 1,035 2,068
------- -------
10,653 20,938
------- -------
Income before income taxes 958 2,101
Income tax expense 405 796
------- -------
Net income $ 553 $ 1,305
======= =======
Net income per common and common
equivalent share $ 0.03 $ 0.06
======= =======
Weighted average number of common and common
equivalent shares outstanding 20,394 22,788
======= =======
See Notes to Consolidated Financial Statements
3
CODA ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)
Three Months Ended
March 31,
------------------
1994 1995
Cash flows from operating activities: ---- ----
Net income $ 553 $ 1,305
Adjustments to reconcile net income to
net cash provided by operating activities:
Depletion, depreciation and amortization 3,535 4,870
Deferred income tax expense 309 657
Other 49 160
Effect of changes in:
Accounts receivable 479 (628)
Other current assets 8 (127)
Accounts payable and other current liabilities (1,915) (1,115)
------- --------
Net cash provided by operating activities 3,018 5,122
------- --------
Cash flows from investing activities:
Additions to oil and gas properties (3,713) (4,955)
Proceeds from sale of assets 416 1,193
Gas plant and gathering systems and other
property additions (47) (7,346)
Investment in common equity securities --- (573)
Other (70) 52
------- --------
Net cash used by investing activities (3,414) (11,629)
------- --------
Cash flows from financing activities:
Proceeds from bank borrowings 1,500 7,500
Repayment of debt (1,666) (2,727)
Proceeds from exercise of options and warrants 401 402
Repurchases of common stock (814) (2,125)
------- --------
Net cash provided by (used by) financing
activities (579) 3,050
------- --------
Decrease in cash (975) (3,457)
Cash at beginning of period 4,040 6,474
------- --------
Cash at end of period $ 3,065 $ 3,017
======= ========
Supplemental cash flow information -
Interest paid $ 926 $ 2,545
======= ========
Income taxes paid $ --- $ 500
======= ========
See Notes to Consolidated Financial Statements.
4
CODA ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
(UNAUDITED)
(in thousands)
Common Stock Additional Retained
------------ Paid-In Earnings Since
Shares Amount Capital June 30, 1989
------ ------ ------- -------------
Balances December 31, 1994 22,228 $445 $69,977 $4,319
Shares issued as director
compensation 2 --- 13 ---
Shares issued upon exercise of
stock options and warrants 130 3 399 ---
Repurchase and cancellation of
common stock (371) (8) (2,117) ---
Net income --- --- --- 1,305
------ ---- ------- ------
Balances March 31, 1995 21,989 $440 $68,272 $5,624
====== ==== ======= ======
See Notes to Consolidated Financial Statements.
5
CODA ENERGY, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Unaudited)
1. ACCOUNTING AND REPORTING POLICIES
The consolidated financial statements include the accounts of Coda Energy,
Inc. ("Coda"), its majority-owned subsidiaries and its pro rata share of the
assets, liabilities and operations of oil and gas partnerships and joint
ventures (the "Company"). All significant intercompany balances and transactions
have been eliminated in consolidation. Certain reclassifications have been made
to prior years' amounts to conform to the current year presentation.
The accompanying consolidated financial statements, which should be read in
conjunction with the audited consolidated financial statements included in the
Company's Annual Report on Form 10-K for the year ended December 31, 1994,
reflect all adjustments (consisting only of normal recurring accruals) which
are, in the opinion of management, necessary to present fairly the financial
position as of March 31, 1995, and the results of operations and cash flows for
the three months ended March 31, 1994, and 1995. The results for the three
months ended March 31, 1995, are not necessarily indicative of results for a
full year.
Fees from overhead charges billed to working interest owners, including the
Company, of $830,000 and $1,227,000 for the three months ended March 31, 1994,
and 1995, respectively, have been classified as a reduction of general and
administrative expenses in the accompanying consolidated statements of
operations.
2. MERGER WITH DIAMOND
On September 30, 1994, the Company acquired all of the issued and outstanding
stock of Diamond Energy Operating Company and Diamond A Inc. (collectively,
"Diamond"). The Company issued an aggregate of 3,647,715 shares of the Company
common stock to the Diamond stockholders. The merger with Diamond has been
accounted for as a pooling of interests. Accordingly, the merger of the equity
interests has been given retroactive effect in these financial statements for
periods prior to the merger to represent the combined financial statements of
the previously separate entities.
3. HEDGING TRANSACTIONS
In March 1995, the Company entered into a swap agreement covering 15,000
barrels of oil per month for April through September 1995 at a strike price of
$19.02 per barrel. In addition, the Company granted the holder an option to
extend this swap for an additional 18 months. The following table sets forth the
barrels and weighted average NYMEX prices hedged under various swap agreements
entered into as of March 31, 1995.
6
Weighted
Barrels Average
Periods Covered Hedged Price
--------------- ------ -----
Nine months ending December 31, 1995 720,000 $18.77
Year ending December 31, 1996 740,000 $18.79
Year ending December 31, 1997 375,000 $19.02
The Company has also sold call options covering 25,000 Bbls of oil per month
at an option price of $18.30 per Bbl for the period October 1995 to August 1996,
and at an option price of $20.00 per Bbl for the period from September 1996 to
August 1997.
7
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
-----------------------------------------------------------------------
OF OPERATIONS
-------------
Coda Energy, Inc. ("Coda"), an independent energy company, together with its
subsidiaries (the "Company") is principally engaged in the acquisition and
exploitation of (i) producing oil and natural gas properties, (ii) natural gas
processing and liquids extraction facilities, and (iii) natural gas gathering
systems. Coda seeks to acquire properties whose predominant economic value is
attributable to proved producing reserves and to enhance that value through
control of operations, reduction of costs, development of properties and
expansion of natural gas gathering systems. Coda's producing properties are
concentrated in the mid-continent region of the United States.
Coda's principal strategy is to increase oil and natural gas reserves and
cash flow by selectively acquiring and exploiting producing oil and natural gas
properties, especially those properties with enhanced recovery and other low-
risk development potential. Coda's exploitation efforts include, where
appropriate, the drilling of low-risk development wells, the initiation of
secondary recovery projects, the renegotiation of marketing agreements and the
reduction of drilling, completion and lifting costs. Cost savings may be
principally achieved through reductions in field staff and the more effective
utilization of field facilities and equipment by virtue of geographic
concentration. The Company has two principal operating sources of cash: (i)
net oil and gas sales from its oil and gas properties and (ii) net margins
earned from gas gathering and processing operations.
The Company expects to continue its efforts to acquire additional oil and gas
properties, gas processing plants and gas gathering systems. Future
acquisitions, if any, would necessitate, in most cases, borrowing additional
funds under the Company's credit facility. The ability to borrow such funds is
dependent upon the Company's borrowing base from time to time and the effect
upon the borrowing base of the properties to be acquired.
On September 30, 1994, pursuant to an Agreement and Plan of Merger, the
Company acquired all of the issued and outstanding stock of Diamond Energy
Operating Company and Diamond A Inc. (collectively, "Diamond"). The merger with
Diamond has been accounted for as a pooling of interests. Accordingly, the
merger of the equity interests has been given retroactive effect in the
financial statements for periods prior to the merger to represent the combined
financial statements of the previously separate entities.
In March 1995, the Financial Accounting Standards Board adopted Financial
Accounting Standard No. 121 "Accounting for Impairment of Long-Lived Assets and
for Long-Lived Assets to Be Disposed Of" ("FAS 121") which provide guidance for
identifying and measuring the impairment of long-lived assets and will be
effective for the Company for the year ended December 31, 1996. The Company
does not presently expect that FAS 121, when adopted, will have any material
impact on the Company's results of operation or financial position.
Results of Operations
The following table sets forth certain information regarding the production
volume, average sales prices, and average production costs associated with the
Company's oil and gas operations for the periods indicated.
8
Three Months Ended
March 31,
----------------------
1994 1995
Net production: ---- ----
Oil (MBbls) 619 772
Gas (MMcf) 1,262 1,186
Average sales price:
Oil (per Bbl) $14.05 $17.03
Gas (per Mcf) $ 2.02 $ 1.52
Average production cost per BOE $ 6.44 $ 6.77
Comparison of the three months ended March 31, 1994 and 1995
Oil and gas sales for the quarter ended March 31, 1995, increased 33% to
approximately $14.9 million from approximately $11.2 million in the comparable
period in 1994 primarily due to a 25% increase in oil production and an increase
of $2.98 per barrel in average oil prices. The increase in production is a
result of the acquisition of producing oil and gas properties in the fourth
quarter of 1994, the Company's development drilling program and favorable
response the Company's waterflood units. This increase was partially offset by a
6% decrease in gas production and a decrease in gas prices of $.50 per Mcf.
During the quarter ended March 31, 1995, 88% of oil and gas sales was
attributable to oil production. Oil and gas prices remain unpredictable. See "-
Changes in Prices" below.
During the quarter ended March 31, 1995, the Company's oil sales were
increased by $78,000, representing an oil hedge average price increase of $.10
per barrel as a result of hedging transactions. The effect of hedging activities
on 1994 revenues was immaterial.
As a result of the acquisition of Taurus Energy Corp. ("Taurus") on April 29,
1994, gas gathering and processing revenues, expenses and gross profit increased
significantly for the quarter ended March 31, 1995. The level of revenues and
expenses is largely dependent on natural gas and natural gas liquids prices and
plant throughput volumes and therefore may fluctuate significantly.
Other income for the three months ended March 31, 1995 was essentially
unchanged from 1994.
Oil and gas production expenses (including production taxes) for the three
months ended March 31, 1995, increased 23% to approximately $6.6 million from
approximately $5.3 million for the same period in 1994, reflecting the effects
of the increased production from the properties acquired in 1994 and from new
wells drilled. The Company expects production expenses per BOE to average
between $6.50 and $6.75 per BOE in 1995.
Depletion, depreciation and amortization expense for the three months ended
March 31, 1995, increased 38% to approximately $4.9 million from approximately
$3.5 million for the comparable period in 1994 reflecting the increases in oil
production from acquisitions in 1994 and property development and the
acquisition of Taurus in April 1994. The increase attributable to Taurus was
9
approximately $614,000. Oil and gas depletion, depreciation and amortization
expense increased from $4.21 per BOE for the three months ended March 31, 1994,
to $4.33 per BOE for the comparable period in 1995. The increase reflects the
relatively higher purchase price of the reserves related to the properties
acquired during 1994. The Company anticipates that the depletion, depreciation
and amortization rate per BOE should be approximately $4.35 for 1995.
General and administrative expenses for the three months ended March 31,
1995, increased 20% to approximately $707,000 from approximately $588,000 for
the same period in 1994. This increase is primarily due to additional employees
needed as a result of acquisitions of oil gas properties and the acquisition of
Taurus, partially offset by increased overhead charges billed to working
interest owners on the properties acquired. The increase attributable to Taurus
was approximately $187,000. The Company expects base general and administrative
expenses, net of overhead recoveries, to remain near this level, absent
significant additional acquisitions.
Interest expense for the three months ended March 31, 1995, increased 100% to
approximately $2.1 million from approximately $1.0 million for the comparable
period in 1994, primarily as a result of increases in outstanding debt levels
used to fund development drilling, oil and gas property acquisitions and the
acquisition of Taurus and related assets, and higher interest rates in the first
quarter of 1995. As a result of property acquisitions, the acquisition of
Taurus, borrowing to fund the Company's development drilling program and
increases in interest rates, interest expense should be higher in 1995.
Net income for the quarter ended March 31, 1995, increased to approximately
$1.3 million from approximately $553,000 for the comparable period in 1994,
primarily due to an increase in oil production from the Company's waterflood
units, Coda's development drilling program and the oil and gas property
acquisitions in the fourth quarter of 1994, and an increase in the average price
of oil by $2.98 per barrel.
Liquidity and Capital Resources
Major Sources and Uses of Capital Resources
The Company has two principal operating sources of cash: (i) net oil and gas
sales from its oil and gas properties and (ii) net margins earned from gas
gathering and processing operations. In July 1994, the Company entered into
the Second Amended and Restated Credit Agreement (the"Credit Agreement") which
generally provides more favorable terms to the Company than the predecessor
credit facility, including decreasing the interest rate, extending the maturity
date and changing the Credit Agreement to an unsecured facility.
The Company expects to continue its efforts to acquire additional oil and gas
properties, gas processing plants and gas gathering systems. Future
acquisitions, if any, would necessitate, in most cases, borrowing additional
funds under the Credit Agreement. The ability to borrow such funds is dependent
upon the Company's borrowing base from time to time and the effect upon the
borrowing base of the properties to be acquired.
The Company from time to time solicits bids for selected portions of its
existing oil and natural gas properties which it believes are no longer suitable
for its business strategy. Sales of properties in
10
the past three years have not been material and no substantial sales of
properties are currently under consideration.
Cash Flows
At March 31, 1995, the Company had cash and cash equivalents aggregating
approximately $3.0 million and working capital of approximately $3.9 million.
Cash provided by operating activities for the quarter ended March 31, 1995,
increased to approximately $5.1 million compared to $3.0 million for the
comparable period in 1994 due primarily to an increase in oil production and an
oil price increase. Cash flows used in investing activities increased from $3.4
million for 1994 to $11.6 million for 1995 primarily as a result of increased
development drilling activities in 1995 and the acquisition by Taurus of an
additional interest in one of its plants for $6.5 million. Cash flows provided
by financing activities increased to $3.1 million for the quarter ended March
31, 1995 from $579,000 used by financing activities for 1994 primarily due to an
increase in borrowings to fund the acquisition by Taurus, partially offset by
the use of $2.1 million to repurchase and cancel 371,000 shares of Company
common stock.
Anticipated Capital Spending
The Company has development drilling programs designed for all its major
operating areas. The Company has budgeted capital spending of approximately $22
million in 1995, excluding property acquisitions. The Company is not
contractually committed to expend these funds. During the first quarter of
1995, the Company incurred approximately $4.3 million of these costs. In
addition, the Company is continuing to evaluate oil and natural gas properties,
gas processing plants and gas gathering systems for future acquisitions.
Second Amended and Restated Credit Agreement
In July 1994, the Company entered into the Credit Agreement increasing the
Credit Agreement to $150 million, subject to borrowing base limitations, based
on the value of the Company's oil and gas properties and its gas gathering and
processing assets, as determined by the lenders from time to time. The Company
is required to pay a facility fee equal to one-quarter of one percent on any
accepted increase in the borrowing base in excess of the previously determined
borrowing base and a commitment fee of three-eighths of one percent per annum on
the unused portion of the borrowing base. The maturity date of the Credit
Agreement was extended to May 31, 1999.
A borrowing base deficiency is created in the event that the outstanding loan
balances exceed the borrowing base as determined by lenders in their sole
discretion. Upon such event, the borrowing base deficiency must be repaid by
mandatory reductions of the loan balances over a period of not more than six
months.
The Credit Agreement is unsecured. The Credit Agreement contains various
restrictive covenants, including limitations on the granting of liens,
restrictions on the issuance of additional debt, requirements to maintain a net
worth of $46,500,000, and to maintain positive working capital, as defined, and
restrictions on the payment of dividends on the Company's capital stock. Under
certain conditions, lenders may request the Company to pledge certain of its
assets to secure the Company's obligations under the Credit Agreement. The
Company anticipates that it will borrow funds under the
11
Credit Agreement to fund additional acquisitions and development drilling.
In February 1995, the Credit Agreement was amended to increase the notional
amount from $150.0 million to $250.0 million and to increase the borrowing base
from $110.0 million to $135.0 million, with a scheduled reduction to $130.0
million on April 30, 1995. As of May 1, 1995, approximately $24.0 million was
available for borrowing. Interest rates under the amendment will range from
NationsBank's prime rate to LIBOR plus 1% to 1 3/8% based on the ratio of
outstanding debt to available borrowing base.
State Street Acquisition Joint Venture
On June 9, 1994, the Company entered into an agreement with State Street
Research Energy, Inc. ("SSRE"), an affiliate of State Street Research &
Management Company, regarding the formation of a joint venture for the purpose
of making oil and natural gas property acquisitions. As a manager of
institutional investment funds, SSRE has arranged for the commitment of up to
$55.0 million to be used specifically for funding property acquisitions to be
invested in SSRE's sole discretion. It is intended that the SSRE funds would be
combined with capital contributions from the Company, and other possible
participants, and bank financing to fund up to approximately $200.0 million in
potential acquisitions.
Under the agreement, the Company and SSRE, or its affiliate, will be
responsible for the identification, evaluation and negotiation of the property
acquisitions. The Company will also serve as operator of the joint venture's
properties. The Company will have the right to not only participate as a
partner in the joint venture's acquisitions but also to purchase an additional
interest in such acquisitions directly for its own account. The Company will be
under no obligation to offer any prospects valued at less than $20.0 million to
SSRE or its affiliates. The parties also agreed to exclude certain other types
of acquisitions from the agreement.
The availability of the joint venture's capital resources may permit the
Company to participate in substantially larger acquisition transactions. No
transactions have been consummated and there are no transactions currently
pending under the joint venture agreement.
Changes in Prices
Annual average oil and natural gas prices have fluctuated over the past three
years. The Company's weighted average oil price per Bbl during 1994 and at March
31, 1994, was $15.86 and $16.24, respectively. For the quarter ended March 31,
1995, the Company averaged $1.33 per barrel less (including an oil hedging price
increase of $.10 per barrel) and $.05 per Mcf more for its oil and natural gas
sales, respectively, than the average NYMEX prices for the same period. On May
1, 1995, the NYMEX closing price for the near month for oil and natural gas was
$20.50 per barrel and $1.70 per Mcf, respectively.
12
In March 1995, the Company entered into a swap agreement covering 15,000
barrels of oil per month for April through September 1995 at a strike prior of
$19.02 per barrel. In addition, the Company granted the holder an option to
extend this swap for an additional 18 months. The following table sets forth
the barrels and weighted average NYMEX prices hedged under various swap
agreements extended into as of March 31, 1995.
Weighted
Barrels Average
Periods Covered Hedged Price
--------------- ------ -----
Nine months ending December 31, 1995 720,000 $18.77
Year ending December 31, 1996 740,000 $18.79
Year ending December 31, 1997 375,000 $19.02
The Company has also sold call options covering 25,000 Bbls of oil per month
at an option price of $18.30 per Bbl for the period October 1995 to August 1996,
and at an option price of $20.00 per Bbl for the period from September 1996 to
August 1997. In the event of an significant increase in the future NYMEX oil
prices above the swap price for the periods covered by the swap, the Company may
be required to utilize cash to fund margin accounts.
Pursuant to the loan agreements with Diamond's former primary lender, Diamond
entered into an agreement with a refining and marketing company to sell a fixed
number of barrels attributable to its share of production of liquid hydrocarbons
from certain formerly secured properties at a price of $15.25 per barrel. The
remaining commitment under this agreement at March 31, 1995 was 402,000 barrels.
Diamond also must meet certain production requirements set forth in the
agreement.
13
PART II - OTHER INFORMATION
Item 5. OTHER EVENTS
------------
CODA ANNOUNCES POSSIBLE ACQUISITION PROPOSAL
Coda Energy, Inc. announced April 29, 1995 that its Chairman and Chief
Executive Officer, Douglas H. Miller, has advised the Company that he is engaged
in forming an investor group, and has entered into discussions with various
parties regarding obtaining financing, for the possible cash acquisition of the
Company. Mr. Miller advised Coda that neither the terms nor the timing of any
such acquisition proposal had been determined at this time. Mr. Miller
indicated, however, that if a proposal were to be made, the acquisition price
would represent a premium to recent trading prices of Coda's common stock. The
Board of Directors of the Company has appointed a Special Committee of outside
directors for the purpose of, among other things, considering any acquisition
proposal. The Special Committee will retain independent legal counsel to advise
it and an independent investment banking firm to evaluate any acquisition
proposal.
Item 6. EXHIBITS AND REPORTS ON FORM 8-K
--------------------------------
(A) Exhibits
11.* Computation of per share data.
27.* Financial data schedule
-------------
* Filed herewith
(B) Reports on Form 8-K
Current Report on Form 8-K dated April 26, 1995.
Item 5. Other Events - Coda announces possible acquisition
proposal.
Item 7. Financial statement and Exhibits.
Exhibit 99.1 - Coda Energy Inc. - Press Release dated
April 26, 1995.
14
Current Report on Form 8-K dated May 2, 1995.
Item 5. Other Events - Coda releases results of First Quarter.
Item 7. Financial Statements and Exhibits.
Exhibit 99.1 - Coda Energy, Inc. - Press Release dated May 2,
1995.
- --------------------------------------------------------------------------------
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Company has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CODA ENERGY, INC.
(Registrant)
By: \s\ Grant W. Henderson
---------------------------------------
Grant W. Henderson
Executive Vice President and
Chief Financial Officer
Date: May 12, 1995
15
EXHIBIT INDEX
Sequential
Exhibit No. Description of Exhibit Page No.
- ----------- ---------------------- --------
11.* Computation of per share data.
27.* Financial Data Schedule
- -------------
* Filed herewith