Exhibit 99.1

CODA ENERGY, INC NEWS RELEASE


                  CODA ANNOUNCES AMENDMENT TO MERGER AGREEMENT

     Dallas, Texas, December 22, 1995 ... Coda Energy, Inc. (NASDAQ-NMS: CODA)
announced today that its Board of Directors, acting upon the recommendation of
the Special Committee of the Board, has approved an amendment to the Company's
Agreement and Plan of Merger with Joint Energy Development Investments Limited
Partnership ("JEDI") and Coda Acquisition, Inc. ("CAI") relating to Coda's
pending merger transaction with CAI, a subsidiary of JEDI.  The amendment
provides that the condition to the merger agreement requiring the sale of Coda's
natural gas gathering and processing subsidiary, Taurus Energy Corp. ("Taurus"),
is removed from the agreement and is no longer a condition to consummation of
the merger.  While Coda has held serious discussions with certain prospective
buyers for Taurus for several months, the parties do not believe that Coda can
achieve a timely sale of Taurus on acceptable terms.  In exchange for removal of
this condition, the Board has agreed to a reduction in the per share merger
price from $8.00 per share to $7.75 per share.  The action of the Board and the
amendment to the Merger Agreement are subject to (i) negotiation and execution
of amendments to certain other agreements relating to the Merger and (ii)
confirmation from the independent financial advisor to the Special Committee
that the revised merger price is fair to Coda's stockholders.

     Coda Energy, Inc. is an independent energy company primarily engaged in oil
and gas acquisition, exploitation, development and production, including natural
gas gathering, processing  and extraction.  Company headquarters are located in
Dallas, Texas with principal operations in Texas, Oklahoma and Kansas.  The
Company's stock is traded on the NASDAQ National Market System under the symbol
CODA.  Additional information about Coda Energy, Inc. may be obtained by
contacting the Company's Vice President and General Counsel, Joe Callaway, at
Coda's headquarters, 5635 Pineland Drive, Suite 300, Dallas, Texas  75231,
telephone number (214) 692-1800 or (800) 486-2632.

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