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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
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CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
December 18, 1997
Date of Report
(Date of earliest event reported)
COHO ENERGY, INC.
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(Exact name of registrant as specified in its charter)
Commission file number 0-22576
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Texas 75-2488635
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(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification Number)
14785 Preston Road, Suite 860
Dallas, Texas 75240
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (972) 774-8300
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
On December 18, 1997, Coho Energy, Inc. ("Coho Energy"), through its indirect
wholly owned subsidiary Coho Oil and Gas, Inc. (formerly Coho Acquisitions
Company) ("Coho Oil"), acquired from Amoco Production Company, a subsidiary of
Amoco Corp., interests in certain crude oil and natural gas properties (the
"Amoco Properties") located in southern Oklahoma for cash consideration of
approximately $257.5 million and warrants to purchase one million shares of
common stock of Coho Energy at $10.425 per share for a period of five years.
The Amoco Properties are in more than 25,000 gross acres concentrated in
southern Oklahoma, including 14 major producing oil fields. Coho Oil will
operate all but two of these fields and have an average working interest in
these fields of approximately 65%. The net proven reserves acquired are
estimated at 55.1 million equivalent barrels, approximately 90% of which is
oil.
Coho Oil is a wholly owned subsidiary of Coho Resources, Inc. ("Coho
Resources"), which is in turn a wholly owned subsidiary of Coho Energy.
Approximately $221 million of the acquisition was financed under Coho
Resources' existing bank credit facility with a borrowing base which increased
to $300 million. The member banks in the credit facility are: Banque Paribas,
Houston Agency; MeesPierson Capital Corp.; Bank One, Texas, N.A.; Bank of
Scotland; Credit Lyonnais New York Branch; Christiania Bank OG Kreditkasse,
ASA; Den Norske Bank ASA; Toronto Dominion (Texas), Inc.; and Bank of Montreal.
The remaining $36.5 million was funded from working capital.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) FINANCIAL STATEMENTS OF BUSINESS(ES) ACQUIRED
Coho Energy is in the process of preparing the financial information required
for the acquisition of the Amoco Properties and is having that information
audited. Statements of revenues and direct operating expenses for the years
ended December 31, 1994, 1995 and 1996 and the nine months ended September 30,
1996 and 1997 will be filed within 60 days of the date this report must be
filed.
(b) PRO FORMA FINANCIAL INFORMATION
Coho Energy is also in the process of preparing the pro forma financial
information required for the acquisition of the Amoco Properties and will file
such pro forma information within 60 days of the date this report must be
filed.
(c) EXHIBITS
2.1 Purchase and Sale Agreement dated November 26, 1997 by and between
Amoco Production Company and Coho Acquisitions Company.
99.1 Press release of Coho Energy dated December 18, 1997.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
COHO ENERGY, INC.
(Registrant)
Date: December 30, 1997 By: s/n EDDIE M. LEBLANC, III
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Senior Vice President and
Chief Financial Officer
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INDEX TO EXHIBITS
EXHIBIT
NUMBER DESCRIPTION
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2.1 Purchase and Sale Agreement dated November 26, 1997 by and between
Amoco Production Company and Coho Acquisitions Company.
99.1 Press release of Coho Energy dated December 18, 1997.