By the OGJ Online Staff
HOUSTON, Apr. 20 -- Coho Energy Inc., Dallas, said Friday it hired J.P. Morgan Chase & Co. as its financial advisor in evaluating strategic options, which might include the sale of all or part of the company.
Coho is an oil and gas producer focusing on properties in Oklahoma and Mississippi. It emerged from bankruptcy on Mar. 31, 2000, with new management and a new board.
The company�s emphasis has been increased production and cash flow.
For the year ended Dec. 31, 2000, Coho reported a loss of $32.7 million, or $2.29/share, compared with a loss of $30.7 million, or $47.99/share, for the year ended 1999. The annual 2000 loss included reorganization costs of $12 million.
Operating revenues increased significantly last year as a result of a 51% increase in the price received for crude and a 67% increase in the gas price.
The 2001 capital expenditure budget is $40.2 million, funded by working capital from operations and borrowings under its bank credit facility.
Coho decided to discontinue its participation in the exploration of two Tunisian permits.
