-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, SuL1Kh0KaNOLfPKam001G+vhNTf55vHtc/XwRp+SXifqfdDkkGdmVWewWwexqdIR vp9YBD5DMJBLd+qJJ8Y55g== 0000950134-02-010810.txt : 20020830 0000950134-02-010810.hdr.sgml : 20020830 20020830125824 ACCESSION NUMBER: 0000950134-02-010810 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20020829 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020830 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COHO ENERGY INC CENTRAL INDEX KEY: 0000908797 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 752488635 STATE OF INCORPORATION: TX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-22576 FILM NUMBER: 02753878 BUSINESS ADDRESS: STREET 1: 14785 PRESTON RD STREET 2: STE 860 CITY: DALLAS STATE: TX ZIP: 75240 BUSINESS PHONE: 9727748300 MAIL ADDRESS: STREET 1: 14785 PRESTON RD STREET 2: SUITE 860 CITY: DALLAS STATE: TX ZIP: 75240 8-K 1 d99560e8vk.txt FORM 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): August 29, 2002 COHO ENERGY, INC. (Exact name of registrant as specified in its charter) TEXAS 0-22576 75-2488635 (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 14785 PRESTON ROAD, SUITE 860, DALLAS, TEXAS 75254 (Address of principal executive offices) Registrant's telephone number, including area code: (972) 774-8300 ITEM 5. OTHER EVENTS See press release dated August 30, 2002 attached as Exhibit 99.1 and the Monthly Operating Report for the period ended July 31, 2002 as filed with the United States Bankruptcy Court attached as Exhibit 99.2. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS EXHIBIT 99.1 Press release dated August 30, 2002 related to the sale of Coho Energy, Inc.'s oil and gas properties. EXHIBIT 99.2 Monthly Operating Report filed with the United States Bankruptcy Court for the period ended July 31, 2002. 2 SIGNATURE 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. Date: August 30, 2002 By: /s/ Michael McGovern ----------------------------------------- Michael McGovern President and Chief Executive Officer 3 INDEX TO EXHIBITS
EXHIBIT # DESCRIPTION - --------- ----------- 99.1 Press release dated August 30, 2002 related to the sale of Coho Energy, Inc.'s oil and gas properties. 99.2 Monthly Operating Report filed with the United States Bankruptcy Court for the period ended July 31, 2002.
4 EX-99.1 3 d99560exv99w1.txt PRESS RELEASE EXHIBIT 99.1 [COHO LOGO] ENERGY, INC. 14785 PRESTON ROAD, SUITE 860, DALLAS, TEXAS 75254 TEL.:(972)774-8300 FAX:(972)991-2257 COHO ENERGY ANNOUNCES THE COMPLETION OF THE SALE OF ALL OF ITS OIL AND GAS PROPERTIES Dallas, Texas, August 30, 2002 - Coho Energy, Inc. (CHOQE: OTC BB) announced today that on August 29, 2002 it completed the sale of all of its oil and gas properties for an aggregate sales price of approximately $222 million in cash. Coho Energy's oil and gas properties were sold in two separate transactions to Citation Oil & Gas Corp. and Denbury Resources, Inc. The claims of creditors of Coho Energy who have liens against properties that were sold attach to the sale proceeds paid to Coho Energy at closing. Those creditors will receive payments on allowed claims in accordance with future orders of the Bankruptcy Court. Since the estimated claims of Coho Energy's creditors in its bankruptcy proceedings aggregate in excess of $335 million, it is unlikely that Coho Energy's shareholders will receive any distribution upon liquidation of the company. Coho Energy intends to file a plan of liquidation no later than October 31, 2002. Creditors with allowed claims that do not attach to the sale proceeds will receive distributions pursuant to Coho Energy's plan of liquidation after approval by the Bankruptcy Court. For further information contact: Gary Pittman at 972-774-8300. EX-99.2 4 d99560exv99w2.txt MONTHLY OPERATING REPORT EXHIBIT 99.2 CASE NAME: Coho Energy, Inc., ET AL Monthly Operating Report CASE NUMBER: 02-31189-HCA-11 ACCRUAL BASIS JUDGE: Harold C. Abramson UNITED STATES BANKRUPTCY COURT NORTHERN DISTRICT OF TEXAS DALLAS DIVISION MONTHLY OPERATING REPORT MONTH ENDING: JULY 31, 2002 COHO ENERGY, INC. MONTHLY OPERATING REPORT BANKRUPTCY CONSOLIDATION ACCRUAL BASIS - 1 BALANCE SHEETS (IN 000'S) JULY 31, 2002
SOFA FEB 28, MAR 31, APR 30, MAY 31, JUNE 30, JULY 31, SCHEDULE 2002 2002 2002 2002 2002 2002 -------- -------- -------- -------- -------- -------- -------- ASSETS CURRENT ASSETS Cash and cash equivalents $ 7,810 $ 9,023 $ 10,655 $ 11,246 $ 11,635 $ 12,917 $ 14,001 Cash in escrow 25 25 25 26 26 26 26 Accounts receivable 7,495 7,231 8,135 8,801 9,738 12,108 12,544 Other current assets 32 1,001 930 1,025 986 954 1,195 Accrued unrealized gains derivatives -- 2,225 37 37 37 4 4 -------- -------- -------- -------- -------- -------- -------- 15,362 19,505 19,782 21,135 22,422 26,009 27,770 PROPERTY AND EQUIPMENT 335,561 331,674 330,808 330,378 329,845 329,371 328,769 INVESTMENT IN SUBSIDIARIES -- 260 260 59 58 54 54 OTHER ASSETS 82 22,692 111 112 104 89 103 -------- -------- -------- -------- -------- -------- -------- $351,005 $374,131 $350,961 $351,684 $352,429 $355,523 $356,696 ======== ======== ======== ======== ======== ======== ======== LIABILITIES AND SHAREHOLDERS' EQUITY LIABILITIES NOT SUBJECT TO COMPROMISE CURRENT LIABILITIES Accounts payable, principally trade -- 485 712 874 744 2,075 2,176 Accrued liabilities and other payables -- 2,559 4,426 4,402 4,697 4,383 4,013 Accrued interest payable -- 681 1,034 1,354 1,278 1,596 3,035 Accrued unrealized losses derivatives -- 165 506 506 506 834 834 Current portion of long term debt -- -- -- -- -------- -------- -------- -------- -------- -------- -------- 0 3,890 6,678 7,136 7,225 8,888 10,058 LIABILITIES SUBJECT TO COMPROMISE Accounts payable, principally trade 5,644 $ 4,928 $ 5,771 $ 5,821 $ 5,800 $ 5,679 $ 5,617 Accrued liabilities and other payables 1,032 1,588 944 949 687 688 688 Current portion of long term debt 327,797 316,934 327,679 327,482 327,482 326,388 326,388 -------- -------- -------- -------- -------- -------- -------- 334,473 323,450 334,394 334,252 333,969 332,755 332,693 LONG TERM DEBT -- -- -- -- -- -- -- DEFERRED INCOME TAXES -- -- -- -- -- -- -- -------- -------- -------- -------- -------- -------- -------- 334,473 327,340 341,072 341,388 341,194 341,643 342,751 -------- -------- -------- -------- -------- -------- -------- COMMITMENTS AND CONTINGENCIES 5,550 450 450 450 450 450 450 OTHER LONG TERM ACCRUED DERIVATIVES -- 257 397 397 397 397 397 SHAREHOLDERS' EQUITY Prepetition owners' equity 8,679 47,098 13,771 13,771 13,771 13,771 13,771 Postpetition owners' equity(a) -- (1,014) (4,729) (4,322) (3,383) (738) (673) -------- -------- -------- -------- -------- -------- -------- Total Shareholders' Equity 8,679 46,084 9,042 9,449 10,388 13,033 13,098 -------- -------- -------- -------- -------- -------- -------- $348,702 $374,131 $350,961 $351,684 $352,429 $355,523 $356,696 ======== ======== ======== ======== ======== ======== ========
(a) Postpetition owners' equity represents earnings subsequent to January 2002, excluding the standby loan prepayment fee expense of $29.3 million, the FAS 133 adjustment related to the gain on standby loan embedded derivative of $10.2 million, the write off of $22.6 million in unamortized debt issuance costs and the write off of $10.7 million in unamortized debt discount. COHO ENERGY CASE NO. 02-31189-HCA-11 COHO ENERGY, INC. MONTHLY OPERATING REPORT BANKRUPTCY CONSOLIDATION ACCRUAL BASIS - 2 STATEMENTS OF OPERATIONS(IN 000'S) PAGE 1 OF 3 JULY 31, 2002
--------------------------------------------------------------------------- YEAR-TO-DATE JAN 02(a) FEB 02 MAR 02 APR 02 MAY 02 JUNE 02 JULY 02 07/31/02 --------- -------- -------- -------- -------- -------- -------- ------------ PRODUCTION/PRICES Oil (Bbls/day) 9,103 9,348 9,115 9,052 9,638 9,210 9,005 9,209 Gas (Mcf/day) 4,085 4,375 3,986 4,157 3,924 4,013 3,487 3,998 BOE/day * 9,783 10,077 9,779 9,745 10,292 9,879 9,587 9,875 Average Oil Price $ 14.93 $ 16.01 $ 19.72 $ 21.68 $ 22.30 $ 20.90 $ 22.24 $ 19.72 Average Gas Price $ 2.65 $ 2.06 $ 2.48 $ 3.22 $ 3.27 $ 3.26 $ 3.17 $ 2.86 Average BOE Price $ 15.00 $ 15.74 $ 19.39 $ 21.51 $ 22.13 $ 20.81 $ 22.04 $ 19.55 OPERATING REVENUES Oil and gas production $ 4,549 $ 4,442 $ 5,877 $ 6,290 $ 7,058 $ 6,168 $ 6,550 $ 40,934 --------- -------- -------- -------- -------- -------- -------- --------- Total operating revenues 4,549 4,442 5,877 6,290 7,058 6,168 6,550 40,934 --------- -------- -------- -------- -------- -------- -------- --------- OPERATING EXPENSES Oil and gas production 2,187 2,063 2,097 2,022 2,149 2,045 2,141 14,704 Taxes on oil & gas production 278 263 348 373 415 359 395 2,431 General & administrative 643 490 227 256 304 258 265 2,443 Depletion & depreciation 1,519 1,455 1,539 1,484 1,617 1,505 1,509 10,628 (Gain)Loss on derivatives (251) (10,257) 13,446 11 106 (253) 105 2,907 --------- -------- -------- -------- -------- -------- -------- --------- Total operating expenses 4,376 (5,986) 17,657 4,146 4,591 3,914 4,415 33,113 --------- -------- -------- -------- -------- -------- -------- --------- OPERATING INCOME 173 10,428 (11,780) 2,144 2,467 2,254 2,135 7,821 OTHER INCOME & EXPENSES Equity in income from subsidiaries -- 200 -- -- (4) -- 196 Interest and other income 17 3 -- 12 (7) 0 -- 25 Interest expense (2,713) (1,333) (1,186) (1,260) (1,355) (1,393) (1,440) (10,680) Standby loan prepayment fee -- (29,344) 29,344 -- -- -- -- 0 Reorganization costs (33) (114) (53,309) (490) (166) (417) (630) (55,159) Litigation Settlement -- -- -- -- -- 2,832 -- 2,832 --------- -------- -------- -------- -------- -------- -------- --------- (2,729) (30,588) (25,151) (1,738) (1,528) 1,018 (2,070) (62,786) --------- -------- -------- -------- -------- -------- -------- --------- EARNINGS (LOSS) BEFORE TAXES AND EXTRAORDINARY ITEMS (2,556) (20,160) (36,931) 406 939 3,272 65 (54,965) --------- -------- -------- -------- -------- -------- -------- --------- INCOME TAX EXPENSE (BENEFIT) Current -- -- -- -- -- -- -- 0 Deferred -- -- -- -- -- -- -- 0 --------- -------- -------- -------- -------- -------- -------- --------- 0 0 0 0 0 0 0 0 --------- -------- -------- -------- -------- -------- -------- --------- EARNINGS (LOSS) (2,556) (20,160) (36,931) 406 939 3,272 65 (54,965) --------- -------- -------- -------- -------- -------- -------- --------- EXTRAORDINARY ITEMS Gain on extinguishment on indebtedness -- -- -- -- -- -- -- -- --------- -------- -------- -------- -------- -------- -------- --------- NET EARNINGS (LOSS) $ (2,556) $(20,160) $(36,931) $ 406 $ 939 $ 3,272 $ 65 $ (54,965) ========= ======== ======== ======== ======== ======== ======== ========= BASIC EARNINGS PER SHARE** $ (0.14) $ (1.08) $ (1.97) $ 0.02 $ 0.05 $ 0.17 $ 0.00 $ (2.94) CASH FLOW FROM OPERATIONS $ 846 $ 561 $ 498 $ 1,910 $ 2,551 $ 4,511 $ 1,568 12,445 CASH FLOW PER SHARE** $ 0.05 $ 0.03 $ 0.03 $ 0.07 $ 0.10 $ 0.18 $ 0.06 $ 0.49 (a) January 2002 is a prepetition period * BOE means barrel of oil equivalent, assuming a ratio of 6 mcf to one barrel ** Common shares 18,714 18,714 18,714 18,714 18,714 18,714 18,714 18,714
PAGE 1 Coho Energy Case No. 02-31189-HCA-11 COHO ENERGY, INC. BANKRUPTCY CONSOLIDATION STATEMENTS OF EARNINGS -- BOE MONTHLY OPERATING REPORT JULY 31, 2002 ACCRUAL BASIS - 2 PAGE 2 OF 3
YEAR-TO-DATE JAN 02(a) FEB 02 MAR 02 APR 02 MAY 02 JUNE 02 JULY 02 7/31/02(a) --------- ---------- --------- --------- ---------- --------- --------- ------------ PRODUCTION/PRICES Oil (Bbls/day) 9,103 9,348 9,115 9,052 9,638 9,210 9,005 9,209 Gas (Mcf/day) 4,085 4,375 3,986 4,157 3,924 4,013 3,487 3,998 BOE/day 9,783 10,077 9,779 9,745 10,292 9,879 9,587 9,875 Average Oil Price $ 14.93 $ 16.01 $ 19.72 $ 21.68 $ 22.30 $ 20.90 $ 22.24 $ 19.72 Average Gas Price $ 2.65 $ 2.06 $ 2.48 $ 3.22 $ 3.27 $ 3.26 $ 3.17 $ 2.86 Average BOE Price $ 15.00 $ 15.74 $ 19.39 $ 21.51 $ 22.13 $ 20.81 $ 22.04 $ 19.55 OPERATING REVENUES Oil and gas production 15.00 15.74 19.39 21.52 22.12 20.81 22.04 19.55 --------- ---------- --------- --------- ---------- --------- --------- ------------ Total operating revenues 15.00 15.74 19.39 21.52 22.12 20.81 22.04 19.55 --------- ---------- --------- --------- ---------- --------- --------- ------------ OPERATING EXPENSES Oil and gas production 7.21 7.31 6.92 6.92 6.74 6.90 7.20 7.02 Taxes on oil & gas production 0.92 0.93 1.15 1.28 1.30 1.21 1.33 1.16 General & administrative 2.12 1.74 0.75 0.88 0.95 0.87 0.89 1.17 Depletion and depreciation 5.01 5.16 5.08 5.08 5.07 5.08 5.08 5.08 (Gain) loss on derivative (0.83) (36.35) 44.35 0.04 0.33 (0.85) 0.35 1.39 --------- ---------- --------- --------- ---------- --------- --------- ------------ Total operating expenses 14.43 (21.22) 58.25 14.18 14.39 13.21 14.86 15.82 --------- ---------- --------- --------- ---------- --------- --------- ------------ OPERATING INCOME 0.57 36.96 (38.86) 7.33 7.73 7.61 7.18 3.74 OTHER INCOME & EXPENSES Equity loss in subsidiaries 0.00 0.71 0.00 0.00 0.00 (0.01) 0.00 0.09 Interest and other income 0.06 0.01 0.00 0.04 (0.02) 0.00 0.00 0.01 Interest expense (8.95) (4.72) (3.91) (4.31) (4.25) (4.70) (4.85) (5.10) Standby loan prepayment fee 0.00 (104.00) 96.80 0.00 0.00 0.00 0.00 0.00 Reorganization costs (0.11) (0.40) (175.85) (1.68) (0.52) (1.41) (2.12) (26.35) Litigation Settlement 0.00 0.00 0.00 0.00 0.00 9.56 0.00 1.35 --------- ---------- --------- --------- ---------- --------- --------- ------------ (9.00) (108.41) (82.97) (5.94) (4.79) 3.43 (6.97) (29.99) --------- ---------- --------- --------- ---------- --------- --------- ------------ EARNINGS (LOSS) BEFORE TAXES AND EXTRAORDINARY ITEMS (8.43) (71.45) (121.82) 1.39 2.94 11.04 0.22 (26.26) --------- ---------- --------- --------- ---------- --------- --------- ------------ INCOME TAX EXPENSE (BENEFIT) Current 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Deferred 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 --------- ---------- --------- --------- ---------- --------- --------- ------------ 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 --------- ---------- --------- --------- ---------- --------- --------- ------------ EARNINGS (LOSS) BEFORE EXTRAORDINARY (8.43) (71.45) (121.82) 1.39 2.94 11.04 0.22 (26.26) EXTRAORDINARY ITEMS Gain on extinguishment on indebtedness 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 --------- ---------- --------- --------- ---------- --------- --------- ------------ NET EARNINGS (LOSS) $ (8.43) $ (71.45) $ (121.82) $ 1.39 $ 2.94 $ 11.04 $ 0.22 $ (26.26) ========= ========== ========= ========= ========== ========= ========= ============
(a) JANUARY 2002 IS A PREPETITION PERIOD COHO ENERGY CASE NO. 02-31189-HCA-11 PAGE 2 COHO ENERGY, INC. (CONSOLIDATED) MONTHLY OPERATING REPORT GENERAL & ADMINISTRATIVE EXPENSE SUMMARY ACCRUAL BASIS -2 JULY 31, 2002 PAGE 3 OF 3
FEBRUARY MARCH APRIL MAY JUNE JULY Salaries (a) $420 $424 $415 $416 $422 $422 Employee Benefits (b) 226 157 107 153 203 152 Employee Related Costs (c) (19) 9 (5) (2) (6) 12 Office Related Costs (d) 98 101 104 95 93 99 Outside Services (e) 218 (25) 55 94 41 81 Miscellaneous (f) (0) 19 24 20 21 16 Insurance - general 35 35 35 35 35 22 Data Processing 10 5 12 3 1 3 Acquisition Costs (g) 12 12 0 0 0 0 Corporate Costs (h) 4 6 49 12 5 6 -------- ------- ----- ----- ----- ----- Total Costs 1,004 742 795 825 817 812 Overhead Allocations (i) (236) (231) (247) (241) (248) (245) G&A Recoveries (j) (605) (611) (612) (603) (635) (634) Reclass recoveries to LOE (k) 327 326 320 323 325 332 -------- ------- ----- ----- ----- ----- Net G&A Expense 490 227 256 304 258 265 Reorganization Costs 114 53,309 490 166 417 630 -------- ------- ----- ----- ----- ----- Total G&A Related Costs $604 $53,536 $747 $470 $676 $895 ======== ======= ===== ===== ===== ===== Expenses included in the categories are as follows: (a) Salaries (b) Employee benefits and payroll taxes (c) Conventions, seminars, travel, entertainment, relocation, and automobiles. (d) Office rent, office maintenance, telephones, office supplies, subscriptions, and gifts. (e) Accounting, legal and consulting fees and temporary services. (f) Fees, licenses, bank charges, franchise taxes , property taxes and misc write-offs. (g) Consulting fees and other incremental costs related to acquisition reviews. (h) Director fees and travel expenses, listing fees and shareholder mailings. (i) Primarily salaries & employee costs charged through JIBs to LOE for capital work. (j) COPAS billings to wells (k) Reclass COPAS billings charged to LOE on operated wells in excess of actual costs related to such operations.
COHO ENERGY CASE NO. 02-31189-HCA-11 COHO ENERGY, INC. BANKRUPTCY CONSOLIDATION MONTHLY OPERATING REPORT STATEMENTS OF CASH FLOW ACCRUAL BASIS - 3 JULY 31, 2002
JAN 02(a) FEB 02 MARCH 02 APRIL MAY JUNE JULY YTD --------- --------- --------- -------- ------- ------- ------- -------- CASH FLOWS FROM OPERATIONS Net earnings (loss) $ (2,556) $ (20,160) $ (36,931) $ 406 $ 939 $ 3,272 $ 65 $(54,965) Adjustments to reconcile net earnings (loss) $ 0 to net cash provided by operating activities: $ 0 Equity in loss of subsidiaries -- (200) -- -- -- 4 -- $ (196) Depletion and depreciation 1,519 1,455 1,539 1,484 1,617 1,505 1,509 $ 10,628 Standby loan interest 1,330 224 -- 26 -- -- -- $ 1,580 Standby loan prepayment fee -- 29,344 -- -- -- -- -- $ 29,344 Gain on standby loan embedded derivative -- (10,232) -- -- -- -- -- $(10,232) Write off of debt issuance costs -- -- 22,583 -- -- -- -- $ 22,583 Write off of debt discount -- -- 10,744 -- -- -- -- $ 10,744 Loss on derivatives -- -- 2,525 -- -- (266) -- $ 2,259 Other items 553 130 37 (5) (5) (4) (6) 700 --------- --------- --------- -------- ------- ------- ------- -------- Cash Flow from Opers before W/C Changes 846 561 497 1,911 2,551 4,511 1,568 12,445 Changes in operating assets and liabilities: Accounts receivable and other assets 295 317 (844) (560) (892) (2,323) (691) (4,698) Cash in escrow -- -- -- (1) -- -- -- (1) Accounts payable, principally trade (619) 1,229 1,070 212 (151) 1,210 39 2,990 Accounts pay and other accr liabs -- 1,137 1,048 (329) (169) (66) (105) 1,516 Accrued interest -- (1,486) 353 320 (76) 318 1,439 868 --------- --------- --------- -------- ------- ------- ------- -------- Net cash provided (used) by operating activities 522 1,758 2,124 1,553 1,263 3,650 2,250 13,120 --------- --------- --------- -------- ------- ------- ------- -------- CASH FLOWS FROM INVESTING Property and equipment (974) (759) (673) (1,056) (1,084) (1,031) (907) (6,484) Changes in accts pay and accrued liabilities related to exploration and development 98 (304) 181 317 209 (243) (259) (1) Advances to unconsolidated subsidiaries -- (13) -- 1 1 -- -- (11) --------- --------- --------- -------- ------- ------- ------- -------- Net cash provided (used) by investing activities (876) (1,076) (492) (738) (874) (1,274) (1,166) (6,496) --------- --------- --------- -------- ------- ------- ------- -------- CASH FLOWS FROM FINANCING Increase in long term debt -- -- -- -- -- -- -- 0 Repayment of long term debt (1,057) -- -- (224) -- (1,094) -- (2,375) Debt issuance costs -- -- -- -- -- -- -- 0 Debt extinguishment costs -- -- -- -- -- -- -- 0 --------- --------- --------- -------- ------- ------- ------- -------- Net cash provided (used) by financing activities (1,057) 0 0 (224) 0 (1,094) 0 (2,375) --------- --------- --------- -------- ------- ------- ------- -------- NET INCREASE (DECREASE) IN CASH (1,411) 682 1,632 591 389 1,282 1,084 4,249 CASH AND CASH EQUIVS-BEGINNING 9,752 8,341 9,023 10,655 11,246 11,635 12,917 9,752 --------- --------- --------- -------- ------- ------- ------- -------- CASH AND CASH EQUIVS-ENDING $ 8,341 $ 9,023 $ 10,655 $ 11,246 $11,635 $12,917 $14,001 $ 14,001 ========= ========= ========= ======== ======= ======= ======= ========
(a) JANUARY 2002 IS A PREPETITION PERIOD COHO ENERGY CASE NO. 02-31189-HCA-11 COHO ENERGY, INC. AND SUBSIDIARIES MONTHLY OPERATING REPORT BANKRUPTCY CONSOLIDATION ACCRUAL BASIS - 4 (IN 000S, EXCEPT RATIOS) PAGE 1 OF 2 ACCOUNTS RECEIVABLE ANALYSIS
SOFA FEB 02 MARCH 02 APRIL 02 MAY 02 JUNE 02 JULY 02 -------- -------- -------- -------- -------- -------- -------- JIB Receivables 0 - 30 days $ 1,101 $ 956 $ 525 $ 1,089 $ 642 $ 1,181 $ 1,593 31 - 60 days 79 80 589 (3) 643 25 147 61 - 90 days 29 39 43 214 (0) 245 1 Over 90 days 951 936 853 831 836 790 872 -------- -------- -------- -------- -------- -------- -------- Total Accounts Receivable $ 2,161 $ 2,011 $ 2,010 $ 2,132 $ 2,121 $ 2,242 $ 2,613 ======== ======== ======== ======== ======== ======== ======== SUMMARY OF RECEIVABLES Accrued revenue $ 5,428 $ 5,465 $ 6,533 $ 6,873 $ 7,826 $ 7,231 $ 7,288 JIB receivables 2,161 2,011 2,010 2,132 2,121 2,242 2,613 Employee/officer receivables 1 1 1 2 0 4 0 Other receivables 375 224 61 264 262 3,101 3,112 -------- -------- -------- -------- -------- -------- -------- Total receivables 7,965 7,701 8,605 9,271 10,208 12,578 13,014 Allowance for doubtful accts (470) (470) (470) (470) (470) (470) (470) -------- -------- -------- -------- -------- -------- -------- Receivables net of allowance $ 7,495 $ 7,231 $ 8,135 $ 8,801 $ 9,738 $ 12,108 $ 12,544 ======== ======== ======== ======== ======== ======== ========
COHO ENERGY CASE NO. 02-31189-HCA-11 COHO ENERGY, INC. AND SUBSIDIARIES MONTHLY OPERATING REPORT BANKRUPTCY CONSOLIDATION ACCRUAL BASIS - 4 (IN 000S, EXCEPT RATIOS) PAGE 2 OF 2 ACCOUNTS PAYABLE ANALYSIS
FEB 02 MARCH APRIL MAY JUNE JULY --------- --------- --------- --------- --------- --------- ACCOUNTS PAYABLE 0 - 30 days $ 232 $ 431 $ 519 $ 300 $ 1,439 $ 1,175 31 - 60 days $ 21 $ 23 $ 5 $ 5 $ 102 Over 60 days $ 7 $ 30 $ 30 $ 356 --------- --------- --------- --------- --------- --------- 232 453 550 334 1,475 1,633 Prepetition 2,618 3,700 3,744 3,728 3,667 3,616 --------- --------- --------- --------- --------- --------- Total Accounts Payable $ 2,851 $ 4,152 $ 4,294 $ 4,063 $ 5,142 $ 5,249 ========= ========= ========= ========= ========= ========= INCOME TAXES PAYABLE PREPETITION Federal income State income --------- --------- --------- --------- --------- --------- Total Taxes Payable $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 ========= ========= ========= ========= ========= ========= SUMMARY OF LIABILITIES POSTPETITION Accrued interest $ 681 $ 1,034 $ 1,354 $ 1,278 $ 1,596 $ 3,035 --------- --------- --------- --------- --------- --------- $ 681 $ 1,034 $ 1,354 $ 1,278 $ 1,596 $ 3,035 --------- --------- --------- --------- --------- --------- Accounts payable $ 232 $ 453 $ 550 $ 334 $ 1,475 $ 1,633 Miscellaneous payables 0 3 2 2 (1) (1) Revenues payable 252 269 322 406 599 543 A/P sales & use tax $ 1 $ 3 $ 0 $ 1 $ 2 $ 1 --------- --------- --------- --------- --------- --------- A/P Trade $ 485 $ 728 $ 874 $ 744 $ 2,075 $ 2,176 --------- --------- --------- --------- --------- --------- Accrued reorganization costs $ 129 $ 887 $ 1,121 $ 1,347 $ 1,279 $ 1,293 Accrued operating costs $ 1,314 $ 1,738 $ 1,708 $ 1,565 $ 1,542 $ 1,326 Accrued drilling costs $ 556 $ 719 $ 1,140 $ 1,370 $ 1,126 $ 868 Accrued franchise taxes $ 14 $ 30 $ 47 $ 64 $ 80 $ 95 Accrued environmental $ 50 $ 50 $ 50 $ 50 $ 50 $ 50 Other accrued liabilities $ 495 $ 1,236 $ 336 $ 302 $ 305 $ 381 --------- --------- --------- --------- --------- --------- Accrued liabilities and other $ 2,559 $ 4,661 $ 4,402 $ 4,697 $ 4,383 $ 4,013 --------- --------- --------- --------- --------- --------- Accrued unrealized derivatives $ 165 $ 506 $ 506 $ 506 $ 834 $ 834 --------- --------- --------- --------- --------- --------- $ 165 $ 506 $ 506 $ 506 $ 834 $ 834 --------- --------- --------- --------- --------- --------- Total Postpetition 3,890 6,929 7,136 7,225 8,888 10,058 --------- --------- --------- --------- --------- --------- PREPETITION Income taxes payable Accounts payable 2,618 3,700 3,744 3,728 3,667 3,616 Miscellaneous payables 8 8 8 8 8 8 Revenues payable 2,301 2,046 2,068 2,062 2,003 1,992 A/P sales & use tax 1 1 1 1 1 1 --------- --------- --------- --------- --------- --------- A/P Trade 4,928 5,755 5,821 5,800 5,679 5,617 --------- --------- --------- --------- --------- --------- Accrued LA penalties & int Accrued operating costs 594 33 5 Accrued drilling costs 432 125 22 Accrued franchise taxes 190 190 190 190 190 190 Accrued vacation 105 105 105 105 105 105 Accrued contract obligations Accrued sale tax due Amoco Accrued environmental costs 175 175 175 175 175 175 Other accrued liabilities 90 80 451 217 218 218 --------- --------- --------- --------- --------- --------- Accrued liabilities and other 1,588 709 949 687 688 688 --------- --------- --------- --------- --------- --------- Total prepetition 6,516 6,464 6,770 6,487 6,368 6,305 --------- --------- --------- --------- --------- --------- Total liabilities $ 10,406 $ 13,393 $ 13,906 $ 13,712 $ 15,255 $ 16,363 ========= ========= ========= ========= ========= ========= LONG TERM DEBT Chase revolving credit facility 195,000 195,000 194,776 194,776 193,682 193,682 Standby loan $ 82,707 $ 93,451 $ 93,451 $ 93,451 $ 93,451 $ 93,451 Standby accrued interest $ 4,984 $ 4,984 $ 5,010 $ 5,010 $ 5,010 $ 5,010 Standby prepayment fee $ 29,344 $ 29,344 $ 29,344 $ 29,344 $ 29,344 $ 29,344 Derivative liablility $ 1,538 $ 1,538 $ 1,538 $ 1,538 $ 1,538 $ 1,538 State tax notes and other $ 3,361 $ 3,361 $ 3,361 $ 3,361 $ 3,361 $ 3,361 Reclass to current $(316,934) $(327,679) $(327,482) $(327,482) $(326,388) $(326,388) --------- --------- --------- --------- --------- --------- Total Long Term Debt $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 ========= ========= ========= ========= ========= =========
COHO ENERGY CASE NO. 02-31189-HCA-11 -----END PRIVACY-ENHANCED MESSAGE-----