-----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, BI24WDXjL/LlmboTXTPmrLRZKk3ryqvOJjUT7CwslDqaXrh+PPmQdJL7EkUl/myq 2f0TYeUdSqtT84+J6AdkWA== 0000950134-02-014837.txt : 20021121 0000950134-02-014837.hdr.sgml : 20021121 20021121133718 ACCESSION NUMBER: 0000950134-02-014837 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20021120 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20021121 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: 02835861 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 d01552e8vk.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): November 20, 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.) 14755 PRESTON ROAD, SUITE 800, DALLAS, TEXAS 75254 (Address of principal executive offices) Registrant's telephone number, including area code: (972) 774-8300 ITEM 5. OTHER EVENTS See the Monthly Operating Report for the period ended October 31, 2002 as filed with the United States Bankruptcy Court attached as Exhibit 99.1. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS EXHIBIT 99.1 Monthly Operating Report filed with the United States Bankruptcy Court for the period ended October 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: November 21, 2002 By: /s/ Susan J. McAden -------------------------------- Susan J. McAden Chief Accounting Officer and Controller 3 INDEX TO EXHIBITS
EXHIBIT # DESCRIPTION - --------- ----------- 99.1 Monthly Operating Report filed with the United States Bankruptcy Court for the period ended October 31, 2002.
4 EX-99.1 3 d01552exv99w1.txt MONTHLY OPERATING REPORT EXHIBIT 99.1 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: OCTOBER 31, 2002 COHO ENERGY, INC. MONTHLY OPERATING REPORT BANKRUPTCY CONSOLIDATION ACCRUAL BASIS - 1 BALANCE SHEETS (IN 000'S) OCTOBER 31, 2002
SOFA FEB 28, MAR 31, APR 30, MAY 31, SCHEDULE 2002 2002 2002 2002 ---------- ---------- ---------- ---------- ---------- ASSETS CURRENT ASSETS Cash and cash equivalents 7,810 $ 9,023 $ 10,655 $ 11,246 $ 11,635 Cash in escrow 25 25 25 26 26 Accounts receivable 7,495 7,231 8,135 8,801 9,738 Other current assets 32 1,001 930 1,025 986 Accrued unrealized gains derivatives -- 2,225 37 37 37 ---------- ---------- ---------- ---------- ---------- 15,362 19,505 19,782 21,135 22,422 PROPERTY AND EQUIPMENT 335,561 331,674 330,808 330,378 329,845 INVESTMENT IN SUBSIDIARIES -- 260 260 59 58 OTHER ASSETS 82 22,692 111 112 104 ---------- ---------- ---------- ---------- ---------- $ 351,005 $ 374,131 $ 350,961 $ 351,684 $ 352,429 ========== ========== ========== ========== ========== LIABILITIES AND SHAREHOLDERS' EQUITY LIABILITIES NOT SUBJECT TO COMPROMISE CURRENT LIABILITIES Accounts payable, principally trade -- 485 712 874 744 Accrued liabilities and other payables -- 2,559 4,426 4,402 4,697 Accrued interest payable -- 681 1,034 1,354 1,278 Accrued unrealized losses derivatives -- 165 506 506 506 Current portion of long term debt -- -- -- -- ---------- ---------- ---------- ---------- ---------- 0 3,890 6,678 7,136 7,225 LIABILITIES SUBJECT TO COMPROMISE Accounts payable, principally trade 5,644 $ 4,928 $ 5,771 $ 5,821 $ 5,800 Accrued liabilities and other payables 1,032 1,588 944 949 687 Current portion of long term debt 327,797 316,934 327,679 327,482 327,482 ---------- ---------- ---------- ---------- ---------- 334,473 323,450 334,394 334,252 333,969 LONG TERM DEBT -- -- -- -- -- DEFERRED INCOME TAXES -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- 334,473 327,340 341,072 341,388 341,194 ---------- ---------- ---------- ---------- ---------- COMMITMENTS AND CONTINGENCIES 5,550 450 450 450 450 OTHER LONG TERM ACCRUED DERIVATIVES -- 257 397 397 397 SHAREHOLDERS' EQUITY Prepetition owners' equity 8,679 47,098 13,771 13,771 13,771 Postpetition owners' equity(a) -- (1,014) (4,729) (4,322) (3,383) ---------- ---------- ---------- ---------- ---------- Total Shareholders' Equity 8,679 46,084 9,042 9,449 10,388 ---------- ---------- ---------- ---------- ---------- $ 348,702 $ 374,131 $ 350,961 $ 351,684 $ 352,429 ========== ========== ========== ========== ========== JUNE 30, JULY 31, AUGUST 31, SEPT 30, OCT 31, 2002 2002 2002 2002 2002 ---------- ---------- ---------- ---------- ---------- ASSETS CURRENT ASSETS Cash and cash equivalents $ 12,917 $ 14,001 $ 13,679 $ 7,592 $ 7,061 Cash in escrow 26 26 48,977 28,140 26,291 Accounts receivable 12,108 12,544 3,849 3,494 3,373 Other current assets 954 1,195 322 371 349 Accrued unrealized gains derivatives 4 4 -- -- -- ---------- ---------- ---------- ---------- ---------- 26,009 27,770 66,827 39,597 37,074 PROPERTY AND EQUIPMENT 329,371 328,769 441 411 382 INVESTMENT IN SUBSIDIARIES 54 54 56 54 57 OTHER ASSETS 89 103 -- -- -- ---------- ---------- ---------- ---------- ---------- $ 355,523 $ 356,696 $ 67,324 $ 40,062 $ 37,513 ========== ========== ========== ========== ========== LIABILITIES AND SHAREHOLDERS' EQUITY LIABILITIES NOT SUBJECT TO COMPROMISE CURRENT LIABILITIES Accounts payable, principally trade 2,075 2,176 608 553 197 Accrued liabilities and other payables 4,383 4,013 7,863 3,191 1,133 Accrued interest payable 1,596 3,035 3,240 2,203 2,203 Accrued unrealized losses derivatives 834 834 -- -- -- Current portion of long term debt -- -- -- ---------- ---------- ---------- ---------- ---------- 8,888 10,058 11,711 5,947 3,533 LIABILITIES SUBJECT TO COMPROMISE Accounts payable, principally trade $ 5,679 $ 5,617 $ 4,608 $ 4,608 $ 4,571 Accrued liabilities and other payables 688 688 603 603 603 Current portion of long term debt 326,388 326,388 153,508 132,705 132,705 ---------- ---------- ---------- ---------- ---------- 332,755 332,693 158,719 137,916 137,879 LONG TERM DEBT -- -- -- -- -- DEFERRED INCOME TAXES -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- 341,643 342,751 170,430 143,863 141,412 ---------- ---------- ---------- ---------- ---------- COMMITMENTS AND CONTINGENCIES 450 450 -- -- -- OTHER LONG TERM ACCRUED DERIVATIVES 397 397 -- -- -- SHAREHOLDERS' EQUITY Prepetition owners' equity 13,771 13,771 13,771 13,771 13,771 Postpetition owners' equity(a) (738) (673) (116,877) (117,572) (117,670) ---------- ---------- ---------- ---------- ---------- Total Shareholders' Equity 13,033 13,098 (103,106) (103,801) (103,899) ---------- ---------- ---------- ---------- ---------- $ 355,523 $ 356,696 $ 67,324 $ 40,062 $ 37,513 ========== ========== ========== ========== ==========
(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 2 OCTOBER 31, 2002
JAN 02(a) FEB 02 MAR 02 APR 02 MAY 02 JUNE 02 ---------- ---------- ---------- ---------- ---------- ---------- PRODUCTION/PRICES Oil (Bbls/day) 9,103 9,348 9,115 9,052 9,638 9,210 Gas (Mcf/day) 4,085 4,375 3,986 4,157 3,924 4,013 BOE/day * 9,783 10,077 9,779 9,745 10,292 9,879 Average Oil Price $ 14.93 $ 16.01 $ 19.72 $ 21.68 $ 22.30 $ 20.90 Average Gas Price $ 2.65 $ 2.06 $ 2.48 $ 3.22 $ 3.27 $ 3.26 Average BOE Price $ 15.00 $ 15.74 $ 19.39 $ 21.51 $ 22.13 $ 20.81 OPERATING REVENUES Oil and gas production $ 4,549 $ 4,442 $ 5,877 $ 6,290 $ 7,058 $ 6,168 ---------- ---------- ---------- ---------- ---------- ---------- Total operating revenues 4,549 4,442 5,877 6,290 7,058 6,168 ---------- ---------- ---------- ---------- ---------- ---------- OPERATING EXPENSES Oil and gas production 2,187 2,063 2,097 2,022 2,149 2,045 Taxes on oil & gas production 278 263 348 373 415 359 General & administrative 643 490 227 256 304 258 Depletion & depreciation 1,519 1,455 1,539 1,484 1,617 1,505 Allowance for bad debt -- -- -- -- -- -- (Gain) Loss on derivatives (251) (10,257) 13,446 11 106 (253) ---------- ---------- ---------- ---------- ---------- ---------- Total operating expenses 4,376 (5,986) 17,657 4,146 4,591 3,914 ---------- ---------- ---------- ---------- ---------- ---------- OPERATING INCOME 173 10,428 (11,780) 2,144 2,467 2,254 OTHER INCOME & EXPENSES Equity in income from subsidiaries -- 200 -- -- (4) Interest and other income 17 3 -- 12 (7) 0 Interest expense (2,713) (1,333) (1,186) (1,260) (1,355) (1,393) Standby loan prepayment fee -- (29,344) 29,344 -- -- -- Reorganization costs (33) (114) (53,309) (490) (166) (417) Litigation Settlement -- -- -- -- -- 2,832 Loss on sale of property and equipment -- -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- ---------- (2,729) (30,588) (25,151) (1,738) (1,528) 1,018 ---------- ---------- ---------- ---------- ---------- ---------- EARNINGS (LOSS) BEFORE TAXES AND EXTRAORDINARY ITEMS (2,556) (20,160) (36,931) 406 939 3,272 ---------- ---------- ---------- ---------- ---------- ---------- INCOME TAX EXPENSE (BENEFIT) Current -- -- -- -- -- -- Deferred -- -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- ---------- 0 0 0 0 0 0 ---------- ---------- ---------- ---------- ---------- ---------- EARNINGS (LOSS) (2,556) (20,160) (36,931) 406 939 3,272 ---------- ---------- ---------- ---------- ---------- ---------- EXTRAORDINARY ITEMS Gain on extinguishment on indebtedness -- -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- ---------- NET EARNINGS (LOSS) $ (2,556) $ (20,160) $ (36,931) $ 406 $ 939 $ 3,272 ========== ========== ========== ========== ========== ========== BASIC EARNINGS PER SHARE** $ (0.14) $ (1.08) $ (1.97) $ 0.02 $ 0.05 $ 0.17 CASH FLOW FROM OPERATIONS $ 846 $ 561 $ 498 $ 1,910 $ 2,551 $ 4,511 CASH FLOW PER SHARE** $ 0.05 $ 0.03 $ 0.03 $ 0.10 $ 0.14 $ 0.24 (a) January 2002 is a prepetition period (b) August 2002 reorganization expense includes employee and officer severance payments of approximately $4.0 million. * 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 YEAR-TO-DATE JULY 02 AUG 02 SEP 02 OCT 02 10/31/02 ---------- ---------- ---------- ---------- ------------ PRODUCTION/PRICES Oil (Bbls/day) 9,005 8,810 0 0 9,161 Gas (Mcf/day) 3,487 3,370 0 0 3,922 BOE/day * 9,587 9,372 0 0 9,815 Average Oil Price $ 22.24 $ 23.55 $ 0.00 $ 0.00 $ 20.17 Average Gas Price $ 3.17 $ 3.03 $ 0.00 $ 0.00 $ 2.88 Average BOE Price $ 22.04 $ 23.23 $ 0.00 $ 0.00 $ 19.98 OPERATING REVENUES Oil and gas production $ 6,550 $ 6,314 -- -- $ 47,248 ---------- ---------- ---------- ---------- ---------- Total operating revenues 6,550 6,314 -- -- 47,248 ---------- ---------- ---------- ---------- ---------- OPERATING EXPENSES Oil and gas production 2,141 2,088 -- -- 16,792 Taxes on oil & gas production 395 328 -- -- 2,759 General & administrative 265 269 399 220 3,331 Depletion & depreciation 1,509 1,386 30 32 12,076 Allowance for bad debt -- 94 -- -- 94 (Gain) Loss on derivatives 105 241 -- -- 3,148 ---------- ---------- ---------- ---------- ---------- Total operating expenses 4,415 4,406 429 252 38,200 ---------- ---------- ---------- ---------- ---------- OPERATING INCOME 2,135 1,908 (429) (252) 9,048 OTHER INCOME & EXPENSES Equity in income from subsidiaries -- -- (1) -- 195 Interest and other income -- 1 3 3 32 Interest expense (1,440) (1,315) (59) -- (12,054) Standby loan prepayment fee -- -- -- -- 0 Reorganization costs (630) (3,907)(b) (130) 150 (59,046) Litigation Settlement -- -- -- -- 2,832 Loss on sale of property and equipment -- (111,659) (79) 1 (111,737) ---------- ---------- ---------- ---------- ---------- (2,070) (116,880) (266) 154 (179,778) ---------- ---------- ---------- ---------- ---------- EARNINGS (LOSS) BEFORE TAXES AND EXTRAORDINARY ITEMS 65 (114,972) (695) (98) (170,730) ---------- ---------- ---------- ---------- ---------- INCOME TAX EXPENSE (BENEFIT) Current -- -- -- -- 0 Deferred -- -- -- -- 0 ---------- ---------- ---------- ---------- ---------- 0 0 0 0 0 ---------- ---------- ---------- ---------- ---------- EARNINGS (LOSS) 65 (114,972) (695) (98) (170,730) ---------- ---------- ---------- ---------- ---------- EXTRAORDINARY ITEMS Gain on extinguishment on indebtedness -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- NET EARNINGS (LOSS) $ 65 $ (114,972) $ (695) $ (98) $ (170,730) ========== ========== ========== ========== ========== BASIC EARNINGS PER SHARE** $ 0.00 $ (6.14) $ (0.04) $ (0.01) $ (9.12) CASH FLOW FROM OPERATIONS $ 1,568 $ (2,435) $ (590) $ (64) $ 9,356 CASH FLOW PER SHARE** $ 0.08 $ (0.13) $ (0.03) $ (0.00) $ 0.50 (a) January 2002 is a prepetition period (b) August 2002 reorganization expense includes employee and officer severance payments of approximately $4.0 million. * 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
PAGE 1 COHO ENERGY CASE NO. 02-31189-HCA-11 COHO ENERGY, INC. (CONSOLIDATED) MONTHLY OPERATING REPORT GENERAL & ADMINISTRATIVE EXPENSE SUMMARY ACCRUAL BASIS-2 OCTOBER 31, 2002 PAGE 2 OF 2
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 ========== ========== ========== ========== ========== ========== AUGUST SEPTEMBER OCTOBER Salaries (a) $ 448 $ 118 $ 64 Employee Benefits (b) 173 57 24 Employee Related Costs (c) (12) 2 0 Office Related Costs (d) 91 72 72 Outside Services (e) 56 106 (4) Miscellaneous (f) 110 3 33 Insurance - general 22 32 26 Data Processing 1 1 3 Acquisition Costs (g) 0 0 0 Corporate Costs (h) 1 8 2 ---------- ---------- ---------- Total Costs 889 399 220 Overhead Allocations (i) (237) 0 0 G&A Recoveries (j) (622) 0 0 Reclass recoveries to LOE (k) 333 0 0 ---------- ---------- ---------- Net G&A Expense 363 399 220 Reorganization Costs 3,907 130 (150) ---------- ---------- ---------- Total G&A Related Costs $ 4,270 $ 529 $ 70 ========== ========== ==========
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 OCTOBER 31, 2002
JAN(a) FEB MARCH APRIL MAY JUNE ---------- ---------- ---------- ---------- ---------- ---------- CASH FLOWS FROM OPERATIONS Net earnings (loss) $ (2,556) $ (20,160) $ (36,931) $ 406 $ 939 $ 3,272 Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: Equity in loss of subsidiaries -- (200) -- -- -- 4 Depletion and depreciation 1,519 1,455 1,539 1,484 1,617 1,505 Sale of property and equipment -- -- -- -- -- -- Standby loan interest 1,330 224 -- 26 -- -- Standby loan prepayment fee -- 29,344 -- -- -- -- Gain on standby loan embedded derivative -- (10,232) -- -- -- -- Write off of debt issuance costs -- -- 22,583 -- -- -- Write off of debt discount -- -- 10,744 -- -- -- Loss on derivatives -- -- 2,525 -- -- (266) Other items 553 130 37 (5) (5) (4) ---------- ---------- ---------- ---------- ---------- ---------- Cash Flow from Opers before W/C Changes 846 561 497 1,911 2,551 4,511 Changes in operating assets and liabilities: Accounts receivable and other assets 295 317 (844) (560) (892) (2,323) Cash in escrow -- -- -- (1) -- -- Accounts payable, principally trade (619) 1,229 1,070 212 (151) 1,210 Accounts pay and other accr liabs -- 1,137 1,048 (329) (169) (66) Accrued interest -- (1,486) 353 320 (76) 318 ---------- ---------- ---------- ---------- ---------- ---------- Net cash provided (used) by operating activities 522 1,758 2,124 1,553 1,263 3,650 ---------- ---------- ---------- ---------- ---------- ---------- CASH FLOWS FROM INVESTING Property and equipment (974) (759) (673) (1,056) (1,084) (1,031) Changes in accts pay and accrued liabilities related to exploration and development 98 (304) 181 317 209 (243) Advances to unconsolidated subsidiaries -- (13) -- 1 1 -- ---------- ---------- ---------- ---------- ---------- ---------- Net cash provided (used) by investing activities (876) (1,076) (492) (738) (874) (1,274) ---------- ---------- ---------- ---------- ---------- ---------- CASH FLOWS FROM FINANCING Proceeds from sale of property and equipment -- -- -- -- -- -- Repayment of long term debt (1,057) -- -- (224) -- (1,094) Debt issuance costs -- -- -- -- -- -- Debt extinguishment costs -- -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- ---------- Net cash provided (used) by financing activities (1,057) 0 0 (224) 0 (1,094) ---------- ---------- ---------- ---------- ---------- ---------- NET INCREASE (DECREASE) IN CASH (1,411) 682 1,632 591 389 1,282 CASH AND CASH EQUIVS-BEGINNING 9,752 8,341 9,023 10,655 11,246 11,635 ---------- ---------- ---------- ---------- ---------- ---------- CASH AND CASH EQUIVS-ENDING $ 8,341 $ 9,023 $ 10,655 $ 11,246 $ 11,635 $ 12,917 ========== ========== ========== ========== ========== ========== JULY AUGUST SEPT OCT YTD ---------- ---------- ---------- ---------- ---------- CASH FLOWS FROM OPERATIONS Net earnings (loss) $ 65 $ (114,972) $ (695) $ (98) $ (170,730) Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: Equity in loss of subsidiaries -- -- 1 -- (195) Depletion and depreciation 1,509 1,386 30 32 12,076 Sale of property and equipment -- 111,159 79 (1) 111,237 Standby loan interest -- -- -- -- 1,580 Standby loan prepayment fee -- -- -- -- 29,344 Gain on standby loan embedded derivative -- -- -- -- (10,232) Write off of debt issuance costs -- -- -- -- 22,583 Write off of debt discount -- -- -- -- 10,744 Loss on derivatives -- -- -- -- 2,259 Other items (6) (8) (5) 3 690 ---------- ---------- ---------- ---------- ---------- Cash Flow from Opers before W/C Changes 1,568 (2,435) (590) (64) 9,356 Changes in operating assets and liabilities: Accounts receivable and other assets (691) 664 308 141 (3,585) Cash in escrow -- (48,951) 20,837 1,849 (26,266) Accounts payable, principally trade 39 (1,373) (55) (393) 1,169 Accounts pay and other accr liabs (105) 4,013 (4,747) (2,061) (1,279) Accrued interest 1,439 205 (1,037) -- 36 ---------- ---------- ---------- ---------- ---------- Net cash provided (used) by operating activities 2,250 (47,877) 14,716 (528) (20,569) ---------- ---------- ---------- ---------- ---------- CASH FLOWS FROM INVESTING Property and equipment (907) (708) -- (2) (7,194) Changes in accts pay and accrued liabilities related to exploration and development (259) (206) -- -- (207) Advances to unconsolidated subsidiaries -- (2) (1) (1) (15) ---------- ---------- ---------- ---------- ---------- Net cash provided (used) by investing activities (1,166) (916) (1) (3) (7,416) ---------- ---------- ---------- ---------- ---------- CASH FLOWS FROM FINANCING Proceeds from sale of property and equipment -- 221,351 -- -- 221,351 Repayment of long term debt -- (172,880) (20,802) -- (196,057) Debt issuance costs -- -- -- -- 0 Debt extinguishment costs -- -- -- -- 0 ---------- ---------- ---------- ---------- ---------- Net cash provided (used) by financing activities 0 48,471 (20,802) 0 25,294 ---------- ---------- ---------- ---------- ---------- NET INCREASE (DECREASE) IN CASH 1,084 (322) (6,087) (531) (2,691) CASH AND CASH EQUIVS-BEGINNING 12,917 14,001 13,679 7,592 9,752 ---------- ---------- ---------- ---------- ---------- CASH AND CASH EQUIVS-ENDING $ 14,001 $ 13,679 $ 7,592 $ 7,061 $ 7,061 ========== ========== ========== ========== ==========
(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 ---------- ---------- ---------- ---------- ---------- JIB RECEIVABLES 0 - 30 days $ 1,101 $ 956 $ 525 $ 1,089 $ 642 31 - 60 days 79 80 589 (3) 643 61 - 90 days 29 39 43 214 (0) Over 90 days 951 936 853 831 836 ---------- ---------- ---------- ---------- ---------- Total Accounts Receivable $ 2,161 $ 2,011 $ 2,010 $ 2,132 $ 2,121 ========== ========== ========== ========== ========== SUMMARY OF RECEIVABLES Accrued revenue $ 5,428 $ 5,465 $ 6,533 $ 6,873 $ 7,826 JIB receivables 2,161 2,011 2,010 2,132 2,121 Employee/officer receivables 1 1 1 2 0 Other receivables 375 224 61 264 262 ---------- ---------- ---------- ---------- ---------- Total receivables 7,965 7,701 8,605 9,271 10,208 Allowance for doubtful accts (470) (470) (470) (470) (470) ---------- ---------- ---------- ---------- ---------- Receivables net of allowance $ 7,495 $ 7,231 $ 8,135 $ 8,801 $ 9,738 ========== ========== ========== ========== ========== JUNE 02 JULY 02 AUG 02 SEPT 02 OCT 02 ---------- ---------- ---------- ---------- ---------- JIB RECEIVABLES 0 - 30 days $ 1,181 $ 1,593 $ 101 $ 0 $ 0 31 - 60 days 25 147 (22) 30 0 61 - 90 days 245 1 245 0 2 Over 90 days 790 872 412 423 338 ---------- ---------- ---------- ---------- ---------- Total Accounts Receivable $ 2,242 $ 2,613 $ 736 $ 453 $ 340 ========== ========== ========== ========== ========== SUMMARY OF RECEIVABLES Accrued revenue $ 7,231 $ 7,288 $ 268 $ 222 $ 216 JIB receivables 2,242 2,613 736 453 340 Employee/officer receivables 4 0 (1) (1) (1) Other receivables 3,101 3,112 3,135 3,125 3,065 ---------- ---------- ---------- ---------- ---------- Total receivables 12,578 13,014 4,138 3,799 3,620 Allowance for doubtful accts (470) (470) (289) (305) (247) ---------- ---------- ---------- ---------- ---------- Receivables net of allowance $ 12,108 $ 12,544 $ 3,849 $ 3,494 $ 3,373 ========== ========== ========== ========== ==========
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 MARCH APRIL MAY JUNE ---------- ---------- ---------- ---------- ---------- ACCOUNTS PAYABLE 0 - 30 days $ 232 $ 431 $ 519 $ 300 $ 1,439 31 - 60 days 21 23 5 5 Over 60 days 7 30 30 ---------- ---------- ---------- ---------- ---------- 232 453 550 334 1,475 Prepetition 2,618 3,700 3,744 3,728 3,667 ---------- ---------- ---------- ---------- ---------- Total Accounts Payable $ 2,851 $ 4,152 $ 4,294 $ 4,063 $ 5,142 ========== ========== ========== ========== ========== INCOME TAXES PAYABLE PREPETITION Federal income State income ---------- ---------- ---------- ---------- ---------- Total Taxes Payable $ 0 $ 0 $ 0 $ 0 $ 0 ========== ========== ========== ========== ========== SUMMARY OF LIABILITIES POSTPETITION Accrued interest $ 681 $ 1,034 $ 1,354 $ 1,278 $ 1,596 ---------- ---------- ---------- ---------- ---------- $ 681 $ 1,034 $ 1,354 $ 1,278 $ 1,596 ---------- ---------- ---------- ---------- ---------- Accounts payable $ 232 $ 453 $ 550 $ 334 $ 1,475 Miscellaneous payables 0 3 2 2 (1) Revenues payable 252 269 322 406 599 A/P sales & use tax 1 3 0 1 2 ---------- ---------- ---------- ---------- ---------- A/P Trade $ 485 $ 728 $ 874 $ 744 $ 2,075 ---------- ---------- ---------- ---------- ---------- Accrued reorganization costs $ 129 $ 887 $ 1,121 $ 1,347 $ 1,279 Accrued operating costs 1,314 1,738 1,708 1,565 1,542 Accrued drilling costs 556 719 1,140 1,370 1,126 Accrued franchise taxes 14 30 47 64 80 Accrued environmental 50 50 50 50 50 Other accrued liabilities 495 1,236 336 302 305 ---------- ---------- ---------- ---------- ---------- Accrued liabilities and other $ 2,559 $ 4,661 $ 4,402 $ 4,697 $ 4,383 ---------- ---------- ---------- ---------- ---------- Accrued unrealized derivatives $ 165 $ 506 $ 506 $ 506 $ 834 ---------- ---------- ---------- ---------- ---------- $ 165 $ 506 $ 506 $ 506 $ 834 ---------- ---------- ---------- ---------- ---------- Total Postpetition $ 3,890 $ 6,929 $ 7,136 $ 7,225 $ 8,888 ---------- ---------- ---------- ---------- ---------- PREPETITION Income taxes payable Accounts payable $ 2,618 $ 3,700 $ 3,744 $ 3,728 $ 3,667 Miscellaneous payables 8 8 8 8 8 Revenues payable 2,301 2,046 2,068 2,062 2,003 A/P sales & use tax 1 1 1 1 1 ---------- ---------- ---------- ---------- ---------- A/P Trade $ 4,928 $ 5,755 $ 5,821 $ 5,800 $ 5,679 ---------- ---------- ---------- ---------- ---------- Accrued LA penalties & int 0 0 0 0 0 Accrued operating costs 594 33 5 0 0 Accrued drilling costs 432 125 22 0 0 Accrued franchise taxes 190 190 190 190 190 Accrued vacation 105 105 105 105 105 Accrued contract obligations 0 0 0 0 0 Accrued sale tax due Amoco 0 0 0 0 0 Accrued environmental costs 175 175 175 175 175 Other accrued liabilities 90 80 451 217 218 ---------- ---------- ---------- ---------- ---------- Accrued liabilities and other $ 1,588 $ 709 $ 949 $ 687 $ 688 ---------- ---------- ---------- ---------- ---------- Total prepetition $ 6,516 $ 6,464 $ 6,770 $ 6,487 $ 6,368 ---------- ---------- ---------- ---------- ---------- Total liabilities $ 10,406 $ 13,393 $ 13,906 $ 13,712 $ 15,255 ========== ========== ========== ========== ========== LONG TERM DEBT Chase revolving credit facility $ 195,000 $ 195,000 $ 194,776 $ 194,776 $ 193,682 Standby loan 82,707 93,451 93,451 93,451 93,451 Standby accrued interest 4,984 4,984 5,010 5,010 5,010 Standby prepayment fee 29,344 29,344 29,344 29,344 29,344 Derivative liability 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 Reclass to current (316,934) (327,679) (327,482) (327,482) (326,388) ---------- ---------- ---------- ---------- ---------- Total Long Term Debt $ 0 $ 0 $ 0 $ 0 $ 0 ========== ========== ========== ========== ========== JULY AUG SEPT OCT ---------- ---------- ---------- ---------- ACCOUNTS PAYABLE 0 - 30 days $ 1,175 $ 191 $ 454 $ 53 31 - 60 days 102 1 0 55 Over 60 days 356 37 30 71 ---------- ---------- ---------- ---------- 1,633 228 485 179 Prepetition 3,616 3,603 3,603 3,603 ---------- ---------- ---------- ---------- Total Accounts Payable $ 5,249 $ 3,831 $ 4,088 $ 3,782 ========== ========== ========== ========== INCOME TAXES PAYABLE PREPETITION Federal income State income ---------- ---------- ---------- ---------- Total Taxes Payable $ 0 $ 0 $ 0 $ 0 ========== ========== ========== ========== SUMMARY OF LIABILITIES POSTPETITION Accrued interest $ 3,035 $ 3,240 $ 2,203 $ 2,203 ---------- ---------- ---------- ---------- $ 3,035 $ 3,240 $ 2,203 $ 2,203 ---------- ---------- ---------- ---------- Accounts payable $ 1,633 $ 228 $ 485 $ 179 Miscellaneous payables (1) 2 1 1 Revenues payable 543 376 66 17 A/P sales & use tax 1 2 1 0 ---------- ---------- ---------- ---------- A/P Trade $ 2,176 $ 608 $ 553 $ 197 ---------- ---------- ---------- ---------- Accrued reorganization costs $ 1,293 $ 5,071 $ 1,048 $ 767 Accrued operating costs 1,326 0 0 0 Accrued drilling costs 868 0 0 0 Accrued franchise taxes 95 110 110 140 Accrued environmental 50 15 15 15 Other accrued liabilities 381 2,666 2,017 210 ---------- ---------- ---------- ---------- Accrued liabilities and other $ 4,013 $ 7,863 $ 3,191 $ 1,133 ---------- ---------- ---------- ---------- Accrued unrealized derivatives $ 834 $ 0 $ 0 $ 0 ---------- ---------- ---------- ---------- $ 834 $ 0 $ 0 $ 0 ---------- ---------- ---------- ---------- Total Postpetition $ 10,058 $ 11,711 $ 5,947 $ 3,533 ---------- ---------- ---------- ---------- PREPETITION Income taxes payable Accounts payable $ 3,616 $ 3,603 $ 3,603 $ 3,603 Miscellaneous payables 8 0 0 0 Revenues payable 1,992 1,003 1,003 967 A/P sales & use tax 1 1 1 1 ---------- ---------- ---------- ---------- A/P Trade $ 5,617 $ 4,608 $ 4,608 $ 4,571 ---------- ---------- ---------- ---------- Accrued LA penalties & int 0 0 0 0 Accrued operating costs 0 0 0 0 Accrued drilling costs 0 0 0 0 Accrued franchise taxes 190 190 190 190 Accrued vacation 105 0 0 0 Accrued contract obligations 0 0 0 0 Accrued sale tax due Amoco 0 0 0 0 Accrued environmental costs 175 175 175 175 Other accrued liabilities 218 238 238 238 ---------- ---------- ---------- ---------- Accrued liabilities and other $ 688 $ 603 $ 603 $ 603 ---------- ---------- ---------- ---------- Total prepetition $ 6,305 $ 5,211 $ 5,211 $ 5,174 ---------- ---------- ---------- ---------- Total liabilities $ 16,363 $ 16,922 $ 11,158 $ 8,707 ========== ========== ========== ========== LONG TERM DEBT Chase revolving credit facility $ 193,682 $ 20,802 $ 0 $ 0 Standby loan 93,451 93,451 93,451 93,451 Standby accrued interest 5,010 5,010 5,010 5,010 Standby prepayment fee 29,344 29,344 29,344 29,344 Derivative liability 1,538 1,538 1,538 1,538 State tax notes and other 3,361 3,361 3,361 3,361 Reclass to current (326,388) (153,508) (132,705) (132,705) ---------- ---------- ---------- ---------- Total Long Term Debt $ 0 $ 0 $ 0 $ 0 ========== ========== ========== ==========
COHO ENERGY CASE NO. 02-31189-HCA-11 -----END PRIVACY-ENHANCED MESSAGE-----