Coho Sells Its Tunisia Interests To Pioneer
|Thursday, July 05, 2001
Coho Energy, Inc. announced that one of its subsidiaries, Coho Anaguid, Inc., has entered into a definitive agreement with Pioneer Natural Resources Company, Anadarko Tunisia Anaguid Company, an indirect wholly-owned subsidiary of Anadarko Petroleum Corp., and Nuevo Energy Company to sell all of its interest in the Anaguid permit in Tunisia for cash proceeds of approximately $200,000 and the assumption of Coho Anaguid's obligations under the permit totaling in excess of approximately $7 million. This sale was approved by the United States Bankruptcy Court but is still subject to approval by the Tunisian government. Coho Anaguid filed for protection under Chapter 11 of the United States Bankruptcy Code in February 2001.