Belco Oil & Gas Corp. Completes Merger With Coda Energy, Inc

Business Wire, Feb 26, 1998

NEW YORK--(BUSINESS WIRE)--Feb. 26, 1998--Belco Oil & Gas Corp. (NYSE:BOG) today announced that on February 25, 1998, its wholly owned subsidiary, Coda Energy, Inc., was merged into Belco, the surviving entity. As a result of the merger, Belco became the obligor on the 10-1/2% Senior Subordinated Notes due 2006 (the "Coda Notes") issued by Coda Energy, Inc. and has executed a Supplemental Indenture expressly assuming such obligations.

The Coda Notes are pari passu in right of payment with the 8-7/8% Senior Subordinated Notes due 2007 issued by Belco and are subordinated in right of payment to all existing and future obligations arising under Belco's credit facility with The Chase Manhattan Bank, as administrative agent, and other lenders.

Belco is an independent energy company engaged in the exploration, development, acquisition and production of natural gas and oil.

CONTACT: Dominick J. Golio, Chief Financial Officer,

(212) 508-9513

BELCO OIL & GAS CORP.

767 Fifth Avenue - 46th Floor

New York, NY 10153

www.belcooil-gas.com