NAPS Napster Group Plc

RNS Number:1503K
Aviva Petroleum Inc
8 May 2000


          AVIVA REPORTS FIRST QUARTER EARNINGS AND CHANGE OF LENDERS          
 
DALLAS, TEXAS (May 8, 2000) . . . Aviva Petroleum Inc. (OTCBB - "AVVPP.OB")
reported net earnings for the quarter ended March 31, 2000, of $733,000 ($.02
per common share), compared to a net loss of $731,000 ($.02 per common share)
for the corresponding 1999 period. 
 
Oil and gas revenues for the first quarter of 2000 were $2,541,000 compared
to $1,184,000 in the first quarter of 1999. Net oil production in Colombia
was 76,000 barrels in the first quarter of 2000, down from 103,000 barrels in
the first quarter of 1999 due to normal production declines. These were
offset by substantial price increases between the two periods, as the average
price received for Colombian oil was $28.13 per barrel during the first
quarter of 2000, compared to $9.18 per barrel during the same period of 1999.
U.S. production was also down in the first quarter, with oil volumes
decreasing to 14,000 barrels in 2000 from 16,000 barrels in 1999, and gas
volumes decreasing to 7,000 MCF in 2000 from 36,000 MCF in 1999. These volume
decreases were offset by higher prices, with the Company's average U.S. oil
price increasing to $27.62 per barrel in 2000, from $10.49 per barrel in
1999, and the average U.S. gas price increasing to $2.86 per MCF in 2000
compared to $1.91 per MCF in 1999.

The Company has been informed that its indebtedness to ING (U.S.) Capital
Corporation and the Overseas Private Investment Corporation was acquired on
May 1, 2000, by Crosby Capital, L.L.C., a Texas limited liability company
based in Houston, Texas. The total amount of debt including accrued interest
at March 31, 2000 was $15.8 million. The Company is not in compliance with
various covenants under the credit facilities, and $9.9 million of principal
and interest is in arrears.

The following Condensed Consolidated Statement of Operations (unaudited) will
be filed with the U.S. Securities and Exchange Commission as part of the
Company's first quarter report on Form 10-Q.

Aviva Petroleum is engaged in the exploration for and the development and
production of oil and gas in Colombia, offshore the United States and in
Papua New Guinea.

Safe Harbor for Forward-Looking Statements: Except for historical information
contained herein, the statements in this press release are forward-looking
statements that are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Forward-looking statements
involve known and unknown risks and uncertainties which may cause the
Company's actual results in future periods to differ materially from
forecasted results. These risks and uncertainties include, among other
things, general economic conditions, volatility of oil and gas prices, the
impact of possible geopolitical occurrences world-wide, imprecision of
reserve estimates, changes in laws and regulations, unforeseen engineering
and mechanical or technological difficulties in drilling, working-over and
operating wells, and other risks described in the Company's filings with the
Securities and Exchange Commission.

Further Information: Ron Suttill, Aviva Petroleum Inc., Dallas, Texas,
214 691 3464


                    AVIVA PETROLEUM INC. AND SUBSIDIARIES                     

                Condensed Consolidated Statement of Operations                
                    (in thousands, except per share data)                     
                                 (unaudited)                                  
 
 
 
                                                          Three Months Ended
                                                               March 31,
 
                                                         2000            1999
 
Oil and gas sales                                   $   2,541     $     1,184
 
Expense: 
  Production                                              810             900
  Depreciation, depletion and amortization                235             336
  General and administrative                              301             359
  Recovery of losses on accounts receivable               (52)              -

    Total expense                                       1,294           1,595

Other income (expense):
  Interest and other income (expense),net                   -              34
  Interest expense                                       (395)           (291)

     Total other income (expense)                        (395)           (257)

Earnings (loss) before income taxes                       852            (668)

Income taxes                                              119              63

        Net earnings (loss)                          $    733       $    (731)


Weighted average common shares outstanding             46,900          46,700

Basic and diluted net earnings (loss) per
    common share                                     $   0.02       $   (0.02)



END
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