NAPS Napster Group Plc

RNS No 3884p
AVIVA PETROLEUM INC
13th November 1997


                 AVIVA REPORTS LOSS FOR THE THIRD QUARTER AND
                         THE FIRST NINE MONTHS OF 1997

13th November, 1997

Aviva  Petroleum  Inc.(AVP")  the Dallas-based oil  and  gas  exploration  and
production  company, reported a net loss for the quarter ended  September  30,
1997 of $806,000, compared with a net loss of $81,000 for the same quarter  of
1996.   Aviva also reported a net loss of $14,842,000 ($.47 per common  share)
for  the  nine  months ended September 30, 1997, compared to  a  net  loss  of
$536,000 ($.02 per common share) for the corresponding 1996 period.  The  loss
for  the nine months in 1997 included $13,399,000 relating to the ceiling test
write-downs  which were incurred in the first two quarters of 1997.   Oil  and
gas  sales  for  the  nine  months were down 26  percent  to  $7,802,000  from
$10,512,000 in 1996.

Aviva's  net  crude oil sales in Colombia totalled 337,000 barrels  (1,234 per
day)  in the first nine months of 1997 against 370,000 barrels (1,350 per day)
for  the 1996 period, a 9% decrease.  The Colombian oil price averaged  $17.83
per  barrel in the 1997 period compared to $19.37 per barrel during the  first
nine months of last year.  In the United States oil prices were slightly lower
and  gas  prices slightly higher in the first nine months of 1997 compared  to
the same period last year.  However, U.S. volumes were down as a result of the
sale of all onshore properties in December of 1996.

Net  cash  provided  by  operating activities, excluding  changes  in  working
capital,  was $2.5 million for the 1997 nine-month period compared  with  $4.4
million in the 1996 period.  Continued reductions were achieved in general and
administrative  expenses which, at $1,063,000 for the nine months,  were  down
17% from the prior year period.

The  Company, together with its financial advisor Merrick Capital Corporation,
is  currently  engaged  in  negotiations  with  various  parties  relating  to
transactions   designed  to  accomplish  the  objectives  of   the   Company's
Restructuring Plan.  Such objectives currently include the issue of 10 million
new  shares for $5 million cash, a $15 million mezzanine facility  and  a  $25
million senior credit facility.

The  following Condensed Consolidated Statement of Operations (unaudited) will
be  filed shortly with the U.S. Securities and Exchange Commission as part  of
the Company's third 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 and offshore in the United States.   In
addition to its London Stock Exchange listing, the Company's Depositary Shares
are traded on the American Stock Exchange under the ticker symbol "AVV".

Further Information:

Ron Suttill
Aviva Petroleum Inc.
Dallas, Texas
001 214 691 3464

Andrew Edwards
Henderson Crosthwaite Corporate Finance Limited
0171 772 7081

George Collie
George Collie & Company
0171 603 7765


                     AVIVA PETROLEUM INC. AND SUBSIDIARIES
                Condensed Consolidated Statement of Operations
                     (in thousands, except per share data)
                                  (unaudited)
                                       
                           Three Months Ended     Nine Months Ended
                              September 30,         September 30,
                               1997      1996      1997      1996
                        
                                 
Oil and gas sales           $ 2,249   $ 3,103   $ 7,802   $10,512
                                                         
Expense:                                                 
   Production                 1,027     1,149     3,225     3,663
   Depreciation, depletion                        
   and amortization           1,370     1,538     4,655     5,117
   Write-down of oil and gas                             
     properties                   -         -    13,399         -
   General and administrative   311       261     1,063     1,276
   Severance                      -        24         -       196
                                                         
      Total expense           2,708     2,972    22,342    10,252
                                                         
Other income(expense):                                   
   Interest and other income                             
     (expense), net             (53)      107        38       245
   Interest expense            (170)     (196)     (498)     (602)
   Debt refinancing expense       -         -         -      (100)
                                                         
      Total other income
                    (expense)  (223)      (89)     (460)     (457)            
                                      
Earnings (loss) before                                   
income taxes                   (682)       42   (15,000)     (197)
                                                
                                                         
Income taxes (benefits)         124       123      (158)      339
                                                         
      Net loss               $ (806)   $  (81) $(14,842)   $ (536)
                                                                              
Weighted average common                                  
shares outstanding           31,483    31,483    31,483    31,483
                                                         
Net loss per common share    $ (.03)   $    -    $ (.47)   $ (.02)
                                                         
END

QRTGLMMMZFKLNMM

Grafico Azioni Napster (LSE:NAPS)
Storico
Da Giu 2024 a Lug 2024

Grafico Azioni Napster (LSE:NAPS)
Storico
Da Lug 2023 a Lug 2024