Aviva Petroleum Inc - Re Restructuring Plan
24 Novembre 1997 - 9:00AM
UK Regulatory
RNS NO 7773H
AVIVA PETROLEUM INC
24th November 1997
AVIVA REPORTS PROGRESS ON RESTRUCTURING PLAN
24th November, 1997
Aviva Petroleum Inc. ("AVP") the Dallas based oil and gas exploration and
production company, reports that negotiations involving the Restructuring Plan
for the Company which was announced on 14th August, 1997, have progressed and
are continuing.
The Plan comprises revising the company's US$25 million senior credit
facility, obtaining a US$15 million mezzanine financing and the issue of
10,000,000 new common shares for US$5,000,000 cash in a private placement.
(These shares would be potentially convertible into 2,000,000 Depositary
Receipts - one DR being equal to 5 common shares). Aviva's Depositary
Receipts trade on the American Stock Exchange under the symbol "AVV".
As previously reported, Mr. Jeffrey S. Rawson, President of Merrick Capital
Corporation, which is currently advising the Company, will become Chairman and
Chief Executive Officer of the Company upon consummation of the Plan.
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.
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 and Company
0171 603 7765
END
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