Aviva Petroleum Inc - 1st Quarter Results
15 Maggio 1998 - 4:00PM
UK Regulatory
RNS No 5102b
AVIVA PETROLEUM INC.
15th May 1998
AVIVA REPORTS 1998 FIRST QUARTER LOSS
Aviva Petroleum Inc. ("AVP") the Dallas based oil and gas exploration and
production company, reported a net loss for the quarter ended March 31, 1998,
of US$2,965,000 ($.09 per common share), compared to a net loss of $2,425,000
($.08 per common share) for the corresponding 1997 period. Approximately $2.8
million of the 1998 quarterly loss was due to a non-cash write-down of oil and
gas property values, resulting from further declines in crude oil prices since
the year-end 1997.
Oil and gas revenues for the first quarter of 1998 were $1,146,000, compared
to $3,214,000 in the first quarter of 1997, the reduction being mainly due to
lower crude oil volumes in Colombia and the U.S., compounded by substantial
price declines between the two periods. Colombian oil prices averaged $12.29
per barrel during the first quarter of 1998. The average price for the same
period of 1997 was $20.35 per barrel. The Company's average U.S. oil price
decreased to $13.86 per barrel in 1998, from $21.66 per barrel in 1997.
Colombian oil volumes decreased from 123,000 barrels in the first quarter of
1997 to 75,000 barrels in the 1998 quarter, in line with production forecasts
made at year-end 1997 by independent engineers. U.S. oil volumes decreased
from 21,000 barrels to 13,000 barrels and U.S. gas volumes decreased from
74,000 MCF to 14,000 MCF during the same period, due mainly to the Main Pass
41 field being shut-in for approximately 60 days as a result of equipment
failures which necessitate upgrading and modification of production and water
treatment facilities.
The following Condensed Consolidated Statement of Operations (unaudited) will
be filed shortly with the U.S. Securities and Exchange Commission as part of
Aviva's first quarter report on Form 10-Q.
Aviva is engaged in exploration for and 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 Receipts (one of which equals
five common shares) are traded on the American Stock Exchange under the ticker
symbol "AVV".
Further Information:
Ron Suttill Andrew Edwards
Aviva Petroleum Inc. Henderson Crosthwaite
Dallas, Texas Corporate Finance Limited
001 214 691 3464 0171 772 7081
George Collie
George Collie and Company
0171 603 7765
AVIVA PETROLEUM INC. AND SUBSIDIARIES
Condensed Consolidated Statement of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended
March 31,
1998 1997
Oil and gas sales $ 1,146 $ 3,214
Expense:
Production 799 1,102
Depreciation, depletion and amortization 671 1,795
Write-down of oil and gas properties 2,764 1,986
General and administrative 360 349
Total expense 4,594 5,232
Other income (expense):
Interest and other income (expense), net 745 24
Interest expense (165) (166)
Total other income (expense) 580 (142)
Loss before income taxes (2,868) (2,160)
Income taxes 97 265
Net loss $ (2,965) $ (2,425)
Weighted average common shares outstanding 31,483 31,483
Basic and diluted net loss per common share $ (0.09) $ (0.08)
END
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