Aviva Petroleum Inc - 2nd Quarter & Interim Results
13 Agosto 1999 - 2:18PM
UK Regulatory
RNS No 9981m
AVIVA PETROLEUM INCORPORATED
13 August 1999
AVIVA ANNOUNCES FIRST HALF 1999 RESULTS
AND UPDATE ON DISCUSSIONS WITH LENDERS
DALLAS, TEXAS, August 13, 1999 . . .Aviva Petroleum Inc. (OTC BB - "AVVPP")
reported a net loss of $813,000 (2 cents per common share) for the six months
ended June 30, 1999, compared to a net loss of $5,729,000 (18 cents per common
share) for the corresponding 1998 period.
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 first half report on Form 10-Q.
The Company is highly leveraged with $14.5 million in current debt at June 30,
1999, and is not in compliance with various debt covenants. On April 30,
1999, a required principal payment of $5.7 million was not paid, and since
then required monthly principal payments of $281,000 are unpaid.
Management of the Company is currently in discussion with lenders regarding
conversion of its total debt into common stock of Aviva, and has proposed the
issue of 200 million new common shares to the lenders, who would then own 81%
of the total shares outstanding. There are no assurances that this proposal,
or any variation of it, will be accepted by the lenders, in which case there
is substantial doubt as to the Company's ability to continue as a going
concern.
Aviva Petroleum is engaged in the exploration for and the development and
production of oil and gas in Colombia, offshore in the United States, and in
Papua New Guinea. Aviva's common stock is also quoted on the London Stock
Exchange (symbol "AVP").
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 or working-over wells, and other risks
described in the Company's Annual Report on Form 10-K and other 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 Six Months ended
June 30, June 30,
1999 1998 1999 1998
Oil and gas sales $ 1,575 $ 914 $ 2,759 $ 2,060
Expense:
Production 879 716 1,779 1,515
Depreciation, depletion and
amortization 284 503 620 1,174
Write-down of oil and gas
properties - 1,961 - 4,725
General and administrative 320 300 679 660
Provision for (recovery of) losses
on accounts receivable 13 - (92) -
Severance 62 - 62 -
Total expense 1,558 3,480 3,048 8,074
Other income(expense):
Interest and other income
(expense), net 248 26 177 771
Interest expense (283) (155) (574) (320)
Total other income (expense) (35) (129) (397) 451
Loss before income taxes (18) (2,695) (686) (5,563)
Income taxes 64 (69) 127 166
Net loss $ (82) $ (2,764) $ (813) $ (5,729)
Weighted average common shares
outstanding-basic and diluted 46,748 31,483 46,724 31,483
Basic and diluted net loss per
common share $ (.00) $ (.09) $ (.02) $ (.18)
END
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