Abacan Announces Third Quarter Financial Results.HOUSTON--(BUSINESS WIRE)--Nov. 25, 1998--Abacan Resource Corporation (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :ABC ABC in full American Broadcasting Co. Major U.S. television network. It began when the expanding national radio network NBC split into the separate Red and Blue networks in 1928. ) (Nasdaq:ABACF) The Company reports that for the nine months ended September 30, 1998, the Company had revenues of U.S. $14,258,000 and a loss from operations of U.S. $15,585,000. Due to the corporate restructuring that was initiated on June 30, 1998 and the related sales of the Ima Field and its production, petroleum revenues for the period remain unchanged from those reported for the six months ended June 30, 1998. Off setting the loss from operations however, the company reports a one time gain in the sale of assets of $32,828,000 which results in net earnings for the period of $17,243,000 or $0.15 per share. Reflecting management's ongoing restructuring efforts, the gain on the sale of the assets is a result of the continued settlement, extinguishment The destruction or cancellation of a right, a power, a contract, or an estate. Extinguishment is sometimes confused with merger, though there is a clear distinction between them. and restructuring of various outstanding obligations of the company. Certain statements in this News Release may constitute "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward-looking statements involve risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. |
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