Abacan Reports Second Quarter Results.CALGARY, Alberta--(BUSINESS WIRE)--Sept. 2, 1997--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 NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ABACF) reports that for the six months ended June 30, 1997, the Company had revenues of US$28,890,000 based on gross production of 1,900,000 gross barrels of oil and condensate (935,000 net to the Company) from the Ima Field (previously named the Ngo Field). Expenses for the six month period of US$45,993,000 were comprised of operating costs of US$26,656,000, general and administrative expenses of US$1,522,000, interest and other financial expenses of US$2,380,000 and depreciation, depletion and amortization of US$15,435,000 (depletion charges were increased for the period as a direct result of the reduction of proved reserves proved reserves The quantity of minerals expected to be recoverable under current economic and operating conditions. The amount of proved reserves is important in valuing the stock of a company with significant holdings in natural resources. ). The Company incurred a net loss of US$17,103,000 (US$0.15 per share) before a ceiling test write down. In accordance with generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting , the Company has reduced the carrying value of its producing properties by US$103,000,000 for Canadian purposes and US$100,000,000 for US purposes resulting in a loss of US$120,103,000 (US$0.95 per share) for the period. The write down was due to a reduction in the reserve figures attributable to the Ima Field which was previously announced on July 7, 1997. CONTACT: Abacan Resource Corporation Jim Harvie, 403/262-1220 |
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