Abacan Resource Corporation Update.CALGARY Calgary (kăl`gərē), city (1991 pop. 710,677), S Alta., Canada, at the confluence of the Bow and Elbow rivers. The largest city in Alberta and the fastest-growing major city in Canada, Calgary is a corporate, transportation, and financial , ALBERTA--(BUSINESS WIRE)--May 11, 1998--Abacan Resource Corp(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) Abacan Resource Corporation (TSE: "ABC", NASDAQ: "ABACF") at the request of The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. , wishes to address certain published information and rumours that have recently been brought to the attention of the Corporation and to provide an update on the Corporation's activities. Former President, Wade Cherwayko's recent filing to sell 1,489,000 common shares of the Corporation was part of a previously announced larger transaction whereby the Corporation issued 1,489,000 common shares to Optimum Petroleum Company Limited to secure a participating interest in oil concession block 310, located offshore Nigeria. Following the transaction, Mr. Cherwayko's holdings of the Corporation's common shares remains unchanged. Mr. Timothy Stephens, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of the Corporation, together with the Board of Directors are continuing their efforts to restructure the Corporation, following which the Corporation will focus its efforts on numerous exploration activities in western Nigeria, Benin and elsewhere in West Africa West Africa A region of western Africa between the Sahara Desert and the Gulf of Guinea. It was largely controlled by colonial powers until the 20th century. West African adj. & n. . Consequently, the Corporation is in preliminary negotiations to sell its existing production assets. If successful, the sale proceeds will be used to reduce the Corporation's current debt. On the exploration front, the Corporation intends to retain the "deep" rights in the IMA (Interactive Multimedia Association, Annapolis, MD) An earlier trade association founded in 1988 originally as the Interactive Video Industry Association. It provided an open process for adopting existing technologies and was involved in subjects such as networked services, scripting Field and intends to drill a deep well by mid-summer, to be funded by the proceeds of insurance claims related to the IMA #9 well. In addition, the Corporation, along with a major gas production company, is advancing its gas and power generation proposal in the Benin Republic. Discussions with potential partners on the Corporation's other concession blocks are also ongoing with several parties. Certain statements in this News Release constitute "forward looking statements" within the meaning of the Private Securities Litigation's Reform Act of 1995. Such forward looking statements involve risks, uncertainties and other factors which may cause the actual results, performance and achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. CONTACT: Abacan Resource Corporation James Harvie, 281/ 721-0552 or Abacan Resource Corporation Tim Stephens, 281/ 721-0552 |
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