Abacan Resource Corporation announces new chairman of the Board of Directors.CALGARY, ALBERTA--(BUSINESS WIRE)--June 19, 1997--Abacan (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 is pleased to announce that Daryl K. (Doc) Seaman has assumed the role of Chairman of the Board of Directors. Seaman is the former Chairman of Bow Valley Bow Valley is a valley located along the upper Bow River in Alberta, Canada. It may be named for its resemblance to an archer's bow. Parks Bow Valley Provincial Park (part of the Kananaskis park system) is established east of the Canadian Rockies in the arch of the Energy Ltd. and is a Director of several other public companies. James Harvie has agreed to join the Board of Directors of the Corporation and will be Vice-Chairman of the Board, and will be nominated for election at the Annual General Meeting to be held on June 20, 1997. Harvie will also serve as Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. on an interim basis. Harvie has been an investment banker Investment Banker A person representing a financial institution that is in the business of raising capital for corporations and municipalities. Notes: An investment banker may not accept deposits or make commercial loans. for twenty-six years, most recently acting as Executive Vice-President of a large integrated investment dealer. He is a past Governor of The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. . John Halpin will not stand for election as a Director and has resigned as Chief Financial Officer. The Corporation would like to thank Halpin for his contribution to the growth of Abacan. Dirk Lever, who is currently Vice-President of Corporate Finance will serve as Chief Financial Officer. President and Chief Executive Officer Wade Cherwayko and Senior Vice-President Mr. Tunde Folawiyo will remain in their present roles as Officers and Directors of the Corporation. A sixth Board member is expected to be appointed after consultation with institutional shareholders. The Corporation continues to test its Ngo #6 exploration well, and announces that oil, condensate condensate, matter in the form of a gas of atoms, molecules, or elementary particles that have been so chilled that their motion is virtually halted and as a consequence they lose their separate identities and merge into a single entity. and gas has been encountered and flowed from three new zones on the north side of the main fault trap. One additional hydrocarbon zone in this well is currently being tested. Cumulative flow rates of the Ngo #6 well will be announced once testing is complete. The Corporation also announces that a new third party independent engineering report is expected to be completed in the near future which will provide current information on its existing reserve estimates. The Corporation continues to evaluate several financing options and has retained Howard, Weil, Labouisse, Friedrichs Incorporated as exclusive financial advisor to the Corporation to assist in evaluating these various financing options as well as other strategic alternatives. Certain statements in this News Release constitute "forward looking statements" within the meaning of the Private Securities Litigations Reform Act of 1995. Such forward looking statements involve risks, uncertainties and other factors which may cause the actual results, performance of 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, 403/ 262-1220 |
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