Aviva reports 1994 results.

DALLAS--(BUSINESS WIRE)--March 9, 1995--Aviva Petroleum Inc. (AMEX: "AVV.EC") reports a net loss of $2,460,000 ($.08 per common share) for the year ended December 31, 1994 compared with a net loss of $2,634,000 ($.11 per common share) for 1993. Revenues in 1994 were $8,546,000 (1993- $10,682,000), the reduction arising mainly from sale of a U.S. offshore property, lower oil and gas prices, and normal production declines.

Lower pipeline tariffs and trucking costs in Colombia helped to reduce production expenses to $4,520,000 in 1994 (1993-$5,034,000). These factors will become more significant as production of oil increases in 1995 and beyond. Depreciation, depletion and amortization charges were $.6 million lower mainly due to the offshore property sale; interest charges were $.3 million less, primarily as a result of lower outstanding debt balances.

Year end 1994 proved oil reserves in the U.S. and Colombia were 4.7 million barrels, and U.S. gas reserves were 8.6 billion cubic feet ("BCF"), (5.2 million barrels and 11.9 BCF in 1993). The decrease in oil reserves resulted mainly from production, and the gas reserves decrease was due to production (1.8 BCF), the offshore property sale (1.2 BCF) and revisions to previous estimates (.3 BCF). Pre-tax present value of estimated future revenues from proved reserves increased to $40 million at year-end 1994 from $34 million at the end of 1993, due largely to the recovery in oil prices.

Other events in 1994 and early 1995 include:

- Permission given in October 1994 for the full commercial development

of the Mary and Miraflor fields.

- Construction of a 41 kilometer pipeline connecting the Toroyaco and

Linda fields with Ecopetrol's Trans-Andean pipeline, and a

pipeline extension across the Caqueta River, linking the Mary and

Miraflor fields.

- Building of a permanent field camp at Toroyaco, and storage and

facilities expansion at Toroyaco and Linda.

- Drilling of two successful development wells in the Mary field, each

capable of producing approximately 2,000 barrels of oil per day.

- The commencement of the Esperanza exploratory well which is

currently drilling at 2,000 feet. Target depth of 7,100 feet is

expected to be reached in mid-April.

- Listing of the Company's Depositary Receipts on the American Stock

Exchange Emerging Companies Marketplace in November 1994.

Ron Suttill, Chief Executive of Aviva, commenting on the results, said: "The past year saw significant progress by the Company towards its principal objectives and we are now poised to reap some of the rewards.

"In Colombia, despite permit delays, we have substantially completed the facilities infrastructure and an extensive pipeline system enabling our four commercially producing fields to deliver oil to the Pacific coast at a lower transport cost. Future discoveries in the area resulting from our exploration program can be linked into these new facilities at low cost.

"With ten commercial wells already in place, and a further six development wells scheduled to be drilled in the existing fields, we should see the average daily rate of oil production rise dramatically during 1995 - with positive implications for operating income and cash flow.

"During the year the Company also achieved its objective of a listing on a U.S. stock exchange. This is likely to encourage trading in our stock as investors begin to appreciate the success of our operations in Colombia.

Aviva's common stock is also quoted on the London Stock Exchange (symbol "AVP"). The Company is engaged in exploration for and development and production of oil and gas in Colombia and onshore and offshore in the United States. -0-

                  AVIVA PETROLEUM INC. AND SUBSIDIARIES
                  Consolidated Statement of Operations
                 Years Ended December 31, 1994 and 1993
                   (in thousands, except per share data)
                                 (unaudited)

                                                   1994        1993
                                                  -------     -------
   Oil and gas sales                             $ 8,546     $10,682
                                                 -------     -------
   Expense:
     Production                                    4,520       5,034
     Depreciation, depletion and amortization      3,984       4,608
     General and administrative                    2,083       1,844
                                                 -------     -------
        Total expense                             10,587      11,486
                                                 -------     -------
   Other income (expense):
      Loss on sale of assets, net                     --        (272)
      Interest and other income (expense), net       142          98
      Interest expense, net                         (275)       (569)
                                                 -------     -------
        Total other income (expense)                (133)       (743)
                                                 -------     -------
        Loss before income taxes, extraordinar
          item and cumulative effect of
          accounting change                       (2,174)     (1,547)
   Income taxes                                     (286)       (416)
                                                 -------     -------
        Loss before extraordinary item and
          cumulative effect of accounting change  (2,460)     (1,963)

   Extraordinary item - debt extinguishment           --        (341)

   Cumulative effect to January 1, 1993 of
     change in accounting for income taxes            --        (330)
                                                 -------     -------
        Net loss                                 $(2,460)    $(2,634)
                                                 =======     =======
   Weighted average common shares outstanding     31,483      24,756
                                                 =======     =======
   Loss per common share:
     Loss before extraordinary item and
       cumulative effect of accounting change   $ (0.08)    $ (0.08)

     Extraordinary item                              --       (0.02)
     Cumulative effect of accounting change          --       (0.01)
                                                 -------     -------
        Net loss                                $ (0.08)    $ (0.11)
                                                 =======     =======
-0-

CONTACT: Aviva Petroleum Inc.

Ron Suttill, 214/691-3464