Post Practice For KK - Temporary Message Board

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Gold/Mining/Energy : Post Practice For KK - Temporary

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To: Kerm Yerman who wrote ()	7/31/1997 12:13:00 PM
From: Herb Duncan	of 122

FINANCING AGREEMENT / ABACAN RESOURCE CORPORATION TSE SYMBOL: ABC NASDAQ SYMBOL: ABACF JULY 31, 1997 Abacan Signs Financing Agreement CALGARY, ALBERTA--Abacan Resource Corporation (TSE:"ABC", NASDAQ:"ABACF") announced today that it has entered into an agreement with a major oil trading company providing for a prepayment to the Corporation for future crude oil deliveries from the Corporation's share of crude oil in the Ima Field, located offshore Nigeria. The prepayment in the amount of US$35.0 million is to be repaid by the Corporation from a portion of future deliveries of crude from the Ima Field at prices based on prevailing market rates at the time of delivery. The financing provides for a six month grace period on principal repayments with principal repayable under the agreement over 12 months following the grace period. A portion of the proceeds from this prepayment will be used to pay out in full the Corporation's existing bank indebtedness, with the balance to be applied toward operations and accounts payable. The prepayment advance is subject to the satisfaction of certain conditions set out in the prepayment agreement. 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 or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. In particular, there is a risk that the conditions of the advance of the prepayment will not be fulfilled, and therefor still no assurance that the prepayment will be advanced.

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