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Strategies & Market Trends : Bankruptcy Predictor Model
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To: Razorbak who wrote (1)2/25/2000 9:51:00 PM
From: Razorbak   of 477
 
ABACF - "Abacan Resource Corporation Update Of Corporate Affairs"

Friday February 25, 11:02 am Eastern Time

Company Press Release

HOUSTON--(BUSINESS WIRE)--Feb. 25, 2000-- Abacan Resource(OTC BB:ABACF - news; TSE:ABC. - news)

Abacan Resource Corporation (TSE:ABC - news; OTC BB:ABACF - news) wishes to provide an update of its corporate affairs. To date, the Corporation has been unable to secure partners for either of its Benin Republic or Nigerian oil and gas properties. The Corporation has been unable to raise additional operating funds and has also been advised that its major secured creditor is not prepared to further assist the Corporation by injecting additional operating funds or through the restructuring of the outstanding principal balance of its secured loan. As a consequence, without a material change in the current position of the Corporation's major secured creditor and without a significant infusion of capital, the Board of Directors anticipates that the Corporation will proceed with a voluntary assignment into bankruptcy pursuant to the Bankruptcy and Insolvency Act (Canada) in the very near term.

--------------------------------------------------------------------------------
Contact:

Abacan Resource Corporation
Corporation, 713/479-9770

biz.yahoo.com
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