GARN - I quote from the May 15th press release "Aviva itself has experienced significant losses which have resulted in recurring noncompliance with the minimum consolidated tangible net worth covenant and debt repayment schedule under its existing credit agreement with ING Capital. In the past, ING Capital has amended or waived compliance when the Company has been unable to meet such covenants. There is no assurance that ING Capital will continue to make similar concessions in the future. "
And from May 15th: ". A $3,482,000 write down of oil and gas properties under full cost accounting rules, partially attributed to the Company's increased net loss for the most recent period of $4,375,634 ($.38 per share) from $3,892,271 ($.34 per share) for the first quarter of 1997. "
And from AVIVA: "DALLAS, May 15 /PRNewswire/ -- Aviva Petroleum Inc. (Amex: AVV - news) reported a net loss for the quarter ended March 31, 1998, of $2,965,000 ($.09 per common share), compared to a net loss of $2,425,000 ($.08 per common share) for the corresponding 1997 period. Approximately $2.8 million of the 1998 quarterly loss was due to a non-cash write-down of oil and gas property values, resulting from further declines in crude oil prices since year-end 1997. "
Need I say more? |
