TO ALL:
Off the newswire re: ABACAN
> > > (BSNS WIRE) Abacan Announces Extension to Meet Nasdaq Requirements and D
Abacan Announces Extension to Meet Nasdaq Requirements and Date of Shareholders
Meeting
Business Editors
HOUSTON, Texas--(BUSINESS WIRE)--March 10, 1999--Abacan Resource
Corp (NASDAQ:ABACF) (TSE:ABC.) Abacan Resource Corporation
("ABACF:NASDAQ;ABC:TSE") announced today that it has been granted an
extension from March 22 to April 7, 1999 to comply with the $1.00 per
share minimum bid price established by the Nasdaq National Market for
continued listing on that market. Unless the minimum trading price is
met (during a ten day period) beginning April 7, 1999, the
Corporation's common stock will be delisted from the Nasdaq National
Market. The Corporation has called an Annual and Special Meeting of
Shareholders to be held on March 29, 1999 in Houston, Texas to obtain
approval from its shareholders for a reverse stock split that the
Corporation expects will enable it to satisfy Nasdaq's minimum trading
price requirement. Proxy materials were mailed to registered
shareholders and delivered to intermediaries on March 5, 1999. The
Corporation has also been advised by The Toronto Stock Exchange that
it does not currently meet the TSE's requirements for approval of a
reverse stock split. Consequently, if the Corporation proceeds with a
reverse stock split of its common stock to meet Nasdaq's minimum
requirements, it is subject to de-listing from the TSE.
The Corporation also announces that effective March 1, 1999, it
has relocated its Houston office to 3050 Post Oak Blvd, Suite 699,
Houston, Texas, 77056.
Certain statements in this News Release constitute "forward
looking statements" within the meaning of the Private Securities
Litigation 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 no assurance that a reverse stock split will
be approved by shareholders or, if approved, that it will be
implemented by the directors of the Corporation. If implemented, there
is no assurance that a reverse stock split will enable the Corporation
to meet the Nasdaq National Market minimum trading price or other
continued listing requirements during the ten day period following the
reverse stock split or during any period subsequent thereto.
Consequently, there is no assurance that the Corporation's common
stock will not be subject to future compliance review by Nasdaq or
that the Corporation's common stock will not be delisted therefrom at
a future date.
Abacan Resource Corporation is an oil and gas exploration and
development company
--30--mjb/clv*
CONTACT: Abacan Resource Corporation
The Corporation, 713/479-9770 < < <
Steve
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