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Gold/Mining/Energy : ABC - Abacan Resources, Nigerian Oil $$$ -- Ignore unavailable to you. Want to Upgrade?

To: Arktic who wrote (2548)	3/6/1999 1:31:00 PM
From: SDR-SI	Respond to of 3156

Paul: I believe that your inquirer is probably somewhat correct in his contention that the company postponed in order to try to get some of the pending events to stabilize themselves. I have also heard rumors that there are companies interested in possible eventual acquisition, as well as the rumor that there are 3 or 4 companies looking specifically at the 3-d seismics shot by PetroGeo on Block 4 (and surrounding areas), as well as rumors of continued forward movement on the proposal put forth by State Street in the "Rice Letter" attachment to its 13-D filing, and, as usual, a wide variety of other unsubstantiated and unsubstantiatable positive and negative rumors. As the result of a very hurriedly skim of the DEF-14A in comparison to the PRE-14A, I have noted the following items in addition to the obvious meeting postponement. One is relatively serious for our Canadian friends and may also be one of the reasons that it was necessary for the company to delay a bit from the originally intended meeting date, so that it could be resolved prior to publication of the final Proxy Statement: 1. Correction of an obvious mathematical error in totaling the number of option shares granted to Named Executive Officers (Page 8, Item 2). 2. Indication that the Audit Committee of the Board has been reconstituted and is comprised of Harvie, Kishpaugh and Rutherford (Page 19, Footnote 2). 3. Acknowledgement that formal notice has been received from the Toronto Stock Exchange that the reverse split, as currently constituted, DOES NOT meet the TSE requirements and WILL result in delisting from the TSE. (The PRE-14A language was based around that such MIGHT be the case and, since the filing date of the PRE-14a, more definitive information relating thereto apparently must have been received from the TSE). (Page 20 and 21). Please note that the above results from my very quick comparison of both versions of the proxy statement. There were other changes that I noticed, which corrected errors or language, but which, in my own opinion, I did not think particularly "eventful" or "material" and have not mentioned. I also must emphasize that within the very limited time available to me to compare the two documents, I may have missed something very material; therefore, I would hope that no one would base his or her actions on my above-noted comments, but only upon their own complete readings and analysis of the full texts of the documents. My comments herein are intended to indicate that the documents contain information of interest to ABACF/ABC investors or observers and that they might be a well-advised read for such persons. If we could kill all the negatives, guarantee all the positives, make the oil price market cooperate, etc. this would be one great investment. But that is not only not the real world, but also by experience, the exact opposite of what happens to this company. Disclaimers, cautions and warnings to all ... Steve