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

To: Arktic who wrote (2644)	4/1/1999 9:44:00 AM
From: SDR-SI	Read Replies (1) \| Respond to of 3156

To All: New release on decision NOT to implement reverse split at this time follows: > > >(BSNS WIRE) Abacan Announces Status Of Reverse Split Of Common Stock Abacan Announces Status Of Reverse Split Of Common Stock Business Editors CALGARY, Alberta--(BUSINESS WIRE)--April 1, 1999--Abacan (Nasdaq:ABACF) (TSE:ABC.) Abacan Resource Corporation (the "Corporation") announced today that in accordance with the authority granted to the Board of Directors by the Corporation's shareholders at the Shareholders Meeting of March 29, 1999, the Board of Directors has determined that it is not in the best interests of the Corporation to implement a reverse stock split of the Corporation's common stock at this time. As previously announced, the Corporation has been advised by the Nasdaq Stock Market Inc. ("Nasdaq") that it must comply with Nasdaq's $1.00 per share minimum bid requirement by April 7, 1999, failing which the Corporation's common stock will be subject to immediate de-listing from the Nasdaq National Market. If the Corporation does not meet the Nasdaq minimum bid requirement, it anticipates that its common stock will be de-listed from the Nasdaq National Market following the close of the market on April 7, 1999. If the Corporation's common shares are de-listed from the Nasdaq National Market, its shares will continue to be eligible for trading on the Nasdaq OTC Bulletin Board under the trading symbol "ABACF". The Corporation's common stock continues to be listed on The Toronto Stock Exchange (the "TSE") under the trading symbol "ABC". The TSE had previously advised that the Corporation's common stock would be de-listed from the TSE if the Corporation proceeded with the reversease 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, in order to maintain its stock listing on the TSE and the Nasdaq OTC Bulletin Board, the Corporation must continue to meet all of the ongoing listing eligibility requirements for such stock exchanges. In view of the Corporation's current stock trading price and its financial affairs, there is no assurance that the Corporation will not be subject to a review of its eligibility requirements or that the Corporation's common stock will not be subject to de-listing at a future date should it not meet the TSE or Nasdaq OTC Bulletin Board listing eligibility requirements. Abacan Resource Corporation is an oil and gas exploration and development company. --30--kmw/se* CONTACT: Abacan Resource Corporation The Corporation, 713/479-9770 0< < < ****** Steve EDIT: I noticed that the newswire posting of the above is defective and there is some missing text about half way through. I will repost when a complete version appears - it has not as of 9:52AM.