Aviva Discloses Probable/Possible Oil and Gas Reserve Estimates and Sets Date For Common Share/Depositary Share Exchange

Apr 12, 2001, 01:00 ET from Aviva Petroleum Inc.

    DALLAS, April 12 /PRNewswire/ -- Aviva Petroleum Inc.
 (OTC Bulletin Board:   AVVPP) disclosed today estimations of probable and
 possible reserves of oil and gas associated with its properties.  The company
 said disclosure of these reserves is not permitted in reports filed with the
 Securities and Exchange Commission because of the risks associated with their
 evaluation.  The company further stated that this disclosure is prompted by
 inclusion of such estimates in a report of an investment analyst to be
 released in the near future.
     The Company stated that the volumes of oil and gas (expressed in thousands
 of barrels of oil equivalent "MBOE") attributable to probable reserves were
 2,333 for Breton Sound and 1,600 for Mary West and Mary East in Colombia, or a
 total of 3,933 MBOE.  The Company further indicated the volumes of oil and gas
 attributable to possible reserves were: 8,333 for Breton Sound, 20,000 for
 Mary West/Santana Contract in Colombia and 6,000 for Papua New Guinea, or a
 total of 34,333 MBOE.
     Ron Suttill, Chief Executive Officer of Aviva, said, "The risks relating
 to the evaluation of probable and possible reserves are significantly greater
 than for proved reserves because the existence of probable and possible
 reserves has not been established through the drilling of a well capable of
 producing the reserves."
     Mr. Suttill also said that an effective date of April 30, 2001 has been
 set for the exchange of 5 common shares for each depositary share and holders
 of depositary shares will be contacted by Mellon Investor Services in the near
 future.
     Safe Harbor for Forward-Looking Statements: Except for historical
 information contained herein, the statements in this press release are
 forward-looking statements that are made pursuant to the safe harbor
 provisions of the Private Securities Litigation Reform Act of 1995.  Forward-
 looking statements involve known and unknown risks and uncertainties which may
 cause the Company's actual results in future periods to differ materially from
 forecasted results.  These risks and uncertainties include, among other
 things, general economic conditions, volatility of oil and gas prices, the
 impact of possible geopolitical occurrences world-wide, imprecision of reserve
 estimates, the assessment of geological and geophysical data, changes in laws
 and regulations, unforeseen engineering and mechanical or technological
 difficulties in drilling, working-over and operating wells, and other risks
 described in the Company's filings with the Securities and Exchange
 Commission, THE MOST RECENT OF WHICH IS FORM 10-K FOR THE YEAR ENDED
 DECEMBER 31, 2000 WHICH WAS FILED MARCH 29, 2001.
     Further Information:  Ron Suttill, Aviva Petroleum Inc., Dallas, Texas,
 214 691 3464
 
 

SOURCE Aviva Petroleum Inc.
    DALLAS, April 12 /PRNewswire/ -- Aviva Petroleum Inc.
 (OTC Bulletin Board:   AVVPP) disclosed today estimations of probable and
 possible reserves of oil and gas associated with its properties.  The company
 said disclosure of these reserves is not permitted in reports filed with the
 Securities and Exchange Commission because of the risks associated with their
 evaluation.  The company further stated that this disclosure is prompted by
 inclusion of such estimates in a report of an investment analyst to be
 released in the near future.
     The Company stated that the volumes of oil and gas (expressed in thousands
 of barrels of oil equivalent "MBOE") attributable to probable reserves were
 2,333 for Breton Sound and 1,600 for Mary West and Mary East in Colombia, or a
 total of 3,933 MBOE.  The Company further indicated the volumes of oil and gas
 attributable to possible reserves were: 8,333 for Breton Sound, 20,000 for
 Mary West/Santana Contract in Colombia and 6,000 for Papua New Guinea, or a
 total of 34,333 MBOE.
     Ron Suttill, Chief Executive Officer of Aviva, said, "The risks relating
 to the evaluation of probable and possible reserves are significantly greater
 than for proved reserves because the existence of probable and possible
 reserves has not been established through the drilling of a well capable of
 producing the reserves."
     Mr. Suttill also said that an effective date of April 30, 2001 has been
 set for the exchange of 5 common shares for each depositary share and holders
 of depositary shares will be contacted by Mellon Investor Services in the near
 future.
     Safe Harbor for Forward-Looking Statements: Except for historical
 information contained herein, the statements in this press release are
 forward-looking statements that are made pursuant to the safe harbor
 provisions of the Private Securities Litigation Reform Act of 1995.  Forward-
 looking statements involve known and unknown risks and uncertainties which may
 cause the Company's actual results in future periods to differ materially from
 forecasted results.  These risks and uncertainties include, among other
 things, general economic conditions, volatility of oil and gas prices, the
 impact of possible geopolitical occurrences world-wide, imprecision of reserve
 estimates, the assessment of geological and geophysical data, changes in laws
 and regulations, unforeseen engineering and mechanical or technological
 difficulties in drilling, working-over and operating wells, and other risks
 described in the Company's filings with the Securities and Exchange
 Commission, THE MOST RECENT OF WHICH IS FORM 10-K FOR THE YEAR ENDED
 DECEMBER 31, 2000 WHICH WAS FILED MARCH 29, 2001.
     Further Information:  Ron Suttill, Aviva Petroleum Inc., Dallas, Texas,
 214 691 3464
 
 SOURCE  Aviva Petroleum Inc.