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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): October 29, 1998
GARNET RESOURCES CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 0-16621 74-2421851
(State or other jurisdiction of (Commission File Number) (I.R.S. Employer
incorporation or organization) Identification Number)
8235 DOUGLAS AVENUE, 75225
SUITE 400, DALLAS, TEXAS (Zip Code)
(Address of principal executive offices)
(214) 691-3464
(Registrant's telephone number, including area code)
RR 2 Box 4400
Nacogdoches, Texas 75961
(Former name or former address, if changed since last report)
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Item 5. Other Events
The press release dated October 29, 1998, that is filed herewith as Exhibit
20.1 is incorporated herein by reference.
Item 7. Exhibits
c) Exhibits
20.1 Press release dated October 29, 1998 reporting on the completion of
the merger with Aviva Petroleum Inc.
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SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
GARNET RESOURCES CORPORATION
Date: November 9, 1998 /s/ R. Suttill
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Ronald Suttill
President
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EXHIBITS
Number Description of Exhibit
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**20.1 Press release dated October 29, 1998 reporting on the completion of
the merger with Aviva Petroleum Inc.
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** Filed Herewith
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EXHIBIT 20.1
PRESS RELEASE
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AVIVA PETROLEUM REPORTS SUCCESSFUL COMPLETION
OF MERGER WITH GARNET RESOURCES
DALLAS, TEXAS, October 29, 1998 ... Aviva Petroleum Inc. (AMEX: "AVV") reports
that following shareholder meetings held on October 20, 1998, the merger between
the Company and Garnet Resources Corporation has been successfully completed.
New financing arrangements for the merged entity have also been concluded.
Ron Suttill, Chief Executive Officer, commented: "Shareholders in both companies
decisively approved the merger, which also has the full support of our bankers.
We can now take advantage of cost savings and current industry opportunities to
build on our existing asset base in Colombia and the Gulf of Mexico."
The merged company will continue its listings under the Aviva Petroleum Inc.
name and symbols. Following the merger there are 46.7 million common shares
outstanding. Depositary Shares (each representing five common shares) have been
accepted for listing on the American Stock Exchange. An application for the
listing of the new common shares on the London Stock Exchange is currently in
progress.
The Company was informed by the American Stock Exchange on October 27, 1998 of
its intention to delist Aviva's Depositary Shares. The Company is appealing
this decision and has been informed that the Depositary Shares will continue to
trade during the appeal process.
Aviva Petroleum is engaged in the exploration for and the development and
production of oil and gas in Colombia and offshore in the United States.
Aviva's common stock is also quoted on the London Stock Exchange (symbol "AVP").
Safe Harbor for Forward-Looking Statements: Except for historical information
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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, changes
in laws and regulations, unforeseen engineering and mechanical or technological
difficulties in drilling or working-over wells, and other risks described in the
Company's Annual Report on Form 10-K and other filings with the Securities and
Exchange Commission.
Further Information:
Ron Suttill
Aviva Petroleum Inc.
Dallas, Texas
214 691 3464
