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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
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PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report: May 30, 1997 Commission File Number: 019020
OPTIMA PETROLEUM CORPORATION
(Exact name of Registrant as specified in its charter.)
CANADA 98-0115468
(State of Incorporation) (I.R.S. Employee Identification No.)
#600, 595 HOWE STREET, VANCOUVER, BRITISH COLUMBIA, CANADA V6C 2T5
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (604) 684-6886
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ITEM 2 - DISPOSITION OF ASSETS
The Company announced that it has closed the sale of a substantial portion of
its Canadian Petroleum assets for $16.8 million cash, plus adjustments. Funds
will be used to retire corporate debt, accelerate development of the Company's
U.S. asset base and pursue additional opportunities designed to significantly
increase shareholder value. The effective date for accounting purposes is
January 1, 1997.
Attached is a news release which was delivered to the Toronto Stock Exchange and
NASDAQ Stock Market on June 2, 1997 prior to the opening for stock trading.
ITEM 7(C) - EXHIBITS
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NO. DESCRIPTION
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7.1 Press Release dated May 30, 1997
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, Registrant
has duly caused this report to be signed on behalf of the undersigned hereunto
duly authorized.
JUNE 9, 1997 OPTIMA PETROLEUM CORPORATION
/S/Ronald P. Bourgeois
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RONALD P. BOURGEOIS,
CHIEF FINANCIAL OFFICER
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TRADING SYMBOLS FOR FURTHER INFORMATION CONTACT:
NASDAQ: OPPCF ROBERT L. HODGKINSON
TSE: OPP TED CLARK
AT 1-800-444-7704
[email protected]
NEWS RELEASE
SALE OF CANADIAN ASSETS
CALGARY, ALBERTA - MAY 30, 1997 - OPTIMA PETROLEUM CORPORATION today announced
that it has closed the sale of a substantial portion of its Canadian petroleum
assets for $16.8 milllion cash, plus adjustments. Funds will be used to retire
corporate debt, accelerate development of the Company's U.S. asset base and
pursue additional opportunities designed to significantly increase shareholder
value.
Optima Petroleum Corporation is an independent oil and gas exploration company
targeting the development of projects with a minimum potential of five million
barrels equivalent in the U.S. Gulf Coast and West Texas, New Mexico Permian
Basin. Common shares trade actively on the NASDAQ National Market System and the
Toronto Stock Exchange.
/s/ RONALD P. BOURGEOIS
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Ronald P. Bourgeois,
Chief Financial Officer
