10-Q 1 d10q.txt FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended MARCH 31, 2002 -------------- OR [_] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File Number 0-22258 AVIVA PETROLEUM INC. (Exact name of registrant as specified in its charter) Texas 75-1432205 (State or other jurisdiction of (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) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No --- --- Number of shares of Common Stock, no par value, outstanding at March 31, 2002, was 46,900,132. PART I - FINANCIAL INFORMATION Item 1. Financial Statements. ----------------------------- AVIVA PETROLEUM INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheet (in thousands, except number of shares) (unaudited)
March 31, December 31, 2002 2001 -------- ---------- ASSETS Current assets: Cash and cash equivalents $ 795 $ 1,010 Accounts receivable 303 187 Inventories 208 209 Prepaid expenses and other 114 140 -------- -------- Total current assets 1,420 1,546 -------- -------- Property and equipment, at cost (note 3): Oil and gas properties and equipment (full cost method) 20,265 20,244 Other 334 334 -------- -------- 20,599 20,578 Less accumulated depreciation, depletion and amortization (20,043) (19,981) -------- -------- 556 597 Other assets 1,001 991 -------- -------- $ 2,977 $ 3,134 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 699 $ 776 Accrued liabilities 55 37 -------- -------- Total current liabilities 754 813 -------- -------- Other liabilities 370 368 Stockholders' equity: Common stock, no par value, authorized 348,500,000 shares; issued 46,900,132 shares 2,345 2,345 Additional paid-in capital 37,710 37,710 Accumulated deficit* (38,202) (38,102) -------- -------- Total stockholders' equity 1,853 1,953 Commitments and contingencies (note 4) -------- -------- $ 2,977 $ 3,134 ======== ========
* Accumulated deficit of $70,057 was eliminated at December 31, 1992 in connection with a quasi-reorganization. See accompanying notes to condensed consolidated financial statements. 2 AVIVA PETROLEUM INC. AND SUBSIDIARIES Condensed Consolidated Statement of Operations (in thousands, except per share data) (unaudited)
Three Months Ended March 31, 2002 2001 ----------- ------------ Revenue: Oil and gas sales $ 363 $ 600 Service fees 97 166 ----------- ------------ Total revenue 460 766 ----------- ------------ Expense: Production 267 358 Depreciation, depletion and amortization 62 67 General and administrative 267 289 Recovery of losses on accounts receivable - (25) ----------- ------------ Total expense 596 689 ----------- ------------ Other income (expense): Interest and other income (expense), net 53 170 Interest expense - (1) ----------- ------------ Total other income (expense) 53 169 ----------- ------------ Earnings (loss) before income taxes (83) 246 Income taxes (17) (17) ----------- ------------ Net earnings (loss) $ (100) $ 229 =========== ============ Weighted average common shares outstanding 46,900 46,900 =========== ============ Basic and diluted net earnings per common share $ (0.00) $ 0.00 =========== ============
See accompanying notes to condensed consolidated financial statements. 3 AVIVA PETROLEUM INC. AND SUBSIDIARIES Condensed Consolidated Statement of Cash Flows (in thousands) (unaudited)
Three Months Ended March 31, 2002 2001 ------------- ------------- Net earnings (loss) $ (100) $ 229 Adjustments to reconcile net earnings (loss) to net cash used in operating activities: Depreciation, depletion and amortization 62 67 Changes in working capital and other (154) (420) ------------- ------------- Net cash used in operating activities (192) (124) ------------- ------------- Cash flows from investing activities: Property and equipment expenditures (22) (86) Proceeds from sale of assets - 4 ------------- ------------- Net cash used in investing activities (22) (82) ------------- ------------- Cash flows from financing activities - - ------------- ------------- Effect of exchange rate changes on cash and cash equivalents (1) 9 ------------- ------------- Net decrease in cash and cash equivalents (215) (197) Cash and cash equivalents at beginning of the period 1,010 820 ------------- ------------- Cash and cash equivalents at end of the period $ 795 $ 623 ============= =============
See accompanying notes to condensed consolidated financial statements. 4 AVIVA PETROLEUM INC. AND SUBSIDIARIES Condensed Consolidated Statement of Stockholders' Equity (in thousands, except number of shares) (unaudited)
Common Stock ----------------------- Additional Total Number Paid-in Accumulated Stockholders' of Shares Amount Capital Deficit Equity ---------- --------- ---------- ----------- ------------ Balances at December 31, 2001 46,900,132 $ 2,345 $ 37,710 $ (38,102) $ 1,953 Net loss - - - (100) (100) ---------- --------- ---------- ----------- ------------ Balances at March 31, 2002 46,900,132 $ 2,345 $ 37,710 $ (38,202) $ 1,853 ========== ========= ========== =========== ============
See accompanying notes to condensed consolidated financial statements. 5 AVIVA PETROLEUM INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (unaudited) 1. General The condensed consolidated financial statements of Aviva Petroleum Inc. and subsidiaries (the "Company" or "Aviva") included herein have been prepared by the Company without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures contained herein are adequate to make the information presented not misleading. These condensed consolidated financial statements should be read in conjunction with the Company's prior audited yearly financial statements and the notes thereto, included in the Company's latest annual report on Form 10-K. In the opinion of the Company, all adjustments, consisting of normal recurring accruals, necessary to present fairly the information in the accompanying financial statements have been included. The results of operations for such interim periods are not necessarily indicative of the results for the full year. 2. Transfer of Partnership Interest Pursuant to the June 8, 2000 agreements with Crosby Capital L.L.C. ("Crosby"), an additional 7.5% limited partnership interest was transferred from Crosby to Aviva effective August 14, 2001, when Crosby received in distributions from Argosy Energy International ("Argosy") an amount equal to $3,500,000 plus interest at the prime rate plus 1%. Argosy is the Utah limited partnership that holds the Company's Colombian properties. The Company's interest in Argosy is 29.6196% after the transfer. The Company proportionately consolidates its interest in Argosy. The excess of net assets over the net liabilities of Argosy attributable to the additional 7.5% partnership interest transferred to the Company effective August 14, 2001 equaled approximately $340,000. Such amount has been credited to the Company's Colombian cost center in accordance with the full cost method of accounting. 3. Property and Equipment Internal general and administrative costs directly associated with oil and gas property acquisition, exploration and development activities have been capitalized in accordance with the accounting policies of the Company. Such costs totaled $18,000 for the three months ended March 31, 2002 and $20,000 for the three months ended March 31, 2001. Unevaluated oil and gas properties totaling $310,000 and $303,000 at March 31, 2002 and December 31, 2001, respectively, have been excluded from costs subject to depletion. 4. Commitments and Contingencies During the latter part of 2001, an offset operator drilled a successful exploratory well approximately 4,000 feet from the eastern boundary of the Company's Breton Sound acreage. Management of the Company is currently in discussions with such operator, and other interested parties, with a view towards negotiating an arrangement to explore the Company's Breton Sound 6 AVIVA PETROLEUM INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (unaudited) (continued) prospects. At this time it is not possible to predict the cost, if any, net to the Company, that may arise should management successfully negotiate such an arrangement. The Company is also engaged in ongoing operations in Colombia. The obligations under the Santana contract have been met; however, Argosy plans to recomplete certain existing wells and engage in various other projects. The first of these recompletions is scheduled during 2003, and the majority of the remaining recompletions are scheduled during 2004. The Company's share of the estimated future costs of these activities is approximately $0.2 million at March 31, 2002. The contract obligations of the Rio Magdalena contract require Argosy and its co-owner to perform 40 kilometers of 2D seismic during the initial 18-month exploration phase of the contract. The Company's current share of the estimated future costs of this phase is approximately $74,000 at March 31, 2002. Additional expenditures will be required should Argosy decide to enter into the second phase of the contract. The proposed obligations of the Guayuyaco contract (now expected to be signed in May 2002) will require Argosy to drill one exploratory well during the initial 12-month exploration phase of the contract. Upon completion of the initial exploration phase, Argosy may relinquish the contract or proceed to the following 18-month exploration phase, whereunder Argosy will be obligated to drill a second exploratory well. Argosy is continuing its efforts to secure an industry partner to farm-in to this acreage and expects to drill the first exploratory well during the second quarter of 2003. Failure by Argosy to meet the obligations under the proposed Guayuyaco contract will result in the loss of the proposed contract terms. The existing Santana production and acreage will not be affected. Failure by the Company to fund its share of Argosy's obligations, assuming Argosy funds the obligation, could result in a decrease in the Company's ownership interest in Argosy. The Company expects to fund its share of the cost of the recompletions on the Santana contract and the seismic commitments on the Rio Magdalena contract using existing cash and cash provided from operations. Any substantial increase in the amount of the above referenced expenditures could adversely affect the Company's ability to fund these activities. Risks that could adversely affect funding of such activities include, among others, delays in obtaining any required environmental permits, cost overruns, failure to produce the reserves as projected or a decline in the sales price of oil. Depending on the results of future exploration and development activities, substantial expenditures which have not been included in the Company's projections may be required. Although the ultimate outcome of these matters cannot be projected with certainty, management believes that the Company's existing capital resources are adequate to fund its current obligations. If, however, the Company enters into an arrangement to explore its Breton Sound acreage, the Company's existing capital resources may be inadequate to fund the Company's share, if any, of the exploration program. Accordingly, the Company may be required to raise additional capital through equity issues, incurring debt or by sales of assets. There can be no assurance that such attempts to raise additional capital would be successful. 7 AVIVA PETROLEUM INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (unaudited) (continued) During 1998, leftist Colombian guerrillas inflicted significant damage on Argosy's oil processing and storage facilities. Since that time Argosy has been subject to lesser attacks on its pipelines and equipment resulting in only minor interruptions of oil sales. The Colombian army guards the Company's operations; however, there can be no assurance that such operations will not be the target of additional guerrilla attacks in the future. The damages resulting from the above referenced attacks were covered by insurance. During 2001 the cost of such insurance became prohibitively high and, accordingly, Argosy has elected to no longer maintain terrorism insurance. Under the terms of the contracts with Ecopetrol, a minimum of 25% of all revenues from oil sold to Ecopetrol is paid in Colombian pesos which may only be utilized in Colombia. To date, the Company has experienced no difficulty in repatriating the remaining 75% of such payments, which are payable in U.S. dollars. Activities of the Company with respect to the exploration, development and production of oil and natural gas are subject to stringent foreign, federal, state and local environmental laws and regulations, including but not limited to the Oil Pollution Act of 1990, the Outer Continental Shelf Lands Act, the Federal Water Pollution Control Act, the Resource Conservation and Recovery Act and the Comprehensive Environmental Response, Compensation, and Liability Act. Such laws and regulations have increased the cost of planning, designing, drilling, operating and abandoning wells. In most instances, the statutory and regulatory requirements relate to air and water pollution control procedures and the handling and disposal of drilling and production wastes. Although the Company believes that compliance with environmental laws and regulations will not have a material adverse effect on the Company's future operations or earnings, risks of substantial costs and liabilities are inherent in oil and gas operations and there can be no assurance that significant costs and liabilities, including civil or criminal penalties for violations of environmental laws and regulations, will not be incurred. Moreover, it is possible that other developments, such as stricter environmental laws and regulations or claims for damages to property or persons resulting from the Company's operations, could result in substantial costs and liabilities. For additional discussions on the applicability of environmental laws and regulations and other risks that may affect the Company's operations, see the Company's latest annual report on Form 10-K. The Company is involved in certain litigation involving its oil and gas activities. Management of the Company believes that these litigation matters will not have any material adverse effect on the Company's financial condition or results of operations. 8 AVIVA PETROLEUM INC. AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements (unaudited) (continued) 5. Segment Information The following is a summary of segment information of the Company as of and for the three-month periods ended March 31, 2002 and 2001 (in thousands):
United States Colombia Total ------------ ------------ ------------ 2002 ---- Revenue: Oil and gas sales $ 107 $ 256 $ 363 Service fees 97 - 97 ------------ ------------ ------------ 204 256 460 ------------ ------------ ------------ Expense: Production 144 123 267 Depreciation, depletion and amortization 38 24 62 General and administrative 229 38 267 ------------ ------------ ------------ 411 185 596 ------------ ------------ ------------ Interest and other income (expense), net 23 30 53 Interest expense - - - ------------ ------------ ------------ Earnings (loss) before income taxes (184) 101 (83) Income taxes - (17) (17) ------------ ------------ ------------ Net earnings (loss) $ (184) $ 84 $ (100) ============ ============ ============ Total assets $ 1,583 $ 1,394 $ 2,977 ============ ============ ============ 2001 ---- Revenue: Oil and gas sales $ 286 $ 314 $ 600 Service fees 166 - 166 ------------ ------------ ------------ 452 314 766 ------------ ------------ ------------ Expense: Production 214 144 358 Depreciation, depletion and amortization 37 30 67 General and administrative 268 21 289 Recovery of losses on accounts receivable (25) - (25) ------------ ------------ ------------ 494 195 689 ------------ ------------ ------------ Interest and other income (expense), net 18 152 170 Interest expense (1) - (1) ------------ ------------ ------------ Earnings (loss) before income taxes (25) 271 246 Income taxes - (17) (17) ------------ ------------ ------------ Net earnings (loss) $ (25) $ 254 $ 229 ============ ============ ============ Total assets $ 1,705 $ 1,540 $ 3,245 ============ ============ ============
9 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. Results of Operations ---------------------- Three Months Ended March 31, 2002 compared to Three Months Ended March 31, 2001 -------------------------------------------------------------------------------
United States Colombia Oil Gas Oil Total --------- --------- ---------- ------------- (Thousands) Oil and gas sales - 2001 $ 250 $ 36 $ 314 $ 600 Volume variance (116) (5) 26 (95) Price variance (38) (20) (84) (142) --------- --------- ---------- ------------- Oil and gas sales - 2002 $ 96 $ 11 $ 256 $ 363 ========= ========= ========== =============
Colombian oil volumes were 16,000 barrels in the first quarter of 2002, an increase of 2,000 barrels as compared to the first quarter of 2001. Such increase is due to a 4,000 barrel increase resulting from the transfer of a 7.5% partnership interest to Aviva from Crosby Capital L.L.C. ("Crosby") (see note 2 to the condensed consolidated financial statements) offset partially by a 2,000 barrel decrease resulting from production declines. U.S. oil volumes were 5,000 barrels in 2002, down approximately 4,000 barrels from 2001. Such decrease is due to the Company's Breton Sound 31 field, and certain wells therein, being shut-in during the first quarter of 2002 as a result of equipment failures. U.S. gas volumes were maintained at 5,000 thousand cubic feet (MCF) in 2002, the same level as 2001. Colombian oil prices averaged $16.37 per barrel during the first quarter of 2002. The average price for the same period of 2001 was $21.83 per barrel. The Company's average U.S. oil price decreased to $19.17 per barrel in 2002, down from $26.80 per barrel in 2001. U.S. gas prices averaged $2.34 per MCF in 2002 compared to $6.77 per MCF in 2001. Service fees of $97,000 for administering the Colombian assets were received in 2002 compared to $166,000 in 2001. The 2002 amount covers three months at a monthly rate of $46,000. The 2001 amount covered three months at a monthly rate of $71,000. The recorded amounts are net of Aviva Overseas' share of the fees. Operating costs decreased approximately 25%, or $91,000, primarily as a result of a decrease in the cost of lease fuel in the U.S. due to lower gas prices and the absence of Colombian crude oil transportation charges in 2002. Such transportation charges (approximately $1.82 per barrel in 2001) are included as a deduction to the oil sales price in 2002 pursuant to the latest oil sales agreement with Ecopetrol. General and administrative expense decreased $22,000 primarily as a result of a decrease in public ownership costs and legal fees. Interest and other income decreased $117,000 mainly due to a $119,000 gain on the settlement of a disputed payable recorded in 2001. There was no similar item during 2002. 10 New Accounting Pronouncements ----------------------------- In June 2001, the Financial Accounting Standards Board ("FASB") issued Statement of Financial Accounting Standards ("SFAS") No. 143 "Accounting for Asset Retirement Obligations" which establishes requirements for the accounting of removal-type costs associated with asset retirements. The standard is effective for fiscal years beginning after June 15, 2002, with earlier application encouraged. The Company is currently assessing the impact on its financial statements. On October 3, 2001, the FASB issued SFAS No. 144 "Accounting for the Impairment or Disposal of Long-Lived Assets" which addresses financial accounting and reporting for the impairment or disposal of long-lived assets. SFAS No. 144 is effective for fiscal years beginning after December 15, 2001 and interim periods within those fiscal years. The Company adopted SFAS No. 144 in the first quarter of 2002. The adoption had no material impact on the Company's financial statements. Liquidity and Capital Resources ------------------------------- Cash and cash equivalents totaled $795,000 and $1,010,000 at March 31, 2002 and December 31, 2001, respectively. The decrease in cash and cash equivalents resulted primarily from net cash used in operating activities ($192,000) and property additions ($22,000). Net cash used in operating activities was ($192,000) in 2002, compared to ($124,000) net cash used in operating activities for 2001. This decrease resulted primarily from lower oil and gas prices received for the Company's production and lower U.S. oil volumes resulting from equipment failures. These decreases were partially offset by a smaller change in working capital. During the latter part of 2001, an offset operator drilled a successful exploratory well approximately 4,000 feet from the eastern boundary of the Company's Breton Sound acreage. Management of the Company is currently in discussions with such operator, and other interested parties, with a view towards negotiating an arrangement to explore the Company's Breton Sound prospects. At this time it is not possible to predict the cost, if any, net to the Company, that may arise should management successfully negotiate such an arrangement. The Company is also engaged in ongoing operations in Colombia. The obligations under the Santana contract have been met; however, Argosy plans to recomplete certain existing wells and engage in various other projects. The first of these recompletions is scheduled during 2003, and the majority of the remaining recompletions are scheduled during 2004. The Company's share of the estimated future costs of these activities is approximately $0.2 million at March 31, 2002. The contract obligations of the Rio Magdalena contract require Argosy and its co-owner to perform 40 kilometers of 2D seismic during the initial 18-month exploration phase of the contract. The Company's current share of the estimated future costs of this phase is approximately $74,000 at March 31, 2002. Additional expenditures will be required should Argosy decide to enter into the second phase of the contract. The proposed obligations of the Guayuyaco contract (now expected to be signed in May 2002) will require Argosy to drill one exploratory well during the initial 12-month exploration phase of the contract. Upon completion of the initial exploration phase, Argosy may relinquish the contract or proceed to the following 18-month exploration phase, whereunder Argosy will be obligated to drill a second exploratory well. Argosy is continuing its efforts to secure an industry partner to farm-in to this acreage and expects to drill the first exploratory well during the second quarter of 2003. 11 Failure by Argosy to meet the obligations under the proposed Guayuyaco contract will result in the loss of the proposed contract terms. The existing Santana production and acreage will not be affected. Failure by the Company to fund its share of Argosy's obligations, assuming Argosy funds the obligation, could result in a decrease in the Company's ownership interest in Argosy. The Company expects to fund its share of the cost of the recompletions on the Santana contract and the seismic commitments on the Rio Magdalena contract using existing cash and cash provided from operations. Any substantial increase in the amount of the above referenced expenditures could adversely affect the Company's ability to fund these activities. Risks that could adversely affect funding of such activities include, among others, delays in obtaining any required environmental permits, cost overruns, failure to produce the reserves as projected or a decline in the sales price of oil. Depending on the results of future exploration and development activities, substantial expenditures which have not been included in the Company's projections may be required. Although the ultimate outcome of these matters cannot be projected with certainty, management believes that the Company's existing capital resources are adequate to fund its current obligations. If, however, the Company enters into an arrangement to explore its Breton Sound acreage, the Company's existing capital resources may be inadequate to fund the Company's share, if any, of the exploration program. Accordingly, the Company may be required to raise additional capital through equity issues, incurring debt or by sales of assets. There can be no assurance that such attempts to raise additional capital would be successful. During 1998, leftist Colombian guerrillas inflicted significant damage on Argosy's oil processing and storage facilities. Since that time Argosy has been subject to lesser attacks on its pipelines and equipment resulting in only minor interruptions of oil sales. The Colombian army guards the Company's operations; however, there can be no assurance that such operations will not be the target of additional guerrilla attacks in the future. The damages resulting from the above referenced attacks were covered by insurance. During 2001 the cost of such insurance became prohibitively high and, accordingly, Argosy has elected to no longer maintain terrorism insurance. Under the terms of the contracts with Ecopetrol, a minimum of 25% of all revenues from oil sold to Ecopetrol is paid in Colombian pesos which may only be utilized in Colombia. To date, the Company has experienced no difficulty in repatriating the remaining 75% of such payments, which are payable in U.S. dollars. Activities of the Company with respect to the exploration, development and production of oil and natural gas are subject to stringent foreign, federal, state and local environmental laws and regulations, including but not limited to the Oil Pollution Act of 1990, the Outer Continental Shelf Lands Act, the Federal Water Pollution Control Act, the Resource Conservation and Recovery Act and the Comprehensive Environmental Response, Compensation, and Liability Act. Such laws and regulations have increased the cost of planning, designing, drilling, operating and abandoning wells. In most instances, the statutory and regulatory requirements relate to air and water pollution control procedures and the handling and disposal of drilling and production wastes. Although the Company believes that compliance with environmental laws and regulations will not have a material adverse effect on the Company's future operations or earnings, risks of substantial costs and liabilities are inherent in oil and gas operations and there can be no assurance that significant costs and liabilities, including civil or criminal penalties for violations of environmental laws and regulations, will not be incurred. Moreover, it is possible that other developments, such as stricter environmental laws and regulations or claims for damages to property or persons resulting from the Company's operations, could result in substantial costs and liabilities. For additional discussions on the applicability of environmental laws and regulations and other risks that may affect the Company's operations, see the Company's latest annual report on Form 10-K. 12 The Company is involved in certain litigation involving its oil and gas activities. Management of the Company believes that these litigation matters will not have any material adverse effect on the Company's financial condition or results of operations. With the exception of historical information, the matters discussed in this quarterly report contain forward-looking statements that involve risks and uncertainties. Although the Company believes that its expectations are based on reasonable assumptions, it can give no assurance that its goals will be achieved. Important factors that could cause actual results to differ materially from those in the forward-looking statements herein include, among other things, general economic conditions, volatility of oil and gas prices, the impact of possible geopolitical occurrences world-wide and in Colombia, imprecision of reserve estimates, changes in laws and regulations, unforeseen engineering and mechanical or technological difficulties in drilling, working-over and operating wells during the periods covered by the forward-looking statements, as well as other factors described in the Company's annual report on Form 10-K. 13 Item 3. Quantitative and Qualitative Disclosures About Market Risk ------------------------------------------------------------------- The Company is exposed to market risk from changes in commodity prices. The Company produces and sells crude oil and natural gas. These commodities are sold based on market prices established with the buyers. The Company does not use financial instruments to hedge commodity prices. PART II - OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K ----------------------------------------- a) Exhibits ----------- None b) Reports on Form 8-K ---------------------- The Company did not file any Current Reports on Form 8-K during or subsequent to the end of the first quarter of 2002. 14 SIGNATURES ---------- 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. AVIVA PETROLEUM INC. Date: May 10, 2002 /s/ Ronald Suttill ----------------------------------------- Ronald Suttill President and Chief Executive Officer /s/ James L. Busby ----------------------------------------- James L. Busby Secretary, Treasurer and Chief Financial Officer (Principal Financial and Accounting Officer) 15 INDEX TO EXHIBITS Exhibit Number Description of Exhibit ------ ---------------------- None 16