Jim...maybe we will match your entry point?
From Yahoo:
biz.yahoo.com
American International Petroleum increases value of proved reserves by 56% to $41 million
NEW YORK--(BUSINESS WIRE)--Jan. 21, 1997-- American International Petroleum Corp announced today that the value of its independently estimated proved oil and gas reserves as of Jan. 1, 1997 increased by 56 percent to $41 million from $26.4 million on the same date last year.
Future reveneus, discounted at 10 percent, increased by 77 percent to $21.9 million from $12.4 million last year.
"This significant increase in our proved reserve value, coupled with the recent successful completion of our Chicoral discovery well in Colombia, should give us a distinct advantage in ensuring that we obtain the maximum value from any possible farmout or sale of reserves in Colombia, which we continue to pursue," said company Chairman Dr. George Faris.
The company said that, of the total reserve value, only approximately 2 percent is attributable to its Chicoral discovery, which has been estimated by the company's independent reservoir engineers to contain 17 million barrels of recoverable oil, so the potential for further growth in value is significant.
It also stated that the reason for the increase relates to renegotiated oil sales contracts with Ecopetrol, the Colombian Government oil company, and a successful workover program in its Toqui-Toqui oilfield, which program resulted in a 33 percent increase in the field's total production rate to approximately 1,100 barrels
per day.
The above statements are forward-looking, and are based on estimates and current expectations. They involve certain risks and uncertainties detailed from time to time in the company's SEC reports. Actual results may differ materially.
American International Petroleum Corp. is engaged in oil and natural gas exploration and production in Colombia and Peru, South America, and in refining in Louisiana.
CONTACT: American International Petroleum Corp.
Denis J. Fitzpatrick, 800/298-AIPC
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