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Gold/Mining/Energy : American International Petroleum Corp
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To: Sycamore who wrote (8796)6/18/1998 9:23:00 AM
From: DRRISK  Read Replies (1) of 11888
 
American International Petroleum Withdraws From Negotiations to Acquire
75% Interest in 17 Russian Oil and Gas Licenses

Now Considering 100% Interest in Some Licenses

June 18, 1998 09:01 AM

NEW YORK, June 18 /PRNewswire/ -- American International Petroleum
Corporation AIPN announced its wholly-owned subsidiary American Eurasia
Petroleum Company ("AEPC") has withdrawn from negotiations to acquire a
75% working interest in a joint venture with Zao Nafta, a Russian closed
stock company, for the development of 17 oil and gas licenses located in
the Samara and Saratov regions of European Russia.

Negotiations were halted by AEPC after Zao Nafta and AEPC could not
reach agreement on operational control of the proposed joint venture.
AEPC is now considering the acquisition from Zao Nafta of a 100%
interest in the Samara license where 16 shut-in wells are located as
well as four out of the 16 licenses located in the Saratov region.

In the event a transaction is not consummated, Zao Nafta must return to
AEPC either the $300,000 that was advanced at the time of signing or
deliver 25% of its issued and outstanding shares to AEPC.

AEPC has opened a representative office in Moscow, and is in various
stages of negotiations with a number of Russian oil companies for the
acquisition of producing oil and gas properties which will complement
the Company's holdings in neighboring Kazakstan.

American International Petroleum Corporation is engaged in exploration
and development of oil and natural gas in Kazakstan and in refining and
marketing petroleum products in the United States.

SOURCE American International Petroleum Corporation

DrRisk
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