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Gold/Mining/Energy : American International Petroleum Corp
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To: Daniel P. Dwyer who wrote (9379)1/4/1999 4:03:00 PM
From: Probart   of 11888
 
could not find anything on outstanding.

AMERICAN INTERNATIONAL PETROLEUM CORPORATION
444 Madison Avenue
New York, New York 10022
Attention: Corporate Secretary
Telephone: (212) 688-3333Recent Development
On December 14, 1998, we received 25% of the outstanding shares of Zao
Nafta, a Russian closed-end company with which we had planned to form a joint
venture. Zao Nafta has 17 oil and gas licenses covering approximately 877,000
acres in the Samara and Saratov regions of Southwestern Russia.
We had agreed to pay $11 million for a 75% working interest in the
proposed joint venture, and paid a $300,000 advance on the purchase price.
In June 1998 we withdrew from negotiations with Zao Nafta after we could
not reach agreement on operational control of the proposed joint venture. We
received the shares of Zao Nafta after Zao Nafta breached its obligation to
return our $300,000 advance.
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