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Gold/Mining/Energy : American International Petroleum Corp
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To: richard hawkins who wrote (84)6/22/1997 10:15:00 PM
From: richard hawkins   of 11888
 
I need to correct myself regarding the price paid for the Kazakhstan option. It was $100,000 plus 300,000 shares of our flea-bitten dog stock. Then on May 12, 1997 this press release:

<<<NEW YORK, May 12 (Reuter) - American International Petroleum Corp said Monday it agreed to purchase a 70 percent working interest in a 4.7 million acre concession in Kazakhstan for an undisclosed amount of stock and cash......>>> .

I wonder how much more cash and flea-bitten dog stock was paid. I will ask Gary when he returns my call.

Here is an interesting statement from page F-27 of the report:

"The Company has available unused tax net operating loss carryforwards of approximately $54,000,000 which expire in years 1997 through 2009"

These tax loss carryforwards alone might make us an attractive takeover target for some company which has profits to shelter. In fact, as I think about it, nothing would please me more than to see a takeover here. There are probably quite a few oil companies with crude oil production from the Gulf of Mexico who could make use of the Lake Charles refinery.

Office Facilities for our company add up to some big overhead expenses which seem extravagant to me. They maintain 2900 sq ft of office space on Madison Ave in New York at a cost of $7325/month, and 3400 sq ft of office space in Houston for $3607/month. In addition, there is a 4000 sq ft office building on the refinery property which is owned by the company- seems like it might make sense to consolidate our executive offices into this company owned building as leases expire. To be continued......
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