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Gold/Mining/Energy : American International Petroleum Corp

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To: Razorbak who wrote (91)	6/23/1997 8:27:00 PM
From: richard hawkins	of 11888

Razor:<<< Therefore on an economic basis at roughly $0.10 market value per $1.00 replacement cost for a medium complexity refinery, the refinery is probably worth about $30 million (give or take a few million), or less than $1/share at the very best, for the fixed assets>>> Razor, I don't think you've taken into consideration the 16,500 barrel per day VDU unit and ,if not, what would this add to the market value? Actually, I am heartened by the valuation you have put on the Crude unit because it reaffirms my view that this flea-bitten dog is undervalued trading at 50 cents/share. When you consider the $20.5 million in cash and stock they received for the sale of Columbian/Peruvian properties, and incremental value for the VDU unit and Kazakhstan concession, and the $54,000,000 in net tax loss carryforwards and even factor in the approx $9 million debt, surely we have an entity that is worth north of $1/share and maybe even closer to $2/share. What say you?

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