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Gold/Mining/Energy : American International Petroleum Corp
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To: Razorbak who wrote (93)6/24/1997 12:09:00 AM
From: richard hawkins   of 11888
 
Razor: <<< Can you please verify the total throughput capacity in the annual report? It's usually listed in the operating statistics in the very back.>>>

Total throughput capacity is not itemized anywhere in the report but I believe through my reading of it that these capacities (30,000 bbd -Crude unit; 16,500 - VDU) are accurate and mutually exclusive.

<<<You make a persuasive argument, but this whole shady issue over the price paid (cash and equity) for the Kazakhstan concession makes it kind of a moot point until you can nail down management on what actually happened.>>>

I found the following in the companies 10Q at EDGAR which was filed after the 10K:

"The Company recently signed an agreement with a German-based company, MED Shipping & Trading S.A. ("MED") for the purchase of a 70% working interest in a 4.7 million acre oil and gas concession (the "License") in the Usturt Basin of Western Kazakhstan. The License is in the process of being transferred to MED Shipping Usturt Petroleum Company Limited ("MSUP"), a joint venture limited liability company, which has been formed to manage the License operations. Although the Company is not aware of any potential problems with the transfer of
the License, no assurance can be given as to whether or when the Kazakhstan government will approve the transfer of the License. The Company owns 70% of MSUP through its newly-formed and wholly-owned subsidiary American International Petroleum Kazakhstan ("AIPK"), which will handle all of the Company's operations in Kazakhstan.

Because of the confidential nature of the Agreement and the total consideration the Company is paying for the purchase, public release of such information is being deferred until the transfer of the License is completed."

So it looks like the Kazahstan concession is not a done deal until and if the License transfer to MSUP is approved.

<<<On another note, did you find out anything more about the
inventories? How much are they currently valued at on the books?>>>

There is no mention of inventories that I saw in the report but they did mention that they are asking for damages because Gold Line left 20,000 barrels of salt water behind. Goldline had plenty advance notice, and I would guess left nothing of value when they vacated.
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