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Gold/Mining/Energy : American International Petroleum Corp

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To: Taylor Mill who wrote (711)	7/25/1997 9:06:00 PM
From: faris bouhafa	of 11888

<<(1) Why does this "analyst" not even know as of July 23 enough about the company to realize they have no South American operations. Don't you think a knowledgable analyst would have at least read the 10K and 10Q reports and know a little more about the company?>> You obviously have not seen Bossey's actual report which you could have easily obtained by calling him. Had you seen it you would have seen that, on page two, under BACKGROUND he states the following:"The company has developed producing South American properties, only to sell them off." I spoke to Bossey on the phone...he clearly is aware of the fact that AIPN sold those SA interests. I don't know how that line found it's way into the press release (sloppy work, probably) but it is nowhere to be found in the report itself. <<(3) Why does he not realize that 770 million barrels x .50/bbl divided by 37 million shares = $10 is NOT a reasonable valuation. He forgets to further factor in govt share, further share dilution, and ownership dilution via likely partner arrangements. Any knowledgable analyst would not make such blatant errors in a Valuation determination.>>> Has it occurred to you that the .50/barrel already takes into account the factors that you mention? Bossey told me that this is the standard way to place a value on potential reserves. If you do not agree, then please offer us an alternative valuation other than "worthless". <<(2) What does he mean that 770 million barrels are "already "discounted" potential reserves figures"? I've never quite heard of such a thing ---- one discounts the likelihood of these reserves existing by placing a risked % on them.>> Huddleston, by reputation, discounts their estimates by 85% to be on the very safe side...that's why thay have a reputation for conservative estimates. But you wouldn't know that since you've never heard of the company.

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