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Gold/Mining/Energy : American International Petroleum Corp

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To: douglas hicks who wrote (820)	7/28/1997 9:16:00 PM
From: Bottom_Dweller	of 11888

News Release (Old, but useful) Robert M. Cohen & Company initiated coverage of American International Petroleum Corporation (Nasdaq: AIPN) with a speculative buy recommendation and set a 12-month price target of $10 per share. Robert M. Cohen analyst Keith R. Bossey said, "Obviously we are not basing our recommendation on American International's refining business but rather on the significant prospects of its operations in the former Soviet Republic of Kazakstan. The area is presently surrounded by operations of several major oil companies including Exxon and Amoco, and most importantly is just 125 miles from the giant Tengiz oil field, which is estimated to contain 10 billion barrels of oil." American International Petroleum Corp. explores and produces oil and natural gas in South America. The Company also has refining Activities in Louisiana. Potential reserves are typically valued at $0.50 to $1.00 per barrel. By taking the Company's 70% share of the already discounted potential reserve figures for the Kazakstan find, Bossey arrives at a figure of 770 million barrels. "In using the more conservative $0.50 figure, we come up with an approximate $10 share value of the Kazakstan find," Bossey concluded. Copyright 1997, PR Newswire nasdaq!

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