American International Petroleum Corp Message Board

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Gold/Mining/Energy : American International Petroleum Corp

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To: Ditchdigger who wrote (883)	7/29/1997 3:50:00 PM
From: Ditchdigger	of 11888

News Release from Yahoo Tuesday July 29 2:27 PM EDT American Intl Pete shares slide NEW YORK, July 29 (Reuter) - American International Petroleum Corp shares slid 13/32 to 2-25/32 on Tuesday in heavy volume of 23.7 million shares after some investors exited the stock due to doubts that the company will be able to translate its huge Kazakh oil find into cash. ``There was a news article which was viewed as being extremely negative,'' said one analyst. Company chief executive George Faris told investors and potential investors on Monday that the company lacked the capital for a comprehensive drilling program on its 4.7 million acre concession but that he had been approached by several companies offering finance in exchange for stakes in the project. However, analysts note that although companies typically receive large licenses with huge reserves in Kazakhstan, actually drilling out oil and producing at a daily rate sufficient to generate a decent return is not easy.

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