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Gold/Mining/Energy : American International Petroleum Corp

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To: faris bouhafa who wrote (2168)	9/22/1997 1:13:00 PM
From: Nikita	of 11888

Monday September 22 12:40 PM EDT Company Press Release American International Petroleum Corp. retains Wavetech Geophysical for Processing and Interpretation of Seismic Data on its Kazakstan Block NEW YORK--(BUSINESS WIRE)--Sept. 22, 1997-- Company to Begin Seismic Program Acquisition in November American International Petroleum Corp. (NASDAQ:NMS - news), today announced that it has contracted Wavetech Geophysical Inc. of Denver to provide technical support in the development of the exploration work program under its License No. 953 in the North Uysturt Basin, Kazakstan. Wavetech will provide support for technical analysis in the areas of geophysics, geology, and petroleum engineering. The firm will provide highly skilled technical staff to complement the company's local Kazakstan personnel. Seismic data processing and interpretation will also be provided under this agreement. Wavetech was selected because of its experience in CIS and Russian projects supported by its subsidiary office in Moscow, and its ability to provide highly skilled multilingual technical personnel with state of the art exploration and evaluation technology resources. Development of the License database has begun and the initial seismic lines are being reprocessed for orientation of the seismic program and selection of possible drilling sites. The company will mobilize a survey crew in October to begin work to lay out the initial 1250 kilometer seismic program, which is expected to begin by November 1997. Preliminary discussions have been held with potential drilling contractors and work on the first well is now scheduled to begin late first quarter or early second quarter of 1998 depending on rig availability. The above statements are forward-looking and are based on estimates and current expectations. They involve certain risks and uncertainties detailed from time to time in the company's SEC reports. Actual results may differ materially. American International Petroleum Corp. is engaged in oil and natural gas exploration in Kazakstan and refining in Louisiana.

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