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Gold/Mining/Energy : American International Petroleum Corp
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To: Laserbones who wrote (4830)11/7/1997 7:55:00 PM
From: DRRISK  Read Replies (2) of 11888
 
Greg,

*******We have requested bids for survey crews to begin work to lay out the initial 1,250 kilometer seismic program, which is expected to begin by year-end. Preliminary discussions have been held with potential drilling contractors and work on the first well is planned for the second quarter of 1998, depending on rig availability******

This was not bullish 3Q report and I agree that you can be concerned but it seems to me that AIPN is progressing to develop the concession to provable reserves and then you will get a better JV deal. If the Waveteck news reports a great increase in probable reserves at closer to 5 billion barrels inclusive of the Chicuduk then these losses are going to be a footnote to the company"s future. If you consider that the Huddleston initial evaluation of 1 billion barrels settled the company's market cap at $210,000,000 then what would the news of 5 billion barrels warrent as a market cap? The problem with this stock for now is that the market is valuing its probable reserves for under .21cents/barrel. The valuation is clearly not for the refinery or the revenues to be produced by the refinery. So IMO the losses are terrible to look at but what if Wavetech releases new probable numbers and then we get the long awaited royalty news. Do you think that anyone will care about the 10Q that preceeded these reports. These little exploration companies trade on the come not on the losses and AIPN will not be any different. anyway only my opinion.

DrRisk hoping I'm right
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