From edger, old stuff to keep things in perspective.
On May 12, 1997, the Company, through its newly organized subsidiary,
American International Petroleum Kazakstan ("AIPK"), entered into an agreement
with MED Shipping and Trading S.A. ("MED"), a Liberian corporation with offices
in Frankfurt, Germany, to buy from MED, in exchange for a combination of cash
and stock, 70% of the stock of MED Shipping Usturt Petroleum Ltd ("MSUP"), a
Kazakstan corporation which owns 100% of the working interest in a Kazakstan
Concession. The Concession is located about 125 miles from Chevron's
multi-billion-barrel Tengiz Oil field near the Caspian Sea, and is bordered to
the west by both Oryx/Exxon and Amoco licenses and to the south by an ELF
Acquitane license. Preliminary, independent, evaluation indicates potential
recoverable reserves from 7 structures in the Concession area from Jurassic Age
sandstones. Nine additional structures have been identified but have not been
evaluated. |
