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Gold/Mining/Energy : American International Petroleum Corp
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To: taxikid who wrote (8696)6/2/1998 9:32:00 AM
From: Terry Jackson  Read Replies (1) of 11888
 
American International Petroleum Corporation
Commences Sale Of Asphalt Products from Florida
Terminal

NEW YORK, June 2 /PRNewswire/ -- AMERICAN INTERNATIONAL PETROLEUM
CORPORATION (Nasdaq: AIPN - news) today announced that it has commenced the sales of
paving asphalt products at the St. Marks terminal facility near Tallahassee, Florida, which the
Company is currently leasing.

The Company said the expansion into Florida should have a positive effect on its sales and margins
because St. Marks expands the Company's niche market from Texas to Florida and into Georgia
and Alabama. St. Marks essentially doubles the Company's existing retail market for asphalt, the
most profitable element of the business, and expands its existing tankage capacity by approximately
50%. The asphalt products to be sold at St. Marks will be processed at the Company's Lake
Charles, Louisiana Refinery.

The Company previously announced that it had initiated the processing and sales of conventional and
polymer asphalt and other products at the Lake Charles Refinery. All of the sales to date have been
into the retail market.

The Company said the $216 billion transportation bill recently passed by Congress should be a
tremendous enhancement to an already strong asphalt market in the U.S. Gulf Coast area.

American International Petroleum Corporation is engaged in oil and natural gas exploration in Russia
and Kazakstan and refining in Louisiana.

SOURCE: American International Petroleum Corp.
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