American International Petroleum Estimates Shallow Eocene Gas in
Chikuduk; Prospect Exceeds 1.1Trillion Cubic Feet
September 23, 1998 09:04 AM
NEW YORK--(BUSINESS WIRE)--Sept. 23, 1998--American International
Petroleum Corporation AIPN today announced that a preliminary evaluation by Huddleston & Co., the Company's independent petroleum engineering consulting firm, indicates that potential recoverable gas from the shallow Eocene sandstone formation at 2,100 feet in the Greater Chikuduk prospect, covering 385,050 acres, could be as much as 1.111 trillion cubic feet of gas. The Greater Chikuduk lies in the northeastern part of the Company's 4.7 million acre concession located in Western Kazakhstan, in which the Company owns a 70 percent working interest.
The evaluation was based on an interpretation of new seismic data
recently acquired by the Company which was processed by Geotex, Inc. and interpreted and mapped by Wavetech Geophysical, Inc. In addition, the estimates were made with consideration for a petrophysical analysis prepared by ResTech Evaluation Services utilizing certain logs of the existing seven gas wells previously drilled by the Kazakhstan government in the Eocene formation.
The Company said it is very encouraged by these preliminary results and will accelerate its development program of the concession. A number of potential drilling sites have been identified and the Company currently anticipates spudding the first well in late October 1998.
American International Petroleum Corporation is a diversified petroleum company which, through various wholly owned subsidiaries, is involved in oil and gas exploration and development in Kazakstan and Russia, and refining and marketing operations in the United States.
The matters discussed herein are forward-looking statements and are
based on estimates and current expectations. They involve certain risks and uncertainties, detailed from time to time in the Company's filing with the Securities and Exchange Commission. These risks and
uncertainties could cause actual results to differ materially from any
forward-looking statements made herein.
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