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Gold/Mining/Energy : American International Petroleum Corp -- Ignore unavailable to you. Want to Upgrade?

To: Laserbones who wrote (4103)	10/26/1997 10:43:00 AM
From: Cathi Wierzbicki	Read Replies (2) \| Respond to of 11888

Greg: I have been very polite with you; even when your comments haven't warranted it. I would appreciate it if you would stop characterizing my viewpoint as biased. It certainly is not. I read every argument, PRO and CON, carefully. I consider all opinions and facts. As I patiently tried to explain to you in a previous post, that is what a good investor does. And I AM a good investor. Because I debate on the merits of the issues and NOT ON THE PERSONALITIES OF THE DEBATERS I have avoided characterizing your viewpoint in a derogatory manner -- suffice it to say, I have not been impressed with your constant need to ridicule others and resort to sarcasim. I have attributed it to a knee jerk defense mechanism when you don't have a satisfactory rebuttal to a point that has been made. Though I must admit I prefer your other method of dealing with said situations which has been to ignore the points made by others to which you have no convincing counterpoint. Now, to the issues you raised (since I AM INTERESTED IN GETTING AT THE FACTS to whatever degree that is possible at this stage of the development of this story.) First: I have never said that "potential" reserves ALWAYS are adjusted upward. I merely posted an industry article that stated that is becoming commonplace. I was attempting to point out that while it may be true that in SOME instances, "recoverable" reserves are as low as 50% of "proven" reserves, in other instances "recoverable" oil turns out to be significantly higher that previously stated "potential" and, even "proven" reserves. Second: I am well aware that there are "dry holes" in oil drilling. My understanding was that oil is trapped in various pools and, of course, you don't consistently find it with each drilled well even if there is oil present in the concession. The fact that two of their 12 drilled wells did show oil I find encouraging. Of course, we don't know yet if there is a commercial field there. You never know if there is a commercial field before the reserves are proven with any concession. And yet, nonetheless, oil companies continue to do deals on unproven concessions. A point you continue to deny despite all evidence to the contrary. Third: What I have read is that the Soviets moved from this concession to Tengiz after their drilling program at Tengiz hit big. I find nothing discouraging about this in regards to AIPN's concession. I think it makes perfect sense to move your equipment to where success has already been proven rather than plod on in the discovery phase somewhere else. I, too, as an investor would put my money in Tengiz first if it were available at the same price as Begash or Chikaduk. But, alas, the "proven" nature of the Tengiz concession is already fully priced into Chevron, et al's stock prices. Fourth: I also do not agree with your view as to the preferability of deep water offshore concessions vs. "landlocked" AIPNs. I understand the issues that have been raised regarding the lack of availale pipelines for much of Kasakhstan's oil. However, while I think this has been a huge problem for Chevron's Tengiz field (which, of course, has been in development for years and is now in production), I find it close to being a moot point for concessions that are just beginning to be explored now. Even if AIPN had an endless supply of money, it will be years before any significant quantity of oil could come to market. Anyone reading the news is aware that new pipelines are being planned even as we speak. And, as I am sure you know, land concessions are MUCH cheaper to bring into production than offshore fields. A big advantage for AIPN, in my opinion. Fifth: "But then everyone is wrong except aipn, right?" I have already commented on the sarcasim, so I will let that aspect pass. Question, Greg......can AIPN EVER be right about anything, in your opinion? Can you ever be wrong, in your opinion? Please try to show a little more respect for other's viewpoints when you engage them in a discussion. As investors we can all benefit from a thorough discussion of the issues involved with this investment. But, that can't happen in an atmosphere of ridicule and rudeness. Cathi