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11/07 17:45 AMERICAN INTERNATIONAL PETROLEUM CORP. REPORTS
QUARTERLY
FINANCIAL RESULTS
( BW)(AMER-INTERNL-PETRO)(AIPN) American International Petroleum Corp. Reports Quarterly Financial
Results
Business Editors
NEW YORK--(BUSINESS WIRE)--Nov. 7, 1997--American International Petroleum Corp. (NASDAQ: AIPN)
today announced results of operations for the third quarter of 1997.
The company's revenues for the nine months ended Sept. 30, 1997 decreased to $895,000 from $2,890,000 in the
same period last year, due to the sale of its South American oil and gas operations in February 1997 and the
termination of its refinery lease agreement in March 1997. It's net loss increased to $12,707,000, or 32 cents per
share on 39,140,084 weighted average shares outstanding, compared to a net loss of $2,580,000, or eight cents per
share on 30,406,476 weighted average shares outstanding. The loss resulted primarily from aggregate non-cash
charges of approximately $8,903,000 and from the decrease in revenues discussed above.
For the third quarter ended Sept. 30, 1997, revenues decreased to $104,000 from $1,000,000 in the third quarter of
1996. This decline in revenues, coupled with an aggregate of approximately $2,966,000 in non-cash charges, were the
primary reasons for the resultant net loss of $4,622,000, or 11 cents per share on 42,252,140 weighted shares
outstanding. This compares to a net loss of $823,000, or three cents per share on 32,884,064 weighted shares
outstanding in the third quarter on 1996.
Commenting on the results, Dr. George Faris, chairman and CEO, said, "With the divestiture of our South American
assets and change in focus at our refinery with the recent implementation of asphalt operations there, we believe we've
finally turned the corner towards increasing shareholder value." He said the company plans to blend, polymerize and
market asphalt, currently in its inventory, in Louisiana and East Texas and expects to manufacture polymerized and
conventional asphalts with the onset of the asphalt season during the latter part of the first quarter of 1998.
Dr. Faris also said that "Development of License database in Kazakstan has begun and the initial seismic lines are being
reprocessed for orientation of the seismic program and selection of possible drilling sites. 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."
The above statements are forward-looking, and are based on estimates and current expectations. They involve certain
risks and uncertainties detailed from time to time in the company's SEC reports. Actual results may differ materially.
American International Petroleum Corp. in engaged in oil and natural gas exploration in Kazakstan and refining in
Louisiana. -0-
AMERICAN INTERNATIONAL PETROLEUM CORPORATION
FINANCIAL SUMMARY
(unuadited)
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30,
1997 1996 1997 1996 Revenues $ 104,000 $ 1,000,000 $ 895,000 $ 2,990,000 Expenses(A&B) $4,725,000 $
1,823,000 $13,602,000 $ 5,470,000 Net Loss(A&B) $(4,622,000) $ (823,000)$(12,707,000) $(2,580,000) Loss
per share(A&B) $ (.11) $ (.03) $(0.32) $ (0.08) Weighted average shares
outstanding 42,252,140 32,884,064 39,140,000 30,406,476 (A) Reflects aggregate non-cash charges of $2,966,000
and $8,903,000 in the three and nine months ended Sept. 30, 1997, respectively. (B) The unaudited results for the
three and nine months ended Sept. 30, 1996 have been restated to reflect accounting for the imported interest of
various convertible debentures issued during those periods which were convertible at a discount to market, as reflected
in Note 7 of the company's Form 10-K for the fiscal period ended Dec. 31, 1996.
--30--mem/sw/ny* fb
CONTRACT: Wall Street Associates/Millennium Holdings Group Inc.
561/988-2334
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