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

To: DRRISK who wrote (5305)	11/24/1997 5:24:00 PM
From: MARIO PASQUA	Respond to of 11888

DrRisk Congrat. Great move on your last purchase of AIPN. NEW YORK -(Dow Jones)- An operating agreement with the Kazakstan government and a subsequent rating upgrade appeared to trigger a rally on American International Petroleum Corp. stock Monday. In early afternoon trading, American International's Nasdaq-listed shares (AIPN) were up 56.25 cents, or 13%, at $4.3/4. The oil and gas exploration and production company confirmed that its 70%-owned Med Shipping Usturt Petroleum LLC joint venture reached an agreement with the Republic of Kazakstan to manage the exploration and evaluation of hydrocarbon reserves in the 4.7-million-acre license area. The pact spells out specifically the commercial and subscription bonuses for newly discovered fields and other details that will govern American International Petroleum's exploration efforts. Engineers who evaluated seven of 16 geological structures have estimated at least 1.1 billion barrels of oil are in the concession's recoverable reserves, accoriding to Denis Fitzpatrick, the company's chief financial officer. The license is located in western Kazakstan about 80 miles southeast of Chevron Corp.'s multimillion-barrel Tengiz oil field and the Caspian Sea. Analyst Keith R. Bossey from Robert M. Cohen & Co. said the operations agreement eliminates much of the uncertainty and "risk" that clouded American International Petroleum's efforts to sign on an industry partner. The analyst called it "a critical milestone" with "better-than-expected terms" that give the company all the information it needs to convince a major oil player to come on board. He predicted a partner could be signed on within six months. Bossey's firm subsequently upgraded its rating for the company to buy from speculative buy, and it shortened its $10 a share price target to six months from nine months. Copyright (c) 1997 Dow Jones & Company, Inc. All Rights Reserved. Transmitted: 11/24/97 16:01 (L100ZWcm)