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

To: PJY who wrote (5758)	12/11/1997 3:00:00 PM
From: GREATMOOD	Read Replies (1) \| Respond to of 11888

To all: I just came across this and I don't know if it's already been posted, but here it is: GM American International Petroleum Corp. to Begin Evaluating its Chikuduk Structure in Kazakstan NEW YORK--(BUSINESS WIRE)--Dec. 11, 1997--American International Petroleum Corp. (NASDAQ: AIPN), today announced that its wholly-owned subsidiary American International Petroleum Kazakstan ("AIPK"), through its 70%-owned operating company MSUP, LLC, has signed contracts with two separate geophysical companies to immediately mobilize and begin acquisition of 2D seismic data on its 4.7 million acre License No. 953, located in western Kazakstan. "Two vibroseis crews will allow for rapid acquisition of data and will accelerate the detailing of the structural leads developed by our evaluation teams," said the Company Chairman and CEO, Dr. George Faris. "We have been very pleased with the progress of the evaluation of the existing 1800 Kms of seismic acquired with the block, which continues to justify our exploration effort," he added. Geotex Geophysical Services will begin a seismic program in the northeastern segment of the License Area, concentrating on the Chikuduk structure and additional leads identified in this sector. The Chikuduk, currently estimated at 60 kilometers in length, is the largest structure identified in the License Area. It was not included in the Company's previously announced preliminary independent estimates of 1.1 billion barrels of potential recoverable oil reserves. The Kazakstan government had previously drilled a well in this structure, which blew out with gas and condensate, preventing its further evaluation of the well. The second crew will be provided by Mangistaumuniageophysics ("MMG"), a Kazak-based geophysical company, which will begin a seismic program in the southwestern portion of the License Area, near the Bengesh structure. Both crews have been winterized to allow for the crews to continue operations throughout the year. The company currently anticipates that, by January 1998, these seismic programs, which are part of the previously announced minimum work program agreed to between the company and the Kazakstan government, should provide the necessary information to map, in more detail, the structural leads in the area, including Chikuduk, and to evaluate their potential for providing additional recoverable reserves. The higher-graded structures will then be prioritized for a drilling program, which could begin in the second quarter of 1998. The above statements are forward-looking, and are based on estimates and current expectations. They involve certain risks and uncertainties detailed form time to time in the company's SEC reports. Actual results may differ materially. American International Petroleum, Corporation is engaged in oil and natural gas exploration in Kazakstan and refining in Louisiana. --30--rc/ny* jrw CONTACT: Millennium Holdings Group, Inc./ Wall Street Associates 561/988-2334 www.millenniumholdings.com