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

To: taxikid who wrote (7678)	3/11/1998 12:11:00 PM
From: philip TESORIERO	Read Replies (1) \| Respond to of 11888

NEWS got this off yahoo: Wednesday March 11, 11:33 am Eastern Time Company Press Release American International Petroleum Corporation Refinery takes delivery of 190,000 barrels of crude oil feedstock, begins processing 10,000 barrels of crude oil per day NEW YORK--(BUSINESS WIRE)--March 11, 1998--AMERICAN INTERNATIONAL PETROLEUM CORPORATION (NASDAQ:AIPN - news), today announced that it has completed the testing of the various operating components, including its new asphalt polymerization unit, at its 30,000 barrels per day, Lake Charles, Louisiana refinery. The Company said it has received crude shipments totaling 190,000 barrels and is currently processing this crude at the rate of approximately 10,000 barrels per day. Additionally, the Company has been very successful in recent lettings in Texas and Louisiana and, as of February 28, 1998, has secured an aggregate of $2.7 million worth of orders for polymerized and conventional asphalt products. Another $600,000 is pending confirmation sometime this month. The Company said that it intends to continue to purchase crude oil feedstock from multiple sources, including Venezuela, Mexico and the Middle East, based upon pricing and market conditions, and expects to process on a continuing basis beginning about April 1, 1998. ''I believe we are now ready to become a significant supplier in the gulf coast asphalt market'', said Refinery President, Mr. Gene Chew. ''Our location and market niche is ideal, and we hope to secure a number of new contracts shortly, which could provide us with significant revenues and very favorable operating margins.'' 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 Corporation is engaged in oil and natural gas exploration in Kazakstan and refining in Louisiana. -------------------------------------------------------------------------------- Contact: Millennium Holdings Group, Inc. Wall Street Associates (561) 988-2334 www.millenniumholdings.com E-Mail mhgi@bellsouth.net --------------------------------------------------------------------------------