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To: Jamessmith who wrote (1054)	4/1/1998 11:20:00 AM
From: Instock	Read Replies (1) \| Respond to of 1488

< AIPN NEWS >Independent Preliminary Estimates On The Greater Chikuduk Prospect Exceeds 1.5 Billion Potential Recoverable Barrel Oil Equivalent NEW YORK--(BUSINESS WIRE)--April 1, 1998--American International Petroleum Corporation (NASDAQ:AIPN - news), today announced that preliminary evaluation by Huddleston & Co., the Company's independent petroleum engineering consulting firm, indicates that potential recoverable hydrocarbons from two side by side structures on the Greater Chikuduk prospect, which covers 266,000 acres, could be as much as 1.526 billion barrels of oil equivalent (BOE) from the Upper Jurassic age sandstones. The evaluation was based on a preliminary interpretation of new seismic data acquired and processed by Geotex and interpreted and mapped by Wavetech. In addition, the petrophysical log analysis of Chikuduk No.1 well recently completed by Restech was significant in the engineering evaluation of the Greater Chikuduk prospect. Two additional intervals may be prospective for hydrocarbons in the Greater Chikuduk prospect but no estimates have been made at this time pending further evaluation. One interval is the shallow, high porosity Eocene sandstones, which flowed gas from four test wells previously drilled by the government. The other interval is the deep, thick Carboniferous aged carbonates which is oil productive in other nearby areas. The Greater Chikuduk prospect lies in the northeastern part of the 4.7 million acre concession located in Western Kazakstan in which the Company owns a 70% working interest. Previously the Company announced preliminary estimates of 1.1 billion potential recoverable barrels of oil on 7 other structures located in the western half of the concession. The Company said it is very encouraged by these preliminary results and will accelerate its seismic program with a view toward identifying an exploratory drilling location as soon as practicable. The Company has begun discussions with U.S. and international drilling contractors and will issue a tender for these services during the second quarter. The Company will also intensify its efforts to secure potential joint venture partners to help develop the entire concession. 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 Russia and Kazakstan and refining in Louisiana.