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

To: DRRISK who wrote (8626)	5/18/1998 3:00:00 PM
From: sand wedge	Read Replies (2) \| Respond to of 11888

This maybe the key to the selling: American International Petroleum Corporation Announces First Quarter Results NEW YORK, May 18 /PRNewswire/ -- American International Petroleum Corporation (Nasdaq: AIPN), today announced results of operations for the first quarter of 1998. The Company reported Revenues of $506,000 for the three months ending March 31, 1998 compared to revenues of $296,000 for the same period in 1997. The net loss for the first quarter of 1998 was $2,467,000 (including non-cash provisions of $1,646,000) or $.05 per share on 48,694,657 weighted average shares outstanding, compared to a loss of $4,598,000, or $.13 per share, on 36,281,693 shares outstanding in the first quarter last year. The Company said it has completed the year-long process of restructuring its operating strategy with the implementation of continuous operations of processing and marketing of asphalt and other refined products at its Lake Charles Louisiana refinery. It said it is now strategically positioned to be a major player in the U.S. Gulf Coast markets from Texas to Florida, and is expecting a significant increase over prior years in its consolidated annual revenues and operating cash flows, beginning in the second and third quarters of this year, the prime season for its asphalt business. American International Petroleum Corporation is engaged in oil and natural gas exploration in Kazakstan and Russia and the processing and marketing of asphalt and other refined products in the U.S. Gulf Coast. 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. SOURCE American International Petroleum Corporation CO: American International Petroleum Corporation ST: New York IN: OIL FIN SU: ERN 05/18/98 14:47 EDT prnewswire.com