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

To: BamaReb who wrote (8995)	7/21/1998 12:33:00 PM
From: mozilla	Read Replies (1) \| Respond to of 11888

Tuesday July 21, 12:00 pm Eastern Time Company Press Release SOURCE: American International Petroleum Corporation American International Petroleum Completes 1998 Seismic Program in Kazakstan; Company Preparing to Start Drilling Program on Chikuduk Structure NEW YORK, July 21 /PRNewswire/ -- American International Petroleum Corporation (Nasdaq: AIPN - news) announced the completion of its seismic acquisition program in Kazakstan for calendar year 1998. The Company acquired approximately 907 kilometers of new 2-D seismic data, including 680 kilometers acquired on the 300,000 acre Chikuduk structures. The new seismic data was acquired on the northeastern third of the Company's 4.7 million-acre License No. 953 in which it has a 70% working interest. The Company also completed reprocessing more than 1,100 kilometers of older Russian data covering the western portion of the license area, primarily in the region of the Begesh structures, with independent estimates of potential recoverable hydrocarbons of 1.1 billion barrels of oil equivalent. The Company is obtaining the required governmental permits to begin a drilling program. Drilling is anticipated to begin late third quarter or early fourth quarter of this year. Previously, the Company announced that preliminary independent estimates of potential recoverable hydrocarbons in the upper Jurassic formation in the Chikuduk structures was 1.5 billion barrels of oil equivalent. The acquired seismic data is being evaluated by the Company's professional staff in the Kazakstan office, with support from specialists contracted from Wavetech Geophysical Inc., in order to identify drilling sites in both the Eocene and upper Jurassic formations. Previously, the Kazakstan government successfully drilled on the Chikuduk structures eight gas wells to the Eocene formation, and one condensate well to the upper Jurassic formation. The Company believes the newly acquired seismic data is superior to data previously available, providing enhanced definition and more detailed imaging of the deeper formations, including the previously identified Eocene (2,200 ft.), upper Jurassic (10,000 ft.) and Carboniferous (16,000 ft.) formations. The enhanced definition and detail of the data enables seismic analysts to map structures more accurately. American International Petroleum Corporation is a diversified petroleum company which, through various wholly owned subsidiaries, is involved in oil and gas exploration and development in the Republic of Kazakstan and Russia, and refining and marketing operations in the United States. The matters discussed herein are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties, such as timely availability of products and services, governmental regulation and other risks and uncertainties set forth in the Company's filing with the Securities and Exchange Commission. These risks and uncertainties could cause actual results to differ materially from any forward-looking statements made herein. SOURCE: American International Petroleum Corporation More Quotes and News: American International Petroleum Corp (Nasdaq:AIPN - news) Related News Categories: banking, oil/energy