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

To: Blayton who wrote (9014)	7/29/1998 12:12:00 PM
From: Jules	Respond to of 11888

News Out! Wednesday July 29, 11:14 am Eastern Time Company Press Release American International Petroleum Reports Second Quarter and Six Month Results NEW YORK--(BUSINESS WIRE)--July 29, 1998--American International Petroleum Corporation (NASDAQ NM: AIPN - news) today reported revenues of $2,760,000 for the second quarter ended June 30,1998 compared to $53,000 for the second quarter a year ago. The net loss for the quarter just ended was $1,205,000, or $.02 per share compared to a loss of $3,622,000, or $.09 per share, for the year ago quarter. Weighted average shares outstanding for the quarter just ended were 52,138,166. For the six months ended June 30, 1998, the Company had revenues of $3,267,000 versus revenues of $349,000 for the comparable year earlier period. The net loss for the six months just ended was $2,052,000, or $.04 per share, compared to a loss of $8,219,000, or $.22 per share, for last years like period. Weighted average shares outstanding for the just ended six month period were 50,155,700. The surge in second quarter revenues reflects the first full quarter of operations at the Company's Lake Charles, LA refinery, and expanded marketing operations in the Gulf Coast region. The Company realized an operating profit for both the second quarter and six months of $218,916 and $421,813, respectively, although the refinery operated at a modest level of capacity and efficiency, due in large part to quality assurance testing throughout the refinery during the second quarter. The Company anticipates refining margins to increase as the refinery continues to expand capacity levels and to grow revenues. ''We are very pleased with our June quarter results, which reflect a very strong growth in refining and marketing operations at the Company's Lake Charles refinery and St. Marks terminal facility,'' said Dr. George Faris chairman and CEO of American International Petroleum. ''We are confident the Company's refinery and marketing operations will realize improved operating margins, and will generate increases in revenues during the third and fourth quarters,'' he added. 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 Kazakstan, the acquisition of producing oil and gas properties in Russia, and refining and marketing operations in the United States.