Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: DRRISK who wrote (9149)	9/15/1998 9:41:00 AM
From: Terry Jackson	Read Replies (1) \| Respond to of 11888

Tuesday September 15, 9:06 am Eastern Time Company Press Release American International Petroleum to Acquire St. Marks Refinery Acquisition To Open New Gulf Coast Markets; Increase Storage Capacity 50% NEW YORK--(BUSINESS WIRE)--Sept. 15, 1998-- American International Petroleum Corporation (NASDAQ/NMS: AIPN - news) announced today that it has reached an agreement with DSE, Inc. to acquire its wholly owned subsidiary St. Marks Refinery, Inc., consisting of a 20,000-barrel per day capacity refinery, storage tanks, docking and terminal facilities near Tallahassee, Florida, after an extensive four month due diligence study. Terms are for DSE, Inc. to receive 1.5 million shares of unregistered American International Petroleum common stock and $50,000 in cash. After a one year holding period, the shares may be sold pursuant to Securities and Exchange Commission Rule 144 regulations. The transaction is scheduled to close on October 15, 1998. The Company began leasing the St. Marks refinery in April of this year. The facility is currently utilized as a product terminal for selling conventional asphalt products to customers in Florida. The Company said it is committing St. Marks to serve the substantial Florida, Alabama and Georgia markets, and expects its customer base to expand in both existing and new markets. Reflecting its commitment, the Company plans to install a state-of-the-art asphalt laboratory and polymerization equipment to produce and market technologically advanced polymer modified paving, roofing and other conventional asphalt products. The transaction significantly increases the retail capability of the Company's Lake Charles, Louisiana refinery, and will dramatically increase its retail presence throughout the U. S. Gulf Coast. The 55-acre St. Marks facility adds 33 tanks with a storage capacity of 465,000 barrels, increasing the Company's total tank capacity by approximately 50%, to an aggregate 1,185,000 barrels. The Company's Lake Charles refinery will continue to supply product via barges to St. Marks which is easily accessible from the Gulf of Mexico. The St. Marks refinery is currently not producing petroleum products, although the Company may re-commission it sometime in the future. In addition, the Company was granted a three-year option by DSE, Inc. to purchase approximately 68 acres of vacant land adjacent to the refinery for cash or unregistered common stock, at the Company's option. 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 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. Contact: American International Petroleum Corporation, New York Michael Dodge, 212/688-3333