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

To: Daniel P. Dwyer who wrote (9379)	1/4/1999 4:03:00 PM
From: Probart	Respond to of 11888

could not find anything on outstanding. AMERICAN INTERNATIONAL PETROLEUM CORPORATION 444 Madison Avenue New York, New York 10022 Attention: Corporate Secretary Telephone: (212) 688-3333Recent Development On December 14, 1998, we received 25% of the outstanding shares of Zao Nafta, a Russian closed-end company with which we had planned to form a joint venture. Zao Nafta has 17 oil and gas licenses covering approximately 877,000 acres in the Samara and Saratov regions of Southwestern Russia. We had agreed to pay $11 million for a 75% working interest in the proposed joint venture, and paid a $300,000 advance on the purchase price. In June 1998 we withdrew from negotiations with Zao Nafta after we could not reach agreement on operational control of the proposed joint venture. We received the shares of Zao Nafta after Zao Nafta breached its obligation to return our $300,000 advance.

To: Daniel P. Dwyer who wrote (9379)	1/4/1999 4:06:00 PM
From: Probart	Read Replies (1) \| Respond to of 11888

the S 8 is a long one I suggest that you get a copy. Probart

To: Daniel P. Dwyer who wrote (9379)	1/4/1999 9:41:00 PM
From: Karl W Terry	Respond to of 11888

Info from the S-8 Outstanding Convertible Notes. As of December 31, 1998, we had outstanding approximately $6,474,000 principal amount of convertible notes due April 21, 2000. If we are unable to repay, refinance or renegotiate the terms of the notes, our ability to continue our operations may be materially and adversely effected. Shares Eligible for Future Sale. We cannot give you any assurance as to the effect, if any, that future sales of common stock, or the availability of shares of common stock for future sales, will have on the market price of the common stock from time to time. Sales of substantial amounts of common stock, or the possibility of such sales, could adversely affect the market price of the common stock and also impair our ability to raise capital through an offering of equity securities in the future. As of December 31, 1998, there were 66,091,889 shares of common stock outstanding of which 2,934,962 shares are restricted securities. An additional 6,963,128 shares are issuable upon conversion of convertible notes, at an assumed conversion price of $0.9297 per share. 5,382,750 shares are issuable upon exercise of stock options granted pursuant to our employee stock option plans at exercise prices ranging from $.50 to $2.00 per share. 5,390,152 shares are issuable upon exercise of warrants having exercise prices ranging from $.40 to $2.76 per share. Dr. Risk, which way will the run go? I think the hypsters are hyping wolf! KT