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

To: Razorbak who wrote (9413)	1/20/1999 10:46:00 AM
From: DEER HUNTER	Respond to of 11888

Wednesday January 20, 10:22 am Eastern Time Company Press Release American International Petroleum Announces Initial Results of Altai No. 1 Well NEW YORK--(BUSINESS WIRE)--Jan. 20, 1999--American International Petroleum Corporation (NASDAQ NMS: AIPN - news) announced today the initial results of its Altai No. 1 well located in the Chikuduk region of its Exploration License No. 953 in Kazakhstan. Results of the well affirmed the seismic evaluation and mapping of the anomalies in the upper Eocene formation in the Chikuduk region as gas bearing. The resulting well data indicated a pay interval of 14 meters which was significantly larger than the seven meter interval used to estimate potential reserves in this Eocene interval by the Company's independent petroleum engineering firm. Two intervals were perforated, 619-635 meters and 661-663 meters. Petrophysical evaluation of the upper interval indicated gas saturation of 74% with porosity of 34%. While substantial gas was produced, a sustained flow rate could not be established due to extreme weather conditions and the immediate availability of certain additional equipment. ''Our personnel did everything possible to conduct testing operations under adverse weather conditions. Temperatures were as low as -22 degrees Fahrenheit and winds exceeded 40 mph. Once it became clear that we would not be able to maintain a continuous gas flow due to weather and related equipment difficulties, it was prudent to temporarily suspend operations,'' said Company Chairman and CEO Dr. George Faris. ''The drilling rig and ancillary equipment and tools are being stored near the site in order to perform further flow testing of the well during the 1999 drilling program beginning this spring,'' 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 the Republic of Kazakhstan, and in refining, marketing and transportation of its refined products in the United States. The matters discussed herein are forward-looking statements. These statements involve risks and uncertainties, such as timely availability of products and services, as 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 Corp. Michael Dodge 212/688-3333 www.aipcorp.com