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

To: Razorbak who wrote (9430)	1/26/1999 12:34:00 PM
From: DEER HUNTER	Respond to of 11888

Tuesday January 26, 11:17 am Eastern Time Company Press Release American International Petroleum Closes On Final Phase of Conventional Financing NEW YORK--(BUSINESS WIRE)--January 26, 1999--American International Petroleum Corporation (NASDAQ- NMS: AIPN) reported today it has closed on the remaining $1,800,000 of its previously announced conventional financing aggregating approximately $4,000,000. The initial portion of the funding was drawn down earlier. Proceeds are being used for various working capital purposes, including the purchase of feedstock for refinery operations. The Company is currently in various stages of negotiations with a number of sources in an effort to raise additional financing. The Company anticipates utilizing the funds to pay part or all of its outstanding convertible notes, make certain expenditures for its exploration and development activities in Kazakhstan and provide for expansion of its domestic refinery operations and marketing activities in the Gulf Coast region. 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: Michael Dodge 212/688-3333 www.aipcorp.com