American International Petroleum Announces Test Results At Its Begesh #1 Oil Well in Kazakhstan; Partner Intends to Test Begesh #1 Deeper Zone.Business Editors NEW YORK--(BUSINESS WIRE)--March 5, 2001 American International Petroleum Corporation (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: AIPN AIPN Association of International Petroleum Negotiators AIPN Australian Injury Prevention Network AIPN Advanced Industrial Property Network (Japanese Patent Office) AIPN Asian Industrial Property Network ) today announced that it has completed testing of the Begesh #1 well on its License 953 in Kazakhstan. After testing multiple lower Jurassic and upper Jurassic intervals, where non commercial gas and immobile oil was encountered, the Company has elected to stop further testing on its own. However, one of the Company's partners has notified the company of its intent to test additional deeper intervals on an "Exclusive Operation" basis pursuant to the existing Joint Operating Agreement Any contract, agreement, Joint Venture, or other arrangement entered into by two or more businesses in which the operations and the physical facilities of a failing business are merged, although each business retains its status as a separate entity in terms of profits and ("JOA JOA Joint Operating Agreement JOA Joan of Arc JOA Joint Operations Area JOA Journal of Accountancy (AICPA publication) JOA Joint Operational Area (US DoD) JOA Joint Operating Area "). The JOA permits any partner to test a particular interval at its own cost. If oil or gas is found in commercial quantity, then all the other partners will participate in sharing the revenue in proportion to their working interest, once the engaged partner recoups 200% its expenses. The Company owns a 70% working interest in License 953. The Company will make an announcement once the results of further testing, if any, pursuant to the partner's notification for testing deeper intervals, are completed. Testing was performed at various depths ranging from 3,800 to 2,900 meters to test previously untested zones in the Jurassic. The Company will assess the Begesh #1 test results to determine if additional drilling in the area is warranted in order to determine if further delineation of the Jurassic formations on the 12,000 acre Begesh structure, and possibly on the adjoining 10,000 acre Orlean structure, have potential for commercial development. American International Petroleum Kazakhstan, a wholly-owned subsidiary of the Company, owns two licenses in the Republic of Kazakhstan: Production License 1551, the Shagyryl-Shomyshty gas field, in which it has a 100% interest, has technically proved reserves proved reserves The quantity of minerals expected to be recoverable under current economic and operating conditions. The amount of proved reserves is important in valuing the stock of a company with significant holdings in natural resources. of 604 billion cubic feet of gas, as previously reported, and Exploration License 953, a 4.7 million acre exploration block, in which the Company has a 70% working interest. American International Petroleum Corporation is a diversified petroleum company which, through various wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , is involved in oil and gas exploration and development in Kazakhstan, and in refining, marketing and transportation of petroleum products in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Statements herein may be identified as forward-looking for purposes of safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions under Section 21E of the Securities and Exchange Commission Act of 1934. Such statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Company's business, including, specific to this press release: partner exercising right to pursue further drilling under the JOA; partners ability to initiate, or complete, its drilling program in timely manner, or, at all; partners ability to successfully log or complete testing operations, or, if successful, ability of Begesh #1 well to support commercial operations; assessment of this testing by the Company will support further delineation of Begesh and/or Orlean structures, and if initiated, and if successful, ability to support commercial operations; and, all future business of the Company, are subject to risks and uncertainties that could cause actual results to differ materially from those statements, and other risks and factors, identified in the Company's SEC filings. |
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