American International Petroleum Announces Third Quarter and Nine Months Results; Securing Interim Financing.Business Editors NEW YORK--(BUSINESS WIRE)--Nov. 20, 2002 American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of 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 reported revenues of $388,000 for the third quarter ended September 30, 2002, compared to $8,419,000 for the year ago third quarter. The net loss for the quarter just ended was $(2,085,000), or $(.01) per share, compared to a loss of $(1,759,000), or $(.01) per share, for the year ago quarter. The loss for the quarter just ended includes non-cash charges Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. of $553,000 versus $394,000 for the year ago period. Weighted average shares outstanding were 208,938,438 for the quarter just ended. Revenues for the nine months ended September 30, 2002, were $2,573,000 versus revenues of $16,379,000 for the comparable year earlier period. The net loss for the nine months just ended was $(7,794,000), or $(.04) per share, compared to a loss of $(6,671,000) or $(.04) per share, for last years like period. The loss for the nine month period just ended includes non-cash charges of $2,577,000 versus $2,951,000 for the year ago period. Weighted average shares outstanding were 197,696,145 for the nine months just ended. Separately, the Company announced it recently completed a $400,000 financing for interim working capital to further certain domestic and international operating requirements. The financing was provided by Global Capital Advisors, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control in the form of a 3% Convertible Note due November 12, 2004. The underlying shares issueable upon conversion are not required to be registered until one year after closing. 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% working interest, and exploration License 953 in which it has a 70% working interest. American International Petroleum Corporation is a diversified diversified (di·verˑ·s 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 the Republic of Kazakhstan, and in refining refining, any of various processes for separating impurities from crude or semifinished materials. It includes the finer processes of metallurgy, the fractional distillation of petroleum into its commercial products, and the purifying of cane, beet, and maple sugar , marketing and transportation of its refined 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: will be able to successfully receive additional financing; this financing will be satisfactory for immediate needs; 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.
AMERICAN INTERNATIONAL PETROLEUM CORPORATION
STATEMENT OF CONSOLIDATED INCOME
Third Quarter ended Nine Months ended
September 30 September 30
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2002 2001 2002 2001
------------------------- -------------- --------------- -------------
Revenues $ 388,000 $ 8,419,000 $ 2,573,000 $ 16,379,000
------------------------- -------------- --------------- -------------
Net Loss a.$(2,085,000) a.$(1,759,000) b.$ (7,794,000) b.$(6,671,000)
------------------------- -------------- ------------------------------
Loss per
share $ (.01) $ (.01) $ (.04) $ (.04)
------------------------- -------------- --------------- -------------
Weighted
average
shares
outstanding 208,938,000 164,895,000 197,696,000 154,993,000
------------------------- -------------- --------------- -------------
(a.) Includes non-cash charges of $553,000 in the third quarter of
2002 compared to $394,000 for the year earlier quarter of 2001.
(b.) Includes non-cash charges of $2,577,000 in the first nine months
of 2002 compared to $2,951,000 in the comparable nine months of 2001.
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