American International Petroleum Clarifies Status of Shagyryl-Shomyshty Gas Field Wells in Kazakhstan.NEW YORK--(BUSINESS WIRE)--March 22, 1999--American International Petroleum Corporation (NASDAQ-NMS: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 ) announced today it was clarifying the terminology used in its February 22, 1999 press release to describe the status of 58 gas wells drilled by the Soviet government during 1966-1969. The 58 wells used to delineate the 200,000 acre gas field, estimated by the Kazakhstan government to have approximately 1.14 trillion cubic feet of proven recoverable gas reserves, should have been identified as being plugged, not as shut-in. This classification does not in any way affect the company's current plans for the development of the field nor the estimated reserves. There has been no activity in the field since the wells were drilled and tested. 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 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. . The matters discussed herein are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . 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. |
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