American International Petroleum Completes Drilling Altai No. 1 Well.NEW YORK--(BUSINESS WIRE)--Dec. 29, 1998--American International Petroleum Corporation (NASDAQ-NMS: AIPN AIPN - acute inflammatory polyneuropathy AIPN - Advanced Industrial Property Network (Japanese Patent Office) AIPN - All IP Based Network (3GPP) AIPN - Asian Industrial Property Network AIPN - Association of International Petroleum Negotiators) announced today that it has completed drilling Altai Altai or Altay (both: ăltī`, äl–, ăl`tī, Rus. əltī`), geologically complex mountain system of central Asia; largely in the Altai Republic, Russia, and in Kazakhstan, but extending into W Mongolia (where it is called the Mongolian, or Gobi, Altai), and into N China. No. 1 well which reached a total depth of 955 meters. The well has been logged and cased. The preliminary log interpretation indicates good gas saturation in a 17.7 meter (58 feet) interval in the upper Eocene formation at a depth of 618 meters to 635.7 meters with average porosity of about 22%. The Company is preparing to test the well and will announce the test results upon completion. 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 Kazakstan, 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. |
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