American International Petroleum Corp. resumes drilling in Peru.NEW YORK--(BUSINESS WIRE)--Feb. 17, 1995--American International Petroleum Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :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 the continuation of the exploitation program for its 1994 Bronco bronco: see mustang. Este Pool discovery in Block IV of the Talara basin in Peru. The company recently completed negotiations with its local partner, Rio Bravo S.A., to provide drilling services in the joint contract area of Block IV. The Bronco No. 12603, expected to spud early next week, is the first development well to be drilled in the Bronco Este Pool and will be a follow up to the Bronco Este 1 discovery drilled last year. The well is located in the south east corner of Section 14 N 12 of Lot IV, Talara, about 1,100 feet south east of the Bronco Este 1 discovery, and is programmed to a total depth of 3,240 feet to prove a southerly extension of the new pool. The target formations are the productive intervals of the Lower Parinas sandstone which is expected to have a repeat section similar to the discovery well. The company will employ a revised completion and stimulation program to resolve sand problems encountered in the first well, which have hindered an accurate assessment of 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. by the company's independent reservoir engineers. The company said the employment of different completion techniques from those used earlier should enable the engineers to complete their reserve study and allow the company to add the related reserves to its books. The company said it has identified ten locations for future development drilling in the area and will utilize a rig now owned by its partner. It said it expects this will negate any delays related to rig availability, which has occurred in the past. American International Petroleum Corp. is engaged in oil and natural gas exploration and production in Columbia and Peru, South America and in refining in Louisiana. CONTACT: American International Petroleum Corp., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Denis Denis, king of Portugal: see Diniz. J. Fitzpatrick, 212/688-3333 |
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