American International Petroleum Corp. temporarily tables its active pursuit of the previously announced Share Exchange Agreement with Far Eastern Hydrocarbons, Inc. (FEH); Company negotiating with industry partners to develop its Chicoral oil discovery in Colombia.NEW YORK--(BUSINESS WIRE)--April 18, 1996--AMERICAN INTERNATIONAL PETROLEUM CORPORATION (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 that due to continued delays from Far Eastern Hydrocarbons, Inc. (FEH FEH Ford Escape Hybrid (Ford Motor Company model) FEH Flood Estimation Handbook (UK) FEH Focal Epithelial Hyperplasia FEH Fundamentals of Engineering for Honors ) in reaching a final decision to the merger discussions between the two companies, it is not able to determine if, or when, the previously announced Share Exchange Agreement will be consummated on terms acceptable to the Company. Consequently, although FEH management continues to express its commitment to proceed with the negotiations, the Company yesterday informed FEH that it has decided to temporarily table its active pursuit of the negotiations. The Company will consider resuming negotiations with FEH management upon receipt of a definitive response from FEH Board to the outstanding merger proposal based on the amended letter of intent dated January 24, 1995. The Company currently is concentrating its efforts on the expeditious ex·pe·di·tious adj. Acting or done with speed and efficiency. See Synonyms at fast1. ex exploitation of its new Chicoral oil discovery in Colombia and the implementation of a project to produce vacuum gas oil and asphalt at its refinery. The Company said it is seeking an industry partner to join it in developing the Chicoral discovery and is currently negotiating with a number of interested parties. Also, the Company is studying the possibility of maximizing the income from its refinery by operating the Vacuum Distillation Unit (VDU (Video Display Unit) Same as VDT. VDU - Visual Display Unit ) as a stand alone unit to process vacuum gas oil and asphalt in addition to, but separate from the operations now being performed by its refinery lessee. American International Petroleum Corporation is engaged in oil and natural gas exploration and production in Colombia, Peru, and Indonesia, and in refining in Louisiana. CONTACT: Denis Denis, king of Portugal: see Diniz. J. Fitzpatrick Chief Financial Officer (800) 298-AIPC |
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