American International Petroleum Corporation (NASDAQ) commences drilling the second well of a four-well drilling program in its Toqui Toqui Field in Colombia, South America; Toqui passed benchmark accumulated production of one million barrels.NEW YORK--(BUSINESS WIRE)--Dec. 4, 1995--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 ), today announced it has commenced drilling the second well of a four-well drilling program in its Toqui Toqui Field in Colombia, South America. The Toqui Toqui No. 34 well is expected to be drilled to a total depth of 3,900 feet within approximately three weeks. This well is being drilled to extend the trend indicated by the Toqui Toqui No.32 well, the first of the four well drilling program, which tested at 332 barrels of oil per day of 26.2 gravity crude on a 20/64 inch choke. The Toqui Toqui Field has already produced in excess of one million barrels of oil and is currently producing about 1,000 BOPD BOPD Barrels of Oil Per Day BOPD Bataan Ocean Petroleum Depot . The company said it may drill more than the four wells currently planned, depending upon the success of the program. It also said it has obtained local financing for the program and will drill the wells on a Sole Risk basis, receiving 80% of any produced oil, until it recovers 200 percent of its costs from each well, at which point its interest reverts to 32 percent. In addition, the company is currently conducting due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. regarding its three recently signed preliminary agreements with two Indonesian companies for the acquisition of certain oil and gas properties. American International Petroleum Corporation is engaged in oil and natural gas exploration and production in Colombia and Peru, South America and in refining in Louisiana. CONTACT: American International Petroleum Corp. Denis Denis, king of Portugal: see Diniz. J. Fitzpatrick, CFO See Chief Financial Officer. , 800/298-AIPC |
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