American International Petroleum Corporation Agrees To Purchase St. Marks Refinery And Products Terminal For $4.5 Million In Stock.NEW YORK--(BUSINESS WIRE)--March 27, 1998-- Company Will Assume Operations On April 1, 1998 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 that it has agreed to purchase the 20,000 barrels per day Barrels per day (abbreviated BPD, bbl/d, bpd, bd or b/d) is a measurement used to describe the amount of crude oil (measured in barrels) produced or consumed by an entity in one day. St. Marks Refinery and product terminal located on the St. Marks river near Tallahassee, Florida, subject to certain conditions. Pending successful 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. , the company has agreed to purchase the 55-acre facility in a stock swap worth $4.5 million. Should the company decide not to purchase the facility for any reason, it has agreed to lease the facility on an evergreen yearly basis and will, in any event, assume operations as of April 1, 1998. The company said the transaction will double the retail capability of its Lake Charles, Louisiana
Lake Charles can also refer to Lake Charles, Nova Scotia a lake in the Halifax Regional Municipality, Nova Scotia Lake Charles Refinery and immediately increase its retail presence from two to five states along the U.S. Gulf Coast. Additionally, the transaction increases the company's total tank capacity by approximately 50% adding another 33 tanks with a storage capacity totaling 460,000 barrels. Beginning April 1, 1998, the company plans to utilize the St. Marks facility as a product terminal pending a study to recommission Re`com`mis´sion v. t. 1. To commission again; to give a new commission to. Officers whose time of service had expired were to be recommissioned. - Marshall. the refinery. The company plans to market asphalt products, jet fuel, diesel, and fuel oil in Florida, Georgia and Alabama, which products are manufactured at its Lake Charles Refinery. The above statements are forward-looking, and are based on estimates and current expectations. They involve certain risks and uncertainties detailed from time to time in the company's SEC reports. Actual results may differ materially. American International Petroleum Corporation is engaged in oil and natural gas exploration in Russia and Kazakstan and refining in Louisiana. CONTACT: Millennium Holdings Group, Inc. Wall Street Associates 561/988-2334 www.millenniumholdings.com e-mail mhgi@bellsouth.net |
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