American International Petroleum Elects Not to Extend Agreement to Buy Back Debentures.Business Editors NEW YORK--(BUSINESS WIRE)--Feb. 8, 2000 American International Petroleum (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 NMS See NetWare Management System. : 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 it did not redeem the outstanding balance of its 6% Convertible Debentures Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. (the &uot;Debentures&uot;) from the principle debenture holder. The Company had previously announced that it planned to purchase the Debentures on or before February 4, 2000. The balance of the Debentures is now approximately $2 million. Due to market conditions, the company was unable to conclude its financing with a third party in order to redeem the Debentures. The Company continues to pursue, consistent with the completion of ongoing negotiations regarding its License 1551 in Kazakhstan, various financing strategies in order to raise capital to redeem its outstanding debentures, finance its Kazakhstan and refinery operations and for working capital. 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 Kazakhstan, and in refining, marketing and transportation of its refined products in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The Company's wholly-owned subsidiary, American International Petroleum Kazakhstan, owns two licenses in the Republic of Kazakhstan. License 1551, the Shagyryl-Shomyshty gas field, in which it has 100% interest, has technically 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. of 450 billion cubic feet of gas as independently estimated by Ryder Scott Co., and a 70% working interest in License 953, a 4.7 million acre exploration license immediately south of License 1551. The matters discussed herein may be deemed forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . These statements involve risks and uncertainties, such as timely availability of products and services, as set forth in the Company's filings 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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