American International Petroleum Estimates Shallow Eocene Gas in Chikuduk; Prospect Exceeds 1.1 Trillion Cubic Feet.NEW YORK--(BUSINESS WIRE)--Sept. 23, 1998--American International Petroleum Corporation (NASDAQ/NMS: 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 a preliminary evaluation by Huddleston & Co., the Company's independent petroleum engineering consulting firm Noun 1. consulting firm - a firm of experts providing professional advice to an organization for a fee consulting company business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a , indicates that potential recoverable gas from the shallow Eocene sandstone sandstone, sedimentary rock formed by the cementing together of grains of sand. The usual cementing material in sandstone is calcium carbonate, iron oxides, or silica, and the hardness of sandstone varies according to the character of the cementing material; quartz formation at 2,100 feet in the Greater Chikuduk prospect, covering 385,050 acres, could be as much as 1.111 trillion cubic feet of gas. The Greater Chikuduk lies in the northeastern part of the Company's 4.7 million acre concession located in Western Kazakhstan, in which the Company owns a 70 percent working interest. The evaluation was based on an interpretation of new seismic data recently acquired by the Company which was processed by Geotex, Inc. and interpreted and mapped by Wavetech Geophysical ge·o·phys·ics n. (used with a sing. verb) The physics of the earth and its environment, including the physics of fields such as meteorology, oceanography, and seismology. , Inc. In addition, the estimates were made with consideration for a petrophysical analysis prepared by ResTech Evaluation Services utilizing certain logs of the existing seven gas wells previously drilled by the Kazakhstan government in the Eocene formation. The Company said it is very encouraged by these preliminary results and will accelerate its development program of the concession. A number of potential drilling sites have been identified and the Company currently anticipates spudding the first well in late October 1998. American International Petroleum Corporation is a diversified petroleum company which, through various wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , is involved in oil and gas exploration and development in Kazakstan and Russia, and refining and marketing operations 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 matters discussed herein are 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. and are based on estimates and current expectations. They involve certain risks and uncertainties, detailed from time to time in the Company's filing 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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