American International Petroleum Makes Announcement.NEW YORK--(BUSINESS WIRE)--February 19, 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 received an extensive petrophysical evaluation of the well logs conducted on the Chikuduk Well No. 1 from ResTech, a Houston-based reservoir engineering Reservoir engineering is a branch of petroleum engineering, typically concerned with maximizing the economic recovery of hydrocarbons from the subsurface. Of particular interest to reservoir engineers is generating accurate reserves estimates for use in financial reporting firm. The well is located on the northeastern flank of the Chikuduk structure identified by a single seismic line. The ResTech analysis indicated that the interval of interest is between 2,885 - 3,000 meters with a net pay of 147 feet, a maximum effective porosity Questions
po·ros·i·ty n. 1. The state or property of being porous. 2. of 14.1%, and an average water saturation of 52.6%. "Based on our interpretation," ResTech's report concludes "hydrocarbon hydrocarbon (hī'drōkär`bən), any organic compound composed solely of the elements hydrogen and carbon. The hydrocarbons differ both in the total number of carbon and hydrogen atoms in their molecules and in the proportion of hydrogen production should be expected within the upper Jurassic section from 2,885 to 3,000 meters." "We are pleased that our initial optimism of the reservoir quality and net hydrocarbon column in this area of the Chikuduk structure has been confirmed by this evaluation" stated the Company's Chairman, Dr. George N. Faris. The company said its seismic subcontractor One who takes a portion of a contract from the principal contractor or from another subcontractor. When an individual or a company is involved in a large-scale project, a contractor is often hired to see that the work is done. , Geotex, has completed recording the first seismic line, 32km long, which is currently being processed. Geotex is now beginning to record the second line. The data recording is now progressing at a normal rate and the company should have a preliminary idea of the shape and size of the structure within the next few weeks, barring any severe weather conditions. 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 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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