American International Petroleum Receives Kazakhstan Government Approval to Begin Drilling Program On Its License.NEW YORK--(BUSINESS WIRE)--October 8, 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 ) announced today that it has received permits from the Kazakhstan government to drill the initial six wells in the eastern portion of its Kazakhstan License No. 953. The Company is currently mobilizing mobilizing, v 1. freeing or making loose and able to move. 2. observing any ongoing movements in a client's body, whether small or large, assisted or not, that identify strengths and weaknesses, as well as the client's physical and the necessary equipment, and will soon announce the spuding date of the first well once a contract with the drilling company has been concluded. The initial well is designed to test the gas reserves identified in the shallow Eocene formation which has been independently estimated to potentially contain in excess of 1.1 trillion cubic feet of recoverable gas at a depth of 2,100 feet. Log evaluation and production tests of the wells previously drilled in the area indicate four to five productive zones throughout the 700 gross meters of the Eocene interval. The individual productive zones range from two to eight meters, with good to excellent porosity porosity /po·ros·i·ty/ (por-os´it-e) the condition of being porous; a pore. po·ros·i·ty n. 1. The state or property of being porous. 2. . The extent of the area is estimated at over 385,000 acres which will require additional wells to properly delineate. 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 the Republic of Kazakstan, 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 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. . These statements involve risks and uncertainties, such as timely availability of products and services, as set forth 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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