American International Petroleum Reports Third Quarter and Nine Month Results.Business Editors NEW YORK--(BUSINESS WIRE)--Nov. 10, 2000 American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of International Petroleum Corporation (Nasdaq BB: 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 reported revenues of $345,000 for the third quarter ended September 30, 2000, compared to $3,022,000 for the third quarter a year ago. The net loss for the quarter just ended was $3,107,000, or $.03 per share, compared to a loss of $4,654,000, or $.06 per share, for the year ago quarter. The loss for the quarter just ended includes non-cash charges Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. of $964,000 versus $2,989,000 for the year ago period. Weighted average shares outstanding were 109,854,813 for the quarter just ended. Revenues for the nine months ended September 30, 2000, were $2,828,000 versus revenues of $7,120,000 for the comparable year earlier period. The net loss for the nine months just ended was $9,854,000 or $.09 per share, compared to a loss of $11,721,000, or $.17 per share, for last years like period. The loss for the nine month period just ended includes non-cash charges of $2,893,000 versus $5,591,000, for the year ago period. Weighted average shares outstanding were 105,258,877 for the nine months just ended. American International Petroleum Kazakhstan, a wholly-owned subsidiary of the Company, owns two licenses in the Republic of Kazakhstan: Production License 1551, the Shagyryl-Shomyshty gas field, in which it has a 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 604 billion cubic feet of gas as previously reported, and exploration License 953, a 4.7 million acre exploration block, in which the Company has a 70% working interest. American International Petroleum Corporation is a diversified diversified (di·verˑ·s 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 Kazakhstan, and in refining refining, any of various processes for separating impurities from crude or semifinished materials. It includes the finer processes of metallurgy, the fractional distillation of petroleum into its commercial products, and the purifying of cane, beet, and maple sugar , marketing and transportation of 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. .
AMERICAN INTERNATIONAL PETROLEUM CORPORATION
STATEMENT OF CONSOLIDATED INCOME
Third Quarter ended Nine Months ended
September 30 September 30
2000 1999 2000 1999
Revenues $ 345,000 $ 3,022,000 $ 2,828,000 $ 7,120,000
Net Loss (a.) $ (3,107,000) $ (4,654,000) $ (9,854,000) $(11,721,000)
Loss per share $ (.03) $ (.06) $ (.09) $ (.17)
Weighted average
shares
outstanding 109,854,813 73,997,705 105,258,877 69,675,997
(a.) Includes non-cash charges of $964,000 in the quarter and
$2,893,000 in the nine months of 2000, compared to $2,989,000 and
$5,591,000 for the respective periods of 1999.
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