American International Petroleum Updates Drilling Progress of Altai No.1 Well in Kazakhstan.NEW YORK--(BUSINESS WIRE)--Dec. 22, 1998--American International Petroleum Corporation (Nasdaq 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 ) today announced its Altai No. 1 well in Kazakstan has reached a total depth of 919 meters, thus completing the Company's minimum work program obligation for the contract year 1998. A 14 meter drilling break was encountered at the top of the Eocene Tasaran horizon at 643 meters and continued to 657 meters. This interval corresponds to the mapped seismic anomaly Abnormality or deviation. Pronounced "uh-nom-uh-lee," it is a favorite word among computer people when complex systems produce output that is inexplicable. See software conflict and anomaly detection. of the 253,300 acre Altai gas feature estimated to contain potential recoverable reserves of 737 billion cubic feet. The Company is encouraged by the presence of gas encountered during drilling. Current plans are to log the existing hole as a conservative measure before deciding to continue drilling to the next exploration target at 1,100 meters. Logging results will be announced shortly. Altai No. 1 is the first well to be drilled by the Company on the Altai seismic anomaly, estimated by independent consultants to have the potential of containing 737 billion cubic feet of gas. Altai No. 1, located about 140 miles south of Aktubinsk, is being drilled on the largest of eight seismic anomalies identified by the Company's recent seismic program over the area, and will complement the results of six other wells previously drilled on the anomaly. 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 Kazakhstan, and in refining, marketing and transportation of petroleum 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. . Statements herein may be identified as forward-looking for purposes of safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions under Section 21E of the SEC Act of 1934. Such statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Company's future business are subject to risks and uncertainties that could cause actual results to differ materially from those statements, and other risks and factors, identified in the Company's SEC filings. |
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