American International Petroleum Updates Status of Operations.Business Editors NEW YORK--(BUSINESS WIRE)--Dec. 20, 2000 American International Petroleum Corporation (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). 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 announced the following update to keep shareholders abreast of developments in its Kazakhstan concessions, License 1551 and License 953, and domestic refining and marketing operations at its Lake Charles, Louisiana
Lake Charles can also refer to Lake Charles, Nova Scotia a lake in the Halifax Regional Municipality, Nova Scotia Lake Charles , refinery. License 953 The Begesh #1 well re-entry RE-ENTRY, estates. The resuming or retaking possession of land which the party lately had. 2. Ground rent deeds and leases frequently contain a clause authorizing the landlord to reenter on the non-payment of rent, or the breach of some covenant, when the effort has reached a depth of 2755 meters. The Company is attempting to reach a total depth of 3800 meters to begin testing different zones ranging in depth from 2900 meters to 3800 meters. The re-entry has been hampered on various occasions by encountering debris in the hole that caused delay in the schedule. License 1551 The Company is actively continuing its effort to conclude a contract with RAO Gazprom for both the selling and the transporting of its gas from its License 1551, the Shagyrly-Shomyshty gas field. The Company is also continuing its efforts to conclude a gas sales contract Sales Contract Contract between a seller and buyer for the sale of goods, services, or both. with ZAO ZAO Zakrytoe Aktsionernoe Obschestvo (Russian: Closed Joint Stock Corporation) ZAO Zenith Angle Offset ZAO Aluminium Doped Zinc Oxide (material for producton of organic light-emitting diodes) Kaztransgas. License Partners The Company is in active negotiations with two industry partners regarding the sale of an interest in both Licenses. The Company believes that the success of these negotiations depend on its ability to conclude a gas sales contract for License 1551 and the commercial potential of Begesh #1 well for License 953. One of the potential partners is an American company and the other is a foreign company. Refining Division In November 2000, the Company successfully completed a "test run" at its Lake Charles, refinery by processing approximately 53,000 barrels of Sabine Pass and Pecan pecan: see hickory. pecan Nut and tree (Carya illinoinensis) of the walnut family, native to temperate North America. Occasionally reaching a height of about 160 ft (50 m), the tree has deeply furrowed bark and feather-shaped leaves. Island condensates on behalf of Sargeant Bulktainers, Inc, ("Sargeant ") pursuant to a contract signed by the parties earlier this year. The resultant naphtha naphtha (năp`thə, năf`–), term usually restricted to a class of colorless, volatile, flammable liquid hydrocarbon mixtures. , jet/kerosene, No. 2 diesel fuel, and atmospheric gas oil produced from the test run were marketed shortly thereafter by the Company for Sargeant's account. The test was witnessed by the firm of Purvin & Gertz, International Energy Consultants, who issued a report of their findings to the Company confirming the success of the test run. The Company said that Sargeant had incurred delays in bringing in its next shipment of crude oil feedstocks to the refinery for processing, originally scheduled for November, but Sargeant informed the Company a shipment is expected shortly. Under the agreement between the Company's wholly-owned subsidiary, American International Refinery, and Sargeant, signed in September this year, Sargeant is required to supply the refinery with crude oil that is refined into naphtha, kerosene kerosene or kerosine, colorless, thin mineral oil whose density is between 0.75 and 0.85 grams per cubic centimeter. A mixture of hydrocarbons, it is commonly obtained in the fractional distillation of petroleum as the portion boiling off , diesel oil and vacuum gas oil. The asphalt joint venture with Sargeant is operating normally with a backlog in excess of $8 million. During the Company's third quarter ended September 30, 2000, the joint venture produced approximately $2,786,000 in asphalt revenues and operated cash flow positive. President/CEO The Company has received over 40 resumes and has interviewed six potential candidates. No decision has been made on selecting a permanent president/CEO although the Board of Directors is actively pursuing the recruitment of a qualified candidate. About American International Petroleum Corporation: 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 Refinery, a wholly owned subsidiary 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. of the Company headquartered in Houston, TX, owns and operates a 30,000 barrel per day refinery with a 720,000 barrel storage capacity in Lake Charles, LA. AIRI AIRI Atomic Industry Research Institute also owns St. Marks Refinery, near Tallahassee, FL, to use as a distribution terminal and storage facility. AIRI is positioned as a processor and marketer of refined products that target niche markets, concentrating primarily on high-octane naphtha, jet fuel, diesel fuels, vacuum gas oil and asphalt for highway paving, especially higher-margin, technologically advanced polymerized asphalt. American International Petroleum Corporation is a diversified petroleum company which, through various wholly owned subsidiaries, is involved in oil and gas exploration and development in the Republic of Kazakhstan, and in refining, marketing and transportation of its refined products in the United States. 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 Securities and Exchange Commission Act of 1934. Such statements relating to the Company's business, including completion of oil drilling and/or testing operations, commercially viable results of Begesh #1, successful conclusion of a gas sales contract and/or signing a license partner, receipt of crude oil and/or asphalt at its refinery, the refinery to continue to operate successfully, and 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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