American International Petroleum Wins Tender for Shagyryl-Shomyshty Gas Field in Kazakhstan.NEW YORK--(BUSINESS WIRE)--Feb. 22, 1999-- Proven Recoverable Gas Reserves Exceed One Trillion Cubic Feet 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 ) announced today it was officially notified by the Kazakhstan government's State Investment Committee that it won the tender for the Shagyryl-Shomyshty gas field in western Kazakhstan. The gas field is estimated by the Kazakhstan government to have approximately 1.14 trillion cubic feet of proven recoverable gas reserves. This is equal to 190 million barrels of oil using a conversion of six thousand cubic feet of gas per barrel of oil. Fifty-eight gas wells, which are currently shut-in, have been drilled to delineate the 200,000 acre gas field. The Company anticipates signing a license agreement with the Kazakhstan government for 100% ownership of the Shagyryl-Shomyshty field very shortly and will provide additional details concerning the license at that time. The Shagyryl-Shomyshty field, discovered by drilling in the area from 1966-1969, is located in the North Usturt Basin adjacent to the northeastern portion of the Company's License No. 953, and approximately 40 miles north of the Altai No. 1 gas well recently drilled by the Company on the Chikuduk structure. Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Dr. George Faris said, "We are very confident about the future of Kazakhstan and are pleased to have won this tender. Our Kazakhstan strategy includes providing the Company with proven reserves this year and starting gas production during calendar year 2000. Due to the close proximity of the Chikuduk and the Shagyryl-Shomyshty fields we believe they could easily share a main transfer pipeline and facilities for gas treatment and compression." The Srednyaya Azia-Center pipeline system, about 65 miles to the west, contains three gas pipelines with a combined capacity of about 6.5 billion cubic feet per day, and the Bukhare Ural pipeline, about 130 miles to the east, has a capacity of about 2 billion cubic feet per day. 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 the Republic of 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 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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