American International Petroleum achieves 33% increase in production rate of its Toqui Toqui field.NEW YORK--(BUSINESS WIRE)--Nov. 8, 1996-- Company hires new vice president of asphalt manufacturing & marketing American International Petroleum Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : 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 released an update of a workover program at its Toqui Toqui oilfield in Colombia, South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. . With approximately two-thirds of the planned workovers and servicing having been completed to date, the program has resulted in an approximate 33 percent increase in the field's total sustainable production level to approximately 1,000 barrels per day Barrels per day (abbreviated BPD, bbl/d, bpd, bd or b/d) is a measurement used to describe the amount of crude oil (measured in barrels) produced or consumed by an entity in one day. . The field was averaging around 750 barrels per day before the program was implemented in September 1996. The company is currently seeking the approval of its partners to complete remainder of the workover program. The company hopes to attain an aggregate sustainable rate of production in the field of 1,150-1,200 barrels of oil per day after completion of the workover program in December 1996, including the expected incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. production from its TT-34 Chicoral discovery well of around 150-200 barrels of oil per day, resulting from the addition of a pump this week. The company is placing the Chicoral discovery well on pump to test the productive capability of the well, which it recently completed, and to provide more data to enable a more accurate assessment of the productive capability of the Chicoral reservoir which independent estimates have placed at approximately 17 million barrels of recoverable oil. The company believes this process will provide a clearer picture of the value of the discovery to potential farmout partners. The company has been having discussions with various sources of financing, in addition to potential partners, with the intent of drilling the initial Chicoral development well as soon as possible. In other news, the company said it has named John Munk as vice president - asphalt manufacturing & marketing. Munk brings 26 years of operations and marketing experience in the asphalt industry to the company. His responsibilities will include asphalt manufacturing and marketing as well as the refinery laboratory. American International Petroleum Corp. is engaged in oil and natural gas exploration and production in Colombia and Peru, South America, and in refining in Louisiana. CONTACT: American International Petroleum Corp., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Denis Denis, king of Portugal: see Diniz. J. Fitzpatrick, 800/298-AIPC |
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