American International Petroleum increases value of its oil & gas reserves by 38%.NEW YORK--(BUSINESS WIRE)--July 9, 1996--AMERICAN INTERNATIONAL PETROLEUM CORPORATION (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 ), announced today that the value of its independently-estimated proved oil and gas reserves, discounted at 10%, as of July 1, 1996 increased by 38% to $17.1 million from $12.4 million at January 1, 1996. The increased resulted from the Company s previously announced, new oil sales contracts in Colombia. Non-discounted future revenues increased to $32.9 million from $26.2 million. At the Company's request, Huddleston & Co., Inc., the Houston, Texas-based independent petroleum and geological engineering firm, updated its 1995 year-end estimates of the Company's oil and gas reserves to reflect the new contracts, which became effective in May and June 1996. Earlier this year, the company announced a 44% increase in its 1995 year-end 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. to 6 million barrels of oil equivalent ("MBOE MBOE Thousands of Barrels of Oil Equivalent MBOE Milford Board of Education ") in 1995 from 4.2 MBOE in 1994. The above statements discussed in this news release include forward-looking statements that involve risks and uncertainties, the impact of competitive products and pricing, and other risks detailed from time to time in the Company s SEC reports. American International Petroleum Corporation is engaged in oil and natural gas exploration and production in Columbia and Peru, South America, and in refining in Louisiana. CONTACT: American International Petroleum Denis Denis, king of Portugal: see Diniz. J. Fitzpatrick, 800/298-AIPC |
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