American International Petroleum reports financial results for 1996.NEW YORK--(BUSINESS WIRE)--April 16, 1997-- Completing construction of asphalt asphalt (ăs`fôlt, –fălt), brownish-black substance used commonly in road making, roofing, and waterproofing. Chemically, it is a natural mixture of hydrocarbons. terminal and polymer processing facilities American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of 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 reported financial results for the year ended Dec. 31, 1996. For the year ended Dec. 31, 1996, revenues were $4,111,000 versus $2,811,000 for the year ended Dec. 31, 1995. The net loss was $4,652,000, or $.16 per share on 29,598,832 weighted average shares outstanding, compared to a net loss of $4,338,000, or $.20 per share on 21,746,719 weighted average shares then outstanding. The net loss in 1996 included $4,815,000 in non-cash charges Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. , or $.16 per share. The reason for the increase in revenues in 1996 related primarily to a 108% increase in refinery lease fees in 1996. The company said it now has sufficient capital, or access thereto there·to adv. 1. To that, this, or it. 2. Archaic In addition to that; furthermore. thereto Adverb Formal 1. to that or it 2. , to complete the expansion of its refinery in Lake Charles, Louisiana
Lake Charles can also refer to Lake Charles, Nova Scotia a lake in the Halifax Regional Municipality, Nova Scotia Lake Charles to enable the implementation of asphalt and tolling operations. Other projects for the refinery are also currently being considered and discussed with potential customers. The construction of the asphalt terminal and polymer processing facility at the refinery was temporarily interrupted in·ter·rupt v. in·ter·rupt·ed, in·ter·rupt·ing, in·ter·rupts v.tr. 1. To break the continuity or uniformity of: Rain interrupted our baseball game. 2. but has now resumed. All eight asphalt storage tanks have been completed and the company is now in the process of installing the interconnecting piping network. The polymer processing unit and hot oil heater are in place and ready to be plumbed into the system. The company expects to test the completed system by June 1997. The above statements are based on current expectations and are forward-looking. They involve certain risks and uncertainties detailed from time to time in the company's SEC reports. American International Petroleum Corporation is an international oil and gas exploration and development company -0-
American International Petroleum Corporation
FINANCIAL SUMMARY
Year Ended December 31,
1996 1995
Revenues $ 4,111,000 $ 2,811,000
Expenses $ 8,763,000(a) $ 7,149,000
Net loss $(4,652,000)(a $(4,338,000)
Earnings per share ($0.16) ($0.20)
Weighted average
shares outstanding 29,598,832 21,746,719
(a) Includes non-cash charges of $4,185,000 or $.16 per share.
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Twelve Months Ended December 31,
1996 1995
Net production (barrels) 130,433 155,615
Realized price per barrel $10.46 $8.16
Production cost per barrel $4.69 $2.78
Proved equivalent oil
reserves (bbls.) 6,457,000(a) 6,003,000
Future net revenues
discounted at 10% $21,902,000(a) $12,359,000
(a) The company sold all of its oil and gas reserves in February 1997 for a purchase price of up to $20.2 million. CONTACT: American International Petroleum Corp. Denis Denis, king of Portugal: see Diniz. J. Fitzpatrick, 800/298-AIPC |
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