American International Petroleum signs contract to sell associated gas from its Toqui field in Colombia.NEW YORK--(BUSINESS WIRE)--December 28, 1995--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 it has executed a gas sales contract Sales Contract Contract between a seller and buyer for the sale of goods, services, or both. with Latin American Cogen Inc. (LAC) of North Carolina for the available associated gas production from the Toqui oil field. LAC plans to complete construction and begin operations of the 5 MW facility by June 1, 1996. All associated gas from the Toqui field has been flared in the past, incurring a special tax for flared gas. LAC will purchase the gas from the outlet of the production separators located at the central battery and no investment by AIPC AIPC Androgen-Independent Prostate Cancer AIPC American Italian Pasta Company (Kansas City, MO) AIPC Aquidneck Island Planning Commission (Rhode Island) will be required. This contract will provide a sales price of $.40 per MCF escalated quarterly by the Colombian inflation index currently running at 19 percent per year. Additional generator capacity is being considered with anticipated increased gas supply from the new Chicoral formation recently discovered in the same field. The present gas production of about 1 MMCFD is expected to increase significantly with the Chicoral production. The company is also reviewing offers for the installation of a 15 MW plant to be powered by the non-associated gas from the Puli puli (p  l`ē, py `lē) (pl. pulik), a breed of wiry, medium-sized working dog developed nearly 1,000 years ago in Hungary. gas field which is 20 km east of the Toqui field. The sales price for this gas should be in excess of $1.20 per MCF. American International Petroleum Corporation 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 Corporation Denis Denis, king of Portugal: see Diniz. J. Fitzpatrick Chief Financial Officer (800) 298-AIPC |
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