American International Petroleum to Buy Back Balance of 6% Convertible Debentures; Investor Agrees To "Stand Still" Pending Closing.NEW YORK--(BUSINESS WIRE)--Dec. 15, 1999-- 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 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 has signed an agreement with an investor to buy back the investor's entire outstanding balance, totaling approximately $3 million of the 6% secured convertible debentures Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. on or before January 12, 2000. The agreement calls for the Company to purchase, for cash, the principal amount of the debentures outstanding held by the investor, plus a 15 percent premium. Under the terms of the agreement the investor has agreed not to convert any of the outstanding debentures before the closing unless the Company's common stock on the NASDAQ market is greater than $1.25 per share. Also, the investor has agreed not to sell any of the Company's common stock, long or short, through January 31, 2000, at a price that is less than $1.25 per share. American International Petroleum Corp. is a diversified petroleum company which, through various wholly-owned subsidiaries, is involved in oil and gas exploration and development in the Republic of Kazakhstan, and in refining, 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 Company's wholly-owned subsidiary, American International Petroleum Kazakhstan, owns two licenses in the Republic of Kazakhstan. License 1551, the Shagyryl-Shomyshty gas field, in which it has 100% interest, has technically 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. of 450 billion cubic feet of gas as independently estimated by Ryder Scott Co., and a 70% working interest in License 953, a 4.7 million acre exploration license immediately south of License 1551. |
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