American International Petroleum to Commence Drilling in Kazakhstan.NEW YORK--(BUSINESS WIRE)--Oct. 26, 1998-- Altai No. 1 Well To Be Spudded By November 10, 1998 American International Petroleum Corporation (Nasdaq 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 ) today announced it has completed negotiation of service contracts for the drilling, testing and completion of its first development well, Altai No. 1, on its Kazakhstan License No. 953. Altai No. 1 will be spudded on or about November 10, 1998 and is expected to reach a depth of about 3,000 feet to test the upper and lower Eocene formation. Altai No. 1 is the first well to be drilled by the Company on the Altai seismic anomaly, estimated by independent consultants to have the potential of containing 742 billion cubic feet of gas. The well, located about 140 miles south of Aktubinsk, is being drilled on the largest of eight seismic anomalies identified by the Company's recent seismic program over the area. Altai No. 1 will complement the results of six other wells previously drilled on the anomaly, each of which indicate the presence of commercial quantities of gas. Mobilization mobilization Organization of a nation's armed forces for active military service in time of war or other national emergency. It includes recruiting and training, building military bases and training camps, and procuring and distributing weapons, ammunition, uniforms, of construction equipment to the well site will take place this week, followed next week by the drilling rig equipment and camp. A Kazakhstan drilling company, Aktubinskoye Drilling, a division of Aktubinsk Nafte Gas, has been contracted to drill Altai No. 1. Perforating, cementing and testing of the well will be provided separately by two 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. based corporations which furnish fur·nish tr.v. fur·nished, fur·nish·ing, fur·nish·es 1. To equip with what is needed, especially to provide furniture for. 2. such services worldwide. The Altai No. 1 well and subsequent test program is designed to validate the previous well results and establish commercial rates of production. Success of Altai No. 1 will support further delineation of the commercial potential of gas in the remaining seven seismic anomalies. The aggregate potential of the eight anomalies was estimated by independent consultants to have recoverable gas reserves of about 1.1 trillion cubic feet of gas. The Company is currently having discussions with several companies regarding contractual arrangements to assist in developing the necessary infrastructure and marketing of gas should results of this drilling program prove to support commercialization. American International Petroleum Corporation is a diversified petroleum company which, through various wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , is involved in oil and gas exploration and development in Kazakhstan, and in refining, marketing and transportation of petroleum products in the United States. Statements herein may be identified as forward-looking for purposes of safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions under Section 21E of the SEC Act of 1934. Such statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Company's future business are subject to risks and uncertainties that could cause actual results to differ materially from those statements, and other risks and factors, identified in the Company's SEC filings. |
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