American International Petroleum to Spud Begesh #1 Oil Well On Its License 953 in Kazakhstan.Business Editors NEW YORK--(BUSINESS WIRE)--Oct. 24, 2000 Official Kazakhstan Approval To Commence Drilling Expected This Week 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 its wholly-owned subsidiary, American International Kazakhstan ("AIPK"), anticipates beginning testing and workover operations on the Begesh #1 oil well, located on its License 953 in Kazakhstan, on or about October 27, 2000. The Company owns a 70% working interest in the 4.7 million acre exploration License in southwestern Kazakhstan. Before rig operations can commence Kazakhstan officials will inspect the drill site and drilling rig equipment to verify all is in compliance, typically a one to two day procedure. Upon receipt of the expected approvals operations for the Begesh #1 oil well will commence, anticipated on or about October 27. The Company stated that the drilling rig is in place and all mobilization and support work is anticipated to be completed by October 25. AIPK has experienced some delay in mobilization due in large part to scheduled rail delivery of certain critical drilling equipment. The main target of re-entry RE-ENTRY, estates. The resuming or retaking possession of land which the party lately had. 2. Ground rent deeds and leases frequently contain a clause authorizing the landlord to reenter on the non-payment of rent, or the breach of some covenant, when the of the Begesh #1 well is the Upper Jurrassic interval which has not been tested before on the 12,000 acre Begesh structure. Similar Upper Jurassic intervals are known to be oil productive in the area. The Begesh #1 well re-entry and subsequent test program is designed to establish that the Jurassic formation in the 12,000 acre Begesh structure is able to produce oil in commercial quantity. Success of Begesh #1 will support further delineation of the Jurassic formation on the Begesh structure, and possibly on the adjoining 10,000 acre Orlean structure, and the ultimate commercial development of both structures. American International Petroleum Kazakhstan, a wholly-owned subsidiary of the Company, owns two licenses in the Republic of Kazakhstan: Production License 1551, the Shagyryl-Shomyshty gas field, in which it has a 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 604 billion cubic feet of gas as previously reported, and exploration License 953, a 4.7 million acre exploration block, in which the Company has a 70% working interest. American International Petroleum Corporation 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 processing, marketing and transportation of a wide array of refined products, from naphtha naphtha (năp`thə, năf`–), term usually restricted to a class of colorless, volatile, flammable liquid hydrocarbon mixtures. to asphalt asphalt (ăs`fôlt, –fălt), brownish-black substance used commonly in road making, roofing, and waterproofing. Chemically, it is a natural mixture of hydrocarbons. , 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. . 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 Securities and Exchange Commission 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 business, including timely availability of Kazakhstan officials, drill site, drilling and other equipment meeting professional requirements and timely regulatory approvals, and 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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