============================: THU.AUG,980813 :============================
  1.25 | range52  1 - 7 |
|16:45| Dr GeorgeFaris , Chmn : Mkt down - looking for bargains . AIPN is .
 Diversified petrol - ~ depend on price of Oil . Offices NYC Houston
  , Moskva , ( own 1.0 Kazetstan which owns .7 License )  . LakeCharles LA
  Mngt owns .09 x 53.5E6  shares | Assets 58 , debt 11 M$ |
 | niche refiner : Heavy , Hi sulfer , Mex -  6 - 6.5 $ % barrel  crude .
 trying to be marketer of refined products frm TX to FL .  asphalt & diesel
 small refineries . Atmospheric condensation tower  400 - 850 degF .
 most densed then to Vacuum Unit - get gasOil & .82 asphalt
 Margin for asphalt  .3 - very high for refining | 2.7 last yr , w new ops
  7M$ |
 Transportation Hiway act : + .6 change over now to 2003 .
 make Asphalt tiles .  New in business . new labs in LA .
 Volumetric Margin analysis . capacity 30KBrl  % day , can be increased to 50
 Total cost to processed asphalt  ~ 11$ % B .  | 75 employees in refinery
Kazakstan License | 4.7 M acres , ~ 16 major structures . Est 2.6B Brls recov
 Asset worth at least 20$ % share .
 Own .7 & are operating partner . Surrounded by Exxon , JNOC , Amoco .
 Kaz  ~ %3 size of US . Caspian has more oil than MidEast .
 Kaz Govt : block has  3 of 100 B Brls tot in country .  1T cf gas .
  Gas & Oil pipes in nbd . Plan to start exploitation Oct .
  Eocene ; Jurasic , carbonieferous  2000 , 10000 , 12000 ft deep .
  Chevron/Mobil Tengiz 500KB % day field to west .
|17:9| Qs : Why supply cheap ? buying low quality -
 How get Kaz ? long story . Knew geophysist given responsibility by Gvt to mkt
 MichaelStorm: why range ? started @ .35 went to 7 on anouncements of reserve
  finds & rumors of merger . Down because let warrents expire w/o conversion
  . Instead did 12M$ conv Debentures .
  Ownership ?  21k shareholders , mngt .09 |
 Depth of drilling in Kz ? shallow .
 Kz stable ? Y , was Stalin dumping grnd .
 Lucander : Mngt of refinery ? head of refinery Pres Asphalt assoc .
 Board ? Strong . ex- Asst Sec State Asia & mid east .
 Amoco & BP ? don`t want to sell even @ multiple of current price .
 Price of their crude trak hi qual ? yes .
 Glut , storage ? 1.2M B storage - no much .
  Kz Oil good light sweet .
 Acqs ? only looking in Russia  because of contacts .
 50KBl capacity . how use . ?  Asphalt retail . polymerized .
  looking to open more retail outlets .
 Bkgrnd ? on walst since 60s . number of companies PHd MecEngin .
  this co since `83 . |17:28|