American International Petroleum Corporation (fka AIPN)

[Begesh]

AIPN NEWS TODAY

(BSNS WIRE) American International Asphalt, Inc. Secures $1.8 Million Credit
American International Asphalt, Inc. Secures $1.8 Million Credit Facility


Business Editors

NEW YORK--(BUSINESS WIRE)--May 2, 2002--American International
Asphalt, Inc. ("AIA"), a wholly owned subsidiary of American
International Petroleum Corporation (OTC BB: AIPN), reached an
agreement with Fidelity Funding Business Credit, Ltd., Dallas, TX, for
an aggregate $1.8 million credit facility.

Proceeds will be utilized to acquire asphalt feedstocks to support
AIA's asphalt operations, including its contract backlog and working
capital requirements.

The Company sold approximately 57,000 tons of asphalt in 2001, an
approximate 50% increase over its total asphalt sales in the previous
year, primarily to highway contractors in the states of Louisiana and
Texas. Two-thirds of the 2001 sales consisted of high-margin
polymerized asphalt. AIA anticipates expanding into the specialty
asphalt market later this year and to also begin selling asphalt into
other states as well. Currently, AIA has an asphalt contract backlog
of approximately $7 million, of which approximately 70% is for
polymerized asphalt.

AIA is engaged in the production and retail marketing of
conventional and polymer-modified asphalt for highway paving in the
United States, primarily in the Gulf Coast. AIA has been very
successful in developing its niche market, customer base and
reputation as a supplier of highly reliable "on-spec" asphalt. AIA's
asphalt facilities, located in Lake Charles, LA include an aggregate
asphalt storage tank capacity of approximately 342,000 barrels, or
about 62,000 tons.

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 crude oil, and in marketing and
transporting a wide array of refined products in the United States.

Statements herein may be identified as forward-looking for
purposes of safe harbor provisions under Section 21E of the Securities
and Exchange Commission Act of 1934. Such statements relating to AIA's
business, including those specific to this press release, including
ability to acquire asphalt feedstocks, fulfill its contract backlog,
expand into specialty asphalt, and sell into new states; and all
future business of the Company, are subject to risks and uncertainties
that could cause actual results to differ materially from those
statements and other risks and factors, identified in American
International Petroleum Corporation's SEC filings.

--30--rlg/ny*

CONTACT: American International Petroleum Corporation, New York
Michael Dodge, 212/688-3333

KEYWORD: NEW YORK
INDUSTRY KEYWORD: BANKING BUILDING/CONSTRUCTION OIL/GAS
SOURCE: American International Petroleum Corporation

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