<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. _______)*
AMERICAN INTERNATIONAL PETROLEUM CORPORATION
(Name of Issuer)
Common Stock, par value $0.08 per share
(Title of Class of Securities)
026909-20-0
(CUSIP Number)
April 21, 1998
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
* The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter the disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not
be deemed to be "filed" for the purpose of Section 18 of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject
to the liabilities of that section of the Exchange Act but shall be subject
to all other provisions of the Exchange Act (however, see the Notes).
<PAGE>
CUSIP No. 026909-20-0 13G
-----------
(1) Name of Reporting Person Infinity Investors Limited
I.R.S. Identification
No. of Above Person N/A
- ------------------------------------------------------------------
(2) Check the Appropriate Box if a (a) [ ]
Member of a Group* (b) [ x]
- ------------------------------------------------------------------
(3) SEC Use Only
- ------------------------------------------------------------------
(4) Citizenship or Place of Organization Nevis, West Indies
- ------------------------------------------------------------------
Number of Shares
Beneficially
Owned by Each
Reporting Person
With: (5) Sole Voting Power 3,006,987
- ------------------------------------------------------------------
(6) Shared Voting Power 0
- ------------------------------------------------------------------
(7) Sole Dispositive Power 3,006,987
- ------------------------------------------------------------------
(8) Shared Dispositive Power 0
- ------------------------------------------------------------------
(9) Aggregate Amount Beneficially Owned 3,006,987
by Each Reporting Person
- ------------------------------------------------------------------
(10) Check Box if the Aggregate Amount in [ x]
Row (9) Excludes Certain Shares*
- ------------------------------------------------------------------
(11) Percent of Class Represented by 5.9%
Amount in Row (9)
- ------------------------------------------------------------------
(12) Type of Reporting Person* CO
- ------------------------------------------------------------------
* SEE INSTRUCTIONS
<PAGE>
CUSIP No. 026909-20-0 13G
-----------
(1) Name of Reporting Person Infinity Emerging Opportunities
Limited
I.R.S. Identification
No. of Above Person N/A
- ------------------------------------------------------------------
(2) Check the Appropriate Box if a (a) [ ]
Member of a Group* (b) [ x]
- ------------------------------------------------------------------
(3) SEC Use Only
- ------------------------------------------------------------------
(4) Citizenship or Place of Organization Nevis, West Indies
- ------------------------------------------------------------------
Number of Shares
Beneficially
Owned by Each
Reporting Person
With: (5) Sole Voting Power 1,002,329
- ------------------------------------------------------------------
(6) Shared Voting Power 0
- ------------------------------------------------------------------
(7) Sole Dispositive Power 1,002,329
- ------------------------------------------------------------------
(8) Shared Dispositive Power 0
- ------------------------------------------------------------------
(9) Aggregate Amount Beneficially Owned 1,002,329
by Each Reporting Person
- ------------------------------------------------------------------
(10) Check Box if the Aggregate Amount in [ x]
Row (9) Excludes Certain Shares*
- ------------------------------------------------------------------
(11) Percent of Class Represented by 2.0%
Amount in Row (9)
- ------------------------------------------------------------------
(12) Type of Reporting Person* CO
- ------------------------------------------------------------------
* SEE INSTRUCTIONS
<PAGE>
CUSIP No. 026909-20-0 13G
-----------
(1) Name of Reporting Person Glacier Capital Limited
I.R.S. Identification
No. of Above Person N/A
- ------------------------------------------------------------------
(2) Check the Appropriate Box if a (a) [ x](1)
Member of a Group* (b) [ x](2)
- ------------------------------------------------------------------
(3) SEC Use Only
- ------------------------------------------------------------------
(4) Citizenship or Place of Organization Nevis, West Indies
- ------------------------------------------------------------------
Number of Shares
Beneficially
Owned by Each
Reporting Person
With: (5) Sole Voting Power 501,165
- ------------------------------------------------------------------
(6) Shared Voting Power 0
- ------------------------------------------------------------------
(7) Sole Dispositive Power 501,165
- ------------------------------------------------------------------
(8) Shared Dispositive Power 0
- ------------------------------------------------------------------
(9) Aggregate Amount Beneficially Owned 501,165
by Each Reporting Person
- ------------------------------------------------------------------
(10) Check Box if the Aggregate Amount in [ x]
Row (9) Excludes Certain Shares*
- ------------------------------------------------------------------
(11) Percent of Class Represented by 1.0%
Amount in Row (9)
- ------------------------------------------------------------------
(12) Type of Reporting Person* CO
- ------------------------------------------------------------------
* SEE INSTRUCTIONS
- -------------------
(1) Glacier Capital Limited expressly affirms the existence of a "group"
(as such term is used in Rule 13d-5 promulgated under the Securities and
Exchange Act of 1934) among the other members of the Glacier Group (as herein
defined).
(2) Glacier Capital Limited disclaims membership in a group consisting of
members other than those in the Glacier Group and has included information
concerning such shares for informational purposes only.
<PAGE>
CUSIP No. 026909-20-0 13G
-----------
(1) Name of Reporting Person Lion Capital Partners, L.P.
I.R.S. Identification
No. of Above Person N/A
- ------------------------------------------------------------------
(2) Check the Appropriate Box if a (a) [ x](3)
Member of a Group* (b) [ x](4)
- ------------------------------------------------------------------
(3) SEC Use Only
- ------------------------------------------------------------------
(4) Citizenship or Place of Organization Texas
- ------------------------------------------------------------------
Number of Shares
Beneficially
Owned by Each
Reporting Person
With: (5) Sole Voting Power 501,165
- ------------------------------------------------------------------
(6) Shared Voting Power 0
- ------------------------------------------------------------------
(7) Sole Dispositive Power 501,165
- ------------------------------------------------------------------
(8) Shared Dispositive Power 0
- ------------------------------------------------------------------
(9) Aggregate Amount Beneficially Owned 501,165
by Each Reporting Person
- ------------------------------------------------------------------
(10) Check Box if the Aggregate Amount in [ x]
Row (9) Excludes Certain Shares*
- ------------------------------------------------------------------
(11) Percent of Class Represented by 1.0%
Amount in Row (9)
- ------------------------------------------------------------------
(12) Type of Reporting Person* PN
- ------------------------------------------------------------------
* SEE INSTRUCTIONS
- -------------------
(3) Lion Capital Partners, L.P. expressly affirms the existence of a
"group" (as such term is used in Rule 13d-5 promulgated under the Securities
and Exchange Act of 1934) among the other members of the Glacier Group
(as herein defined).
(4) Lion Capital Partners, L.P. disclaims membership in a group
consisting of members other than those in the Glacier Group and has included
information concerning such shares for informational purposes only.
<PAGE>
CUSIP NO. 026909-20-0 13G
(1) Name of Reporting Person Mountain Capital Management, L.L.C.
I.R.S. Identification
No. of Above Person N/A
- ------------------------------------------------------------------
(2) Check the Appropriate Box if a (a) [ x](5)
Member of a Group* (b) [ x](6)
- ------------------------------------------------------------------
(3) SEC Use Only
- ------------------------------------------------------------------
(4) Citizenship or Place of Organization Texas
- ------------------------------------------------------------------
Number of Shares
Beneficially
Owned by Each
Reporting Person
With: (5) Sole Voting Power 501,165
- ------------------------------------------------------------------
(6) Shared Voting Power 0
- ------------------------------------------------------------------
(7) Sole Dispositive Power 501,165
- ------------------------------------------------------------------
(8) Shared Dispositive Power 0
- ------------------------------------------------------------------
(9) Aggregate Amount Beneficially Owned 501,165
by Each Reporting Person
- ------------------------------------------------------------------
(10) Check Box if the Aggregate Amount in [ x]
Row (9) Excludes Certain Shares*
- ------------------------------------------------------------------
(11) Percent of Class Represented by 1.0%
Amount in Row (9)
- ------------------------------------------------------------------
(12) Type of Reporting Person* OO
- ------------------------------------------------------------------
* SEE INSTRUCTIONS
- -------------
(5) Mountain Capital Monagement, L.L.C. expressly affirms the existence
of a "group" (as such term is used in Rule 13d-5 promulgated under the
Securities and Exchange Act of 1934) among the other members of the Glacier
Group (as herein defined).
(6) Mountain Capital Management, L.L.C. disclaims membership in a group
consisting of members other than those in the Glacier Group and has included
information concerning such shares for informational purposes only.
<PAGE>
CUSIP NO. 026909-20-0 13G
(1) Name of Reporting Person Summit Capital Limited
I.R.S. Identification
No. of Above Person N/A
- ------------------------------------------------------------------
(2) Check the Appropriate Box if a (a) [ x](7)
Member of a Group* (b) [ x](8)
- ------------------------------------------------------------------
(3) SEC Use Only
- ------------------------------------------------------------------
(4) Citizenship or Place of Organization Nevis, West Indies
- ------------------------------------------------------------------
Number of Shares
Beneficially
Owned by Each
Reporting Person
With: (5) Sole Voting Power 501,165
- ------------------------------------------------------------------
(6) Shared Voting Power 0
- ------------------------------------------------------------------
(7) Sole Dispositive Power 501,165
- ------------------------------------------------------------------
(8) Shared Dispositive Power 0
- ------------------------------------------------------------------
(9) Aggregate Amount Beneficially Owned 501,165
by Each Reporting Person
- ------------------------------------------------------------------
(10) Check Box if the Aggregate Amount in [ x]
Row (9) Excludes Certain Shares*
- ------------------------------------------------------------------
(11) Percent of Class Represented by 1.0%
Amount in Row (9)
- ------------------------------------------------------------------
(12) Type of Reporting Person* PN
- ------------------------------------------------------------------
* SEE INSTRUCTIONS
- -------------
(7) Summit Capital Limited expressly affirms the existence of a "group"
(as such term is used in Rule 13d-5 promulgated under the Securities and
Exchange Act of 1934) among the other members of the Summit Group (as herein
defined).
(8) Summit Capital Limited disclaims membership in a group consisting
of members other than those in the Summit Group and has included information
concerning such shares for informational purposes only.
<PAGE>
CUSIP NO. 026909-20-0 13G
(1) Name of Reporting Person Sandera Partners, L.P.
I.R.S. Identification
No. of Above Person N/A
- ------------------------------------------------------------------
(2) Check the Appropriate Box if a (a) [ x](9)
Member of a Group* (b) [ x](10)
- ------------------------------------------------------------------
(3) SEC Use Only
- ------------------------------------------------------------------
(4) Citizenship or Place of Organization Texas
- ------------------------------------------------------------------
Number of Shares
Beneficially
Owned by Each
Reporting Person
With: (5) Sole Voting Power 501,165
- ------------------------------------------------------------------
(6) Shared Voting Power 0
- ------------------------------------------------------------------
(7) Sole Dispositive Power 501,165
- ------------------------------------------------------------------
(8) Shared Dispositive Power 0
- ------------------------------------------------------------------
(9) Aggregate Amount Beneficially Owned 501,165
by Each Reporting Person
- ------------------------------------------------------------------
(10) Check Box if the Aggregate Amount in [ x]
Row (9) Excludes Certain Shares*
- ------------------------------------------------------------------
(11) Percent of Class Represented by 1.0%
Amount in Row (9)
- ------------------------------------------------------------------
(12) Type of Reporting Person* OO
- ------------------------------------------------------------------
* SEE INSTRUCTIONS
- -------------
(9) Sandera Partners, L.P. expressly affirms the existence of a "group:
(as such term is used in Rule 13d-5 promulgated under the Securities and
Exchange Act of 1934) among the other members of the Summit Group (as herein
defined).
(10) Sandera Partners, L.P. disclaims membership in a group consisting of
members other than those in the Summit Group and has included information
concerning such shares for informational purposes only.
<PAGE>
CUSIP NO. 026909-20-0 13G
(1) Name of Reporting Person Sandera Capital Management, L.P.
I.R.S. Identification
No. of Above Person N/A
- ------------------------------------------------------------------
(2) Check the Appropriate Box if a (a) [ x](11)
Member of a Group* (b) [ x](12)
- ------------------------------------------------------------------
(3) SEC Use Only
- ------------------------------------------------------------------
(4) Citizenship or Place of Organization Texas
- ------------------------------------------------------------------
Number of Shares
Beneficially
Owned by Each
Reporting Person
With: (5) Sole Voting Power 501,165
- ------------------------------------------------------------------
(6) Shared Voting Power 0
- ------------------------------------------------------------------
(7) Sole Dispositive Power 501,165
- ------------------------------------------------------------------
(8) Shared Dispositive Power 0
- ------------------------------------------------------------------
(9) Aggregate Amount Beneficially Owned 501,165
by Each Reporting Person
- ------------------------------------------------------------------
(10) Check Box if the Aggregate Amount in [ x]
Row (9) Excludes Certain Shares*
- ------------------------------------------------------------------
(11) Percent of Class Represented by 1.0%
Amount in Row (9)
- ------------------------------------------------------------------
(12) Type of Reporting Person* PN
- ------------------------------------------------------------------
* SEE INSTRUCTIONS
- -------------
(11) Sandera Capital Management, L.P. expressly affirms the existence of
a "group" (as such term is used in Rule 13d-5 promulgated under the Securities
and Exchange Act of 1934) among the other members of the Summit Group (as herein
defined).
(12) Sandera Capital Management, L.P. disclaims membership in a group
consisting of members other than those in the Summit Group and has included
information concerning such shares for informational purposes only.
<PAGE>
CUSIP No. 026909-20-0 13G
-----------
(1) Name of Reporting Person Sandera Capital, L.L.C.
I.R.S. Identification
No. of Above Person N/A
- ------------------------------------------------------------------
(2) Check the Appropriate Box if a (a) [ x](13)
Member of a Group* (b) [ x](14)
- ------------------------------------------------------------------
(3) SEC Use Only
- ------------------------------------------------------------------
(4) Citizenship or Place of Organization Texas
- ------------------------------------------------------------------
Number of Shares
Beneficially
Owned by Each
Reporting Person
With: (5) Sole Voting Power 501,165
- ------------------------------------------------------------------
(6) Shared Voting Power 0
- ------------------------------------------------------------------
(7) Sole Dispositive Power 501,165
- ------------------------------------------------------------------
(8) Shared Dispositive Power 0
- ------------------------------------------------------------------
(9) Aggregate Amount Beneficially Owned 501,165
by Each Reporting Person
- ------------------------------------------------------------------
(10) Check Box if the Aggregate Amount in [ x]
Row (9) Excludes Certain Shares*
- ------------------------------------------------------------------
(11) Percent of Class Represented by 1.0%
Amount in Row (9)
- ------------------------------------------------------------------
(12) Type of Reporting Person* OO
- ------------------------------------------------------------------
* SEE INSTRUCTIONS
- --------------------
(13) Sandera Capital, L.L.C. expressly affirms the existence of a
"group" (as such term is used in Rule 13d-5 promulgated under the Securities
and Exchange Act of 1934) among the other members of the Summit Group (as
herein defined).
(14) Sandera Capital, L.L.C. disclaims membership in a group consisting
of members other than those in the Summit Group and has included information
concerning such shares for informational purposes only.
<PAGE>
CUSIP No. 026909-20-0 13G
-----------
(1) Name of Reporting Person John A. (Pete) Bricker, Jr.
I.R.S. Identification
No. of Above Person N/A
- ------------------------------------------------------------------
(2) Check the Appropriate Box if a (a) [ x](15)
Member of a Group* (b) [ x](16)
- ------------------------------------------------------------------
(3) SEC Use Only
- ------------------------------------------------------------------
(4) Citizenship or Place of Organization U.S. citizenship
- ------------------------------------------------------------------
Number of Shares
Beneficially
Owned by Each
Reporting Person
With: (5) Sole Voting Power 501,165
- ------------------------------------------------------------------
(6) Shared Voting Power 0
- ------------------------------------------------------------------
(7) Sole Dispositive Power 501,165
- ------------------------------------------------------------------
(8) Shared Dispositive Power 0
- ------------------------------------------------------------------
(9) Aggregate Amount Beneficially Owned 501,165
by Each Reporting Person
- ------------------------------------------------------------------
(10) Check Box if the Aggregate Amount in [ x]
Row (9) Excludes Certain Shares*
- ------------------------------------------------------------------
(11) Percent of Class Represented by 1.0%
Amount in Row (9)
- ------------------------------------------------------------------
(12) Type of Reporting Person* IN
- ------------------------------------------------------------------
* SEE INSTRUCTIONS
- --------------------
(15) John A. (Pete) Bricker, Jr. expressly affirms the existence of a
"group" (as such term is used in Rule 13d-5 promulgated under the Securities
and Exchange Act of 1934) among the other members of the Summit Group (as
herein defined).
(16) John A. (Pete) Bricker, Jr. disclaims membership in a group
consisting of members other than those in the Summit Group and has included
information concerning such shares for informational purposes only.
<PAGE>
CUSIP No. 026909-20-0 13G
-----------
(1) Name of Reporting Person Hunt Financial Partners, L.P.
I.R.S. Identification
No. of Above Person N/A
- ------------------------------------------------------------------
(2) Check the Appropriate Box if a (a) [ x](17)
Member of a Group* (b) [ x](18)
- ------------------------------------------------------------------
(3) SEC Use Only
- ------------------------------------------------------------------
(4) Citizenship or Place of Organization Texas
- ------------------------------------------------------------------
Number of Shares
Beneficially
Owned by Each
Reporting Person
With: (5) Sole Voting Power 501,165
- ------------------------------------------------------------------
(6) Shared Voting Power 0
- ------------------------------------------------------------------
(7) Sole Dispositive Power 501,165
- ------------------------------------------------------------------
(8) Shared Dispositive Power 0
- ------------------------------------------------------------------
(9) Aggregate Amount Beneficially Owned 501,165
by Each Reporting Person
- ------------------------------------------------------------------
(10) Check Box if the Aggregate Amount in [ x]
Row (9) Excludes Certain Shares*
- ------------------------------------------------------------------
(11) Percent of Class Represented by 1.0%
Amount in Row (9)
- ------------------------------------------------------------------
(12) Type of Reporting Person* PN
- ------------------------------------------------------------------
* SEE INSTRUCTIONS
- --------------------
(17) Hunt Financial Partners, L.P. expressly affirms the existence of a
"group" (as such term is used in Rule 13d-5 promulgated under the Securities
and Exchange Act of 1934) among the other members of the Summit Group (as
herein defined).
(18) Hunt Financial Partners, L.P. disclaims membership in a group
consisting of members other than those in the Summit Group and has included
information concerning such shares for informational purposes only.
<PAGE>
CUSIP No. 026909-20-0 13G
-----------
Item 1(a) Name of Issuer:
American International Petroleum Corporation (the "Issuer")
Item 1(b) Address of Issuer's Principal Executive Offices:
444 Madison Avenue, New York, New York 10022
Item 2(a) Name of Person Filing:
Pursuant to Rule 13d-1(k)(1) promulgated under the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), this Statement
on Schedule 13G is filed jointly by Infinity Investors Limited
("Infinity"), Infinity Emerging Opportunities Limited ("Emerging"),
Glacier Capital Limited ("Glacier"), Lion Capital Partners, L.P.
("Lion"), Mountain Capital Management, L.L.C. ("Mountain"), (Glacier,
Lion and Mountain, collectively, the "Glacier Group"), Summit Capital
Limited ("Summit"), Sandera Partners, L.P. ("Sandera"), Sandera
Capital Management, L.P. ("SCM"), Sandera Capital, L.L.C.
("Capital"), John A. (Pete) Bricker, Jr. ("Bricker") and Hunt
Financial Partners, L.P. ("Hunt Financial") (Summit, Sandera, SCM,
Capital, Bricker and Hunt Financial collectively, the "Summit
Group"). Infinity, Emerging, the Glacier Group and the Summit Group
are collectively referred to herein as the "Reporting Persons." The
Reporting Persons have included as APPENDIX A to this Statement an
agreement in writing that this Statement is filed on behalf of each
of them.
Item 2(b) Address of Principal Business Office or, if none, Residence:
The address of the Principal Business Office of Infinity, Emerging,
Glacier and Summit is:
38 Hertford Street, London, England W1Y 7TG.
The address of the Principal Business Office of Lion, Mountain
and the remaining members of the Summit Group is:
1601 Elm Street, Suite 4000, Dallas, Texas 75201.
<PAGE>
CUSIP No. 026909-20-0 13G
-----------
Item 2(c) Citizenship:
Infinity, Emerging, Glacier, and Summit are Nevis, West Indies
Corporations. Lion is a Texas limited partnership. Mountain is a
Texas limited liability company. Sandera is a Texas limited
partnership. SCM is a Texas limited partnership. Capital is a Texas
limited liability company. Mr. Bricker is a U.S. citizen, resident
of the State of Texas. Hunt Financial is a Texas limited partnership.
Item 2(d) Title of Class of Securities:
Common Stock, $0.08 par value per share (the "Common Stock") of
the Issuer.
Item 2(e) CUSIP Number:
026909-20-0
Item 3. This statement is filed pursuant to Rule 13d-1(c).
Item 4. Ownership:
INFINITY
(a) Amount Beneficially Owned: 3,006,987
(b) Percent of Class: 5.9%
(c) Number of Shares as to which such person has:
(i) sole power to vote or to direct the vote: 3,006,987
(ii) shared power to vote or to direct the vote: 0
(iii) sole power to dispose or to direct the disposition
of: 3,006,987
(iv) shared power to dispose or to direct the disposition
of: 0
<PAGE>
CUSIP No. 026909-20-0 13G
-----------
EMERGING
(a) Amount Beneficially Owned: 1,002,329
(b) Percent of Class: 2.0%
(c) Number of Shares as to which such person has:
(i) sole power to vote or to direct the vote: 1,002,329
(ii) shared power to vote or to direct the vote: 0
(iii) sole power to dispose or to direct the disposition
of: 1,002,329
(iv) shared power to dispose or to direct the disposition
of: 0
GLACIER GROUP
(a) Amount Beneficially Owned: 501,165
(b) Percent of Class: 1.0%
(c) Number of Shares as to which such person has:
(i) sole power to vote or to direct the vote: 501,165
(ii) shared power to vote or to direct the vote: 0
(iii) sole power to dispose or to direct the disposition
of: 501,165
(iv) shared power to dispose or to direct the disposition
of: 0
Glacier has advised that it is 100% owned by its sole shareholder,
Lion, and that Lion is managed by its sole general partner,
Mountain Capital Management, L.L.C. Accordingly, each of Lion and
Mountain may be deemed to indirectly beneficially own the
securities reported by Glacier (the "Glacier Securities") and,
together with Glacier constitute a "group" under the provisions of
Rule 13d-5(b)(1) under the Exchange Act. Further, each member of
the Glacier Group may be deemed to share in the power to vote (or
to direct the vote) and dispose
<PAGE>
CUSIP No. 026909-20-0 13G
-----------
of (or to direct the disposition of) the Glacier Securities.
Mountain has advised that its Board of Managers consists of Clark
K. Hunt, Barrett N. Wissman, and Randall Fojtasek.
SUMMIT GROUP
(a) Amount Beneficially Owned: 501,165
(b) Percent of Class: 1.0%
(c) Number of Shares as to which such person has:
(i) sole power to vote or to direct the vote: 501,165
(ii) shared power to vote or to direct the vote: 0
(iii) sole power to dispose or to direct the disposition
of: 501,165
(iv) shared power to dispose or to direct the disposition
of: 0
Summit has advised that it is 100% owned by its sole shareholder,
Sandera, and that Sandera is managed by its sole general partner,
SCM, and that SCM is managed by its sole general partner, Capital,
75% of the equity interests of which are held by Hunt Financial.
The remaining 25% of the equity interest in Capital are held by
Bricker. Accordingly, each of SCM, Capital, Bricker and Hunt
Financial may be deemed to directly beneficially own the securities
reported by Summit (the "Summit Securities") together with Summit,
constitute a "group" under the provisions of Rule 13d-5(b)(1) under
the Exchange Act. Further, each member of the Summit Group may be
deemed to share in the power to vote (or direct the vote) and
dispose or (or direct the disposition of) the Summit Securities.
Hunt Financial has advised that its general partner is Hunt
Financial Group, L.L.C., a Delaware limited liability company,
whose Board of Managers consists of J. R. Holland, Jr., Clark K.
Hunt and Lamar Hunt, each individual residents of the State of
Texas.
<PAGE>
CUSIP No. 026909-20-0 13G
-----------
Capital has advised that its Board of Managers consists of Clark
K. Hunt, John A. (Pete) Bricker, Jr. and Mark E. Schwarz, each
individual residents of the State of Texas.
The aggregate number of shares of Common Stock which may be deemed to have
been beneficially owned by the Reporting Persons, as a group, on April 21, 1998
was 5,011,645 shares constituting approximately 9.99% of the outstanding Common
Stock of the Issuer (based on 50,622,680 shares of Common Stock outstanding
pursuant to information provided by the Company) pursuant to the terms of
that certain Securities Purchase Agreement (and the related documents executed
in connection therewith) dated October 9, 1997 (the "October Agreement", that
certain Securities Purchase Agreement (and the related documents executed in
connection therewith) dated April 21, 1998 (the "April Agreement") and that
certain Equity Financing Agreement (and the related documents executed in
connection therewith) dated April 21, 1998 (the "Equity Agreement") (the
October Agreement, the April Agreement and the Equity Agreement, collectively,
the "Transaction Agreements"). Pursuant to the terms of the Transaction
Agreements, securities issued thereby are not issuable, convertible, or
exercisable, as applicable, at any time for any number of shares of Common
Stock in excess of that number which would render the Reporting Persons, as a
group, the beneficial owners of 9.99% or more of the then issued and
outstanding shares of Common Stock of the Issuer except upon the occurrence of
certain material contingencies not under the control of the Reporting Persons,
as described in the Transaction Agreements.
Item 5. Ownership of 5% or less of a Class:
Not Applicable.
Item 6. Ownership of More than 5% on Behalf of Another Person:
Not Applicable.
Item 7. Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported on By the Parent Holding Company:
Not Applicable.
Item 8. Identification and Classification of Members of the Group:
Not Applicable.
<PAGE>
CUSIP No. 026909-20-0 13G
-----------
Item 9. Notice of Dissolution of Group:
Not Applicable.
<PAGE>
CUSIP No. 026909-20-0 13G
-----------
Item 10. Certifications:
By signing below, the undersigned certifies that, to the best of their
knowledge and belief, the securities referred to above were acquired in the
ordinary course of business and were not acquired for the purpose of and do
not have the effect of changing or influencing the control of the Issuer of
such securities and were not acquired in connection with or as a participant
in any transaction having such purpose or effect.
Date: May 1, 1998
Infinity Investors Limited
By: /s/ James A. Loughran
---------------------------------------
Name: James A. Loughran
-------------------------------------
Title: Director
------------------------------------
Infinity Emerging Opportunities Limited
By: /s/ James A. Loughran
---------------------------------------
Name: James A. Loughran
-------------------------------------
Title: Director
------------------------------------
<PAGE>
CUSIP No. 026909-20-0 13G
-----------
Glacier Capital Limited
By: /s/ James A. Loughran
---------------------------------------
Name: James A. Loughran
-------------------------------------
Title: Director
------------------------------------
Lion Capital Partners, L.P.
By: Mountain Capital Management, L.L.C.
Its general partner
By: /s/ Clark K. Hunt
---------------------------------------
Name: Clark K. Hunt
-------------------------------------
Title: President
------------------------------------
Mountain Capital Management, L.L.C.
By: /s/ Clark K. Hunt
---------------------------------------
Name: Clark K. Hunt
-------------------------------------
Title: President
------------------------------------
Summit Capital Limited
By: /s/ James A. Loughran
---------------------------------------
Name: James A. Loughran
-------------------------------------
Title: Director
------------------------------------
<PAGE>
CUSIP No. 026909-20-0 13G
-----------
Sandera Partners, L.P.
By: Sandera Capital Management L.P.
Its general partner
By: /s/ John A. (Pete) Bricker, Jr.
---------------------------------------
Name: John A. (Pete) Bricker, Jr.
-------------------------------------
Title: President
------------------------------------
Sandera Capital Management, L.P.
By: Sandera Capital, L.L.C.,
Its general partner
By: /s/ John A. (Pete) Bricker, Jr.
---------------------------------------
Name: John A. (Pete) Bricker, Jr.
-------------------------------------
Title: President
------------------------------------
/s/ John A. (Pete) Bricker, Jr.
------------------------------------------
John A. (Pete) Bricker
Sandera Capital, L.L.C.
By: /s/ John A. (Pete) Bricker, Jr.
---------------------------------------
Name: John A. (Pete) Bricker, Jr.
-------------------------------------
Title: President
------------------------------------
<PAGE>
CUSIP No. 026909-20-0 13G
-----------
Hunt Financial Partners, L.P.
By: Hunt Financial Group, L.L.C.
Its General Partner
By: /s/ Clark K. Hunt
---------------------------------------
Name: Clark K. Hunt
-------------------------------------
Title: President
------------------------------------
Attention: Intentional misstatements or
omissions of fact constitute Federal
criminal violations (see 18 U.S.C. 1001)
<PAGE>
APPENDIX A
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(f) under the Securities Exchange Act of
1934, as amended, the persons named below agree to the joint filing on behalf
of each of them of a Statement on Schedule 13G (including amendments thereto)
with respect to the Common Stock of American International Petroleum
Corporation. This Joint Filing Agreement shall be included as an exhibit to
such filing. In evidence thereof, each of the undersigned, being duly
authorized where appropriate, hereby executes this Joint Filing Agreement as
of the 1st day of May, 1998.
INFINITY INVESTORS LIMITED
By: /s/ James A. Loughran
---------------------------------------
Name: James A. Loughran
-------------------------------------
Title: Director
------------------------------------
INFINITY EMERGING OPPORTUNITIES LIMITED
By: /s/ James A. Loughran
---------------------------------------
Name: James A. Loughran
-------------------------------------
Title: Director
------------------------------------
GLACIER CAPITAL LIMITED
By: /s/ James A. Loughran
---------------------------------------
Name: James A. Loughran
-------------------------------------
Title: Director
------------------------------------
LION CAPITAL PARTNERS, L.P.
By: Mountain Capital Management, L.L.C.,
its General Partner
By: /s/ Clark K. Hunt
----------------------------------
Name: Clark K. Hunt
--------------------------------
Title: President
-------------------------------
MOUNTAIN CAPITAL MANAGEMENT, L.L.C.
By: /s/ Clark K. Hunt
---------------------------------------
Name: Clark K. Hunt
-------------------------------------
Title: President
------------------------------------
<PAGE>
SUMMIT CAPITAL LIMITED
By: /s/ James A. Loughran
------------------------------------------
Name: James A. Loughran
----------------------------------------
Title: Director
---------------------------------------
SANDERA PARTNERS, L.P.
By: Sandera Capital Management, L.P.,
its General Partner
By: Sandera Capital, L.L.C.,
its General Partner
By: /s/ John A. (Pete) Bricker, Jr.
-------------------------------
Name: John A. (Pete) Bricker, Jr.
Title: President
SANDERA CAPITAL MANAGEMENT, L.P.
By: Sandera Capital, L.L.C.,
its General Partner
By: /s/ John A. (Pete) Bricker, Jr.
------------------------------------
Name: John A. (Pete) Bricker, Jr.
Title: President
SANDERA CAPITAL, L.L.C.
By: /s/ John A. (Pete) Bricker, Jr.
------------------------------------------
Name: John A. (Pete) Bricker, Jr.
Title: President
/s/ John A. (Pete) Bricker, Jr.
---------------------------------------------
John A. (Pete) Bricker, Jr.
<PAGE>
HUNT FINANCIAL PARTNERS, L.P.
By: Hunt Financial Group, L.L.C.,
its General Partner
By: /s/ Clark K. Hunt
-----------------------------------
Name: Clark K. Hunt
Title: President
