Delta Seaboard Completes Sale of One Rig; Could Sell Others

American International Industries' subsidiary, Delta Seaboard Well Service, has completed the sale of rig # 10 for $1,000,000, including $700,000 in cash and $300,000 in a short term secured promissory note. The company is presently negotiating for the sale of rigs # 9, 12, 14, 16, 18, and two barges for additional consideration of $10,000,000. The consideration expected from the sale of these rigs will be substantially higher than the value of the rigs carried on the books of the company. Delta's management decided to sell all of their "wet works" in Louisiana and continue to sell drilling pipe in its Louisiana subsidiary. Delta's home office in Houston, Texas, will continue to operate its six land rigs, which are presently operating at 100% capacity.

Mr. Daniel Dror, CEO of AMIN, stated, "Due to relatively high prices of oil and gas at this time the drilling activities in the Texas Gulf Coast have been very active and Delta's backlog work is substantial. Delta is presently discussing other potential acquisitions of other companies in its field."

American International Industries Inc. is a growing holding company. The Company has holdings in industry, finance, real estate and oil & gas. The vision of the Company is to develop holdings in various industries through acquisition of existing companies, applying the financial resources and management expertise to foster the growth and profitability of the acquired businesses. The holding company serves as a financial and professional partner to the management of the subsidiaries. The role of the holding company is to improve each subsidiary's access to capital, achieve economics of scale by consolidating administrative functions, and utilize the financial and management expertise of corporate personnel across all units. The Company is continuing to work with management of the subsidiary companies to improve revenues, operations and profitability. Periodically as opportunities present themselves, we may sell or merge the subsidiaries in order to bring value to the holding company and our shareholders and to enable the Company to acquire larger companies.

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