NEWS!!!!!!
PR NEWSWIRE) ADAIR International Power Plant and Acquisition Update
ADAIR International Power Plant and Acquisition Update
HOUSTON, April 15 /PRNewswire/ -- John W. Adair, Chairman announces the
signing of an agreement with a Southern California Native American tribe to
conduct a feasibility to construct a 500 MW natural gas fired power plant on
its reservation. ADAIR (OTC Bulletin Board: AIGI) was also given the rights
by the council to construct the plant upon the conclusion of the feasibility.
ADAIR has also signed agreements to construct two other power plants on
Indian land where natural gas and the power grid are available and includes
the 160 MW power plant that ADAIR has under development that is planned to be
located on the Blackfeet Reservation in Montana and a 300 MW plant to be
located in New Mexico. Other sites are under negotiation at the present time
and ADAIR is in the development phase for these projects with the major power
companies in Houston.
John W. Adair, Chairman is a registered member of the Cherokee Nation of
Oklahoma.
ADAIR is also under negotiation to acquire the assets of an oil and gas
exploration company that has engineering reports of oil and gas reserves
valued at approximately $100 million USD and anticipates having a major
company as an equity partner.
The feasibility being conducted by WARTSILA for the development of a
20 MW natural gas fired power plant to be located on ADAIR's Chimichagua
concession in Colombia should be completed within 30 days.
ADAIR is also in dialogue to sell a portion of the Chimichagua project to
a substantial oil and gas company that is active in Colombia as well as the
United States.
This news release contains forward looking statements within the meaning
of Securities Litigation Reform Act that involves risks and uncertainties,
including exploration, development, operational, marketing, and implementation
risks, and other facts described from time to time in the company's public
available SEC reports which could cause results to differ materially.
SOURCE ADAIR International Oil and Gas, Inc.
-0- 04/15/99
/CONTACT: John W. Adair of ADAIR International Oil and Gas, Inc.,
713-621-8241/
/Web site: aigionline.com
(AIGI)
CO: ADAIR International Oil and Gas, Inc.; WARTSILA
ST: Texas, California, Montana, New Mexico, Colombia
IN: OIL
SU: TNM
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