CHAIRMAN NEWS
From: John W. Adair
To: ADAIR SHAREHOLDERS
Date: April 10, 2000
Subject: Company Update.
Dear Shareholders,
Pursuant to the subject of this letter, I respectfully submit to you the following:
1. Last week Mr. Jalal Alghani, Mr. Richard G. Boyce and myself attended a reception in Honor of Ali Abdullah Saleh, President of Yemen that was hosted by Dr. Ray R. Irani of OCCIDENTAL and the YEMEN EMBASSY. The reception was at he Willard Hotel in Washington D.C. As most of you know ADAIR and OCCIDENTAL a few hours earlier signed the PRODUCTION SHARING AGREEMENT (PSA) for exploration in Block 20 with the Yemen Ministry of Oil in Sanna', Republic of Yemen. A detail of this signing is being placed on our web-site. A most significant part of this agreement is that ADAIR, due to its knowledge of the Geology and experience in Yemen is the operator during the exploration phase. Once the discoveries are made, OCCIDENTAL will supervise the development phase. In addition, ADAIR receives significant financial benefits with this consortium but is mandated to abide by the confidentiality agreement. I will say the agreement with OCCIDENTAL and signing of the PRODUCTION SHARING AGREEMENT (PSA) is a significant milestone in the forward development of our company. This block contains approximately 500,000 acres with a potential of 350 million barrels of recoverable oil with possible revenue for ADAIR in excess of $300 million USD
2. The 540-600 MW power plant in Southern California continues to progress on schedule and will bring significant revenue to ADAIR. I leave tonight for a two day meeting relating to this plant. I am very pleased with this project and our partner.
3. Near future activities anticipated for ADAIR is signing of the TRADE DEVELOPMENT AGENCY (TDA) grant at the Embassy in Sanna', Yemen for the sugar refinery/co-generation plant.
4. Shareholders, rest assured we have laid the foundation for a significant company, so do not be mislead by people who know nothing of this business or who have never developed a new company. The ADAIR team and I are very focused on reaching our goals and have made great strides in fulfilling these objectives. Your loyalty is appreciated. There are other events that I will mention at a later date.
Respectfully,
John W. Adair
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