PR-June 30, 2000 09:15
ADAIR International Teams With Calpine on 600-Megawatt Teayawa
Energy Center For Torres Martinez Indian Reservation
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HOUSTON, June 30 /PRNewswire/ -- John W. Adair, Chairman of ADAIR
International Oil and Gas, Inc. (OTC Bulletin Board: AIGI.OB) is pleased to
announce ADAIR's participation with Calpine Corporation (NYSE: CPN) in
the development of a 600-megawatt gas-fired electricity generating facility
on the Torres Martinez Indian Reservation in Southern California. The
project will have a total capital investment of $275 million. ADAIR stated
that "This is an important milestone for the Torres Martinez Reservation in
that this project is a stepping stone toward future economic development
for the tribe."
The proposed project named the Teayawa Energy Center (TEC) will
supply enough electricity to service approximately 600,000 households in
the rapidly growing Coachella Valley and Southern California. "Teayawa" is
a Native American term used to denote the "power" derived from the spirit.
The facility will enhance tribal sovereignty, self-determination, and
economic development for the Torres Martinez Desert Cahuilla Indians.
"This type of project is consistent with ADAIR's goal to participate in the
natural gas-fired power industry with companies such as Calpine and will
have a tremendous impact on the growth of Adair" stated Chairman Adair.
As the power project is located on Native American land, the lead permitting
agency under the National Environmental Policy Act is the federal Bureau
of Indian Affairs (BIA). Additionally, BIA approval is necessary to ensure that
the Teayawa Energy Center appropriately meets the cultural,
environmental and economic considerations of the Torres Martinez.
Chairman ADAIR, himself of Native American heritage, "is personally proud
of Calpine, the leading U.S. independent power company, for undertaking
this project and is pleased to be associated with Calpine for its dedication
to the project."
ADAIR is focused on participating in the development of environmentally
friendly gas-fired power plants and co-generation facilities, both foreign and
domestic. The Company is currently developing five additional sites
throughout the United States.
Based in San Jose, Calif., Calpine Corporation is dedicated to providing
customers with reliable and competitively priced electricity. Calpine is
focused on clean, efficient combined-cycle, natural gas-fired power
generation and is the nation's largest producer of renewable geothermal
energy. Calpine has launched the largest power development program in
the U.S. To date, the company has a combined interest in approximately
27,900 megawatts of electric generation capacity in operation, under
construction and announced development in 25 states and Alberta,
Canada. The company was founded in 1984 and is publicly traded on the
New York Stock Exchange under the symbol CPN. For more information
about Calpine, visit its website at www.calpine.com .
Adair is also active in the exploration for oil and gas. ADAIR and its
partners, Occidental Petroleum [NYSE: OXY] and Saba Oil and Gas
Company, have recently signed a Production Sharing Agreement with the
Yemen Ministry of Oil and Mineral Resources to explore a 500,000 acre
block in the prolific Marib Jawf Basin of Yemen. The block is adjacent to
fields that have produced over 700 million barrels of light sweet crude oil
since 1984. Due in large part to the experience of their wholly owned
subsidiary, ADAIR Exploration, Inc., ADAIR has been named operator
during the exploration phase. ADAIR projects a possible 340 million barrels
of recoverable reserves with operations scheduled to begin in the 3rd
quarter of 2000.
On the domestic front, ADAIR has mapped several prospects based on the
evaluation of 130 square miles of 3D seismic located in a prolific trend of
west Texas. Analog fields in this trend have produced over one million
barrels of oil per well. Inexpensive drilling and immediate access to market
combine to make this a very attractive project. Following the completion of
an advanced geophysical analysis of the 3D seismic which is currently
underway, exploratory drilling could commence as early as the first quarter
of 2001.
These projects are consistent with ADAIR's risk management policy of
teaming with substantial companies on major projects and ADAIR's
commitment and dedication to increasing shareholders value through
innovative approaches to maximizing investment returns.
ADAIR International Oil and Gas, Inc. is headquartered in Houston, Texas,
and has offices in Dallas, Texas, Bogata, Colombia, and Sanaa, Yemen.
For more information about Adair visit its website at www.aigionline.com .
This new release contains forward looking statements within the meaning
of Securities Litigation Reform Act that involves risk and uncertainties,
including exploration, development, operational and 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.
/CONTACT: John W. Adair of ADAIR International Oil and Gas,
713-621-8241/
/Web site: aigionline.com
calpine.com |
