Wednesday January 17, 7:56 am Eastern Time
Press Release
SOURCE: ADAIR INTERNATIONAL OIL & GAS, INC.
ADAIR INTERNATIONAL Announces Revenues and Profits In Current Quarterly SEC Filing
HOUSTON, Jan. 17 /PRNewswire/ -- John W. Adair, Chairman of ADAIR INTERNATIONAL OIL & GAS, INC. (OTC Bulletin Board: AIGI.OB - news) today announced that Adair International Oil & Gas, Inc. has posted revenues in excess of operating costs for the first time since the downturn in the oil industry a few years ago. ``We believe the net income of the past six months is the first report card on the business plan ADAIR effected over a year ago,'' commented Adair. At a time when the economy is shifting back to an emphasis on fundamentals, ADAIR has demonstrated that the developing energy company can attain goals with major partners on a risk managed basis. Adair stated that ``achieving a near-term profit while executing a long-term business plan with tremendous revenue potential is a feather in the cap of all who work at ADAIR and its partners.''
The financial strategies and business plan in the power and exploration areas culminated this past year with the announcement of the Teayawa Energy Center project with Calpine Corporation and the ratification of the Production Sharing Agreement by the Yemen government to explore Block 20 in an area of proven prolific production. ADAIR joined with partners Occidental Yemen Sabatain, Inc. (a wholly owned subsidiary of Occidental Petroleum) and Saba Yemen Oil Company Limited in Yemen. Adair Yemen Exploration Limited (a wholly owned subsidiary of ADAIR) is serving as operator for the block due to the extensive experience of Adair Exploration's geophysical team in Yemen. ADAIR's team has projected recoverable reserves of 340 million barrels.
Adair International Oil & Gas, Inc. is headquartered in Houston, Texas, and has offices in Dallas, Texas, Bogata, Colombia, and Sana'a, Yemen. For more information about Adair visit its website at www.aigionline.com.
This news 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 & GAS, INC.
Email this story - Most-emailed articles - Most-viewed articles
--------------------------------------------------------------------------------
More Quotes and News: Adair International Oil and Gas Inc (OTC BB:AIGI.OB - news)
Related News Categories: oil/energy
-------------------------------------------------------------------------------- |
