Wednesday April 18, 12:50 pm Eastern Time
Press Release
SOURCE: ADAIR INTERNATIONAL OIL & GAS, INC.
ADAIR INTERNATIONAL OIL & GAS, INC. Annual Report Highlights
HOUSTON, April 18 /PRNewswire/ -- John W. Adair, Chairman of ADAIR INTERNATIONAL OIL & GAS, INC. (OTC Bulletin Board: AIGI - news) stated, ``The fiscal period from May 1999 through December 2000 represents major advancements in ADAIR's goal to become a substantial energy company.''
In the power area ADAIR is developing the 600 MW Teawaya Energy Center located on Native American lands in southern California in conjunction with a major power company. In addition, eighteen additional sites are currently under assessment in conjunction with PACE GLOBAL ENERGY SERVICES of Fairfax, Virginia. ADAIR has engaged PACE whose role is now expanded to providing risk, fuel, marketing, and power management services as well as the structuring of financial relationships with potential development fund lenders.
SUPERIOR GEOPHYSICAL, INC., a wholly owned subsidiary of ADAIR has reached agreements to design, acquire and process 3D seismic programs in the United States, Gulf Coast Area. SUPERIOR will manage, design, acquire and process between 100 and 200 square mile ``Group Shoots.'' This will place ADAIR in an ideal position for domestic exploration.
ADAIR and ARKEL SUGAR INTERNATIONAL have signed a Memorandum of Understanding with the Yemen Free Zone Public Authority to build and operate a co-generation power plant with a sugar refinery in the Aden Free Zone. The final feasibility study has been completed and construction will begin as soon as the final engineering is completed. The project has been submitted to the International Funding Corporation, part of the World Bank Group.
ADAIR, OCCIDENTAL PETROLEUM, and SABA YEMEM OIL COMPANY have made good progress on the Block 20 exploration in Yemen. A major 3D seismic acquisition contract has been awarded to WESTERN GECO who will acquire a minimum of 300 square kilometers of net data centered over the two areas where ADAIR has already mapped seven high quality prospect leads at the Alif reservoir level. Adair projects 360 million barrels of recoverable reserves from Block 20.
The projected future net revenue from the current projects is estimated to exceed $450 million USD with others under evaluation at this time.
This news release contains forward-looking statements within the meaning of Securities Litigation Reform Act that involve risk and uncertainties, including exploration, development, operational and marketing and implementation risks, and other facts described from time to time in the company's publicly available SEC reports which could cause results to differ materially.
SOURCE: ADAIR INTERNATIONAL OIL & GAS, INC.
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