CHAIRMAN NEWS
From: John W. Adair
To: ADAIR INTERNATIONAL OIL & GAS, INC. SHAREHOLDERS
Date: May 15, 2001
Subject: Chairman’s Update.
Dear Shareholders,
Pursuant to the subject of this letter, I respectfully submit to you the following information relating to ADAIR's recent activities:
YEMEN:
1. Approximately twenty-five (25%) of the 3-D seismic shoot being conducted for ADAIR by Western Geophysical has been completed for the Block 20 operations. The shoot is on schedule with drilling scheduled to begin shortly thereafter in the fourth (4th) quarter.
2. International Finance Corporation (IFC) a subsidiary of the World Bank is anticipated to visit Yemen in June with the team of ADAIR and ARKEL relating to the cogeneration sugar refinery. This is a seventy ($70) million USD plus project.
ADAIR POWER, LLC:
3. ADAIR is presently interviewing a number of very qualified individuals who will be hired in June as the development of eighteen (18) identified power plant sites are evaluated.
4. The environmental impact study on the 610 MW natural gas fired Teayawa power plant has been completed and is moving forward in a very positive direction. CALPINE mentions the site in their annual report and ADAIR has a site development agreement on the project. ADAIR International Oil & Gas, Inc. has hired a project manager for other projects ADAIR is pursuing in AFRICA. He is Mr. Pat Irani, a Mechanical Engineer by education who is experienced in oil field operations.
5. SUPERIOR Geophysical continues to expand its processing of 2-D and 3-D seismic data and will be hiring additional staff in the near future as it organizes a 150 square mile 3-D seismic shoot on the Texas Gulf Coast.
6. ADAIR expects substantial funding in the near future in its pursuance of before mentioned acquisitions/expansions.
7. We at ADAIR are extremely busy at this time but will make an effort to update the web site periodically. Also I completed an interview that is published by Wall Street reporter that some of you may access to (www.wallstreetreporter.com).
Respectfully,
John W. Adair
This news letter contains forward looking statements within the meaning of Securities Litigation Reform Act that involves risk and uncertainties, including exploration, development, operational, marketing, and implementation risks, other facts described from time to time in the company’s public available SEC reports which could cause results to differ materiality.
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