AIGI may be more than just a "squeeze play"
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The article was in individual investor - not a paid ad
Individual Investor-----article called Re-energized......author is Shannon Wilkinson.........March issue......pg. 30
Here is the article:
Word for exact word - NOTE THE 25 MILLION!!!
Roberts Oil and Gas spent much of the 1980's napping . Following the bankruptcy of its main bank, Houston National, it found itself with little cash to run a business and no way to get more. "There weren't even any full time employees, though we had a woman come in part time to take care of the books," says Earl Roberts, the company's founder. Now it has a new name -ADAIR INTERNATIONAL OIL AND GAS- and is struggling to make a comeback.
It began efforts last july, when Roberts and longtime aquaintance John Adair merged their two companies. Adair quickly set to recruiting industry veterans with years of experience in the Middle East and South Africa for the board of directors. As its first major project, Adair is building a power plant in Columbia's Magdalena Valley, Westinghouse is backing the project, slated to be operational by the middle of 1998:Adair will supply gas to the
plant, and retains an interest in it.
Stateside, Adair has aquired 1,000 acres of land in Texas, where it estimates there are reserves of 33 billion cubic feet of gas and one million barrels of oil. Drilling is set for the first quarter of 1998, and those reserves could yield 50 million in revenue. That will take time, but for 1998 revenue could be as much as 25 million.
The stock, which trades on the Bulletin Board under the ticker AIGI for about a dollar, is suprisingly liquid, with a float of more than three million shares and 15 market makers. No major institutions hold the stock, but management has spoken with A.G. Edwards, Goldman Sachs, and Laidlaw Securities about a private placement. Adair now meets Nasdaq's balance sheet requirements and will apply for listing on the national market. |
