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Microcap & Penny Stocks : Adair Intl. Oil and Gas (AIGI) -- Ignore unavailable to you. Want to Upgrade?

To: 2MAR$ who wrote (583)	6/29/1999 10:04:00 AM
From: Dave Swanson	Read Replies (1) \| Respond to of 769

news ---------------------------------------------------------------------- ---------------------------------------------------------------------- Tuesday June 29, 9:39 am Eastern Time Company Press Release SOURCE: Adair International Oil & Gas, Inc. Adair International Oil and Gas, Inc. Resumes Its Evaluation of Exploration Blocks in Yemen and Gives Project Update HOUSTON, June 29 /PRNewswire/ -- Mr. Jalal Alghani, Vice Chairman of ADAIR INTERNATIONAL OIL AND GAS, INC. (OTC Bulletin Board: AIGI - news) announced today that the company is proceeding with the geological evaluation of the exploration concessions in the Balhaf Graben in Yemen. The renewed evaluation began when the company reached an agreement with a Wall Street Investment House to become involved in the exploration. Mr. Alghani is originally from Yemen and ADAIR has tremendous expertise in the area through his relationship there and the geological studies ADAIR OIL completed prior to the Yemen Civil War. ''Yemen has a tremendous amount of potential and is largely unexplored but HUNT and CANADIAN OXY have made substantial discoveries there resulting in production of approximately 200,000 barrels per day for each company. This production and the renewed stability of Yemen has Wall Street's attention,'' states Alghani. ADAIR is also moving forward with the Sugar Refinery to be located in Aden, Republic of Yemen. The project is in conjunction with the ARKEL GROUP who is one of the foremost developers of such projects in the international arena. The feasibility for the 20 MW natural gas fired power plant with WARTSILA as a partner is now complete and ADAIR is working with a financial house to complete the package. The feasibility shows an anticipated return of 26% for years 1 thru 10 and 35% return on investments after 10 years. ''ADAIR is very actively pursuing its natural gas fired plants and could not be more pleased with the results, especially the 500 MW plant under development in Southern California with the initial feasibility now complete and agreement for the land being reached. Additional information will be forth coming on this project in the near future,'' stated John W. Adair, Chairman. This news release 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. SOURCE: Adair International Oil & Gas, Inc. -------------------------------------------------------------------------------- More Quotes and News: Adair International Oil and Gas Inc (OTC BB:AIGI - news) Related News Categories: oil/energy -------------------------------------------------------------------------------- Help -------------------------------------------------------------------------------- Copyright © 1999 PRNewswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. See our Important Disclaimers and Legal Information. Questions or Comments?