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Strategies & Market Trends : Mick Orgas looks into his Crystal Ball.... -- Ignore unavailable to you. Want to Upgrade?

To: CJacks who wrote (420)	5/29/1998 12:31:00 PM
From: CJacks	Respond to of 461

BIG NEWS ON AIGI!!! Friday May 29, 11:23 am Eastern Time Company Press Release Adair Oil & Gas Receives Financing Approval from MFG Ltd. Commercial Bancorp Qualified to Oppenheimer for First Phase of $16 Million Finance Expansion Houston-Based Company Positioned to Increase Revenues to 24 Times Current Levels by November 1998 HOUSTON--(BUSINESS WIRE)--MAY 29, 1998-- Adair International Oil & Gas, Inc., (OTC BB:AIGI - news) a Houston-based company with interests in oil, gas and energy projects in the U.S., Colombia, Paraguay and Yemen, announced today that management has received a finance underwriting commitment from Connecticut-based MFG Ltd Commercial Bancorp pre-qualified to its investor Oppenheimer, for the first phase of their finance expansion totalling $16 million. Adair's management has been working with MFG in the completion of their underwriting qualifications for the last six weeks. This, representing the final approval process required for funding, according to Mr. Hugo Spidalieri, Executive Director of MFG Ltd. Adair recently made announcements detailing its expansion plans on multi-level projects in the U.S., Colombia, Paraguay and Yemen. This commitment will allow the company to proceed with its domestic exploration and drilling projects, which management anticipates will increase revenues to approximately twenty-four times current levels by November 1998, to between $500,000 and $700,000 per month on average, based upon anticipated future oil and gas prices. This will increase domestic reserves by 20 billion cubic feet of gas, which will reflect positively on the company's balance sheet. Net revenue income will be used to develop additional reserves and enhance production on existing oil & gas properties. Additional development on oil & gas interests in Colombia and Paraguay are progressing towards fruition, and details of those projects will be announced as soon as practicable. Adair is also in dialogue for a major power plant acquisition in South America, and anticipates a major worldwide energy conglomerate as its partner. Company Chairman, John Adair noted management's commitment to becomming one of the world's leading independent energy companies by taking advantage of opportunities in smaller and mid-size projects under $100 million. Adair has additional financing arrangements committed to the company which are anticipated in the near future. Adair International Oil & Gas, Inc., formerly known as Roberts Oil & Gas, was established in 1981 with the Adair acquisition/merger having been completed in mid-1997. The company currently has operating wells in Texas, Oklahoma, and Louisiana. Internationally, Adair has development, exploration and operational projects and joint ventures in Latin America and Yemen. Adair's international projects include ownership and working rights in some of the world's potentially largest gas reserves, as well as development agreements with multi-national corporations in large power plant projects. From time to time, the company may issue forward-looking statements which involve risks and uncertainties. This statement may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Actual results could differ and a forward-looking statement should be considered accordingly. For further information, contact Lynne Sifford of Select Corporate Information at 305/856-5668. ------------------------------------------------------------------------ Contact: SCI Lynne Sifford, 305/856-5668 ------------------------------------------------------------------------ More Quotes and News:Adair International Oil and Gas Inc (OTC BB:AIGI - news)Related News Categories: banking, oil/energy, utilities