Justin
23 years ago
Adair Shareholders Announce Proxy Fight
HOUSTON, Dec. 13 /PRNewswire/ -- Shareholders Committed TO Restoring Equity, (``SCORE'') Group, Inc., today announced plans to help all shareholders of Adair International Oil and Gas, Inc. (OTC Bulletin Board: AIGI.OB - news; ``AIGI''), restore their equity in the Company. The SCORE Group, Inc. is a Texas non-profit corporation, organized by concerned shareholders that are seeking to replace the current AIGI Board of Directors and initiate a new Business Plan for the Company.
SCORE is seeking shareholder proxies in support of a Call for a Special Shareholders Meeting to elect a new Board of Directors. SCORE has nominated as Directors, Mr. Richard G. Boyce, Mr. Charles R. Close and Mr. Joseph G. Soliz. Mr. Boyce has a significant share position in AIGI and was President of Adair Exploration, Inc. until his resignation earlier this year. Mr. Boyce maintains an active geological consulting practice.
Mr. Close and Mr. Soliz are not AIGI shareholders and have no prior association with AIGI or any of its subsidiary companies. Mr. Close is a Certified Public Accountant and Mr. Soliz, who holds a law degree from Harvard University, is Senior Counsel for a large energy firm.
SCORE's new Business Plan is designed to first recapitalize and then revitalize the Company. Details of the Plan can be reviewed on the website www.TruthAboutAIGI.com . Contingent on installation of a new Board of Directors, SCORE has obtained a financial commitment from an energy investment group in the amount of $5 million dollars of debt financing secured by the Company's interest in the Teawaya Energy Center in Southern California. Calpine Corporation is scheduled to begin development of the Center by June 2002. Negotiations have also been completed to purchase an interest in a Natural Gas Property complete with production platform in the Gulf of Mexico. The Property is capable of delivering over 340 BCF of natural gas reserves net to AIGI and will be merged into the Company asset base immediately upon installation of a new Board of Directors. The Company's 30% working interest in Yemen Block 20, now operated by Occidental Petroleum Corporation, is currently subject to litigation. However, SCORE believes that with a new Board of Directors in place, the Company can retain this interest for the benefit of AIGI shareholders.
SCORE asserts that AIGI shareholders have fallen victim to a total breakdown of Corporate Governance due to the absolute control of the Board of Directors by Chairman and CEO, John W. Adair, and Vice Chairman, CFO and Corporate Secretary, Jalal Alghani. These individuals comprise the entire Board and as such, SCORE believes, have eliminated the normal ``checks and balances'' of a public corporation. SCORE has conducted an extensive investigation and believes it has obtained documented evidence that Mr. Adair and Mr. Alghani are involved in business activities for their personal gain that have diminished the viability of the Company at the shareholders expense. SCORE believes these activities are allegedly illegal and as such, the evidence has been turned over to Federal and State authorities that are now conducting independent investigations.
AIGI shareholders with Internet access should refer to the website www.TruthAboutAIGI.com to receive more information. The website will enable shareholders to download and vote their Proxy in support of SCORE.
Shareholders without Internet access can call SCORE toll free at 1-800-484-2916 (PIN# 9466) or 713-965-0413 to receive more information, including how to vote their Proxy in support of SCORE.
This press release includes certain forward-looking statements. The forward-looking statements reflect SCORE's expectations, objectives, and goals with respect to future events and financial performance. They are based on assumptions and estimates, which they believe are reasonable. However, actual results could differ materially from anticipated results. Important factors that may impact actual results include, but are not limited to commodity prices, political developments, market and economic conditions, industry competition, the weather, changes in financial markets and changing legislation and regulations. The forward-looking statements contained in this report are intended to qualify for the safe harbor provisions of Section 21E of the Securities and Exchange Act of 1934, as amended.
SOURCE: SCORE Group, Inc.
Ruellit
24 years ago
Posted by Rembrent on RB
U.S. May Seek Latin American
Oil, Gas At Trade Summit
NEW YORK (Dow Jones) -- An issue close to
President George W. Bush's heart will be on the
agenda as he meets with western leaders at a
trade summit in Quebec City over the next few
days: energy.
Bush will likely ask how the U.S. can get more oil and natural
gas to ease its supply crunch as he meets on expanding North
American free trade agreements.
Latin America is likely to hold important answers.
"The president has spoken out on that... about increasing
supplies and transportation of energy within the hemisphere,"
said White House spokesman Shawn McCormack.
Latin American governments are seeking significant
investments for new oil and natural gas projects in Brazil, Mexico
and Venezuela, according to Sondra Scott, a Cambridge Energy
Research Associates analyst in Mexico City.
"We have aggressive outlook for Latin America over the next
two years," Scott said.
Latin America's oil production capacity will rise to 11.24 million
barrels a day from current 10.8 million b/d by 2002, according to
Scott. Brazil and Venezuela will see the biggest increases, with
Ecuador and Mexico following.
The countries are especially interested in finding investors to
develop exploration and production, said Julio Herrera, executive
secretary of the Latin American Energy Organization, a Quito
group that brings together energy ministers from the region.
In particular, they want new markets for their natural gas,
Herrara said.
Neighbors Can't Fill Bill Alone
Bush has said the U.S. can get help in meeting its energy
needs from its closest neighbors.
Canada and Mexico now export a combined 3.1 million b/d of oil
and natural gas to the U.S. Both are developing new gas and oil
resources, too.
Why not just increase the volume of energy imports from these
two countries, which already have a free trade agreement with
the U.S.?
For one, the U.S.'s economic slowdown is likely to stifle
investment in Mexican energy projects, according to analysts.
Mexico currently produces about 3.5 million barrels a day of
crude, of which 1.5 mb/d are exported mostly to the U.S. The
country also imports 2 to 3 bfc/d of gas from the U.S.
Petroleos de Mexicanos, or Pemex, Mexico's state-owned oil
company, is set to increase its natural gas output to eight billion
cubic feet a day from 4.6 bcf/d in three years, but it could take
10 years for Pemex be able to produce enough for exports,
according to some analysts.
"There's no chance we can get it from Mexico in spite of what
Bush says," said Michael Economides, an engineering professor at
the University of Houston who tracks the oil market. "It's like
begging from beggars."
As for Canada, it will take some time before new projects yield
more energy for the U.S.
The country already supplies the U.S. with 1.6 mb/d of oil and
products. More oil could be tapped from the Tar Sands of
Alberta, which has reserves of about 300 mb/d - more than Saudi
Arabia.
But most of that crude is heavy, and exploiting it would require
massive investment.
"Canada won't give more (oil) because there's not much to be
found," said Ian Doigen, a Calgary-based analyst who consults
for the Canadian Petroleum Institute. "We are having a hard time
keeping up with production of natural gas. There's no new
meaningful increase and so the U.S. is now looking at Alaska
North Slope for new supplies."
Canada sells between 60 per cent and 70 per cent of its
natural gas to the U.S. Production will continue out of the
Western Sedimentary Basin, with new gas from Northeastern
British Columbia and the lower Northwest Territories exported to
the U.S. this year.
Offshore Nova Scotia is the next biggest basin under
development, with current production off Sable Island of 500
million cubic feet per day, and an estimated 50 trillion cubic feet
of reserves.
PanCanadian's Deep Panuke project off the Scotian shelf is
expected to start commercial production in two years, but
pipeline issues still must be resolved.
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