Asdar Group Inc. - Audit & Site Visit To LAK Ranch.Business Editors VANCOUVER, B.C.--(BUSINESS WIRE)--Jan. 17, 2001 Asdar Group (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :XBET) announces that the Company is conducting an audit to verify the claimed expenditures on the LAK LAK In currencies, this is the abbreviation for the Laos Kip. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. Ranch under the joint venture agreement ("agreement") between Derek Resources ("Derek") and Rising Phoenix Development Group Ltd. ("Rising"). This agreement was initially inherited by 2U Online.com when 2U Online.com purchased Rising's 25% interest in the LAK. Subsequently the Company inherited the agreement, when it purchased 2U Online.com's interest. The agreement calls for Derek to earn a 75% working interest out of the 100% interest originally held by Rising in the LAK Ranch project in the prolific Powder River Basin The Powder River Basin is a region in southeast Montana and northeast Wyoming about 120 miles east to west and 200 miles north to south known for its coal deposits. It is both a topographic drainage and geologic structural basin. in Wyoming by Derek spending US$3.5 million within certain specifications. The funds were to have been spent building a pilot plant to capitalize on the 100+ million barrels of high quality oil on the property using Steam Assisted Gravity Drainage Steam Assisted Gravity Drainage (SAGD) is an enhanced oil recovery technology for heavy crude oil and bitumen. Description Two parallel horizontal oil wells are drilled in the formation. (SAGD SAGD Steam-Assisted Gravity Drainage (oil extraction process) SAGD Security Architecture Guidance and Directions ) technology. If the terms of the agreement are not met by December 31, 2000, Derek's entire 75% working interest would revert back to Rising, the original leaseholder, and subsequently to the Company. The Company is arranging for a site visit to inspect the work done to date. According to Derek's correspondence, the steam plant is close to being operational, which will then allow oil production to begin. ASDAR is presently evaluating several other oil and gas projects, and will make a further announcement in this regard. Funding and working capital for these projects and others will be announced in due course. "Robert Waters" Signed Robert Waters President Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: The statements contained herein which are not historical fact are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but no limited to, certain delays in testing and evaluation of products and other risks detailed from time to time in Asdar's filings with the Securities & Exchange Commission. |
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