Roberts Oil and Gas announces major acquisition and reorganization.HOUSTON--(BUSINESS WIRE)--June 24, 1997--Roberts Oil and Gas Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :ROGI) announced today that it has acquired a 5 percent net profit interest in exploration acreage totaling 14 million acres in South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. and 3.5 million acres in the Middle East from Adair Oil and Gas International. Estimated reserves of these concessions is in excess of 3 billion barrels of oil of recoverable reserves. The acquisition of these concessions was arranged through the exchange of Roberts Oil and Gas common stock and other considerations. The exchange enabled Adair Oil & Gas International to acquire a majority interest. Under the terms of the agreement, the current Board of Directors have resigned and have been replaced by a new board headed by John W. Adair as chairman and chief executive officer. Adair was formerly president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Dresser Engineering of Tulsa, Okla. and has more than 28 years of oil and gas experience. The new board has retained Earl K. Roberts as its president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . Roberts Oil and Gas will also retain its headquarters in Houston and will change its name to Adair Oil and Gas International. "The acquisition of these new explorational areas, along with our current holdings in the Magdalena Valley of Colombia, will position the company for growth in areas which we feel have high reserve potential," said Roberts. ROGI currently has an interest in 140 domestic wells. This news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Act that involves risks and uncertainties, including exploration, development, operational, marketing and implementation risks, and other factors described from time to time in the company's publicly available SEC reports, which could cause results to differ materially. CONTACT: Roberts Oil and Gas Inc., Houston Earl K. Roberts, 713/621-8241 |
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