Adair Reschedules Shareholders Meeting

Business Wire, July 24, 2002

Business/Energy Editors

HOUSTON--(BUSINESS WIRE)--July 24, 2002

John W. Adair, chairman and CEO of Adair International Oil and Gas Inc. (OTCBB:AIGI), announced that the Annual Meeting of Shareholders has been rescheduled at the suggestion of the Securities and Exchange Commission to allow more time for the shareholders to receive proxy solicitation materials and make an informed decision regarding the election of directors. The current management of AIGI is engaged in a proxy contest with a group of dissident shareholders and former employees for control of the board of directors of AIGI.

"Due to the importance of giving every shareholder an opportunity to vote in this meeting, the SEC suggested that we postpone the meeting for a few days," said Adair. "I sincerely apologize for any inconvenience that our shareholders may have as a result of the rescheduled meeting, but we believe the additional time will give our shareholders more time to consider the information mailed to them for their benefit."

The 2002 Annual Meeting of Shareholders will be held in the auditorium of Chase Center on the corner of Travis and Texas in downtown Houston, Texas, at 9:00 am on August 5, 2002. Shareholders of record as of June 17, 2002 are entitled to notice of and to vote at the meeting.