Fairchild Completes All Ten Kerrobert Wells

Fairchild International reports that all ten wells of its ten test oil well program on the Kerrobert properties have now been completed. Seven of the ten wells are now in commercial production and are each producing on average of 30-35 bopd. The remaining three wells will be in production by the end of the week and are expected to produce at similar rates as the first seven wells. Exploration efforts are continuing and are focused on compiling and assessing all technical data collected during the drilling of the first ten oil wells. Given the success of the first phase of the program, Fairchild hopes the partnership will begin the next set of wells as soon as possible so as to take advantage of current oil prices.

George Tsafalas, President of Fairchild International Corporation stated, "Our oil production from the Kerrobert project combined with our gas production in California has laid a solid foundation for the company. In addition to the recently announced gas exploration project that we are negotiating for, the company is also looking at strategic acquisitions of undervalued producing oil and gas companies to further enhance shareholder value. As news events occur, we will report them to our shareholders on a timely manner."