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Microcap & Penny Stocks : OILEX (OLEX)
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To: Ajay who wrote (1860)12/9/1997 9:04:00 PM
From: Larry Sallee   of 4276
 
First test well at Ueleven in Australia vicpet.com.au Victoria Petroleum has a 45% option to participate- well was drilled 1189 metres to TD with no shows in the Hutton Sandstone ( no oil). Anyway this is on one of the Olex royalty properties and a wildcat try by Lakes Oil. I don't know if they have plans for another yet,maybe they will think over for a while- the rig has been moved to try for gas just North of some other Oilex royalty property. One nice thing about having royalty property is that you gain when things go good but no loss if not. Larry
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