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Microcap & Penny Stocks : OILEX (OLEX)
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To: thomas larkin who wrote (2643)1/25/1998 1:45:00 PM
From: edward shapiro   of 4276
 
Thomas,
As a shareholder of Oilex, there is only one recommendation I have for you and that is to stay very far away. The official reason for the split can be found in the press release. The press release fails to mention all the convertible debenture financing. It was all Reg-S financing. Much of this was converted to stock at favorable terms to the lenders. This diluted the stock. Did the conversions cause the reverse split because they exceeded the authorized shares? Are there still converions taking place? Are there anymore convertibles out there? Are there anymore surpises waiting for the shareholders? (Pumping oil would be a good surprise.) Everyone here would like to know. Only a few people in the world know all these answers for sure and they aren't talking.
One other problem. What do you pay for an oil company that can't seem to get the oil out of the ground? I don't know. There are a few big things I didn't mention, but you get the point. Feel free to read the last few months messages and make your own decision.

Ed
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