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Microcap & Penny Stocks : OILEX (OLEX)
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To: Eric Maggard who wrote (789)1/31/1997 9:59:00 AM
From: Richard Frye   of 4276
 
#1: Jan 31 - Oilex Inc has closed on financing that will
allow it to increase production to 3,000 barrels of oil daily by the end of July
from the present level of 300 barrels per day, Allen L. Burditt II told Reuters.
He's the sole owner of <Phoenix Reserves Inc>, which owns 51 percent of
Oilex's stock and is making another investment in the developer of low risk oil
and natural gas properties.
Burditt said Phoenix and Oilex President Oliver H. Timmins III have agreed
to invest $1.5 million in a new issue of 10 percent convertible preferred stock.
Still to be negotiated, he said, is the number of common shares the
preferred will be convertible into, but did note that the stock probably will
not be convertible for the first two years after it is issued.
Timmins now holds 3 million of the company's 26 million outstanding shares,
Burditt said.
He said Oilex will report a profit for the first time first quarter and will
be "profitable throughout" 1997, adding the company has a $6.5 million tax loss
carryforward.
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