HOUSTON, Feb. 19 /PRNewswire/ -- OILEX, INC. (Nasdaq: OLEX) announced
today it has reached an agreement to acquire 225 wells situated on 3,000
acres plus or minus in the prolific LULING FIELD in Luling, Texas. All
wells are productive from the AUSTIN CHALK formation at 2500'. With the
wells and existing production, comes a completely staffed and functional
field operation; swabbing units; vehicles; office building; shop and
eleven (11) acres of land where the field operations will be maintained.
The estimated remaining in place reserves on the property are 4 million
barrels.
OLEX's takeover of operations is anticipated for March 15, 1997. OLEX
will utilize portable swabbing units as well as KH-30 compound to enhance
production from the field. The field increases OLEX's total number of
wells to over 600.
In related news, OLEX was pleased to announce it has kicked off its
field operations on the WALKER QUEEN FIELD in Pecos County on February 10,
1997.
OLEX is in the business of acquiring, and producing low risk oil and
gas properties.
SOURCE OILEX, INC.
CONTACT: Tom Goolsby of Howard Bronson & Co., 212-867-6160, for
OILEX, INC. |
