OILEX Announces Closing Date on 225 Wells
HOUSTON, March 20 /PRNewswire/ -- Oilex International Investments Inc announced today it will close, on March 26, 1997, its acquisition of 225 productive oil and gas wells situated on a 3,000' plus or minus acre lease in the prolific LULING FIELD after it completed its necessary due diligence. All wells are perforated from the AUSTIN CHALK formation at 2,500' plus or minus. With the wells and existing production, comes eleven acres of land where a fully equipped office, supply room, and shop are situated; completely staffed for field operations to include three 'old style' swabbing units and other related field equipment.
OLEX will utilize its portable swabbing units as well as KH-30 compound to enhance field production and increase revenues from this field operation.
Additionally, OLEX is moving forward on its stock exchange agreement with GERONIMO HOLDING CORP. to acquire approximately 655 oil and gas wells; 240,000 acres of leases; estimated oil reserves of 500,000,000 barrels; estimated gas reserves of 4.5 TRILLION cubic feet; $16,000,000 in estimated 1997 positive cash flow; situated on 302 leases in 13 states.
In related news, OLEX has been advised that some party or parties on the AMERICA ONLINE or other Internet service provider has stated that OLEX is contemplating a 1 for 5 stock reverse split. OLEX's Board of Directors has not held any meeting regarding any reverse split at this time as a means of qualifying for NASDAQ trading. No determination has been made nor has any required shareholder vote been solicited to approve such a measure as it relates to any forward or reverse stock split.
OLEX is in the business of acquiring and developing oil and gas properties. SOURCE OILEX, INC. |
