Friday May 2 10:23 AM EDT
Company Press Release
Source: OILEX, Inc.
OILEX Releases 1996 Year End Unaudited Estimates
HOUSTON, May 2 /PRNewswire/ -- OILEX, INC. (OTC Bulletin Board:OLEX) announced today it has received preliminary unaudited 1996 year end numbers. OLEX's Liabilities and Stockholder's Equities are
estimated to be $9,974,636 which is a 100% increase over 1995 audited numbers. Revenues for 1996 were negligible. However, through the first quarter of 1997, OLEX now has fully staffed and paid cash
or stock for four operational field locations with over 600 oil and gas wells located:
(1) Big Foot Field -- Frio County, Texas
(2) Walker Queen Field -- Pecos County, Texas
(3) Revilo Unit -- Scurry County, Texas
(4) Luling Field -- Caldwell County, Texas
Production is increasing monthly as new wells are brought on line. Gross revenues for 1997 are
anticipated to be $12.5 million.
OLEX's audit is in progress. It is anticipated to be finalized over the next thirty days. Once it has been
finalized, OLEX will take the necessary steps to attempt to get listed on NASDAQ.
OLEX is in the business of acquiring, developing and producing low risk oil and gas wells.
SOURCE: OILEX, Inc. |
