Two news releases today:
(PR NEWSWIRE) OILEX Enters into Funding Agreements
OILEX Enters into Funding Agreements
HOUSTON, July 16 /PRNewswire/ -- OILEX, Inc. (OTC Bulletin Board: OLEX)
announced today that it has entered into two funding vehicles for immediate
working capital and an equipment line of credit. The working capital
instrument includes a $1.375 million senior secured redeemable high yield
debenture and the equipment line of credit provides $1.250 million to purchase
10 additional swabbing units. Both instruments are to be funded on or before
July 31, 1997 by a group of private investors.
OLEX will utilize the working capital to commence its drilling operations in
BIGFOOT FIELD where it recently staked four drill sites as well as
remedialization of approximately 80 wells in the LULING FIELD to increase
daily production and revenues.
The line of credit will be utilized to fund the immediate manufacture and
delivery of 10 additional swabbing units being purchased from TITAN ENERGY,
INC. (IMPN) which will also enhance daily production and revenues.
OLEX is in the business of acquiring, developing and producing low risk oil
and gas properties.
/CONTACT: Allen L. Burditt, II of OILEX, Inc., 713-629-5998/
11:23 EDT
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(PR NEWSWIRE) Oilex Acquires Under 35,919,933 Acres Producing Overriding
Royalties
HOUSTON, July 16 /PRNewswire/ -- Oilex, Inc. (OTC Bulletin Board: OLEX)
announced today it has acquired an overriding oil and gas royalty interest
under 35,919,933 acres out of 13 producing concessions or Authority to
Prospect (ATP) in Queensland, Australia from privately owned Australian
Grazing and Pastoral PTY. LTD. OLEX paid 2 million shares of its restricted
stock and will receive revenues for the life of existing wells and all new
wells drilled over the next twenty years or more. Some of the operators of
the properties that the override covers include but are not limited to
Santos/Exxon; Bridge Oil; Cooper Eromanga Oil, Inc.; and Discovery Geo Corp.
The dollar amount received by OLEX should go up each year as new wells are
drilled and placed on line. OLEX as an overriding royalty owner will bear
none of the costs associated with any of the development costs of the
35,919,933 acres.
OLEX is in the business of acquiring, developing and producing low risk oil
and gas properties.
/CONTACT: Allen L. Burditt, II of Oilex, Inc., 713-629-5998/
11:23 EDT |
