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Microcap & Penny Stocks : OILEX (OLEX)
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To: Larry Sallee who wrote (1319)8/11/1997 3:57:00 AM
From: Yiqun Xie   of 4276
 
Larry, Thanks for your reply. Your post is always very informative. But I still wondering why the production is still low. There are two reasons I can think of:
(1) The technology they have to bring oil to the ground at low cost is not as good as they said before. From the recent 10K: Total production from the Frio County leases amounted to 54 barrels of oil as of September 30, 1996. This was based upon a price per barrel of $19.90 and an average lifting cost of $12.00 per barrel. Total production attributable to Oilex's minority interest from the Mississippi leases was 693 barrels of oil through September 30, 1996, and was based upon a price per barrel of $18.00 and a lifting cost per barrel of $11.00.
But I remember that they were talking about $2.5/barrel lifting cost?
(2) They may not have sufficient fund to produce oil. My last post is also from 10K filed on 8/5/97.

The company is talking about huge reserves and new lifting technology for a long time. Raining is always their excuse for low production level. Show me the money!
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