To All,
FOR IMMEDIATE RELEASE IN CONJUNTION WITH NATIONAL
NEWS SERVICE.
OILEX ANNOUNCES PRESSURE TEST RESULTS IN
BIEDIGER WELL #1-19
Houston, TX - December 11, 1997 - Oilex, Inc. (OTCBBS - OLEX)
announced today that pressure test results in its recently drilled and equipped in-field well the BIEDIGER #1-19 in Big Foot field TX., has virgin reservoir pressure. After eleven hours of pressure build up the well had tubing pressure of 600 P.S.I. and climbing. The Static pressure test will be completed at approximately 6 P.M. tonight. OLEX field personnel will start the flow of oil and gas on test to establish absolute open flow and daily flow rates tonight.
OLEX also announced today that it has moved the same work-over unit on to the in-field C.R. Thompson well #9-9 to bring it into production. The same procedures will be followed. First, a 24 hour static pressure test will be conducted and then flow rates established over this weekend. Flow rated, on both wells will be announced early next week. In-field Wells #3 and 4 have now been drilled and will be logged, perforated and fraced commencing next
Tuesday.
WORD FROM DOWN UNDER, MATES...
In related news, OLEX has been informed from Australia where OLEX owns
a 35 million acre giant overriding royalty interest that OIL WELLS, INC. has discovered a new field in ATP-560. The estimated flow rate in the discovery well is 200 barrels of oil per day according to published reports. There are eleven rigs running on OLEX's concession at any given time adding to OLEX's overriding royalty monthly cash flow from Australia.
OLEX also this week acquired another portable swabbing unit that was
delivered to its Revilo Unit in West Texas. The unit has been averaging swabbing every twenty-seven wells per day. OLEX President, Oliver H. Timmins, III; "stated he is pleased on behalf of all shareholders on the overall results of field activities."
OLEX is in the business of acquiring and developing oil and gas properties. The company has assets in the United States and Australia.
In compliance with corporate policy the following statement is included:
This news release includes forward looking statements that involve risks and uncertainties. The forward looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially due to a variety of factors including, without the limitation, the company's ability to produce and market products and/or services and other risks detailed from time to time in the company's reports filed with the SEC.
Thanks The Baron |
