Omar and Oilex Management (Whoever That Is):
Your SI Post 2130 is interesting to say the least.
"The jefferson county lease and other assets traded by Phoenix for 8.7 million shares of oilex has a third party independent geological and engineering evaluation which estimated proven and non-producing reserves tht could be produced from the Wilson#1 well bore of 28 billion mcfg/and over 500 thousand bbls of estimated recoverable condensate."
QUESTION: Could you please provide us with the name of that "third party independent"?
QUESTION: Could you please list for us, in detail, all of the specific assets which Phoenix has sold to Oilex? (Please include specific individual lease and well names and numbers.) Also indicate which of these specific individual leases and wells are still under control and/or ownership by Oilex.
Phoenix spent in excess of $400,000 in it's attempts to place this well bore back into production on behalf of Oilex. As you know from you due dillegence all of this is disclosed in the Oilex audited financial statements of december 31,1995-96."
The 10SB12G filed with the SEC on August 5, 1997 includes a footnote which reads as follows:
In 1996, a corporate stockholder, Phoenix Reserves, Inc. ("Phoenix"), who owns 36.5% of Oilex's outstanding common stock advanced $790,210 to Oilex. As payment, Oilex issued 1,200,000 shares of its common stock to Phoenix and are included in total sotckholders' equity at December 31, 1996. The funds were used for working capital purposes. Phoenix has common management with Oilex and it was a majority shareholder of Oilex in prior years."
QUESTION: Does this $790,210 include the funds you reference in Post 2130 ($400,000 and one year's advance office rent). What was the value of the 1,200,000 shares of Oilex common stock at time of distribution to Phoenix?
QUESTION: Do Phoenix Reserve and Oilex have common management as the filing states?
At the time that Phoenix received 8.7 million shares of Oilex stock there had been no more than 25,000 shares of thestock that had traded in the public market in the previous 14 months at less than .10 cents per share. As stated in the SEC filings all shares received by Phoenix as the majority shareholder of Oilex were restricted (at that time restrictions were for 3yrs & subject to the dribble rules).
I believe Farris's question was how many of those shares had been sold in past six weeks.
QUESTION: As of this date, how many shares of Oilex common stock is owned by Phoenix Reserves?
QUESTION: With my limited knowledge of basketball, could you please explain the dribble rules. If I remember correctly, the 3 year restriction period was changed several months ago to, I believe, 1 year. Did that change apply retroactive? Either way, would I be correct to assume that the 8.7 million shares are no longer restricted?
BTW, last week I e-mailed you requesting a copy of the most current bylaws in force for the corporation. I have not yet had a response to that request. I look forward to your contacting me so that I may give you my fax number enabling you to fax the bylaws to me. You have my e-mail address.
Many Thanks,
Offie |
