OLEX-NEWS:
Oilex Receives Unsolicited $2.2 Million Offer For
Australian Overrides
PR Newswire - February 25, 1998 15:24
OLEX CAYC %OIL V%PRN P%PRN
HOUSTON, Feb. 25 /PRNewswire/ -- Oilex, Inc.(OTC Bulletin Board: OLEX)
announced today that it has received an unsolicited offer of $2.2 million
($U.S. Funds) for the potential sale of its giant approximately 35 million
acre producing over riding royalty interest in Australia as well as the sale
of its 1/2 of 1% non-producing override OLEX owns in Titan Energy Corp.'s
(OTC Bulletin Board: TANC) Ft. Worth, Texas, approximately 12.9 million acres
ATP-615 concession. This offer was sent via certified mail to OLEX's
investment banker Baron-Marney Capital, Ltd. and is being seriously evaluated
by management.
In related news, Baron-Marney on behalf of its clients Caye Chapel, Inc.
(OTC Bulletin Board: CAYC) Las Vegas, Nevada and OLEX have negotiated a
$2 million convertible debenture from CAYC to OLEX, which is convertible into
OLEX shares at $2 per share. OLEX has received $250,000 of the funding in the
past five days. The balance will be provided as OLEX cash flow needs are
presented to CAYC. CAYC already owns a minority interest in OLEX and has
advised the board of OLEX that it intends to attempt to acquire up to an
additional 5% of its common stock for investment purposes over the next
90 days out of the open market. CAYC has also informed the OLEX board it may
elect to acquire an additional 10% of the issued and outstanding common shares
and/or seek representation on the OLEX board.
Oilex, Inc. -- New (OTC Bulletin Board: OLEX) now trades under the new
symbol of OLEX.
OLEX is a developmental stage company engaged in the acquisition and
development of oil and gas properties and has assets domestically and
internationally.
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 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 Securities and Exchange Commission.
SOURCE Oilex, Inc.
/CONTACT: Allen Jones, Investor Relations of C. Jones & Co., 303-470-
8783, for Oilex, Inc./
(OLEX CAYC) |
