News Flash:CAYC release re OLEX discussions
CAYE CHAPEL, INC.
FOR IMMEDIATE RELEASE CONTACT: C.JONES & CO.
Allen Jones
(303) 470-8783
CAYE CHAPEL AND OILEX ENTER INTO
CONSOLIDATION DISCUSSIONS
Las Vegas,Nevada- March 19, 1998- CAYE CHAPEL, INC. (OTC-BBS- CAYC)
announced today that it has entered into discussions with the Board of Oilex , Inc (OTC-BBS-OLEX) for a possible consolidation of the two entities. OLEX has approximately $14 million in net assets, owns 600 " wells, no long term debt and owns all of its field and office equipment outright. OLEX also has a 2 percent overriding royalty interest in a 48 million " acre Australian oil and gas concession as well as approximately 25,000,000 barrels of estimated recoverable oil.
CAYC already owns 9% of Titan Energy Corp, Inc. ( OTC-BBS- TANC ) which has a 12.9 million acre oil and gas concession in Australia with independent minimum geological reserve estimates of $1.4 billion. CAYC also owns the assets it recently acquired of Great Plains Inc. Which includes third party independent reserve estimates of 19,441,932 gross barrels of oil. CAYC also recently announced it=s intent to acquire McCormick Drilling Company, Inc. which also has third party independent engineering evaluations of 25,000,000 barrels of recoverable oil, as well as 3 fully equipped drilling rigs.
The combined synergies of the above transactions would give CAYC $25 + million in net assets, no long term debt, in excess of 60 million barrels of estimated proven oil reserves, 9% ownership of TANC and an experienced management team. Terms of the agreement have not been disclosed at this time.
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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.
CAYC |
