3 releases follow. Note the acquisitions!!!
Thursday March 19, 4:38 pm Eastern Time
Company Press Release
SOURCE: Caye Chapel, Inc.
Caye Chapel and Oilex Enter into Consolidation Discussions
LAS VEGAS, March 19 /PRNewswire/ -- Caye Chapel, Inc. (OTC Bulletin Board: CAYC - news) announced today that it has entered into discussions with the Board of Oilex, Inc. (OTC Bulletin Board: OLEX - news) 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 1/2 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 Bulletin Board: TANC - news) 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 million 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.
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: Caye Chapel, Inc.
biz.yahoo.com
Tuesday March 3, 4:29 pm Eastern Time
Company Press Release
SOURCE: Caye Chapel, Inc.
Caye Chapel, Inc. Signs Letter of Intent to Acquire Drilling Company
LAS VEGAS, Nev., March 3 /PRNewswire/ -- Caye Chapel, Inc. (OTC Bulletin Board: CAYC - news) announced today that it has signed a letter of intent to acquire privately owned McCormick Drilling Co., Inc.(MDI) based in Oil City, LA and its wholly owned subsidiaries for $4.5 million. MDI owns 100% of the working interest in 43 leases, with over 400 oil wells. In addition to the oil and gas leases MDI also owns 3 fully equipped drilling rigs and transport equipment which are locked in on long term drilling contracts. MDI in 1997 had gross revenues in excess of $3 million, generating approximately $1.2 million in profit.
MDI's day to day operations are managed by Mr. Charles McCormick, President, and Mr. Danny McCormick, Vice President, who have a combined industry experience of over 30 years. Furthermore, in accordance with the letter of intent, Mr. Charles and Danny McCormick will enter into non-compete employment contracts with CAYC having a 3-year term. Additionally, MDI will have representation on the Board of CAYC.
Mr. Ken Liebscher, CEO of CAYC believes that ''The proposed acquisition of MDI, its drilling rigs, oil and gas reserves and its subsidiaries will create for CAYC a more integrated synergistic energy company possessing the internal ability to drill, test and complete our own wells.'' Mr. Liebscher went on to state, ''The addition of Mr.
Charles and Danny McCormick further enhance the already strong management team of CAYC.''
On February 3, 1998, CAYC announced the acquisition of all the assets of Great Plains, Inc. (GPI) for $6 million. GPI's $6 million in assets consists of 1,800 oil wells, production equipment, rolling stock, no debt and un-discounted future revenue potential of $526.5 million at $15 current oil prices.
In related news on February 25, 1998, CAYC announced it entered into an agreement with publicly held Oilex, Inc. (OTC Bulletin Board: OLEX - news) for the issuance of a $2 million convertible debenture, convertible into OLEX shares at $2 per share.
OLEX has already received $250,000 of the funding with the balance being provided as OLEX's cash flow needs are presented to CAYC. CAYC already owns a minority interest in OLEX and announced that it is accumulating additional shares in the open market place. The Boards of CAYC and OLEX are discussing further opportunities that should benefit both companies and their shareholders in the immediate future.
CAYC is in the business of acquiring energy companies and assets, both domestic and international, and developing them to full potential.
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.
Wednesday February 25, 3:24 pm Eastern Time
Company Press Release
SOURCE: Oilex, Inc.
Oilex Receives Unsolicited $2.2 Million Offer For Australian Overrides
HOUSTON, Feb. 25 /PRNewswire/ -- Oilex, Inc.(OTC Bulletin Board: OLEX -
news) 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 - news)
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 - news) 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 - news) 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.
Joe PTG&LI !!! |
