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Microcap & Penny Stocks : OILEX (OLEX)
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To: OFW who wrote (3403)6/8/1998 3:39:00 PM
From: Steve  Read Replies (1) of 4276
 
Still on extension with the SEC. The audit was completed in anticipation of the consolidation of operations of Caye and Oilex.

I think you can point to several events in 1997 that caused the collapse in Oilex share price. Several million shares that were supposed to be restricted were ruled unrestricted by a Judge in a court case involving several individuals and another company. This left Oilex with fewer sources of capital. Also, Oilex's oil field operations in the first half of 1997 suffered from management and personnel problems. In the last half of 1997 things began to turn around for Oilex but it was too late to rescue the stock price. The stock was in danger of being de-listed and the reverse split was necessary to rescue the company. The debentures were a last resort to raise operating capital. It has harmed the company's shareholders but I think they are now poised to grow out of this mess. Production is now hovering at a peak of about 400 barrels a day and the average in the last week has risen to over 300 barrels a day. One swabber produced 160 barrels a day last week in the Luling field.

I think that the 3rd quarter financials will reveal that Oilex's field operations are a success. Oilex will have in excess of $1 million in gross revenues in 1998 and with an average of 70% royalty interest and a profit margin of around 40% net income will be in the $300,000 range.
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