Phil, I suppose any buyers are waiting for another shoe to drop. I'd say enough have already.
9.5 million shares nearly matches my prediction of ten million by the end of this year. Oilex really must be burning some dough in order to go through the $8 million in debentures and and additional $250,000 from CAYC. Hopefully, it's for all those new swabber units.
I found this on the Oilex site. No telling how long it had been there, it's in the "News" section, which I don't often look at, and they don't date their news:
>>The Revilo field has been producing approximately 75-90 bbls per day. At this time OLEX is in the process of increasing the oil production on all of our fields.<<
Sounds hopeful, even as the paper multiplies at a furious rate. Steve, 10 million shares X $2 = $20 million...I hope CAYC values Oilex that highly. I think $4/sh is too much to hope for at this rate of dilution. But first things, first...CAYC has to get to $4 itself, and that seems to be a tough row to hoe.
Cheers!
Rick |
