Considering the recent misrepresentation of Oilex on this board...I repost the latest in great news from the company:
Oilex's Infield Drilling and Workover Project(s) Are a Success
HOUSTON, April 23 /PRNewswire/ -- Oilex, Inc. (OTC Bulletin Board: OLEX - news) announced today the success it is having with its In-Field drilling and re-working projects. In the Big Foot Field, TX, the new In-Field wells Biedeger 1-19 and C.R. Thompson 6-17 are averaging about 20 barrels of oil per day. The third In-field well, C.R. Thompson 9-9 currently has a behind pipe communication problem which is being fixed to determine daily flow rates.
On all four of OLEX's fields, existing wells which previously have not been entered are being re-entered at the rate of 30 wells per month. All new such activity is demonstrating very promising results. In most cases the new wells being re-worked and swabbed back into production are producing an average of 5 barrels per day per well. It will take approximately 90 more days to re-work and place into production the remaining wells which have not yet been entered by OLEX.
With the recent exchange of fourth generation swabbing units for fifth generation units, OLEX daily equipment utilization has gone up by 60% without downtime. The combination of expenditures by OLEX to drill the new In-Field wells, re-work existing well bores that previously had not been swabbed and the utilization of fifth generation equipment has resulted in approximately 150 barrels a day of new oil production. With this success OLEX management will continue it's In-Field drilling and re-work operations.
In related news, CAYE CHAPEL, INC. Las Vegas, Nevada (OTC Bulletin Board: CAYC - news) has funded another $150,000 to OLEX under their $2 convertible debenture agreement. The agreement calls for up to $2 million in funding as OLEX cash flow requirements are needed. To date CAYC has funded $400,000 under the debenture agreement with OLEX. Additionally the boards of OLEX and CAYC have continued negotiations on possible consolidation of the respective companies. Terms of the discussions are expected to be announced in the next ten days.
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.
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