Steven follow-up to one of your questions, and more.
Christine
Subject: Answers to a Shareholder
Date: Mon, Jul 13, 1998 14:40 EDT
From: CALIFTALK
Message-id: <1998071318402100.OAA23313@ladder03.news.aol.com>
CALIFTALK: The White River Dome and the West Virginia
properties purchase documents have to be examined
Xeric still has rights to White River Dome
West Virginia is now reverting back to OLEX
CALIFTALK: Meanwhile Xeric has recently filed a lawsuit
I have not read the complaint yet
I suggested buying out the over ride Xeric has
in the oil field close to Midland before we expand production and settle all mutual claims
I am returning to Texas next week and will
get involved in all the details
Xeric did get an extention on the drilling at the WRDome but has not been aggressive yet-
CALIFTALK: I filed my second 13D today
Only a fool would continue shorting after
reading both 13D filings
they are trapped- unless some of the larger holders sell and I don't think you will see too much of that right now
CALIFTALK: And on Friday after the 13D was executed
I purchased heavy again
and now hold 3,627,000 shares
Today I requested delivery of three certificates
totaling 3,600,000 shares, that is a big percentage
of the float
folks holding see things are changing.
CALIFTALK: Today I have not made a purchase as of 10:30 AM
Las Vegas Time
CALIFTALK: and the volume is slower today
evenly balanced between buyers and sellers
when will the shorts try to cover- the longer they wait the harder it will be if folks start to toughen up
CALIFTALK: Still can not figure out who would be selling
with the potential for a real spike on the horizon In my opinion there is very little stock being sold by shareholders. The 1,250,000 shares sold short
by the debenture holder at the end of June
were gobbled up by me and then they backed away
CALIFTALK: Can you request delivery of
stock certificates
Oh yes I am going to ask them for sure.
CALIFTALK: There are no 5% holders except for myself
Allan Burditt and Phoenix Resources were
caught in the dilution from the reverse split
CALIFTALK: Hard to believe that a holder of 20,000 shares
purchased at $1 per share for an investment
of $20,000 cash last year now has 1,000 shares
valued at 25 cents or $250 dollars
sure got hacked
CALIFTALK: Stepping in today(June and July) with my timely buy stopped the rape of the shareholders, as the stock was going
down to pennies and a huge dilution from the
$750,000 debenture and a big payday for the shorts
CALIFTALK: Now the outlook has changed 360 degrees
changed the whole picture- we need a real evaluation of the properties
I think you will be pleased with your purchase if you do:)
CALIFTALK: No more stocks thrown on the market to bring
fear of the unknown.
Getting production going on every well is necessary
but with current equip and manpower it has not been done
Daily field management is lacking. Allan is
mostly interested in deal making transactions.
That is why I am considering buying a residence
in Austin, Texas and getting involved.
CALIFTALK: Yes the RRC gets reports on every well
and the company maintains a folder on every well
there are wells at Luling that have not been touched
Luling has 209 wells on 3,000 acres
and the two man crew does about two wells per hour thus over a 7 hour effective day
working day
they swab 14 wells per day ( at normal speed
the can get in and out of a well in 20 minutes)
then moving time
which means a second unit
must be placed on the Liling field post haste
if the wells are to be kept open
CALIFTALK: That means they could visit each well only once per
month
And the producing wells should be serviced daily
and the slow wells should be serviced at least
twice per week
CALIFTALK: We will get swabbers leased and working on the
four producing fields and this will be a priority item
the Austin chalk sands
you must clean them- swabbing keeps this under control once they are up and going correct to make it a priority.
I will just post some of my comments from the IM
with the title
answers to a shareholder
it was my pleasure having the opportunity to talk with you
I appreciate your help
thank you for what you are doing
CALIFTALK: Thank you again for your time
Have a good day
and hope we both make OLEX into a winner |
