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Microcap & Penny Stocks : OILEX (OLEX)

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To: Richard L. Williams who wrote (3753)	7/24/1998 11:30:00 AM
From: Steve	Read Replies (2) of 4276

>>Third- the 2,550,000 new shares that were issued by the transfer agent on July 16,1998 in favor of 4 company insiders, in a surprise assault to water down Yarmak's percentage ownership in Oilex, has been rescinded, as of the Directors meeting held on July 21,1998 at Fort Worth, Texas. << The decision for this was made 8 months ago. It isn't much of a poison pill defense since Yarmac would only have to spend an additional apx. $450,000 out of his war chest of apx. $12 million to counter that defense. These shares were issued as compensation for services rendered since none of the board members drew a salary. To really counter Yarmac the company would have had to issue many more shares since they didn't interpreting this as an attempt to thwart Yarmac is pretty lame. Those shares have now been converted to options. There has been no change in management since the board members were not active in day to day affairs. I hope that Yarmac will be able to work with Mr. Burditt and others at Oilex to further develop the oil properties. Since Oilex needs an additional $4 to $5 million to fully develop their properties I hope that Yarmac is willing to invest further in Oilex.

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