Ajay,
I don't know all of the details, as I was not a part of the company when the agreement was made with Oilex; however, it is my understanding that only a tentative agreement was reached and that the transaction never was finalized. Also, I do not have knowledge about the inside workings of either Oilex or Caye Chappel, but the list of stockholders provided to us by the transfer agent show the shares in the name of Caye Chappel.
Power Exploration's association with Burditt/OLEX/CAYC/et. Al. has changed over time and at the present is as follows:
1. Caye Chappel owns 800,000 shares of PWRX stock.
2. Oilex has purchased swabbing units from our subsidiary, Oil Retrevial Systems. Negotiations for purchases of additional units were being held with Burditt, but are now being held with Yarmak.
3. Oilex has a royalty interest in our Australian concession ATP 615.
4. Several of Power's employees bought stock in Oilex last summer.
You ask why would we want to be associated with Burditt, and the answer is that at this point in time we would not want an association. We did want the association a year or so ago because we liked what we saw in Oilex and we believed what Burditt was saying. Looking back at the SI thread to when we began our association, everyone on SI liked OLEX also. In the meantime, we will work with OLEX management and we will wait on the full truth to be told.
Brent |
