From: CALIFTALK Subject: It is real simple
Date: Sun, Aug 30, 1998 05:01 EDT
When Burditt prepared and released the July 14,1998 news release
that spoke about Saul consulting with the final debenture holder of the
$675,000 face value, to purchase said debenture to keep the shares from
flooding the market; and arranging leasing to acquire swabbers to increase
production in the existing oil fields; I was not aware of the REAL CONDITION
OF OILEX. I did not know that Burditt and Timmins had looted the company
blind. They had consumed $1,500,000 of the cash raised by the debenture financing,
they had ripped off 10% royalty interests on each of the oil fields, they had double
escrowed the oil field acquistions by first buying in the name of BT Energy and then
reselling to Oilex at inflated prices, and that BT Energy was a partnership owned by
Burditt and Timmins, at that the auditor had missed all these insider dealings that
stole assets from the Oilex shareholders, and that there was no short position but
that Burditt was the party who kept dumping shares of Oilex by selling in Canada
without filing reports required by the SEC disclosing that an insider and affiliate holder
was dumping shares and having the broker in Canada sending the proceeds by wire to
a Texas bank account held in the name of Phoenix Resources, controlled by Burditt.
That the company had 5 pressing lawsuits whereby people claimed Burditt and/or
Timmins had cheated them, but Oilex was also named as a defendant, and that creditors
were pressing for repayment of bills dating back for the past eight months. That even
bills for the four wells drilled at the Bigfoot field in Dec 1997 were owing and creditors
had filed or were filing liens, and that the fourth well was located on leases owned by
BT Energy but the well had been paid with Oilex money. That the posted data on public
news releases were not reliable and that the auditors had not verified management
records to the point that they could be accepted by me with any level of confidence.
THEREFORE, I examined and questioned and searched and reviewed all the transactions
to arrive at the truth. Recovering as many assets as possible became an important
priority. Contacting government agencies and exchanging information became a priority.
THE SEC and TEXAS Securities Board both have files on Burditt. Preparing legal action
to prevent Burditt, Timmins, Phoenix Resources, M Patten Holdings. Churchill Resources,
CL Burke,(Timmins sister in law) John Craig,(Timmins father in law). and Omar and Willie
from transferring Oilex shares became an important priority. Meeting and getting the advice
of people with knowledge,skill and experience in the oil industry became a priority.
All this was accomplished between July 21,1998 and August 26,1998.
I have been forced into this position to protect a personal investment of close to one million dollars and the interests of thousands of trusting shareholders. I am determined to
protect the interests of Oilex shareholders and my interests to the best of my ability.
That is all I can promise. |
