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Microcap & Penny Stocks : OILEX (OLEX)
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To: Omar who wrote (4003)9/9/1998 9:51:00 AM
From: CHRISTINE  Read Replies (2) of 4276
 
February 6, 1997 ETC News Release ( Familiar names )
The Company announces the resignation of Kevin M. Murphy as director and
extends its appreciation for his past efforts on behalf of the Company.
Patrick F. Charles has consented to join the Board as a Director.

Mr. Charles brings a strong background in resource based industries to
the management team. He is currently President & CEO of Blue Vein Mining
Company of Butte, Montana. In addition he serves on the board of several
private and public U.S. companies. His experience includes being
President of Rex Silver Mines, at that time one of the largest junior
mining companies listed of the V.S.E. The Company believes the
appointment of Patrick Charles will bring strong investor confidence in
the long term viability of the Company. He also brings a significant
history of corporate growth, financial capabilities and access to
properties of merit. Mr. Charles holds a BCS in Marketing from Seattle
University and a Masters of Business Administration from the University
of Arizona.

Subject to regulatory approvals, Director stock options have been
granted as to 270,000 shares at $0.16 for a period of two years. The
options granted cannot be exercised until the approval of the Vancouver
Stock Exchange has been obtained.

ON BEHALF OF THE BOARD
Gary Musil,
Secretary/Director

THE VANCOUVER STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE
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