Hey Kerm
Could you make any comments on this upcoming drill program? I don't know anything about the area when it comes to oil/gas and couldn't find anything on Daybreak Energy. I would appreciate any input you could give.
OXR (the company in question) has 19 million shares out and $3.2 million (.17/share) in cash with no debt. Insiders, Terrex Resources and Oribi Resources own 8 million shares. I own some at 0.12 from last week and was hoping there was something behind this upcoming drill program that could cause a little hype and some possible cash flow. OXR used to be an Indo. gold stock but the management has recently voted to change the company's direction.
Omax Resources Ltd OXR
Shares issued 12,151,877 1998-11-03 close $0.14
Tuesday Nov 3 1998
Mr. Hal Hemmerich reports
Omax Resources has entered into a letter of intent with Daybreak Energy Corp. to form a joint venture in which Omax will have an undivided 10 per cent interest with respect to the Huron project. The Huron project consists of land agreements covering approximately 93,000 acres in Lambton, Middlesex and Huron counties in southwestern Ontario. The parties will be targeting natural gas structures contained within Silurian Pinnacle Reef systems.
Daybreak has recently completed a 3D seismic program over more than 20,000 acres of the Huron project. As a result, the parties expect to commence drilling operations on several targets beginning in first quarter 1999.
Omax and Daybreak expect to enter into definitive agreements in respect of the joint venture shortly, and in any event by Nov. 30, 1998. Omax's cost to acquire its 10 per cent interest in land costs and the subsequent 3D seismic exploration program will be approximately $540,000. In addition, Omax intends to finance its portion of five wells at a cost of $130,000 (on a dry hole basis).
Omax Resources Ltd OXR
Shares issued 12,151,877 1998-12-01 close $0.12
Thursday Dec 3 1998
The VSE has accepted for filing an agreement dated Oct. 26, 1998 between Omax Resources and Daybreak Energy to form a joint venture in which Omax will have an undivided 10 per cent interest (5 per cent interest in gas storage) with respect to the Huron project in southwestern Ontario consisting of land agreements covering 93,000 acres. Omax's cost to acquire this interest will be approximately $540,000. In addition, Omax intends to finance its portion of five wells at an estimated cost of $130,000.
Best Regards
KEITH
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