Recent enough news!
Friday January 31 9:36 AM EDT
Oilex Enters into Financial Advisory Agreement With
National Securities
HOUSTON, Jan. 31 /PRNewswire/ -- Oilex, Inc. (Nasdaq-OTC Bulletin Board: OLEX)
announced today it has entered into a long- term financial advisory agreement with National
Securities Corp. (National). David Morris, C.F.A. of the Ray Dirks Research Division of National
has been assigned to cover OLEX.
As the scope of OLEX's operations increases, it is anticipated that the company will be seeking
additional acquisitions as well as other financial advice, thus it is felt the alliance with National will
bring potentially significant benefits of OLEX shareholders.
Oilex to Receive $1.5 Million Financing
In related news, OLEX announced that its largest shareholder, Phoenix Reserves, Inc., and its
President, Oliver H. Timmins III, have agreed to pay $1.5 million to OLEX in exchange for a new
class of preferred stock. The funds will be utilized to drill new wells; perforate behind pipe zones on
existing wells and recomplete existing wells and all other activities required to increase daily
production. It is anticipated that this work will increase OLEX's daily production by approximately
2,000 barrels of oil per day within 6 months of completion of the work.
OLEX is in the business of acquiring, developing and producing low risk oil and gas properties.
SOURCE Oilex, Inc.
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