From: CALIFTALK (re:what is left of Oilex)
To: RickSkyboy
In a message dated 99-01-31 13:24:18 EST, you write:
<<
I would still like to know the particulars of what is left of the Oilex shell before I decide what I would like to see done.
Cheers!
Rick >>
Every thing that was there is still there as of today. as to oil fields and equipment
and royalty interests. Except the claims of debt free proved to be false.
In addition-
The problem is that even when oil was at $17 a barrel , the company
never covered its expenses and now
at $8 per barrel (the latest price received on oil sales in Dec)
it requires between $10,000 and $15,000 per month new cash to
maintain the company at minimum levels. Before extras like repairs
and audit expenses and insurance-
I have learned that swabbing was all touting. It is only good to hold the royalty interests by minimum production while awaiting new ways to extract the oil
when the market price increases.
Keeping the equipment running is very expensive, the weather makes swabbing available only half the time at best, at least 300 of the wells are not possible to swab and had not been swabbed , I estimate, for at least the past two years, and the plugging liability is approx $2,000 per well .
The values of the West Virginia , Colorado and Utah projects are of minimum value
and there has been very little interest by any buyers.
I question the estimates made by Clifford Budd has to the values of the oil fields.
He has not been of any help in finding a buyer at ANY PRICE, since August 1998.
He was paid very well by Allen Burditt to issue the reports that made the market price of Oilex increase on the NASD market.
In my opinion the investors were the victims of a well planned scam.
It was planned by Allen Burditt and assisted by many officers and directors
and touters and by the company attorney and by accountants.
In addition certain unnamed people allowed Burditt and / or his affiliate
companies to flood the market with Oilex shares contrary to SEC Rules and Regulations for restricted shares of stock.
Some of the above people were careless and some intentionally looked the other way and some were well paid to participate fully.
The fiducially duty was ignored. Now they must be held accountable
If investors are to recover damages amd restitution. |
