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Microcap & Penny Stocks : OILEX (OLEX) -- Ignore unavailable to you. Want to Upgrade?

To: ROY SENDELE who wrote (2029)	12/17/1997 12:32:00 PM
From: baron-marney	Read Replies (4) \| Respond to of 4276

To All, FOR IMMEDIATE RELEASE IN CONJUNTION WITH NATIONAL NEWS SERVICE. BIG FOOT WELLS FLOWING Houston, TX - December 17,1997 - OILEX, INC> (OTCBBS - OLEX) announced today initial results of its new BIEDEGER #1-19 flowing on a 8/64" choke is producing at a rate of 96 barrels of oil plus 200 MCF Gas per day. The well will be flowed on a 8/64" choke for a few days and then moved gradually up to a 12/64" choke where OLEX will flow the well. The increased size in the choke will also increase the daily production. In related results, the C.R. Thompson #9-9 under static pressure test after a 24 hour build up has tubing pressure of 685 pounds and is still climbing. This also further delineates the 10 acre spacing the new wells are being drilled on are virgin. The significance of virgin reservoir pressure around the new well bores is that the life of each well could be extended for as long as 40 years per well. OLEX also announced it had completed drilling and has set the casing on the C.R. Thompson #6-17 as well as the MEADORS #4-8. OLEX is waiting on service companies to log, perforate and put massive fracs on the new wells and then put them into production. OLEX is in the business of acquiring and developing oil and gas properties. The company has assets in the United States and Australia. This news release includes forward looking statements that involve risks and uncertainties. The forward looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially due to a variety of factors including, without the limitation, the company's ability to produce and market products and/or services and other risks detailed from time to time in the company's reports filed with the SEC. Thanks The Baron