Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Omar who wrote (2587)	1/20/1998 12:42:00 PM
From: Eric Maggard	Read Replies (1) \| Respond to of 4276

Thanks Omar, I can see that the debentures for the July offering are done. There has been several SEC filings in the last couple of weeks. Are those new ones? They seem to be new ones. From one 8-K filed Jan 13, it states: On January 6,1998, the Company initiated a placement of 12% Convertible Debentures Due December 31, 1999, with non-U.S. entities, in the amount of $625,000 being sol at 80% of the amount of such debentures. Another 8-K filed Jan 13 states: On December 23, 1997, the Compnay initiated a placement of 12% Convertible Debentures Due December 31, 1998, iwth non-U.S. entities, in the amount of $175,000. Another 8-K filed Jan 13 states: On December 23,1997, the Company initiated a placement of 12% Convertible Debentures Due December 31, 1998, with non-U.S. entities, in the amount of 1,375,000. Then from the 8-K on Jan 14: On October 22, 1997, the Company initiated a placement of 12% Convertible Debentures Due November 30, 1998, with non-U.S. entities, in the amount of $1,250,000 being sold at 80% of the amount of such debentures. Could you check on these and see if they are done? I could see that the one from Oct is done, but the ones from Dec and Jan look new and like they will be coming on the market in Feb or March. Thanks for your information. Also, how much has OLEX received from all of the offerings and what are the plans for using the money? I hope the drilling goes well and keep us informed about how it goes. Eric

To: Omar who wrote (2587)	1/22/1998 6:52:00 AM
From: Ditchdigger	Respond to of 4276

Omar,a quick question, you state that< All of the debentures have been converted on> How is this possible? You have made multiple recent placements,excluding the one in mid summer. To quote your 8-K outlining the terms of these placements(typical Reg S) "The terms of the conversion rights are such that the holder of these notes may convert all or a portion of the principal and interest due at any time after 45 days " It hasn't been 45 days since these placements(3),thus (IMO) your statement can't be true. Could you please explain.TIA...DD PS: I see placements On January 6, 1998,December 23, 1997(2),and one on October 22, 1997(which may have been converted)shown in your Jan. 8-Ks. PSS: one last question,are you using these recent placements to avoid conversion on prior placements? Simple terms borrow from Peter to pay Paul? PSSS: would you also care to comment on this statement from one of the 8-K "plus a 2% unaccountable expense allowance for its services."? TIA