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: OFW who wrote (2652)	1/27/1998 3:36:00 PM
From: baron-marney	Read Replies (2) \| Respond to of 4276

To All, HTML1DocumentEncodingutf-8Houston, TX - January 27, 1998 - OILEX, INC. (OTCBBS - OLEXD) announced today that it has now received a new trading symbol (OLEXD) as well as a new cusip number (678034 20 8) in conjunction with the 20 to 1 reverse stock split it announced on January 9, 1998. OLEX also announced that the new infield wells Biedeger #1-19 & C.R. Thompson #9-9 which are located in the Bigfoot Field are now online and in production. The Biedeger #1-19 is flowing by itself & the C.R. Thompson #9-9 is flowing with the assistance of swabbing. OLEX has also completed the logging, perforating and fracing of the C.R. Thompson #6-17 & Meador #4-8. Both of these new infield wells should be online within a few weeks. OLEX has plans to drill additional new infield wells at Bigfoot directly and on a participation basis with the four it has already drilled. In related news, OLEX management unwound its agreements with privately held Geronimo and the two year option to acquire 40% of Titan Energy Corp., Inc. Both of these transactions would have added $21.5 million in debt to the OLEX balance sheet. OLEX management believes that while in a developmental stage status, and upon the advise of its investment banking consultants, taking on the debt would have endangered the growth curve the company has historically experienced under current management. Even though OLEX has unwound its agreements with TANC, OLEX still has the « of 1 percent overriding royalty interest on the 13 million ñ acres in Australia that TANC owns. OLEX also has kept the first right of refusal on swabbing units built by Oil Retrieval Systems, Inc. a wholly owned subsidiary of TANC. In compliance with corporate policy the following statement is included: 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