Thought you all would be interested in a bit of history:
Here are selected statements from selected releases for for the calendar years 1994, 1995 and early 1996.
NOVEMBER 9, 1994 BUSINESS WIRE
Oilex has exchanged 10,919,233 shares of common stock for all of the Wilson Lease owned by Phoenix Reserves, Inc.
The undiscounted estimated oil and gas reserve value of the Wilson lease is $68,853,797. In addition, the new Board will consist of Oliver Timmins, III, Attorney at Law whose area of practice is Oil and Gas, as well as Clifford H. Budd, Certified Oil and Gas, Petroleum Engineer and Geologist.
The acquisition will accelerate its overall presents into the oil and gas industry and it is anticipated to generate funding capabilities and significant cash flows once the Wilson lease is drilled. The previous Wilson lease operators spent $2.5 million in proving up the known undiscounted oil and gas reserves estimated to be in excess of $68 million.
NOVEMBER 22, 1994 BUSINESS WIRE
Oilex International Investments Inc. announced today that it had entered into a stock exchange agreement with World Interactive Network Inc. (WIN-TV) to acquire a 54% controlling interest in Maxmusic Inc. (MAX) of Denver.
The value of MAX includes a 20% stake in American Consolidated Growth also of Denver. The acquisition is valued in excess of $14 million.
JANUARY 27, 1995 BUSINESS WIRE
Oilex has announced it was expecting the closing of $2.5 million acquisition line of credit with Atlantic American Holding Company Ltd. over the next twenty days. The funds will be utilized to develop oil and gas leases as well as provide lines of credit for service companies Oilex is currently entertaining acquiring.
Also, Oilex announced that the engineering prognosis to rework and bring the Wilson No. 1 back into production has been completed. The workover procedure will commence in approximately fifteen days. Once the procedure is complete, expected monthly cash flow of Oilex is estimated to be $150,000 per month.
MARCH 31, 1995 BUSINESS WIRE
Oilex announced today it has signed a letter of intent to acquire 18 producing oil and gas wells from Watson Exploration Inc as well as acreage sufficient to develop 21 new wells.
The existing wells net approximately $140,000 per year income.
In related news, Oilex states that it is moving forward in a positive manner to towards closing its $2.5 million bond placement funds through Atlantic American Holding Company Ltd.
Oilex also stated that the workover procedure on its Wilson No. 1 is moving forward as anticipated. Once into production the Oilex-Wilson No. 1 is expected to produce approximately $150,000 per month or $1.8 million annualized.
AUGUST 3, 1995 BUSINESS WIRE
Oilex International Investments, Inc. announced today that it has acquired 100% of ORION INDUSTRIES, INC. a privately held corporation.
Oilex is pleased with the acquisition of ORION in that it is experiencing 100% growth rate per month at this time. Expected net bottom line revenues before taxes could be as high as 26%.
In related news, Oilex announced on August 1 its major acquisition of 574.55 acres of leases in the prolific CARANCAHUA CREEK FIELD in Jackson County, Texas. Oilex intends to commence the drilling for the A.N. Burditt No. 1 on these leases in mid September. The undiscounted value of the contiguous acreage block is $16 million.
AUGUST 7, 1995 BUSINESS WIRE
Oilex International Investments announced today that it had acquired a 10% working interest in the Sublime Prospect in Lavaca County, Texas.
Engineering and geologic data and studies of the field on the 1,100 acreage position indicates an estimated 20.25 Billion Cubic Feet of Gas in place as well as 4.5 million barrels of oil
Oilex and its partners anticipate drilling six wells, with the first scheduled to commence around August 15, 1995 to fully develop the field.
Taking into account lease acquisition costs, estimated drilling and completion costs for all wells, the total net cash flows over the life of the field could be in excess of $52 million before taxes. As previously mentioned, Oilex will own a 10% working interest position.
SEPTEMBER 26, 1995 REFORMATTED VERSION NO ATTRIBUTED WIRE SERVICE
Oilex International Investments announced today that it has place its Broussard #5B well into production. The well and lease were recently acquired in a stock swap with Phoenix Reserves. The well an test is producing 70 barrels per day net to Oilex, which should result in approximately $40,000 per month net to Oilex.
In related news, Oilex announced that its subsidiary ORION INDUSTRIES has grown by another 62% in sales for the month of August.
FEBRUARY 6, 1996 PR NEWSWIRE
Oilex International Investments, Inc. announced today it has signed a $5 million funding agreement with Trinity Group of out New Jersey. The funding will be provided to Oilex on a best efforts basis and will consist of either convertible debentures and or the sale of equity in the $3 to $5 per share price range. The funds, once received by Oilex will be utilized to develop its oil and gas properties in Texas and West Virginia.
Based upon funding and its existing asset base, Oilex anticipates filing for a Nasdaq listing as soon as its year end audit finalized.
Management of Oilex is extremely excited about these recent developments and is aggressively pursuing additional acquisitions and funding sources to enhance shareholder value.
MARCH 26, 1996 PR NEWSWIRE
Oilex has been advised by its independent auditors that its year end audit will be completed around March 31, 1996 as anticipated and that Oilex currently has an asset base sufficient to qualify for a listing on Nasdaq.
APRIL 2, 1996 PR NEWSWIRE
Oilex International Investments, Inc. announced today that they retained the services of Internetwork Communications, Inc. of New York and California, a financial public relations firm. This is their first Bulletin Board company; they feel there is tremendous growth opportunity with Oilex.
APRIL 8, 1996 PR NEWSWIRE (by Internetwork Communications)
Internetwork Communications, Inc., a Financial Public Relations Firm, announced today that contractual negotiations with Oilex have been postponed until a later date.
MAY 1, 1996 PR NEWSWIRE
Oilex International Investments, Inc. announced today receipt of its Independent Auditor's Report for the periods ending Dec. 31, 1995, 1994 and 1993 from Simonton, Kutac and Barnidge, LLP.
MAY 15, 1996 BUSINESS WIRE
On April 22, 1996 Oilex announced a buy recommendation had been made by Small Wonders Research Report as its "best undervalued stock find of 96" predicting that it will be their best percentage performer of the year. The report goes on to state, "we are comfortable with a 96 target of $3 to $4 at this time, but may be compelled to raise it following analysis of the new Oilex acquisition at White River, Colorado.
That's all folks! Just thought you'd like a selected bit of history and the opportunity to reflect on some of the forgotten tidbits from Oilex's press release files.
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