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

To: jamess who wrote (3699)	7/14/1998 12:08:00 PM
From: CHRISTINE	Respond to of 4276

Hi James, One of the delays has been the lack of funds available for the cost of the audit. Mr. Yarmac has offered to front the 25.000 needed. I hope this answers some of your questions. From Califtalk. The correct figures have to be audited and confirmed. The numbers appear to be $3 million from the convertible debentures and $400,000 funded from the Cayc $2 million commitment. I am not able at this time to identify clearly where and how this cash was expended.The Board of Directors at the next meeting will discuss this question. The budgeting of cash flow was inadequate. Large sums were spent to drill the wells on the Big Foot field, and acquire a small number of new swabbers, and cover operating expenses and negative cash flow, and legal and accounting expenses. I want the auditor to document all agreements concerning transactions and to prepare and file the past due 10K and 10Q reports. We need to get the four producing oil fields on line with production from each well on going. I am in the process of getting an acceptable solution to the final debenture, that will keep the shares off the market. And will have a definite answer by Friday of this week.