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

To: jamess who wrote (3837)	8/11/1998 9:05:00 PM
From: CHRISTINE	Read Replies (1) \| Respond to of 4276

More from Califtalk. what ever it takes , with his determination I hope we will see justice. They must answer for their actions. Living off of the expense of other people's losses is unacceptable. Subject: Who is responsible Date: Tue, Aug 11, 1998 03:17 EDT From: CALIFTALK RSKEET: Hi Saul CALIFTALK: I am returning to Texas in the morning RSKEET: Whats on the agenda ? CALIFTALK: My problem is to pin down Oliver Timmins and Richard Clark It was their responsibility to control the affairs of Oilex If they testify that they gave authority to Allen Burditt to borrow the company money (rather than embezzle) CALIFTALK: then the actions of Burditt were not criminal RSKEET: Looks like they have been putting their heads together CALIFTALK: They are both trying to evade responsibility but yet not stick it to Burditt First they know nothing and then hedge CALIFTALK: Burditt is in touch with both of them trying to build a defense. RSKEET: Is Omar hiding as well? He doesn't seem to want to answer any questions on the thread CALIFTALK: I am getting angry with the attitude of Timmins, the President and Director, and the hedging of Clark, the CEO and Director. CALIFTALK: Omar is keeping a low profile RSKEET: What are your options as you see them? CALIFTALK: On Wednesday I will consider going to the DA in Houston to file criminal charges But Timmins and Clark are trying to cover Clark first sent an affidavit that as a Director he did not authorize Allen Burditt to transfer assets of Oilex Inc from its accounts to other corporations and or entities CALIFTALK: then three days later (tonight) he sends an expanded statement and adds as follows; He already had that authority prior to my becoming an outside director and continued to have the authority during the tenure of my directorship since it had already been granted and remained in force CALIFTALK: This is not acceptable CALIFTALK: THis is attorney preparation for Burditt's defense and both Timmins and Clark are twisting and turning CALIFTALK: They both benefited from and with Burditt's actions CALIFTALK: Timmins was paid off big time and Clark a little with the promise for more CALIFTALK: I am in a hornets nest CALIFTALK: They will all have to take the responsibility. The all have guilt. They all would have shared even the last "gift" of the 2 1/2 million free shares which at the time of granting July 18 had a value of 30 cents per share or $750,000. CALIFTALK: I had to fight and let them know the consequence before they "agreed" to rescind the 2 1/2 million free shares for "services" rendered CALIFTALK: There was total neglect of the oil fields and wells and equipment CALIFTALK: All that happened was pump the stock with false and misleading news releases CALIFTALK: and then Burditt sold into the market demand created by the hype RSKEET: I am sure the shareholders would like to know where the company stands at present . And more imformation about oil production. CALIFTALK: Oil production the past two months was approx 700 barrels per month as only two swabbers were working part time. CALIFTALK: I have paid to repair the other two swabbers CALIFTALK: when the four swabbers are working and the workers are motivated we are capable of 15,000 barrels per month if nothing goes wrong CALIFTALK: when the two swabbers at the factory are delivered and all the swabbers are operating properly then we can finally make money and positive cash flow RSKEET: When is delivery ? Of the other two? CALIFTALK: Also most important as the field has good wells-- the Big Foot Field should put a number of wells back on the pumps CALIFTALK: Before the units in the factory are finished payment is needed on the unpaid balance CALIFTALK: At least $85,000 cash $65,000 for one and $20,000 to repair the second one. Until all the debts are identified and assets recovered I am hesitant to keep advancing new cash CALIFTALK: Burditt spent all the cash and left nothing to cover payables RSKEET: Is there a chance to avoid chapter 11 ? Can the creditors give you more time? Can an agreement be worked out? CALIFTALK: Will the shareholders be willing to share prorata the need to raise one million new cash in a rights issue I will advance my equal prorata share RSKEET: Is that a choice instead of Chapter 11/ CALIFTALK: Yes a reasonable choice CALIFTALK: Then the positive potential of the assets can be developed without dilution CALIFTALK: each shareholder will get his prorata share RSKEET: It is not an easy choice. I guess it depends on how much they trust you and new management. CALIFTALK: Because if one shareholder or so called debenture holder adds the money, then they receive too big a share and that causes dilution RSKEET: Oilex lost alot of shareholder trust . How will you work to regain that trust back? RSKEET: these are my thoughts as a shareholder. CALIFTALK: They were lied to daily. They were misinformed daily. And then the fall in the price of oil was the final blow RSKEET: All this I am sure is making your job alot harder. CALIFTALK: I have personally examined the oil fields and equipment and verified with experienced oil people and feel confident that the future for Oilex is positive and I have my investment on the line to protect CALIFTALK: It will take time and lots of hard work and sometime in the future an increase in the price of oil to make a real success CALIFTALK: The potential is there. But first we have to recover the value of the assets taken and get repense from Timmins and Clark RSKEET: So I guess it is just wait and see for all of us. CALIFTALK: They will have to pay some damages for their lack of duty and due diligence CALIFTALK: I have not been buying or selling Oilex shares CALIFTALK: If the price continues to fall at some level I might consider adding to my position RSKEET: Like wise CALIFTALK: As the market price again can reach bargin prices RSKEET: My thoughts exactly, and as always GOOD LUCK CALIFTALK: If I can recover about 1 million of the assets we will have all the capital needed to get moving CALIFTALK: and there is a possibility CALIFTALK: good night and good luck and Blessing to both of us RSKEET: My prayers are with you! CALIFTALK: ThankYou