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

To: Steven Taylor who wrote (3871)	8/18/1998 10:47:00 AM
From: CHRISTINE	Read Replies (1) \| Respond to of 4276

Subject: SHAREHOLDER MEETING Date: Tue, Aug 18, 1998 05:24 EDT From: CALIFTALK The transfer agent has prepared address labels that will be used to send the Notice of Shareholders Meeting. The labels are addressed only to shareholders with certificates as registered with the transfer agent. If your certificates are in street name then the notice will be sent as registered with the records recorded at the transfer agents office. Therefore certificates held in street name with your broker might not be forwarded to you in time. If you E mail your name and address and number of shares held, then I will have your data entered on the company records for this mailing.

To: Steven Taylor who wrote (3871)	8/18/1998 12:02:00 PM
From: Steve	Respond to of 4276

Steven, Oilex never maintained the equipment in the field and ignored training by ORS. They had to do it their way. The field personnel were ill-managed. This is why the swabbers are in for repair, operator error. It is true that you can equip 30 wells with pump jacks for about $200,000 but you forget surface and sub-surface maintenance down the road. Operating costs in the first few years of production will be low but reality will catch up and start to increase lifting costs. Swabbing is inappropriate for high water cut wells. It is probably inappropriate for many other wells where bottom hole pressure is present. But for a wide variety of wells swabbing is a good solution. Saul has tried to re-invent the oil industry by being extremely short-sighted in his approach. He's unwilling to work with ORS to settle accounts and is now turning to a field solution that Xeric abandoned because it was becoming unprofitable even back in 1994 at the Big Foot field.