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

To: CHRISTINE who wrote (4039)	9/10/1998 11:32:00 PM
From: CHRISTINE	Respond to of 4276

Subject: Authorized shares Date: Thu, Sep 10, 1998 22:48 EDT From: CALIFTALK Outstanding shares as of July 28,1998 as reported by Interwest Transfer Co. Total shares 12,179,790 Adustments thereafter 500,000 shares returned and cancelled had been issued to Richard Clark 50,000 shares returned and cancelled had been issued to Deborah Sacrey Total shares adjusted 11,629,790 Adustments pending 1,000,000 shares issued to Churchill Resources on July 16,1998 have been rescinded but have not been returned by Allen Burditt ( part of the 2,550,000 shares that the Board of Directors rescinded at the July 21,1998 meeting attended by Saul Yarmak) Adustments completed prior to the date of this Transfer agent report. 1,000,000 shares issued to Oliver Timmins were returned and cancelled by the transfer agent and not included in this report ( part of 2,550,000 shares) This adjusts the outstanding shares to 10,629,790 shares authorized to be outstanding as of July 28,1998 Thereafter 50,000 shares of Oilex Inc held in the name of Oil Retrieval Systems Inc (which represented 1 million share pre reverse split) dated Jan 21,1997 were returned and cancelled, as per an arrangement made between Allen Burditt and the owners of Oil Retrieval and concluded in July 1998. The closing price of Oilex Inc on Jan 21,1998 was 15/16and the closing price on Jan 22,1997 was 1 1/16. Therefore the approxvalue to Oil Retrieval Systems seller was $1 million dollars. Allen Burditt returned certificate #31187 dated April 9,1997 representing 20% of Oil Retrieval Systems ownership standing in the name Of Oilex Inc,which had been purchased by Oilex Inc, with Board Approval at a meeting held on Jan 20,1997 (and reported in news releases) from Phoenix Reserves for 3 million shares of Oilex Inc. For information purposes; Phoenix Reserves was paying 1 million shares to the sellers and therefore was making a secret profit of 2 million shares, or approx $2 million dollars at prices prevailing 1/22/97. The Oilex Board of Directors were not consulted and did not approve of this unwinding and as part of the Chapter 11 reorganization will ask for the transaction to remain. The current value of the 20% interest in Oil Retrieval Systems far exceeds the current value of 50,000 shares of Oilex Inc., returned. And in addition the balance of 2 million shares has not been returned by Phoenix Reserves. The Oilex transaction was with Phoenix Reserves and not with Oil Retrieval Systems, and the 1,205,420 share certificate representing 20% ownership in Oil Retrieval Systems was never authorized by the Board of Directors to be taken by Allen Burditt or removed by Allen Burditt and presented to anyone to reverse the transaction. The affects of this act would reduce the value of Oilex Inc investments by a sizeable amount.

To: CHRISTINE who wrote (4039)	9/10/1998 11:39:00 PM
From: CHRISTINE	Read Replies (1) \| Respond to of 4276

Subj: Re:more and more facts Date: 98-09-10 23:21:00 EDT From: CALIFTALK The Preliminary Injunction issued by the District Court in Las Vegas Nevada on Sept 10,1998 restrained any transfer of shares in Oilex Inc held by the defendants. 1,527,012 shares of Oilex Inc are frozen by this Court Order. This includes 1,000,000 shares issued to Churchill Resources that were rescinded by the Board of Directors at the July 21,1998 meeting (Part of the 2,550,000 share give away that was stopped). Included by the Court Order are 321,193 shares held by the prior President, Oilver Timmins, either directly or thru his ownership interest in BT Energy Group. The balance of 205,819 shares is held by the remaining defendants.