OILEX ACQUIRES 100% W.I. IN 1/2 TRILLION CUBIC FEET GAS FIELD.HOUSTON--(BUSINESS WIRE)--May 15, 1996--Oilex International Investments, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on BBS (1) (Bulletin Board System) A computer system used as an information source and forum for a particular interest group. They were widely used in the U.S. : OLEX) announced today that it has acquired a 100 percent gross working interest in the WHITE RIVER DOME NE PROSPECT in Rio Blanco County, Colorado Rio Blanco County is the sixth most extensive of the 64 counties of the State of Colorado of the United States. The county population was 5,986 at U.S. Census 2000.[1] The name of the county is the Spanish language name for the White River which runs through it. from Pioneer Oil and Gas (NASDAQ BBS: PIOL). Geological and engineering evaluations provided by PIOL to OLEX indicate the potential recovery of 1/2 TRILLION Cubic Feet of Gas plus associated oil and condensate condensate, matter in the form of a gas of atoms, molecules, or elementary particles that have been so chilled that their motion is virtually halted and as a consequence they lose their separate identities and merge into a single entity. . Should the prospect prove itself commercial, OLEX management believes the acquisition could add up to $1 BILLION in revenues once the field is fully developed. The prospect consists of 11,535 acres of leases. The initial test well on the prospect will be a re-entry RE-ENTRY, estates. The resuming or retaking possession of land which the party lately had. 2. Ground rent deeds and leases frequently contain a clause authorizing the landlord to reenter on the non-payment of rent, or the breach of some covenant, when the of an existing well bore drilled in 1975. The gas content tested in the re-entry well bore equates to 13 Billion Cubic Feet of Gas in place per 160 acres. The total net pay thickness in the re-entry is up to 50 percent higher than offsetting commercial coal gas wells. Offsetting wells at WHITE RIVER DOME have produced in excess of 1 Billion Cubic Feet of gas and 20,000 barrels of oil per well in four years. Ultimate recovery in the offsets could easily exceed 4 Billion Cubic Feet of gas and 40,000 barrels of oil per well. The net pay thickness in the initial re-entry well is 144 feet or 50 percent thicker than pay thickness in offsetting wells. In related news, operations and revenue will commence on the BIG FOOT FIELD prospect June 1, 1996. OLEX has recently acquired a new technology that will decrease lifting costs per barrel of oil on the existing 35 wells owned by OLEX from $8 per barrel to $2.34 per barrel. OLEX management anticipates positive response from the market place with regards to this acquisition and the commencement of revenues in the BIG FOOT FIELD. On April 22, 1996 OLEX announced a buy recommendation had been made by SMALL WONDERS RESEARCH REPORT as its "best undervalued stock An undervalued stock is defined as a stock that is selling at a price significantly below its intrinsic value (finance). For example, if a stock is selling for $50, but can be determined to be worth $100 based on future cash flows, then it is an 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 OLEX acquisition at White River Colorado (with estimates of 500 Billion Cubic Feet of In Place Gas Reserves'). The full report is available from Small Wonders at 860/688-6297, or by e-mail at harrison@tiac.net or its Web Site: http://www.tiac.net/users/harrison/swoexl.htm. OLEX is in the business of acquiring, developing and producing oil and gas properties. OLEX currently owns properties in Texas, Louisiana, Mississippi, West Virginia West Virginia, E central state of the United States. It is bordered by Pennsylvania and Maryland (N), Virginia (E and S), and Kentucky and, across the Ohio R., Ohio (W). Facts and Figures Area, 24,181 sq mi (62,629 sq km). Pop. , Utah and Colorado. OLEX management is aggressively pursuing additional oil and gas related acquisitions. CONTACT: C. Jones & Co. Allen Jones Allen Jones is the name of:
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