OILEX SIGNS LETTER OF INTENT TO RAISE $1 MILLION THROUGH NORTHRIDGE CAPITAL CORP.HOUSTON, Dec. 11 /PRNewswire/ -- OILEX INTERNATIONAL INVESTMENTS INC. (OTC Bulletin Board OTC Bulletin Board
An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. : OLEX) announced today that it has signed a letter of intent with Northridge Capital Corp. to raise up to $1 million in equity capital. The funds will be utilized to a great degree to develop the 35 wells OLEX recently acquired in the BIG FOOT FIELD in Frio County, Texas Frio County is a county located in the U.S. state of Texas. In 2000, its population was 16,252. It is named for the Frio River. The seat of the county is Pearsall6. Geography
According to the U.S. . The field includes 35 existing oil and gas wells with all related production equipment; salt water disposal wells; roads; electric power; compressor facilities; oil storage facilities; gas processing plant; meter runs; gas hook up; flow lines and all other infrastructure to include purchasers of oil and gas in place.
From a recent geological and engineering evaluation of the field, there are a minimum of 20 new IN-FIELD drilling locations. These new wells are anticipated to come in at 60 to 80 barrels of oil plus associated gas per day. OLEX is also reviewing the engineering and geology to determine the feasibility of drilling at least five horizontal wells in the field. If feasible, the horizontal wells could open up to 600' to 1,000' of pay per well and flow at rates initially as high as 400 barrels per day Barrels per day (abbreviated BPD, bbl/d, bpd, bd or b/d) is a measurement used to describe the amount of crude oil (measured in barrels) produced or consumed by an entity in one day. .
The BIG FOOT FIELD was discovered in 1949 and had an estimated 20,000,000 barrels of oil and associated gas in place. The estimated remaining in place oil and gas associated with the OLEX acreage position are 6 million barrels equivalent. The estimated undiscounted valuation of these potential reserves is $108,000,000.
OLEX is in the business of acquiring, producing and developing oil and gas reserves. OLEX currently owns oil and gas producing properties and leases in Texas, Louisiana and Mississippi.
/CONTACT: Wall Street Associates, 516-889-0169, or fax, 516-889-5131, for Oilex International Investments/
CO: Oilex International Investments, Inc.; Northridge Capital Corp. ST: Texas IN: OIL SU:
TW -- NYM Nym
humorous thief and rogue. [Br. Lit.: Merry Wives of Windsor; Henry V]
See : Thievery
1. (tool, networking) nym - /nim/ (From the third syllable of "anonymous"; or "nym server") A server that functions as an anonymous remailer.
2. 059 -- 1544 12/11/95 12:04 EST