OILEX SIGNS LETTER OF INTENT TO RAISE $1 MILLION THROUGH NORTHRIDGE CAPITAL CORP.
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.
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 -- NYM059 -- 1544 12/11/95 12:04 EST
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|Date:||Dec 11, 1995|
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