SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 19, 1998
OILEX, INC.
(Exact name of registrant as specified in its charter)
Commission File Number: 0-28686
Nevada 33-01944489
(State or other jurisdiction (IRS Employer
of incorporation or organization) identification No.)
3050 Post Oak Boulevard, Suite 1760
Houston, Texas 77056
(Address of principal executive offices)
(713) 629-5998
Registrant's telephone number<PAGE>
ITEM 9. Sales of Equity Securities
On February 19, 1998, the Company initiated a placement of 8%
Convertible Debentures Due March 1, 2001, with U.S. entities,
in the amount of $2,000,000 being sold at 100% of the amount
of such debenture. The terms of the conversion rights are such
that the holder of these notes may convert all or a portion of the
principal and interest due, at any time, into common stock of the
Company at a conversion price of $2.00 per share for each share
of Common Stock. As of February 24, 1998, a total of $250,000
had been committed. This offering is continuing.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
Dated: February 24, 1998
OILEX, INC.
/s/ Oliver Timmins, III
Oliver Timmins III
President
