OILEXCO INCORPORATED
TSX : OIL
LSE : OIL

OILEXCO INCORPORATED

November 15, 2007 17:21 ET

Oilexco Announces Senior Management Changes

CALGARY, ALBERTA--(Marketwire - Nov. 15, 2007) - Oilexco Incorporated ("Oilexco" or "the Company") (TSX:OIL) (LSE:OIL) announces several changes to its senior management. The Company's Chief Operating Officer, Mr. Gerry Roe, has retired from his position with the Company, but will continue to be a Director of Oilexco North Sea Limited, a wholly owned subsidiary of Oilexco Inc, and will also act as a consultant to the Company and its Chief Executive Officer, Mr. Arthur Millholland. Mr. Michael Cairns has resigned from his position as Vice President, Corporate Development, but will continue to consult with the Company until the end of the year.

"Gerry has done a phenomenal job for the Company", said Arthur Millholland, Oilexco's Chairman and CEO. "His leadership, experience and knowledge played a large role in developing Oilexco into the $4 billion company it is today. All of us in the Company thank Gerry and Michael for their years of dedication and sacrifice, and we wish them the very best", he said.

Mr. Rod Christensen has been appointed to Senior Vice President, Exploration and Development, and Mr. David Marshall has been appointed to Senior Vice President, Operations and General Manager of Oilexco North Sea Ltd. Mr. Bob Chenery has been appointed to Vice President, Corporate Development, and Ms. Kim Galavan has been appointed to Vice President, Administration UK. Mr. Chenery previously co-founded and led Chenery Dobson Resource Management Ltd, an evaluation firm specializing in evaluating and managing assets in the oil and gas industry.

At the current time, the position of Chief Operating Officer remains vacant with the responsibilities being shared among Mr. Arthur Millholland, Mr. Rod Christensen, and Mr. David Marshall.

About the Company

Oilexco is an oil and gas exploration and production company active in the United Kingdom. Oilexco's producing properties, exploration and development activities are located in the UK Central North Sea, specifically in the Outer Moray Firth and Central Graben areas. Oilexco operates in the United Kingdom through its wholly owned subsidiary, Oilexco North Sea, a company registered under the laws of England and Wales. Oilexco shares are listed for trading on the London Stock Exchange (LSE) and the Toronto Stock Exchange (TSX) under the symbol "OIL".

Forward Looking Statements

This disclosure contains certain forward-looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond Oilexco's control, including: the impact of general economic conditions in the areas in which Oilexco operates, civil unrest, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and obtaining required approvals of regulatory authorities. In addition there are risks and uncertainties associated with oil and gas operations, therefore Oilexco's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amounts of proceeds, which Oilexco will derive therefrom. All statements included in this press release that address activities, events or developments that Oilexco expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements include future production rates, completion and production timetables and costs to complete wells, and production facilities. These statements are based on assumptions made by Oilexco based on its experience perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances.

Contact Information

  • Oilexco Incorporated
    Arthur S. Millholland
    President
    (403) 262-5441
    or
    Oilexco Incorporated
    Brian L. Ward
    Chief Financial Officer
    (403) 262-5441
    or
    Oilexco Incorporated
    Gerry L. Roe
    Chief Operating Officer
    (403) 262-5441
    or
    Oilexco Incorporated
    Rob Elgie
    Manager Investor Relations
    (403) 262-5441
    Website: www.oilexco.com
    or
    Pelham PR
    James Henderson
    Managing Director
    44 (20) 7743 6673
    or
    Pelham PR
    Alisdair Haythornthwaite
    Associate Director
    44 (20) 7743 6676
    or
    Canaccord Adams Limited
    Clayton Bush
    Vice-President
    44 (20) 7050 6500