July 20, 2009 20:37 ET

Oilexco Files Eighth Default Status Report

CALGARY, ALBERTA--(Marketwire - July 20, 2009) - Oilexco Incorporated ("Oilexco" or "the Company") (TSX VENTURE:OIL) provides its eighth bi-weekly Default Status Report as per National Policy 12-203 - Cease Trade Orders For Continuous Disclosure Defaults. On March 30, 2009, Oilexco announced that it was delaying the filing of its 2008 annual financial statements, management's discussion and analysis, annual information form and related CEO and CFO certifications beyond the statutory deadline of March 31, 2009. The Company subsequently delayed the filing of its March 31, 2009 interim financial statements, management's discussion and analysis and related CEO and CFO certifications.

Oilexco remains subject to an order under the Companies' Creditors Arrangement Act (Canada). Since the previous default status report issued July 6th, the Company developed a plan of re-organization that was presented to a number of its creditors, but was subsequently rejected. As such, the Company received a court order on July 16th permitting it to liquidate its remaining assets and distribute the net proceeds to its creditors. The liquidation is expected to conclude by September 30, 2009.

Oilexco intends to issue the next default status report on July 31, 2009 if the delayed filings are not made by that date.

About the Company

Oilexco shares are listed for trading on the TSX Venture Exchange (TSX-V) under the symbol "OIL".

Forward Looking Statements

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. Such statements involve substantial known and/or unknown risks and uncertainties, some of which may be beyond Oilexco's control, including: the uncertainty of court proceedings under the Companies' Creditors Arrangement Act (Canada). As such, caution should be exercised by the reader wherever forward looking statements are made. On January 7, 2009, Oilexco's then wholly-owned subsidiary, Oilexco North Sea Limited ("ONSL"), was subject to an order from the UK court appointing administrators. The assets held within ONSL comprised nearly all the assets held by the parent company, Oilexco Incorporated. On March 25, 2009, the Administrators announced that an agreement had been reached with an outside party to purchase ONSL and the purchase transaction closed on May 21, 2009.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Oilexco Incorporated
    Arthur S. Millholland
    (403) 262-5441
    Oilexco Incorporated
    Rob Elgie
    Manager Investor Relations
    (403) 262-5441