June 08, 2009 16:28 ET

Oilexco Files Fifth Default Status Report

CALGARY, ALBERTA--(Marketwire - June 8, 2009) - Oilexco Incorporated ("Oilexco" or "the Company") (TSX VENTURE:OIL) provides its fifth bi-weekly Default Status Report as per National Policy 12-203 - Cease Trade Orders For Continuous Disclosure Defaults. Since the previous announcement issued May 25th, the Company reports that no material changes have occurred. The Company continues to develop a re-organization plan.

Oilexco Inc. intends to issue the next default status report on June 22, 2009 if the year end regulatory documents are not filed before this 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), the impact of general economic conditions in the areas in which Oilexco operates, civil unrest, industry conditions, changes in 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. As such, caution should be exercised by the reader wherever forward looking statements are made. On January 7, 2009, Oilexco's 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 Inc. On March 25, 2009, the Administrators announced that an agreement had been reached with an outside party to purchase ONSL. The Company is currently under a court order for protection under the Companies' Creditors Arrangement Act (Canada).

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