OILEXCO INCORPORATED
LSE : OIL

OILEXCO INCORPORATED

June 23, 2009 02:00 ET

Oilexco Files Sixth Default Status Report


FOR:  OILEXCO INCORPORATED

TSX VENTURE SYMBOL:  OIL

June 22, 2009

Oilexco Files Sixth Default Status Report

CALGARY, ALBERTA--(Marketwire - June 22, 2009) - Oilexco Incorporated ("Oilexco" or "the Company") (TSX
VENTURE:OIL) provides its sixth bi-weekly Default Status Report as per National Policy 12-203 - Cease Trade
Orders For Continuous Disclosure Defaults. Since the previous announcement issued June 8th, 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 July 6, 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).


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FOR FURTHER INFORMATION PLEASE CONTACT:

Oilexco Incorporated
Arthur S. Millholland
President
(403) 262-5441

OR

Oilexco Incorporated
Rob Elgie
Manager Investor Relations
(403) 262-5441

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.

INDUSTRY:  Energy and Utilities-Oil and Gas
SUBJECT:   STK

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Contact Information

  • OILEXCO INCORPORATED