OILEXCO INCORPORATED
TSX VENTURE : OIL
LSE : OIL

OILEXCO INCORPORATED

May 07, 2009 11:03 ET

FSA Temporarily Suspends Oilexco Listing on LSE

CALGARY, ALBERTA--(Marketwire - May 7, 2009) - Oilexco Inc. (TSX VENTURE:OIL) (LSE:OIL) ("Oilexco" or "the Company") advises that the UK Financial Services Authority ("FSA") has temporarily suspended trading of Oilexco's shares on the London Stock Exchange ("LSE") pending notification of the Company's results for the financial period ending December 31, 2008.

On March 30, 2009, the Company advised that it was delaying the filing of its annual audited financial statements, management's discussion and analysis ("MD&A"), the annual information form ("AIF"), the management information circular and related CEO and CFO certifications beyond the Canadian statutory deadline of March 31, 2009. Oilexco will continue to provide updates every two weeks about material events relating to its reorganization efforts until the Company is able to file its year end regulatory documents.

Oilexco's shares continue to trade on the TSX Venture Exchange in Canada and are fully fungible in both markets.

About the Company

Oilexco shares are listed for trading on the TSX Venture Exchange (TSX-V) in Canada 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
    President
    (403) 262-5441
    or
    Oilexco Incorporated
    Brian L. Ward
    Chief Financial Officer
    (403) 262-5441
    or
    Oilexco Incorporated
    Rob Elgie
    Manager Investor Relations
    (403) 262-5441