OILEXCO INCORPORATED
AIM : OIL
TSX : OIL

OILEXCO INCORPORATED

August 16, 2005 19:17 ET

Oilexco Announces Changes to Board of Directors

CALGARY, CANADA--(CCNMatthews - Aug. 16, 2005) - Oilexco Incorporated (TSX:OIL) (AIM:OIL) announces the following changes to its Board of Directors. Mr Don Copeland, a director since 1997, has resigned his position as director and non executive Chairman of Oilexco. Mr Copeland will continue his association with Oilexco, in a consulting capacity, by managing the Company's efforts to gain entry to the Norwegian sector of the North Sea. Oilexco looks forward to its continued association with Don, and thanks him for his efforts as a director in Oilexco's formative years.

In addition to the departure of Mr Copeland, Oilexco is pleased to announce the following to appointments to the Board of Directors. Mr William H Smith, QC of Calgary, has been appointed to the Board of Directors to replace Mr Copeland. Mr Smith previously a director of Oilexco from 1993 to 1996 is lawyer specializing in securities and corporate practice. He will Chair Oilexco's Corporate Governance Committee as well as sit on the Compensation Committee. Mr Smith is a Partner with McCarthy Tetrault in their Calgary office.

Oilexco also is pleased to announce the appointment of Mr Kevin Burke, FCA of London England, as a new addition to the Board of Directors of Oilexco. The addition of Mr Burke reflects the distribution of Oilexco's shares, the majority of which are held by Financial Institutions based in the United Kingdom. Mr Burke has been Chairman, Chief Executive and a Director of public listed UK companies over the past 19 years, and is a Chartered Accountant. During this time Mr Burke was the founder, Chairman and CEO of two successful oil and gas companies during their formative years. These companies are currently listed on the London Stock Exchange. Previous to Mr Burkes focus on the natural resource and oil sectors, he was involved in venture capital, corporate finance and M&A fields. Mr Burke currently acts as a consultant in the energy and emerging markets sectors.

Oilexco is listed on the Toronto Stock Exchange ("TSX"), and on the Alternative Investment Market of the London Stock Exchange plc ("LSE-AIM") trading under the symbol OIL.

Forward Looking Statements

This disclosure contains certain forward-looking estimates 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 the Company 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. No assurances can be given that the transactions or activities anticipated will transpire or occur, or, 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
    Website: www.oilexco.com