OILEXCO INCORPORATED
TSX : OIL
LSE : OIL

OILEXCO INCORPORATED

November 13, 2008 07:19 ET

Oilexco Awarded Multiple New Licenses in UK North Sea

CALGARY, ALBERTA--(Marketwire - Nov. 13, 2008) - Oilexco Incorporated ("Oilexco" or "the Company") (TSX:OIL)(LSE:OIL) is pleased to announce that it has been awarded 8 new licenses in the 25th UK Offshore Licensing Round by the Department of Energy and Climate Change. Five of the blocks were awarded to Oilexco 100%, and for the remaining three blocks the Company was awarded 50% interests.

Arthur Millholland, President and CEO commented, "This particular licensing round was considered by many in the industry to have the most desirable properties available in the last number of years. We are extremely pleased that we were able to obtain so many of the Licences we bid on, and our reputation as being the most active driller in the UK since 2004 no doubt assisted our efforts."

The blocks awarded to Oilexco have a number of qualities consistent with the Company's overall strategy including ones containing previous oil discoveries, close proximity to existing Company properties (Bugle and Kildare for example), and availability of 3D seismic. The specific blocks are listed in the table below:



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Block Equity Interest
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14/30b 50%
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15/23e 50%
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29/1c 50%
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15/26e 100%
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15/30b 100%
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21/24b 100%
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23/26c 100%
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29/7b 100%
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About the Company

Oilexco is an oil and gas exploration and production company active in the United Kingdom. Oilexco's producing properties, exploration and development activities are located in the UK Central North Sea, specifically in the Outer Moray Firth and Central Graben areas. Oilexco operates in the United Kingdom through its wholly owned subsidiary, Oilexco North Sea, a company registered under the laws of England and Wales. Oilexco shares are listed for trading on the London Stock Exchange (LSE) and the Toronto Stock Exchange (TSX) under the symbol "OIL".

Forward Looking Statements

This disclosure contains certain forward-looking statements 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 Oilexco 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 will transpire or occur, or if any of them do so, 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
    Rob Elgie
    Manager Investor Relations
    (403) 262-5441
    Website: www.oilexco.com
    or
    Pelham PR
    James Henderson
    Managing Director
    44 (20) 7743 6673
    or
    Pelham PR
    Alisdair Haythornthwaite
    Director
    44 (20) 7743 6676