OILEXCO INCORPORATED
TSX VENTURE : OIL
LSE : OIL

OILEXCO INCORPORATED

March 24, 2009 17:41 ET

Oilexco Comments on Trading Activities

CALGARY, ALBERTA--(Marketwire - March 24, 2009) - At the request of the Investment Industry Regulatory Organization of Canada (also known as Market Surveillance), on behalf of the TSX Venture Exchange, Oilexco Inc. ("Oilexco" or "the Company") (TSX VENTURE:OIL) (LSE:OIL) advises that it is not aware of any corporate developments that impacted the trading of its shares on Tuesday, March 24, 2009.

About the Company

Oilexco shares are listed for trading on the London Stock Exchange (LSE) and the TSX Venture Exchange (TSX-V) 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 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 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. On January 7, 2009, Oilexco's wholly-owned subsidiary Oilexco North Sea Limited was subject to an order from the UK court appointing administrators. On February 5, 2009, the Company obtained a court order today for protection under the Companies' Creditors Arrangement Act (Canada).

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