OILEXCO INCORPORATED
TSX VENTURE : OIL
LSE : OIL

OILEXCO INCORPORATED

April 13, 2009 17:35 ET

Oilexco Files First Default Status Report

CALGARY, ALBERTA--(Marketwire - April 13, 2009) - Oilexco Incorporated ("Oilexco" or "the Company") (TSX VENTURE:OIL) (LSE:OIL) provides its first bi-weekly Default Status Report as per National Policy 12-203 - Cease Trade Orders For Continuous Disclosure Defaults. On March 30, 2009, the Company announced that the filing of its audited financial statements, management discussion and analysis, annual information form, and related CEO and CFO certifications for the year ending December 31, 2008 will be delayed beyond the statutory deadline of March 31, 2009. Since the March 30th announcement, the Company reports that there no material changes have occurred. The Company continues to develop a plan for re-organizing under the Companies' Creditors Arrangement Act (Canada) ("CCAA").

Oilexco Inc. intends to issue the next default status report on April 27, 2009 if the year end regulatory documents are not filed before this date.

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 under the UK Insolvency Act. On February 5, 2009, the Company obtained a court order 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