OILEXCO INCORPORATED
TSX VENTURE : OIL

OILEXCO INCORPORATED

May 21, 2009 11:56 ET

Oilexco Incorporated: Sale of Oilexco North Sea Completed

CALGARY, ALBERTA--(Marketwire - May 21, 2009) - Oilexco Incorporated ("Oilexco" or "the Company") (TSX VENTURE:OIL) was advised by the Administrator for Oilexco North Sea Limited (ONSL) that the sale of ONSL, the discharge of the Administrative Order, and the implementation of the Company Voluntary Arrangement occurred at 10:00 am GMT today.

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).

About the Company

Oilexco shares are listed for trading on the TSX Venture Exchange (TSX-V) 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).

Contact Information

  • Oilexco Incorporated
    Arthur S. Millholland
    President
    (403) 262-5441
    or
    Oilexco Incorporated
    Rob Elgie
    Manager Investor Relations
    (403) 262-5441