OILEXCO INCORPORATED
TSX VENTURE : OIL
LSE : OIL

OILEXCO INCORPORATED

April 29, 2009 02:00 ET

Oilexco Receives CCAA Extension

CALGARY, ALBERTA--(Marketwire - April 29, 2009) - Oilexco Incorporated ("Oilexco" or "the Company") (TSX VENTURE:OIL)(LSE:OIL) advises that it received an extension of the court order for protection under the Companies' Creditors Arrangement Act (Canada). The new order will now expire May 29, 2009. The order permits Oilexco (including its wholly-owned Alberta subsidiary Oilexco Technical Services Inc.) to remain in possession and control of its property as it continues to restructure.

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 for protection under the Companies' Creditors Arrangement Act (Canada).

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

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