OILEXCO INCORPORATED

TSX: OIL
LSE: OIL

CALGARY, ALBERTA--(Marketwire - Jan. 7, 2009) - Following the Company's announcement of December 31, 2008, Oilexco Incorporated (TSX:OIL) (LSE:OIL) ("Oilexco") announced today that its wholly-owned subsidiary Oilexco North Sea Limited was subject to an order from the court appointing four administrators from Ernst and Young to take over the function of the Board of Directors.

Oilexco North Sea Limited's operations will continue to be conducted in a safe and orderly manner.

Oilexco has been advised by the administrators of their intention to retain Morgan Stanley and Co. Limited to continue with the process of the sale of the assets of the North Sea Company.

About the Company

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.