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 OILEXCO INCORPORATED - OIL

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cvac01
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Number of posts : 253
Registration date : 2008-03-29

PostSubject: Re: OILEXCO INCORPORATED - OIL   Thu Jun 26, 2008 11:22 pm

June 26, 2008
Oilexco Announces Significant Discovery At Moth
CALGARY, ALBERTA--(Marketwire - June 26, 2008) - Oilexco Incorporated ("Oilexco" or "the Company") (TSX:OIL) (LSE:OIL), through its wholly owned subsidiary Oilexco North Sea Limited, is pleased to announce a significant dual zone oil and gas-condensate discovery at Moth, located in Block 23/21 in the UK Central North Sea. Oilexco earned a 50% working interest at Moth. The Company's partners are BG Group, Hess, and BP.

The 23/21-6z Moth discovery well was drilled to a total depth of 14,616 feet. Hydrocarbon-bearing reservoir sands with a thickness of 605 feet were intersected in the Middle Jurassic Pentland and a further 219 feet were intersected in the Upper Jurassic Fulmar.

The Middle Jurassic Pentland sands at depth of 13,283 feet were drill-stem tested through perforations from 13,276 feet to 13,730 feet in 439 feet of oil and gas bearing reservoir sands. The drill-stem test flowed oil and gas to surface but, before this flow could be diverted to the test separator to accurately determine the flow rates, a packer failure of the downhole test tools occurred with the result that no determinative results from this test are available. Although initial indications are encouraging, the Company has decided not to continue with the testing process of the Pentland sands at this time. Further testing will likely occur during the course of additional appraisal drilling in the future.

Preparations for drill-stem testing of the primary target, the Upper Jurassic Fulmar interval, will commence immediately after the suspension of the Middle Jurassic Pentland zone. The Upper Jurassic Fulmar sands at a depth of 12,982 feet will be perforated from 12,980 feet to 13,030 feet in 118 feet of gas-condensate bearing reservoir sands. Testing operations of the interval should be completed in 15 to 20 days time.

The partners will put together a forward programme for the development of this discovery. Future appraisal wells will likely utilise higher capacity testing equipment in order to determine the maximum achievable flow rates.

"Oilexco remains the most active driller in the UK North Sea and we continue to achieve significant results from our exploration programme, with Moth being the second major discovery to be made by the Company in the last year" said Arthur Millholland, President and CEO of Oilexco. "We believe that the Moth field has the potential to be very material to Oilexco, and look forward to the test results from the primary zone."

About the Company

Oilexco is an oil and gas exploration and production company active in the United Kingdom. Oilexco's producing properties, exploration and development activities are located in the UK Central North Sea, specifically in the Outer Moray Firth and Central Graben areas. Oilexco operates in the United Kingdom through its wholly owned subsidiary, Oilexco North Sea, a company registered under the laws of England and Wales. 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.

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
Website: www.oilexco.com

or

Pelham Public Relations
James Henderson
Managing Director
44 (20) 7743 6673

or

Pelham Public Relations
Alisdair Haythornthwaite
Director
44 (20) 7743 6676

INDUSTRY: Energy and Utilities - Oil and Gas
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cvac01
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PostSubject: OILEXCO INCORPORATED - OIL   Thu Jun 26, 2008 11:21 pm

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