Oilexco Awarded Multiple New Licenses in UK North Sea

Oilexco Incorporated ("Oilexco" or "the Company") (TSX:OIL)(LSE:OIL) is pleased to announce that it has been awarded 8 new licenses in the 25th UK Offshore Licensing Round by the Department of Energy and Climate Change. Five of the blocks were awarded to Oilexco 100%, and for the remaining three blocks the Company was awarded 50% interests.

Arthur Millholland, President and CEO commented, "This particular licensing round was considered by many in the industry to have the most desirable properties available in the last number of years. We are extremely pleased that we were able to obtain so many of the Licences we bid on, and our reputation as being the most active driller in the UK since 2004 no doubt assisted our efforts."

The blocks awarded to Oilexco have a number of qualities consistent with the Company's overall strategy including ones containing previous oil discoveries, close proximity to existing Company properties (Bugle and Kildare for example), and availability of 3D seismic. The specific blocks are listed in the table below:

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Block       Equity Interest
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14/30b                  50%
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15/23e                  50%
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29/1c                   50%
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15/26e                 100%
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15/30b                 100%
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21/24b                 100%
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23/26c                 100%
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29/7b                  100%
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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.

SOURCE: OILEXCO INCORPORATED

Oilexco Incorporated
Arthur S. Millholland
President
(403) 262-5441
Oilexco Incorporated
Brian L. Ward
Chief Financial Officer
(403) 262-5441
Oilexco Incorporated
Rob Elgie
Manager Investor Relations
(403) 262-5441
Website: www.oilexco.com
Pelham PR
James Henderson
Managing Director
44 (20) 7743 6673
Pelham PR
Alisdair Haythornthwaite
Director
44 (20) 7743 6676