Oilexco Incorporated: Sale of Oilexco North Sea Ltd. Completed
21 Mayo 2009 - 11:13AM
UK Regulatory
TIDMOIL
Oilexco Incorporated: Sale of Oilexco North Sea Ltd. Completed
FOR: OILEXCO INCORPORATED
TSX VENTURE SYMBOL: OIL
May 21, 2009
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).
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Oilexco Incorporated
Arthur S. Millholland
President
(403) 262-5441
OR
Oilexco Incorporated
Rob Elgie
Manager Investor Relations
(403) 262-5441
INDUSTRY: Energy and Utilities-Oil and Gas
SUBJECT: TMN
OILEXCO INCORPORATED
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