OILEXCO INCORPORATED

TSX: OIL
LSE: OIL

CALGARY, ALBERTA--(Marketwire - Jan. 9, 2009) - Today the TSX announced that shares in Oilexco Inc. ("Oilexco" or "the Company") (TSX:OIL) (LSE:OIL) will be delisted at the close of market on February 9, 2009 for failure to meet the continued listing requirements of the TSX. Oilexco is contemplating a variety of options in response to the decision by the TSX so that its shares can continue to trade. Such options may include possible actions the Company could take before February 9th that may allow it to demonstrate it has made progress for regaining compliance with the TSX, and as such, remain trading on the TSX. Other options include listing on a different exchange in Canada. Oilexco's shares continue to trade on the London Stock Exchange and are fully fungible in both markets.

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.