Oilexco Awards 3 Well Program to the Bredford Dolphin

Oilexco has awarded a contract to Dolphin Drilling for their semisubmersible Bredford Dolphin for three wells in the UK North Sea commencing in late March 2006. The rig rate for this three well program is US $245,000 per day. Total value of the contract is $22,050,000 US ($25,941,176 CDN) assuming an average of 30 days of operations per well.

"This new contract with Dolphin Drilling for the Bredford Dolphin will allow Oilexco to accelerate its aggressive program of exploration and appraisal drilling in the UK North Sea" said Arthur Millholland, CEO of Oilexco. "Securing this rig along with the Sedco 712 on long term contract, will allow Oilexco to continue to create significant shareholder value going forward. Oilexco is looking forward to having the Bredford Dolphin and its personnel joining our team" added Mr. Millholland. "Oilexco's philosophy focuses on a team approach for safe and efficient rig operations".

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