Oilexco Hires the Ocean Guardian for Work in the UK North Sea

Oilexco has entered into a contract with Diamond Offshore for the semisub Ocean Guardian. Oilexco has contracted the Ocean Guardian for one year period commencing in April 2007 with an option to extend the contract for an additional year ending in April 2009. The contracted rig rate for the initial and option period is $350,000 US per day. Total value of the contract if the option is exercised is US $255,500,000.

'This new long term drilling contract will allow Oilexco to continue its aggressive program of exploration, appraisal and development drilling in the UK North Sea well into the future' said Arthur Millholland, CEO of Oilexco. 'We presently have exploration, appraisal, and development drilling scheduled through 2007 and into 2008. Having this additional rig will allow Oilexco to continue to create significant shareholder value going forward by allowing the company to continue to maintain a flexible drilling schedule which now can include full HPHT (high pressure high temperature) operations, as well as the ability to accelerate future development drilling programs. With the Ocean Guardian and the Sedco 712 under long term contract, Oilexco will be able to complete the drilling portion of the company's $410 million US 2007 capital budget, which contemplates an extensive exploration and appraisal drilling program in addition to two new field development projects. Oilexco is also looking forward to welcoming the personnel aboard the Ocean Guardian to its Team approach to rig operations' added Mr. Millholland. 'The Oilexco Team philosophy focuses on an Oilexco- contractor team approach for safe and efficient rig operations'.

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