JED Oil Extends Note Redemption

JED Oil Inc. has received a two week extension of the redemption date of its $40.24 million principal amount of 10% Senior Subordinated Convertible Notes ("Notes"), from February 1 to February 15, 2008. As previously announced, JED has signed a letter of intent for a financing facility to redeem the Notes, but it will not close by February 1 as previously expected. During the extension, the Notes will continue to accrue interest at the annual rate of 10%. Under the terms of the extension, if the Notes are not redeemed in full on February 15, the outstanding principal amount to be repaid will be increased by 20% and the interest rate will increase.

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