Oilexco Incorporated Grants Stock Options

Oilexco Incorporated (TSX-V: OIL; LSE-AIM: OIL) announces that, subject to regulatory approval, options to acquire up to an aggregate of 920,000 common shares of the Corporation were granted today to directors, officers, employees, and consultants pursuant to the Corporation's stock option plan. Each of the options is for a five year term, expiring on May 25, 2009, and is exercisable at a price of $1.91 per share.