Oilexco Closes Underwritten Prospectus Offering

Oilexco Inc. said that its underwritten prospectus offering has closed. An aggregate of 15,000,000 common shares at Pounds Sterling 3.44 per share were issued for total gross proceeds of approximately US$100.7 million (Pounds Sterling 51.6 million).

Canaccord Adams Limited led the underwriting syndicate for the offering, which included Maison Placements Canada Inc.

Oilexco intends to use the proceeds of the offering for further appraisal, evaluation and exploration program expenditures in the North Sea and for general working capital purposes.