Oilexco Appoints Merrill Lynch Joint Broker and Financial Advisor

Oilexco Inc. has appointed Merrill Lynch International as Joint Corporate Broker and Financial Adviser to work alongside Canaccord Adams Limited, effective immediately.

This comes ahead of the Company's planned move from its listing on the AIM to the main market of the London Stock Exchange in mid-2007.

"The appointment of Merrill Lynch reflects Oilexco's growth and increased presence in the UK financial market," said Oilexco President and CEO Arthur Millholland. "We look forward to working with such a highly regarded financial institution as we go through the application process to migrate from the AIM to the main board of the London Stock Exchange."

Oilexco is an oil and gas exploration and production company active in the United Kingdom. Oilexco's producing properties and exploration activities are located in the UK Central North Sea, specifically in the Outer Moray Firth and Central Graben areas. The Company currently has one wholly owned subsidiary, Oilexco North Sea, a company registered under the laws of England and Wales.