Oilexco Applies for Primary Listing on LSE

Oilexco Incorporated has applied for a primary listing of the Company's issued common shares on the Official List, and to trading on the London Stock Exchange plc's main market for listed securities, and for the cancellation of trading of the Common Shares on the AIM market of the London Stock Exchange plc.

It is intended that Admission will become effective at 8 a.m. on 29 June 2007 and that trading in the Common Shares on AIM will cease at the same time. No new Common Shares are being issued.

The Common Shares of Oilexco will continue to trade on the Toronto Stock Exchange.

The move to the main market is being sponsored by Canaccord Adams Limited who will also be acting as joint corporate broker and joint financial advisor together with Merrill Lynch International.

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 Limited, a company registered under the laws of England and Wales.