Oilexco Expects UK Wells to be Completed by January

Oilexco is participating in the drilling of two exploratory wells in the Huntington area, at Morro/Coronado and Mallory. The first well at Morro/Coronado (72.7% WI), located in Block 22/13b southwest of the Huntington oil discovery, is targeting oil in the Paleocene Forties sands. Drilling operations on this well utilizing the Ocean Guardian semisubmersible drilling unit are expected to be completed by the end of December.

The second exploratory well at Mallory, located in Block 22/14a northeast of the Company's Huntington oil discovery, is targeting oil in Upper Jurassic Fulmar sands. This well is located either on an analogous structure on trend with, or an extension to, the company's Huntington Fulmar oil discovery. Drilling operations on this non-operated well where the Company is paying 54% of the drilling costs for a 27% interest in all zones below the Lower Cretaceous Chalk, which include the Upper Jurassic Fulmar sands, are expected to be completed in the first quarter of 2008.

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