JED Oil Calls for Note Redemption Extension

JED Oil Inc. has received an extension of the redemption date of its $40.24 million principal amount of 10% Senior Subordinated Convertible Notes ("Notes"), from February 15 to March 18, 2008. As previously announced, JED is arranging financing to redeem the Notes, but the financing did not close by February 15th as previously expected. During the extension, the Notes will accrue interest at the rate of 2% per month, plus the Company will pay the noteholders a fee equal to 1% of the outstanding principal amount of the notes in consideration for the new extension. Under the terms of the extension, if the Notes are not redeemed in full on March 18th, the outstanding principal amount to be repaid will be increased by an additional 10%.