Oilexco Closes Deal for Svenska UK Interests

Oilexco Incorporated announces that it closed the deal on April 30, 2008 for Svenska Petroleum Exploration UK Limited's ("Svenska") interests for US $25 million in cash. The purchase gives Oilexco the following interests:

-- A 1.66% unitized equity interest in the Nelson field and platform.

-- A 6.45% working interest in the Janice and James fields and floating production vessel.

-- A 40% working interest in Block 30/23b, south east of Janice.

The purchase is effective January 1, 2008. In 2007, Svenska's share of production from these fields was approximately 750 barrels of oil per day. The Janice and James fields were suspended late in 2007, but are expected to resume production in the second quarter of 2008.