JED Oil Files 4th Default Status Report, Closes Asset Sale

JED has filed this news release as its fourth Default Status Report under Canadian National Policy 12-203, pursuant to which the Company announced that its financial statements for the third quarter ended September 30, 2008 would not be filed by November 14, 2008.

The Company’s deadline for filings its third quarter financial statements is the new CCAA Stay Period, which has been extended to February 17, 2009 as previously announced. JED reports that since announcing the original Notice of Default on November 5, 2008 and filing its first, second and third Default Status Reports on November 19 and December 3 and 17, 2008, respectively, there have not been any additional material changes to the information contained therein; nor any failure by JED to fulfill its intentions as stated therein, and there are no additional defaults or anticipated defaults subsequent to such announcement. The Company intends to file its next Default Status Report on Wednesday, January 13, 2009.

JED also announced the closing on December 19, 2008 of the previously announced sale by the Company and its subsidiaries, JED Production Inc. and JED Oil (USA) Inc. of non-core oil and gas assets in the Ferrier and Wizard Lake areas of Alberta and Pinedale area of Wyoming. The consideration for portions of the sale is being held in trust, pending receipt or deemed receipt of waivers of rights of first refusal held by working interest partners.