Court-Appointed Administrators Take Over at Oilexco North Sea

Following the Company's announcement of December 31, 2008, Oilexco announced that its wholly-owned subsidiary Oilexco North Sea Limited was subject to an order from the court appointing four administrators from Ernst and Young to take over the function of the Board of Directors.

Oilexco North Sea Limited's operations will continue to be conducted in a safe and orderly manner.

Oilexco has been advised by the administrators of their intention to retain Morgan Stanley and Co. Limited to continue with the process of the sale of the assets of the North Sea Company.