Oilexco Files First Default Status Report

Oilexco has provided its first bi-weekly Default Status Report as per National Policy 12-203 - Cease Trade Orders For Continuous Disclosure Defaults. On March 30, 2009, the Company announced that the filing of its audited financial statements, management discussion and analysis, annual information form, and related CEO and CFO certifications for the year ending December 31, 2008 will be delayed beyond the statutory deadline of March 31, 2009. Since the March 30th announcement, the Company reports that there no material changes have occurred. The Company continues to develop a plan for re-organizing under the Companies' Creditors Arrangement Act (Canada) ("CCAA").

Oilexco Inc. intends to issue the next default status report on April 27, 2009 if the year end regulatory documents are not filed before this date.