Oilexco Files Eighth Default Status Report

Oilexco provides its eighth bi-weekly Default Status Report as per National Policy 12-203 - Cease Trade Orders For Continuous Disclosure Defaults. On March 30, 2009, Oilexco announced that it was delaying the filing of its 2008 annual financial statements, management's discussion and analysis, annual information form and related CEO and CFO certifications beyond the statutory deadline of March 31, 2009. The Company subsequently delayed the filing of its March 31, 2009 interim financial statements, management's discussion and analysis and related CEO and CFO certifications.

Oilexco remains subject to an order under the Companies' Creditors Arrangement Act (Canada). Since the previous default status report issued July 6th, the Company developed a plan of re-organization that was presented to a number of its creditors, but was subsequently rejected. As such, the Company received a court order on July 16th permitting it to liquidate its remaining assets and distribute the net proceeds to its creditors. The liquidation is expected to conclude by September 30, 2009.

Oilexco intends to issue the next default status report on July 31, 2009 if the delayed filings are not made by that date.