Calgary, Canada, January 7, 2009 - Following the Company’s announcement of December 31, 2008, Oilexco Incorporated (“Oilexco”) announced today 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.
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