OilVoice - Oilexco Provides Financing Update

Oilexco Provides Financing Update

Wednesday, November 12, 2008

Oilexco Incorporated advises that Oilexco North Sea Limited has been able to negotiate an extension of Pounds Sterling 70 million of its Pounds Sterling 100 million Pre-Development Facility from the current repayment date of January 31, 2009 to November 30, 2009. This facility, provided by The Royal Bank of Scotland, is subject to certain conditions, including the repayment of at least the balance of Pounds Sterling 30 million of the facility on or before January 31, 2009.

Arthur Millholland, President and CEO stated, "We are pleased to be able to announce this extension with the Royal Bank of Scotland as we continue our financing activity in this very difficult market, demonstrating their continued support for the Company. Oilexco will provide a further update on good progress being made on other fronts in due course, and we continue to drive forward our operational programme alongside this process."

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