Oilexco Announces Management Changes

Nov 15, 2007

Oilexco Incorporated announces several changes to its senior management. The Company's Chief Operating Officer, Mr. Gerry Roe, has retired from his position with the Company, but will continue to be a Director of Oilexco North Sea Limited, a wholly owned subsidiary of Oilexco Inc, and will also act as a consultant to the Company and its Chief Executive Officer, Mr. Arthur Millholland. Mr. Michael Cairns has resigned from his position as Vice President, Corporate Development, but will continue to consult with the Company until the end of the year.

"Gerry has done a phenomenal job for the Company", said Arthur Millholland, Oilexco's Chairman and CEO. "His leadership, experience and knowledge played a large role in developing Oilexco into the $4 billion company it is today. All of us in the Company thank Gerry and Michael for their years of dedication and sacrifice, and we wish them the very best", he said.

Mr. Rod Christensen has been appointed to Senior Vice President, Exploration and Development, and Mr. David Marshall has been appointed to Senior Vice President, Operations and General Manager of Oilexco North Sea Ltd. Mr. Bob Chenery has been appointed to Vice President, Corporate Development, and Ms. Kim Galavan has been appointed to Vice President, Administration UK. Mr. Chenery previously co-founded and led Chenery Dobson Resource Management Ltd, an evaluation firm specializing in evaluating and managing assets in the oil and gas industry.

At the current time, the position of Chief Operating Officer remains vacant with the responsibilities being shared among Mr. Arthur Millholland, Mr. Rod Christensen, and Mr. David Marshall.