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Message: Files Second Default Status Report

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Files Second Default Status Report

posted on Apr 27, 09 12:46PM

April 27, 2009

Oilexco Files Second Default Status Report

CALGARY, ALBERTA--(Marketwire - April 27, 2009) - Oilexco Incorporated ("Oilexco" or "the Company") (TSX VENTURE:OIL) (LSE:OIL) provides its second 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 previous announcement issued April 13th, the Company reports that no material changes have occurred. The Company continues to develop a re-organization plan.

The existing court order that protects the Company under the Companies' Creditors Arrangement Act (Canada) ("CCAA") is set to expire April 30, 2009. The Company intends to petition the court for an extension of this order.

Oilexco Inc. intends to issue the next default status report on May 11, 2009 if the year end regulatory documents are not filed before this date.

About the Company

Oilexco shares are listed for trading on the London Stock Exchange (LSE) and the TSX Venture Exchange (TSX-V) under the symbol "OIL".

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