Restructure Proposals


 
TIDMOIL 
 
Restructure Proposals 
 
FOR:  OILEXCO INCORPORATED 
 
TSX VENTURE SYMBOL:  OIL 
 
May 27, 2009 
 
Oilexco Receives CCAA Extension 
 
CALGARY, ALBERTA--(Marketwire - May 27, 2009) - Oilexco Incorporated ("Oilexco" or "the Company") (TSX 
VENTURE:OIL) advises that it received an extension of the court order for protection under the Companies' 
Creditors Arrangement Act ("CCAA") (Canada). The new order will now expire July 7, 2009. The order permits 
Oilexco (including its wholly-owned Alberta subsidiary Oilexco Technical Services Inc.) to remain in possession 
and control of its remaining assets as it continues to restructure. 
 
During the court hearing, the Company requested the court's approval to participate in the drilling of a well 
in the UK North Sea as part of the Company's restructuring attempt. One of the Company's creditors, The Royal 
Bank of Scotland plc ("RBS"), strongly opposed the Company's application to participate in the drilling, and 
requested the court move in such a manner that would permit RBS to initiate a bankruptcy application against 
the Company in a short time frame. While the court rejected the Company's request to participate in the 
drilling of a well, the court stated that it supports a successful reorganization. As such, the Company will 
continue its restructuring efforts. 
 
About the Company 
 
Oilexco shares are listed for trading on the TSX Venture Exchange (TSX-V) under the symbol "OIL". 
 
Forward Looking Statements 
 
All statements included in this press release that address activities, events or developments that Oilexco 
expects, believes or anticipates will or may occur in the future are forward-looking statements. Such 
statements involve substantial known and/or unknown risks and uncertainties, some of which may be beyond 
Oilexco's control, including: the uncertainty of court proceedings under the Companies' Creditors Arrangement 
Act (Canada), the impact of general economic conditions in the areas in which Oilexco operates, civil unrest, 
industry conditions, changes in laws and regulations and changes in how they are interpreted and enforced, 
increased competition, the lack of availability of qualified personnel or management, fluctuations in commodity 
prices, foreign exchange or interest rates, stock market volatility and obtaining required approvals of 
regulatory authorities. As such, caution should be exercised by the reader wherever forward looking statements 
are made. On January 7, 2009, Oilexco's wholly-owned subsidiary, Oilexco North Sea Limited ("ONSL"), was 
subject to an order from the UK court appointing administrators. The assets held within ONSL comprised nearly 
all the assets held by the parent company, Oilexco Inc. On March 25, 2009, the Administrators announced that an 
agreement had been reached with an outside party to purchase ONSL. The Company is currently under a court order 
for protection under the Companies' Creditors Arrangement Act (Canada). 
 
 
-30- 
 
FOR FURTHER INFORMATION PLEASE CONTACT: 
 
Oilexco Incorporated 
Arthur S. Millholland 
President 
(403) 262-5441 
 
OR 
 
Oilexco Incorporated 
Rob Elgie 
Manager Investor Relations 
(403) 262-5441 
 
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of 
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 
 
INDUSTRY:  Energy and Utilities-Oil and Gas 
SUBJECT:   NWS 
 
 
 
 
OILEXCO INCORPORATED

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