Oilexco Obtains Order for Orderly Liquidation

TIDMOIL

FOR: OILEXCO INCORPORATED

TSX VENTURE SYMBOL: OIL

July 16, 2009

Oilexco Obtains Order for Orderly Liquidation

CALGARY, ALBERTA--(Marketwire - July 16, 2009) - Oilexco Incorporated ("Oilexco" or "the Company")
(TSX VENTURE:OIL) obtained a court order today in its ongoing Companies' Creditors Arrangement Act
proceedings permitting Oilexco and its subsidiary, Oilexco Technical Services Inc., to liquidate the
remainder of their respective assets and propose a plan of compromise and arrangement to creditors
that will have the effect of distributing all net proceeds of liquidation to creditors in proportion
to the amount of each creditor's proven claim. The liquidation is expected to be concluded by
September 30, 2009. After the liquidation has concluded and the proceeds have been distributed to
creditors, there is not expected to be any remaining assets of value for shareholders.

Ernst & Young Inc. has been acting as the court appointed Monitor while the Company has been under the
protection of the CCAA and will oversee the liquidation. All Oilexco employees will be terminated by
July 31, 2009, except for those people deemed by Oilexco and approved by the Monitor as essential to
the liquidation process who will continue working on a contract basis.

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). As such, caution should be exercised by the reader
wherever forward looking statements are made. On January 7, 2009, Oilexco's then 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 Incorporated. On March 25, 2009, the Administrators announced that an agreement had
been reached with an outside party to purchase ONSL and the purchase transaction closed on May 21,
2009.

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FOR FURTHER INFORMATION PLEASE CONTACT:

Oilexco Incorporated
Arthur S. Millholland
President
(403) 262-5441

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.

OILEXCO INCORPORATED

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