2008 prospects2 Jan 2008 23:21
Calgary, Canada, December 21, 2007 - Oilexco Incorporated and its wholly owned subsidiary Oilexco North Sea Limited (“Oilexco” or the “Company”) (TSX: OIL; LSE: OIL) is pleased to announce that the acquisition of additional interests in the Balmoral, Glamis, and Sterling oil fields, as well as the Balmoral FPV has closed and that operatorship of the Fields and the Balmoral FPV has been transferred to Oilexco.
Arthur Millholland, President and Chief Executive Officer, commented “This is a milestone for our Company as we now are a UK North Sea facilities operator. We will now focus on optimizing our production from the Balmoral core area. This will allow Oilexco to grow its production in the near term, and flatten our declines in the long term.”
The Company has also successfully commissioned its multi-phase pump at Brenda. Production from the Brenda and Nicol Fields has increased from previous levels, and will continue to do so as the Brenda subsea production system is further optimized. These operations will continue over the next few weeks.