Onyx Spot Oil Regulatory News (OIL)

1 Mar 2007 15:07

Oilexco Inc01 March 2007 PRESS RELEASE Calgary, Canada, March 1, 2007 - Oilexco Incorporated ("Oilexco") (LSE-AIM: OIL)announces that application has been made for 34,997,139 common shares to beadmitted to trading on AIM in relation to the exercise of warrants and optionsand placings for cash in January 2004 of 4,133,400 shares at C$1.10 and inFebruary 2005 of 5,385,000 shares at C$3.00. Dealings are expected to commenceon or around 7 March 2007. Following the admission of all of the above shares the Company will have a totalof 198,827,827 issued and outstanding Common Shares Forward Looking Statements This disclosure contains certain forward-looking statements that involvesubstantial known and unknown risks and uncertainties, certain of which arebeyond Oilexco's control, including: the impact of general economic conditionsin the areas in which Oilexco operates, civil unrest, industry conditions,changes in laws and regulations including the adoption of new environmental lawsand regulations and changes in how they are interpreted and enforced, increasedcompetition, the lack of availability of qualified personnel or management,fluctuations in commodity prices, foreign exchange or interest rates, stockmarket volatility and obtaining required approvals of regulatory authorities. Inaddition there are risks and uncertainties associated with oil and gasoperations, therefore Oilexco's actual results, performance or achievement coulddiffer materially from those expressed in, or implied by, these forward-lookingstatements will transpire or occur, or if any of them do so, what benefits,including the amounts of proceeds, which Oilexco will derive therefrom. Allstatements included in this press release that address activities, events ordevelopments that Oilexco expects, believes or anticipates will or may occur inthe future are forward-looking statements. These statements include futureproduction rates, completion and production timetables and costs to completewells, and production facilities. These statements are based on assumptions madeby Oilexco based on its experience perception of historical trends, currentconditions, expected future developments and other factors it believes areappropriate in the circumstances. Oilexco is listed on the Alternative Investment Market of the London StockExchange plc and the Toronto Stock Exchange, in each case trading under thesymbol OIL. FOR FURTHER INFORMATION PLEASE CONTACT:Oilexco IncorporatedArthur S. Millholland, President, (403) 262-5441orBrian L. Ward, Chief Financial Officer, (403) 262-5441orGerry L. Roe, Chief Operating Officer, (403) 262-5441 or Rob Elgie, ManagerInvestor Relations, (403) 262-5441 This information is provided by RNS The company news service from the London Stock Exchange