30th May 2007 17:13
Oilexco Inc30 May 2007 PRESS RELEASE Oilexco's proposed move from AIM to LSE Main Market Calgary, Canada, May 30, 2007 - Oilexco Incorporated ("Oilexco" or the"Company") (TSX: OIL; LSE-AIM: OIL) announces that it intends to apply for aprimary listing of its common shares (the "Common Shares") on the Official Listof the UK Listing Authority (the "Official List") and to trading on the LondonStock Exchange plc's main market for listed securities (the "Main Market"). Sucha move will be through an introduction of its existing Common Shares, with nonew Common Shares being issued. Pursuant to Rule 41 of the AIM Rules for Companies, the Company hereby givesnotice of the intended cancellation of trading of its Common Shares on the AIMmarket of the London Stock Exchange plc ("AIM"). The Company previouslyannounced its intention to move from the AIM to the Main Market on 9 May 2007. It is expected that the cancellation of trading in the Common Shares on AIM willtake place at the same time as the Common Shares are admitted to the OfficialList and begin trading on the Main Market, which is expected to occur by the endof June 2007, subject to the receipt of the necessary approvals from the UKListing Authority and the London Stock Exchange plc. Oilexco has grown significantly since its admission to AIM in 2003 and thedirectors of the Company (the "Directors") now consider the Main Market to be amore appropriate platform than AIM for its continued growth, increasing theCompany's exposure and trading liquidity within the UK. The Directors consider aprimary listing on the Main Market to be most appropriate whilst continuing theCompany's listing on the Toronto Stock Exchange. The move to the Main Market is being sponsored solely by Canaccord Adams Limitedwho will also be acting as joint broker and joint financial adviser togetherwith Merrill Lynch International. About the Company Oilexco is an oil and gas exploration and production company active in theUnited Kingdom. Oilexco's producing properties and exploration activities arelocated in the UK Central North Sea, specifically in the Outer Moray Firth andCentral Graben areas. The Company currently has one wholly owned subsidiary,Oilexco North Sea Limited, a company registered under the laws of England andWales. Oilexco trades on the Toronto Stock Exchange (TSX) in Canada and the AIMmarket of the London Stock Exchange under the symbol "OIL". 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. In accordance with the guidelines of the AIM market of the London StockExchange, Arthur Millholland P.Geol, President and CEO of Oilexco Incorporated,is the qualified person that has reviewed the technical information contained inthis press release. FOR FURTHER INFORMATION PLEASE CONTACT: Oilexco Incorporated Arthur S. Millholland, President, 1 (403) 262-5441orBrian L. Ward, Chief Financial Officer, 1 (403) 262-5441orGerry L. Roe, Chief Operating Officer, 1 (403) 262-5441or Rob Elgie, Manager Investor Relations, 1 (403) 262-5441 Pelham PRJames Henderson, Managing Director, 44 (20) 7743 6673orAlisdair Haythornthwaite, Associate Director, 44 (20) 7743 6676 Canaccord Adams LimitedClayton Bush, Vice-President, 44 (20) 7050 6500 Merrill Lynch InternationalAndrew Osborne, Managing Director, 44 (20) 7996 1000 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
OIL.L