Oilexco Obtains Order for Orderly Liquidation

 
TIDMOIL 
 
Oilexco Obtains Order for Orderly Liquidation 
 
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 
[phone] 
 
OR 
 
Oilexco Incorporated 
Rob Elgie 
Manager Investor Relations 
[phone] 
 
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