Oilexco Incorporated: Notice to Warrant Holders

    FOR:  OILEXCO INCORPORATED

TSX VENTURE, LSE SYMBOL:  OIL

January 20, 2004

Oilexco Incorporated: Notice To Warrant Holders

CALGARY, ALBERTA--Oilexco Incorporated ("Oilexco" or the "Corporation") (LSE-AIM and TSX-V: OIL)
stated today that it has received notice from the TSX Venture Exchange that, effective at the opening
Wednesday January 21, 2004, the 7,922,350 warrants issued pursuant to the Company's Prospectus
Offering dated December 5, 2003, will commence trading on the TSX Venture Exchange.

This announcement does not constitute an offer to sell or the solicitation of an offer to buy these
securities in any jurisdiction.

This announcement has been issued by Oilexco, and the directors of Oilexco accept responsibility for
this announcement. Canaccord Capital (Europe) Limited which is authorized and regulated by the
Financial Services Authority in the United Kingdom, has approved this announcement for release solely
for the purpose of Section 21 of the Financial Services and Markets Act 2000.

Canaccord Capital (Europe) Limited is acting as agent to Oilexco in connection with the Offering in
the United Kingdom and other European jurisdictions, and will not be responsible to any other person
or persons for providing the protections afforded to customers of Canaccord Capital (Europe) Limited
or for giving advice in relation to the Offering or the content of this announcement. In acting for
Oilexco, Canaccord Capital (Europe) Limited has relied on information provided to it by both Oilexco
and its directors.

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FOR FURTHER INFORMATION PLEASE CONTACT:

Oilexco Incorporated
Arthur S. Millholland
President
[phone]

OR

Oilexco Incorporated
Brian L. Ward
Chief Financial Officer
[phone]

OR

Canaccord Capital (Europe) Limited
Neil Johnson, CFA
Managing Director, Corporate Finance
(0) 20-7518-7372

The TSX Venture Exchange has not reviewed nor accepts responsibility for the adequacy or accuracy of
this News Release

INDUSTRY:  OIL
SUBJECT:   STK

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OILEXCO