Oilexco Chart & fundamentals

. FOR: OILEXCO INCORPORATED

AIM, TSX SYMBOL: OIL

December 19, 2005

Oilexco Incorporated: Drilling Results for Muness Property

CALGARY, ALBERTA--(CCNMatthews - Dec. 19, 2005) - Oilexco Incorporated (TSX:OIL) (AIM:OIL) ("Oilexco") announces
that the drilling results for its 45% owned Muness prospect, Block 21/4b UK Central North Sea, indicate that there
are no commercial quantities of hydrocarbons from well 21/4b-6. The well is currently being plugged and abandoned