Lgx Oil & Gas fka OIL

[bcjt]

TSX VENTURE, LSE SYMBOL: OIL

November 30, 2004

Oilexco Commences Testing on 15/25b-12Y which Confirms Significant Extension to its 'Brenda' Oil Find Located
in the UK Central North Sea

CALGARY, ALBERTA--(CCNMatthews - Nov. 30, 2004) - Oilexco Incorporated ('Oilexco') (TSX VENTURE:OIL) (LSE-
AIM:OIL) announces that it will proceed with production testing of its latest 100% working interest well 15/25b-
12Y. The 15/25b-12Y well is the twelfth appraisal well-bore to the 'Brenda' oil find, originally made in 1990
by the well 15/25b-3 located in the UK Central North Sea. The 15/25b-12Y well intersected a Paleocene Forties
channel sand exhibiting excellent reservoir characteristics having 64 feet of gross oil pay. It is located two
kilometers southeast of the previously drill-stem tested well 15/25b-9Y, the most southerly well in the
'Brenda' oil accumulation which was drilled and tested by Oilexco at a rate of 2,685 bbl/d in May of this year.
An interval in the upper portion of the reservoir will be perforated and flow tested for a sufficient period to
evaluate the production characteristics of the reservoir. Completion and testing operations on the 15/25b-12Y
well are planned to be completed over the next ten days.

To date Oilexco has drilled six appraisal wells at 'Brenda', twelve (12) well-bores inclusive of side tracks,
eleven (11) of which have intersected oil, four (4) of which have been production tested. The well 15/25b-6,
the first well drilled by Oilexco tested 2,980 bbl/d of 40 degrees oil through a 40/64' choke under stable
flowing conditions from the Forties Sandstone in late January. This well was followed by the successfully
tested wells 15/25b-8 and 15/25b-9Y, and 15/25b-10 which flow tested 4,785 bbl/d, 2,685 bbl/d, and 3,351 bbl/d
respectively.

The 15/25b-12Y well was the third well of the 15/25b-12 well cluster. The first two wells of the cluster,
15/25b-12 and 15/25b-12Z both intersected oil, with all three wells exhibiting the same oil/water contacts. The
first well-bore of the cluster 15/25b-12 intersected 15 feet of gross oil pay from the reservoir margin from a
location 1.5 kilometers south southwest of the 15/25b-9Y well. The second well of the cluster 15/25b-12Z,
located halfway between the 15/25b-12 well and the 15/25b-9Y well, intersected 60 feet of gross oil pay. The
common oil/water contacts in these wells indicate this area to be an extension of the 'Brenda East'
accumulation to the northwest.

The 15/25b-12Y well is the last well-bore of the second phase of Oilexco's 'Brenda' appraisal drilling program
on Licence P1042 and P1157 (100% working interest), Block's 15/25b and 15/25e in the Outer Moray Firth,
targeting oil in the Paleocene Forties Sandstone.

The results of the 15/25b-12 well cluster in a seismically defined channel sand lacking structural closure, has
further confirmed the 'Brenda' oil find to be a stratigraphically trapped oil accumulation of significant
proportion.

Oilexco is listed on the Alternative Investment Market of the London Stock Exchange plc ('LSE-AIM') and the TSX
Venture Exchange ('TSX-V'), trading under the symbol OIL.

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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]
Website: www.oilexco.com

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Release