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56' PAY NEWS RELEASE TRANSMITTED BY CCNMATTHEWS OILEXCO INCORPORATED March 15, 2004 - 08:11:29 ET Oilexco Commences Testing On Third Well Of 2003-2004 UK North Sea Drilling Program, And Confirms The 'Brenda' Oil Find To Be A Significant Stratigraphic Oil Accumulation In Central UK North Sea LONDON, UNITED KINGDOM--Oilexco Incorporated ("Oilexco") (TSX-V: OIL; LSE-AIM: OIL) announces that it will proceed with production testing of the well 15/25b-8 ("Brenda"), the third well of its UK North Sea drilling program. The 15/25b-8 well intersected a Paleocene Forties channel sand exhibiting excellent reservoir characteristics, having 56 feet of high quality oil pay. 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-8 well are planned to be completed over the next ten days. The 15/25b-8 well is the second appraisal well to the "Brenda" oil find, originally made in 1990 by the well 15/25b-3. 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. The intersection of a significant oil column in a seismically defined channel sand lacking structural closure by the 15/25b-8 well, has confirmed the "Brenda" oil find to be a stratigraphic trap of significant proportion. Oilexco has identified additional appraisal locations from its seismic interpretation to further define the limits and reserves of the "Brenda" oil accumulation. Oilexco's UK North Sea drilling program is a minimum three (3) well program on Licence P1042 (100% working interest), Block 15/25b in the Outer Moray Firth, targeting oil in the Paleocene Forties Sandstone. 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. FOR FURTHER INFORMATION PLEASE CONTACT: Oilexco Incorporated Arthur S. Millholland President [phone] Oilexco Incorporated Brian L. Ward Chief Financial Officer [phone] The TSX Venture Exchange has not reviewed nor accepts responsibility for the adequacy or accuracy of this News Release.