ScotOil Petroleum Shares Cease Traded

CALGARY, March 5 /CNW/ - ScotOil Petroleum Limited ("ScotOil" or "the Company") (NEX:OIL.H), formerly named Oilexco Incorporated, announces that the Alberta and British Columbia securities commissions have issued orders that trading in its securities cease until the Company files overdue financial statements and related documents. ScotOil does not have funds or personnel to prepare such financial statements and does not expect that situation to change in the foreseeable future.

Forward Looking Statements

All statements included in this press release that address activities, events or developments that ScotOil expects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements may involve substantial known and/or unknown risks and uncertainties, some of which may be beyond ScotOil control. As such, caution should be exercised by the reader wherever forward looking statements are made.

Neither the NEX board of the 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.

On Behalf of the Board of Directors:

Mr. Arthur Millholland, President and CEO

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SOURCE SCOTOIL PETROLEUM LTD.

For further information: For further information: Rob Elgie, Investor Relations Consultant, Phone: (403) 718-1805

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SCOTOIL PETROLEUM LTD.

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