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Olco Petroleum Group Inc.: Material Changes in the Board of Directors and Indirect Change of Control

MONTREAL, QUEBEC--(CCNMatthews - April 30, 2005) -

CHANGES IN THE COMPOSITION OF THE BOARD OF DIRECTORS

Mark S. Kaneb, President, Secretary and Chief Operating Officer of Olco Petroleum Group Inc. ("Olco") has announced that Frederick Kaneb resigned from Olco's board of directors on March 11th 2004, and that on April 22nd 2004, Wilfred Kaneb resigned as a Chairman of the Board and Chief Executive Officer of the company effective April 30th 2004.

The Board of Directors has named Nick Di Tomaso as Director to fill the vacancy caused by Frederick Kaneb's resignation which nomination is subject to regulatory approval. Mr. Di Tomaso possesses a vast experience in the petroleum industry. He is a past Chairman of the Board of Ultramar Ltd. and has served as a consultant for Olco for special matters over the past several years. Mark S. Kaneb pointed out that the Directors are honoured by Mr. Di Tomaso's agreement to join the Board and that his experience and expertise in the petroleum industry will prove to be a most important asset to the Company in this crucial point of its evolution. The Board of Directors will now consist of a majority of outside and independent members.

Wilfred Kaneb will remain active in the affairs of the Company as Director of Engineering and Special Projects.

INDIRECT CHANGE OF CONTROL OF THE KANEB FAMILY HOLDING COMPANY

Mr. Kaneb also explained that approximately 84% of the class A shares in the capital stock of Olco are beneficially owned by Mayfred Canada Ltd. ("Mayfred") which Company has served as corporate holding company for Wilfred Kaneb and his children through their respective holding companies. On April 22nd, 2004, Mayfred purchased for cancellation certain shares issued by it to Wilfred Kaneb, Fredkan Holdings Inc., Stephkan Holdings Inc. and Vaneskan Holdings Inc. such that Markkan Holdings Inc. ("Markkan") remains as the sole voting shareholder in the capital stock of Mayfred, thereby constituting an indirect change of control of Olco in favour Mark S. Kaneb through his holding company Markkan.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

FOR FURTHER INFORMATION PLEASE CONTACT:

Olco Petroleum Group Inc.
Mr. Mark S. Kaneb
(514) 645-6526

&SEDAR: 0003197EF

© CCNMatthews

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