JED Oil Inc. Announces Note Redemption Extension

JED Oil Inc. (AMEX: JDO ) (“JED” or the “Company”) today announced that it signed a Term Sheet with the holders of its $40.24 million principal amount of 10% Senior Subordinated Convertible Notes (“Notes”) for the redemption of the Notes by September 30, 2008. The Term Sheet is attached to a Note Amending Agreement with holders of a majority of the principal amount of the Notes to extend the Maturity Date of the Notes until September 30, 2008 if a formal Forbearance Agreement in accordance with the Term Sheet is signed by July 1, 2008. If the Forbearance Agreement is not signed by July 1st, the Maturity Date becomes July 2, 2008. The Term Sheet provides for JED to sell assets or otherwise raise a minimum of $55 million for the redemption of the Notes and repayment of trade creditors. This Note Extension Agreement is the second and third step of the three-step process announced on June 23rd.

About JED

Established in September 2003, JED Oil Inc. is an oil and natural gas company that commenced operations in the second quarter of 2004 and has begun to develop and operate oil and natural gas properties principally in western Canada and the United States.

This press release contains forward-looking statements. The words “proposed,” “anticipated” and scheduled” and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. The loan facility may not close. The anticipated success and production of JED’s current drilling, work-over and tie-in opportunities may not be realized. Other factors that may affect future results include uncertainties involved in the dispute with one of our noteholders and other risk and uncertainties as are contained in JED’s filings with the Securities and Exchange Commission (“SEC”), which are available at the SEC’s Web site (http://www.sec.gov) and JED’s filings with the Alberta Securities Commission, which are available at the Web site (http://www.SEDAR.com). JED is not under any obligation, and expressly disclaims any obligation, to update, alter or otherwise revise any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future events or otherwise.

Contact:

JED Oil Inc. Tom Jacobsen, 403-335-2107 CEO or Marcia Johnston, 403-335-2105 VP Legal & Corporate Affairs

www.jedoil.com

or Investor Relations Counsel The Equity Group Inc. Linda Latman, 212-836-9609 or Lena Cati, 212-836-9611

www.theequitygroup.com

Source: JED Oil Inc.