JED Oil Inc. Provides Update on Credit Agreement

Business Wire, June 18, 2008

(all amounts expressed in US Dollars)

DIDSBURY, Alberta -- JED Oil Inc. (AMEX: JDO) ("JED" or the "Company") today announced that it has been informed that the Canadian Chartered Bank with whom it has been negotiating since January 2008, a $32 million credit facility agreement, did not approve the facility with no explanation. These funds were earmarked to repay a portion of the principal amount of the 10% Senior Subordinated Convertible Notes ("Notes"), in accordance with the Note Amending Agreement to restructure the Notes and provide for their redemption and also provide additional working capital.

JED's management is pursuing alternative financial options including a possible sale of some or all of its assets or additional equity and debt financing. JED estimates these assets are valued in excess of $100 million.

As further information becomes available, JED will issue news releases announcing such developments.

In addition, JED is seeking advice on its legal options with respect to the Canadian Chartered Bank.

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.