JED Oil Inc. Announces Note Redemption Extension

Business Wire, June 23, 2008

(all amounts expressed in US Dollars)

DIDSBURY, Alberta -- JED Oil Inc. (AMEX: JDO) ("JED" or the "Company") today announced that on Friday, June 20, 2008, it and a majority of the holders of its $40.24 million principal amount of 10% Senior Subordinated Convertible Notes ("Notes"), signed a Note Amending Agreement to extend the Maturity Date of the Notes until June 24, 2008 for the purpose of negotiating a term sheet for the redemption of the Notes by the sale of assets of the Company. This is the first extension of a three-step procedure suggested by the Note holders. The signed term sheet would be followed by another short extension of the Maturity Date to draft formal agreements and a time table for the sale process; followed by a longer extension to permit the sale process to occur.

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.