FOR IMMEDIATE RELEASE

JED OIL INC. ANNOUNCES NOTE REDEMPTION EXTENSION

(all amounts expressed in US Dollars)

Didsbury, Alberta – Saturday, February 16, 2008 – JED Oil Inc. (AMEX: JDO) (“JED” or the “Company”) today announced that it has received an extension of the redemption date of its $40.24 million principal amount of 10% Senior Subordinated Convertible Notes (“Notes”), from February 15 to March 18, 2008.  As previously announced, JED is arranging financing to redeem the Notes, but the financing did not close by February 15^th as previously expected.  During the extension, the Notes will accrue interest at the rate of 2% per month, plus the Company will pay the noteholders a fee equal to 1% of the outstanding principal amount of the notes in consideration for the new extension.  Under the terms of the extension, if the Notes are not redeemed in full on March 18^th, the outstanding principal amount to be repaid will be increased by an additional 10%.

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.

Company Contacts:

or

Investor Relations Counsel

JED Oil Inc.

The Equity Group Inc.

Tom Jacobsen, CEO

Linda Latman  (212) 836-9609

(403) 335-2107

Lena Cati (212) 836-9611

Marcia Johnston, VP Legal & Corporate Affairs

        www.theequitygroup.com

(403) 335-2105

www.jedoil.com