Irvine, Calif. – Feb. 28, 2006 – ORYXE Energy International announced today that Alf L. Andreassen, Ph.D., managing director of Paladin Capital Group and co-founder of Paladin’s Homeland Security Fund, has been elected to its board of directors.

ORYXE Energy develops and markets proprietary fuel additives based on breakthrough research in combustion science. The company is currently selling its diesel fuel additive, ORYXE LED, to fuel producers in the Texas Low Emission Diesel market, and has additional products in its development pipeline that improve fuel performance and reduce emissions cost-effectively.

“As the former technical advisor for Naval Warfare and a director on seven high technology company boards, Dr. Andreassen brings a unique combination of scientific, government and business expertise to ORYXE Energy’s board of directors,” said Walter Schindler, ORYXE Energy’s chairman and chief executive officer.

At Paladin Capital Group, Andreassen is focused on the development and implementation of new investment opportunities for Paladin’s Homeland Security Fund. Andreassen previously served alongside the science advisor to the President of the United States and specializes in the application of innovative technology for the advancement of national security.

“With the effect of the recent hurricanes on U.S. energy production, we have placed a renewed emphasis on finding ways to increase and secure our nation’s energy supplies. At the same time, we are facing an increased concern for the environment,” Andreassen said. “ORYXE Energy offers innovative technologies that bridge the gap between the need for better air quality and the need for dependable fuel supplies.”

While at Bell Laboratories and AT&T, Andreassen was responsible for AT&T’s support of classified national programs in the areas of Command, Control, Communications and Intelligence. Andreassen was also a founding member of AT&T Solutions, one of the fastest growing professional service organizations of its kind.

Andreassen received his Ph.D. in Physical Chemistry from Cornell University and completed a postdoctoral fellowship in Materials Science, also at Cornell. The election of Andreassen increases the ORYXE Energy board to seven directors, five of whom are non-employees.

About ORYXE Energy

ORYXE Energy International, Inc., (www.oryxe-energy.com) based in Irvine, Calif., develops, certifies and distributes proprietary fuel additives that improve performance and reduce toxic emissions from the combustion of hydrocarbons, such as gasoline, diesel, residual fuel and other distillates. Founded in 2001, ORYXE Energy was named a Top 100 Innovator by Red Herring magazine in late-2004. The company holds one U.S. patent and has 13 patents pending.

Odyssey Venture Partners (www.odysseyventure.com) of Costa Mesa, Calif., Ridgewood Capital (www.ridgewoodcapital.com) of Ridgewood, N.J. and Paladin Homeland Security Fund (www.paladincapgroup.com) of Washington, D.C. are the lead venture capital investors in ORYXE Energy.

About Paladin Capital Group

Headquartered in Washington D.C., Paladin Capital Group is a premier private equity firm that provides expansion capital for growing companies. Paladin has over $440 million under management and operates two funds with 20 portfolio companies. Paladin's Homeland Security Fund invests in enterprises whose principal business centers on products and services that address homeland security issues and needs. Importantly, the fund's leadership is comprised of individuals with a proven track record of financial expertise, national security experience and specialized technical competence. For more information, www.paladincapgroup.com

Forward-Looking Statements

Estimates, expectations and business plans are forward-looking statements. Actual future results, including product introduction schedules, market receptiveness, regulatory approvals and commercial viability, could differ materially due to changes in conditions affecting the industry, political, legal or regulatory developments, and market conditions.