Probex Clarifies That Director Transaction Resulted in Net Purchase, Not Sale of Company Stock

    DALLAS--July 13, 2001--Probex Corp. (AMEX:PRB), an energy technology company specializing in environmental services, today said that reports in the market indicating that Thomas G. Murray, a director of the company, had sold approximately 96,000 shares of Probex stock were incorrectly characterized and that in fact Mr. Murray's transaction had resulted in a significant net gain in his Probex share position.
    Probex Chairman, President and Chief Executive Officer Charles M. Rampacek explained that Mr. Murray's transaction was a cashless exercise of options held by Mr. Murray that involved the tendering of 96,078 shares of Probex common stock in order to exercise his option to simultaneously purchase 326,666 shares of Probex common stock under an employee stock option program. The result was a net increase of 230,588 Probex common shares held by Mr. Murray.
    Rampacek added that, "Probex continues to make significant progress on all of the activities necessary to obtain project financing for its Wellsville reprocessing facility and expects to report in detail on these activities in its third quarter earnings release late this month."

    About Probex

    Probex is a Dallas-based energy technology company specializing in environmental services that has developed and patented its environmentally beneficial ProTerra(TM) lubricating oil technology for reprocessing, purifying and upgrading used motor oils. ProTerra has demonstrated unparalleled advantages in the highly economic creation of premium quality base oils capable of meeting new motor oil standards without creation of waste by-products. The goal of Probex is to become a world leader in the collection and reprocessing of used lubricating oils into premium quality base lube oils through timely commercialization of its ProTerra technology.

    Certain statements contained herein may be considered "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These statements are based upon the belief of the Company's management, as well as assumptions made beyond information currently available to the Company's management; however, because such "forward looking statements" are subject to risks and uncertainties, actual results could vary. Also refer to the cautionary statements contained in the most recent Forms 10-KSB and 10-QSB which may be obtained under "Investor Relations-SEC Filings" on the Company's web site at www.probex.com or by writing or calling the Company at One Galleria Tower, 13355 Noel Rd., Suite 1200, Dallas, TX 75240; 972/788-4772.