Probex to Hold Conference Call for 3rd Quarter Results

    DALLAS--July 23, 2001--Probex Corp. (AMEX:PRB), an energy technology company specializing in environmental services, will hold its quarterly conference call to discuss results for the third fiscal quarter of 2001 at 9:00 A.M. CDT on Tuesday, July 31, 2001.
    Securities analysts and any other interested persons are invited to dial into the teleconference. In addition, the call will be web cast by CCBN and can be accessed at PRB's web site at www.probex.com. During the presentation, Probex management will discuss recent progress toward commencement of construction of the Company's planned Wellsville, Ohio, reprocessing facility and provide an outlook for the upcoming quarter.

    CONFERENCE CALL/WEB CAST:

Date: Tuesday, July 31, 2001
Time: 9:00 a.m. CDT
Toll Free U.S. Phone No.: 877-917-1549 (call 10 minutes ahead of start
time)
International Phone No.: 1-212-287-1621 (call 10 minutes ahead of
start time)
PASS CODE: Les Van Dyke 20527
Web Cast: www.probex.com -- click on About Probex; What's New;
Conference Calls

    DIGITAL REPLAY:

Available for 90 days, beginning 1 hour after call
Toll Free U.S. Phone No.: 800-925-1757
International Phone No.: 402-530-8065
Web Site: www.probex.com -- click on About Probex; What's New;
Conference Calls

    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 ProTerra.