Probex Executes 7th Wellsville Product Sales Contract

    DALLAS--Dec. 11, 2001--Probex Corp. (AMEX: PRB), an energy technology company, today said that it has completed execution of its seventh multi-year base oil sales contract with an independent lubricant manufacturer.
    The contract calls for sales of 2 million gallons per year of our high quality lubricating base oil products and brings our total base oil product under contact to 26 million gallons per year. The total represents about 75% of the anticipated yield of base oils from the Company's planned Wellsville, OH, reprocessing facility and satisfies project finance requirements.
    Charles M. Rampacek, Probex Chairman, President and Chief Executive Officer, noted; "We are making good progress on the project financing for Wellsville, and the signing of these contracts represents yet another important and necessary milestone as we complete the steps required for securing our plant financing. These agreements serve as further affirmation of the high quality of our lubricating base oil products, which meet the standards necessary for blending into the GF-3 quality motor oils mandated for model year 2002 automobiles."

    About Probex

    Probex is a Dallas-based energy technology company that specializes in the production of high quality lubricating base oils and associated products from collected spent lubricants. The Company's patented, environmentally beneficial ProTerra(TM) technology 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 production of premium quality lubricating base oils and associated products from collected lubricants through timely commercialization of its ProTerra technology. For more information about Probex, visit the company's web site at: www.probex.com.

    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. Because such "forward-looking statements" are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from the Company's expectations include financial performance, conditions in the lubricating oil industry, the Company's ability to obtain financing for its anticipated acquisitions and plant development, market acceptance of the Company's products and technologies, changes in local, national or global economic conditions, and similar variables. 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 or by writing or calling the Company at One Galleria Tower, 13355 Noel Rd., Suite 1200, Dallas, TX 75240; (972) 788-4772.