ACR MLG RETURNS TO THE RAMP AFTER AN ABORTED TKOF DUE TO NO OIL PRESSURE INDICATION. THE RELEASE TIME FROM DISPATCHER RUNS OUT BUT PIC; UNDER THE IMPRESSION THAT THE RELEASE TIME IS STILL VALID; DEPARTS THE GATE WHEN 20 MINS OVER THE EXPIRATION TIME.

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ON TKOF ROLL AT APPROX 90-100 KIAS; CAPT TAPPED WITH FINGERS ON OIL PRESSURE GAUGE FOR #2 ENG AND CALLED 'REJECT THE TKOF;' AND PULLED THROTTLES TO IDLE PWR. I INITIATED REVERSE THRUST AND MANUALLY EXTENDED SPD BRAKES AND FELT ONSET OF AUTOMATIC ANTISKID REJECTED TKOF BRAKING. COORD WITH TWR; FLT ATTENDANTS; PAX AND COMPANY OPS WERE COMPLETED IN A TIMELY MANNER AND WE WERE INSPECTED AND RELEASED BY OUR MAINT PERSONNEL. I INQUIRED OF THE CAPT IF WE SHOULD GET A RE-RELEASE FROM OUR DISPATCHERS TO CONTINUE. HE STATED TO ME IT WAS NOT REQUIRED AND TO CONTINUE WITH A CHKLIST PRIOR TO START. WE CONTINUED THE FLT TO DEST UNEVENTFULLY UNDER THE ORIGINAL FLT NUMBER; RELEASE; FLT PLAN; AND A REVISED WT AND BAL. REVIEWING FLT OPS MANUAL DATED DEC/XX/96; THE CAPT AND DISPATCHER MUST AGREE ON THE TERMS OF RELEASE FOR THE FLT. I QUESTIONED THE CAPT FOR A NEW RELEASE BELIEVING OUR DISPATCH TIME HAD ELAPSED AND CONTINUE TO BELIEVE A NEW RELEASE TIME SHOULD HAVE BEEN OBTAINED. SINCE THE ITEM WAS A 'PAPER LEGALITY ITEM' AND NOT AN IMMEDIATE THREAT TO FLT SAFETY; I FOLLOWED THE CAPT'S DIRECTION AND PROCEEDED WITH CHKLIST ITEMS AS REQUESTED. SUPPLEMENTAL INFO FROM ACN 364459: CONSIDERED CALLING FOR NEW FLT PLAN BUT IT WAS STILL OPEN WITH ATC AND WE THOUGHT WE WERE WITHIN 1 HR VALID TIME. ACTUALLY THE VALID TIME HAD EXPIRED BY THE TIME WE PUSHED BACK AGAIN. SHOULD HAVE CONTACTED DISPATCH FOR A RE-RELEASE TO COVER US. THE VALID TIME ON THE FLT PLAN IS ACTUALLY 10 MINS PRIOR TO SCHEDULED PUSH TIME AND FOR 1 HR AFTER THAT. IT TOOK A FEW MINS MORE THAN WE THOUGHT AT THE LAST MIN TO GET GOING. WE WERE APPROX 20 MINS OR SO OVER LEGAL TIME.