Duvernay Oil Corp.
TSX : DDV

Duvernay Oil Corp.

April 15, 2008 10:22 ET

CORRECTION FROM SOURCE: Duvernay Oil Corp. Increases Size of Bought Deal Financing to $91,000,000

CALGARY, ALBERTA--(Marketwire - April 15, 2008) - A correction from source is issued with respect to the release disseminated today at 9:52 am ET. The total proceeds of the financing was incorrectly stated as $91,000,000,000 and should have read as $91,000,000. The complete and corrected release is as follows:

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW

Duvernay Oil Corp. (TSX:DDV) is pleased to announce that it has increased the size of its previously disclosed bought deal financing entered into with a syndicate of underwriters led by Peters & Co. Limited and including Cormark Securities Inc., Canaccord Capital Corporation, FirstEnergy Capital Corp., Raymond James Ltd., Scotia Capital Inc., BMO Nesbitt Burns Inc., TD Securities Inc., CIBC World Markets Inc. and Thomas Weisel Partners Canada Inc. Duvernay will now issue 2,000,000 common shares at a price of $45.50 per share for gross proceeds of $91,000,000. Completion of the financing is subject to all customary regulatory approvals. The common shares will be offered in each of the provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and Quebec by way of short form prospectus. The financing is expected to close on or about May 6, 2008. The net proceeds of the financing will be used to partially fund the expanded capital program and for general corporate purposes.

This news release shall not constitute an offer to sell or the solicitation of any offer to buy the securities in any jurisdiction. The common shares offered will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States.

This press release contains certain forward-looking statements, including expectations of future capital expenditures and the use of the proceeds of the financing. These statements are based on Duvernay's current expectations and assumptions that could prove to be incorrect. The forward-looking statements are not guarantees of future performance and undue reliance should not be placed on them. Actual results may differ materially as a result of risks, uncertainties and other factors, such as: changes in the general economic, market, regulatory, industry and business conditions; fluctuations in commodity prices and currency exchange rates; the successful and timely implementation of growth projects; imprecision of reserve estimates; environmental risks; competition from other industry participants; availability of capital; and uncertainties resulting from potential delays or changes in plans, among others. See Duvernay's Annual Information Form and other documents Duvernay files with Canadian securities regulatory authorities for further details, copies of which are available from Duvernay directly or on its website; www.duvernayoil.com or on the SEDAR website www.sedar.com.

Contact Information

  • Duvernay Oil Corp.
    Michael Rose
    President and C.E.O.
    (403) 571-3600
    or
    Duvernay Oil Corp.
    Brian Robinson
    Vice-President, Finance and C.F.O.
    (403) 571-3609
    or
    Duvernay Oil Corp.
    Scott Kirker
    Manager, Corporate Affairs
    (403) 571-3683
    Website: www.duvernayoil.com