Delphi Energy Corp.

Delphi Energy Corp.

March 10, 2005 09:00 ET

Delphi Energy Increases Flow-Through Offering After Over-Subscription


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: DELPHI ENERGY CORP.

TSX SYMBOL: DEE

MARCH 10, 2005 - 09:00 ET

Delphi Energy Increases Flow-Through Offering After
Over-Subscription

CALGARY, ALBERTA--(CCNMatthews - March 10, 2005) - Delphi Energy Corp.
(TSX:DEE) is pleased to announce that its flow-through offering with a
syndicate of underwriters announced March 9, 2005 has been
over-subscribed.

As a result, Delphi has increased the offering to a bought deal of
2,045,681 flow-through common shares for gross proceeds of $9 million
and an underwriters' option of 681,819 flow-through common shares for
additional gross proceeds of $3 million.

As a result of the increase, total gross proceeds from the flow-through
common share offering and underwriters' option have increased from $10
million to $12 million.

Closing of the increased equity offering is expected to occur in early
April 2005. Proceeds will be used to accelerate the Company's capital
program, focused on a significant inventory of development projects,
complemented with an ongoing high-impact exploration program.

Delphi Energy is a Calgary-based company engaged in the exploration,
development and production of oil and natural gas in Western Canada.

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.

Certain information regarding the Company contained herein may
constitute forward-looking statements under applicable securities laws.
Such statements are subject to known or unknown risks and uncertainties
that may cause actual results to differ materially from those
anticipated or implied in the forward-looking statements.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Delphi Energy Corp.
    David J. Reid
    President and Chief Executive Officer
    (403) 265-6171
    (403) 265-6207 (FAX)
    Email: info@delphienergy.ca
    Website: www.delphienergy.ca
    or
    Delphi Energy Corp.
    1500, 444 - 5th Avenue S.W.
    Calgary, Alberta T2P 2T8