Delphi Energy Corp.
TSX : DEE

Delphi Energy Corp.

April 30, 2007 13:18 ET

Delphi's Lenders Reconfirm Current Revolving Credit Facility

CALGARY, ALBERTA--(CCNMatthews - April 30, 2007) - Delphi Energy Corp. (TSX:DEE) is pleased to announce that its lenders, National Bank of Canada and The Bank of Nova Scotia, have confirmed its revolving credit facility at $115.0 million and the acquisition/development facility at $10.0 million. The basic terms of the credit facilities are expected to remain consistent with the current lending agreement, including the one year term out provision. The credit facilities are based on the banks' annual technical review of Delphi's oil and gas reserves.

The Company's current bank debt plus working capital position is approximately $106.0 million and is estimated to be approximately $100.0 million at the end of the second quarter as cash flow is forecast to exceed capital requirements during the second quarter.

Current production is approximately 5,000 barrels of oil equivalent per day of which 82 percent is natural gas.

Delphi Energy is a Calgary-based company that explores, develops and produces oil and natural gas in Western Canada. The Company is managed by a proven technical team. Delphi trades on the Toronto Stock Exchange under the symbol DEE.

Contact Information

  • Delphi Energy Corp.
    David J. Reid
    President & CEO
    (403) 265-6171
    or
    Delphi Energy Corp.
    Brian Kohlhammer
    V.P. Finance & CFO
    (403) 265-6171
    (403) 265-6207 (FAX)
    or
    Delphi Energy Corp.
    1500, 444 - 5 Avenue S.W.
    Calgary, Alberta T2P 2T8
    Email: info@delphienergy.ca
    Website: www.delphienergy.ca