Drilcorp Energy Ltd.

Drilcorp Energy Ltd.

March 28, 2005 13:21 ET

Drilcorp Energy Ltd.: Nova Bancorp Delays Milagro Offer


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: DRILCORP ENERGY LTD.

TSX VENTURE SYMBOL: DCL

MARCH 28, 2005 - 13:21 ET

Drilcorp Energy Ltd.: Nova Bancorp Delays Milagro Offer

CALGARY, ALBERTA--(CCNMatthews - March 28, 2005) - Drilcorp Energy Ltd.
("Drilcorp" or the "Corporation") (TSX VENTURE:DCL) wishes to advise its
shareholders of the following developments:

Following today's announcements of the premium offer (the "Offer") from
Milagro Energy Inc., counsel to Nova Bancorp Investments Ltd. and
certain dissident directors of Drilcorp (the "Nova Group") successfully
applied to the Court of Queen's Bench of Alberta to have the court
restrain Drilcorp from signing any additional agreements respecting the
Offer or from communicating any board approval of the Offer until after
the special shareholders' meeting on April 4, 2005. Drilcorp is
extremely concerned about the impact of this ruling on the Offer and
believes all shareholders should carefully consider the tactics of the
Nova Group. Subject to the court's ruling, Drilcorp's current management
and the majority of its Board of Directors will continue to pursue the
Offer to ensure that all shareholders have an opportunity to consider
the Offer.

We once again urge all Drilcorp shareholders to vote their BLUE proxy
FOR the management slate of directors as such a vote represents your
best chance to proceed with the Offer. If you have already submitted a
proxy supporting the Nova Group you can still change your vote by
submitting a BLUE proxy or call Wes Hall at the number below or Vito
Ciraco at (416) 867-2322, both of Kingsdale Shareholder Services Inc.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Kingsdale Shareholder Services Inc.
    Wes Hall
    President
    (416) 867-2342
    Email: whall@kingsdalecapital.com
    Website: www.drilcorp.ca
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this press release.