Drilcorp Energy Ltd.

Drilcorp Energy Ltd.

March 16, 2005 18:37 ET

Drilcorp Special Committee Responds to Nova Bancorp and Dissidents


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: DRILCORP ENERGY LTD.

TSX VENTURE SYMBOL: DCL

MARCH 16, 2005 - 18:37 ET

Drilcorp Special Committee Responds to Nova Bancorp
and Dissidents

CALGARY, ALBERTA--(CCNMatthews - March 16, 2005) - Drilcorp Energy Ltd.
(TSX VENTURE:DCL) ("Drilcorp." or the "Company") The Special Committee
of Drilcorp Energy Ltd. (the "Committee") responds as follows to Nova
Bancorp Investments Ltd.'s ("Nova") most recent press release.

The Committee is gratified that Nova recognized that, by the fall of
2004, the actions taken by the Board and new management of Drilcorp had
significantly improved Drilcorp's prospects, positioned the Company for
growth and made it an attractive investment. The Committee is also
gratified that Nova will now support any transaction that will deliver
the "greatest possible value for all shareholders". This is, of course,
the goal of the current Board and Committee and the goal of the current
value maximization process outlined in the Drilcorp's Management
Information Circular for the April 4 meeting.

Notwithstanding these statements, Nova and the dissident shareholders
continue to act in a manner contrary to their stated objectives. They
continue to harass the current Board with litigation, forcing the
Company to incur significant legal expense. The cost to the Company of
defending against Nova's unsuccessful attempt to have their invalid
February 17 meeting ratified by the Courts is almost certainly greater
than the value of the compensation granted to the incumbent Board that
Nova and the dissident shareholders have criticized as being excessive.
Nova and the dissidents are also attempting to negatively influence the
Company's share price by creating a climate of uncertainty through
inflammatory public statements and e-mails to institutional shareholders
in which they have made a number of potentially defamatory statements.

The Special Committee strongly denies that they are acting in a manner
which is contrary to the shareholders' interests. On the contrary, the
Committee and the incumbent directors, other than the Dissident
Directors, are determined to present a transaction to the shareholders
that will deliver the greatest possible value to all shareholders.

The shareholders should have now received a copy of Drilcorp's
Management Proxy Circular. It is also available for review on
www.sedar.com. Shareholders should carefully review this Circular in
order to make a truly informed vote on Drilcorp's future."

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Contact Information

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