Drilcorp Energy Ltd.

Drilcorp Energy Ltd.

March 09, 2005 16:38 ET

Drilcorp Succeeds in Court and Mails Proxy Materials for April 4th Meeting


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: DRILCORP ENERGY LTD.

TSX VENTURE SYMBOL: DCL

MARCH 9, 2005 - 16:38 ET

Drilcorp Succeeds in Court and Mails Proxy Materials
for April 4th Meeting

CALGARY, ALBERTA--(CCNMatthews - March 9, 2005) - Drilcorp Energy Ltd.
(TSX VENTURE:DCL) ("Drilcorp" or the "Corporation") is pleased to update
its shareholders on the following developments:

The Corporation appeared in the Court of Queen's Bench of Alberta on
Tuesday, March 8, 2005 to contest a motion brought by former management
and a group of shareholders led by Nova Bancorp Investments Ltd. (the
"Applicants"). The motion sought to have the Court uphold the results of
the shareholders' meeting orchestrated by the Applicants and held on
February 17, 2005. The Applicants were also seeking a declaration that
the board of directors elected at the February 17 meeting was validly
elected, and sought to prevent the Corporation from continuing its value
maximization process and informing Drilcorp's shareholders of the
results of this process. Drilcorp was successful in having the
Applicants' motion dismissed in its entirety. The Court found that the
February 17 meeting was called without legal authority, that the
business conducted at the meeting (including the election of a
Nova-dominated board of directors) was invalid and declined to grant the
Applicants any of the other relief requested. The decision of the Court
is consistent with the position that Drilcorp and the Special Committee
have taken since the dissident group led by Nova Bancorp announced its
intention to hold its own shareholders' meeting in the face of
Drilcorp's decision to call a shareholders' meeting for April 4, 2005.

The value maximization process initiated by Drilcorp through its
engagement of CB Securities Inc. is well underway and the response to
date has been extremely positive. CB Securities has called for all
prospective bidders to submit non-binding offers by March 23, 2005.

Drilcorp has now mailed its Management Proxy Circular with respect to
the special shareholders' meeting requisitioned by the dissidents and
scheduled for April 4, 2005. The meeting materials are being mailed to
all shareholders of the Corporation and should be received by
shareholders within the next few days. Shareholders wishing immediate
access to this information can review the same on SEDAR at www.sedar.com.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Kingsdale Shareholder Services Inc.
    Wes Hall
    President
    (416) 867-2211
    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.