Duvernay Oil Corp.
TSX : DDV

Duvernay Oil Corp.

October 18, 2005 11:05 ET

Duvernay Oil Corp. Completes Private Placement

CALGARY, ALBERTA--(CCNMatthews - Oct. 18, 2005) -

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

Duvernay Oil Corp. (TSX:DDV) is pleased to announce that it has completed its private placement of 800,000 flow-through common shares at a price of $52.00 per share, for total gross proceeds of $41,600,000. The underwriting syndicate was led by Peters & Co. Limited and included FirstEnergy Capital Corp., Scotia Capital Inc., BMO Nesbitt Burns Inc., Blackmont Capital Inc., Raymond James Ltd. and Sprott Securities Inc. Duvernay's officers, directors and employees participated for 16% of the offering. Duvernay will use the proceeds of the offering to incur Canadian exploration expenses on its properties and will renounce such expenditures to subscribers for the 2005 tax year.

This news release shall not constitute an offer to sell or the solicitation of any offer to buy the securities in any jurisdiction. The common shares offered will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States.

This press release contains certain forward-looking statements, including expectations of future production, operating and financial results. These statements are based on Duvernay's current expectations and assumptions that could prove to be incorrect. The forward-looking statements are not guarantees of future performance and undue reliance should not be placed on them. Actual results may differ materially as a result of risks, uncertainties and other factors, such as: changes in the general economic, market, regulatory, industry and business conditions; fluctuations in commodity prices and currency exchange rates; the successful and timely implementation of growth projects; imprecision of reserve estimates; environmental risks; competition from other industry participants; availability of capital; and uncertainties resulting from potential delays or changes in plans, among others. See Duvernay's recent prospectus and other documents Duvernay files with Canadian securities regulatory authorities for further details, copies of which are available from Duvernay directly or on its website; www.duvernayoil.com or on the SEDAR website www.sedar.com

Contact Information

  • Duvernay Oil Corp.
    Michael Rose
    President and C.E.O.
    (403) 571-3600
    or
    Duvernay Oil Corp.
    Brian Robinson
    Vice-President, Finance and C.F.O.
    (403) 571-3609
    or
    Duvernay Oil Corp.
    Scott Kirker
    Manager, Corporate Affairs
    (403) 571-3683
    or
    Duvernay Oil Corp.
    1500 - 202 6th Avenue S.W.
    Calgary AB T2P 2R9
    (403) 571-3600
    (403) 269-6510 (FAX)
    Email: info@duvernayoil.com