Duvernay Oil Corp.

Duvernay Oil Corp.

March 18, 2005 08:16 ET

Duvernay Oil Corp. Enters Into Financing


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: DUVERNAY OIL CORP.

TSX SYMBOL: DDV

MARCH 18, 2005 - 08:16 ET

Duvernay Oil Corp. Enters Into Financing

CALGARY, ALBERTA--(CCNMatthews - March 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) has entered into a private placement
flow-through common share financing agreement, on a bought deal basis,
with a syndicate of underwriters led by Peters & Co. Limited and
including FirstEnergy Capital Corp., Scotia Capital Inc., BMO Nesbitt
Burns Inc., First Associates Investments Inc., Raymond James Ltd. and
Sprott Securities Inc. Duvernay will issue 1,000,000 flow-through common
shares at a price of $35.50, for total gross proceeds of $35,500,000.
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.

The offering is subject to customary regulatory approvals and is
expected to close on or before April 5, 2005.

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.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    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
    Website: www.duvernayoil.com