Duvernay Oil Corp.

Duvernay Oil Corp.

March 18, 2005 13:47 ET

Duvernay Oil Corp. Increases Size of Financing


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: DUVERNAY OIL CORP.

TSX SYMBOL: DDV

MARCH 18, 2005 - 13:47 ET

Duvernay Oil Corp. Increases Size of 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) is pleased to announce that it has
increased the size of its private placement flow-through common share
financing by 15% to 1,150,000 flow-through common shares at a price of
$35.50, for gross proceeds of $40,825,000. The financing is being
underwritten on a bought deal basis, by 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 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.

-30-

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