Drilcorp Energy Ltd.

Drilcorp Energy Ltd.

March 28, 2005 11:17 ET

Nova Bancorp Attempts to Block Milagro Offer


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: DRILCORP ENERGY LTD.

TSX VENTURE SYMBOL: DCL

MARCH 28, 2005 - 11:17 ET

Nova Bancorp Attempts to Block Milagro Offer

CALGARY, ALBERTA--(CCNMatthews - March 28, 2005) - Drilcorp Energy Ltd.
("Drilcorp" or the "Corporation") (TSX VENTURE:DCL) wishes to advise its
shareholders of the following developments:

Following today's announcement of the premium offer from Milagro Energy
Inc., counsel to Nova Bancorp Investments Ltd. and certain dissident
directors of Drilcorp (the "Nova Group") has applied to the court to
obstruct or delay the offer described in an earlier release. Drilcorp
cannot predict the outcome of such efforts by the Nova Group in the
Court of Queen's Bench of Alberta, but Drilcorp wishes to assure
shareholders it will vigorously resist all attempts by the Nova Group to
interfere with or derail the Offer. This is yet another attempt by the
Nova Group to disenfranchise all shareholders except those in their
group and to prevent shareholders from receiving or dealing with
Milagro's offer. Protect your investment in Drilcorp by voting your BLUE
proxy FOR the management slate of directors.

We once again urge all Drilcorp shareholders to vote their BLUE proxy
FOR the management slate of directors for this transaction to proceed.
If you have already submitted a proxy supporting the Nova Group you can
still change your vote by submitting a BLUE proxy or call Wes Hall at
the number below or Vito Ciraco at (416) 867-2322, both of Kingsdale
Shareholder Services Inc.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Kingsdale Shareholder Services Inc.
    Wes Hall
    President
    (416) 867-2342
    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.