2009-09-21-2009-08-31-2009-08-31

To acquire 20,300 acres in Gold Creek/Wapiti area of NW AB, gaining 400 BOE/d, 1.43 MMBOE 2P.

Delphi Energy Corp., Calgary, (TSX: DEE), plans to acquire 50,800 gross (20,300 net) acres in the Gold Creek/Wapiti area of northwestern Alberta from an undisclosed seller for C$11.8 million. Delphi will immediately sell a 40% working interest in the same properties after the purchase. The properties are between Delphi's Hythe and Bigstone core properties. Production is 400 barrels of oil equivalent per day (77% gas). Proved reserves are 843,000 barrels of oil equivalent (1.43 million barrels proved plus probable). The properties include working interests in two Devon Energy Corp. and one BP Plc gas-processing plants with 720 million cubic feet per day of through-put capacity, 10 compressor stations and 244 miles of gathering and transportation lines along with undeveloped acreage. Delphi values the deal at C$12.61 per proved barrel equivalent, and $26,600 per flowing barrel, excluding approximately C$1 million credited to undeveloped land.