2009-10-27-2009-09-30

To acquire addtl interest and assets in core property at Hythe, Alberta, gaining 630 BOE/d, 1.64 MMBOE proved.

Delphi Energy Corp., Calgary, (Toronto: DEE) plans to acquire additional interest and assets within its core property at Hythe, Alberta, from an undisclosed seller for C$10 million plus exchanged assets. Excluding approximately C$370,000 net allocated to undeveloped land, Delphi estimates it will pay C$24,100 per flowing barrel. Delphi will acquire additional working interest in 38,400 gross acres (15,340 net) contiguous to and overlapping the company's existing 68,165 net acres in the Hythe area. Production related to the acquisition is approximately 630 barrels of oil equivalent per day. Total proved reserves are 1.64 million barrels of oil equivalent (1.94 million proved plus probable). Delphi will also add an additional 13% interest in the Goodfare gas processing plant, 20% in the field gathering system and 24% in a compressor station. The acquisition will increase Delphi's working interest exposure in the Doe Creek light oil pool currently being developed by the company and adds a 40% working interest in an adjacent underdeveloped Doe Creek light oil pool in the Hythe area. Delphi will increase its land base by 18 net sections with identified resource plays including the Nikanassin, Cadomin and Bluesky formations. The properties to be exchanged by Delphi involve noncore assets in northwestern Alberta with production of approximately 230 barrels of oil equivalent per day and related infrastructure. The effective date is July 1, 2009. It is expected to close in early November.