Trend Rally Underway for DEE-T

UPDATE 1-Delphi Energy acquires assets at Hythe, Alberta
6:39pm ET (Reuters)

* Says will exchange non-core assets, pay C$10 mln cash

* Sees additional production of about 630 boepd at Hythe

Sept 30 (Reuters) - Canada's Delphi Energy Corp said it would acquire additional natural gas and light oil assets and related infrastructure at Hythe, Alberta, primarily to boost production.

The acquired assets complement Delphi's existing assets at Hythe, where production has grown from 400 barrels of oil equivalent per day (boepd) to 2,000 boepd over the past two years, the company said in a statement.

Delphi expects additional production of about 630 boepd at Hythe.

The company said it would exchange non-core producing assets and related infrastructure and pay net cash of C$10 million for the acquisition.

The transaction is expected to close by Nov. 3, Delphi said.

The company also maintained its outlook of lowering net debt by about C$2 million to C$4 million by Dec. 31.

Shares of the Calgary, Alberta-based company closed at C$1.41 Wednesday on the Toronto Stock Exchange. (Reporting by Koustav Samanta in Bangalore; Editing by Ratul Ray Chaudhuri)

Delphi Energy to list 12 million more shares

2009-09-28 18:16 ET - Prospectus Approved

TSX bulletin 2009-1226

An additional 12 million common shares (symbol: DEE) will be listed at the opening on Wednesday, Sept. 30, 2009. The listing will cover common shares to be sold to the public at a price of $1.25 per common share pursuant to the terms of a short-form prospectus dated Sept. 23, 2009. The closing of the offering is expected to occur prior to the opening on Sept. 30, 2009.

Delphi Energy arranges $15-million financing

2009-09-09 17:33 ET - News Release

Mr. David Reid reports

DELPHI ENERGY ANNOUNCES FINANCING

Delphi Energy Corp. has entered into a financing agreement with a syndicate of underwriters, led by National Bank Financial, to issue and sell, on a bought-deal basis, 12 million common shares of Delphi at an issue price of $1.25 each, resulting in gross proceeds of $15-million. The underwriters will have the option to acquire up to an additional 1.2 million common shares at an issue price of $1.25 per common share for additional gross proceeds of up to $1.5-million for total gross proceeds of up to $16.5-million. Proceeds of the offering will be used to finance Delphi's continuing light oil development program in Hythe and additional potential acquisition opportunities. The offering is subject to normal regulatory approvals, including approval of the Toronto Stock Exchange. Closing is expected to occur on or before Sept. 30, 2009.

It's a typical rally for a bank-sparked recession

David Parkinson

Last updated on Monday, Oct. 05, 2009 06:32AM EDT

If the stock market rally seems so wildly out of line with that of normal recoveries, maybe we should stop comparing it with normal recessions.

Last week, when the S&P 500 peaked at 60 per cent above its March lows (and the S&P/TSX composite index was up 55 per cent from its March bottom), Gluskin Sheff + Associates Inc. chief economist and strategist David Rosenberg pointed out that in typical recessionary bear markets, stocks don't see those kinds of recoveries until the economy has expanded by more than 5 per cent (it has only recently turned upward), U.S. employment has risen by more than two million jobs (it is still declining) and corporate profits have climbed 34 per cent (they, too, are only just turning positive).

His conclusion: This rally has far outpaced where it normally should be at this stage of the economic recovery.

But as Mr. Rosenberg and others have been keen to point out for months, this has not been a typical recession. When you compare it with other similarly unusual downturns – namely, those triggered by banking crises – both the depth of the selloff and the speed of the recovery don't look so unusual at all.

Normally abnormal
In a research report this week, National Bank Financial market strategist Pierre Lapointe took a look at the six downturns over the past 30 years that the International Monetary Fund has identified as triggered by “periods of banking-related financial stress” – in other words, the six economic events around the world that most closely resemble the financial meltdown of last fall.