Victory Nickel Gains Strong New Strategic Investor
10:03am ET (INW)
August 4, 2009 - Victory Nickel Inc. ("Victory Nickel" or the "Company") (TSX: NI) (www.victorynickel.ca) today announced that it has gained a strong new strategic investor as the result of a transaction whereby Nuinsco Resources Limited (TSX: NWI) has sold its approximate 14.7% interest in Victory Nickel to a subsidiary of Jilin Jien Nickel Industry Co., Ltd. ("Jilin Jien"), along with 11,850,876 rights to acquire 2,962,719 units of Victory Nickel pursuant to the terms of Victory's rights offering dated June 24, 2009.
Jilin Jien, headquartered in the City of Panshi, Province of Jilin, China, is an integrated mining, smelting, refining and chemical production company. Jilin Jien now owns 49,721,786 Common Shares of Victory Nickel, representing approximately 18.9% of the issued and outstanding Common Shares of Victory. On a partially diluted basis, assuming that Jilin Jien exercises all of its rights pursuant to the terms of the rights offering, Jilin Jien will own approximately 19.9% of the issued and outstanding Common Shares of Victory.
"Jilin Jien is a strategic investor with credentials, expertise and a long-term outlook that will benefit all Victory Nickel stakeholders," said Victory Nickel's Vice-Chairman and CEO Rene Galipeau. "Its acquisition of this stake in Victory Nickel represents the culmination of a relationship begun some time ago and is a vote of confidence in Victory Nickel as well as in the outlook for the metals markets, and we are pleased to have them as a strategic investor."
"We have been following the developments of Victory Nickel for quite some time now, and are pleased to have acquired this equity investment," said Mr. Wang Xingrui, Vice-President of Jilin Jien. "Large-scale sulphide nickel deposits in premier mining regions are becoming increasingly difficult to find, but there is significant exploration upside present at Minago, as well as three other Canadian sulphide nickel deposits, Lynn Lake, Mel and Lac Rocher. We see Victory Nickel as an important part of our long term growth plan in nickel."
Conference Call and Webcast
The Company will hold an investor conference call at 2:00 pm on Wednesday August 5, 2009 to discuss this transaction and to answer any questions shareholders may have. The dial-in numbers to participate are 416-695-6617 and 800-766-6630. The conference call will also be webcast, and can be accessed at http://events.digitalmedia.telus.com/nuinsco/080509/index.php and at the Company's website, www.victorynickel.ca.
About Jilin Jien
Jilin Jien Nickel Industry Co., Ltd. is an integrated nonferrous metals enterprise, located in Panshi City, Jilin Province (China), and principally involved in the production and sale of nickel sulfate, nickel matte, electrolytic nickel, nickel hydroxide, nickel chloride, copper sulfate, copper concentrate and sulfuric acid. Jilin Jien's shares trade on the A-share market of the Shanghai Stock Exchange with stock code of 600432.
About Victory Nickel
Victory Nickel Inc. is a Canadian company with four sulphide nickel deposits containing significant 43-101-compliant nickel resources. Victory Nickel is focused on becoming a mid-tier nickel producer by developing its existing properties, Minago, Mel and Lynn Lake in Manitoba, and Lac Rocher in northwestern Quebec, and by evaluating opportunities to expand its nickel asset base. Victory Nickel also owns approximately 6% of Wallbridge Mining Company Limited (TSX: WM) the third largest landholder in the Sudbury Basin.
For further information, please visit the Company's website at www.victorynickel.ca. Should you wish to receive Company news via email, please email catarina@chfir.com and specify "Victory Nickel" in the subject line.
Forward-Looking Information: This news release contains forward-looking information. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding estimates and/or assumptions in respect of production, revenue, cash flow, costs, economic return, net present value, mine life and financial models, mineral resource estimates, potential mineralization, potential mineral resources, timing of possible production, the Company's development plans and objectives and the strategic investment of Jilin Jien in the Company) constitute forward-looking information. This forward-looking information reflects the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company.
Factors that could cause actual results or events to differ materially from current expectations include, among other things: failure of the strategic investment of Jilin Jien in the Company to benefit the Company and its stakeholders, uncertainty of estimates of capital and operating costs, production estimates and estimated economic return; the possibility that actual circumstances will differ from estimates and assumptions; uncertainties relating to the availability and costs of financing needed in the future; failure to establish estimated mineral resources; fluctuations in commodity prices and currency exchange rates; inflation; recoveries being less than those indicated by the testwork carried out to date (there can be no assurance that recoveries in small scale laboratory tests will be duplicated in large tests under on-site conditions or during production); changes in equity markets; operating performance of facilities; environmental and safety risks; delays in obtaining or failure to obtain necessary permits and approvals from government authorities; unavailability of plant, equipment or labour; inability to retain key management and personnel; changes to regulations or policies affecting the Company's activities; the uncertainties involved in interpreting geological data; and the other risks disclosed under the heading "Risk Factors" and elsewhere in the Company's annual information form dated March 31, 2009 available on SEDAR at www.sedar.com. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.
Contacts: Victory Nickel Inc. Rene Galipeau or Sean Stokes
SOURCE: Victory Nickel Inc.
Cro Could Be Next!
- This company has connections to very well funded mining operations through decades of experience. I believe Mr. Tyler when he says they are speaking with 5 strategic partners for completion of there project through joint ventures. Joint venture speculation could drive our sp into a frenzy.
- The drill program which comprised our 253 million dollar property is open at depth and further drilling could significantly increase the resource. Some of our strongest results were on outer edges of the drill zone. De-watering of the 2500 meter mine shaft will allow them to get at these areas. The intersection I speak of is the 7% nickel over 5 meters that intersection comes from the end of the drill core. Further exploration could offer up amazing results. 0 summer 2008 drill results out, any significant finds in mine ready atikocan or kenora/dryden properties will lift stock.
- The company has contractual agreements with Opiwica explorations (OPW) on the TSX.V to mill there major gold and copper find with in close proximity of Canadian Arrows Planned site. Mining could begin on both projects in early 2010. This represents earnings and is a good partnership for a company seeking to be the next significant Nickel Copper producer in Canada.
- Canadian Arrow has the ability to produce nickel in its mine at 3.47 per pound nickel. That kind of number is unheard of in comparison to other mines. With production scheduled for early 2010 (around the same time our economy should be significantly rebounding) what if nickel prices return back to 15 dollars per pound? This site will look like a gem to any investor! (plus the property would be worth about 400mil at 15 dollars per pound nickel.
This is just a few of the key points that I believe make this company look attractive. If my predictions are correct we will see a significant rebound to normal multiples over the course of the next couple of months and with any significant news pertaining to my points and our sp and volume will be sent soaring. JV with cash on the books and abilitiy to help put project into production will send our sp back to .50 if not higher! I am Bull on Canadian Arrow mines.
Source
Review This .pdf 12 page report:
http://www.chfir.com/CRO_Valuation/CRO_ValuationReport.pdf
Tuesday, August 4, 2009
Will Cro Be Next To Be Merged Or Bought Out?
Delphi Announces Property and Infrastructure Acquistion
Anonymous Has Moved Out Of Dee
Delphi Announces Property and Infrastructure Acquistion
09:00 EDT Tuesday, August 04, 2009
CALGARY, ALBERTA--(Marketwire - Aug. 4, 2009) - Delphi Energy Corp. ("Delphi" or "the Company") (TSX:DEE) is pleased to announce that it has entered into an agreement to acquire certain natural gas weighted properties located in the Gold Creek/Wapiti areas ("the Properties") of North West Alberta, strategically located between the Company's Hythe and Bigstone core properties. Delphi has also signed an agreement with a third party to dispose of 40 percent of the acquired working interest in the Properties following closing of the acquisition. The following acquisition details represent Delphi's net working interest after the disposition, unless otherwise indicated.
The acquisition has an effective date of June 1, 2009 and is expected to close on or about August 31, 2009 for a net cash purchase price, subsequent to the disposition, of approximately $11.8 million.
Transaction Highlights
The acquisition provides the following financial and operating benefits to shareholders:
- Incremental production of 400 barrels of oil equivalent per day (boe/d) and Proven plus Probable reserves effective May 31, 2009 of 1,431,000 barrels of oil equivalent (boe);
- Ownership in strategic infrastructure including three natural gas processing plants with a combined through-put capacity of 720 million cubic feet per day, ten compressor stations and 393 kilometers of gathering and transportation pipelines;
- Attractive reserves and production acquisition costs, excluding approximately $1.0 million allocated to undeveloped land, as follows:
$/BOE
Proved reserves excluding future development capital ("FDC"): $12.61
Proved reserves including FDC $19.82
Proved Plus Probable reserves excluding FDC $7.43
Proved Plus Probable reserves including FDC $12.48
Production addition costs per flowing boe $26,600
- Significant development opportunities on the Properties, providing Delphi with an increased inventory and the ability to continue its strategy of adding low cost production and reserves through multi-zone exploitation;
- Increase in Delphi's undeveloped land position by eight percent to approximately 135,000 net acres. Delphi has internally ascribed approximately $1.0 million of value to the undeveloped land; and
- Provides additional leverage to rising natural gas prices.
Acquired Properties
The Company's net acquisition will be approximately 400 boe/d comprised of 77 percent natural gas and 23 percent oil and natural gas liquids. Proven reserves of approximately 843,000 boe and Proven plus Probable reserves of 1,431,000 boe have been evaluated by an independent third party in accordance with NI 51-101.
Key gas plant infrastructure being acquired includes a working interest in the Devon Wapiti Deep Cut Gas Plant, Devon Wapiti Shallow Cut Gas Plant and the BP South Wapiti Gas Plant, ten compression stations and approximately 393 kilometres of pipelines that gather and transport natural gas from an extensive land base and interconnect the three natural gas plants. In addition to the owned capacity, the three natural gas plants have excess processing capacity to accommodate significant growth opportunities that the Company has identified in the area.
To view a map of the area, please visit the following link: http://media3.marketwire.com/docs/804dee.jpg.
The acquisition is consistent with Delphi's strategy of acquiring multi-zone, sweet gas and natural gas liquids production in the Deep Basin with significant low risk development potential coupled with ownership in key gas infrastructure to support future growth. The Properties are characterized by the same producing zones Delphi is currently exploiting at the Bigstone and Hythe core properties including the Doe Creek - Dunvegan, Paddy - Cadotte, Spirit River - Falher, Bluesky - Gething and Nikanassin formations. The acquisition complements the Company's successful exploitation track record of production growth which includes the use of leading technologies to access underdeveloped reservoirs in North West Alberta. An internal review of the acquired properties has identified numerous drilling, completion and optimization projects which have the potential to double the current production and reserve levels.
The Properties are situated on approximately 50,800 (20,360 net) acres of land (excluding near-term expiries), of which approximately 22,000 (9,930 net) acres are undeveloped. The Company believes upside potential exists on the 9,930 net acres of undeveloped land, an eight percent increase to Delphi's undeveloped land position. There are an additional 55,300 (29,200 net) acres of undeveloped land that expire within the next 12 months that the Company is evaluating for upside and continuation opportunities.
Guidance
The net cash to close the acquisition of approximately $11.8 million, before closing adjustments, will initially be funded from the Company's credit facilities. Delphi will subsequently reduce the remainder of its second half field capital program and allocate a greater portion of its cash flow to debt reduction to maintain its overall guidance of lowering net debt by approximately $2.0 - $4.0 million by December 31, 2009 as compared to the previous year end. Since the acquisition will initially replace field capital projects, Delphi continues to maintain overall average production guidance of 6,500 to 7,000 boe/d and cash flow expectations of $38.0 to $43.0 million for the year.
Delphi Energy is a Calgary-based company that explores, develops and produces oil and natural gas in Western Canada. The Company is managed by a proven technical team. Delphi trades on the Toronto Stock Exchange under the symbol DEE.
Forward-Looking Statements. This release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", may", "will", "should", believe", "intends", "forecast", "plans", "guidance" and similar expressions are intended to identify forward-looking statements or information.
More particularly and without limitation, this release contains forward looking statements and information relating to the Company's risk management program, petroleum and natural gas production, future funds from operations, capital programs, commodity prices, costs and debt levels. The forward-looking statements and information are based on certain key expectations and assumptions made by Delphi, including expectations and assumptions relating to prevailing commodity prices and exchange rates, applicable royalty rates and tax laws, future well production rates, the performance of existing wells, the success of drilling new wells, the capital availability to undertake planned activities and the availability and cost of labour and services.
Although the Company believes that the expectations reflected in such forward-looking statements and information are reasonable, it can give no assurance that such expectations will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risks associated with the oil and gas industry in general such as operational risks in development, exploration and production, delays or changes in plans with respect to exploration or development projects or capital expenditures, the uncertainty of estimates and projections relating to production rates, costs and expenses, commodity price and exchange rate fluctuations, marketing and transportation, environmental risks, competition, the ability to access sufficient capital from internal and external sources and changes in tax, royalty and environmental legislation. Additional information on these and other factors that could affect the Company's operations or financial results are included in reports on file with the applicable securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). The forward-looking statements and information contained in this press release are made as of the date hereof for the purpose of providing the readers with the Company's expectations for the coming year. The forward-looking statements and information may not be appropriate for other purposes. Delphi undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Basis of Presentation. For the purpose of reporting production information, reserves and calculating unit prices and costs, natural gas volumes have been converted to a barrel of oil equivalent (boe) using six thousand cubic feet equal to one barrel. A boe conversion ratio of 6:1 is based upon an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. This conversion conforms with the Canadian Securities Administrators' National Instrument 51-101 when boes are disclosed. Boes may be misleading, particularly if used in isolation.
Non-GAAP Measures. The release contains the terms "funds from operations", "funds from operations per share", "net debt", "cash operating costs" and "netbacks" which are not recognized measures under Canadian generally accepted accounting principles. The Company uses these measures to help evaluate its performance. Management considers netbacks an important measure as it demonstrates its profitability relative to current commodity prices. Management uses funds from operations to analyze performance and considers it a key measure as it demonstrates the Company's ability to generate the cash necessary to fund future capital investments and to repay debt. Funds from operations is a non-GAAP measure and has been defined by the Company as net earnings plus the addback of non-cash items (depletion, depreciation and accretion, stock-based compensation, future income taxes and unrealized gain/(loss) on risk management activities) and excludes the change in non-cash working capital related to operating activities and expenditures on asset retirement obligations and reclamation. The Company also presents funds from operations per share whereby amounts per share are calculated using weighted average shares outstanding consistent with the calculation of earnings per share. Delphi's determination of funds from operations may not be comparable to that reported by other companies nor should it be viewed as an alternative to cash flow from operating activities, net earnings or other measures of financial performance calculated in accordance with Canadian GAAP. The Company has defined net debt as the sum of long term debt plus working capital excluding the current portion of future income taxes and risk management asset/liability. Net debt is used by management to monitor remaining availability under its credit facilities. Cash operating costs have been defined as the sum of operating expenses, transportation expenses, general and administrative expenses and interest costs.
FOR FURTHER INFORMATION PLEASE CONTACT:
Delphi Energy Corp.
David J. Reid
President & CEO
(403) 265-6171
09:00 EDT Tuesday, August 04, 2009
CALGARY, ALBERTA--(Marketwire - Aug. 4, 2009) - Delphi Energy Corp. ("Delphi" or "the Company") (TSX:DEE) is pleased to announce that it has entered into an agreement to acquire certain natural gas weighted properties located in the Gold Creek/Wapiti areas ("the Properties") of North West Alberta, strategically located between the Company's Hythe and Bigstone core properties. Delphi has also signed an agreement with a third party to dispose of 40 percent of the acquired working interest in the Properties following closing of the acquisition. The following acquisition details represent Delphi's net working interest after the disposition, unless otherwise indicated.
The acquisition has an effective date of June 1, 2009 and is expected to close on or about August 31, 2009 for a net cash purchase price, subsequent to the disposition, of approximately $11.8 million.
Transaction Highlights
The acquisition provides the following financial and operating benefits to shareholders:
- Incremental production of 400 barrels of oil equivalent per day (boe/d) and Proven plus Probable reserves effective May 31, 2009 of 1,431,000 barrels of oil equivalent (boe);
- Ownership in strategic infrastructure including three natural gas processing plants with a combined through-put capacity of 720 million cubic feet per day, ten compressor stations and 393 kilometers of gathering and transportation pipelines;
- Attractive reserves and production acquisition costs, excluding approximately $1.0 million allocated to undeveloped land, as follows:
$/BOE
Proved reserves excluding future development capital ("FDC"): $12.61
Proved reserves including FDC $19.82
Proved Plus Probable reserves excluding FDC $7.43
Proved Plus Probable reserves including FDC $12.48
Production addition costs per flowing boe $26,600
- Significant development opportunities on the Properties, providing Delphi with an increased inventory and the ability to continue its strategy of adding low cost production and reserves through multi-zone exploitation;
- Increase in Delphi's undeveloped land position by eight percent to approximately 135,000 net acres. Delphi has internally ascribed approximately $1.0 million of value to the undeveloped land; and
- Provides additional leverage to rising natural gas prices.
Acquired Properties
The Company's net acquisition will be approximately 400 boe/d comprised of 77 percent natural gas and 23 percent oil and natural gas liquids. Proven reserves of approximately 843,000 boe and Proven plus Probable reserves of 1,431,000 boe have been evaluated by an independent third party in accordance with NI 51-101.
Key gas plant infrastructure being acquired includes a working interest in the Devon Wapiti Deep Cut Gas Plant, Devon Wapiti Shallow Cut Gas Plant and the BP South Wapiti Gas Plant, ten compression stations and approximately 393 kilometres of pipelines that gather and transport natural gas from an extensive land base and interconnect the three natural gas plants. In addition to the owned capacity, the three natural gas plants have excess processing capacity to accommodate significant growth opportunities that the Company has identified in the area.
To view a map of the area, please visit the following link: http://media3.marketwire.com/docs/804dee.jpg.
The acquisition is consistent with Delphi's strategy of acquiring multi-zone, sweet gas and natural gas liquids production in the Deep Basin with significant low risk development potential coupled with ownership in key gas infrastructure to support future growth. The Properties are characterized by the same producing zones Delphi is currently exploiting at the Bigstone and Hythe core properties including the Doe Creek - Dunvegan, Paddy - Cadotte, Spirit River - Falher, Bluesky - Gething and Nikanassin formations. The acquisition complements the Company's successful exploitation track record of production growth which includes the use of leading technologies to access underdeveloped reservoirs in North West Alberta. An internal review of the acquired properties has identified numerous drilling, completion and optimization projects which have the potential to double the current production and reserve levels.
The Properties are situated on approximately 50,800 (20,360 net) acres of land (excluding near-term expiries), of which approximately 22,000 (9,930 net) acres are undeveloped. The Company believes upside potential exists on the 9,930 net acres of undeveloped land, an eight percent increase to Delphi's undeveloped land position. There are an additional 55,300 (29,200 net) acres of undeveloped land that expire within the next 12 months that the Company is evaluating for upside and continuation opportunities.
Guidance
The net cash to close the acquisition of approximately $11.8 million, before closing adjustments, will initially be funded from the Company's credit facilities. Delphi will subsequently reduce the remainder of its second half field capital program and allocate a greater portion of its cash flow to debt reduction to maintain its overall guidance of lowering net debt by approximately $2.0 - $4.0 million by December 31, 2009 as compared to the previous year end. Since the acquisition will initially replace field capital projects, Delphi continues to maintain overall average production guidance of 6,500 to 7,000 boe/d and cash flow expectations of $38.0 to $43.0 million for the year.
Delphi Energy is a Calgary-based company that explores, develops and produces oil and natural gas in Western Canada. The Company is managed by a proven technical team. Delphi trades on the Toronto Stock Exchange under the symbol DEE.
Forward-Looking Statements. This release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", may", "will", "should", believe", "intends", "forecast", "plans", "guidance" and similar expressions are intended to identify forward-looking statements or information.
More particularly and without limitation, this release contains forward looking statements and information relating to the Company's risk management program, petroleum and natural gas production, future funds from operations, capital programs, commodity prices, costs and debt levels. The forward-looking statements and information are based on certain key expectations and assumptions made by Delphi, including expectations and assumptions relating to prevailing commodity prices and exchange rates, applicable royalty rates and tax laws, future well production rates, the performance of existing wells, the success of drilling new wells, the capital availability to undertake planned activities and the availability and cost of labour and services.
Although the Company believes that the expectations reflected in such forward-looking statements and information are reasonable, it can give no assurance that such expectations will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risks associated with the oil and gas industry in general such as operational risks in development, exploration and production, delays or changes in plans with respect to exploration or development projects or capital expenditures, the uncertainty of estimates and projections relating to production rates, costs and expenses, commodity price and exchange rate fluctuations, marketing and transportation, environmental risks, competition, the ability to access sufficient capital from internal and external sources and changes in tax, royalty and environmental legislation. Additional information on these and other factors that could affect the Company's operations or financial results are included in reports on file with the applicable securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). The forward-looking statements and information contained in this press release are made as of the date hereof for the purpose of providing the readers with the Company's expectations for the coming year. The forward-looking statements and information may not be appropriate for other purposes. Delphi undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Basis of Presentation. For the purpose of reporting production information, reserves and calculating unit prices and costs, natural gas volumes have been converted to a barrel of oil equivalent (boe) using six thousand cubic feet equal to one barrel. A boe conversion ratio of 6:1 is based upon an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. This conversion conforms with the Canadian Securities Administrators' National Instrument 51-101 when boes are disclosed. Boes may be misleading, particularly if used in isolation.
Non-GAAP Measures. The release contains the terms "funds from operations", "funds from operations per share", "net debt", "cash operating costs" and "netbacks" which are not recognized measures under Canadian generally accepted accounting principles. The Company uses these measures to help evaluate its performance. Management considers netbacks an important measure as it demonstrates its profitability relative to current commodity prices. Management uses funds from operations to analyze performance and considers it a key measure as it demonstrates the Company's ability to generate the cash necessary to fund future capital investments and to repay debt. Funds from operations is a non-GAAP measure and has been defined by the Company as net earnings plus the addback of non-cash items (depletion, depreciation and accretion, stock-based compensation, future income taxes and unrealized gain/(loss) on risk management activities) and excludes the change in non-cash working capital related to operating activities and expenditures on asset retirement obligations and reclamation. The Company also presents funds from operations per share whereby amounts per share are calculated using weighted average shares outstanding consistent with the calculation of earnings per share. Delphi's determination of funds from operations may not be comparable to that reported by other companies nor should it be viewed as an alternative to cash flow from operating activities, net earnings or other measures of financial performance calculated in accordance with Canadian GAAP. The Company has defined net debt as the sum of long term debt plus working capital excluding the current portion of future income taxes and risk management asset/liability. Net debt is used by management to monitor remaining availability under its credit facilities. Cash operating costs have been defined as the sum of operating expenses, transportation expenses, general and administrative expenses and interest costs.
FOR FURTHER INFORMATION PLEASE CONTACT:
Delphi Energy Corp.
David J. Reid
President & CEO
(403) 265-6171
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