CALGARY, ALBERTA, Nov 3, 2009 (Marketwire via COMTEX News Network) --

Delphi Energy Corp. (TSX:DEE) is pleased to report that it has closed the previously announced asset exchange agreement to acquire natural gas and light oil assets and related infrastructure strategically located within the Company's core property at Hythe, Alberta for cash consideration of $10.0 million.

Transaction Highlights

As previously reported, the acquisition provides the following financial and operating benefits to shareholders:

- Additional production at Hythe of approximately 630 barrels of oil equivalent per day (boe/d) and internally estimated Total Proved and Total Proved Plus Probable reserves, effective June 30, 2009, of approximately 1,636,000 and 1,941,000 barrels of oil equivalent (boe), respectively;

- Incremental ownership in the Company's Hythe area infrastructure consisting of an additional 13 percent in the Goodfare natural gas processing plant, 20 percent in the field gathering system and 24 percent in a compressor station;

- New ownership in additional strategic infrastructure surrounding Hythe including; natural gas processing facilities, gathering and transportation pipelines and various associated compression and separation facilities;

- Additional working interest in 38,400 gross acres (15,340 net acres) of land contiguous to and overlapping the Company's existing 68,165 net acres in the Hythe area.

Divested Properties

- The properties divested by Delphi consist of non-core assets in North West Alberta with natural gas and liquids production of approximately 230 boe/d and related infrastructure.

Benefits to Delphi

The exchange transaction provides the following net benefits to Delphi shareholders.

- Increases corporate production by approximately 400 boe/d, comprised of 93 percent natural gas and seven percent oil and natural gas liquids and increases Total Proved and Total Proved plus Probable Reserves by 800,000 boe and 986,000 boe, respectively, based on internal estimates.

- Attractive net reserve and net production acquisition costs, excluding approximately $370,000 net allocated to undeveloped land, as follows:

                                                                      $/BOE
                                                                   ---------
Proved reserves including future development capital ("FDC"):       $  7.49
Proved Plus Probable reserves including FDC                         $  6.07
Production addition costs per flowing boe                           $24,100

- Increases the conventional multi-zone development opportunities within Hythe and the ability to continue its strategy of adding low cost production and reserves through multi-zone exploitation;

- Increases Delphi's working interest exposure in the Doe Creek light oil pool currently being developed by the Company and adds a 40 percent working interest in an adjacent underdeveloped Doe Creek light oil pool in the Hythe area;

 Continued...