Cardium Light Oil Program

• Delphi has 17 net sections of land with large oil-in-place
• In the past 12 months, 9 wells have been drilled

Land Acquisition

• Delphi participated in a Crown land sale and was successful in acquiring mineral rights on 10,700 acres at Bigstone
• These lands are adjacent to 6,300 acres of shallow and deep mineral rights acquired at a Crown land sale during the third quarter

Montney Drilling

• Delphi accumulated a total of 45 sections (41.5 net) of undeveloped land prospective for liquids-rich natural gas in the Montney formation on two separate blocks, increasing its Montney rights from 4.25 gross sections to 13 sections (11.0 net) through Crown land sales
• In Q1 2012, at Bigstone East, Delphi’s first horizontal well at 1-19-60-22W5M targeting the Montney formation was successfully completed and flow tested at an average rate of 12.5 mmcf/d over the final 24 hours of the 4 day flow period
• This well was also producing approximately 770 bbls/d of condensate at the end of the test
• A second Montney well at 5-14-60-23-W5M, located three miles southwest of the 1-19 well, commenced drilling and is anticipated to reach a total measured depth of 5,800 metres in four weeks
• Delphi expects to commence construction in February on its 100 percent owned compression and field gathering infrastructure with initial capacity of 30 mmcf/d. Production from Delphi’s Montney wells at Bigstone East is expected to commence in April, with start-up of these facilities
• At Bigstone West, Delphi holds 27 gross (26.75 net) sections of Montney rights
• The second well, on the West block, will be drilled from a surface location at 1-33-60-24 W5M with a planned total measured depth of 6,000 metres