Duvernay Increases Size of Bought Deal Financing to $30,420,000

Duvernay Oil Corp. has increased the size of its previously disclosed bought deal private placement flow-through common share offering entered into with a syndicate of underwriters led by Peters & Co. Limited and including Cormark Securities Inc., FirstEnergy Capital Corp., Scotia Capital Inc., BMO Nesbitt Burns Inc., Canaccord Capital Corporation, Raymond James Ltd and TD Securities Inc. Duvernay will now issue 720,000 flow-through common shares at a price of $42.25 per share, for total gross proceeds of $30,420,000. Officers, directors and employees of Duvernay are participating for up to 5% of the offering.

Duvernay will use the proceeds of the offering to incur Canadian Exploration Expenses to follow-up on recent successes involving the Triassic Montney and Doig gas objectives in northeast B.C., the deeper Paleozoic gas objectives at Sunset-Groundbirch B.C., and new opportunities in the Alberta Deep Basin. These qualifying expenditures will be renounced to subscribers for the 2008 tax year. The offering is subject to customary regulatory approvals and is expected to close on or about March 4, 2008.

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