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Gold/Mining/Energy : CDN. Oil/Gas Cos. - Shareholder Maximization
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To: Richard Saunders who wrote (15)5/18/2001 1:14:40 AM
From: Richard Saunders   of 56
 
DLY-cdnx Delaney gone Apr30 & Accepts IPS Offer

fin-info.com

Delaney Energy Board of Directors Recommends Acceptance of IPS Offer

CALGARY, ALBERTA--Delaney Energy Services Corporation ("Delaney")
announced today that its process to maximize shareholder value has
not to date produced a superior alternative capable of being
presented to the shareholders at this time. Through this value
maximization process, Delaney and its financial advisor had
contacted or been contacted by, numerous qualified parties in the
United States and Canada to review the possibility of a merger
with, or acquisition of, Delaney. Several qualified parties have
been through the data room and Delaney has received proposals from
some of these parties. The Special Committee and the Board of
Directors have reviewed the proposals and have determined that the
Integrated Production Services Ltd. ("IPS") offer to acquire all
of the issued and outstanding common shares of Delaney (the
"Offer") is superior to the other proposals at this time.

The basis of the Offer made March 21, 2001, as extended, is $1.05
cash for each Delaney common share. After reviewing and
considering the Offer and having received financial advice from
Raymond James Ltd., both the Special Committee of Delaney and
Delaney's Board of Directors have recommended that shareholders
accept the Offer and tender their common shares of Delaney to the
Offer.

The Board of Directors has also determined to waive the
application of Delaney's Shareholder Rights Plan to the purchase
of common shares of Delaney by IPS under the Offer, effective at
1:00 a.m. May 1, 2001 (Calgary time).

Delaney Energy Services Corporation is an integrated service
company serving the western Canadian oil and gas industry.
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