Dundee Corporation and United Hydrocarbon International Corp. Announce Closing of Transaction With Delonex Energy Limited - Seite 2

GMP FirstEnergy acted as financial advisor to United.

ABOUT DUNDEE CORPORATION

Dundee Corporation is a public Canadian independent holding company, listed on the Toronto Stock Exchange under the symbol "DC.A". Through its operating subsidiaries, Dundee is engaged in diverse business activities in the areas of investment advisory, corporate finance, energy, resources, agriculture, real estate and infrastructure. Dundee also holds, directly and indirectly, a portfolio of investments mostly in these key areas, as well as other select investments in both publicly listed and private enterprises.

ABOUT DELONEX ENERGY LIMITED

Delonex Energy Limited is a Sub-Saharan oil and gas company focused on exploration, development and production. Delonex is currently active in Ethiopia, Kenya and Mozambique and the Transaction in Chad is part of the company's strategy for expanding its portfolio in Central & West Africa.

Delonex is led by a management team with a proven track record in discovering, developing and operating world-class onshore basins and building and operating pipeline infrastructure. Their core leadership team previously worked together at Cairn India, where they established a recoverable resource base of 1.2 billion barrels of oil onshore in Rajasthan, India, with plateau production of c. 200,000 barrels of oil per day. They also managed the successful financing and execution of integrated upstream and midstream development projects with a combined capital spend of over US$4 billion. The projects included development wells, processing facilities and the world's longest (c. 700 km) continuously heated and insulated oil pipeline with an export terminal. Delonex is backed by a group of global investors with extensive oil & gas experience, led by global private equity firm Warburg Pincus and the International Finance Corporation (a part of the World Bank group).

ABOUT UNITED HYDROCARBON INTERNATIONAL CORP.

United Hydrocarbon International Corp. is a private junior exploration company which formerly had all of its assets located in Chad, comprised of four land blocks which are contained in one production sharing contract. The closing of the Transaction with Delonex provides United with up-front cash consideration and contingent consideration pursuant to which United will retain a continuing economic interest in the PSC and benefit from future commercial success in both the Doba Basin and Block H through potential production bonuses and royalties.