PCI-1 Capital Corp. Announces Qualifying Transaction

TORONTO, ONTARIO, Jul 06 (MARKET WIRE) --
PCI-1 Capital Corp. (TSX VENTURE: ICC.P) ("PCI-1" or the "Corporation")
is pleased to announce that it has entered into a definitive business
combination agreement with Delavaco Energy Inc. ("Delavaco"), pursuant to
which PCI-1 will complete a business combination transaction with
Delavaco (the "Proposed Transaction") and the resulting company will
carry on the business carried on by Delavaco.

When completed, the Proposed Transaction will constitute PCI-1's
qualifying transaction pursuant to the policies of the TSX Venture
Exchange (the "TSX-V"), and is subject to compliance with all necessary
regulatory approvals and certain other terms and conditions. The Proposed
Transaction is an arm's length transaction. A comprehensive press release
with further particulars relating to the Proposed Transaction will follow
in accordance with the policies of the TSX-V.

ABOUT DELAVACO ENERGY INC.

Delavaco is a private Canadian oil and gas exploration and production
company headquartered in Calgary, Canada with interests in three
producing blocks in Colombia and a regional operations office in Bogota,
Colombia.

ABOUT PCI-1 CAPITAL CORP.

The Corporation is a capital pool company ("CPC") within the meaning of
the policies of the TSX-V. The Corporation has not commenced operations
and has no assets other than cash.

Completion of the Proposed Transaction is subject to a number of
conditions, including but not limited to, TSX-V acceptance. There can be
no assurance that the Proposed Transaction will be completed as proposed
or at all.

Investors are cautioned that, except as disclosed in the filing statement
to be prepared in connection with the Proposed Transaction, any
information released or received with respect to the Proposed Transaction
may not be accurate or complete and should not be relied upon. Trading in
the securities of a CPC should be considered highly speculative.

Disclaimer for Forward-Looking Statements

Certain statements in this press release may constitute forward-looking
statements. Forward-looking statements consist of statements that are not
purely historical, including any statements regarding beliefs, plans,
expectations or intentions regarding the future. Such statements are
based on current expectations that are subject to significant risks and
uncertainties that are difficult to predict. Actual results might differ
materially from results suggested in any forward-looking statements. No
assurance can be given that any of the events anticipated by the
forward-looking statements will occur or, if they do occur, what benefits
the Corporation will obtain from them. The Corporation assumes no
obligation to update the forward-looking statements, or to update the
reasons why actual results could differ from those reflected in the
forward looking-statements unless and until required by securities laws
applicable to the Corporation. Additional information identifying risks
and uncertainties is contained in the Corporation's filings with the
Canadian securities regulators, which filings are available at
www.sedar.com.

The TSX-V has in no way passed upon the merits of the
Proposed Transaction and has neither approved nor disapproved the
contents of this press release. Neither the TSX-V nor its Regulation
Services Provider (as that term is defined in the policies of the TSX-V)
accepts responsibility for the adequacy or accuracy of this release.

Contacts:
PCI-1 Capital Corp.
Michael Bester
President, Chief Executive Officer,
Chief Financial Officer and Secretary
416-214-9672
mbester@primarycapital.ca

Delavaco Energy Inc.
Andrew DeFrancesco
Director
305-746-2738
andy@delavacoenergy.com

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